TIDMICGT
ICG Enterprise Trust Plc
Unaudited Interim Results For the six months ended
31 July 2023
5 October 2023
Defensive growth with a disciplined approach
Oliver Gardey
Head of Private Equity Fund Investments, ICG
ICG Enterprise Trust's strategy of investing exclusively
in buyouts of businesses that exhibit defensive growth
characteristics - along with our capital allocation
policy - is delivering attractive shareholder returns.
In the last twelve months we have generated an NAV
per Share Total Return of 4.1%, and over the last
five years an annualised NAV Per Share Total Return
of 15.2%.
Although market-wide transaction activity was lower
during the period, we and our Managers have continued
to identify attractive opportunities for new investments
and realisations. Total Realisations during the period
generated proceeds of GBP94.1m, including 17 full
exits at a weighted average Uplift to Carrying Value
of 17.7%. Our investments of GBP64.1m during the period
included two Direct investments.
A challenging fundraising market for private equity
managers continues to be a favourable environment
for our perpetual capital structure, and we made nine
new commitments during the period, including to two
funds managed by ICG.
Our Portfolio is performing in line with our expectations,
and the Primary commitments made in recent quarters
are enabling us to continue to build a diversified
Portfolio through cycles. Our relationship with ICG
is demonstrating economic and broader benefits to
ICG Enterprise Trust, and we feel well positioned
for the months ahead and for the longer term.
PERFORMANCE OVERVIEW
Annualised
Performance
to 31 July
2023 3 months 6 months 1 year 3 years 5 years 10 years
------------ --------------- ------------ ------------ ------------- ------------- -------------
Portfolio
Return on a
Local
Currency
Basis 4.3% 4.6% 7.3% 24.3% 17.9% 13.4%
NAV per
Share Total
Return 1.9% 0.8% 4.1% 21.1% 15.2% 13.0%
Share Price
Total
Return 11.7% 2.9% 2.8% 17.0% 9.4% 11.9%
FTSE
All-Share
Index Total
Return (1.2) % 0.5% 6.1% 12.3% 3.4% 5.5%
Portfolio
activity
overview for
H1 FY24 Primary Direct Secondary Total ICG-managed
Local
Currency
return 4.8% 3.8% 5.5% 4.6% 5.1%
Sterling
return 1.8% 1.4% 1.4% 1.6% 1.8%
New
Investments GBP39.2m GBP18.4m GBP6.5m GBP64.1m GBP9.9m
Total
Proceeds GBP46.6m GBP35.3m GBP12.2m GBP94.1m GBP15.8m
New Fund
Commitments GBP89.7m - GBP20.3m GBP110.0m GBP42.2m
------------ ------------- ------------- ------------- -------------- -------------
Closing
Portfolio
value GBP767.5m GBP372.5m GBP258.8m GBP1,398.8m GBP411.9m
------------ ------------- ------------- ------------- -------------- -------------
% Total
Portfolio 54.9% 26.6% 18.5% 100.0% 29.4%
OUTLOOK
We are encouraged by the performance of our underlying
investments, which have continued to generate robust
revenue and EBITDA growth.
In the current market, we opt to retain a disciplined
approach to Direct investments, and our fund commitments
are enabling us to continue to invest in our portfolio.
We continue to see favourable dynamics in the Secondary
market as other private equity investors seek routes
to liquidity. Importantly, we remain confident in
the quality of our Portfolio, of our managers, and
of our team, to generate resilient long-term returns
for our shareholders.
---------------------------------------------------------
COMPANY TIMETABLE
A presentation for investors and analysts will be held at 10:00
BST today. A link for the presentation can be found on the
https://www.globenewswire.com/Tracker?data=KST8GFsiiwQkqam29kfOdfJ756F6lCG8_TFehzO8t4RP0qeeYhUaODR_aatDZq9wYfh2eaziB2s71YVWok_igaYgg3MNTPsBViYwJOEB1ArEaIkB-WaYTubiD6Kf7DjyLh1hITBaAkra9OraJl8xUQ==
Results & Reports page of the Company website. A recording of
the presentation will be made available on the Company website
after the event.
FY24 First Interim Dividend FY24 Second Interim
Dividend
Ex-dividend date 17 August 2023 16 November 2023
Record date 18 August 2023 17 November 2023
Dividend payment date 1 September 2023 1 December 2023
ENQUIRIES
Institutional investors and analysts:
Chris Hunt, Head of Shareholder Relations +44 (0) 20 3545 2000
Livia Bridgman Baker, Shareholder Relations
Media:
Clare Glynn, Corporate Communications +44 (0) 20 3545 1395
ABOUT ICG ENTERPRISE TRUST
ICG Enterprise Trust is a leading listed private equity investor
focused on creating long-term growth by delivering consistently
strong returns through selectively investing in profitable,
cash-generative private companies, primarily in Europe and the US,
while offering the added benefit to shareholders of daily
liquidity.
We invest in companies directly as well as through funds managed
by Intermediate Capital Group ('ICG') and other leading private
equity managers who focus on creating long-term value and building
sustainable growth through active management and strategic
change.
NOTES
Included in this document are Alternative Performance Measures
("APMs"). APMs have been used if considered by the Board and the
Manager to be the most relevant basis for shareholders in assessing
the overall performance of the Company, and for comparing the
performance of the Company to its peers and its previously reported
results. The Glossary includes further details of APMs and
reconciliations to International Financial Reporting Standards
("IFRS") measures, where appropriate.
In the Manager's Review and Supplementary Information, all
performance figures are stated on a Total Return basis (i.e.
including the effect of re-invested dividends). ICG Alternative
Investment Limited, a regulated subsidiary of Intermediate Capital
Group plc, acts as the Manager of the Company.
DISCLAIMER
The information contained herein and on the pages that follow
does not constitute an offer to sell, or the solicitation of an
offer to acquire or subscribe for, any securities in any
jurisdiction where such an offer or solicitation is unlawful or
would impose any unfulfilled registration, qualification,
publication or approval requirements on ICG Enterprise Trust PLC
(the "Company") or its affiliates or agents. Equity securities in
the Company have not been and will not be registered under the
applicable securities laws of the United States, Australia, Canada,
Japan or South Africa (each an "Excluded Jurisdiction"). The equity
securities in the Company referred to herein and on the pages that
follow may not be offered or sold within an Excluded Jurisdiction,
or to any U.S. person ("U.S. Person") as defined in Regulation S
under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"), or to any national, resident or citizen of an
Excluded Jurisdiction.
The information on the pages that follow may contain forward
looking statements. Any statement other than a statement of
historical fact is a forward looking statement. Actual results may
differ materially from those expressed or implied by any forward
looking statement. The Company does not undertake any obligation to
update or revise any forward looking statements. You should not
place undue reliance on any forward looking statement, which speaks
only as of the date of its issuance.
CHAIR'S FOREWORD
ICG Enterprise Trust aims to provide investors with exposure to
private equity investments that can deliver resilient returns for
our shareholders over the long term, with the added benefit of
daily liquidity.
Your Company's NAV per Share Total Return during the period was
0.8% and at 31 July 2023 the Company's NAV stood at 1,904p per
share. Over the longer-term, our track record is evidencing the
success of our investment strategy: over the five years to 31 July
2023 we have generated an annualised NAV per Share Total Return of
15.2%, and over the three years to 31 July 2023 we have generated
an annualised NAV per Share Total Return of 21.1%.
Despite this impressive track record and the resilient
operational performance of our underlying investments, our discount
has remained wide, in common with much of the listed private equity
investment trust sector. In the face of this, the Board has taken a
number of steps to optimise returns for our shareholders today, and
to engage with the shareholders of tomorrow.
Costs remain a focus for the Board, and this period benefits
from the management fee cap and cost sharing agreement we entered
into with the Manager, effective from 1(st) February 2023. In
aggregate we estimate shareholders have saved approximately GBP1m
in this period as a result of these actions, including the
management fees of GBP8.0m being approximately 8% lower than they
would have been had the management fee cap not been in place.
Our buyback programme has been successfully and regularly
implemented since its introduction almost a year ago today: we have
repurchased just under 1 million shares at a weighted average
discount to NAV of 40.6%. These buybacks represent GBP10.6m of
capital returned to shareholders, equivalent to approximately one
third of total cash returns during the period. Alongside this, we
reiterate our commitment to the Company's progressive dividend
policy.
Finally, your Board recognises the importance of transparent and
open shareholder engagement, and I look forward to seeing a number
of you in the coming months. I was delighted to represent the Board
at ICG Enterprise Trust's first Investor Day earlier this year.
