17 Oct 2007 15:35
First Interim Results - M&G High Income Investment Trust P.L.C.
Income statement (unaudited)For the three months ended31 August 2007 2006 Revenue Capital Total Revenue Capital Total ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 -------------- ------------- -------------- -------------- -------------- --------------Net (losses) / gains on - (5,695) (5,695) - 2,280 2,280investmentsIncome 1,070 - 1,070 1,035 - 1,035Investment management fee (85) (172) (257) (78) (157) (235)Other expenses (32) - (32) (30) - (30) -------------- ------------- -------------- -------------- ------------- --------------Net return before finance 953 (5,867) (4,914) 927 2,123 3,050costs and taxFinance costs: - (609) (609) - (562) (562)AppropriationsFinance costs: Dividends (1,178) - (1,178) (1,071) - (1,071) -------------- ------------- -------------- -------------- ------------- --------------Net return on ordinary (225) (6,476) (6,701) (144) 1,561 1,417activities before taxTax on ordinary activities - - - - - - -------------- ------------- -------------- -------------- ------------- --------------Net return on ordinary (225) (6,476) (6,701) (144) 1,561 1,417activities after tax -------------- ------------- --------------
-------------- ------------- --------------
Return per Zero Dividend - 1.14p 1.14p - 1.05p 1.05pPreference ShareRevenue earnings per Income 1.78p - 1.78p 1.73p - 1.73pShareReturn per Capital Share - (12.09)p (12.09)p - 2.91p 2.91pTotal return per Income & 1.78p (12.09)p (10.31)p 1.73p 2.91p 4.64pGrowth UnitTotal return per Package 1.78p (10.95)p (9.17)p 1.73p 3.96p 5.69pUnit
The total column of this statement is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations.
No operations were acquired or discontinued during the period.
A statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement.
Statement of movements in net assets attributable to shareholders (unaudited)
For the three months ended 31 August
2007 2006 ‚£000 ‚£000 -------------- --------------
Return on ordinary activities after tax (6,701) 1,417Add finance costs: Appropriations 609 562 -------------- --------------Net movement in net assets attributable to (6,092) 1,979
shareholders
Opening net assets attributable to shareholders (all 89,604 77,475
non-equity)
-------------- --------------Closing net assets attributable to shareholders (all 83,512 79,454non-equity) -------------- --------------Balance sheet (unaudited)As at 31 August 2007 2006 ‚£000 ‚£000 -------------- --------------Fixed assets
Portfolio of investments
82,291 78,380 -------------- --------------Current assetsDebtors 828 838
Cash at bank and short-term deposits
574 340 -------------- -------------- 1,402 1,178 -------------- --------------Total financial assets 83,693 79,558
Creditors: Amounts falling due within one year (181) (104) -------------- --------------Net assets attributable to shareholders (all non-equity)
83,512 79,454 -------------- -------------- Net assets attributable to Shareholders (unaudited)As at 31 August 2007 2006 ‚£000 ‚£000 -------------- --------------
Zero Dividend Preference Shareholders
27,691 25,175Income Shareholders 39,209 39,007Capital Shareholders 16,612 15,272 -------------- --------------
Net assets attributable to shareholders (all non-equity)
83,512 79,454 -------------- --------------
The net assets attributable to shareholders have been calculated in accordance with the Company's Articles of Association and the net asset values (per share) applicable to each class of shareholding as shown below.
Each class of the Company's shares meets the definition of a liability and therefore the Company has no equity shares. This does not affect the rights and benefits of each class.
