TIDMMEQI
M&G Equity Investment Trust P.L.C.
Second Interim Results
31 December 2009
Chairman's Statement & Interim Management Report
Performance during the period
On a net asset value (NAV) basis, each Package Unit delivered a total return of 29.9% over the
six months to 31 December 2009.This was above the total return of 29.1% from the FTSE
All-Share Index over the same period.Against the background of a strongly rising stockmarket,
the Company's balance sheet gearing (borrowing) had a positive impact on its NAV return. The
Company's debt as at the period end, stood at GBP40 million, representing 19.7% of total asset
less current liabilities.
As at the period end, the market price discount narrowed to 3.4% to the NAV, compared with a
discount of 4.9% as at 30 June 2009, the mid-market price at the period end being 90.50p and
the NAV 93.65p. On a mid-market price basis, the total return on the Company's Package units
was 32.3%.
The Company's revenue earnings per Package Unit were 1.85p. In respect of the review period,
the Company declared two quarterly dividends of 1.25p per Income Share, making a total of
2.50p. This was unchanged from the dividend declared in respect of the same period last year
and reflects continued uncertainty over short-term dividend payments.
After payment of the second interim dividend, revenue reserves will be 2.41p per Package Unit,
leaving the Company well placed over its remaining life. The December annualised inflation
rate as measured by the Retail Prices Index (RPI), was 2.4%. As at the period end, the
mid-market price yield on the Company's Package Units was 6.4%, compared with the yield of
3.2% on the FTSE All-Share Index.
Against an exceptionally buoyant stockmarket background, the Company's NAV return over the
six months to 31 December 2009 was ahead of the return on the FTSE All-Share Index. This
encouraging outcome, which helps towards achieving the Company's capital appreciation
objective, continues the improvement in performance relative to the market delivered during
the previous (extremely challenging) year. The strong performance over the period can be
attributed to the positive impact of balance sheet gearing, together with continuing measures
to strengthen the portfolio by focusing on companies with robust finances, stable cash flows
and sustainable growth prospects. The strong capital performance of the equity portfolio
outweighed the impact of the more modest rate of growth from the fixed income portfolio.
Despite the recent improvement in the Company's Package Unit total return relative to the
index, the return remains below that of the index over two, three and five years, and since
inception. However, it is encouraging to note that the underperformance has narrowed.
The Company continues to meet its income objectives. Total dividends for the period were
maintained and, as at the period end, the yield on the Company's Package Units was 6.4%, twice
the yield of 3.2% on the FTSE All-Share Index.
The return per Zero Dividend Preference Share was 20.31p over the period (2008: negative
4.91p). The cover improved and the hurdle rate decreased for Zero Dividend Preference
Shareholders. This reflected the strength of financial markets over the period. Based on the
final entitlement the Zero Dividend Preference Share cover at the period end was 0.88x and the
hurdle rate had decreased to 8.7% per annum from 11.4% in December 2008. Based on the NAV
entitlement at the period end, the Zero Dividend Preference Shares remain uncovered by 1.19p.
Alternative Investment Fund Managers Directive
I would like to bring to your attention the Board's significant concerns regarding the
proposed European Alternative Investment Fund Managers Directive. In grouping investment
trusts in the same category of alternative assets as hedge funds and private equity, this
European legislation would have the effect of recklessly tampering with the tried and tested
structure of investment trusts and as currently drafted, could have fundamental and adverse
implications on their governance and administration with no apparent benefits to investors.
Accordingly the directors have been proactively lobbying Members of the European Parliament to
support the work being undertaken by the Association of Investment Companies to try and
achieve legislation which properly takes into account the particular characteristics of
investment trusts. I would encourage shareholders to write to their own MEP's on this subject
which is well explained in the Q and A's on the Association of Investment Companies' website:
www.aitc.co.uk/Documents/Technical/AICaifmQandAbriefing2.pdf
Outlook
Growth is set to resume for the UK economy, albeit at a modest level, with the Treasury now
forecasting a rate of expansion for the 2010/11 financial year of 1% to 1.5%. However,
recovery is still widely assessed as being 'fragile', with the UK facing a number of
significant challenges. Most pressing of these is the exceptionally poor state of government
finances, which will require urgent action, involving substantial tax rises and painful cuts
in public spending by whichever
party wins the forthcoming general election. Failure to address this issue adequately would
risk losing the confidence of financial markets, leading to a sharp rise in gilt yields and
renewed downside for sterling.
