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OFFON

M&G CREDIT INCOME INVESTMENT TRUST PLC

(MGCI)
  Report
Delayed Quote. Delayed London Stock Exchange - 10/25 11:35:10 am
98.7 GBX   -0.10%
10/08Holdings in Company
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10/04Total Voting Rights
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10/01M&G CREDIT INCOME INVESTMENT TRUST PLC : Director Declaration
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M&G Credit Income Investment Trust plc: 2021 -5-

09/16/2021 | 10:44am EDT

The Directors of the Company are related parties. The Chairman receives an annual fee of GBP41,000, the Chairman of the Audit Committee receives an annual fee of GBP35,750 and a non-executive Director receives an annual fee of GBP30,750. Mark Hutchinson was employed by M&G as Chair of Private Assets and the Company as a non-executive Director until 31 August 2021 and agreed to waive his fees. There are certain situations where the Company undertakes purchase and sale transactions with other M&G managed funds. All such transactions are subject to the provisions of M&G's fixed income dealing procedures and prior approval by senior fixed income managers authorised by M&G to approve such trades. Trades are conducted on liquidity and pricing terms which at the relevant time are no worse than those available to the Company from dealing with independent third parties.

Statement of directors' responsibilities

The Directors confirm that to the best of their knowledge:

              the condensed set of financial statements has been prepared in accordance with Financial Reporting 
              Standard 104 (Interim Financial Reporting) and give a true and fair view of the assets, liabilities, 
*             financial position and profit or loss of the Company; and 
 
              this Interim management report, together with the Chairman's statement, Investment Manager's report and 
*             the condensed set of financial statements include a fair review of the information required by: 
 
                 DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events 
                 that have occurred during the six months ended 30 June 2021 and their impact on the condensed set of 
              a. financial statements; and a description of the principal risks for the remaining six months of the 
                 period; and 
 
                 DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that 
              b. have taken place during the six months ended 30 June 2021 and that have materially affected the 
                 financial position or performance of the Company during that period; and any changes in the related 
                 party transactions that could do so. 

The Half Year Report and unaudited condensed set of financial statements were approved by the Board of Directors on 16 September 2021 and the above responsibility statement was signed on its behalf by:

David Simpson

Chairman

16 September 2021

Condensed income statement

                                              Six months ended        Six months ended          Year ended 
                                              30 June 2021            30 June 2020              31 December 2020 
                                              (unaudited)             (unaudited)               (audited) 
                                         Note Revenue Capital Total   Revenue Capital Total     Revenue Capital Total 
                                              GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000     GBP'000   GBP'000   GBP'000 
Net gains/(losses) on investments        7    -       541     541     -       (1,661) (1,661)   -       2,714   2,714 
Net gains/(losses) on derivatives        7    -       2,428   2,428   -       (2,701) (2,701)   -       (1,368) (1,368) 
Net currency (losses)/gains                   (36)    (140)   (176)   44      141     185       (7)     451     444 
Income                                   3    2,735   -       2,735   2,451   -       2,451     5,195   -       5,195 
Investment management fee                     (451)   -       (451)   (355)   -       (355)     (714)   -       (714) 
Other expenses                                (254)   -       (254)   (294)   -       (294)     (464)   -       (464) 
Net return on ordinary activities before      1,994   2,829   4,823   1,846   (4,221) (2,375)   4,010   1,797   5,807 
finance costs and taxation 
Finance costs                            5    (61)    -       (61)    -       -       -         (24)    -       (24) 
Net return on ordinary activities before      1,933   2,829   4,762   1,846   (4,221) (2,375)   3,986   1,797   5,783 
taxation 
Taxation on ordinary activities               -       -       -       -       -       -         -       -       - 
Net return attributable to Ordinary           1,933   2,829   4,762   1,846   (4,221) (2,375)   3,986   1,797   5,783 
Shareholders after taxation 
Net return per Ordinary Share (basic and 2    1.34p   1.96p   3.30p   1.40p   (3.20)p (1.80)p   2.88p   1.30p   4.18p 
diluted) 

The total column of this statement represents the Company's profit and loss account. The 'Revenue' and 'Capital' columns represent supplementary information provided under guidance issued by the Association of Investment Companies.

