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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Icg Enterprise Trust Plc | LSE:ICGT | London | Ordinary Share | GB0003292009 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,210.00 | 1,204.00 | 1,210.00 | 1,210.00 | 1,202.00 | 1,210.00 | 33,735 | 16:35:24 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 187.81M | 164.53M | 2.4421 | 4.94 | 812.48M |
Hot Features
Premium
TIDMICGT
9 December 2016
ICG ENTERPRISE TRUST PLC
QUARTERLY UPDATE
FOR THE QUARTER TO 31 OCTOBER 2016
Performance overview
-- Net asset value per share Total Return1 for the quarter of 3.2% (nine
months to 31 October 2016 of 13.5%), with the net asset value per share
at 813.5p. In the last twelve months, net asset value per share
increased by 19.4%, while the share price increased by 8.8% against a
12.2% increase in the FTSE All-Share Index
-- The Portfolio1 is valued at GBP518.6m at 31 October 2016, driven by
strong underlying growth of 8.6%, and favourable foreign exchange
movements of 9.9% for the nine months to 31 October 2016
-- In line with our strategy of becoming fully invested and reflecting the
benefit of being part of ICG, the investment rate increased in the
quarter with investments of GBP43.4m outstripping realisations of
GBP17.3m
-- Share price up to 650p (implying a 20.1% discount to the net asset value)
from 545p at 31 January 2016, with a Share price Total Return for the
period of 22.5%. The FTSE All-Share Index was up 16.6% in the same period
-- The long term performance2 of the Company remains strong, with the net
asset value outperforming the FTSE All-Share Index over one, three and
ten years.
Performance to 31 October 2016 1 year 3 year 5 year 10* year
Net asset value per share 19.4% 28.5% 57.1% 118.8%
Share price 8.8% 27.6% 92.4% 107.1%
FTSE All-Share Index 12.2% 16.8% 57.4% 76.5%
* As the Company changed its year end in 2010, the ten year figures are
for the 121 month period to 31 October 2016.
Commenting on performance, Mark Fane, Chairman, said
"The environment for realisations continues to be positive despite
volatility in markets and geopolitical concerns, and the prospects for
further growth in unrealised valuations remain strong. Our investment
strategy, which is fundamentally unchanged following the move to ICG,
gives us the flexibility to adapt the mix of primary funds, secondaries
and co-investments to changing market conditions and to deploy cash
where we see the best relative value. The move to ICG is generating
significant new investment opportunities. In addition, ICG is providing
access to a range of specialist functions to provide support and enhance
the management of the Company.
Footnote
1. Included in this Quarterly Update are Alternative Performance Measures
("APMs"). APMs have been used if considered by the Board and the Manager
to be the most relevant basis for shareholders in assessing the overall
performance of the Company, and for comparing the performance of the
Company to its peers and its previously reported results. The Glossary
includes further details of APMs and reconciliations to IFRS measures,
where appropriate. The rationale for the APMs was discussed in detail in
the Manager's Review in the July 2016 interim results. The Glossary
includes a reconciliation of the Portfolio to the most relevant IFRS
measure.
2. All performance figures are on a total return basis, including the effect
of re-invested dividends.
Activity in the quarter to 31 October 2016
Investment activity
The Portfolio generated GBP17.3m of proceeds in the quarter to 31
October 2016. This brings the total proceeds year to date to GBP62.8m
(nine months to 31 October 2015: GBP88.2m).
Seven full realisations were completed during the quarter, accounting
for GBP7.7m of the proceeds received at an average return of 2.8 times
cost. The remaining GBP9.6m of total proceeds was generated by a
combination of refinancings, sell-downs of listed holdings by third
party managers and other partial realisations.
In the nine months to 31 October 2016, 30 full realisations were
completed with 22 post-crisis investments generating an average uplift
on realisation of 32% for a return of 2.9 times cost. The eight
pre-crisis investments dragged the average return down generating an
average uplift on realisation of 8% at a return of 1.2 times cost.