Households face a further squeeze on their incomes, which, together with weak employment
prospects and possible rises in mortgage rates, could well undermine the tentative revival in
consumer confidence and reverse the recent recovery in the housing market. Meanwhile, the
availability of bank credit is likely to remain constrained. Inflation, which has risen in the
short term to 2.9% in December on a Consumer Prices Index (CPI) basis, was forecast in the
Treasury Pre Budget report to drift down to below 2% by end-2010. This would enable base rates
to remain at 0.5% until well into
2010, although there is a risk that greater pessimism about the medium-term inflation outlook
could force the Bank of England in to moving sooner to tighten monetary policy. Finally, there
is much uncertainty over the impact of the removal of government stimulus measures,
particularly the Bank of England's GBP200 billion asset purchase programme.
Caution over the outlook for the UK economy does not necessarily imply a poor prognosis for
the UK stockmarket. It is estimated that over 60% of profits for FTSE 100 Index companies come
from overseas, where prospects are generally better than at home. Moreover, the state of the
corporate sector finances, particularly of larger companies, is much healthier than that of
households and the government. According to consensus forecasts, company profits are forecast
to grow by around 20% in 2010, leading to a partial restoration of last year's savage dividend
cuts. Equity valuations are
reasonable by historic standards and fund managers have substantial holdings of cash to
invest. The outlook for gilts appears more challenging, with rising issuance and the end of
the Bank of England's purchase scheme likely to push yields higher. Although not the
outstanding bargain of a year ago, corporate bonds still offer value, even though a more
selective approach is now required to generate further positive returns.
The strength and generally defensive character of the Company's portfolio should enable it to
perform relatively well, particularly if there is a less buoyant stockmarket environment than
has been experienced over the past nine months. Following at least five years of relative
underperformance by high yielding shares against the FTSE All-Share Index, this area of the
market represents outstanding value, to an extent not seen since the peak of the dotcom boom
in 2000. Continuing constraints on dividend growth and debt service costs are likely to lead
to a reduction in earnings for the full year. However, the Company is in a position to draw on
its reserves and, subject to no unforeseen circumstances, we are hopeful of at least being
able to maintain the dividend per Income Share at last year's level of 5.75p. However, this
should not be taken as a dividend or profit forecast.
Income statement (unaudited)
For the six months ended For year ended
31 December 2009 31 December 2008 30 June 2009
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------- -------- ------ -------- -------- ------- -------- ------- --------
Net gains /
(losses) on - 36,678 36,678 - (26,898) (26,898) - (36,811) (36,811)
investments
Income 4,015 - 4,015 5,118 - 5,118 10,431 - 10,431
Investment (214) (499) (713) (231) (540) (771) (417) (974) (1,391)
management fee
Other expenses (135) - (135) (105) - (105) (210) - (210)
------- ------- ------ ------- ------- ------- ------ -------- --------
Net return
before finance 3,666 36,179 39,845 4,782 (27,438) (22,656) 9,804 (37,785) (27,981)
costs and tax
Finance costs: - (4,455) (4,455) - (5,567) (5,567) - (11,737) (11,737)
Appropriations
Finance costs: (5,620) - (5,620) (6,333) - (6,333) (10,625) - (10,625)
Dividends
Finance costs: (445) (1,038) (1,483) (533) (1,893) (2,426) (982) (2,939) (3,921)
Interest
payable and
similar
charges
------- ------- ------ ------- ------- ------- ------ -------- --------
Net return on
ordinary (2,399) 30,686 28,287 (2,084) (34,898) (36,982) (1,803) (52,461) (54,264)
activities
before tax
Tax on
ordinary (20) 20 - (48) 48 - (90) 90 -
activities
------- ------- ------ ------- ------- ------- ------ -------- --------
Net return on
ordinary (2,419) 30,706 28,287 (2,132) (34,850) (36,982) (1,893) (52,371) (54,264)
activities
after tax
------- ------- ------ ------- ------- ------- ------ -------- --------
Return per
Zero Dividend - 20.31p 20.31p - (4.91)p (4.91)p - (11.53)p (11.53)p
Preference
Share
Revenue
earnings / 1.85p - 1.85p 2.45p (0.10)p 2.35p 5.09p (0.10)p 4.99p
return per
Income Share
Return per - - - - (12.06)p (12.06)p - (12.06)p (12.06)p
Capital Share
Total return
per Package 1.85p 20.31p 22.16p 2.45p (17.07)p (14.62)p 5.09p (23.69)p (18.60)p
Unit
The total column of this statement is the profit and loss account of the
Company. The revenue return and capital return columns are supplementary to this
and are prepared under the guidance published by the Association of Investment
Companies.
