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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-4.00 | -0.33% | 1,204.00 | 1,196.00 | 1,204.00 | 1,208.00 | 1,204.00 | 1,208.00 | 8,027 | 09:17:58 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | 187.81M | 164.53M | 2.4421 | 4.95 | 813.83M |
TIDMICGT Quarterly Update For the three months to 30 April 2018 Highlights -- NAV per share of 970p; a total return of 1.6% over the quarter -- Continued strong exit activity; realisations at significant uplifts to carrying value and cost -- GBP64.6m of new commitments and selective deployment into compelling investment opportunities -- Quarterly dividend of 5.0p declared - to be paid in September 2018 -- NAV and share price continue to outperform FTSE All-Share over one, three, five and 10 years Realisations and IPOs the key driver of growth -- Investment portfolio valued at GBP611.8m[1] #_ftn1 , 91.1% of net assets -- 2.3% return for the quarter; 1.7% on a constant currency basis -- Portfolio continues to be highly cash generative -- 16 full realisations in the quarter; GBP25.2m of realisation proceeds -- Realisations at a 31% uplift[2] #_ftn2 to carrying value; 2.2x multiple of cost -- Continued exit activity since the quarter end -- A further GBP24.2m of proceeds received in May 2018 -- GBP10.7m from the sale of The Laine Pub Company; a 2.0x multiple to cost -- Year to date, realisations continue to outweigh new investments[3] #_ftn3 New commitments and selective investment into compelling opportunities -- GBP64.6m of new primary commitments -- EUR40m (GBP34.6m) to ICG Europe Fund VII -- Flexible strategy targeting gross annualised returns of 15-20% with low downside risk -- Investing in European companies with experienced management, typically in non-cyclical industries -- GBP30m to Graphite IX -- Focus on mid-market buyouts in the UK -- Companies valued at between GBP30 million and GBP150 million -- GBP22.3m of new investment - 47% deployed into high conviction investments -- Focus remains on defensive growth, structural downside protection and relative value -- High conviction investments (ICG directly controlled investments, third-party co-investments and secondary investments) increased to 43% of investment portfolio -- GBP7.1m co-investment completed in Endeavor Schools, a school operator based in the USA, alongside Leeds Equity Partners -- Defensive business with strong underlying growth trends and stable cash flows -- GBP5.1m invested since the quarter end -- Strong pipeline of co-investments and new funds Dividend - Final dividend of 6p to be paid on 13 July 2018([4] #_ftn4) - Quarterly dividend of 5.0p declared - Will be paid on 7 September 2018 for shareholders on the register on 17 August 2018 Strong balance sheet - Closing net asset value of GBP672m - Cash balance of GBP74.8m at 30 April 2018 - Uncalled commitments of GBP376.3m - GBP179.0m total liquidity (including GBP104.2m undrawn bank line) Consistent strong performance The performance of the Company remains strong over the short, medium and long term, with the NAV and share price outperforming the FTSE All-Share Index over one, three, five and 10 years. Performance to 30 April 2018 3 months 1 year 3 years 5 years 10* years Net asset value per share +1.6% +13.7% +49.8% +69.5% +108.5% Share price +5.0% +19.4% +62.1% +97.2% +134.6% FTSE All-Share Index +1.1% +8.2% +22.5% +45.6% +102.8% * As the Company changed its year end in 2010, the ten-year figures are for the 121 month period to 30 April 2018. Emma Osborne, Head of Private Equity Fund Investments, ICG, commented: "The portfolio continues to perform well, and we are pleased with the progress made in a quarter in which managers tend not to revalue the unrealised investments significantly. The portfolio remains highly cash generative as our managers continue to take advantage of the strong exit environment to sell portfolio companies. Against this, we are redeploying capital selectively into high quality defensive businesses and in special situations where we can achieve relative value. We 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 Nikki Edgar, Finance and Investor Relations, ICG Media: Helen Gustard, Co-Head of Corporate Communications, ICG +44 (0) 20 3201 7917 Alicia Wyllie, Co-Head of Corporate Communications, ICG 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 2018. 