New investment activity in the quarter totalled GBP43.4m, comprising
fund drawdowns of GBP24.0m and secondary purchases and co-investments of
GBP19.4m. This brings the total invested in the nine months to GBP73.7m
(nine months to 31 October 2015: GBP37.5m), in part reflecting the
investment opportunities generated from our relationship with ICG.
During the quarter to 31 October 2016 three new commitments were made to
third party funds, BC European Capital X (EUR15.0m), Permira VI
(EUR10.0m) and Gridiron Capital III ($15.0m). A further two new
commitments were made to ICG funds, $15.0m to ICG Asia Pacific III and
EUR0.5m to ICG Europe V through a secondary transaction. Finally, two
new co-investment commitments were made to System One ($10.0m) and
Roompot (EUR10.0m). Please refer to further information in the
supplementary information.
Since the change of Manager on 1 February 2016, 13 new commitments and
discretionary investments totalling GBP135m have been completed, of
which 40% has been sourced directly or indirectly from ICG.
Cash and liquid assets(1)
Cash and liquid assets decreased by GBP33.0m to GBP77.4m mainly as a
result of a net GBP26.1m invested in the Portfolio in the three months
to 31 October 2016. Non-investment cash flows and favorable currency
movements increased cash by GBP1.0m. The interim dividend of 10.0p per
share returned GBP7.1m to shareholders. The Company also bought back
98,919 shares for GBP0.6m.
Movement in liquid assets 3 months to 9 months to
31 October 31 October
GBPm 2016 2016
Additions (43.4) (73.7)
Cash proceeds generated by the portfolio (including
income) 17.3 62.8
Net cash generated by the investment portfolio (26.1) (10.9)
Non-investment cash flows (2.2) (6.8)
Effect of changes in foreign exchange rates 3.2 5.9
Cash outflow before shareholder distributions (25.1) (11.8)
Dividends (7.1) (11.4)
Share buy-backs settled in the period (0.8) (3.2)
Net cash movement (33.0) (26.4)
Opening cash and liquid assets 110.4 103.8
Closing cash and liquid assets 77.4 77.4
Footnote
1. All balance sheet data is presented on a look-through basis to the
investment portfolio held by the Company, which is consistent with the
commentary in previous annual and interim reports.
Balance sheet
The summary balance sheet and commitment position at 31 October 2016 is
set out below.
31 October 31 January
2016 2016
% of total % of total
GBPm assets GBPm assets
Total portfolio 518.6 87.6% 428.2 80.3%
Cash and liquid
assets 77.4 13.1% 103.8 19.5%
Other net current
(liabilities)/assets (4.3) (0.7%) 1.3 0.2%
Net assets 591.7 100.0% 533.3 100.0%
Equity shareholders'
funds 575.7 521.3
31 October 2016 31 January 2016
GBPm GBPm
Cash and liquid assets 77.4 103.8
Undrawn bank facility 105.3 97.1
Total liquidity 182.7 200.9
Outstanding commitments 334.3 253.8
Less: Total liquidity (182.7) (200.9)
Over-commitment 151.6 52.9
Overcommitment as % of shareholders' funds 26.3% 10.1%
Enquiries
Analyst / Investor enquiries:
Emma Osborne, Portfolio Manager, ICG +44 (0) 20 3201 1302
Mark Crowther, Investor Relations, ICG
+44 (0) 20 3201 7842
Anthony McKay, Finance, ICG +44 (0) 20 3201 7700
Disclaimer
This Quarterly Update may contain forward looking statements. These
statements have been made by the Directors in good faith based on the
information available to them up to the time of their approval of this
report and should be treated with caution due to the inherent
uncertainties, including both economic and business risk factors,
underlying such forward looking information.
These written materials are not an offer of securities for sale in the
United States. Securities may not be offered or sold in the United
States absent registration under the US Securities Act of 1933, as
amended, or an exemption therefrom. The issuer has not and does not
intend to register any securities under the US Securities Act of 1933,
as amended, and does not intend to offer any securities to the public in
the United States. No money, securities or other consideration from any
person inside the United States is being solicited and, if sent in
response to the information contained in these written materials, will
not be accepted.
