TIDMSTZ
Annual Financial Report
STAVERT ZIGOMALA PLC
ANNUAL RESULTS FOR THE YEAR ENDING 31ST MAY 2011
Chairman's Statement
Shareholders Funds have increased by GBP697,951 during the financial year ending 31st May 2011,
equivalent to a rise of 14.03%. This compares with increases of 15.45% (FTSE100) 16.76% (FTSE All
Share) and 19.80% (FTSE 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 Shareholders Funds would have been shown as
GBP4,861,663, an increase of 8.92%.
Investment income is broadly the same as the previous year. The Directors do not anticipate any
significant increase this year, whilst a number of companies have given encouraging increases this
is counter balanced by the continued distressed distributions from the banking sector.
The Directors have decided to recommend an unchanged final dividend of 36p per Ordinary Share,
with 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.
Due to the considerable problems of the world economy, particularly debt problems in the USA and
Euro Zone, the portfolio has decreased in value considerably since the year end and banking stocks
in particular have been affected.
Edward N. Cooper
Chairman
Income Statement Year Ended 31st May 2011
2011 2010
GBP GBP
Income from Fixed Asset Investments 158,193 153,917
Administrative Expenses 46,001 41,166
Operating Profit 112,192 112,751
Interest Receivable and Similar Income 6,701 6,765
Profit on Disposal of Investments 23,086 25,540
Interest payable and Similar Charges (350) (354)
Profit on Ordinary Activities before taxation 141,629 144,702
Tax on profit on Ordinary Activities 675 488
Profit for the Financial Year 140,954 144,214
Basic and diluted earnings per share (pence)
Earnings per share (pence) Ordinary Units 47.2p 48.3p
Earnings per share (pence) Deferred Units 38.9p 39.7p
Statement of Comprehensive Income Year Ended 31st May 2011
2011 2010
GBP GBP
Profit for the financial year 140,954 144,214
Other comprehensive income for the year
Unrealised profit on investments 739,409 687,449
Total comprehensive income for the year
attributable to the shareholders 880,363 831,663
Statement of Financial Position as at 31st May 2011
GBP GBP
FIXED ASSETS
Investments 5,135,618 4,430,375
CURRENT ASSETS
Debtors 1,629 15,103
Cash at Bank 565,157 553,917
CREDITORS: Amount
falling due within one year 30,741 25,683
TOTAL ASSETS LESS CURRENT
LIABILITIES 5,671,663 4,973,712
CAPITAL AND RESERVES
Called up share capital 46,000 46,000
Revaluation reserve 3,639,990 2,900,581
Other reserves 1,600,761 1,577,675
Retained earnings 384,912 449,456
SHAREHOLDERS FUNDS 5,671,663 4,973,712
Statement of Changes in Equity Year Ended 31st May 2011
Issued Revaluation Capital Investment Retained Total
Shared Reserve Redemption Reserve Earnings Equity
Capital Reserve
GBP GBP GBP GBP GBP GBP
Balance as at 46,000 2,213,132 2,959 1,549,176 513,194 4,324,461
1st June 2009
Changes in
Equity
Total
comprehensive
income for the
year 687,449 144,214 831,663
Dividends
recognised as
Distributions to
owners (182,412) (182,412)
Realised gains
transferred to
Investment
reserve 25,450 (25,450) ----
Balance as at
1st June 2010 46,000 2,900,581 2,959 1,574,716 449,456 4,973,712
Changes in
Equity
Total
comprehensive
income for the
year 739,409 140,954 880,363
Dividends
recognised as
Distributions to
owners (182,412) (182,412)
Realised gains
transferred to
Investment
reserve 23,086 (23,086) ----
Balance as at
31st May 2011 46,000 3,639,990 2,959 1,597,802 384,912 5,671,663
Statement of Cash Flows
Year Ended 31st May 2011
2011 2010
GBP GBP
Cash flows from operating activities
Operating profit for the year 112,192 112,751
Decrease in debtors 13,474 9,816
(Decrease)/Increase in creditors 5,058 (50,206)
Net cash from operating activities 130,724 72,361
Taxation (675) (488)
Cash flows from investing activities
Financial income 6,701 6,765
Acquisition of investments (16,000) (146,744)
Proceeds of disposal of investments 73,252 28,539
Net cash used in investing activities 63,953 (111,440)
Cash flows from financing activities
Finance costs (350) (354)
Equity dividends paid (182,412) (182,412)
Net increase/(decrease) in cash and cash equivalents 11,240 (222,333)
Cash and cash equivalents at 1 June 553,917 776,250
Cash and cash equivalents at 31 May 565,157 553,917
The preliminary announcement for the year ended 31 May 2011 has been prepared in accordance with
the accounting policies as disclosed in Stavert Zigomala plc's Annual Report and Accounts 2010, as
updated to take effect of any new accounting standards applicable for the year.
The annual financial information presented in this preliminary announcement for the year ended 31
May 2011 is based on, and is consistent with, that in the audited financial statements for the
year ended 31 May 2011, and those financial statements will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.
Information in this preliminary announcement does not constitute statutory accounts of the Company
within the meaning of section 434 of the Companies Act 2006. The full financial statements for
the Company for the year ended 31 May 2010 have been delivered to the Registrar of Companies. The
independent auditor's report on those financial statements was unqualified and did not contain a
statement under section 498 (2) or 498 (3) of the Companies Act 2006.
This preliminary announcement was approved by the Board of Directors on 27th September 2011.
Ex dividend date 19th October 2011
Record date 21st October 2011
Dividend payment date 7th November 2011
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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