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
  +0.00p +0.00% 912.00p 904.00p 912.00p 912.00p 912.00p 912.00p 43,327 12:34:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 6.0 2.1 118.1 7.7 629

ICG Enterprise Trust Icg Enterprise Trust Plc: Quarterly Update For The Three Months To 30 April 2019

27/06/2019 3:30pm

UK Regulatory (RNS & others)


 
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.

1 Year Icg Enterprise Chart

1 Year Icg Enterprise Chart

1 Month Icg Enterprise Chart

1 Month Icg Enterprise Chart
Your Recent History
LSE
ICGT
Icg Enterp..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20191018 21:21:12