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OFFON

M&G CREDIT INCOME INVESTMENT TRUST PLC

(MGCI)
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M&G Credit Income Investment Trust plc: 2021 -6-

09/16/2021 | 10:44am EST
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)

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Financials
Sales 2020 6,54 M 8,70 M 8,70 M
Net income 2020 5,78 M 7,69 M 7,69 M
Net cash 2020 7,28 M 9,68 M 9,68 M
P/E ratio 2020 22,0x
Yield 2020 4,65%
Capitalization 139 M 184 M 184 M
EV / Sales 2019 29,5x
EV / Sales 2020 19,2x
Nbr of Employees -
Free-Float 97,4%
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Number of Analysts 1
Last Close Price 0,97 
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Managers and Directors
David Robert Simpson Non-Executive Chairman
Richard Michael Boléat Senior Independent Director
Annette Barbara Powley Independent Non-Executive Director
Jane Routledge Independent Non-Executive Director
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