Then, as now, your Board remains confident that ICG Enterprise
Trust is well positioned to navigate the current macroeconomic
environment. The portfolio has performed well over the last year,
reassuring us that it will be resilient and defensive through the
cycle. Our underlying earnings continue to grow, which should
provide long term returns for our shareholders.
Jane Tufnell
Chair
5 October 2023
MANAGER'S REVIEW
Alternative Performance Measures
The Board and the Manager monitor the financial performance of
the Company on the basis of Alternative Performance Measures (APM),
which are non-IFRS measures. The APM predominantly form the basis
of the financial measures discussed in this review, which the Board
believes assists shareholders in assessing their investment and the
delivery of the investment strategy.
The Company holds certain investments in subsidiary entities.
The substantive difference between APM and IFRS is the treatment of
the assets and liabilities of these subsidiaries. The APM basis
"looks through" these subsidiaries to the underlying assets and
liabilities they hold, and it reports the investments as the
Portfolio APM. Under IFRS, the Company and its subsidiaries are
reported separately. The assets and liabilities of the subsidiaries
are presented on the face of the IFRS balance sheet as a single
carrying value. The same is true for the IFRS and APM basis of the
Cash flow statement.
The following table sets out IFRS metrics and the APM
equivalents:
31 July 31 July 31 July
IFRS (GBPm) 2023 2022 APM (GBPm) 2023 31 July 2022
------------ ----------- ----------- ----------- ----------- ------------
Investments 1,342.7 1,298.1 Portfolio 1,398.8 1,353.7
------------ ----------- -----------
NAV 1,290.3 1,268.8
------------ ----------- ----------- ----------- ----------- ------------
Cash flows
from the
sale of
portfolio Total
investments 15.7 18.2 Proceeds 94.1 106.8
------------ ----------- ----------- ----------- ----------- ------------
Cash flows
related to
the
purchase of
portfolio Total New
investments 15.5 29.6 Investment 64.1 143.7
------------ ----------- ----------- ----------- ----------- ------------
The Glossary includes definitions for all APM and, where
appropriate, a reconciliation between APM and IFRS.
Our investment strategy
We focus on investing in buyouts of profitable, cash-generative
businesses in developed markets that exhibit defensive growth
characteristics which we believe support strong and resilient
returns across economic cycles.
We take an active approach to portfolio construction, with a
flexible mandate that enables us to deploy capital in Primary,
Secondary and Direct investments. Geographically we focus on the
developed markets of North America and Europe which have deep and
mature private equity markets supported by a robust corporate
governance ecosystem.
Medium-term target Five-year average 31 July 2023
------------------------- ------------------ ----------------- ------------
1. Target Portfolio
composition (1)
Investment category
-------------------------
Primary 50% 61% 55%
Direct 25% 27% 27%
Secondary 25% 12% 18%
Geography(2)
-------------------------
North America 50% 39% 43%
Europe (inc. UK) 50% 55% 51%
Other -- 6% 6%
2. Balance sheet
(Net cash)/debt(3) 0% (2)% 4%
1 As percentage of Portfolio; 2 (Net cash)/net debt
as a percentage of NAV; 3 (Net cash)/debt as a percentage
of NAV
Note: five year average is the linear average of FY
exposures for FY20 - FY23 and H1 FY24
ICG Enterprise Trust benefits from access to ICG-managed funds
and Direct investments, which represented 29.4% of the Portfolio
value at period end and generated a 5.1% return on a local currency
basis.
Performance overview
At 31 July 2023, our Portfolio was valued at GBP1,398.8m, and
the Portfolio Return on a Local Currency Basis for the first half
of the financial year was 4.6% (H1 FY23: 7.3%).
All investment categories, Primary, Direct and Secondary,
generated positive Portfolio returns during the period:
-- Primary investments generated a local currency return of 4.8%. Returns
were broad based, with notable outperformance from funds managed by ICG
and Gridiron, among others
-- Direct Investments generated a return of 3.8%, reflecting resilient
operational performance, as well as a number of realisations agreed
during the period
-- Secondary investments generated a return of 5.5%
Over the last five years, our Portfolio has generated an
annualised Portfolio Return on a Local Currency Basis of 17.9%.
Due to the geographic diversification of our Portfolio, the
reported value is impacted by changes in foreign exchange rates.
During the period, the Portfolio decreased by GBP42.5m (3.0%) due
to FX movements, driven by Sterling appreciation versus both the
Euro and US Dollar. In Sterling terms, Portfolio growth during the
period was 1.6%.
ICG Enterprise Trust generated a NAV per Share Total Return of
0.8% during H1 FY24 (4.1% on an LTM basis), ending the period with
a NAV per Share of 1,904p.
Over the last five years, ICG Enterprise Trust has generated an
annualised NAV per Share Total Return of 15.2%.
Movement in the Portfolio Six months to Six months to
GBPm 31 July 2023 31 July 2022
-------------------------------------------- --------------- ---------------
Opening Portfolio(1) 1,406.4 1,172.2
--------------- ---------------
Total New Investments 64.1 143.7
Total Proceeds (94.1) (106.8)
--------------- ---------------
Portfolio net cashflow (30.0) 36.9
Valuation movement(2) 65.0 87.0
Currency movement (42.6) 57.6
-------------------------------------------- --------------- ---------------
Closing Portfolio 1,398.8 1,353.7
-------------------------------------------- --------------- ---------------
% Portfolio growth (local currency) 4.6% 7.4%
% currency movement (3.0)% 5.0%
-------------------------------------------- --------------- ---------------
% Portfolio growth (Sterling) 1.6 % 12.4%
Impact of (net cash)/net debt 0.1 % 0.2%
Expenses and other income (1.0) % (0.9) %
Co-investment Incentive Scheme Accrual (0.2) % (0.8) %
Impact of share buybacks and dividend
reinvestment 0.3 % --%
-------------------------------------------- --------------- ---------------
NAV per Share Total Return 0.8 % 10.9%
-------------------------------------------- --------------- ---------------
1 Refer to the Glossary
2 92.4% of the Portfolio is valued using 30 June 2023
(or later) valuations (2022: 99.6%)
Portfolio company performance
Our Portfolio companies delivered robust financial performance
during the period, generating double digit revenue and EBITDA
growth over the last twelve months. As well as performance metrics
for our Top 30 companies, we include data for our "Enlarged
Perimeter", which represents the aggregate value of the Top 30
Companies and as many of the managers from within the Top 30 funds
as practicable. At 31 July 2023, the Enlarged Perimeter represented
66.4% of the Portfolio by value.
Based on the Enlarged Perimeter, valuation metrics and leverage
of the Portfolio remained broadly stable during the period:
EV/EBITDA for the Enlarged Perimeter was 14.4x for the period
(FY23: 14.0x); and Net Debt / EBITDA for the Enlarged Perimeter was
4.7x (FY23: 4.6x).
Top 30 Enlarged Perimeter
------------------------------------------ ------------- ------------------
Portfolio coverage 36.8% 66.4%
------------------------------------------ ------------- ------------------
Last Twelve Months ('LTM') revenue growth 14.9% 15.6%
------------------------------------------ ------------- ------------------
LTM EBITDA growth 14.7% 16.9%
------------------------------------------ ------------- ------------------
Net Debt / EBITDA(1) 4.8x 4.7x
------------------------------------------ ------------- ------------------
Enterprise Value / EBITDA(1) 14.7x 14.4x
------------------------------------------ ------------- ------------------
Note: values are weighted averages for the respective
portfolio segment; see Glossary for definition and
calculation methodology
1 Weighted average metrics exclude PetSmart, for which
EBITDA multiple is not an appropriate valuation metric
Quoted company exposure
We do not actively invest in publicly quoted companies but gain
listed investment exposure when IPOs are used as a route to exit an
investment. In these cases, exit timing typically lies with the
manager with whom we have invested.
At 31 July 2023, ICG Enterprise Trust's exposure to quoted
companies was valued at GBP97.1m, equivalent to 6.9% of the
Portfolio value (FY23: 7.8%). Across the Portfolio, quoted
positions resulted in a marginal decrease of GBP0.1m in Portfolio
NAV during the period. The share price of our largest listed
exposure, Chewy, decreased by 24% in local currency (USD) during
the period.
At 31 July 2023 there was one quoted investment that
individually accounted for 0.5% or more of the Portfolio value:
31 July 2023 % of
Company Ticker Portfolio value
----------------------------------------- --------------- ---------------------
Chewy (part of PetSmart)(1) CHWY-US 2.7%
Other companies 4.2%
---------------------------------------------------------- ---------------------
Total 6.9%
---------------------------------------------------------- ---------------------
1 Value includes entire holding of PetSmart and Chewy.
Majority of value is within Chewy
During the period, BC Partners (the underlying manager of the
PetSmart investment) announced a transaction between PetSmart/Chewy
and Apollo, which is expected to close later this year. While we do
not expect a meaningful near-term impact on our Portfolio valuation
or realisation proceeds as a result of this transaction, we believe
it provides some long-term flexibility around this investment for
BC Partners.
