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Financial performance of MCI Capital S.A. (MCI, Company) after Q3 2019: NAV per share as at the end of September reached PLN 23.01 thanks to a net profit of PLN 60.4 million within the first 9 months.

18.11.2019 Download PDF
  • In the first three quarters of 2019 the Company made a net profit of PLN 60.4 million,
  • The result resulted in NAV per share to go up from PLN 22.46 at the beginning of the year to PLN 23.01 as at 30 September 2019, representing an increase by PLN 0.55,
  • In July and August, the Company conducted a buyback of own shares worth PLN 30 million (5.67%) – redemption of purchased own shares will result in an increase in NAV per share by additional PLN 0.76,
  • MCI liabilities under issuance of bonds as at 30 September 2019 were at a record low level and amounted to PLN 122.6 million, which corresponds to only 10% of the net assets of the Company.

Balance situation/Company performance

As at 30 September 2019, MCI assets amounted to PLN 1,409.8 million, of which PLN 1,020.4 million, 72%, falls to the MCI.EuroVentures (MCI.EV) Subfund, and 25% to the other Funds. Due to the dominant share of MCI.EV in the MCI balance, the Company’s performance is mainly a result of changes to the value of investment certificates of the MCI.EV Subfund. The MCI.EV rate of return in the first three quarters of 2019 reached 12.6%, which translated to an increase in the MCI result by PLN 124.7 million. The total contribution of the other Funds to the MCI result is PLN (31.4) million.

 

Debt

In H1 2019, the Company repaid series K bonds worth PLN 54.5 million. December this year marks the deadline for repayment of series M bonds worth PLN 20.6 million; therefore, the level of indebtedness at the end of 2019 will amount to PLN 102 million, which is less than 8.4% of today’s net assets of the Company (PLN 1,218.2 million). Due to the record low level of indebtedness, MCI is working on new sources of funding and will consider an increase in the level of indebtedness in 2020.

 

Purchase of own shares

On 2 August 2019, MCI Capital S.A. purchased 3,000,000 own shares from shareholders for PLN 10.00 per share. The PLN 30 million buyback corresponds to 5.67% of the initial capital of MCI. The Management Board of the Company convened the Extraordinary General Meeting of Shareholders, to be held on 28 November 2019, which, inter alia, is to pass a resolution on the redemption of own shares of the Company. The redemption of own shares will cause NAV per share to go up by PLN 0.76.

18.11.2019 Download PDF