M&G CREDIT INCOME INVESTMENT TRUST PLC 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)