Realisation activity
During the first half of FY24, the ICG Enterprise Trust
Portfolio generated Total Realisation Proceeds of GBP94.1m.
Realisation activity during the period included 17 Full Exits.
These were completed at a weighted average Uplift to Carrying Value
of 17.7% and weighted average Multiple to Cost of 4.0x.
The 10 largest underlying realisations in the period, which
represent 65.8% of Total Realisation Proceeds, are set out in the
table below:
Proceeds
Investment Description Manager Country GBPm
----------- --------------------------------------------------------- ------------- ------------ ------------
Endeavor Leeds Equity United
Schools Provider of paid private schooling Partners States 32.9
Signify New Mountain United
Health Provider of technology enabled healthcare payor services Capital States 8.3
CVC Capital
Breitling Manufacturer of luxury watches Partners Switzerland 3.9
GoodLife
Foods Producer of frozen snacks Egeria Netherlands 3.3
Charterhouse
Capital
SERB Manufacturer of speciality pharmaceuticals Partners Belgium 2.9
Manufacturer and supplier of components for earth-moving One Equity
USCO machines Partners Italy 2.5
Enhesa Provider of Environmental, Health and Safety compliance
Group support ICG Belgium 2.4
Provider of management and accounting outsourcing CVC Capital
TMF services Partners Netherlands 2.1
Ilionx Provider of IT services and solutions Egeria Netherlands 1.8
group.ONE Provider of web hosting and domain services Cinven Sweden 1.7
----------- --------------------------------------------------------- ------------- ------------ ------------
Total of 10 largest underlying realisations 61.8
------------------------------------------------------------------------------------- ------------ ------------
New investment activity
Total new investments of GBP64.1m during the period, of which
5.4% (GBP9.9m) were alongside ICG. New investment by category
detailed in the table below:
Investment Category Cost (GBPm) % of New Investments
-------------------- ------------ --------------------
Primary 39.2 61.2%
-------------------- ------------ --------------------
Direct 18.4 28.7%
-------------------- ------------ --------------------
Secondary 6.5 10.1%
-------------------- ------------ --------------------
Total 64.1 100.0%
-------------------- ------------ --------------------
During the first half of the financial year we made two new
Direct Investments for a combined value of GBP12.2m. The balance of
Direct Investments is comprised of GBP6.2m of incremental drawdowns
across existing Direct Investments.
The 10 largest underlying new investments in the period were as
follows:
Cost
Investment Description Manager Country GBPm(1)
------------- ----------------------------------------------------------- -------------- -------- -------
Archer Developer of governance, risk and compliance software United
Technologies intended for risk management Cinven States 9.5
Atlas
Technical Provider of professional testing, inspection, engineering, United
Consultants environmental and consulting services GI Partners States 4.2
Independence Graphite United
Products Provider of prescribed infection prevention products Capital Kingdom 1.5
NovaTaste Supplier of flavourings and ingredients PAI Partners Austria 1.3
Provider of geospatial intelligence and satellite Advent United
Maxar manufacturing services International States 1.2
Advent
Envalior Provider of engineering materials solutions International Germany 1.1
United
Looping Operator of theme parks PAI Partners Kingdom 1.0
European
Camping
Group Operator of premium campsites and holiday parks PAI Partners France 1.0
Operator of a SaaS platform that provides enterprises
Coupa with procurement, invoicing, and expense management United
Software modules Thoma Bravo States 1.0
Leeds Equity United
TalentNeuron Provider of talent analytics and labour market data Partners States 1.0
------------- ----------------------------------------------------------- -------------- -------- -------
Top 10 largest underlying new investments 22.8
---------------------------------------------------------------------------------------------------- -------
1 Represents ICG Enterprise Trust's indirect investment (share
of fund cost) plus any direct investments in the period.
Commitments
The fundraising market continues to be favourable to ICG
Enterprise Trust: in an environment where many investors are
restricted in their ability to commit new capital, our perpetual
capital structure and flexible investment mandate enables us to
commit through the cycle, maintaining vintage diversification for
our Portfolio and sowing the seeds for future growth.
During the period we made nine new fund Commitments totalling
GBP110.0m, including to two funds managed by ICG plc, as detailed
below:
Fund Manager Type / Focus Commitment during the
period
------------------ -------------- -------------- --------------------------
Local currency GBPm
Audax Private Audax Group Primary / $10.0m GBP8.0m
Equity VII mid-market
buyouts
Cinven VIII Cinven Primary / EUR15.0m GBP13.2m
large buyouts
Hellman Friedman Hellman & Primary / $10.0m GBP8.0m
XI Friedman large buyouts
ICG Europe ICG Primary / EUR25.0m GBP22.0m
Mid-Market II mid-market
buyouts
Apax XI Apax Partners Primary / EUR10.0m GBP8.8m
mid-market
buyouts
Bregal Bregal Primary / EUR10.0m GBP8.7m
Unternehmerkapital mid-market
IV buyouts
CVC IX CVC Capital Primary / EUR15.0m GBP13.0m
Partners large buyouts
Genstar Capital Genstar Primary / $10.0m GBP8.0m
Partners XI Capital large buyouts
Partners
ICG Strategic ICG Secondaries / $25.0m GBP20.3m
Equity V GP-led
At 31 July 2023, ICG Enterprise Trust had outstanding Undrawn
Commitments of GBP548.7m.
6 months to 31 July 2023
Movement in outstanding Commitments GBPm
-------------------------------------------------- ------------------------
Undrawn Commitments as at 1 February 2023 496.7
New Fund Commitments 110.0
New Commitments relating to Co-investments 12.5
Drawdowns (64.1)
Currency and other movements, including repayment
of commitments which can be reinvested (6.4)
-------------------------------------------------- ------------------------
Undrawn commitments as at 31 July 2023 548.7
-------------------------------------------------- ------------------------
Total Undrawn Commitments at 31 July 2023 represented GBP429.3m
of Undrawn Commitments to funds within their Investment Period,
while GBP119.4m was to funds outside their Investment Period.
31 July 2023 31 July 2022
GBPm GBPm
------------------------------------------------ ------------- -------------
Undrawn Commitments -- funds in Investment
Period 429.3 367.0
Undrawn Commitments -- funds outside Investment
Period 119.4 129.7
------------------------------------------------ ------------- -------------
Total Undrawn Commitments 548.7 496.7
Total available liquidity (including facility) (158.6) (167.0)
------------------------------------------------ ------------- -------------
Overcommitment net of total available liquidity 390.1 329.7
------------------------------------------------ ------------- -------------
Overcommitment % of net asset value 30.2% 25.3%
------------------------------------------------ ------------- -------------
Commitments are made in the funds' underlying currencies. The
currency split of the undrawn commitments at 31 July 2023 was as
follows:
31 July 2023 31 July 2022
Undrawn Commitments GBPm % GBPm %
US Dollar 271.5 49.4% 253.7 51.1%
Euro 261.0 47.6% 226.1 45.5%
Sterling 16.2 3.0% 16.9 3.4%
-------------------- ----- -------------- ----- --------------
Total 548.7 100.0% 496.7 100.0%
-------------------- ----- -------------- ----- --------------
Liquidity
At 31 July 2023 ICG Enterprise Trust had a cash balance of
GBP24.0m (31 January 2023: GBP20.7m) and total available liquidity
of GBP158.6m (31 January 2023: GBP167.0m).
GBPm
------------------------------------- ------
Cash at 31 January 2023 20.7
Realisation Proceeds 94.1
New investments (64.1)
Debt drawn down 5.4
Shareholder returns (17.3)
Management fees (7.5)
FX and other expenses (7.3)
------------------------------------- ------
Cash at 31 July 2023 24.0
------------------------------------- ------
Available undrawn debt facilities 134.6
------------------------------------- ------
Total available liquidity 158.6
------------------------------------- ------
At 31 July 2023, the drawn debt was GBP72.9m (31 January 2023:
GBP65.4m), resulting in a net debt position of GBP48.9m. At 31 July
2023, the Portfolio represented 108.4% of net assets (31 January
2023: 108.1%).