All 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.
The Company's Zero Dividend Preference and IncomeShares meet the definition of a
liability under FRS 25 and therefore Capital shares are the Company's only
Equity shares. This does not affect the rights and benefits of each class. The
breakdown of the net assets attributable to shareholders in terms of the share
capital and reserves is given in note 10.
Reconciliation of movements in Equity (Capital) shareholders' funds (unaudited)
For the six months ended 31.12.09 31.12.08
GBP000 GBP000
---------- ----------
Capital return on ordinary 30,706 (34,850)
activities after tax
Losses offset against Income 2 172
Shares
(Gains) / losses offset against (30,708) 13,994
Zero Dividend Preference Shares
---------- ----------
Net movement in net assets
attributable to Equity - (20,684)
shareholders
Opening net assets attributable - 20,684
to Equity shareholders
---------- ----------
Closing net assets attributable - -
to Equity shareholders
---------- ----------
Balance sheet
(unaudited)
As at 31.12.09 31.12.08 30.06.09
GBP000 GBP000 GBP000
------- ------- -------
Fixed assets
Portfolio of investments 194,113 175,854 166,476
------- ------- -------
Current assets
Debtors 1,557 1,645 1,967
Cash at bank and short-term 7,390 2,135 696
deposits
------- ------- -------
8,947 3,780 2,663
------- ------- -------
Total financial assets 203,060 179,634 169,139
Creditors: Amounts falling due (418) (349) (354)
within one year
------- ------- -------
Total assets less current 202,642 179,285 168,785
liabilities
Creditors: Amounts falling due
after more than one year
7.376% Debenture 2011 (39,984) (39,958) (39,977)
Share classes defined as
liability:
Zero Dividend Preference Shares (156,307) (130,796) (120,038)
Income Shares (6,351) (8,531) (8,770)
------- ------- -------
(202,642) (179,285) (168,785)
------- ------- -------
Net assets attributable to Equity - - -
(Capital) shareholders
------- ------- -------
Total Share Capital and Reserves attributable to Equity shareholders
comprise: (unaudited)
31.12.09 31.12.08 30.06.09
GBP000 GBP000 GBP000
------- ------- -------
Called up share capital 1,737 1,717 1,725
Share premium account 35,085 35,037 35,044
Capital redemption reserve 486 486 486
Special reserve 7,242 7,117 7,115
Capital reserve - Investment holding gains / - - -
(losses)
- Other capital (44,550) (44,357) (44,370)
reserves
------- ------- -------
Net assets attributable to Equity (Capital) - - -
shareholders
-------- ------- --------
The net assets attributable to all shareholders at the period end is
GBP162,658,000 (2008: GBP139,327,000). This equates to the total net assets less
current liabilities of the company of GBP202,642,000 (2008: GBP179,285,000) less the
debenture outstanding of GBP39,984,000 (2008: GBP39,958,000).
The Company's Zero Dividend Preference and Income Shares meet the definition of
a liability under FRS 25 and therefore Capital shares are the Company's only
Equity shares. This does not affect the rights and benefits of each class. The
breakdown of the net assets attributable to shareholders in terms of the share
capital and reserves is given in note 10.
The net assets attributable to all 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.
The Condensed Financial Statements have been prepared in accordance with the
Statement: Half Yearly Financial Reports issued by the Accounting Standards
Board and have been approved by the Board of Directors.
