M&G CREDIT INCOME INVESTMENT TRUST PLC
Dividends paid 6 - - (169) (416) (2,665) (3,250)
Balance at 30 June 2020 1,447 42,208 98,831 (2,669) 916 140,733
Called up Special
Year ended 31 December 2020 Note Ordinary Share Share distributable Capital Revenue Total
(audited) premium reserve reserve reserve
capital
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 13,945 - - - 14,092
Purchase of Ordinary Shares to be - - (129) - - (129)
held in treasury
Initial public offering costs - 43 - - - 43
written off
Net return attributable to - - - 1,797 3,986 5,783
shareholders
Dividends paid 6 - - (372) (416) (4,605) (5,393)
Balance at 31 December 2020 1,447 42,217 98,499 3,349 1,116 146,628 The accompanying notes form an integral part of these condensed financial statements.
Condensed cash flow statement
Note Six months ended Six months ended Year ended
30 June 2021 30 June 2020 31 December 2020
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Net profit/(loss) before finance costs and taxation 4,823 (2,375) 5,807
Adjustments for:
Net gains/(losses) on investments 7 (541) 1,661 (2,714)
Net gains/(losses) on derivatives 7 (2,428) 2,701 1,368
Decrease/(increase) in receivables 133 50 (253)
(Decrease) in payables (165) (341) (96)
Purchases of investments(a) 7 (19,439) (43,731) (78,730)
Sales of investments(a) 7 22,437 37,644 68,430
Net cash inflow/(outflow) from operating activities 4,820 (4,391) (6,188)
Financing activities
Finance costs 5 (61) - (24)
Issue of Ordinary Shares - 14,126 14,092
Initial public offering costs written off - - 43
Purchase of Ordinary Shares to be held in treasury (1,203) - (129)
Dividend paid 6 (3,890) (3,250) (5,393)
Net cash (outflow)/inflow from financing activities (5,154) 10,876 8,589
(Decrease)/Increase in cash and cash equivalents (334) 6,485 2,401
Cash and cash equivalents at the start of the period/year 7,278 4,877 4,877
(Decrease)/Increase in cash and cash equivalents as above (334) 6,485 2,401
Cash and cash equivalents at the end of the period/year 8 6,944 11,362 7,278 [a] Receipts from the sale of, and payments to acquire investment securities have been classified as components of cash flows from operating activities because they form part of the company's dealing operations.
The accompanying notes form an integral part of these condensed financial statements.
Notes to the condensed financial statements
1 Accounting policies
The condensed financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value, and in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 104 (FRS 104) Interim Financial Reporting issued by the Financial Reporting Council and the Statement of Recommended Practice (SORP) issued by the Association of Investment Companies (AIC) in October 2019 "Financial Statements of Investment Trust Companies and Venture Capital Trusts".
The annual Financial Statements have been prepared in accordance with the Financial Reporting Standard 102 (FRS 102) and the AIC SORP.
The accounting policies applied to this condensed set of financial statements are consistent with those applied in the Annual Report and Financial Statements for the year ended 31 December 2020.
The functional and presentational currency of the Company is pounds sterling because that is the currency of the primary economic environment in which the Company operates.
All values are recorded to nearest thousands, unless otherwise stated.
2 Returns and net asset value
Six months ended Six months ended Year ended
30 June 2021 30 June 2020 31 December 2020
Revenue return
Revenue return attributable to Ordinary Shareholders (GBP'000) 1,933 1,846 3,986
Weighted average number of shares in issue during the period/year 144,490,744 131,782,457 138,289,698
Revenue return per Ordinary Share (basic and diluted) 1.34p 1.40p 2.88p
Capital return
Capital return attributable to Ordinary Shareholders (GBP'000) 2,829 (4,221) 1,797
Weighted average number of shares in issue during the period/year 144,490,744 131,782,457 138,289,698
Capital return per Ordinary Share (basic and diluted) 1.96p (3.20)p 1.30p
Net return
Net return per Ordinary Share (basic and diluted) 3.30p (1.80)p 4.18p
NAV per Ordinary Share
Net assets attributable to Ordinary Shareholders (GBP'000) 146,297 140,733 146,628
Number of shares in issue at period/year end 143,367,771 144,745,771 144,605,771
NAV per Ordinary Share 102.04p 97.23p 101.40p 3 Income
Six months ended Six months ended Year ended
30 June 2021 30 June 2020 31 December 2020
GBP'000 GBP'000 GBP'000
Income from investments
Interest income from Debt Instruments 2,421 2,180 4,633
Distributions from investment funds 260 227 468
Management fee rebate 51 36 78
2,732 2,443 5,179
Other income
Interest from cash and cash equivalents 3 8 16
2,735 2,451 5,195 4 Expenses
Non-audit fees (including VAT) payable to the auditor in respect of the agreed upon procedures on the Half Year Report as of 30 June 2021 are GBP12,600 (30 June 2020: GBP12,000). The agreed upon procedures did not constitute an audit engagement or a review of the Half Yearly Report.
5 Finance costs
Six months ended Six months ended Year ended
30 June 2021 30 June 2020 31 December 2020
GBP'000 GBP'000 GBP'000
Commitment fee 37 - 15
Arrangement fees 6 - 3
Legal fees 18 - 6
61 - 24 On 19 October 2020 the Company entered into a GBP25 million revolving credit facility agreement with State Street Bank International GmbH. As at 30 June 2021 no amounts were drawn down.
6 Dividends
Six months ended Six months Year ended
ended
30 June 2021 30 June 2020 31 December 2020
GBP'000 GBP'000 GBP'000
2019 second interim interest distribution of 1.33p - 1,729 1,729
2020 first interim interest distribution of 0.72p - 936 936
2020 second interim interest distribution of 0.63p - - 912
2020 third interim interest distribution of 0.71p - - 1,028
2020 fourth interim interest distribution of 0.77p 1,114 - -
2021 first interim interest distribution of 0.63p 911 - -
2,025 2,665 4,605
Capital
2019 second interim dividend of 0.32p - 416 416
2020 first interim dividend of 0.13p - 169 169
2020 second interim dividend of 0.14p - - 203
2020 fourth interim dividend of 1.18p 1,706 - - (MORE TO FOLLOW) Dow Jones Newswires
September 16, 2021 10:43 ET (14:43 GMT)