GBPm % of net assets
--------------------------------------- ------- ---------------
Portfolio 1,398.8 108.4%
Cash 24.0 1.9%
Drawn debt (72.9) (5.6%)
Co-investment Incentive Scheme Accrual (57.0) (4.4%)
Other net current liabilities (2.6) (0.3%)
--------------------------------------- ------- ---------------
Net assets 1,290.3 100.0%
--------------------------------------- ------- ---------------
Our objective is to be fully invested through the cycle, while
ensuring that we have sufficient financial resources to be able to
take advantage of attractive investment opportunities as they
arise. Drawdowns of commitments are funded from Total Proceeds and,
where appropriate, the debt facility.
Dividend and share buyback
Reflecting the Company's ongoing focus on optimising shareholder
returns, ICG Enterprise Trust maintains a progressive dividend
policy alongside an active share buyback programme to return
capital to shareholders.
The Board has declared a dividend of 8p per share in respect of
the second quarter, taking total dividends for the period to 16p
(H1 FY23: 14p). It remains the Board's intention, in the absence of
any unforeseen circumstances, to declare total dividends of at
least 32p per share for the financial year, implying an increase of
6.7% on the previous financial year.
In October 2022 the Board announced the introduction of a
long-term active share buyback programme, which may be executed at
any discount to NAV. Details of share repurchases made under this
programme are provided below:
Buyback activity summary H1 FY24 Since 19 October 2022(1)
------------------------------------- ------------- ------------------------
Number of shares purchased 583,352 946,347
------------------------------------- ------------- ------------------------
Aggregate consideration GBP6.5m GBP10.6m
------------------------------------- ------------- ------------------------
Weighted average discount to last
reported NAV 41.2% 40.6%
------------------------------------- ------------- ------------------------
(1) Being the date the long-term share buyback programme
was announced, up to and including 30 September 2023
Note: aggregate consideration excludes commission,
PTM and SDRT
The Board believes the buyback programme demonstrates the
Manager's discipline around capital allocation; underlines the
Board's confidence in the long-term prospects of the Company, its
cashflows and NAV; will enhance the NAV per share; and, over time,
may positively influence the volatility of the Company's discount
and its trading liquidity.
The Board reviews the size, mandate and efficacy of the buyback
programme on a quarterly basis, to ensure it is working in the
long-term interests of shareholders and in line with the objectives
outlined above.
The Board retains absolute discretion as to the execution,
pricing and timing of any share buybacks, subject to the conditions
set out in the authority to execute share buybacks approved at the
Company's 2023 Annual General Meeting. Any shares repurchased by
the Company will be held in treasury.
Activity since the period end
Notable activity between 1 August 2023 and 31 August 2023 has
included:
-- Realisation Proceeds of GBP8.4m
-- New investments of GBP15.0m
Foreign exchange rates
The details of relevant FX rates applied in this report are
provided in the table below:
Average rate 6 months to Period end rate
-------------------------- --------------------------
31 July 2023 31 July 2022 31 July 2023 31 July 2022
-------- ------------ ------------ ------------ ------------
GBP:EUR 1.1465 1.1680 1.1671 1.1341
GBP:USD 1.2445 1.2257 1.2836 1.2320
EUR:USD 1.0854 1.0491 1.0997 1.0863
ICG Private Equity Fund Investments Team
5 October 2023
SUPPLEMENTARY INFORMATION
This section presents supplementary information regarding the
Portfolio (see Manager's Review and the Glossary for further
details and definitions).
Portfolio composition
Portfolio
by calendar
year of % of value of underlying investments % of value of underlying investments
investment 31 July 2023 31 July 2022
----------- ------------------------------------ ------------------------------------
2023 2.3 % -- %
2022 17.0% 19.6%
2021 27.4% 25.1%
2020 10.7% 10.3%
2019 12.7% 12.0%
2018 10.7% 12.0%
2017 6.2% 6.7%
2016 4.0% 4.1%
2015 3.3% 4.1%
2014 and
older 5.7% 6.1%
----------- ------------------------------------ ------------------------------------
Total 100.0% 100.0%
----------- ------------------------------------ ------------------------------------
Portfolio by % of value of underlying investments % of value of underlying investments
sector 31 July 2023 31 July 2022
------------ ------------------------------------ ------------------------------------
TMT 24.1% 22.5%
Consumer
goods and
services 20.9% 20.9%
Healthcare 13.2% 13.3%
Business
services 12.9% 12.6%
Industrials 8.1% 8.4%
Education 5.4% 7.0%
Financials 6.0% 5.0%
Leisure 4.8% 3.9%
Other 4.6% 6.4%
------------ ------------------------------------ ------------------------------------
Total 100.0% 100.0%
------------ ------------------------------------ ------------------------------------
Portfolio by fund 31 July 2023 31 July 2022 31 July 2022
currency(1) GBPm % GBPm %
----------------------- ------- -------------- ------------ --------------
US Dollar 671.3 48.0% 508.7 43.4%
Euro 612.0 43.8% 558.5 47.6%
Sterling 115.2 8.2% 104.7 9.0%
Other 0.3 --% 0.3 --%
----------------------- ------- -------------- ------------ --------------
Total 1,398.8 100.0% 1,172.2 100.0%
----------------------- ------- -------------- ------------ --------------
(1) Currency exposure by reference to the reporting
currency of each fund .
Portfolio Dashboard
The tables below provide disclosure on the composition and
dispersion of financial and operational performance for the Top 30
and the Enlarged Perimeter. At 31 July 2023, the Top 30 Companies
represented 36.8% of the Portfolio by value and the Enlarged
Perimeter represented 66.4% of total Portfolio value. This
information is prepared on a value-weighted basis, based on
contribution to Portfolio value at 31 July 2023.
% of value at 31 July 2023
----------------------------------
Sector exposure Top 30 Enlarged Perimeter
---------------------------- -------------- ------------------
TMT 26.6% 22.2%
Consumer goods and services 21.2% 20.9%
Business services 17.7% 14.5%
Healthcare 10.6% 12.9%
Education 7.7% 5.9%
Leisure 7.1% 5.5%
Financials 2.6% 4.3%
Industrials 6.5% 9.5%
Other - 4.3%
---------------------------- -------------- ------------------
Total 100.0% 100.0%
---------------------------- -------------- ------------------
% of value at 31 July 2023
----------------------------------
Geographic exposure(1) Top 30 Enlarged Perimeter
----------------------- -------------- ------------------
North America 43.1% 45.0%
Europe 50.1% 51.0%
Other 6.8% 4.0%
----------------------- -------------- ------------------
Total 100.0% 100.0%
----------------------- -------------- ------------------
1 Geographic exposure is calculated by reference to
the location of the headquarters of the underlying
Portfolio companies
% of value at 31 July 2023
-------------------------------------
LTM revenue growth Top 30 Enlarged Perimeter
----------------------- --------------- --------------------
<0% 12.6% 13.0%
0-10% 26.7% 28.6%
10-20% 31.7% 27.7%
20-30% 9.8% 12.5%
>30% 12.0% 13.0%
n.a.(1) 7.2% 5.2%
----------------------- --------------- --------------------
Weighted average 14.9% 15.6%
----------------------- --------------- --------------------
Note: for consistency, any excluded investments are
excluded for all dispersion analysis.
1 n.a. within Top 30 represents PetSmart, for which
EBITDA multiple is not an appropriate valuation metric.
% of value at 31 July 2023
--------------------------------------
LTM EBITDA growth Top 30 Enlarged Perimeter
---------------------- --------------- ---------------------
<0% 20.1% 23.1%
0-10% 20.2% 18.9%
10-20% 30.5% 24.1%
20-30% 4.6% 7.7%
>30% 17.4% 20.5%
n.a(1) 7.2% 5.7%
---------------------- --------------- ---------------------
Weighted average 14.7% 16.9%
---------------------- --------------- ---------------------
Note: for consistency, any excluded investments are
excluded for all dispersion analysis.
1 n.a. within Top 30 represents PetSmart, for which
EBITDA multiple is not an appropriate valuation metric.
% of value at 31 July 2023
-------------------------------------
EV/EBITDA multiple Top 30 Enlarged Perimeter
----------------------- --------------- --------------------
0-10x 8.8% 14.1%
10-12x 15.7% 15.5%
12-13x 15.2% 13.7%
13-15x 19.7% 18.4%
15-17x 15.8% 13.0%
17-20x 8.1% 9.2%
>20x 9.5% 10.1%
n.a.(1) 7.2% 6.0%
----------------------- --------------- --------------------
Weighted average 14.7x 14.4x
----------------------- --------------- --------------------
Note: for consistency, any excluded investments are
excluded for all dispersion analysis.
1 n.a. within Top 30 represents PetSmart, for which
EBITDA multiple is not an appropriate valuation metric.
