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ICP Intermediate Capital Group Plc

2,054.00
-6.00 (-0.29%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  -6.00 -0.29% 2,054.00 2,051.00 2,052.00 2,089.00 2,050.00 2,071.00 464,680 16:35:11
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Security Brokers & Dealers 737.1M 280.6M 0.9801 20.93 5.87B

Intermediate Capital Intermediate Capital Group Plc : Q3 Trading Statement For The Period To 31 December 2018

29/01/2019 7:00am

UK Regulatory


 
TIDMICP 
 
 
 
 
   Highlights 
 
 
   -- Inflows in the third quarter were EUR1.9bn; of which EUR1.0bn has been 
      raised across our capital markets funds and EUR0.5bn raised for Strategic 
      Equity III. Year to date inflows amount to EUR8.0bn 
 
   -- Total AUM 5% higher at EUR35.2bn and third party fee earning AUM 7% 
      higher at EUR27.9bn, compared to 30 September 2018 
 
   -- Fund deployment remains strong across strategies 
 
   -- All funds on course to meet or exceed their return hurdle rates; recent 
      capital markets volatility has not impacted valuations and fund 
      performance remains strong. 
 
 
 
   Benoit Durteste, CEO, said: 
 
   "Strong investment performance, underpinned by steady demand for 
alternative asset classes, continues to drive positive inflows, despite 
the challenging macro-economic environment. 
 
   "It is pleasing to see this demand benefiting a broad range of our fund 
strategies -- most notably in the third quarter for Strategic Equity III 
and our open-ended capital market funds. Our local teams continue to 
find attractive investment opportunities and where appropriate, they are 
capitalising on market liquidity to realise existing assets, lock in 
performance and return capital to investors. 
 
   "We continue to have confidence in our ability to grow despite 
geopolitical uncertainties, building our capabilities in newer asset 
classes to complement our more mature businesses and enhance our longer 
term growth prospects. We remain alert to the opportunities that any 
market dislocation may present to us." 
 
   Business review 
 
   Total AUM increased 5% over the three months to 31 December 2018 to 
EUR35.2bn, including our EUR2.4bn balance sheet investment portfolio. We 
have raised over EUR1bn for our capital markets strategies, including a 
EUR0.5bn segregated mandate, our largest ever. This brings the total 
raised in the last two years for this scalable asset class to over 
EUR2.5bn (excluding CLOs). 
 
   Fundraising for Strategic Equity III is underway, targeting a fund 
significantly larger than its predecessor which raised $0.9bn of third 
party money.  Strategic Equity III raised EUR546m in the period and, 
with fees on committed capital from first close, fundraising is having 
an immediate positive impact on our profits. We also completed 
Fundraising for Europe Fund VII and saw further inflows for ICG Longbow 
Development Fund. 
 
   Third party AUM by strategic asset class at 31 December 2018 was as 
follows: 
 
 
 
 
                                                                                                                                  Total 
                Corporate Investments   Capital Market Investments   Real Asset Investments   Secondary Investments     Third Party AUM 
                         EURm                      EURm                       EURm                     EURm                        EURm 
-------------  -----------------------  --------------------------  ------------------------  ---------------------  ------------------ 
At 30 
 September 
 2018                17,200                                  8,835         3,631                              1,562      31,228 
-------------  ------------  ---------  --------------------------  ------------  ----------  ---------------------  ----------  ------ 
Additions               132                                  1,010           118                                599       1,859 
-------------  ------------  ---------  --------------------------  ------------  ----------  ---------------------  ----------  ------ 
Realisations           (152)                                     -          (162)                                 -        (314) 
-------------  ------------   --------  --------------------------  ------------   ---------  ---------------------  ---------- ----- 
FX and other              2                                     38           (18)                                15          37 
-------------  ------------  ---------  --------------------------  ------------   ---------  ---------------------  ----------  ------ 
At 31 
 December 
 2018                17,182                                  9,883         3,569                              2,176      32,810 
-------------  ------------  ---------  --------------------------  ------------  ----------  ---------------------  ----------  ------ 
Fee earning 
 AUM - at 31 
 December 
 2018                13,059                                  9,883         2,927                              2,012      27,881 
-------------  ------------  ---------  --------------------------  ------------  ----------  ---------------------  ----------  ------ 
 
