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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 |
Hot Features
Premium
TIDMICP
21 July 2022
Q1 Trading Statement for the three months ended 30
June 2022
Resilient business performance; fundraising of $4.5bn
Highlights
-- Fundraising of $4.5bn during the quarter
-- Total AUM of $71.3bn, an increase on a
constant-currency basis of 3% in the quarter and 19%
in the last twelve months
-- Third-party fee-earning AUM of $58.8bn, an increase
on a constant-currency basis of 5% in the quarter and
27% in the last twelve months
-- Europe VIII total fund size currently EUR7.8bn,
materially above original target size of EUR7.0bn and
1.8x more third-party AUM than Europe VII.
Fundraising largely complete, final close expected by
end of July
-- Final closes held for Strategic Equity IV ($4.2bn
total fund size, 2.4x more third-party AUM than
Strategic Equity III) and Asia Pacific IV ($1.1bn
total fund size, 1.8x more third-party AUM than Asia
Pacific III)
-- Fund valuations in-line with 31 March 2022,
reflecting ICG's focus on structuring transactions
for downside protection and the continued strong
operational performance of underlying portfolio
companies offsetting valuation pressures
-- Strong balance sheet, with total available liquidity
of GBP1.4bn at 30 June 2022
Benoît Durteste
CEO and CIO
The breadth of ICG's strategies and our firm-wide
focus on downside protection are powerful characteristics
of our business, especially in the current environment.
We focus on investing in resilient companies with
strong market positions and are able to provide them
with flexible capital in the form most appropriate
to their needs, from full equity buyouts to senior
debt. In doing so, we help our clients achieve their
investment objectives in private markets through economic
cycles.
We remained active in the quarter. Fundraising was
robust, including holding successful final closes
for Strategic Equity IV and Asia Pacific IV. As anticipated,
deployment and realisation levels across the market
were lower than in previous quarters and in this context
we continued to execute a number of transactions across
all our asset classes. Our pipeline remains constructive,
particularly within direct lending (SDP) where we
are seeing a growing set of future deployment opportunities.
As a firm we continued executing on our strategic
agenda to reinforce our long-term growth trajectory,
including selectively building out our marketing and
client relations team and onboarding a real estate
equity team in Asia. The management fee-centric nature
of our fund management company gives us confidence
in the resilience of our business through periods
of uncertainty, and our performance remains in-line
with the outlook we recently gave in our full year
results.
PERFORMANCE OVERVIEW
Last three months Last twelve months
--------------- ------------ ----------------------- ----------------------
30 June 2022 31 March 2022 Change % 30 June 2021 Change %
--------------- ------------ ------------- -------- ------------ --------
Total AUM $71,284m $72,051m 3%(1) $65,237m 19%(1)
Third-party AUM $68,246m $68,468m 4%(1) $61,545m 21%(1)
Fee-earning AUM $58,767m $58,335m 5%(1) $50,626m 27%(1)
--------------- ------------ ------------- -------- ------------ --------
1 Apr 2022 - 1 Apr 2021 -
30 June 2022 30 June 2021 Change %
------------------------------ ------------- ------------- -------------
Fundraising during period $4,518m $8,159m (45)%
Realisations during period(2) $1,998m $3,710m (46)%
Deployment during period(3) $2,751m $4,531m (39)%
------------------------------ ------------- ------------- -------------
(1) On a constant currency basis; (2) Realisations of third-party AUM; (3) From direct investment funds
Last five years CAGR
30 June 2017 -
30 June 2022
---------------------------- --------------
Total AUM 23%
Third-party fee-earning AUM 25%
---------------------------- --------------
COMPANY TIMETABLE
Payment of ordinary dividend: 5 August 2022
Half year results announcement: 17 November 2022
ENQUIRIES
Shareholders / analysts Chris Hunt, Head of Shareholder Relations, ICG +44(0)20 3545 2020 Media Fiona Laffan, Global Head of Corporate Affairs, ICG +44(0)20 3545 1510
ABOUT ICG
ICG provides flexible capital solutions to help companies develop and grow. We are a global alternative asset manager with over 30 years' history, managing $71bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.
We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society. We are committed to achieving net zero across our operations and relevant investments by 2040.
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.