Responsibility statements
To the best of our knowledge and belief:
a ) the Interim Management Report includes a fair review of the development and
performance of the business and the position of the Company together with a
description of the principal risks and uncertainties that the Company faces; and
b ) the financial statements, prepared in accordance with United Kingdom
Accounting Standards, give a true and fair view of the assets, liabilities,
financial position and gains of the Company.
J C Barclay (Chairman)
E L Rosengarten (Director)
As at 31.12.09 31.12.08 30.06.09
-------- -------- --------
Net asset value per Zero
Dividend Preference 89.99p 76.20p 69.61p
Share
Net asset value per 3.66p 4.97p 5.08p
Income Share
Net asset value per - - -
Capital Share
Net asset value per 93.65p 81.17p 74.69p
Package Unit
Cash flow statement (unaudited)
For the six For the year ended
months ended
31.12.09 31.12.08 30.06.09
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------- -------- ------ -------- -------- -------
Net cash inflow
from operating 3,399 7,489 11,561
activities
Servicing of
finance
Dividends paid (5,620) (6,333) (10,625)
(non-equity)
Annual
monitoring fee (1) - (3)
paid
Interest paid on (1,475) (1,894) (3,370)
Debenture Stock
------- ------- -------
(7,096) (8,227) (13,998)
Financial
investment
Capital - 705 705
distributions
Purchase of (17,738) (28,204) (62,207)
investments
Sale of 27,021 42,971 76,641
investments
------- ------ -------
9,283 15,472 15,139
Financing
Partial
repayment of - (14,000) (14,000)
Debenture Stock
Cost of early
partial - (648) (648)
redemption of
Debenture Stock
Repurchase of
Package Units - (459) (461)
(including
related costs)
Issue of Package
Units (including 1,108 711 1,306
related costs)
------- ------ -------
1,108 (14,396) (13,803)
------- ------- -------
Net increase /
(decrease) in 6,694 338 (1,101)
cash
------- ------- -------
Notes to the Financial Statements
1. Principal activity
The Company was incorporated on 3 January 1996 and is a split capital investment
trust company. The affairs of the Company have been conducted with the
objective of enabling it to seek HM Revenue & Customs approval as an investment
trust for the purposes of Section 842 of the Income and Corporation Taxes Act
1988.
2. Accounting policies
The interim financial statements have been prepared in accordance with the
historical cost convention, as modified by the revaluation of investments, in
accordance with applicable United Kingdom Accounting and Financial Reporting
Standards, and the Statement of Recommended Practice: 'Financial Statements of
Investment Trust Companies and Venture Capital Trusts' (SORP) issued by the
Association of Investment Companies (AIC) in January 2009.
During the period, the Company adopted the AIC SORP issued in January 2009
resulting in the reclassification of Capital Shares (being the most subordinate
of the share classes) as equity, in accordance with FRS 25. The Zero Dividend
Preference Shares and Income Shares continue to meet the definition of a
liability under FRS 25 and have been treated as such. This has resulted in
presentational changes to the Balance Sheet. In addition, note 10 to the
financial statements discloses the portion of the Capital Reserves that is
Investment Holding Gain or Loss.
3. Investments: At fair value through profit or loss
31.12.09 31.12.08 30.06.09
Capital Capital Capital
GBP000 GBP000 GBP000
------- ------- -------
Realised losses on sales of investments (5,843) (15,498) (30,110)
Increase in investment holding gains /
(losses) 42,521 (12,105) (7,406)
Capital distributions - 705 705
------- ------- -------
Net gains / (losses) on investments 36,678 (26,898) (36,811)
------- ------- -------
4. Income
31.12.09 31.12.08 30.06.09
Revenue Revenue Revenue
Income from investments GBP000 GBP000 GBP000
------- ------- -------
Interest on debt
securities 787 873 1,684
Property income dividends 52 30 92
Overseas dividends - 7 7
Stock dividends 323 - 258
UK dividends 2,826 4,066 8,211
------- ------- -------
3,988 4,976 10,252
------- ------- -------
Other income
------- ------- -------
Bank interest 4 18 21
Deposit interest - 85 85
HM Revenue & Customs
interest - 10 10
Underwriting commission 23 29 63
------- ------- -------
27 142 179
------- ------- -------
------- ------- -------
Total income 4,015 5,118 10,431
------- ------- -------
Total income comprises:
------- ------- -------
Dividends 3,201 4,103 8,568
Interest 791 986 1,800
Other income 23 29 63
------- ------- -------
4,015 5,118 10,431
------- ------- -------
5.
