Final Results
24 Noviembre 2003 - 6:54AM
UK Regulatory
STAVERT ZIGOMALA PLC
ANNUAL RESULTS FOR THE YEAR ENDING 31ST MAY 2003
Chairman's Statement
The decline in Shareholders funds of about 10% from �3,802,366 at 31st May 2002 to �3,449,723 at
31st May 2003 has to be taken in the context of the considerable decline in the UK Stock Market
over the corresponding period, and taking all factors into account is both disappointing but
unsurprising.
Your Directors have decided to recommend a final dividend of 22p per Ordinary Stock Unit and
18.33p per Deferred Stock Unit which when added to the interim dividend paid of 18p per Ordinary
Stock Unit and 14.51p per Deferred Stock Unit would result in total dividends payable for the year
of 40p per Ordinary Stock Unit and 32.84p per Deferred Stock Unit, which are unchanged from the
dividends declared for the year ending 31st May 2002.
The decision to leave the dividends unchanged reflects the fact that income from investments was
marginally down from �176,243 to �175,262 which reflected lower receipts of special dividends,
counterbalanced by an increased emphasis on preference dividends and high yielding smaller company
stocks. Profits on sale of investments were considerably down from the previous year and
reflected lack of sales during the relevant year.
Modest appreciations in both capital values and income receipts have been recorded since the end
of financial year.
Edward N. Cooper
Chairman
Group Profit and Loss Account 31st May 2003
2003 2002
� �
Income from Fixed Assets Investments 175,262 176,243
Administrative Investments 25,428 27,630
Operating Profit 149,834 148,613
Interest Receivable 6,775 12,223
Profit on Disposal of Investments 18,441 44,065
Interest payable (430) (123)
Profit on Ordinary Activities before taxation 174,620 204,778
Tax on profit on Ordinary Activities 13,564 10,983
Profit on Ordinary Activities after taxation 161,056 193,795
Dividends (including non-equity) 119,762 119,762
Retained Profit for the Financial Year 41,294 74,033
Earnings per share (pence) Ordinary Units 53.8p 64.7p
Earnings per share (pence) Deferred Units 44.3p 53.4p
STAVERT ZIGOMALA PLC AND SUBSIDIARY
Balance Sheet as at 31st May 2003
� �
FIXED ASSETS
Investments 3,916,581 4,405,399
CURRENT ASSETS
Debtors 20,981 11,310
Cash at Bank 75,168 218,690
CREDITORS: Amount
falling due after more than one year 74,893 80,876
TOTAL ASSETS LESS CURRENT
LIABILITIES 3,937,837 4,554,523
CREDITORS: Amount
falling due after more than one year 46,295 46,295
3,891,542 4,508,228
PROVISIONS FOR LIABILITIES AND CHARGES
Deferred Taxation 507,819 705,862
3,383,723 3,802,366
CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Investment reserve for unrealised gains 1,915,146 2,375,083
Other reserves 1,184,865 1,166,424
Profit and loss account 233,712 210,859
SHAREHOLDERS FUNDS
(including non-equity interests) 3,383,723 3,802,366
Group Cash Flow Statement
Year Ended 31st May 2003
2003 2002
� �
Net Cash Inflow from operating activities 136,598
138,246
Returns on investment and servicing of finance
Interest received 6,775
Interest paid (430) 12,223
Non-equity dividends paid (350)
(123)
(700)
Net Cash Inflow from returns on investment
and servicing of finance 5,995
11,400
TAXATION (15,982)
(16,920)
Capital expenditure and financial investment
Acquisition of Investments (186,585)
Sale proceeds on disposal of Investments 35,864 (300,211)
61,606
Net Cash Outflow for capital expenditure
and financial investment (150,721)
(238,454)
Equity dividends paid (119,412)
(106,824)
Decrease in cash (143,522)
(212,643)
RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW
FROM OPERATING ACTIVITIES
2003
2002
� �
Operating profit 149,834 148,613
(increase/decrease in debtors (9,671) 40,485
Decrease in creditors (3,565) (50,852)
Net cash inflow from operating activities 136,598 138,246
RECONCILIATION OF NET CASH FLOW
TO MOVEMENT IN NET FUNDS
2003 2002
� �
Decrease in cash in the period (143,522) (212,643)
Change in net funds (143,522) (212,643)
Net funds at 1 June 2002 172,395 385,038
Net funds at 31 May 2003 28,873 172,395
ANALYSIS OF CHANGES IN NET FUNDS
At At
1 June 2002 Cash flows 31 May 2003
� � �
Net cash: 218,690 (143,522) 75,168
Cash in hand and at bank
Debt:
Debt due after 1 year (46,295) - (46,295)
Net funds 172,395 (143,522) 28,873
Ex dividend date 3 December 2003
Record date 5 December 2003
Dividend payment date 22 December 2003
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 PLC