 
   We have continued to source attractive investments and deployed capital 
in the quarter while maintaining our disciplined investment culture in a 
competitive investment market. The total amount of capital deployed on 
behalf of our direct investment funds was GBP880m in the quarter (three 
months to 31 December 2017: GBP1,253m). The direct investment funds are 
investing as follows, based on third party funds raised at 31 December 
2018: 
 
 
 
 
Strategic                      % invested at        % invested at      Assets in fund at  Deals completed 
asset class   Fund            31 December 2018     30 September 2018    31 December 2018       in Q3 
------------  ------------  -------------------  --------------------  -----------------  --------------- 
Corporate     ICG Europe 
 Investments   Fund VII        30%                  28%                                4                1 
              Senior Debt 
Corporate      Partners 
 Investments   III(1)          36%                  25%                               17                6 
Corporate     Asia Pacific 
 Investments   Fund III        93%                  91%                                8                1 
              ICG Longbow 
Real Asset     Real Estate 
 Investments   Fund V          41%                  34%                                7                1 
              Strategic 
Secondary      Secondaries 
 Investments   II              77%                  75%                               10                0 
------------  ------------  -----   -----------  -----   ------------  -----------------  --------------- 
 
 
   (1) Co-mingled fund, excluding mandates and undrawn commitments 
 
   During the quarter we have also signed, subject to completion, a 
pioneering transaction for our Strategic Equity funds with their first 
transaction in Asia. This makes our Strategic Equity business truly 
global and highlights its significant growth potential. 
 
   90% of our AUM is in closed end funds where outflows occur with the 
realisation of the underlying portfolio companies. The pace of 
realisations remained healthy as companies continue to take advantage of 
market liquidity to sell assets and lock in performance. 
 
   The balance sheet investment portfolio was GBP2,118m at 31 December 2018 
(30 September 2018: GBP2,110m) with new investments offsetting the 
realisation of older assets. As the balance sheet solely invests to 
support our fund management activities, its portfolio has become 
increasingly diversified by geography and product with its performance 
reflecting that of the funds in which it invests. 
 
   The balance sheet remains well funded with available cash and unutilised 
bank lines of GBP428.4m at 31 December 2018 (30 September 2018: 
GBP390.8m) and no material refinancing requirements in the next 12 
months. 
 
   Result of audit tender 
 
   As disclosed in the Group's 2018 Annual Report and accounts, ICG must 
appoint a new auditor for its year ending 31 March 2021. The tender 
process was conducted during 2018 to allow as wide a group of 
participants as possible sufficient time to be able to become 
independent. 
 
   Following a competitive tender process led by the Audit Committee, ICG 
announces its intention to propose the appointment of Ernst & Young LLP 
as its external auditor for the financial year ending 31 March 2021. A 
resolution to approve their appointment will be proposed to shareholders 
at the Company's AGM in July 2020. 
 
   The Board expects Deloitte LLP will remain the Group's auditors until 
the year ending 31 March 2020. To facilitate an orderly transition, 
Ernst & Young LLP will also observe the FY20 audit. 
 
   Enquiries 
 
   Analyst / Investor enquiries: 
 
   Philip Keller, CFOO, ICG                                                                                                +44 (0) 20 3201 7700 
 
 
   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. 
 
   This Trading Statement contains information which, prior to this 
announcement was inside information. 
 
   About ICG 
 
   ICG is a specialist asset manager with over 29 years' history. We manage 
EUR35.2bn of assets in third party funds and proprietary capital, 
principally in closed end funds. Our strategy is to grow our specialist 
asset management activities to deliver increased shareholder value. Our 
goal is to generate income and consistently high returns whilst 
protecting against investment downside for our fund investors. We seek 
to achieve this through our expertise in investing across the capital 
structure. We combine flexible capital solutions, local access and 
insight with an entrepreneurial approach to give us a competitive edge 
in our markets. 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 to deliver value to our fund investors and increase 
shareholder value. 
 
   We are listed on the London Stock Exchange (ticker symbol: ICP) and 
provide investment management and advisory services in support of our 
strategy and goal through a number of regulated subsidiaries, further 
details of which are available at: www.icgam.com. 
 
 
 
 

(END) Dow Jones Newswires

January 29, 2019 02:00 ET (07:00 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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