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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -16.00 | -1.34% | 1,180.00 | 1,180.00 | 1,184.00 | 1,190.00 | 1,178.00 | 1,190.00 | 1,474,323 | 16:29:51 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 187.81M | 164.53M | 2.4421 | 4.83 | 794.96M |
Hot Features
Premium
TIDMICGT
27 June 2019
ICG ENTERPRISE TRUST PLC
Quarterly Update
For the three months to 30 April 2019
Highlights
-- NAV per share of 1,068.2p; total return of 1.6% in the quarter
-- Continued strong performance across the portfolio
-- Portfolio remains cash generative
-- Three new primary commitments during the quarter
-- NAV and share price continue to outperform FTSE All-Share
Strong performance across the portfolio
-- Investment portfolio valued at GBP703.4m1
-- 2.3% portfolio return for the quarter; 2.8% on a constant currency
basis
-- Performance driven by both write-ups in high conviction and
third-party funds portfolio and realisations
Realisations outweighed new investment
-- 12 full realisations in the quarter; GBP27.7m of proceeds received
-- Realisations continue to be at an uplift to carrying value and
cost
-- GBP20.3m of new investment in the quarter
-- High conviction investments (ICG directly controlled investments,
third-party co-investments and secondary investments) represented
23% of capital deployed
-- High conviction investments represent 41% of investment portfolio
- focus remains on defensive growth, structural downside
protection and relative value
-- GBP44.0m new primary commitments during the quarter, including two new US
manager relationships (Gryphon and AEA Investors)
-- $15m (GBP11.5m) late primary commitment to Gryphon V.
-- Late primary - fund was already 48% invested at the time
the commitment was made.
-- $20m (GBP15.3m) commitment to AEA VII, a mid-market buyout fund
with a North American focus
-- EUR20m (GBP17.2m) commitment to the seventh Cinven fund; focused
on large European buyouts
Continued activity since quarter end
-- Further GBP12.6m of proceeds received since the quarter end2;
realisations continue at uplifts to carrying value
-- EUR15m (GBP13.2m) primary commitment made to Advent IX, a fund seeking
control buyouts primarily in Europe and North America
-- Closing net asset value of GBP738.7m; investment portfolio represents 95%
of net asset value
-- Our liquidity position was strengthened during the quarter following the
refinancing of the bank facility in April 2019. The facility size was
increased to EUR176m (GBP151.4m) reflecting the growth in the level of
commitments since the facility was last refinanced.
-- Cash balance of GBP61.5m; uncalled commitments of GBP443.4m
-- GBP212.9m total liquidity (including GBP151.4m undrawn bank
facility)
Strong balance sheet
Dividend
-- Q1 interim quarterly dividend of 5.0p declared
-- Will be paid on 6 September 2019
-- The ex-dividend date will be 15 August 2019 and the record date 16
August 2019
Consistent strong performance
The performance of the Company remains strong over the short, medium and
long term
Performance to 30 April 2019 3 months 1 year 3 years 5 years 10* years
----------------------------- -------- ------ ------- ------- ---------
Net asset value per share +1.6% +12.4% +53.2% +74.6% +187.0%
Share price +7.7% +5.6% +76.5% +77.4% +542.5%
FTSE All-Share Index +7.8% +2.6% +33.3% +35.2% +194.5%
* As the Company changed its year end in 2010, the
ten-year figures are for the 121 month period to 30
April 2019.
Emma Osborne, Head of Private Equity Fund Investments,
ICG, commented:
"We are pleased with the performance of the portfolio
in what is typically a quarter in which managers tend
not to revalue unrealised investments significantly.
All parts of the portfolio contributed to growth,
and the portfolio remains cash generative with several
full and partial realisations in the three months.
We remain highly selective in redeploying capital
and have a strong pipeline of new opportunities, and
the portfolio is well positioned to continue to generate
shareholder value."