This Quarterly Update contains information which, prior to this
announcement was insider information.
Supplementary information
The 30 largest underlying investments
The table below presents the 30 companies in which the Company had the
largest investments by value at 31 October 2016. These investments may
be held directly or through funds, or both. The valuations are gross and
are shown as a percentage of the total investment portfolio.
Value as a
% of
Year of investment
Company Manager investment Country portfolio
1 Micheldever (+)
Graphite
Distributor and retailer of tyres Capital 2006 UK 5.1%
2 City & County Healthcare Group
Graphite
Provider of home care services Capital 2013 UK 3.1%
3 Education Personnel (+)
Provider of temporary staff for the education sector ICG 2014 UK 2.4%
4 nGAGE
Graphite
Provider of recruitment services Capital 2014 UK 2.4%
5 R&R Ice Cream (+)
Manufacturer and distributor of ice cream products PAI Partners 2013 UK 2.1%
6 Skillsoft (+)
Provider of off-the-shelf e-learning content Charterhouse 2014 USA 2.0%
7 Standard Brands (+)
Graphite
Manufacturer of fire lighting products Capital 2001 UK 2.0%
8 PetSmart (+)
Retailer of pet products and services BC Partners 2015 USA 1.8%
9 Frontier Medical (+)
Kester
Manufacturer of medical devices Capital 2013 UK 1.6%
10 TMF
Provider of management and accounting outsourcing Doughty
services Hanson 2008 Netherlands 1.6%
11 System One (+)
Provider of temporary staff and other associated Thomas H. Lee
services Partners 2016 USA 1.6%
12 U-POL
Manufacturer and distributor of automotive refinishing Graphite
products Capital 2010 UK 1.5%
Co-investment (+) (We are not permitted to disclose
13 details of this investment)
Large buy-out
Provider of business services manager 2014 Europe 1.5%
14 Beck & Politzer
Provider of industrial machinery installation and Graphite
relocation Capital 2016 UK 1.4%
15 Algeco Scotsman
Supplier and operator of modular buildings TDR Capital 2007 USA 1.4%
16 Roompot (+)
Operator and developer of holiday parks PAI Partners 2016 Netherlands 1.4%
17 The Laine Pub Company (+)
Graphite
Operator of pubs and bars Capital 2014 UK 1.4%
18 David Lloyd Leisure (+)
Operator of premium health and fitness clubs TDR Capital 2013 UK 1.3%
19 CPA Global (+)
Provider of patent and legal services Cinven 2012 UK 1.3%
20 NWTC
Graphite
Operator of distinctive pub restaurants Capital 2016 UK 1.3%
21 Cambium
Provider of educational solutions and services ICG 2016 USA 1.1%
22 Formel D
Deutsche
Provider of quality control for automotive services Beteiligungs 2013 Germany 1.0%
23 Ceridian (+)
Thomas H. Lee
Provider of payment processing services Partners 2007 USA 0.9%
24 Cognito (+)
Supplier of communications equipment, software and Graphite
services Capital 2002 UK 0.9%
25 Swiss Education (+)
Invision
Provider of hospitality training Capital 2015 Europe 0.9%
26 Quironsalud
Provider of private healthcare services CVC Capital 2011 Spain 0.9%
27 Parques Reunidos
Operator of attraction parks Arle Capital 2007 Spain 0.9%
28 Aero Technics
Graphite
Provider of civil aircraft maintenance Capital 2015 UK 0.8%
29 InVentiv Health
Provider of healthcare and pharmaceutical Thomas H. Lee
consulting Partners 2010 USA 0.8%
30 Gerflor
Manufacturer of vinyl flooring ICG 2011 France 0.8%
Total of the 30 largest underlying investments 47.2%
(+) All or part of this investment is held directly as a co-investment
or other direct investment.
