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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Intermediate Capital Group Plc | LSE:ICP | London | Ordinary Share | GB00BYT1DJ19 | ORD 26 1/4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2,124.00 | 2,128.00 | 2,130.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Security Brokers & Dealers | 737.1M | 280.6M | 0.9801 | 21.67 | 6.08B |
TIDMICP 21 July 2020 Q1 Trading Statement for the period to 30 June 2020 Highlights -- Continued AUM growth: total AUM up 1% on 31 March 2020 to EUR45.6bn, with third party fee earning AUM 1.4% higher at EUR36.4bn over the same period -- Existing portfolios performing well: positive indications of a recovery in valuations, with resumption in realisation activity at pre-Covid-19 valuations -- Investment activity rebounding as Covid-19 restrictions ease: EUR2.4bn of deals in exclusivity, good indicator of investment pace and future fundraising pipeline -- Fundraising momentum continues, in line with expectations: EUR1.2bn of new money raised in the first quarter, with good visibility for the coming months -- Robust financial position: well-capitalised balance sheet, with GBP1.1bn of available liquidity Benoit Durteste, CEO, said: "I want to thank all our employees and those of our portfolio companies for their dedication and commitment during these challenging times. People are fundamental to ICG's success and their health is of upmost importance. "The start of the financial year has been encouraging. Our portfolios are showing signs of improved performance, noticeably better than expected at year-end, indicating a recovery of valuations from their end of March lows. We have also seen an early rebound in investment activity as lockdown measures have eased and business activity resumes. This bodes well for next year's fundraising prospects. "We are approaching this market from a position of strength. Our diversified strategies and global capabilities are more relevant than ever in today's markets. Our business is in a resilient position, with long-term fee streams, diversified portfolios and well-capitalised balance sheet. We are therefore well-placed for significant long-term growth and value creation." Business review Total AUM increased 1% over the three months to 30 June 2020 to EUR45.6bn, including our EUR2.3bn balance sheet investment portfolio. We have made an encouraging start to the fundraising year, with EUR1.2bn of new money raised despite the longer onboarding process in place since the start of the pandemic. We saw further inflows for our Senior Debt Partners strategy, net inflows across our Capital Market strategies, and raised EUR0.2bn for our Asia Pacific strategy. In addition, we priced a EUR0.4bn European CLO in March which closed in the current quarter. We have good visibility on fundraising for the coming months, and overall our expectations remain that fundraising will be slower in the current financial year given disruption caused by Covid-19 and the natural fundraising cycle for our larger funds. Once Senior Debt Partners is fully raised we will not have any larger funds in the market during the current financial year. We continue to make good progress with our new Sale and Leaseback and Infrastructure Equity strategies, raising EUR0.5bn and EUR0.3bn of third party money respectively to date. Third party AUM by strategic asset class at 30 June 2020 was as follows: Total Corporate Investments Capital Market Investments Real Asset Investments Secondary Investments Third Party AUM EURm EURm EURm EURm EURm ------------- --------------------- -------------------------- ---------------------- --------------------- ---------------- At 31 March 2020 20,689 13,831 4,944 3,365 42,829 ------------- --------------------- -------------------------- ---------------------- --------------------- ---------------- Additions 665 501 70 - 1,236 ------------- --------------------- -------------------------- ---------------------- --------------------- ---------------- Realisations (378) (50) (106) (25) (559) ------------- --------------------- -------------------------- ---------------------- --------------------- ---------------- FX and other (40) 1 (83) (99) (221) ------------- --------------------- -------------------------- ---------------------- --------------------- ---------------- At 30 June 2020 20,936 14,283 4,825 3,241 43,285 ------------- --------------------- -------------------------- ---------------------- --------------------- ---------------- Fee earning AUM - at 30 June 2020 15,780 13,711 3,709 3,163 36,363 ------------- --------------------- -------------------------- ---------------------- --------------------- ---------------- Our strong origination capability means we can continue to source attractive investments for our funds, while maintaining our rigorous and disciplined investment approach. The total amount of capital deployed on behalf of our direct investment funds was EUR411m in the quarter (three months to 30 June 2019: EUR1,049m), with a further EUR2.4bn of deals in exclusivity. This compares to EUR5.9bn deployed across the whole of the last financial year. The direct investment funds are investing as follows, based on third-party funds raised at 30 June 2020: Strategic % invested at % invested at Assets in fund at Deals completed asset class Fund 30 June 2020 31 March 2020 30 June 2020 in Q1 ------------ ----------- ------------- -------------- ----------------- --------------- Corporate ICG Europe Investments Fund VII 53% 52% 8 0 Europe Corporate Mid-Market Investments Fund 7% 7% 1 0 North American Private Corporate Debt Fund Investments II 31% 26% 8 1 Senior Debt Corporate Partners Investments IV(1) 17% 16% 4 0 Asia Corporate Pacific Investments Fund III 93% 93% 8 0 ICG Longbow Real Real Asset Estate Investments Fund V 63% 61% 15 1 Strategic Secondary Equity Investments III 32% 30% 3 0 ------------ ----------- ------------- -------------- ----------------- --------------- (1) Co-mingled fund, excluding mandates and undrawn commitments 85% of our AUM is in closed-end funds where outflows only occur with the realisation of the underlying portfolio companies. Realisation activity slowed materially in the quarter, and we currently expect it to remain subdued for the remainder of the current financial year. That said, we will capitalise on attractive opportunities to realise assets that underpin the performance of our funds and return capital to the balance sheet. The balance sheet investment portfolio was GBP2.1bn at 30 June 2020 (31 March 2020: GBP2.2bn). As the balance sheet invests solely to support our fund management activities, its portfolio will fluctuate in size depending on the deal activity, and performance, of the funds in which it invests. The balance sheet remains well funded with unutilised cash and debt facilities of GBP1,055.8m at 30 June 2020 (31 March 2020: GBP1,216.5m) and no material refinancing requirements in the next 12 months. Enquiries Analyst / Investor enquiries: Ian Stanlake, Investor Relations, ICG +44 (0) 20 3201 7880 Media enquiries: Alicia Wyllie, Corporate Communications, ICG +44 (0) 20 3201 7994 Neil Bennett, Sam Turvey, Maitland +44 (0) 20 7379 5151 This trading statement has been prepared solely to provide additional information to shareholders and meets the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. The trading statement should not be relied on by any other party or for any other purpose. This trading statement 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. About ICG ICG is a global alternative asset manager with over 30 years' history. We manage EUR45.6bn of assets in private debt, credit and equity, principally in closed-end funds. We provide capital to help companies grow through private and public markets, developing long-term relationships with our business partners to deliver value for shareholders, clients and employees. We operate across four asset classes -- corporate, capital market, real asset and secondary investments. In addition to growing existing strategies, we are committed to innovation and pioneering new strategies across these asset classes where the market opportunity exists. ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at: www.icgam.com. You can follow ICG on LinkedIn https://www.globenewswire.com/Tracker?data=ja_Kfnj1YnxWshEAmPIfSdwbhDWMJVtuXBK1_UdMKLdUuVAkhFR7zCDw6p7B2MeyYnuIcpkhvdiL6mfvxDFRSG6hVdge0okUfajZbqVyJTQVFyNflDPQ1VN9DlAltiso https://www.linkedin.com/company/52126.
(END) Dow Jones Newswires
July 21, 2020 02:00 ET (06:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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