PERIOD IN REVIEW
AUM
-- Total AUM of $71.3bn; balance sheet investment portfolio represented 4.2%
of total AUM
-- Third-party AUM of $68.2bn and third-party fee-earning AUM of $58.8bn
-- Movements in FX, largely the strengthening during the period of the US
dollar against the euro and GBP, impacted third-party AUM by $(2.7)bn
-- At 30 June 2022 we had $18.5bn of third-party AUM available to deploy in
new investments, $9.5bn of which is not yet paying fees but will do so
when the capital is invested or enters its investment period
Third-party AUM
Structured Total
Third-party AUM and Private third-party
($m) Equity Private Debt Real Assets Credit AUM
------------------- ----------- ------------ ------------ ------------ -----------
At 1 April 2022 22,507 19,806 8,028 18,127 68,468
Additions 2,814 488 483 940 4,725
Realisations (595) (349) (323) (731) (1,998)
FX and other (737) (829) (393) (990) (2,949)
------------------- ----------- ------------ ------------ ------------ -----------
At 30 June 2022 23,989 19,116 7,795 17,346 68,246
------------------- ----------- ------------ ------------ ------------ -----------
Change $m 1,482 (690) (233) (781) (222)
Change % 7% (3)% (3)% (4)% --%
Change % (constant
exchange rate)(1) 11% 1% 4% (1)% 4%
------------------- ----------- ------------ ------------ ------------ -----------
Note: Additions to third-party AUM include $207m of step-ups, which are not included within our fundraising totals
Third-party fee-earning AUM
Third-party Structured fee-earning AUM and Private Total third-party ($m) Equity Private Debt Real Assets Credit fee-earning AUM ------------------- ----------- ------------ ------------ ------------ ----------------- At 1 April 2022 22,100 11,953 6,873 17,409 58,335 Funds raised: fees on committed capital 2,658 -- -- -- 2,658 Deployment of funds: fees on invested capital 219 1,309 576 940 3,044 Total additions 2,877 1,309 576 940 5,702 Realisations (595) (1,194) (323) (531) (2,643) FX and other (745) (444) (525) (913) (2,627) ------------------- ----------- ------------ ------------ ------------ ----------------- At 30 June 2022 23,637 11,624 6,601 16,905 58,767 ------------------- ----------- ------------ ------------ ------------ ----------------- Change $m 1,537 (329) (272) (504) 432 Change % 7% (3)% (4)% (3)% 1% Change % (constant exchange rate)(1) 12% 1% 3% --% 5% ------------------- ----------- ------------ ------------ ------------ -----------------
Fundraising
-- Fundraising of $4.5bn during the quarter, including Strategic Equity IV
($1.2bn), Europe VIII ($0.9bn) and Asia Pacific IV ($0.5bn)
-- We also raised for SDP ($0.5bn, across SDP V and SMAs), Sale and
Leaseback II ($0.3bn), Real Estate debt ($0.2bn) and LP Secondaries I
($0.1bn), as well as issuing a new CLO in each of Europe and the US
($0.7bn in aggregate) and raising $0.2bn in liquid credit
Realisations
-- Realisations of $2.0bn during the quarter within third-party AUM and
$2.6bn within third-party fee-earning AUM (of which $2.1bn was from
direct investment funds)
-- The difference between the two is due to Private Debt, in which we
realised $0.9bn of AUM that we can re-deploy and on which we will once
again earn fees when it is invested
Deployment
-- We deployed $2.8bn of capital during the quarter on behalf of our direct
investment funds as follows:
$m Q1 FY23
--------------------------------- -------
Structured and Private Equity 760
Private Debt 1,309
Real Assets 682
--------------------------------- -------
Group 2,751
--------------------------------- -------
Balance sheet investment portfolio
-- At 30 June 2022 the balance investment portfolio (including warehoused
investments) was valued at GBP2.8bn
-- Portfolio company performance remains strong and valuations of our
closed-ended funds in line with 31 March 2022. We continue to monitor
potential valuation impacts arising from developments in the broader
macro-economic environment
-- The breakdown of the balance sheet investment portfolio at 30 June 2022
was as follows:
GBPm 30 June 2022 31 March 2022
------------------------------------ ------------ -------------
Structured and Private Equity 1,770 1,826
Private Debt 156 149
Real Assets 327 305
Credit 409 447
------------------------------------ ------------ -------------
Balance sheet investment portfolio
(excluding warehoused investments) 2,662 2,727
------------------------------------ ------------ -------------
Warehoused investments 177 95
------------------------------------ ------------ -------------
Balance sheet investment portfolio
(including warehoused investments) 2,839 2,822
------------------------------------ ------------ -------------
Liquidity
-- At 30 June 2022, the Group had total available liquidity of GBP1,386m
-- During the period GBP32.5m of US Private Placements with an annual coupon
of 4.95% matured and were repaid
BOARD
-- As previously announced, Matthew Lester became Chair of the Audit
Committee effective from 1 July 2022, replacing Michael (Rusty) Nelligan
who has chaired the Audit Committee since September 2016. Rusty continues
to be a member of the Board and a member of the Audit Committee
OTHER
This results 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 results statement should not be relied on by any other party or for any other purpose.
This results 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.
Foreign exchange rates
The following foreign exchange rates have been used throughout this review:
Average rate Average rate 30 June 2022 31 March 2022
for Q1 FY23 for FY22 period end year end
-------- ------------ ------------ ------------ -------------
GBP:EUR 1.1760 1.1755 1.1617 1.1876
GBP:USD 1.2452 1.3626 1.2178 1.3138
EUR:USD 1.0588 1.1595 1.0483 1.1063
At 30 June 2022, our third-party AUM was $68.2m. If GBP:USD had been by 5% higher (1.2787) our reported third-party AUM would have been $441m higher. If EUR:USD had been 5% higher (1.1007) our reported third-party AUM would have been $1,926m higher.