The 30 largest fund investments
The 30 largest funds by value at 31 October 2016 are:
Outstanding
Year of Country/ Value commitment
Fund commitment region GBPm GBPm
Graphite Capital
1 Partners VIII *
Mid-market
buy-outs 2013 UK 43.0 48.3
Graphite Capital
2 Partners VI **
Mid-market
buy-outs 2003 UK 24.6 2.1
CVC European
Equity Partners
3 V **
Large buy-outs 2008 Europe/ USA 21.0 1.3
Thomas H. Lee
Parallel Fund
4 VI
Large buy-outs 2007 USA 18.0 1.1
BC European
5 Capital IX **
Large buy-outs 2011 Europe 17.8 4.2
Graphite Capital
Partners VII
6 ***
Mid-market
buy-outs 2007 UK 14.5 7.6
Fifth Cinven
7 Fund
Large buy-outs 2012 Europe 14.5 2.1
Deutsche
Beteiligungs
8 Fund V
Mid-market
buy-outs 2006 Germany 14.4 0.3
9 TDR Capital II
Mid-market and
large buy-outs 2006 Europe 13.4 0.9
10 ICG Europe V
Mezzanine 2012 Europe 12.5 1.2
Activa Capital
11 Fund II
Mid-market
buy-outs 2007 France 11.4 0.4
12 PAI Europe V **
Mid-market and
large buy-outs 2007 Europe 10.8 1.1
Doughty Hanson &
13 Co V **
Mid-market and
large buy-outs 2006 Europe 10.4 6.8
Bowmark Capital
14 Partners IV
Mid-market
buy-outs 2007 UK 9.5 -
ICG Velocity
Partners
15 Co-Investor**
VSS IV fund
restructuring 2016 USA 9.2 1.6
16 IK VII
Mid-market
buy-outs 2013 Europe 8.9 0.6
ICG European
17 Fund 2006 B **
Mezzanine 2014 Europe 8.4 2.2
18 Permira V
Large buy-outs 2013 Europe 8.4 1.2
Deutsche
Beteiligungs
19 Fund VI
Mid-market
buy-outs 2012 Germany 7.5 1.2
CVC Capital
20 Partners VI
Large buy-outs 2013 Global 6.4 10.7
Candover 2005
21 Fund **
Large buy-outs 2005 Europe 6.1 0.1
Hollyport
Secondary
22 Opportunities V
Tail-end
secondary
portfolios 2015 Global 5.9 4.1
Piper Private
23 Equity Fund V
Small buy-outs 2010 UK 5.9 0.7
24 PAI Europe VI
Mid-market and
large buy-outs 2013 Europe 5.3 12.5
Nordic Capital
25 Partners VIII
Mid-market and
large buy-outs 2013 Nordic 5.0 4.3
Activa Capital
26 Fund III
Mid-market
buy-outs 2013 France 4.8 8.0
27 TDR Capital III
Mid-market and
large buy-outs 2013 Europe 4.6 4.8
Thomas H. Lee
28 Fund VII
Large buy-outs 2015 USA 4.4 12.1
Egeria Private
29 Equity Fund IV
Mid-market
buy-outs 2012 Europe 4.3 4.4
Bowmark Capital
30 Partners V
Mid-market
buy-outs 2013 UK 4.2 5.8
Total of the largest 30 fund investments 335.1 151.7
Percentage of total investment portfolio 64.6%
* Includes the associated Top Up funds.
** All or part of interest acquired through a secondary fund purchase.
Portfolio analysis
The following tables analyse the companies in which ICG Enterprise had
investments at 31 October 2016.
