Interim Management Statement
27 1월 2012 - 8:10PM
UK Regulatory
TIDMSTZ
Interim Management Statement
STAVERT ZIGOMALA PLC
INTERIM MANAGEMENT REPORT FOR THE HALF YEAR ENDING 30TH NOVEMBER 2011
The Directors confirm there has been a decrease in Shareholders funds during the period under
review of GBP490,024 equivalent to a decrease of 8.65%. This compares with decreases in the FTSE
100 Index of 8.09%and the FTSE All Share Index of 9.14% during the same period. However the
Directors consider that there is no directly comparable Index.
Dividend and other income was a little better than the comparable period in the previous year but
remains subdued because of constraints 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 2011 30th November 31st May 2011
2010
GBP GBP GBP
Income from Fixed Assets
Investments 94,501 85,186 158,193
Administrative Expenses 24,994 22,641 46,001
OPERATAING PROFIT 62,545 112,192
Profit on Disposal of Investments 180 37,792 23,086
Finance Income 3,370 3,537 6,701
Finance Costs (175) ----- (350)
Profit on ordinary activities before
taxation 72,882 103,699 141,629
Taxation on profit on ordinary 213 7,586 675
activities
Profit for the Financial Period 72,669 96,113 140,954
Basic and diluted earnings per share
(pence)
Earnings per Ordinary Stock Unit 24.5p 32.2p 47.2p
Earnings per Deferred Stock Unit 19.8p 26.4p 38.9p
Statement of Financial Position (Unaudited)
FIXED ASSETS GBP GBP GBP
Investments 4,636,270 4,794,166 5,135,618
CURRENT ASSETS
Debtors 3,659 26,080 1,629
Cash at Bank 564,242 536,593 565,157
567,901 562,673 566,786
LIABILITIES: Trade and other
payables 22,532 24,521 30,741
NET CURRENT ASSETS 545,369 538,152 536,045
NET ASSETS 5,181,639 5,332,318 5,671,663
CAPITAL AND RESERVES
Called-up share capital 46,000 46,000 46,000
Revaluation reserve 3,184,724 3,262,036 3,639,990
Other reserves 1,600,941 1,615,467 1,600,761
Retained Earnings 349,974 400,806 384,912
SHAREHOLDERS' FUNDS 5,181,639 5,332,318 5,671,663
Statement of Cash Flows (Unaudited)
GBP GBP GBP
Cash flows from operating activities
Operating profit for the period 72,669 62,545 112,192
(Increase)/decrease in debtors (2,030) (10,977) 13,474
(Decrease)/increase in creditors (8,209) (1,062) 5,058
Net cash from operating activities 62,430 50,506 130,724
Taxation (212) ------ (675)
Cash flows from investing activities
Finance income 3,370 3,537 6,701
Acquisition of investments ----- (16,000) (16,000)
Proceeds of disposal of
Investments 43,327 52,633 (73,252)
Net cash used in investing activities (46,697) (40,170) (63,953)
Cash flows from financing activities
Finance costs ----- ----- (350)
Equity dividends paid (108,000) (108,000) (182,412)
Net decrease in cash and cash
equivalents (915) (17,324) (11,240)
Cash and cash equivalents at period
commencement 565,157 553,197 553,917
Cash and cash equivalents at period end
562,242 536,593 565,157
Notes to the Accounts
For the half year ended 30th November 2011
1 Stavert Zigomala plc is a company domiciled in the United Kingdom.
The financial statements of the Company as at 31st May 2011 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 accounting
policies as disclosed in Stavert Zigomala Plc's Annual Report of March 2011
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 not qualified and did not contain a statement
under section 498 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 2011.
These interim financial statements are the responsibility of the Directors and were
approved by the Board on 26th January 2012.
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
GBP72,669 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 2011 the taxation liability which would arise would not exceed
GBP615,000, 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 5th March 2012 to the relevant holders registered on 17th February
2012 (record date). The ex dividend date is 15th February 2012.
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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