TIDMSTZ
Half year report
STAVERT ZIGOMALA PLC
INTERIM MANAGEMENT REPORT FOR THE HALF YEAR ENDING 30TH NOVEMBER 2010
The Directors confirm there has been an increase in Shareholders funds during the period under
review of GBP358,606 equivalent to an increase of 7.21%. This compares with increases in the FTSE
100 Index of 6.55% and the FTSE All Share Index of 7.05% during the same period. However the
Directors consider that there is no directly comparable Index.
Dividend income was broadly similar to the comparable period in the previous year and remains flat
due to the continued reduction in dividends from the UK banking sector. The Directors do not
consider that this situation is likely to improve in the near future.
Your Directors have decided to declare an interim dividend for the ordinary stock units of 25p,
the same rate as for commensurate period last year. The deferred stock accordingly will also
receive the same dividend as last year. Although not covered by profit for the relevant period,
the Company has considerable reserves of Retained Earnings available for payment of dividends.
Risks and Uncertainties
The principal risks and uncertainties facing the Company relate to the general performance of the
UK stock market and our inability to dispose of securities in order to comply with the Listing
Rules.
Management
There has been no changes in the Directors of the Company.
Income Statement (Unaudited)
6 months ended 6 months ended Year ended
30th November 2010 30th November 31st May 2010
2009
GBP GBP GBP
Income from Fixed Assets
Investments 85,186 84,712 153,917
Administrative Expenses 22,641 21,230 41,166
OPERATAING PROFIT 62,545 63,482 112,751
Profit on Disposal of Investments 37,792 ----- 25,540
Finance Income 3,537 2,877 6,765
Finance Costs (175) (354)
Profit before taxation 103,699 66,359 144,702
Taxation 7,586 ----- 488
Profit for the Financial Period 96,113 66,359 144,214
attributable to the Shareholders
Earnings per Ordinary Stock Unit 32.2p 22.3p 48.3p
Earnings per Deferred Stock Unit 26.4p 18.1p 39.7p
Statement of Financial Position (Unaudited)
NON-CURRENT ASSETS GBP GBP GBP
Investments 4,794,166 4,325,687 4,430,375
CURRENT ASSETS
Trade and Other Receivables 26,080 3,899 15,103
Cash and Cash Equivalents 536,593 710,158 553,917
562,673 713,057 569,020
LIABILITIES: Trade and other
payables 24,521 24,329 25,683
NET CURRENT ASSETS 538,152 688,728 543,337
NET ASSETS 5,332,318 5,015,415 4,973,712
CAPITAL AND RESERVES
Called-up share capital 46,000 46,000 46,000
Revaluation reserve 3,262,036 2,837,728 2,900,581
Other reserves 1,615,467 1,552,134 1,577,675
Retained Earnings 400,806 579,553 449,456
SHAREHOLDERS' FUNDS 5,332,318 5,015,415 4,973,712
Statement of Cash Flows (Unaudited)
GBP GBP GBP
Cash flows from operating activities
Operating profit for the year 62,545 62,545 112,751
(Increase)/decrease in debtors (10,977) (18,768) 9,816
(Decrease)/increase in creditors (1,062) (10,659) (50,206)
Net cash from operating activities 50,506 33,118 72,361
Taxation ------ ------ (488)
Cash flows from investing activities
Finance income 3,537 2,887 6,675
Acquisition of investments (16,000) (102,097) (146,744)
Proceeds of disposal of
Investments 52,633 ----- (28,539)
Net cash used in investing activities 40,170 (99,210) (111,440)
Cash flows from financing activities
Finance costs ----- ----- (354)
Equity dividends paid (108,000) ----- (182,412)
Net decrease in cash and cash
equivalents (17,324) (66,092) (222,333)
Cash and cash equivalents at 1 June
2010 553,197 776,250 776,250
Cash and cash equivalents at
536,593 710,158 553,917
Notes to the Accounts
For the half year ended 30th November 2010
1 Stavert Zigomala plc is a company domiciled in the United Kingdom. The interim financial
statements of the Company as at 30th September 2010 comprise the Company.
The financial statements of the Company as at 31st May 2010 are available on request from
the Company's registered off at Artillery House, 15 Byrom Street, Manchester M3 4PF.
2. These interim financial statements have been prepared in accordance with the Disclosure
and Transparency Rules of the UK Financial Services Authority and in accordance with
International Financial Reporting Standard IAS 34 as adopted by the EU. The accounting
policies applied are consistent with those adopted in the 2010 Annual Report.
These financial statements have not been audited nor reviewed by the auditors, and do not
include all the information required for full annual financial statements. Those
accounts have been reported on by the Company's auditors and delivered to the Registrar of
Companies. The report of the auditors was (i) unqualified, (ii) did not include reference
to any matters to which the auditors drew attention by way of emphasis without qualifying
their report, and (iii) did not contain a statement under section 498(2) or (3) of the
Companies Act 2006.
The preparation of interim financial statements requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and the
reported amount of assets and liabilities, income and expenses. Actual results may differ
from these estimates. In preparing these interim financial statements, the significant
judgments made by management in applying the Company's accounting policies were the same
as those that applied to the financial statements for the year ended 31 May 2010.
These interim financial statements are the responsibility of the Directors and were
approved by the Board on 26th January 2011.
3. The Directors named below confirm, to the best of their knowledge, that this set of
interim financial statements has been prepared in accordance with IAS 34 as adopted by the
European Union and that the Interim Management Report includes a fair review of the
information required by Sections 4.2.7 and 4.2.8 of the Disclosure and Transparency Rules
of the United Kingdom Financial Services Authority.
Directors
E. N. Cooper - Chairman
A. C Sullivan - Non-Executive Director
4. The earnings per Stock Unit have been based on the profits attributable to shareholders of
GBP96,113 apportioned between the 200,000 Ordinary Stock Units and the 120,000 Deferred
Stock Units in issue, in accordance with the provisions of the Company's Articles relating
to the division of profits between the two classes of Stock.
5. The Directors estimate that if all the Company's investments were to be realised at their
bid values at 30th November 2010 the taxation liability which would arise would not exceed
GBP630,903, and for which no provision has been made.
By Order of the Board
Shareholder Information
1. The dividend of 8.75p per share on GBP1 8 3/4% Cumulative Redeemable Preference
Shares, and interim dividends of 25p per Ordinary Stock Unit and 20.34p per Deferred Stock
Unit will be paid on 7th March 2011 to the relevant holders registered on 18th February
2011 (record date). The ex dividend date is 16th February 2011.
2. This interim report is being to posted to shareholders and copies are available from the
Registrars
Stavert Zigomala Plc - Registered in England No. 194028
Registered Office - PO Box 233 Manchester M60 1QP
Registrars - Hague Lambert Artillery House, 15 Byrom Street, Manchester M3 4PF
Stavert Zigomala
Stavert Zigomala (LSE:STZ)
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