% of value at 31 July 2023
--------------------------------------
Net Debt / EBITDA Top 30 Enlarged Perimeter
---------------------- --------------- ---------------------
<2x 21.0% 15.9%
2-4x 9.0% 18.6%
4-5x 19.0% 15.8%
5-6x 17.0% 17.1%
6-7x 7.0% 9.7%
>7x 20.0% 15.8%
n.a.(1) 7.0% 7.1%
---------------------- --------------- ---------------------
Weighted average 4.8x 4.7x
---------------------- --------------- ---------------------
Note: for consistency, any excluded investments are
excluded for all dispersion analysis.
1 n.a. within Top 30 represents PetSmart, for which
EBITDA multiple is not an appropriate valuation metric.
Top 30 companies
The table below presents the 30 companies in which ICG
Enterprise Trust had the largest investments by value at 31 July
2023. The valuations are gross of underlying managers fees and
carried interest.
Year of Value as a %
Company Manager investment Country of Portfolio
----------------------------------------------------------- ------------ ----------- ------------ -------------
1 Minimax
Supplier of fire protection systems and services ICG 2018 Germany 3.1%
2 Petsmart / Chewy
Retailer of pet products and services BC Partners 2015 United States 2.7%
3 Froneri
Manufacturer and distributor of ice cream products PAI 2013 / 2019 United Kingdom 2.2%
4 Leaf Home Solutions
Provider of home maintenance services Gridiron 2016 United States 1.7%
5 European Camping Group
Operator of premium campsites and holiday parks PAI 2021 / 2023 France 1.4%
6 Yudo
Designer and manufacturer of hot runner systems ICG 2017 / 2018 South Korea 1.4%
7 Curium Pharma
Supplier of nuclear medicine diagnostic pharmaceuticals ICG 2020 United Kingdom 1.4%
8 AML RightSource
Provider of compliance and regulatory services and
solutions Gridiron 2020 United States 1.3%
9 Circana (formerly known as IRI)
Provider of mission-critical data and predictive analytics
to consumer goods manufacturers New Mountain 2022 United States 1.3%
10 Precisely
Clearlake /
Provider of enterprise software ICG 2021 / 2022 United States 1.3%
11 Newton
Provider of management consulting services ICG 2021 / 2022 United Kingdom 1.2%
12 Ambassador Theatre Group
ICG /
Operator of theatres and ticketing platforms Providence 2021 United Kingdom 1.2%
13 David Lloyd Leisure
Operator of premium health clubs TDR 2013 / 2020 United Kingdom 1.2%
14 Crucial Learning
Provider of corporate training courses focused on
communication skills and leadership development Leeds Equity 2019 United States 1.1%
15 DomusVi
Operator of retirement homes ICG 2017 / 2021 France 1.1%
16 Visma
Provider of business management software and outsourcing HgCapital /
services ICG 2017 / 2020 Norway 1.1%
17 PSB Academy
Provider of private tertiary education ICG 2018 Singapore 1.1%
18 Ivanti
Charlesbank
Provider of IT management solutions / ICG 2021 United States 1.1%
19 Planet Payment
Provider of integrated payments services focused on Advent /
hospitality and luxury retail Eurazeo 2021 Ireland 1.0%
20 DigiCert
Provider of enterprise security solutions ICG 2021 United States 1.0%
21 ECA Group
Provider of autonomous systems for the aerospace and
maritime sectors ICG 2022 France 1.0%
22 Davies Group
Provider of speciality business process outsourcing
services BC Partners 2021 United Kingdom 1.0%
23 KronosNet
Provider of tech-enabled customer engagement and business
solutions ICG 2022 Spain 0.9%
24 Class Valuation
Provider of residential mortgage appraisal management
services Gridiron 2021 United States 0.9%
25 Brooks Automation
Provider of semiconductor manufacturing solutions THL 2021 / 2022 United States 0.8%
26 WCT
The Jordan
Provider of clinical research outsourcing services Company 2021 United States 0.8%
27 Archer Technologies
Developer of governance, risk and compliance software
intended for risk management Cinven 2023 United States 0.7%
28 AMEOS Group
Operator of private hospitals ICG 2021 Switzerland 0.6%
29 RegEd
Provider of SaaS-based governance, risk and compliance
enterprise solutions Gryphon 2018 / 2019 United States 0.6%
30 Vistage
Provider of CEO leadership and coaching for small
and mid-size businesses in the US Gridiron 2022 United States 0.6%
----------------------------------------------------------- ------------ ----------- ---------------- -------------
Total of the 30 largest underlying investments 36.8%
---------------------------------------------------------------------------------------------------- -------------
The 30 largest fund investments
The table below presents the 30 largest fund investments by
value at 31 July 2023. The valuations are net of underlying
managers' fees and carried interest.
Outstanding
Fund Year of commitment Value GBPm commitment GBPm
------------------- ------------------- ---------- -------------------
ICG Strategic
1 Equity Fund III
GP-led secondary
transactions 2018 34.8 10.8
2 ICG Europe VII
Mezzanine and
equity in
mid-market
buyouts 2018 33.7 6.6
ICG LP Secondaries
3 Fund I
LP-led secondary
transactions 2022 33.2 26.0
4 ICG Ludgate Hill I
Secondary portfolio 2021 31.7 14.0
Gridiron Capital
5 Fund III
Mid-market buyouts 2016 30.2 4.0
CVC European Equity
6 Partners VII
Large buyouts 2017 30.0 1.7
PAI Strategic
7 Partnerships
Mid-market and
large buyouts 2019 29.0 0.3
Graphite Capital
8 Partners VIII
Mid-market buyouts 2013 27.2 2.2
9 PAI Europe VII
Mid-market and
large buyouts 2017 26.5 1.5
Gridiron Capital
10 Fund IV
Mid-market buyouts 2019 23.7 1.0
ICG Strategic
11 Equity Fund IV
GP-led secondary
transactions 2021 23.0 14.9
ICG Ludgate Hill
12 III
Secondary portfolio 2022 21.3 3.3
13 Resolute IV
Mid-market buyouts 2018 20.5 1.5
14 Sixth Cinven Fund
Large buyouts 2016 19.8 1.6
15 Resolute II
Secondary fund
restructuring 2018 18.9 1.1
16 Oak Hill V
Mid-market buyouts 2019 18.9 1.0
CVC European Equity
17 Partners VI
Large buyouts 2013 18.0 1.9
Advent Global
18 Private Equity IX
Large buyouts 2019 17.1 0.8
Advent Global
Private Equity
19 VIII
Large buyouts 2016 17.1 0.0
20 Seventh Cinven
Large buyouts 2019 16.9 3.8
21 AEA VII
Mid-market buyouts 2019 16.3 0.6
BC European Capital
22 X
Large buyouts 2016 16.0 1.4
23 Resolute V
Mid-market buy-outs 2021 15.7 1.1
New Mountain
24 Partners V
Mid-market buyouts 2017 15.4 1.7
ICG Augusta
Partners
25 Co-Investor
Secondary fund
restructurings 2018 15.3 17.6
Thomas H Lee Equity
26 Fund VIII
Mid-market and
large buyouts 2017 15.2 2.2
27 Gryphon V
Mid-market buyouts 2019 14.9 1.7
Graphite Capital
28 Partners IX
Mid-market buyouts 2018 14.8 5.8
BC European Capital
29 IX
Large buyouts 2011 14.0 0.6
ICG Europe
30 Mid-Market Fund
Mezzanine and
equity in
mid-market
buyouts 2019 13.1 7.6
------------------- ----------------------- ---------- -------------------
Total of the largest 30 fund investments 642.2 138.3
Percentage of total investment Portfolio 45.9%
---------------------------------------- ---------- -------------------
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the Company are
substantially the same as those disclosed in the Strategic Report
and in the notes to the Financial Statements in the Company's
latest Annual Report for the year ended 31 January 2023 which was
approved by the Board on 10 May 2023.
The Company considers its principal risks (as well as several
underlying risks comprising each principal risk) in four
categories:
Investment risks: the risk to performance resulting from
ineffective or inappropriate investment selection, execution or
monitoring.
External risks: the risk of failing to deliver the Company's
investment objective and strategic goals due to external factors
beyond the Company's control.
Operational risks: the risk of loss resulting from inadequate or
failed internal processes, people or systems and external event,
including regulatory risk.
Financial risks: the risks of adverse impact on the Company due
to having insufficient resources to meet its obligations or
counterparty failure and the impact any material movement in
foreign exchange rates may have on underlying valuations.
A comprehensive risk assessment process is undertaken regularly
to re-evaluate the impact and probability of each risk
materialising and the strategic, financial and operational impact
of the risk. Where the residual risk is determined to be outside of
appetite, appropriate action is taken.
