16 Apr 2008 14:19
Third Interim Results - M&G High Income Investment Trust P.L.C.
Income statement (unaudited)
For the nine months For year ended ended 29 28 31 May February February 2007 2008 2007 Revenue Capital Total Revenue Capital Total Revenue Capital Total ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 ---- ---- ---- ---- ---- ---- ---- ---- ----
Net (losses) / gains on - (17,112) (17,112) - 7,919 7,919 - 12,507 12,507investmentsIncome 2,479 - 2,479 2,301 - 2,301 3,646 - 3,646Investment management 19 38 57 (241)
(490) (731) (326) (661) (987)feeOther expenses (92) - (92) (88) - (88) (118) - (118) ---- ---- ---- ---- ---- ---- ---- ---- ----
Net return before finance 2,406 (17,074) (14,668) 1,972 7,429 9,401 3,202 11,846 15,048costs and taxFinance costs: Appropriations - (1,849) (1,849) - (1,701) (1,701) - (2,297) (2,297)Finance costs: Dividends (2,464) - (2,464) (2,303)
- (2,303) (2,919) - (2,919) ---- ---- ---- ---- ---- ---- ---- ---- ----Net return on ordinary (58) (18,923) (18,981) (331) 5,728 5,397 283 9,549 9,832activities before tax
Tax on ordinary activities - - - -
- - - - - ---- ---- ---- ---- ---- ---- ---- ---- ----Net return on ordinary (58) (18,923) (18,981) (331) 5,728 5,397 283 9,549 9,832activities after tax ---- ---- ---- ---- ---- ---- ---- ---- ----
Return per Zero Dividend - 3.45p 3.45p - 3.18p 3.18p - 4.29p 4.29pPreference ShareRevenue earnings per 4.49p - 4.49p 3.68p - 3.68p 5.98p - 5.98pIncome ShareReturn per Capital Share - (35.34)p (35.34)p - 10.70p 10.70p - 17.83p 17.83pTotal return per Income & 4.49p (35.34)p (30.85)p 3.68p 10.70p 14.38p 5.98p 17.83p 23.81pGrowth UnitTotal return per Package Unit 4.49p (31.89)p (27.40)p 3.68p 13.88p 17.56p 5.98p 22.12p 28.10p
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 nine months ended 29.02.2008
28.02.2007 ‚£000 ‚£000 ---- ----
Return on ordinary activities after tax (18,981) 5,397Add finance costs: Appropriations 1,849 1,701 ---- ----Net movement in net assets attributable (17,132) 7,098to shareholdersOpening net assets attributable to 89,604 77,475
shareholders (all non-equity)
---- ----Closing net assets attributable to 72,472
84,573shareholders (all non-equity) ---- ----Balance sheet (unaudited) As at 29.02.08 28.02.07 31.05.07 ‚£000 ‚£000 ‚£000 ---- ---- ----Fixed assetsPortfolio of investments 69,447 83,435 88,311 ---- ---- ----Current assetsDebtors 1,326 532 706
Cash at bank and short-term deposits 2,223
762 630 ---- ---- ---- 3,549 1,294 1,336 ---- ---- ----Total financial assets 72,996 84,729 89,647
Creditors: Amounts falling due within one year (524) (156) (43) ---- ---- ----
Net assets attributable to shareholders (all non-equity) 72,472
84,573 89,604
---- ---- ----Net assets attributable to Shareholders(unaudited) As at 29.02.08 28.02.07 31.05.07 ‚£000 ‚£000 ‚£000 ---- ---- ----
Zero Dividend Preference Shareholders 28,973
26,454 27,065Income Shareholders 39,377 38,820 39,435Capital Shareholders 4,122 19,299 23,104 ---- ---- ----
Net assets attributable to shareholders 72,472
84,573 89,604(all non-equity) ---- ---- ----
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 29.02.2008 28.02.2007 Net asset value per Zero Dividend Preference Share 54.10p 49.40pNet asset value per Income Share 73.53p 72.49pNet asset value per Capital Share 7.70p 36.04pNet asset value per Income & Growth Unit 81.23p 108.53pNet asset value per Package Unit
135.33p 157.93p Cash flow statement (unaudited)For the nine months ended
29 February 2008 ‚£000 ‚£000 ‚£000 ---- ---- ----
Net cash inflow from operating activities