Enquiries
Analyst / Investor enquiries: +44 (0) 20 3201 7700
Emma Osborne, Head of Private Equity Fund Investments,
ICG
Owen Jones, Investor Relations, ICG
Media:
Alicia Wyllie, Co-Head of Corporate Communications,
ICG +44 (0) 20 3201 7994
Vikki Kosmalska, Associate Partner, Maitland +44 (0)
20 7379 5151
Disclaimer
This report 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 report contains information which,
prior to this announcement, was inside information.
Supplementary information
The 30 largest underlying investments
The table below presents the 30 companies in which ICG Enterprise had
the largest investments by value at 30 April 2019. These investments may
be held directly or through funds, or in some cases in both ways. The
valuations are gross and are shown as a percentage of the total
investment Portfolio.
Value as
Year of a % of
Company Manager investment Country Portfolio
------------------------------------------------------------ ------------- ----------- ------------ ---------
1 DomusVi+
Operator of retirement homes ICG 2017 France 3.7%
2 City & County Healthcare Group
Graphite
Provider of home care services Capital 2013 UK 3.3%
3 Minimax+
Supplier of fire protection systems and services ICG 2018 Germany 2.7%
4 Visma+
Provider of accounting software and accounting outsourcing
services Cinven / ICG 2014 / 2017 Europe 2.5%
5 Froneri+^
Manufacturer and distributor of ice cream products PAI Partners 2013 UK 2.4%
6 Yudo+
Manufacturer of components for injection moulding ICG 2018 South Korea 2.3%
7 Roompot+
Operator and developer of holiday parks PAI Partners 2016 Netherlands 2.2%
8 nGAGE
Graphite
Provider of recruitment services Capital 2014 UK 2.0%
9 Ceridian+
Thomas H Lee
Provider of payroll and human capital software Partners 2007 USA 1.9%
10 Beck & Pollitzer
Provider of industrial machinery installation and Graphite
relocation Capital 2016 UK 1.9%
11 ICR Group
Provider of repair and maintenance services to the Graphite
energy industry Capital 2014 UK 1.9%
12 Education Personnel+^
Provider of temporary staff for the education sector ICG 2014 UK 1.8%
13 System One+
Thomas H Lee
Provider of specialty workforce solutions Partners 2016 USA 1.7%
14 IRI+
Provider of data and predictive analytics to consumer
goods manufacturers New Mountain 2018 USA 1.6%
15 Gerflor^
Manufacturer of vinyl flooring ICG 2011 France 1.5%
16 PetSmart+
Retailer of pet products and services BC Partners 2015 USA 1.4%
17 YSC
Provider of leadership consulting and management assessment Graphite
services Capital 2017 UK 1.3%
18 Endeavor Schools+
Leeds Equity
Operator of schools Partners 2018 USA 1.3%
19 PSB Academy+
Provider of private tertiary education ICG 2018 Singapore 0.9%
20 U-POL^
Manufacturer and distributor of automotive refinishing Graphite
products Capital 2010 UK 0.9%
21 Cognito+^
Graphite
Supplier of communications equipment, software & services Capital 2002 / 2014 UK 0.8%
22 Abode Healthcare+
Tailwind
Provider of hospice and healthcare services Capital 2018 USA 0.8%
23 Compass Community
Provider of fostering services and children residential Graphite
care Capital 2017 UK 0.8%
24 David Lloyd Leisure+
Operator of premium health clubs TDR Capital 2013 UK 0.7%
25 LeafFilter
Provider of gutter protection solutions Gridiron 2016 USA 0.7%
26 Random42
Graphite
Provider of medical animation and digital media services Capital 2017 UK 0.7%
27 New World Trading Company
Graphite
Operator of distinctive pub restaurants Capital 2016 UK 0.7%
28 Skillsoft+
Provider of off the shelf e-learning content Charterhouse 2014 USA 0.6%
29 Drew Marine^
Manufacturer of advanced performance chemicals and Jordan
safety solutions Company 2013 USA 0.6%
30 Alerian^
Provider of data and investment products focused on
natural resources ICG 2018 USA 0.6%
------------------------------------------------------------ ------------- ---------------- ---------
Total of the 30 largest underlying investments 46.2%
------------------------------------------------------------------------------------------------------ ---------
All or part of this investment is held directly as
a co-investment or other direct investment.