In addition to these, emerging risks are regularly considered to
assess any potential impact on the Company and to
determine whether any actions are required. The Board also
regularly considers the evolution of requirements and standards
relating to ESG and responsible investing.
Related Party Transactions
There have been no material changes in the related party
transactions described in the 31 January 2023 Annual Report.
Directors' Responsibility Statement
The Directors are responsible for preparing the Interim Report,
in accordance with applicable laws and regulations. The Directors
confirm that, to the best of their knowledge:
-- The condensed interim financial statements have been prepared in
accordance with UK-adopted IAS 34 Interim condensed financial statements
and gives a true and fair view of the assets, liabilities, financial
position and profit or loss of the Company;
-- The Chair's Statement and Manager's Review includes a fair review of the
information required by DTR 4.2.7R of the Disclosure Guidance and
Transparency Rules, being an indication of important events that have
occurred during the first six months of the financial year and their
impact on the condensed interim financial statements, and a description
of the principal risks and uncertainties for the remaining six months of
the year; and
-- The interim financial statements include a fair review of the information
required by DTR 4.28R of the Disclosure Guidance and Transparency Rules,
being related party transactions that have taken place in the first six
months of the financial year and that have materially affected the
financial position or performance of the Company during that period, and
any changes in the related party transactions described in the last
Annual Report that could do so.
The Interim Report was approved by the Board and the above
Directors' Responsibility Statement was signed on its behalf by the
Chair.
Jane Tufnell
Chair
5 October 2023
Unaudited Interim Financial Statements for the period ended 31
July 2023
INTERIM CONDENSED FINANCIAL STATEMENTS
Income statement
Half year to 31 July 2023 Half year to 31 July 2022
(Unaudited) (Unaudited)
Revenue Revenue
return Capital return Total return Capital return Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ ------ -------- -------------- -------- -------- -------------- --------
Income, gains and losses
on investments 481 19,267 19,748 1,489 135,029 136,518
Deposit interest 324 - 324 - - -
Other income 78 - 78 - - -
Foreign exchange gains and
losses - 38 38 - 46 46
-------------------------- -------- -------------- -------- -------- -------------- ----------
883 19,305 20,188 1,489 135,075 136,564
-------- -------------- -------- -------- -------------- ----------
Expenses
Investment management
charges (802) (7,219) (8,021) (814) (7,323) (8,137)
Finance cost (433) (3,899) (4,332) (155) (1,394) (1,549)
Other expenses (887) - (887) (960) - (960)
-------------------------- -------- -------------- -------- -------- -------------- ----------
(2,122) (11,118) (13,240) (1,929) (8,717) (10,646)
-------- -------------- -------- -------- -------------- ----------
(Loss)/profit before tax (1,239) 8,187 6,948 (440) 126,358 125,918
-------- -------------- -------- -------- -------------- ----------
Taxation 1,837 (1,837) - 464 (464) -
-------------------------- -------- -------------- -------- -------- -------------- ----------
Profit for the period 598 6,350 6,948 24 125,894 125,918
-------- -------------- -------- -------- -------------- ----------
Attributable to:
------------------ ------ -------- -------------- -------- -------- -------------- ----------
Equity shareholders 598 6,350 6,948 24 125,894 125,918
-------------------------- -------- -------------- -------- -------- -------------- ----------
Basic and diluted earnings
per share 10.21 183.78
-------------------------- -------- -------------- -------- -------- -------------- ----------
The columns headed 'Total' represent the income statement for
the relevant financial years and the columns headed 'Revenue
return' and 'Capital return' are supplementary information in line
with guidance published by the AIC. There is no Other Comprehensive
Income.
All profits are from continuing operations.
The notes on pages 27 to 29 form an integral part of the interim
financial statements.
Balance sheet
31 July 31 January
2023 2023
(unaudited) (audited)
Notes GBP'000 GBP'000
------------------------------------------- ------ ------------ -----------
Non-current assets
Investments held at fair value 7 1,342,657 1,349,075
------------------------------------------- ------ ------------ -----------
Current assets
Cash and cash equivalents 23,504 20,694
Receivables 2,618 2,416
------------------------------------------- ------ ------------ -----------
26,122 23,110
------------------------------------------- ------ ------------ -----------
Current liabilities
Borrowings (72,904) (65,293)
Payables (5,615) (6,274)
------------------------------------------- ------ ------------ -----------
(78,519) (71,567)
------------------------------------------- ------ ------------ -----------
Net current assets / (liabilities) (52,397) (48,457)
------------------------------------------- ------ ------------ -----------
Total assets less current liabilities 1,290,260 1,300,618
------------------------------------------- ------ ------------ -----------
Capital and reserves
Share capital 7,292 7,292
Capital redemption reserve 2,112 2,112
Share Premium 12,936 12,936
Capital reserve 1,268,795 1,279,751
Revenue reserve (875) (1,473)
------------------------------------------- ------ ------------ -----------
Total equity 1,290,260 1,300,618
------------------------------------------- ------ ------------ -----------
Net Asset Value per Share (basic and
diluted) 6 1,904.1 1903.3p
------------------------------------------- ------ ------------ -----------
The notes on pages 27 to 29 form an integral part of the interim
financial statements.
The financial statements on pages 27 to 29 were approved by the
Board of Directors on 4 October 2023 and signed on its behalf
by:
Jane Tufnell Alastair Bruce
Director Director
Cash flow statement
Half year to
Half year to 31 July 2022
31 July 2023 (unaudited)
(unaudited) (restated)
GBP'000 GBP'000
------------------------------------------------ ------------- -------------
Operating activities
Sale of Portfolio investments 15,737 18,183
Purchase of Portfolio investments (13,705) (29,644)
Cash flow to subsidiaries' investments (52,921) (108,890)
Cash flow from subsidiaries' investments 77,331 81,364
Interest income received from Portfolio
investments 294 1,338
Dividend income received from Portfolio
investments 296 151
Other income received and Deposit Interest 401 -
Investment management charges paid (7,488) (11,114)
Other expenses paid (2,892) (1,723)
------------------------------------------------ ------------- -------------
Net cash inflow/(outflow) from operating
activities 17,053 (50,335)
------------------------------------------------ ------------- -------------
Financing activities
Bank facility fee (1,628) (2,018)
Interest paid (2,903) (332)
Purchase of own shares into treasury (6,477) -
Credit Facility utilised 90,087 56,737
Credit Facility repaid (82,476) (17,671)
Equity dividends paid to shareholders (10,886) (15,074)
------------------------------------------------ ------------- -------------
Net cash (outflow)/inflow from financing
activities (14,282) 21,642
------------------------------------------------ ------------- -------------
Net increase/(decrease) in cash and cash
equivalents 2,771 (28,693)
------------------------------------------------ ------------- -------------
Cash and cash equivalents at beginning of period 20,694 41,328
Net increase/(decrease) in cash and cash
equivalents 2,771 (28,693)
Effect of changes in foreign exchange rates 39 56
------------------------------------------------ ------------- -------------
Cash and cash equivalents at end of period 23,504 12,691
------------------------------------------------ ------------- -------------
(1) In the prior period financial statements, 'Cash outflows to
subsidiaries' and 'Cash inflows from subsidiaries' were netted
within 'Net cash flows to subsidiary investments'. The netted items
have been presented gross to display the individual inflows and
outflows to provide better clarity for readers of the financial
statements in line with IAS 7 with a nil impact on the overall Cash
Flow Statement.
The notes on pages 27 to 29 form an integral part of the interim
financial statements.
Statement of changes in equity
Total
Capital redemption Revenue shareholders'
Share capital reserve Share premium Capital reserve reserve equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- -------------- ------------------ -------------- ----------------- --------------- -----------------
Half year to 31 July 2023
(Unaudited)
Opening balance at 1 February
2023 7,292 2,112 12,936 1,279,751 (1,473) 1,300,618
Profit for the period and total
comprehensive income -- -- -- 6,350 598 6,948
Dividends paid -- -- -- (10,886) -- (10,886)
Purchase of own shares into
treasury -- -- -- (6,420) (6,420)
-------------------------------- -------------- ------------------ -------------- ----------------- --------------- -----------------
Closing balance
at 31 July 2023 7,292 2,112 12,936 1,268,795 (875) 1,290,260
-------------------------------- -------------- ------------------ -------------- ----------------- --------------- -----------------
Total
Capital redemption Revenue shareholders'
Share capital reserve Share premium Capital reserve reserve equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- -------------- ------------------ -------------- ----------------- --------------- -----------------
Half year to 31 July 2022
(Unaudited)
Opening balance at 1 February
2022 7,292 2,112 12,936 1,135,637 -- 1,157,977
Profit for the period and total
comprehensive income -- -- -- 125,896 24 125,920
Dividends paid -- -- -- (15,049) (24) (15,074)
Purchase of own shares into
Treasury -- -- -- -- -- --
-------------------------------- -------------- ------------------ -------------- ----------------- --------------- -----------------
Closing balance
at 31 July 2022 7,292 2,112 12,936 1,246,484 -- 1,268,823
-------------------------------- -------------- ------------------ -------------- ----------------- --------------- -----------------
The notes on pages 27 to 29 form an integral part of the
financial statements.