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 City & County Healthcare Group Graphite Provider of home care services Capital 2013 UK 3.4% 2 DomusVi+ Operator of retirement homes ICG 2017 France 2.9% 3 Visma+ Provider of accounting software and accounting outsourcing services ICG & Cinven 2014 & 2017 Europe 2.5% 4 David Lloyd Leisure+ Operator of premium health clubs TDR Capital 2013 UK 2.3% 5 Education Personnel+^ Provider of temporary staff for the education sector ICG 2014 UK 2.2% 6 Roompot+ Operator and developer of holiday parks PAI Partners 2016 Netherlands 2.0% 7 nGAGE Graphite Provider of recruitment services Capital 2014 UK 2.0% 8 Gerflor^ Manufacturer of vinyl flooring ICG 2011 France 2.0% 9 PetSmart+ Retailer of pet products and services BC Partners 2015 USA 1.8% 10 Ceridian+ Thomas H Lee Provider of payment processing services Partners 2007 USA 1.8% 11 The Laine Pub Company+ Graphite Operator of pubs and bars Capital 2014 UK 1.8% 12 ICR Group Provider of repair and maintenance services to the Graphite energy industry Capital 2014 UK 1.7% 13 Froneri+^ Manufacturer and distributor of ice cream products PAI Partners 2013 UK 1.6% 14 Cambium^ Provider of educational solutions and services ICG 2016 USA 1.6% 15 System One+ Thomas H Lee Provider of specialty workforce solutions Partners 2016 USA 1.6% Value as Year of a % of Company Manager investment Country Portfolio 16 Beck & Pollitzer Provider of industrial machinery installation and Graphite relocation Capital 2016 UK 1.6% 17 Skillsoft+ Provider of off the shelf e-learning content Charterhouse 2014 USA 1.5% 18 Frontier Medical+
Kester Manufacturer of medical devices Capital 2013 UK 1.5% 19 TMF^ Provider of management and accounting outsourcing Doughty services Hanson 2008 Netherlands 1.5% 20 Yudo+ Designer and manufacturer of hot runner systems ICG 2018 South Korea 1.4% 21 Endeavor Schools+ Leeds Equity Operator of schools Partners 2018 USA 1.2% 22 YSC Provider of leadership consulting and management assessment Graphite services Capital 2017 UK 1.1% 23 Swiss Education+ Invision Provider of hospitality training Capital 2015 Switzerland 1.1% 24 New World Trading Company Graphite Operator of distinctive pub restaurants Capital 2016 UK 1.1% 25 U-POL^ Manufacturer and distributor of automotive refinishing Graphite products Capital 2010 UK 1.0% 26 Cognito+ Graphite Supplier of communications equipment, software & services Capital 2002 UK 0.9% 27 Compass Community Provider of fostering services and children residential Graphite care Capital 2017 UK 0.9% 28 Random42 Provider of high-quality medical animation and digital media services to the healthcare and pharmaceutical Graphite industry Capital 2017 UK 0.8% 29 Intervias Operator of petrol station forecourts TDR Capital 2014 UK 0.7% 30 Odgers+ Graphite Provider of recruitment services Capital 2009 UK 0.6% Total of the 30 largest underlying investments 48.1% + 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 30 April 2018 are: Outstanding Year of Country/ Value commitment Fund commitment region GBPm GBPm 1 Graphite Capital Partners VIII * Mid-market buy-outs 2013 UK 74.3 26.6 2 ICG Europe VI ** Mezzanine and equity in mid-market buy-outs 2015 Europe 24.0 2.3 3 BC European Capital IX ** Large buy-outs 2011 Europe/USA 19.5 0.8 4 CVC European Equity Partners VI Large buy-outs 2013 Europe/USA 14.9 2.2 5 CVC European Equity Partners V ** Large buy-outs 2008 Europe/USA 12.8 0.4 6 Graphite Capital Partners VII * / ** Mid-market buy-outs 2007 UK 12.6 4.7 7 One Equity Partners VI USA/Western Mid-market buy-outs 2016 Europe 12.3 1.0 8 Fifth Cinven Fund Large buy-outs 2012 Europe 12.1 1.2 9 Thomas H Lee Equity Fund VII Mid-market and large buy-outs 2015 USA 12.0 4.5 10 ICG Strategic Secondaries Fund II Secondary fund restructurings 2016 Europe/USA 11.2 18.8 11 ICG Velocity Partners Co-Investor ** Mid-market buy-outs 2016 USA 10.7 1.0 12 Permira V Large buy-outs 2013 Europe/USA 10.1 0.6 13 Activa Capital Fund III Mid-market buy-outs 2013 France 10.1 3.8 14 TDR Capital III Mid-market and large buy-outs 2013 Europe 9.6 3.1 15 PAI Europe VI Mid-market and large buy-outs 2013 Europe 9.5 6.7 16 Nordic Capital Partners VIII Mid-market