Where noted, this review presents changes in AUM on a constant-exchange-rate basis. For the purposes of these calculations, opening AUM numbers have been translated from their underlying fund currencies to USD at the respective period-end exchange rates. This has then been compared to the AUM at the period end to arrive at the change on a constant-exchange-rate basis.
GLOSSARY
Term Short Definition
Form
Additions (of Within third-party AUM: the aggregate of new commitments
AUM) of capital by clients, and calls of capital from funds
that have previously had a step-down and are therefore
reflected in third-party AUM on a net invested capital
basis.
Within third-party fee-earning AUM: the aggregate
of new commitments of capital by
clients that pay fees on committed capital, and deployment
of capital that charges fees on invested capital (including
calls of capital from funds that have previously had
a step-down and therefore charge fees on a net invested
capital basis).
-------------- --------- ---------------------------------------------------------------
Balance sheet Balance sheet investments made alongside funds, or
investment where the balance sheet is seeding investments for
portfolio new strategies. The balance sheet investment portfolio
is revalued at each reporting date.
-------------- --------- ---------------------------------------------------------------
Close (of a A stage in fundraising whereby a fund is able to release
fund) or draw down the capital contractually committed at
that date.
-------------- --------- ---------------------------------------------------------------
Closed-end A fund where investor's commitments are fixed for
fund the duration of the fund and the fund has a defined
investment period.
-------------- --------- ---------------------------------------------------------------
Co-investment Co-invest A direct investment made alongside or in a fund taking
a pro-rata share of all instruments.
-------------- --------- ---------------------------------------------------------------
Collateralised CLO CLO is a type of investment grade security backed
Loan by a pool of loans.
Obligation
-------------- --------- ---------------------------------------------------------------
Close A stage in fundraising whereby a fund is able to release
or draw down the capital contractually committed at
that date.
-------------- --------- ---------------------------------------------------------------
Deployment Investment of AUM on behalf of our direct investment
funds.
-------------- --------- ---------------------------------------------------------------
Direct Funds which invest in self-originated transactions
investment for which there is a low volume, illiquid secondary
funds market. Specifically, this excludes our Credit asset
class as well as ICG Enterprise Trust (within Structured
and Private Equity).
-------------- --------- ---------------------------------------------------------------
Fund A pool of third-party capital allocated to a specific
investment strategy or strategies,
managed by ICG plc or its affiliates.
-------------- --------- ---------------------------------------------------------------
Liquid assets Asset classes with an active, established market in
which assets may be readily bought and sold.
-------------- --------- ---------------------------------------------------------------
Open-ended A fund which remains open to new commitments and where
fund an investor's commitment may be redeemed with appropriate
notice.
-------------- --------- ---------------------------------------------------------------
Realisation The return of invested capital in the form of principal,
rolled-up interest and/or capital gain.
-------------- --------- ---------------------------------------------------------------
Realisations Reductions in AUM due to capital being returned to
investors and / or no longer able to
be called by the fund, and the reduction in AUM due
to step-downs.
-------------- --------- ---------------------------------------------------------------
Recycle Where the fund is able to re-invest capital that has
previously been invested and then
realised. This is typically only within a defined
period during the fund's investment period and is
generally subject to certain requirements.
-------------- --------- ---------------------------------------------------------------
Separately SMA Third-party capital committed by a single investor
Managed allocated to a specific
Account investment strategy or strategies, managed by ICG
plc or its affiliates.
-------------- --------- ---------------------------------------------------------------
EU Sustainable SFDR A set of EU rules that aim to make the sustainability
Finance profile of funds more comparable. Funds and mandates
Disclosure can be classified into one of three categories, as
Regulation laid out by Articles 6, 8 and 9 of the SFDR.
-------------- --------- ---------------------------------------------------------------
Step-down / A reduction in AUM resulting from the end of the investment
step-up period in an existing fund or when a subsequent fund
starts to invest. Funds that charge fees on committed
capital during the investment period will normally
shift to charging fees on net invested capital post
step-down. There is generally the ability to continue
to call further capital from funds that have had a
step-down in certain circumstances. In this instance,
fees will be earned on that invested capital and it
will be added to AUM through Additions and this is
termed as step-up.
-------------- --------- ---------------------------------------------------------------
Total AUM The aggregate of the Third Party AUM and the Balance
Sheet investment portfolio (excluding warehoused investments).
-------------- --------- ---------------------------------------------------------------
Total fund The total AUM within a fund.
size
-------------- --------- ---------------------------------------------------------------
Warehoused Investments within the balance sheet investment portfolio
investments that the Group anticipates
transferring to a fund in due course, typically made
where the Group is seeding new
strategies in anticipation of raising a fund.
-------------- --------- ---------------------------------------------------------------
Attachment
-- ICG_Q1_FY23_Trading statement
https://ml-eu.globenewswire.com/Resource/Download/8041bffb-83f7-4f34-9332-f068da31e982
(END) Dow Jones Newswires
July 21, 2022 02:00 ET (06:00 GMT)
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