In the first half of 2017, MCI Group generated a net profit of PLN 47.4 million. NAV per share was PLN 19.54, a 10% increase compared to figures from the beginning of the year.

21.08.2017 Download PDF
  • As at 30 June 2017, NAV per share (NAV/s) stood at PLN 19.54 compared to PLN 17.75 at the end of 2016.
  • Half of the increase in NAV/s is due to the increased value of Company’s investment certificates, with the other half being due to the buyback and share redemption operations carried out.
  • As at 30 June 2017, the value of MCI’s assets was PLN 1.335 billion.
  • Net profit amounted to PLN 47.4 million, with a return on investment standing at PLN 56 million.

– “We are satisfied with the NAV/S 10% increase achieved in the first half of the year. The funds that we invest in have continued their positive growth trend from the first months of the year. We are also hoping for further increases in the second half of the year,” said Tomasz Czechowicz, President of the Management Board of MCI Capital S.A., “We’ve also completed a milestone in our operations involving the buyback of own shares with nearly 6 million shares being redeemed,” he added.

The value of MCI’s assets at the end of June 2017 was PLN 1.335 billion. The net asset value per share at the end of Q2 was PLN 19.54 compared to PLN 17.75 at the end of last year (a change of 1.79 PLN/share, i.e. 10%). In the first half of the year, MCI Capital S.A. generated a return on investment of PLN 56 million and a net profit of PLN 47.4 million. These figures are due to an increase in the value of investment certificates reported for all the Funds, which totals PLN 63.5 million.

Share buyback

The Company has completed an important milestone in the buyback of own shares. Throughout the buyback period of between Q3 2016 and 30 May 2017, MCI bought back a total of 5 899 084 shares, accounting for 10% of its share capital. 23 June was the date when these shares were redeemed, resulting in the Company’s share capital being reduced to PLN 52 853 114. The Company spent a total of PLN 57.5 million on buyback operations, which means that the average share purchase price in buyback transactions stood at PLN 9.75. Following the redemption of own shares, NAV/s has increased by PLN 0.98 (by 5.3%).

Authorised share capital for a longer period

The Extraordinary General Meeting to be held on 24 August will deal with issues relating to a resolution authorising the management board to increase share capital within the limits of authorised share capital. According to the draft resolution, the management board may be entitled to increase the capital by a maximum of PLN 6.27 million by issuing new shares for a period of two consecutive years from the date on which the amendment to the articles of association regarding authorised share capital is registered by a competent court.

– Authorised share capital is a flexible tool that allows the company to be financed through issuance of shares in an efficient and dynamic manner, where such shares can be targeted at current shareholders or potential financial and industry investors,” said Krzysztof Stupnicki, Vice-President of the Management Board of MCI Capital S.A.

The issue price of the shares issued within the limits of authorised share capital may not be lower than the volume-weighted average share price for the period of thirty days and five days preceding the adoption of the resolution by the management board.

Simplifying the Group structure

One of the initiatives aimed at increasing the value of MCI Capital for stock market investors is capital group consolidation.

– Our aim is to ensure that the MCI Group’s operating system and the relevant formal and legal framework are more understandable for those external to the Company, including in particular stock market investors. Therefore, we have taken a number of steps to increase the transparency of our group’s operations and to ensure that the potential of MCI is accurately reflected in the market valuation,” said Ewa Ogryczak, Vice-President of the Management Board of MCI Capital S.A.

21.08.2017 Download PDF