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 31 July 2023
1 GENERAL INFORMATION
These interim condensed financial statements relate to ICG
Enterprise Trust Plc ('the Company'). ICG Enterprise Trust Plc is
registered in England and Wales and is incorporated in the United
Kingdom. The Company is domiciled in the United Kingdom and its
registered office is Procession House, 55 Ludgate Hill, London EC4M
7JW. The Company's objective is to provide long-term growth by
investing in private companies managed by leading private equity
managers.
2 FINANCIAL INFORMATION
The interim condensed financial statements are unaudited and do
not comprise statutory accounts within the meaning of
section 434 of the Companies Act 2006. Within the notes to the
interim condensed financial statements, all current and
comparative data covering the period to (or as at) 31 July 2023
is unaudited. Data given in respect of the year to 31 January
2023
is audited. The statutory accounts for the year to 31 January
2023 have been reported on by Ernst & Young LLP and delivered
to
the Registrar of Companies. The report of the auditors was (i)
unqualified, (ii) did not contain an emphasis of matter
paragraph,
and (iii) did not contain any statements under section 498(2) or
(3) of the Companies Act 2006.
3 BASIS OF PREPARATION
The interim financial statements have been prepared in
accordance with UK-adopted IAS 34 Interim financial Reporting (IAS
34) and on the basis of the accounting policies and methods of
computation set out in the financial statements of the Company for
the year to 31 January 2023.
The financial information for the year ended 31 January 2023 was
prepared in accordance with UK-adopted International Accounting
Standards ('UK-IAS') and the Statement of Recommended Practice
('SORP') for investment trusts issued by the Association of
Investment Companies in July 2022.
The Company comprises one operating segment which is also a
reporting segment.
Going concern
These financial statements have been prepared on a going concern
basis and on the historical cost basis of accounting,
modified for the revaluation of certain assets at fair value. In
making their going concern assessment, the Directors have
considered the potential impact of principal risks on the
Company's business activities; the Company's net cash position;
the
availability of the Company's credit facility and compliance
with its covenants; and the Company's cash flow projections, in
particular those arising from committed but undrawn
commitments.
The Directors have concluded based on the above assessment that
the preparation of the interim condensed financial
statements on a going concern basis, to 31 October 2024, a
period of more than 12 months from the signing of the interim
condensed financial statements, continues to be appropriate.
4 DIVIDS
Half year to Half year to
31 July 31 July
2023 2022
GBP'000 GBP'000
--------------------------------------------------- ------------ ------------
Third Quarterly dividend in respect of year ended
31 January
2023 of 7.0p per share (2022: 6.0p) 4,781 4,111
Final dividend in respect of year ended 31 January
2023 of 9.0p per share (2022: 9.0p) 6,105 6,167
First quarterly dividend in respect of year ended
31 January 2024: 8.0p per share (2023: 7.0p) -- 4,796
--------------------------------------------------- ------------ ------------
Total 10,886 15,074
--------------------------------------------------- ------------ ------------
The Board has approved an interim dividend for the quarter to 30
April 2023 of 8.0p per share (totalling GBP5.4m) which has
been paid on 1 September to shareholders on the register on 18
August 2023. The Board has proposed a second interim dividend of
8.0p per share in respect of the year ended 31 January 2024 which
will be paid on 1 December 2023 to shareholders on the register at
the close of business on 17 November 2023.
5 EARNINGS PER SHARE
Half year to 31 July
Earnings per share 2023 Half year to 31 July 2022
------------------------- ------------------------ -------------------------
Revenue return per
ordinary share 0.88p 0.04p
Capital return per
ordinary share 9.33p 183.74p
Earnings per ordinary
share (basic and
diluted) 10.21p 183.78p
Weighted average number
of shares 68,040,279 68,517,055
------------------------- ------------------------ -------------------------
Revenue return per ordinary share is calculated by dividing the
revenue return attributable to equity shareholders of GBP0.6m
(2022: GBP0.0m) by the weighted average number of ordinary shares
outstanding during the year.
Capital return per ordinary share is calculated by dividing the
capital return attributable to equity shareholders of GBP6.4m
(2022: GBP125.9m) by the weighted average number of ordinary shares
outstanding during the year.
Basic and diluted earnings per ordinary share are calculated by
dividing the earnings attributable to equity shareholders of
GBP6.9m (2022: GBP125.9m) by the weighted average number of
ordinary shares outstanding during the year.
The weighted average number of ordinary shares outstanding
(excluding those held in treasury) during the year was 68,040,279
(2022: 68,517,055). There were no potentially dilutive shares, such
as options or warrants, in either year.
6 NET ASSET VALUE PER SHARE
The net asset value per share is calculated on equity
attributable to equity holders of GBP1,290.3m (31 January 2023:
GBP1,300.6m) and on 67,762,825 (31 January 2023: 68,335,575)
ordinary shares in issue at the period end. There were no
potentially dilutive shares, such as options or warrants, at either
year end. Calculated on both the basic and diluted basis the net
asset value per share was 1,904.1p (31 January 2023: 1,903.3p).
7 FAIR VALUE ESTIMATION
IFRS 13 requires disclosure of fair value measurements of
financial instruments categorised according to the following fair
value measurement hierarchy:
-- Quoted prices (unadjusted) in active markets for identical assets or
liabilities (level 1).
-- Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (that is, as
prices) or indirectly (that is, derived from prices) (level 2).
-- Inputs for the asset or liability that are not based on observable market
data (that is, unobservable inputs) (level 3).
The valuation techniques applied to level 3 assets are described
in note 1(c) of the annual financial statements. No investments
were categorised as level 1 or level 2.
The Company's policy is to recognise transfers into and
transfers out of fair value hierarchy levels at the end of the
reporting year when they are deemed to occur.
The following table presents the assets that are measured at
fair value at 31 July 2023 and 31 January 2023:
Level 1 Level 2 Level 3 Total
31 July 2023 GBP'000 GBP'000 GBP'000 GBP'000
------------- ---------- ---------- ----------------- -----------------
Investments
held at fair
value
Unquoted
investments - - 269,553 269,553
Quoted
investments - - - -
Subsidiary
undertakings - - 1,073,104 1,073,104
------------- ----------- ----------- ----------------- -----------------
Total
investments
held at fair
value - - 1,342,657 1,342,657
------------- ----------- ----------- ----------------- -----------------
Level 1 Level 2 Level 3 Total
31 January 2023 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ------- ------- --------- ---------
Investments held at fair value
Unquoted investments - - 269,178 269,178
Quoted investments - - -
Subsidiary undertakings - - 1,079,897 1,079,897
-------------------------------- ------- ------- --------- ---------
Total investments held at fair
value - - 1,349,075 1,349,075
-------------------------------- ------- ------- --------- ---------
7 FAIR VALUE ESTIMATION (CONTINUED)
All unquoted and quoted investments are valued at fair value in
accordance with IFRS 13. The Company has no quoted investments as
at 31 July 2023; quoted investments held by subsidiary undertakings
are reported within Level 3.
Investments in level 3 securities are in respect of private
equity fund investments and co-investments. These are held at fair
value and are calculated using valuations provided by the
underlying manager of the investment, with adjustments made to the
statements to take account of cash flow events occurring after the
date of the manager's valuation, such as realisations or liquidity
adjustments.
The following tables present the changes in level 3 instruments
for the period ended 31 July 2023 and 31 July 2022.
Half year to Half year to
31 July 2023 31 July 2022
GBP'000 GBP'000
----------------------------------- ------------- -------------
Opening Balance 1 February 1,349,075 1,123,747
Additions 64,055 57,170
Disposals (86,090) (18,183)
Gains recognised in profit or loss 15,617 135,319
----------------------------------- ------------- -------------
Closing balance 1,342,657 1,298,053
----------------------------------- ------------- -------------
GLOSSARY
Term Short form Definition
Alternative Performance Measures APMs Alternative Performance Measures are a term defined
by the European Securities and Markets Authority as
"financial measures of historical or future performance,
financial position, or cash flows, other than a financial
measure defined or specified in the applicable financial
reporting framework".
APMs are used in this report if considered by the
Board and the Manager to be the most relevant basis
for shareholders in assessing the overall performance
of the Company and for comparing the performance of
the Company to its peers, taking into account industry
practice.
