ASX:MFF - Appendix 4D and 2021 Half Year Results

28 January 2021

Company Announcements Office

Australian Securities Exchange Limited

Level 4, Exchange Centre

20 Bridge Street

Sydney NSW 2000

INTERIM REPORT

FOR THE HALF YEAR ENDED 31 DECEMBER 2020

MFF Capital Investments Limited ("MFF") hereby lodges the following documents relating to the half year ended 31 December 2020:

• Appendix 4D and
• Interim Report incorporating the Portfolio Manager's Report and Financial Statements.

Yours sincerely,

Authorised by

Marcia Venegas | Company Secretary

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Appendix 4D

MFF Capital Investments limited

ABN 32 121 977 884

Interim Report

Results for Announcement to the Market for the Half Year ended 31 December 2020

					31 Dec 2020	31 Dec 2019
						$'000	$'000
Total Net Investment Income	Down by	86%	to		36,588	253,245
Net Profit/(Loss) After Income Tax Expense	Down by	87%	to		23,130	173,445
					31 Dec 2020	30 Jun 2020
						$'000	$'000
Total Equity	Up by	2%	to	1,395,801	1,361,873
Net Tangible Assets ("NTA") Per Ordinary Share
					31 Dec 2020	30 Jun 2020
Pre-tax NTA per ordinary share					$2.829	$2.809
Net tax (liability) / asset per ordinary share				($0.338)	($0.331)
Post-tax NTA per ordinary share					$2.491	$2.478
Dividends
							Franked at 30%
			Cents per ordinary share	Cents per ordinary share
Interim dividend				3.0		3.0
Prior year final dividend (paid 6 November 2020)				3.0		3.0
Interim dividend dates:
Ex-dividend date:						23 April 2021
Record date:						26 April 2021
DRP election date:						27 April 2021
Payment date:						14 May 2021

The Dividend Reinvestment Plan ("DRP") will operate in respect of the interim dividend and no discount will be applied.

Brief explanation of results:

The Company recorded a pre-tax profit of $32,994,000 (December 2019: $247,760,000) and a net profit after income tax of

$23,130,000 (December 2019: $173,445,000) for the period ended 31 December 2020. Earnings per share were 4.17 cents (4.15 cents diluted for MFF 2022 options).

At 31 December 2020, the Company's pre-tax NTA was $2.829 per ordinary share (before net tax liabilities of $0.338 per ordinary share) compared with $2.809 per ordinary share (before net tax liabilities of $0.331 per ordinary share) at 30 June 2020. The Company also reported a post-tax NTA of $2.491 per ordinary share as at 31 December 2020 compared with $2.478 per ordinary share as at 30 June 2020.

On 28 January 2021, the Directors declared a fully franked interim dividend for the half year ended 31 December 2020 of 3.0 cents per ordinary share (December 2019: fully franked interim dividend of 2.5 cents per ordinary share), which will be paid on 14 May 2021.

Further details on the results are included in the Interim Report.

Financial Report

This report is based on the 31 December 2020 Interim Report which has been reviewed by Ernst & Young.

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MFF Capital Investments Limited

Interim Report

For the half year ended 31 December 2020

ABN 32 121 977 884

Contents

Directors' Report	3
Auditor's Independence Declaration	6
Portfolio Manager's Report	7
Financial Statements
Statement of Profit or Loss and Comprehensive Income	11
Statement of Financial Position	12
Statement of Changes in Equity	13
Statement of Cash Flows	14
Notes to the Financial Statements	15
1.	Basis of Preparation	15
2.	Dividends	16
3.	Cash and Cash Equivalents, and Net Interest Bearing Borrowings	17
4.	Investments	18
5.	Contributed Equity	20
6.	Earnings Per Share	21
7.	Net Tangible Assets Per Ordinary Share	21
8.	Contingent Assets, Contingent Liabilities and Commitments	21
9.	Segment Information	21
10.	Subsequent Events	22
Directors' Declaration	23
Independent Audit Report	24
Corporate Information	26

The interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, the report is to be read in conjunction with the annual report for the year ended 30 June 2020 and any public announcements made by MFF Capital Investments Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

MFF Capital Investments Limited | Interim Report

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