Portfolio by investment type % of value of underlying investments
Large buy-outs 45.7%
Mid-market buy-outs 42.5%
Mezzanine 8.5%
Small buy-outs 3.3%
Total 100.0%
% of value of
Portfolio by geographic distribution based on location underlying
of company headquarters investments
UK 41.9%
North America 19.7%
Germany 10.4%
France 9.7%
Benelux 6.0%
Scandinavia 5.3%
Italy 2.5%
Spain 2.3%
Other Europe 1.9%
Rest of world 0.3%
Total 100.0%
Total Continental Europe 38.1%
% of value of
Portfolio by year of Valuation as multiple underlying
investment of cost investments
2016 1.0x 14.5%
2015 1.3x 12.3%
2014 1.2x 20.4%
2013 1.8x 16.1%
2012 1.7x 6.5%
2011 1.2x 4.9%
2010 1.6x 6.0%
2009 2.6x 1.4%
2008 1.0x 4.3%
2007 1.5x 4.8%
2006 and before 1.3x 8.8%
Total 1.3x 100.0%
% of value of
underlying
Portfolio by sector investments
Business services 21.2%
Healthcare and education 16.7%
Consumer goods and services 15.0%
Industrials 14.5%
Leisure 11.7%
Automotive supplies 7.6%
Financials 5.8%
Technology and 3.5%
telecommunications
Media 2.7%
Chemicals 1.3%
Total 100.0%
Quoted equity holdings at 31 October 2016
All quoted equity holdings are held indirectly through third party funds
and may have restrictions on their sale. The timing of any disposal of
these interests is determined by the managers of those funds.
Underlying investment Ticker GBPm % of investment portfolio
Parques Reunidos PQR 4.2 0.8%
Ahlsell AHSL 2.9 0.6%
VWR International VWR 2.6 0.5%
Party City PRTY 2.2 0.4%
Black Knight BKFS 2.1 0.4%
JRP JRP 1.5 0.3%
ComHem COMH 1.5 0.3%
Technogym TGYM 1.1 0.2%
Fogo de Chao FOGO 0.7 0.1%
West Corporation WSTC 0.7 0.1%
First BanCorp FBP 0.6 0.1%
FleetCor FLT 0.5 0.1%
Others (less than GBP0.5m) 1.4 0.3%
Total 22.0 4.2%
Closing portfolio by value at 31 October 2016
Third party Graphite Capital ICG Total
GBPm GBPm GBPm GBPm % of investment portfolio
Primary
investments in
funds 234.5 69.4 12.7 316.6 61.1%
Secondary
investments in
funds 41.3 12.7 21.9 75.9 14.6%
Direct and
co-investments 77.1 37.3 11.7 126.1 24.3%
Total portfolio 352.9 119.4 46.3 518.6 100.0%
% of portfolio 68.1% 23.0% 8.9% 100.0%
Largest new underlying investments
Cost
Investment Description Manager Country GBPm
Provider of
temporary
staff and
other
associated Thomas H. Lee
System One services Partners USA 8.2
Operator and
developer of
Roompot holiday parks PAI Partners Netherlands 7.1
Operator of
distinctive
pub
NWTC restaurants Graphite Capital UK 6.8
Retailer of
outdoor
Atlas for Men clothing Activa France 1.3
Manufacturer of
bicycle
LOOK Cycle equipment Activa France 1.1
Total of 5 largest new
underlying investments 24.5
Largest underlying realisations
Year of Proceeds
Investment Manager investment Realisation type GBPm
Deutsche
Spheros Beteiligungs 2011 Trade 9.0
David Lloyd
Leisure TDR Capital 2013 Recapitalisation 5.0
Swissport PAI Partners 2011 Trade 3.4
La Maison
Bleue Activa 2008 Secondary 3.1
Stork Candover 2005 2008 Trade 2.0
Total of 5 largest
underlying realisations 22.5
Commitments analysis
The following tables analyse commitments at 31 October 2016. Original
commitments are translated at 31 October 2016 exchange rates.
