Icg Enterprise Trust Plc Gbp · LSE:ICGT
Icg Enterprise Trust Plc Gbp — ICG Enterprise Trust — FY2021 Earnings Presentation
19 slides from Icg Enterprise Trust Plc Gbp's earnings presentation, April 2021
Slide 1: Results to 31 January 2021
Results to 31 January 2021 Excellent performance demonstrating strength of strategy and Portfolio Note: All data as at 31 January 2021 unless specified
Slide 2: Year in review
2 Year in review Excellent Strong investment Attractive Portfolio positioned for Portfolio performance activity continued growth NAV per share of 1,384.4p, total Dedicated investment team Portfolio broadly diversified by return of 22.5% driven by Portfolio remained active; sourcing sector and
Slide 3: Private equity market
3 Private equity market Sector demonstrated its resilience during 2020, outlook remains positive Key themes during 20201 Private equity outperformance expected to continue2 Total global buyout values up 8% despite Global private equity (buyout) 13.8% total volumes declining Europe large cap 7.8% UK
Slide 4: ICG Enterprise Trust
4 ICG Enterprise Trust Investing in private companies to generate long-term returns 40 years generating value for shareholders Track record of long-term value creation Incorporated in June 1981 Last 3 Last 5 FY21 years2 years3 FTSE 250-listed company: daily liquidity NAV per share +22.5% +53.1%
Slide 5: Relationship with ICG plc
5 Relationship with ICG plc Significant benefits to ICG Enterprise Trust Access +30 Year track record Deal Flow €47.2bn1 AUM ESG +400 Employees 14 Insight Countries FTSE 100 Support 1 As at 31 December 2020
Slide 6: Creating value for our shareholders
6 Creating value for our shareholders Significant shareholder value added since ICG became Manager1 Historical NAV growth 1,400 12% 1,300 8% 1,200 1,100 4% 1,000 0% 900 -4% 800 700 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 -8% Jan-21 +15.9% NAV per share Q-o-Q NAV per Share Total Return (RHS) Five-year ann
Slide 7: Our track record
7 Our track record Excellent performance investing and managing our Portfolio Portfolio returns1 Realisations at attractive returns2 Uplifts to latest carrying values %3 2.7x 40 2.4x 2.4x 2.4x 37 35 31 1.9x 24 +24.9% +21.8% +16.4% +16.6% +15.0% FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17
Slide 8: Actively managed Portfolio
8 Actively managed Portfolio Delivering attractive risk-adjusted returns High Conviction Investments Third party direct and Third Party Funds ICG Investments secondary investments ICG invests with third party managers who ICG selects underlying companies select underlying companies 9 of Top 30 compa
Slide 9: Portfolio structure
9 Portfolio structure Broad-based growth underlines benefits of approach High Conviction Third Party Funds Total Investments £49m £90m £139m Total new investments Total proceeds £62m £147m £209m Portfolio return 48.0% 9.0% 24.9% (on a local currency basis) Note: 12 months to 31 January 2021 22.4% ex
Slide 10: Portfolio growth
10 Portfolio growth Driven by High Conviction Investments Portfolio value (£m) Drivers of value include: Drivers of value include: Consumer Technology Technology Consumer Business services Consumer £12m £43m £80m excluding £158m fund disposals £949m £(209)m £139m £806m Opening Portfolio Total procee
Slide 11: Performance of Top 30 companies: 52% of Portfolio
11 Performance of Top 30 companies: 52% of Portfolio Strong operational performance underpins value Top 30 companies reported LTM revenue growth of 15% Of the Top 30 companies, EBITDA is a relevant metric for 261. These companies: Reported LTM revenue and EBITDA growth of 12% and 14% respectiv
Slide 12: Focus on our largest 10 investments
12 Focus on our largest 10 investments Managing diversification and exposure Largest 10 investments represent 33% of Portfolio value Broad diversification across sector, vintage and geography 9 of the largest 10 investments are High Conviction Investments Rank 1 2 3 4 5 6 7 8 9 10 % Portfolio
Slide 13: Continued investing in attractive opportunities
13 Continued investing in attractive opportunities Deployed £139m during the year, of which £49m in High Conviction Investment activity accelerated during the year (£m) High Conviction Investments made during the year1 Technology 57 New Direct £16m Healthcare Investments Technology Rebound after mar
Slide 14: Third Party Funds are a strategic benefit
14 Third Party Funds are a strategic benefit Providing deal flow to direct investments Examples of Third Party Funds and current direct investments1 Deployed £90m into Third Party Funds during the year Commitments to Third Party Funds give us access to direct investment deal flow where we can in
Slide 15: Our Portfolio today
15 Our Portfolio today Strategically positioned for defensive growth Optimising exposure of Top 30 companies as % of Portfolio value1 Listed private equity peers 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Reducing alpha Increasing single-asset risk Increasing North America exposure Resilient sector
Slide 16: Robust balance sheet
16 Robust balance sheet Well positioned to take advantage of upcoming opportunities £418m £201m Uncalled commitments1 (£77m of which are to funds Liquidity available outside of their investment period) £45m £156m Cash Undrawn bank facility £177m New facility entered into since the year end, effectiv
Slide 17: Activity since the year end
17 Activity since the year end1 Continued momentum across the business Realisations and Bank facility Fund commitments fund disposals2 £49m committed £97m total proceeds Four-year revolving credit facility signed with Credit Suisse €200m (£177m), replacing existing €176m (£156m) Effective from
Slide 18: Outlook
18 Outlook Differentiated approach to deliver significant value over long term Success evidenced by Differentiated approach Continued momentum performance Active approach to portfolio NAV total return of 22.5% for the Strong momentum has continued construction and management year and 109.3% fo
Slide 19: Legal notice
19 Legal notice 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 intende