Investment
management
fee
31.12.09 31.12.08
Revenue Capital Total Revenue Total
Capital
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------ ----------- ----------- -------- --------- -------
Investment
management
fee 214 499 713 231 540 771
------------ ----------- ----------- -------- --------- -------
30.06.09
Revenue Capital Total
GBP'000 GBP'000 GBP'000
------------ ----------- ---------
Investment
management
fee 417 974 1,391
------------ ---------- ---------
The Company's investment manager is M&G Investment Management Limited (MAGIM).
The investment management contract between the Company and MAGIM may be
terminated by either party giving not less than one year's written notice of
termination, although in certain circumstances it may be terminated with
immediate effect.
MAGIM receives an annual fee, payable monthly in advance, equal to 0.75% per
annum, of the mid market value of the Company's total assets less its current
liabilities at the beginning of the relevant month.
In certain circumstances a performance related fee may be payable at the end of
the Company's financial year. The conditions and basis upon which such a fee is
paid are disclosed in the Company's Annual Report and Financial Statements.
6. Finance costs: Appropriations
This constitutes an appropriation of reserves in respect of the premium to issue
proceeds payable to holders of Zero Dividend Preference Shares on redemption.
The appropriation for the period represents the increase in redemption value of
the amounts originally subscribed.
7. Finance costs: Dividends
31.12.09 31.12.08 30.06.09
Revenue Revenue Revenue
Dividends (payable to Income Shareholders) GBP000 GBP000 GBP000
------- ------- -------
Fourth interim 2009: 2p paid 18 September
2009 (2008: 2p) 3,449 3,418 3,418
Special Dividend: 0.45p paid 19 September 2008 - 769 769
First interim 2010: 1.25p paid 18 December
2009 (2008: 1.25p) 2,171 2,146 2,146
Second interim 2009: 1.25p paid 20 March 2009
(2008: 1.2p) - - 2,146
Third interim 2009: 1.25p paid 19 June 2009
(2008: 1.2p) - - 2,146
------- ------- -------
5,620 6,333 10,625
------- ------- -------
On 25 February 2010 the Board declared a second interim dividend of 1.25p (2009:
1.25p) per Income Share totalling GBP2,171,000 (2009: GBP2,146,000), payable on 19
March 2010 to Income Shareholders on the register at the close of business on 5
March 2010. The ex-dividend date is 3 March 2010.
All dividends are payable to holders of Income Shares and Package Units.
8. Earnings / returns per share
31.12.09 31.12.08 30.06.09
a) Return per Zero Dividend ------- ------- -------
Preference Share
Appropriations GBP4,455,000 GBP5,567,000 GBP11,737,000
Gains / (Losses) offset
against Zero Dividend
Preference Shares (note 8c) GBP30,708,000 GBP(13,994,000) GBP(31,515,000)
------- ------- -------
Net capital return
attributable to Zero Dividend
Preference Shares GBP35,163,000 GBP(8,427,000) GBP(19,778,000)
Weighted average shares in
issue during the period 173,157,661 171,461,192 171,579,496
------- ------- -------
Return per share 20.31p (4.91)p (11.53)p
------- ------- -------
b) Revenue earnings
per Income Share
Net revenue return on
ordinary activities
after tax GBP(2,419,000) GBP(2,132,000) GBP(1,893,000)
Finance costs:
Dividends GBP5,620,000 GBP6,333,000 GBP10,625,000
------- ------- -------
Revenue return
attributable to
Income shareholders GBP3,201,000 GBP4,201,000 GBP8,732,000
Weighted average
shares in issue
during the period 173,157,661 171,461,192 171,579,496
------- ------- -------
Revenue earnings per
share 1.85p 2.45p 5.09p
------- ------- -------
------- ------- -------
Capital return
attributable to
Income Shareholders
(note 8c) GBP(2,000) GBP(172,000) GBP(172,000)
Weighted average
shares in issue
during the period 173,157,661 171,461,192 171,579,496
------- ------- -------
Capital return per
Income share - (0.10)p (0.10)p
------- ------- -------
c) Return per Capital ------- ------- -------
Share
Net capital return on
ordinary activities
after tax GBP30,706,000 GBP(34,850,000) GBP(52,371,000)
Losses offset against
Income Shares GBP2,000 GBP172,000 GBP172,000
(Gains / Losses
offset against Zero GBP(30,708,000) GBP13,994,000 GBP31,515,000
Dividend Preference
Shares
------- ------- -------
Net capital return
attributable to
Capital shareholders - GBP(20,684,000) GBP(20,684,000)
Weighted average
shares in issue
during the period 173,157,661 171,461,192 171,579,496
------- ------- -------
Return per share - (12.06)p (12.06)p
------- ------- -------
d) Package units
The earnings and returns per Package Unit are calculated by reference to its
component shares.
