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
  -16.00 -1.19% 1,323.00 1,319.00 1,320.00 1,339.00 1,317.00 1,318.00 406,571 16:35:22
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 413.6 114.5 38.2 34.6 3,892

Intermediate Capital Icg: Q1 Trading Statement For The Period To 30 June 2020

21/07/2020 7:00am

UK Regulatory (RNS & others)

   21 July 2020 
   Q1 Trading Statement for the period to 30 June 2020 
   -- 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 
   -- Existing portfolios performing well: positive indications of a recovery 
      in valuations, with resumption in realisation activity at pre-Covid-19 
   -- 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 
   "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: 
               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 
Corporate      Mid-Market 
 Investments   Fund                   7%              7%                  1                0 
Corporate      Debt Fund 
 Investments   II                    31%             26%                  8                1 
              Senior Debt 
Corporate      Partners 
 Investments   IV(1)                 17%             16%                  4                0 
Corporate      Pacific 
 Investments   Fund III              93%             93%                  8                0 
              ICG Longbow 
Real Asset     Estate 
 Investments   Fund V                63%             61%                 15                1 
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 
   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. 
   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 
   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: You can follow ICG on LinkedIn 

(END) Dow Jones Newswires

July 21, 2020 02:00 ET (06:00 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

1 Year Intermediate Capital Chart

1 Year Intermediate Capital Chart

1 Month Intermediate Capital Chart

1 Month Intermediate Capital Chart
ADVFN Advertorial
Your Recent History
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:20201020 21:19:20