^ All or part of this investment was acquired as part
of a secondary purchase.
The 30 largest fund investments
The 30 largest funds by value at 30 April 2019 are:
Outstanding
Year of Country/ Value commitment
Fund commitment region GBPm GBPm
------------------------------ ------------ ------------ ------- -----------
1 Graphite Capital Partners VIII *
Mid-market buyouts 2013 UK 88.6 16.9
2 ICG Europe VI **
Mezzanine and equity in
mid-market buyouts 2015 Europe 18.5 4.3
3 CVC European Equity Partners VI
Large buyouts 2013 Europe/USA 17.8 3.5
4 BC European Capital IX **
Large buyouts 2011 Europe/USA 15.2 0.5
5 PAI Europe VI
Mid-market and large buyouts 2013 Europe 14.9 -
6 Thomas H Lee Equity Fund VII
Mid-market and large buyouts 2015 USA 14.5 3.1
7 One Equity Partners VI
Mid-market buyouts 2016 Europe/USA 14.5 1.1
8 Gridiron Capital Fund III
Mid-market buyouts 2016 North America 13.4 4.9
9 ICG Strategic Secondaries Fund II
Secondary fund restructurings 2016 Europe/USA 13.2 16.1
10 Activa Capital Fund III
Mid-market buyouts 2013 France 12.5 1.8
11 Graphite Capital Partners VII * / **
Mid-market buyouts 2007 UK 12.5 4.7
12 Advent Global Private Equity VIII
Large buyouts 2016 Europe/USA 12.1 2.6
13 Resolute II **
Mid-market buyouts 2018 USA 11.4 2.4
14 CVC European Equity Partners V **
Large buyouts 2008 Europe/USA 11.0 0.5
15 Permira V
Large buyouts 2013 Europe/USA 10.4 1.4
16 Sixth Cinven Fund
Large buyouts 2016 Europe 9.4 8.0
17 IK VII
Mid-market buyouts 2013 Europe 9.2 0.4
18 Fifth Cinven Fund
Large buyouts 2012 Europe 9.2 1.3
19 ICG Asia Pacific Fund III
Mezzanine and equity in
midmarket buyouts 2016 Asia Pacific 8.9 3.4
20 TDR Capital III
Mid-market and large buyouts 2013 Europe 8.4 2.2
21 Nordic Capital Partners VIII
Mid-market and large buyouts 2013 Europe 8.0 1.4
22 Bowmark Capital Partners V
Mid-market buyouts 2013 UK 7.9 0.1
23 Hollyport Secondary Opportunities VI
Tail-end secondary portfolios 2017 Global 7.5 2.7
24 Bowmark Capital Partners IV
Mid-market buyouts 2007 UK 7.4 -
25 Silverfleet II
Mid-market buyouts 2014 Europe 7.3 4.7
26 IK VIII
Mid-market buyouts 2016 Europe 7.3 2.5
27 Deutsche Beteiligungs Fund VI
Mid-market buyouts 2012 Germany 6.8 0.8
28 ICG European Fund 2006 B**
Mezzanine and equity in
mid-market buyouts 2014 Europe 6.7 2.1
29 Hollyport Secondary Opportunities V
Tail-end secondary portfolios 2015 Global 6.6 2.3
30 Bain Capital Europe IV
Mid-market buyouts 2014 Europe 6.4 1.8
Total of the largest 30 fund investments 397.5 97.5
Percentage of total investment Portfolio 56.5%
-------------------------------------------- ---------------- ------- -----------
* Includes the associated Top Up funds.
** All or part of an interest acquired through a secondary
fund purchase.