and large buy-outs 2013 Europe 9.2 1.6 17 Thomas H Lee Parallel Fund VI Large buy-outs 2007 USA 8.7 1.0 18 Doughty Hanson & Co V ** Mid-market and large buy-outs 2006 Europe 8.7 6.7 19 IK VII Mid-market buy-outs 2013 Europe 8.3 0.4 20 Hollyport Secondary Opportunities V Tail-end secondary portfolios 2015 Europe/USA 8.1 2.3 Outstanding Year of Country/ Value commitment Fund commitment region GBPm GBPm 21 ICG Europe V ** Mezzanine and equity in mid-market buy-outs 2012 Europe 7.9 0.8 22 Deutsche Beteiligungs Fund VI Mid-market buy-outs 2012 Germany 7.4 1.2 23 Bowmark Capital Partners IV Mid-market buy-outs 2007 UK 6.8 0 24 Egeria Private Equity Fund IV Mid-market buy-outs 2012 Netherlands 6.6 1.6 25 Graphite Capital Partners VI ** Mid-market buy-outs 2003 UK 6.3 0.0 26 ICG European Fund 2006 B** Mezzanine and equity in mid-market buy-outs 2014 Europe 6.2 2.1 27 Advent Global Private Equity VIII Large buy-outs 2016 Europe/USA 6.1 6.7 28 ICG Asia Pacific Fund III Mezzanine 2016 Asia Pacific 6.1 5.6 29 Gridiron Capital Fund III Mid-market buy-outs 2016 North America 5.9 5.6 30 Activa Capital Fund II Mid-market buy-outs 2007 France 5.0 1.9 Total of the largest 30 fund investments 363.0 115.2 Percentage of total investment Portfolio 59.3% * Includes the associated Top Up funds. ** All or part of an interest acquired through a secondary fund purchase. Portfolio analysis(1) Investment category % of portfolio High conviction portfolio ICG 18.1% Third party co-investments 19.1% Third party secondary investments 6.0% Total High Conviction investments 43.2% Third party funds' portfolio Graphite Capital primary funds 14.6% Third party primary funds 42.2% Total diversified fund investments 56.8% Total 100.0% Portfolio by investment type % of value of underlying investments Large buyouts 42.4% Mid-market buyouts 48.1% Small buyouts 7.9% Other 1.6% Total 100.0% Portfolio by calendar year of investment % of value of underlying investments 2018 4.8% 2017 19.5% 2016 20.5% 2015 12.3% 2014 17.1% 2013 11.8% 2012 3.1% 2011 2.0% 2010 2.1% 2009 1.2% 2008 1.8% 2007 2.0% 2006 and before 1.8% Total 100.0% Portfolio by sector % of value of underlying investments
Healthcare and education 21.8% Industrials 16.7% Business services 15.9% Consumer goods and services 15.2% Leisure 12.6% TMT 10.2% Financials 4.9% Other 2.7% Total 100.0% Portfolio by geographic distribution based on location of Company headquarters % of value of underlying investments UK 35.3% North America 23.0% Europe 38.7% Rest of world 3.0% Total 100.0% 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 information The summary balance sheet at 30 April 2018 is set out below. 31 January 30 April 2018 2018 % of net % of net GBPm assets GBPm assets Total portfolio 611.8 91.1% 600.7 90.4% Cash and liquid assets 74.8 11.1% 78.4 11.8% Other net current liabilities (14.8) (2.2%) (14.8) (2.2)% Net assets 671.8 100.0% 664.3 100.0% Movement in liquid assets 3 months GBPm 30 April 18 Additions(2) (22.9) Cash proceeds generated by the portfolio (including income) 25.2 Net cash generated by the investment portfolio 2.3 Non-investment cash flows (2.6) Effect of changes in foreign exchange rates 0.2 Cash inflow before shareholder distributions (0.1) Dividends paid to shareholders (3.5) Net cash movement (3.6) Opening cash and liquid assets 78.4 Closing cash and liquid assets 74.8 Footnote 1. Additions cash figure for quarter to 30 April includes GBP0.6m of drawdowns paid which were accrued at the prior quarter end. Uncalled commitment coverage 30 April 2018 31 January 2018 GBPm GBPm Cash and liquid assets 74.8 78.4 Undrawn bank facility 104.2 104.0 Total liquidity 179.0 182.4 Outstanding commitments 376.3 321.2 Less: Total liquidity (179.0) (182.4) Over-commitment 197.3 138.8 Over-commitment as % of net assets 29.4% 20.9% ([1] #_ftnref1) 49% of the Portfolio is valued using 31 March 2018 (or later) valuations. ([2] #_ftnref2) Uplift figure excludes publically listed companies that were exited via sell downs of their shares ([3] #_ftnref3) At 31 May 2018 ([4] #_ftnref4) To shareholders on the register on 22 June 2018 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
June 18, 2018 08:00 ET (12:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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