Stavert Zigomala

September 28, 2009 07:35 ET

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 £1,446,182 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 £5,019,055
to £3,949,873 amounting to a decline of 21.3%.

The considerable reduction in the profit for the year from £316,829 to £147,973 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 £230,499 to £135,239.

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
(£512,606 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 (£693,067.02) 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

Edward N. Cooper

                      Group Profit and Loss Account Year Ended 31st May 2009
                                                                     2009                     2008
                                                                        £                        £
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
                                                                        £                        £
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
                                                                        £                        £
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
FROM OPERATING ACTIVITIES                                                   
                                                                     2009                     2008
                                                                        £                        £
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                                                                   
                                                                     2009                     2008
                                                                        £                        £
(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
                                                     £                          £                £
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

Contact Information

  • Stavert Zigomala