Icg Enterprise Trust Plc Gbp · LSE:ICGT
Icg Enterprise Trust Plc Gbp — ICG Enterprise Trust — Q3 FY23 Earnings Presentation
17 slides from Icg Enterprise Trust Plc Gbp's earnings presentation, December 2022
Slide 1: Defensive growth in action
Defensive growth in action Note: All data as at 31 October 2022 unless specified
Slide 2: Highlights
Highlights • LTM Portfolio Return on a Local Currency basis of +13.8% (+0.2% for the quarter) • LTM NAV per Share Total Return of +19.9% (+3.6% for the quarter) Performance • Resilient performance through a period of increased market volatility • 11 full exits at a 33.0% weighted average uplift to c
Slide 3: Period in review
Period in review VALUE TO SHAREHOLDERS BALANCE SHEET NAV per Share Portfolio Total Return (LTM) +3.6%1 +0.2%2 1,918p £1,408m 1,852p £1,354m NAV Portfolio Total available liquidity per share (LCY)2 19.9% 13.8% £174m H1'23 Q3'23 H1 '23 Q3 '23 INVESTMENT ACTIVITY DURING THE QUARTER REALISATION ACTIVITY
Slide 4: Continuing to realise investments at a premium
Continuing to realise investments at a premium REALISATION PROCEEDS SELECTED REALISATIONS 22% LTM 6 MONTHS TO 31 JULY 3 MONTHS TO 31 OCTOBER Realisation Proceeds / Opening Portfolio £265m Healthcare Business services Business services Healthcare £169m £119m £108m £94m Consumer goods TMT TMT Consumer
Slide 5: Investing today, committing to tomorrow
Investing today, committing to tomorrow NEW INVESTMENTS 3 MONTHS TO 31 OCTOBER 2022 NEW DIRECT INVESTMENTS £204m £208m £114m £110m £82m NEW COMMITMENTS FY19 FY20 FY21 FY22 YTD FY23 Q4 Investments Primary Secondary Direct 1 ICG Enterprise Trust has invested €10.0m into KronosNet, a new entity represe
Slide 6: New manager relationship in focus
New manager relationship in focus Leonard Green & Partners $20M Founded in 1989 with over $70bn of assets under management COMMITMENT (FY23) Focus on US market leading companies with defensive market positions, multiple drivers of growth and strong management teams Flexible investment approach to ca
Slide 7: Portfolio today: actively constructed for defensive growth
Portfolio today: actively constructed for defensive growth DIVERSIFIED PORTFOLIO % of Portfolio value % PORTFOLIO VALUE 1 3% 20% 39% 48% 2% Top 10 Top 30 Top 50 1% 0% BALANCED GEOGRAPHICAL EXPOSURE RESILIENT SECTOR EXPOSURE INVESTMENT TYPE TMT Consumer goods and services North America Primary Health
Slide 8: Invested in companies with defensive growth characteristics
Invested in companies with defensive growth characteristics EXAMPLES FROM TOP 30 COMPANIES Strong market position Mission-critical services Ability to pass on price High margins increases New entrant to the Top 30 during the period Source: ICG Enterprise Trust, as of 31st October 2022 Past performan
Slide 9: Defensive growth in action
Defensive growth in action +20.2% Portfolio Return1 (5Y annualised) +17.6% NAV per Share Total Return (5Y annualised) 2.4% FTSE All Share Index Total Return (5Y annualised) QUARTER ON QUARTER NAV PER SHARE TOTAL RETURN 15% 10% 5% Average 0% -5% Oct-17 May-18 Dec-18 Jun-19 Jan-20 Jul-20 Feb-21 Aug-21
Slide 10: Optimising shareholder returns
Optimising shareholder returns PROGRESSIVE DIVIDEND POLICY LONG-TERM SHARE BUYBACK PROGRAMME IMPROVED MANAGEMENT FEE AGREEMENT Effective from February 2016 Effective from October 2022 Effective from February 2023 3 23p 24p 27p 191.4k ≤1.25% 20p 21p 22p shares repurchased management fee rate 21p • Ti
Slide 11: Looking ahead
Looking ahead • Continued realisations at an uplift to carrying value, driven by sustained demand for quality assets • Portfolio positioned to continue to perform resiliently through ongoing macroeconomic uncertainty • Well capitalised to invest for future growth and maintain progressive dividend po
Slide 12: Q&A
iCG ENTERPRISE TRUST Q&A
Slide 13: Appendix
iCG ENTERPRISE TRUST Appendix
Slide 14: Changes to Management Fee Agreement
Changes to Management Fee Agreement • The ICG Enterprise Trust Board and the Manager have agreed a revised management fee rate, effective from 1 February 2023 • While the management fee arrangement will remain unchanged, a tiered cap as a proportion of NAV has been introduced at the following thresh
Slide 15: Liquidity
Liquidity • Available liquidity of £174.2m, including committed RCF maturing 2026, of which £151.5m remains undrawn • Net debt of £32.7m • £429.4m of Undrawn Commitments within investment period o Further £99.1m of commitments to funds that are outside of their investment period • Overcommitment rat
Slide 16: Performance figures
Performance figures Performance for 12 months ending: 31 Oct 2022 31 Oct 2021 31 Oct 2020 31 Oct 2019 31 Oct 2018 NAV per Share Total Return 19.9% 33.2% 11.1% 11.3% 14.2% Share Price Total Return (18.1)% 56.3% (9.8)% 15.5% 1.9% FTSE All-Share Index Total Return (2.8)% 35.4% (18.6)% 6.8% (1.5)% Sourc
Slide 17: Legal notice
Legal notice iCG What this document is for This document has been prepared by ICG Alternative Investment Limited (“ICG AIL”) as manager of ICG Enterprise Trust plc (“ICG Enterprise”). The information and any views contained in this document are provided for general information only. It is not intend