As at 31 August 2007 2006
Net asset value per Zero Dividend Preference Share 51.71p 47.01pNet asset value per Income Share 73.22p 72.84pNet asset value per Capital Share 31.02p 28.52pNet asset value per Income & Growth Unit 104.24p 101.36pNet asset value per Package Unit 155.95p 148.37p Cash flow statement (unaudited)For the three months ended 31 August 2007 2007 2006 2006 ‚£000 ‚£000 ‚£000 ‚£000 -------------- -------------- -------------- --------------Net cash inflow from operating activities
657 555Servicing of financeDividends paid (non-equity) (1,178) (1,071)Financial investmentCapital distributions 215 606Purchase of investments (1,772) (4,442)Sale of investments 2,022 4,126 -------------- -------------- 465 209 -------------- --------------Net decrease in cash (56) (226) -------------- --------------Portfolio of investmentsAs at 31 August 2007Oil & gas producers 10.55BP 4,460 5.34Royal Dutch Shell 'B' 4,352 5.21 Oil equipment services & distribution 0.87Hunting 724 0.87 Chemicals 0.29Yule Catto 241 0.29 Mining 1.64Anglo American 129 0.15Lonmin 1,244 1.49 Aerospace & defence 1.03Meggitt 476 0.57Rolls-Royce Group 383 0.46 Construction & materials 0.77Marshalls 639 0.77 Electronic & electric equipment 0.37Acal 312 0.37 General industrials 0.88Smith (D.S.) 731 0.88 Industrial engineering 2.93Halma 544 0.65IMI 563 0.67Rotork 752 0.90Vitec Group 592 0.71 Industrial transport 1.56BBA Aviation 422 0.51Wincanton 881 1.05 Support services 3.34Biffa 177 0.21Davis Service Group 502 0.60Electrocomponents 380 0.46Premier Farnell 273 0.33Rentokil Initial 866 1.04Smiths News 584 0.70 Automobiles & parts 1.48GKN 460 0.55Tomkins 776 0.93 Beverages 2.14Diageo 794 0.95Scottish & Newcastle 990 1.19 Food producers 2.30Premier Foods 543 0.65Tate & Lyle 282 0.34Unilever 1,094 1.31 Household goods 1.53Barratt Developments 929 1.11Persimmon 347 0.42 Tobacco 0.98British American Tobacco 822 0.98 Pharmaceuticals & biotechnology 3.78AstraZeneca 245 0.29GlaxoSmithKline 2,914 3.49 General retailers 3.19Carpetright 896 1.07DSG International 775 0.93Findel 539 0.64Topps Tiles 456 0.55 Media 1.72ITV 548 0.66Pearson 298 0.36Trinity Mirror 586 0.70 Travel & leisure 3.37Compass Group 975 1.17FirstGroup 33 0.04Holidaybreak 828 0.99Marston's 242 0.29Rank Group 116 0.14William Hill 615 0.74 Fixed line telecommunications 2.84BT Group 2,368 2.84 Mobile telecommunications 4.78Vodafone Group 3,995 4.78 Electricity 2.03British Energy 414 0.50Scottish & Southern Energy 1,276 1.53 Gas water & multiutilities 7.43Centrica 771 0.92Kelda Group 566 0.68National Grid 928 1.11Northumbrian Water Group 862 1.03Pennon Group 1,504 1.80Severn Trent 546 0.65United Utilities 1,038 1.24 Banks 18.86Alliance & Leicester 1,316 1.58Barclays 3,068 3.67Bradford & Bingley 1,139 1.36HBOS 879 1.05HSBC Holdings 4,575 5.48Lloyds TSB Group 1,908 2.28Royal Bank of Scotland Group 2,872 3.44 Equity investment instruments 1.34Ecofin Water & Power Opportunities 502
0.60
Merrill Lynch Commodities Income Investment Trust 617 0.74 General financial 1.16Close Brothers Group 386 0.46International Personal Finance 180 0.22Provident Financial 399 0.48 Life insurance 3.40Aviva 744 0.89Friends Provident 805 0.96Legal & General Group 472 0.56Old Mutual 399 0.48Prudential 428 0.51 Nonlife insurance 1.96Catlin Group 388 0.46Jardine Lloyd Thompson Group 473 0.57Royal & Sun Alliance 776 0.93 Real estate 0.30Segro 253 0.30 Non convertible preference shares
7.78
Aviva 8.75% Cum. Irrd. Pref. 1,999
2.39
General Accident 8.875% Cum. Irrd. Pref. 1,005
1.20
HBOS 6.475% Non-cum. Pref. 990
1.19
HBOS 9.25% Non-cum. Irrd. Pref. 281
0.34
HBOS 9.75% Non-cum. Irrd. Pref. 817
0.98
National Westminster 9% Series 'A' Non-cum. Pref. 564
0.67
Royal & Sun Alliance 7.375% Cum. Irrd. Pref. 270
0.32
Standard Chartered 7.375% Non-cum. Irrd. Pref. 573
0.69
A' credit rated bonds
0.59
London Merchant Securities 6.5% 2026 274
0.33
National Westminster Bank Var. Rate Perp. 216
0.26
BBB' credit rated bonds
0.89
DWR Cymru Financing Var. Rate 2036 741
0.89
Bonds with no credit ratings 0.46Shaftesbury 8.5% 2024 384 0.46 Total investments 82,291 98.54Current assets 1,402 1.68Total financial assets 83,693 100.22Creditors: Amounts falling due within one year (181)
(0.22)
Net assets attributable to shareholders (all non-equity) 83,512 100.00 Total Investments comprise:Equity shares 74,177 88.82Fixed income securities (excluding convertibles) 7,157
8.57
Other investments (including variable rate bonds) 957 1.15 82,291 98.54 J. P. McClellandSecretary
M & G HIGH INCOME INVESTMENT TRUST PLC