Average
Original Outstanding drawdown
commitment GBPm commitment GBPm percentage % of Outstanding commitments
Investment
period not
commenced 64.8 64.8 n/a 19.4%
Funds in
investment
period 414.3 222.8 46.2% 66.6%
Funds post
investment
period 583.0 46.7 92.0% 14.0%
Total 1,062.1 334.3 68.5% 100.0%
Remaining investment period of commitments % of commitments
Investment period not commenced 19.4%
4-5 years 12.4%
3-4 years 22.5%
2-3 years 10.7%
1-2 years 18.9%
<1 year 2.1%
Investment period complete 14.0%
Total 100.0%
Movement in outstanding commitments in the quarter GBPm
As at 1 August 2016 296.8
New primary commitments 46.3
New commitments relating to co-investments 17.1
New commitments arising through secondary purchase
of fund interests 0.4
Drawdowns (39.3)
Currency and other movements 13.0
As at 31 October 2016 334.3
New commitments in the quarter to 31 October 2016
Fund Strategy Geography GBPm
Primary commitments
BC European Capital X Large buy-outs Europe 12.9
ICG Asia Pacific III Mezzanine Rest of the World 12.3
Gridiron Capital III Mid-market buy-outs USA 12.2
Permira VI Large buy-outs Europe 8.9
Total primary commitments 46.3
Commitments in relation to co-investments
Operator and developer
Roompot of holiday parks Netherlands 8.9
Provider of temporary
staff and other
System One associated services USA 8.2
Total co-investment commitments 17.1
Commitments arising from secondary purchases
ICG Europe V Mezzanine Europe 0.4
Total new commitments 63.8
Portfolio currency exposure
31 October 31 October 31 January 31 January
2016 2016 2016 2016
GBPm % GBPm %
Sterling 236.9 45.7% 209.1 48.8%
Euro 139.3 26.8% 122.8 28.7%
US dollar 97.4 18.8% 60.9 14.2%
Other
European 37.2 7.2% 33.5 7.8%
Other 7.8 1.5% 1.9 0.5%
Total 518.6 100.0% 428.2 100.0%
Outstanding commitment currency exposure
31 October 31 October 31 January 31 January
2016 2016 2016 2016
GBPm % GBPm %
Sterling 90.8 27.2% 102.3 40.3%
Euro 185.8 55.6% 131.2 51.7%
US dollar 55.6 16.6% 18.4 7.2%
Other
European 2.1 0.6% 1.9 0.8%
Total 334.3 100.0% 253.8 100.0%
Glossary
Portfolio
Throughout, reference is made to the "Portfolio", which represents the
aggregate of the investment portfolios of the Company and of its
subsidiary limited partnerships. This is consistent with the commentary
in previous annual and interim reports. The Board and the Manager
consider that this is the most relevant basis for shareholders to assess
the overall performance of the Company and comparison with its peers.
The closest equivalent amount reported on the balance sheet is
"investments at fair value". A reconciliation of these two measures is
presented below.
Balances
Investments receivable
at fair Cash held by from Co-investment
value as subsidiary subsidiary incentive
per balance limited limited scheme
GBPm sheet partnerships partnerships accrual Portfolio
31 October
2016 502.4 (3.1) 3.3 16.0 518.6
31 January
2016 414.1 - 2.1 11.9 428.2
FTSE All-Share Index Total return - The change in the level of the FTSE
All-Share Index Index, assuming that dividends are re-invested on the
day that they are paid.
Net asset value per share Total Return - The change in the Company's net
asset value per share, assuming that dividends are re-invested at the
end of the quarter in which the dividend was paid.
Share price Total Return - The change in the Company's share price,
assuming that dividends are re-invested on the day that they are paid.
Total Return is a performance measure that assumes the notional
re-investment of dividends. This is a measure commonly used by the
listed private equity sector and listed companies in general.
The tables below set out the share price and the net asset value per
share growth figures for periods of 1, 3, 5 and 10 years to the balance
sheet date, on both an unadjusted basis (i.e. without dividends
re-invested) and on a Total Return basis.
Unadjusted performance in years to 31 October
2016 1 year 3 year 5 year 10 year
Net asset value per share 17.1% 19.7% 44.0% 91.2%
Share price 5.9% 17.1% 72.4% 74.1%
FTSE All-Share Index 8.1% 5.1% 31.7% 23.5%
Total Return performance in years to 31
October 2016 1 year 3 year 5 year 10 year
Net asset value per share 19.4% 28.5% 57.1% 118.8%
Share price 8.8% 27.6% 92.4% 107.1%
FTSE All-Share Index 12.2% 16.8% 57.4% 76.5%
Underlying valuation movement is the change in the valuation of the
Company's Portfolio, before the effect of currency movements.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: ICG Enterprise Trust Plc via Globenewswire
http://www.icg-enterprise.co.uk/
(END) Dow Jones Newswires
December 09, 2016 02:00 ET (07:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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