Final Results
28 September 2009 - 9:35PM
UK Regulatory
TIDMSTZ
Final Results
STAVERT ZIGOMALA PLC
ANNUAL RESULTS FOR THE YEAR ENDING 31ST MAY 2009
Chairman's Statement
I regret to report that Shareholders Funds have decreased by GBP1,446,182 during the ending 31st May
2009, equivalent to a fall of 25.06%. This compares with decreases of 27.02% (FTSE100) 26.92%
(FTSE All Share) and 27.44% (Small Cap) though the Directors believe that there is no
realistically comparable index.
We are required to present the Accounts so as to show Shareholders Funds in a way which exceeds
the Directors perception of true net worth, because liability for deferred taxation (which would
apply on the realisation of all portfolio investments) is not taken into account. Had the
Accounts been prepared on a net worth basis then there would have been a decline from GBP5,019,055
to GBP3,949,873 amounting to a decline of 21.3%.
The considerable reduction in the profit for the year from GBP316,829 to GBP147,973 reflects the
reduction in takeover activity during the year and in addition there has been a marked reduction
in net dividends and interest receivable. After taking account of overheads, profit from
sources other than the disposal of investments decreased from GBP230,499 to GBP135,239.
The Directors do not foresee that the income stream will improve during the current year or indeed
the following year, having regard particularly to the virtual elimination of dividends from banks
and the reduction in interest receivable. Nonetheless the Directors have decided to recommend an
unchanged final dividend of 36p per Ordinary Share, with the total dividends for the year of 61p
being at the same rate as last year. In consequence the dividends on the Deferred Stock are also
recommended at the same rate as last year. The retained profit and loss account reserve
(GBP512,606 at the year end), brought forward from previous years, may be utilised for the payment
of dividends not covered out of current profits.
I am pleased to confirm that after the end of the Financial Year we were successful in obtaining
repayment of all of our deposited funds with Kaupthing Singer & Friedlander under the Financial
Services Compensation Scheme and the UK Treasury's Guarantee for the full amount of the balance of
the deposit with accrued interest to 7th October 2008. Accordingly the Accounts are presented
showing the amount received (GBP693,067.02) within the Cash at Bank figure. Note 22 in last year's
Accounts is therefore not repeated here.
Finally with much sadness I have to advise you that my former colleague Eric Duff died on 29th
July 2009. Eric only retired as a Director at the AGM last year and as mentioned in my Statement
last year we are forever grateful for his integrity and commitment to the Company over a long
association.
Edward N. Cooper
Chairman
Group Profit and Loss Account Year Ended 31st May 2009
2009 2008
GBP GBP
Income from Fixed Asset Investments 162,872 227,189
Administrative Expenses 43,110 37,793
Operating Profit 119,762 189,396
Interest Receivable and Similar Income 15,902 41,453
Profit on Disposal of Investments 12,734 107,472
Interest payable and Similar Charges (425) (350)
Profit on Ordinary Activities before taxation 147,973 337,971
Tax on profit on Ordinary Activities ---- 21,142
Profit for the Financial Year 147,973 316,829
Earnings per share (pence) Ordinary Units 49.5p 105.8p
Earnings per share (pence) Deferred Units 40.8p 87.7p
Balance Sheet as at 31st May 2009
GBP GBP
FIXED ASSETS
Investments 3,599,181 4,943,785
CURRENT ASSETS
Debtors 24,331 40,604
Cash at Bank 776,250 830,031
CREDITORS: Amount
falling due within one year 75,889 44,365
TOTAL ASSETS LESS CURRENT
LIABILITIES 4,323,873 5,770,055
CAPITAL AND RESERVES
Called up share capital 46,000 46,000
Revaluation reserve 2,213,133 3,624,288
Other reserves 1,552,134 1,539,400
Profit and loss account 512,606 560,367
SHAREHOLDERS FUNDS 4,323,873 5,770,055
Cash Flow Statement
Year Ended 31st May 2009
2009 2008
GBP GBP
Net Cash Inflow from operating activities 192,016 162,785
Returns on investment and servicing of finance
Interest received 15,902 41,453
Interest paid (75) -
Non-equity dividends paid (350) (350)
Net Cash Inflow from returns on investment
and servicing of finance 15,477 41,103
TAXATION (24,457) (44,113)
Capital expenditure and financial investment
Acquisition of Investments (80,691) (316)
Sale proceeds on disposal of Investments 26,874 126,868
Net Cash Inflow for capital expenditure
and financial investment (53,817) 126,552
Equity dividends paid (183,000) (173,412)
(Decrease)/Increase in Cash (53,781) 112,915
RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW
FROM OPERATING ACTIVITIES
2009 2008
GBP GBP
Operating profit 119,762 189,396
Increase in debtors 16,273 (27,984)
Increase in creditors 55,981 1,373
Net cash inflow from operating activities 192,016 162,785
RECONCILIATION OF NET CASH FLOW
TO MOVEMENT IN NET FUNDS
2009 2008
GBP GBP
(Decrease)/Increase in cash in the period (53,781) 112,915
Change in net funds (53,781) 112,915
Net funds at 1 June 2008 830,031 717,116
Net funds at 31 May 2009 776,250 830,031
ANALYSIS OF CHANGES IN NET FUNDS
At At
1 June 2008 Cash flows 31 May 2009
GBP GBP GBP
Net cash:
Cash in hand and at bank 830,031 (53,781) 776,250
Net funds 830,031 (53,781) 776,250
Ex dividend date 12th November 2009
Record date 14th November 2009
Dividend payment date 30th November 2009
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
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