All revenue and capital items in the above statement derive from continuing operations.

The Company has no other comprehensive income and therefore the net return on ordinary activities after taxation is also the total comprehensive income for the period.

The accompanying notes form an integral part of these condensed financial statements.

Condensed statement of financial position

                                                                    As at 30 June     As at 30 June     As at 31 
                                                                    2021              2020              December 
                                                                    (unaudited)       (unaudited)       2020 (audited) 
                                                               Note GBP'000   GBP'000     GBP'000   GBP'000     GBP'000   GBP'000 
Non-current assets 
Investments at fair value through profit or loss               7            139,439           135,227           140,091 
Current assets 
Derivative financial assets held at fair value through profit  7    -                 -                 225 
or loss 
Receivables                                                    8    1,798             1,080             1,345 
Cash and cash equivalents                                      8    6,944             11,362            7,278 
                                                                    8,742             12,442            8,848 
Current liabilities 
Derivative financial liabilities held at fair value through    7    (408)             (944)             - 
profit or loss 
Payables                                                       8    (1,476)           (5,992)           (2,311) 
                                                                    (1,884)           (6,936)           (2,311) 
Net current assets                                                          6,858             5,506             6,537 
Net assets                                                                  146,297           140,733           146,628 
Capital and reserves 
Called up share capital                                        9            1,447             1,447             1,447 
Share premium                                                               42,217            42,208            42,217 
Special distributable reserve                                  10           97,296            98,831            98,499 
Capital reserve                                                9            4,313             (2,669)           3,349 
Revenue reserve                                                             1,024             916               1,116 
Total shareholders' funds                                                   146,297           140,733           146,628 
Net Asset Value per Ordinary Share (basic and diluted)         2            102.04p           97.23p            101.40p 

The accompanying notes form an integral part of these condensed financial statements.

Approved and authorised for issue by the Board of Directors on 16 September 2021 and signed on its behalf by:

David Simpson

Chairman

Company registration number: 11469317

16 September 2021

Condensed statement of changes in equity

                                         Called up                   Special 
Six months ended 30 June 2021            Ordinary Share    Share     distributable        Capital    Revenue    Total 
(unaudited)                                                premium   reserve              reserve    reserve 
                                         capital 
                                    Note GBP'000             GBP'000     GBP'000                GBP'000      GBP'000      GBP'000 
Balance at 31 December 2020              1,447             42,217    98,499               3,349      1,116      146,628 
Purchase of Ordinary Shares to be        -                 -         (1,203)              -          -          (1,203) 
held in treasury 
Net return attributable to               -                 -         -                    2,829      1,933      4,762 
shareholders 
Dividends paid                      6    -                 -         -                    (1,865)    (2,025)    (3,890) 
Balance at 30 June 2021                  1,447             42,217    97,296               4,313      1,024      146,297 
                                    Called up Ordinary 
Six months ended 30 June 2020       Share              Share      Special distributable Capital     Revenue     Total 
(unaudited)                                            premium    reserve               reserve     reserve 
                                    capital 
                               Note GBP'000              GBP'000      GBP'000                 GBP'000       GBP'000       GBP'000 
Balance at 31 December 2019         1,300              28,229     99,000                1,968       1,735       132,232 
Issue of Ordinary Shares       9    147                13,979     -                     -           -           14,126 
Net return attributable to          -                  -          -                     (4,221)     1,846       (2,375) 
shareholders 

(MORE TO FOLLOW) Dow Jones Newswires

September 16, 2021 10:43 ET (14:43 GMT)

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Financials
Sales 2020 6,54 M 9,00 M 9,00 M
Net income 2020 5,78 M 7,96 M 7,96 M
Net cash 2020 7,28 M 10,0 M 10,0 M
P/E ratio 2020 22,0x
Yield 2020 4,65%
Capitalization 141 M 194 M 194 M
EV / Sales 2019 29,5x
EV / Sales 2020 19,2x
Nbr of Employees -
Free-Float 97,5%
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 0,99 
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Spread / Average Target -
Managers and Directors
David Robert Simpson Non-Executive Chairman
Richard Michael BolÚat Senior Independent Director
Annette Barbara Powley Independent Non-Executive Director
Sector and Competitors