TIDMSTZ
Half Yearly Report
STAVERT ZIGOMALA PLC
INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDING 30TH NOVEMBER 2012
The Directors confirm there has been an increase in Shareholders funds during the period under
review of GBP534,869 equivalent to an increase of 10.08%. This compares with increases in the FTSE
100 Index of 10.14% and the FTSE All Share Index of 11.04% during the same period. However the
Directors consider that there is no directly comparable Index.
Dividend and other income also increased but continue to be affected by constraints in dividends
from the UK banking sector. The Directors consider that this situation is likely to improve, but
not immediately.
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. The dividends are covered by profit for the relevant
period, and 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 2012 30th November 31st May 2012
2011
GBP GBP GBP
Income from Fixed Assets
Investments 104,297 94,501 179,218
Administrative Expenses 25,512 24,994 41,966
OPERATING PROFIT 78,785 69,507 173,252
Profit (Loss) on Disposal of
Investments (5,951) 180 543
Finance Income 3,423 3,370 6,812
Finance Costs (175) (175) (350)
Profit on ordinary activities before
taxation 76,082 72,882 144,257
Taxation on profit on ordinary
activities 50 213 537
Profit for the Financial Period 76,032 72,669 143,720
Basic and diluted earnings per share
(pence)
Earnings per Ordinary Stock Unit 25.4p 24.5p 48.1p
Earnings per Deferred Stock Unit 21.0p 19.8p 39.6p
Statement of Comprehensive Income for the half Year Ended 31st November 2012
GBP GBP GBP
Profit for the period 76,032 72,669 143,740
Other comprehensive income for the year
Unrealised (profit)/loss on investments 566,837 (455,266) (324,141)
Total comprehensive income for the year
attributable to the shareholders 642,869 382,597 (180,421)
Statement of Financial Position (Unaudited)
FIXED ASSETS GBP GBP GBP
Investments 5,303,432 4,636,270 4,742,596
CURRENT ASSETS
Trade and other receivables 2,041 3,659 1,651
Cash at Bank 586,306 564,242 599,592
588,347 567,901 601,243
LIABILITIES: Trade and other
payables 48,080 22,532 35,009
NET CURRENT ASSETS 540,267 545,369 566,234
NET ASSETS 5,843,699 5,181,639 5,308,830
CAPITAL AND RESERVES
Called-up share capital 46,000 46,000 46,000
Revaluation reserve 3,876,685 3,184,724 3,315,849
Other reserves 1,595,353 1,600,941 1,601,304
Retained Earnings 325,661 349,974 345,677
SHAREHOLDERS' FUNDS 5,843,699 5,181,639 5,308,830
Statement of Changes in Equity for the half Year Ended 30th November 2012
Issued Revaluation Capital Investment Retained Total
Shared Reserve Redemption Reserve Earnings Equity
Capital Reserve
GBP GBP GBP GBP GBP GBP
Half year to
30th November
2012
Balance at 1st
June 2012 46,000 3,315,849 2,959 1,598,345 345,677 5,308,830
Total
comprehensive
income for the
half year 566,837 76,032 642,869
Dividends
recognised as
Distributions to
owners (108,000) (108,000)
Realised
(losses) gains
transferred to
Investment (5,951) 5,951 ----
reserve
Balance at 30th
November 2012
_ ____ ________ _____ ________ _______ ________
46,000 3,876,685 2,959 1,592,394 325,661 5,843,699
Half year to
30th November
2011
Balances at 1st
June 2011 46,000 3,639,990 2,959 1,597,802 384,912 5,671,663
Total
comprehensive
income for the
half year (455,266) 72,669 (382,597)
Dividends
recognised as
Distributions to
owners (108,000) (108,000)
Realised gains
transferred to
Investment
reserve 180 (180) ----
Balance at 30th
November 2011
_____ ________ _____ ________ _______ ________
46,000 3,184,724 2,959 1,597,982 349,974 5,181,639
Year ended 31st
May 2012
Balance at 1st
June 2011 46,000 3,639,990 2,959 1,597,802 384,912 5,671,663
Total
comprehensive
income for the
half year (324,141) 143,720 (180,421)
Dividends
recognised as
Distributions to (182,412) (182,412)
owners
Realised gains
transferred to
Investment
reserve 543 (543) ----
Balance as at
31st May 2012 46,000 3,315,849 2,959 1,598,345 345,677 5,308,830
Statement of Cash Flows (Unaudited)
GBP GBP GBP
Cash flows from operating activities
Operating profit for the period 78,785 72,669 137,252
(Increase)/decrease in debtors (390) (2,030) (22)
(Decrease)/increase in creditors 13,071 (8,209) 4,268
Net cash from operating activities 91,466 62,430 141,498
Taxation (225) (212) (537)
Cash flows from investing activities
Finance income 3,423 3,370 6,812
Acquisition of investments ----- ----- -----
Proceeds of disposal of
Investments 50 43,327 69,424
Net cash used in investing activities 3,473 46,697 76,236
Cash flows from financing activities
Finance costs ----- ----- (350)
Equity dividends paid (108,000) (108,000) (182,412)
Net decrease in cash and cash
equivalents (13,286) (13,286) 34,435
Cash and cash equivalents at period
commencement 599,592 565,157 565,157
Cash and cash equivalents at period end
586,306 564,242 599,592
Notes to the Accounts
For the half year ended 30th November 2012
1 Stavert Zigomala plc is a company domiciled in the United Kingdom.
The financial statements of the Company as at 31st May 2012 are available on request from
the Company's registered office at 15 Byrom Street, PO Box 233, Manchester M60 1QP.
2. These interim financial statements have been prepared in accordance with the accounting
policies as disclosed in Stavert Zigomala Plc's Financial Statements as at 31st May 2012
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 2012.
These interim financial statements are the responsibility of the Directors and were
approved by the Board on 25th January 2013.
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
GBP76,032 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 2012 the taxation liability which would arise would not exceed
GBP730,000, 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 4th March 2013 to the relevant holders registered on 15th February
2013 (record date). The ex dividend date is 13th February 2013.
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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Stavert Zigomala (LSE:STZ)
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