Portfolio analysis
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
Investment category % of portfolio
------------------------------------ --------------
High conviction portfolio
ICG 20.5%
Third party co-investments 15.7%
Third party secondary investments 5.0%
Total High Conviction investments 41.2%
Third party funds portfolio
Graphite Capital primary funds 14.2%
Third party primary funds 44.6%
Total diversified fund investments 58.8%
------------------------------------ --------------
Total 100.0%
------------------------------------ --------------
Portfolio by investment type % of value of underlying investments
------------------------------------ --------- --------------------------------------
Large buyouts 44.9%
Mid-market buyouts 46.5%
Small buyouts 5.3%
Other 3.3%
----------------------------------------------- --------------------------------------
Total 100.0%
----------------------------------------------- --------------------------------------
Portfolio by calendar year of investment % of value of underlying investments
----------------------------------------------- --------------------------------------
2019 2.6%
2018 21.0%
2017 20.2%
2016 17.7%
2015 8.6%
2014 11.8%
2013 8.7%
2012 2.5%
2011 1.2%
2010 1.7%
2009 1.0%
2008 0.2%
2007 2.4%
2006 and before 0.4%
------------------------------------- -------- --------------------------------------
Total 100.0%
------------------------------------- -------- --------------------------------------
Portfolio by sector % of value of underlying investments
---------------------------- ------------------------------------
Healthcare and education 21.2%
Industrials 20.6%
Business services 15.0%
Consumer goods and services 13.1%
TMT 12.1%
Leisure 8.6%
Financials 5.9%
Other 3.5%
Total 100.0%
----------------------------- ------------------------------------
Portfolio by geographic distribution based on location
of Company headquarters % of value of underlying investments
UK 30.7%
North America 26.5%
Europe 38.3%
Rest of world 4.5%
-------------------------------------------------------- --------------------------------------
Total 100.0%
-------------------------------------------------------- --------------------------------------
Balance sheet information
The summary balance sheet at 30 April 2019 is set out below.
31 January
30 April 2019 2019
-------------- --------------
% of net % of net
GBPm assets GBPm assets
--------------- ------------- -------------- -------------- --------------
Total portfolio 703.4 95.3% 694.8 95.1%
Cash and liquid
assets 61.5 8.3% 60.6 8.3%
Other net
current
liabilities (26.2) (3.6%) (24.5) (3.4)%
------------- -------------- -------------- --------------
Net assets 738.7 100.0% 730.9 100.0%
Movement in the portfolio 3 months
GBPm 30 April 19
----------------------------------------------------- ---- ------------
Opening Portfolio* 694.8
Third-party funds portfolio drawdowns 15.6
High conviction investments -- ICG funds, secondary
investments and co-investments 4.7
------------
Total new investment 20.3
Realisation Proceeds (27.7)
------------
Net cash (inflow)/outflow (7.4)
Underlying Valuation Movement** 19.6
Currency movement (3.6)
Closing Portfolio* 703.4
------------
% underlying Portfolio growth (local currency) 2.8%
% currency movement (0.5%)
------------
% underlying Portfolio growth (Sterling) 2.3%
------------
** 65% of the Portfolio is valued using 31 March 2019
(or later) valuations (31 Jan 19: 91%).
Movement in liquid assets
Additions(2) (20.3)
Cash proceeds generated by the portfolio (including
income) 27.7
---------------
Net cash generated by the investment portfolio 7.4
Non-investment cash flows (2.6)
Effect of changes in foreign exchange rates (0.2)
---------------
Cash inflow before shareholder distributions 4.6
Dividends paid to shareholders (3.5)
Share buy backs (0.2)
---------------
Net cash movement 0.9
Opening cash and liquid assets 60.6
---------------
Closing cash and liquid assets 61.5
---------------
Uncalled commitment coverage
30 April
2019 31 January 2019
GBPm GBPm
----------------------------------- -------- ---------------
Cash and liquid assets 61.5 60.6
Undrawn bank facility 151.4 103.9
----------------------------------- -------- ---------------
Total liquidity 212.9 164.5
Outstanding commitments 443.4 411.2
Less: Total liquidity (212.9) (164.5)
----------------------------------- -------- ---------------
Over-commitment 230.5 246.7
Over-commitment as % of net assets 31.2% 33.7%
(1) 65% of the Portfolio is valued using 31 March 2019 (or later)
valuations.
(2) As at 31 May 2019
(END) Dow Jones Newswires
June 27, 2019 10:30 ET (14:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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