STAVERT ZIGOMALA PLC
INTERIM REPORT 2002
CHAIRMAN'S STATEMENT
It is with some disappointment that I now present the Company's interim figures for the 6 month period ending 30th
November 2002. It is little comfort to report that the portfolio is down less in the percentage terms than the main
Stock Market Indices.
Although over the last couple of years the main UK Indices had dropped considerably from the peaks established in
2000, it is only in the last 6 months that this had severely dented the value of "old economy" stocks in which the
Company is substantially invested. Bank and Pharmaceutical shares have lost considerable amounts of their values and
Insurances are in many cases only a fraction of previous values. The only pleasing area of performance has been amongst
the smaller companies in which we have been investing over the last few years.
Dividends received were much in line with last year's figures and, as the Company continues to invest in higher
yielding stock, it is hoped that shortfalls caused by reductions of dividends in larger companies will continue to be
offset. In the circumstances the Directors have decided to declare an interim dividend for the year to 31st May 2003 at
the same rate as the interim dividend in the previous year.
Profits on sale of investments were substantially down from the previous year, quite simply due to lack of activity in
dealings.
Edward N. Cooper
Chairman
Group Profit and Loss Account (Unaudited)
6 months ended 6 months ended Year ended
30th November 30th November 31st May
2002 2001 2002
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Income from Fixed Assets Investments 81,171 76,934 176,243
Administrative expenses 18,446 12,754 27,630
Operating Profit 62,725 64,180 148,613
Profit on Sale of Investments 304 71,105 44,065
Interest Receivable (net) 4,125 12,810 12,100
Profit on Ordinary Activities before 67,154 148,095 204,778
taxation
Estimated taxation on Profit on Ordinary (7,626) (29,619) (10,983)
Activities
Profit attributable to Stockholders 59,528 118,476 193,795
Dividends Proposed 53,762 53,762 119,762
Retained Profit for the Period 5,766 64,714 74,033
Earnings per Ordinary Stock Unit 19.9p 39.5p 64.7p
Earnings per Deferred Stock Unit 16.3p 32.7p 53.4p
STAVERT ZIGOMALA PLC AND SUBSIDIARY
Balance Sheet (Unaudited)
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FIXED ASSETS
Investments 3,716.252 4,206,865 4,405,399
CURRENT ASSETS
Debtors 9,379 11,763 11,310
Cash at Bank 197,910 234,239 218,690
207,289 246,002 230,000
CREDITORS: Amount
Falling due in one year 68,806 83,412 80,876
NET CURRENT ASSETS 138,483 162,590 149,124
TOTAL ASSETS LESS CURRENT LIABILITIES 3,854,735 4,369,455 4,554,523
CREDITORS: AMOUNTS
FALLING DUE AFTER
MORE THAN ONE YEAR 46,295 46,295 46,295
3,808,440 4,323,160 4,508,228
PROVISIONS FOR LIABILITIES AND CURRENTS
Deferred Taxation 495,396 686,420 705,862
3,313,044 3,636,740 3,802,366
CAPITAL AND RESERVES
Called-up share capital 50,000 50,000 50,000
Revaluation reserve 1,879,995 2,272,382 2,735,083
Other reserves 1,166,728 1,159,243 1,166,424
Profit and loss account 261,321 155,115 210,859
SHAREHOLDERS' FUNDS
(including non-equity interests) 3,313,044 3,636,740 3,802,366
Group Cash Flow Statement (Unaudited)
6 months ended 6 months ended 6 months ended
30th November 30th November 31st May
2002 2001 2002
� � �
Cash inflow/(outflow) from operating 69,676 62,196 138,246
activities
Returns on investment and servicing of
finance
net interest received 4,125 12,926 12,223
interest paid -------- (116) (123)
preference dividends paid -------- (350) (700)
Taxation
income tax paid (7,626) (7,423) (16,920)
Capital expenditure and financial investment
purchase of fixed assets investments (28,094) (236,619) (300,211)
Sale of fixed asset investments 7,139 75,433 61,606
Equity dividends paid (66,000) (53,412) (106,824)
Increase/(Reduction) in cash (20,780) (147,365) (212,643)
Notes
1. The results for the six months ended 30th November 2002 have been prepared applying
the accounting policies described on page 13 of the Annual Report and Accounts 2002
and are unaudited and unreviewed.
The comparative figures for the 12 months ended 31st May 2002 are extracts only
and full accounts on which the auditors gave an unqualified report have been
delivered to the Registrar of Companies.
2. The dividend of 8.75p per share on �1 8 3/4% Cumulative Redeemable Preference
Shares, and interim dividends of 18p per Ordinary Stock Unit and 14.5p per Deferred
Stock Unit will be paid on 4TH April 2003 to the relevant holders registered on 19
th March 2003
3. 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