9. Share capital (equity and non-equity)
31.12.09 31.12.08 30.06.09
Allotted, called up and fully paid: GBP000 GBP000 GBP000
------- ------- -------
173,701,139 (2008: 171,651,139) Zero Dividend
Preference Shares of 1p each 1,737 1,717 1,725
173,701,139 (2008: 171,651,139) Income Shares
of 1p each 1,737 1,717 1,725
173,701,139 (2008: 171,651,139) Capital Shares
of 1p each 1,737 1,717 1,725
------- ------- -------
During the period the Company issued 1,250,000 shares of each class at an issue
price of 76.24p per Zero Dividend Preference Share, 9.72p per Income Share and
5.12p per Capital Share. The issue price was at a premium of 1% to the Net Asset
Value of the Package Units.
The Company's Zero Dividend Preference and Income Shares meet the definition of
a liability under FRS 25 and therefore the Capital Shares comprise the Company's
Equity shares.
The Company has authorised share capital of GBP38,850,000 (2008: same) consisting
of 1,295,000,000 (2008: same) shares of each class.
10. Capital and reserves attributable to shareholders
31.12.09 31.12.08 30.06.09
As at GBP000 GBP000 GBP000
------- ------- -------
Called up share capital 5,211 5,150 5,174
Share premium account 142,207 140,566 141,137
Capital redemption reserve 1,463 1,463 1,463
Zero Dividend Preference Shares
appropriation reserve 101,774 91,149 97,319
Special reserve 25,007 25,009 25,007
Capital reserve - Investment holding
losses (1,478) (48,698) (43,999)
- Other
capital reserves (117,877) (83,843) (106,063)
Revenue reserve 6,351 8,531 8,770
------- ------- -------
Net assets attributable to all shareholders 162,658 139,327 128,808
------- ------- -------
Zero Dividend Preference Shares 156,307 130,796 120,038
Income Shares 6,351 8,531 8,770
------- ------- -------
Total non-equity shares 162,658 139,327 128,808
Capital Shares (equity) - - -
------- ------- -------
Net assets attributable to all shareholders 162,658 139,327 128,808
------- ------- -------
Under the terms of the Company's Articles of Association sums standing to the
credit of the Special Reserve are available for distribution only by way of
redemption or purchase of any of the Company's own shares. The Company may only
distribute accumulated 'realised' profits.
The Institute of Chartered Accountants of England and Wales has issued guidance
(TECH 01/08), stating that profits arising out of a change in fair value of
assets, recognised in accordance with the Accounting Standards may be
distributed provided the relevant assets can be readily converted into cash.
Securities listed on recognised stock exchanges are generally regarded as being
readily convertible into cash and hence investment holding gains in respect of
such securities currently included within Capital Reserves may be regarded as
distributable under Company Law.
11. Interim report
A copy of the interim report will be posted to all Shareholders on 12 March
2010. It will not be advertised in the press, but copies are available from the
registered office, Laurence Pountney Hill, London EC4R 0HH.
12. Abridged results
The abridged balance sheet for the year ended 30 June 2009 is based on financial
statements which carry an audit report that is unqualified and includes no
matters of adverse comment.
[HUG#1388956]
Grafico Azioni M&G Equity (LSE:MEQI)
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