1,801 1,679Servicing of financeDividends paid (non-equity) (2,464) (2,303)Financial investmentCapital distributions 216Purchase of investments (5,637)Sale of investments 7,677 ---- 2,256 820 ---- ----Net increase in cash 1,593 196 ---- ----Portfolio of investmentsAs at 29 February 2008Oil & gas producers 11.87BP 4,611 6.36Royal Dutch Shell 'B' 3,994 5.51 Chemicals 0.76Johnson Matthey 386 0.53Yule Catto 169 0.23 Mining 2.01Anglo American 146 0.20Lonmin 1,312 1.81 Aerospace & defence 0.77Rolls-Royce Group 261 0.36Smiths Group 298 0.41 Construction & materials 0.73Marshalls 532 0.73
Electronic & Electrical equipment
0.96Acal 164 0.23Halma 528 0.73 General industrials 1.46Smith (D.S.) 509 0.70Tomkins 549 0.76 Industrial engineering 2.04IMI 330 0.46Rotork 643 0.89Vitec Group 500 0.69 Industrial transportation 1.51BBA Aviation 322 0.44Wincanton 778 1.07 Support services 2.85Biffa 243 0.34Davis Service Group 427 0.59Electrocomponents 264 0.36Filtrona 96 0.13Premier Farnell 225 0.31Rentokil Initial 415 0.57Smiths News 400 0.55 Automobiles & parts 0.40GKN 290 0.40 Beverages 2.74Diageo 722 1.00Scottish & Newcastle 1,262 1.74 Food producers 2.56Tate & Lyle 261 0.36Unilever 1,592 2.20 Household goods 0.82Bovis Homes Group 378 0.52Persimmon 220 0.30 Tobacco 1.30British American Tobacco 943 1.30
Pharmaceuticals & biotechnology
4.70AstraZeneca 380 0.52GlaxoSmithKline 3,031 4.18 General retailers 1.63Carpetright 545 0.75Findel 385 0.53Topps Tiles 255 0.35 Media 1.41ITV 333 0.46Pearson 333 0.46Trinity Mirror 356 0.49 Travel & leisure 2.76Compass Group 814 1.12Holidaybreak 590 0.81Marston's 157 0.22Rank Group 62 0.09William Hill 376 0.52
Fixed line telecommunications
2.34BT Group 1,693 2.34 Mobile telecommunications 5.37Vodafone Group 3,890 5.37 Electricity 2.53British Energy Group 507 0.70Scottish & Southern Energy 1,327 1.83
Gas, water & multi-utilities
6.90National Grid 917 1.27Northumbrian Water Group 874 1.21Pennon Group 1,286 1.77Severn Trent 711 0.98United Utilities 1,207 1.67 Banks 15.59Alliance & Leicester 704 0.97Barclays 1,910 2.64Bradford & Bingley 687 0.95HBOS 600 0.83HSBC Holdings 3,889 5.37Lloyds TSB Group 1,581 2.18
Royal Bank of Scotland Group 1,923
2.65
Equity investment instruments
1.17Merrill Lynch Commodities 845 1.17Income Investment Trust General financial 1.22Close Brothers Group 329 0.45
International Personal Finance 186
0.26Provident Financial 369 0.51 Life insurance 3.49Aviva 651 0.90Friends Provident 600 0.83Legal & General Group 590 0.81Old Mutual 311 0.43Prudential 373 0.52
Non-equity investment instruments
0.51
Ecofin Water & Power Opportunities 368
0.51 Non-life insurance 2.07Catlin Group 304 0.42Jardine Lloyd Thompson Group 454 0.63Royal & Sun Alliance 736 1.02 Real estate investment trusts 0.75Alpha Pyrenees Trust 229 0.32Segro 309 0.43
Non convertible preference shares
8.77
Aviva 8.75% Cum. Irrd. Pref. 1,815
2.50
General Accident 8.875% Cum. Irrd. Pref. 896
1.24
HBOS 6.475% Non-cum. Pref. 925
1.28
HBOS 9.25% Non-cum. Irrd. Pref. 753
1.04
HBOS 9.75% Non-cum. Irrd. Pref. 718
0.99
National Westminster 9% Series 'A' Non-cum. Pref. 474
0.65
Royal & Sun Alliance 7.375% Cum. Irrd. Pref. 256
0.35
Standard Chartered 7.375% Non-cum. Irrd. Pref. 524
0.72
'A' credit rated bonds
0.35
London Merchant Securities 6.5% 2026 256
0.35
'BBB' credit rated bonds
1.03
DWR Cymru Financing Var. Rate 2036 748
1.03 Bonds with no credit rating 0.46Shaftesbury 8.5% 2024 335 0.46 Total investments 69,447 95.83Net other assets 3,025 4.17
Net assets attributable to shareholders (all non-equity) 72,472
100.00
The interim report will not be advertised in the press, but copies are available from the registered office, Laurence Pountney Hill, London EC4R 0HH.
J. P. McClelland
Secretary
M & G HIGH INCOME INVESTMENT TRUST PLC