Icg Enterprise Trust Plc Gbp · LSE:ICGT
Icg Enterprise Trust Plc Gbp — ICG Enterprise Trust — H1 FY2022 Earnings Presentation
16 slides from Icg Enterprise Trust Plc Gbp's earnings presentation, Oct 5, 2021
Slide 1: Interim results for the six months to 31 July 2021
Interim results for the six months to 31 July 2021 5 OCTOBER 2021 Note: All data as at 31 July 2021 unless specified PRIVATE AND CONFIDENTIAL
Slide 2: Key highlights from another strong period
Key highlights from another strong period • Portfolio grows to £1bn for first time • NAV per share of 1,523p; total return of 11.1% for the first half • Five-year annualised NAV per share total return of 16% • Continued strong momentum across the business • Broad-based Portfolio performance • Realis
Slide 3: Period in review
Period in review PERFORMANCE BALANCE SHEET NAV per share Portfolio LTM Return 1,523p £949m £1,019m NAV per share1 Portfolio2 £70m Cash 3 1,384p 38% 49% £241m Liquidity FY21 H1 '22 FY21 H1 '22 98% Invested 4 NEW INVESTMENTS REALISATION ACTIVITY Total New Investments High Conviction Realisation Procee
Slide 4: Track record of creating value for our shareholders
Track record of creating value for our shareholders HISTORICAL NAV GROWTH 1,600 12% 10% 1,400 8% 6% 1,200 4% 2% 1,000 0% 800 -2% -4% 16% 600 -6% Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 NAV per share (p) Q-o-Q NAV per Share Total Return (RHS) ALONGSIDE PROGRESSIVE DIVIDEND POLICY1 Five-year annuali
Slide 5: Portfolio value grows to £1bn milestone
Portfolio value grows to £1bn milestone PORTFOLIO VALUE ICG SELECTS UNDERLYING COMPANIES DIRECTLY ICG Managed £1,019m 10 25% Investments of top 30 Third Party Direct and £949m Secondary Investments 27% companies 14 Third Party Funds £806m Five-year annualised local currency returns 21% £695m 21% of
Slide 6: Broad based Portfolio growth
Broad based Portfolio growth PORTFOLIO VALUE 26% Uplift to Carrying £133m total £142m total Value from 34 Full Exits New Investments valuation increase Key drivers: Key drivers: PRIVATE AND CONFIDENTIAL 6
Slide 7: Realisation momentum continuing
Realisation momentum continuing HISTORICAL REALISATION ACTIVITY KEY REALISATIONS IN THE PERIOD TMT £175m £117m £85m Healthcare Education £68m £39m H1 '18 H1 '19 H1 '20 H1 '21 H1 '22 H2 realisations TMT TMT UPLIFTS TO CARRYING VALUE1 FY18 FY19 FY20 FY21 40% 35% 37% 31% 26% 1 Represents uplift in valu
Slide 8: Leading to 11.1% NAV per share total return
Leading to 11.1% NAV per share total return NAV PER SHARE BRIDGE Note: Shareholder returns are comprised of dividends (reduction to NAV of 15p per share) and share buybacks (increase to NAV of 4p per share). FX and other is comprised of FX (reduction to NAV of 30p per share) and expenses (reduction
Slide 9: Portfolio constructed for defensive growth
Portfolio constructed for defensive growth APPROPRIATELY DIVERSIFIED PORTFOLIO % of Portfolio value 8% 7% 6% 28% 43% 52% 5% 4% Top 10 Top 30 Top 50 3% 2% 1% 0% BALANCED GEOGRAPHICAL EXPOSURE RESILIENT SECTOR EXPOSURE Consumer goods and services North America Healthcare and education TMT Europe Busin
Slide 10: Largest investments
Largest 10 investments % PORTFOLIO MANAGER YEAR OF SECTOR HQ VALUE INVESTMENT Consumer goods and 7.5% BC Partners 2015 USA services 3.1% ICG 2018 Business services Germany Consumer goods and 2.7% Graphite Capital 2010 UK services 2.6% ICG / Hg Capital 2017 / 2020 TMT Norway 2.4% New Mountain Capital
Slide 11: Top companies
Top 30 companies TOP 30 SECTOR EXPOSURE CONSISTENT GROWTH IN REVENUE AND PROFITABILITY1 NEW TOP 30 ENTRANTS LTM revenue growth 18% Financials 13% 12% 12% 11% TMT TMT FY18 FY19 FY20 FY21 H1 '22 Consumer goods and services LTM EBITDA growth Healthcare and education Healthcare TMT 26% Business services
Slide 12: Investing in future growth
Investing in future growth NEW INVESTMENTS HIGH CONVICTION INVESTMENTS MADE IN THE PERIOD1 £37m Healthcare £4m TMT £9m New Direct TMT £7m Investments Financials Healthcare £7m £10m £32m £30m Healthcare Business services Through ICG funds £30m Financials Consumer £30m £101m £40m £47m £32m £35m £47m £
Slide 13: ICG LPS I: LP secondary investment in focus
ICG LPS I: LP secondary investment in focus £32M DIVERSIFIED PORTFOLIO OF LEADING MANAGERS Diversified by fund1 INVESTMENT ALONGSIDE ICG AN ATTRACTIVE ECONOMIC PROFILE 90+ Underlying funds Attractive pricing Significant near-term liquidity Diversified by sector2 22% 19% 15% 14% 14% 16% Enhanced visi
Slide 14: Outlook: Well positioned to deliver shareholder value over the long term
Outlook: Well positioned to deliver shareholder value over the long term KEY HIGHLIGHTS FROM THE PERIOD PROVEN MODEL TARGETING CONSISTENT RETURNS • Portfolio grows to £1bn for first time Dedicated, Focused Unique access to experienced investment • NAV per share of 1,523p; total investment team ICG p
Slide 15: Q&A
Q&A PRIVATE AND CONFIDENTIAL
Slide 16: Legal notice
Legal notice What this document is for GE general information only. It is not intended to be a comprehensive account of ICG Enterprise's activities and investment record nor has it been prepared for any other purpose. The information contained in this document is not intended to make any offer, indu
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