Final Results

 
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