Definitions and reconciliations to IFRS measures are
provided in the main body of the report or in this
Glossary, where appropriate.
-------------------------------- ------------- ---------------------------------------------------------------
Carried Interest Carried interest is equivalent to a performance fee.
This represents a share of the profits that will accrue
to the underlying private equity managers, after achievement
of an agreed Preferred Return.
-------------------------------- ------------- ---------------------------------------------------------------
Cash drag Cash drag is the negative impact on performance arising
as a result of the allocation of a portion of the
entity's assets to cash.
-------------------------------- ------------- ---------------------------------------------------------------
Co-investment Co-investment is a Direct Investments in a company
alongside a private equity fund.
-------------------------------- ------------- ---------------------------------------------------------------
Co-investment Incentive Scheme Co-investment Incentive Scheme Accrual represents
Accrual the estimated value of interests in the Co-investment
Incentive Scheme operated by the subsidiary partnerships
of the Company.
-------------------------------- ------------- ---------------------------------------------------------------
Commitment Commitment represents the amount of capital that each
investor agrees to contribute to a fund or a specific
investment.
-------------------------------- ------------- ---------------------------------------------------------------
Deployment Please see 'Total new investment'.
-------------------------------- ------------- ---------------------------------------------------------------
Direct Investments An investment in a portfolio company held directly,
not through a private equity fund. Direct Investments
are typically co-investments with a private equity
fund.
-------------------------------- ------------- ---------------------------------------------------------------
Discount Discount arises when the Company's shares trade at
a price below the Company's NAV per Share. In this
circumstance, the price that an investor pays or receives
for a share would be less than the value attributable
to it by reference to the underlying assets. The Discount
is the difference between the share price and the
NAV, expressed as a percentage of the NAV. For example,
if the NAV was 100p and the share price was 90p, the
Discount would be 10%.
-------------------------------- ------------- ---------------------------------------------------------------
Drawdowns Drawdowns are amounts invested by the Company when
called by underlying managers in respect of an existing
Commitment.
-------------------------------- ------------- ---------------------------------------------------------------
EBITDA Stands for earnings before interest, tax, depreciation
and amortisation, which is a widely used performance
measure in the private equity industry.
-------------------------------- ------------- ---------------------------------------------------------------
Enlarged Perimeter As well as performance metrics for our Top 30 companies,
we include data for our "Enlarged Perimeter", which
represents the aggregate value of the Top 30 Companies
and as many of the managers from within the Top 30
funds as practicable.
-------------------------------- ------------- ---------------------------------------------------------------
Enterprise Value EV Enterprise Value is the aggregate value of a company's
entire issued share capital and Net Debt.
-------------------------------- ------------- ---------------------------------------------------------------
Exclusion List The Exclusion List defines the business activities
which are excluded from investment.
-------------------------------- ------------- ---------------------------------------------------------------
FTSE All-Share Index Total The change in the level of the FTSE All-Share Index,
Return assuming that dividends are re-invested on the day
that they are paid.
-------------------------------- ------------- ---------------------------------------------------------------
Full Exits Full Exits are exit events (e.g., trade sale, sale
by public offering, or sale to a financial buyer)
following which the residual exposure to an underlying
company is zero or immaterial; this does not include
Fund Disposals. See 'Fund Disposals'.
-------------------------------- ------------- ---------------------------------------------------------------
Fund Disposals Fund Disposals are where the Company receives sales
proceeds from the full or partial sale of a fund position
within the secondary market.
-------------------------------- ------------- ---------------------------------------------------------------
General Partner GP The General Partner is the entity managing a private
equity fund. This is commonly referred to as the manager.
-------------------------------- ------------- ---------------------------------------------------------------
Hedging Hedging is an investment technique designed to offset
a potential loss on one investment by purchasing a
second investment that is expected to perform in the
opposite way.
-------------------------------- ------------- ---------------------------------------------------------------
Initial Public Offering IPO An Initial Public Offering is an offering by a company
of its share capital to the public with a view to
seeking an admission of its shares to a recognised
stock exchange.
-------------------------------- ------------- ---------------------------------------------------------------
Internal Rate of Return IRR Internal Rate of Return is a measure of the rate of
return received by an investor in a fund. It is calculated
from cash drawn from and returned to the investor,
together with the residual value of the investment.
-------------------------------- ------------- ---------------------------------------------------------------
Investment Period Investment Period is the period in which funds are
able to make new investments under the terms of their
fund agreements, typically up to five years after
the initial Commitment.
-------------------------------- ------------- ---------------------------------------------------------------
Last Twelve Months LTM Last Twelve Months refers to the timeframe of the
immediately preceding 12 months in reference to financial
metrics used to evaluate the Company's performance.
-------------------------------- ------------- ---------------------------------------------------------------
Limited Partner LP The Limited Partner is an institution or individual
who commits capital to a private equity fund established
as a Limited Partnership. These funds are generally
protected from legal actions and any losses beyond
the original investment.
-------------------------------- ------------- ---------------------------------------------------------------
Limited Partnership A Limited Partnership includes one or more General
Partners, who have responsibility for managing the
business of the partnership and have unlimited liability,
and one or more Limited Partners, who do not participate
in the operation of the partnership and whose liability
is ordinarily capped at their capital and loan contribution
to the partnership. In typical fund structures, the
General Partner receives a priority share ahead of
distributions to Limited Partners.
-------------------------------- ------------- ---------------------------------------------------------------
Net Asset Value per Share NAV per Share Net Asset Value per Share is the value of the Company's
net assets attributable to one Ordinary share. It
is calculated by dividing 'shareholders' funds' by
the total number of ordinary shares in issue. Shareholders'
funds are calculated by deducting current and long-term
liabilities, and any provision for liabilities and
charges, from the Company's total assets.
-------------------------------- ------------- ---------------------------------------------------------------
Total Return Total Return is the change in the Company's Net Asset
Value per Share, assuming that dividends are re-invested
at the end of the quarter in which the dividend was
paid.
-------------------------------- ------------- ---------------------------------------------------------------
Net Debt Net Debt is calculated as the total short-term and
long-term debt in a business, less cash and cash equivalents.
-------------------------------- ------------- ---------------------------------------------------------------
Ongoing Charges Ongoing Charges are calculated in line with guidance
issued by the Association of Investment Companies
('AIC') and capture management fees and expenses,
excluding finance costs, incurred at the Company level
only. The calculation does not include the expenses
and management fees incurred by any underlying funds.
-------------------------------- ------------- ---------------------------------------------------------------
Other Net Liabilities Other Net Liabilities at the aggregated Company level
represent net other liabilities per the Company's
balance sheet. Net other liabilities per the balance
sheet of the subsidiaries include amounts payable
under the Co-investment Incentive Scheme Accrual.
-------------------------------- ------------- ---------------------------------------------------------------
Overcommitment Overcommitment refers to where private equity fund
investors make Commitments exceeding the amount of
cash immediately available for investment. When determining
the appropriate level of Overcommitment, careful consideration
needs to be given to the rate at which Commitments
might be drawn down, and the rate at which realisations
will generate cash from the existing Portfolio to
fund new investment.
-------------------------------- ------------- ---------------------------------------------------------------
Portfolio represents the aggregate of the investment
Portfolios of the Company and of its subsidiary Limited
Partnerships. This APM is consistent with the commentary
in previous annual and interim reports. The Board
and the Manager consider that disclosing our Portfolio
assists shareholders in understanding the value and
performance of the underlying investments selected
by the Manager. It is shown before the Co-investment
Incentive Scheme Accrual to avoid being distorted
by certain funds and Direct Investments on which ICG
Enterprise Trust Plc does not incur these costs (for
example, on funds managed by ICG plc). Portfolio is
related to the NAV, which is the value attributed
to our shareholders, and which also incorporates the
Co-investment Incentive Scheme Accrual as well as
the value of cash and debt retained on our balance
sheet.
The value of the Portfolio at 31 July 2023 is GBP1,398.8m
Portfolio (31 January 2023: GBP1,406.4m).
Co-investment
Incentive
IFRS Balance sheet fair Scheme
31 July 2023 GBPm value Net assets of subsidiary limited partnerships Accrual Total Company and subsidiary Limited Partnership
-------------------------- ---------------------------- -------------------------------------------------------- -------------- ------------------------------------------------
Investments(1) 1,342.7 (0.9) 57.0 1,398.8
Cash 23.5 23.5
Other Net Liabilities (75.9) 0.9 (57.0) (132.0)
------------------------------------- ---------------------------- -------------------------------------------------------- -------------- ------------------------------------------------
Net assets 1,290.3 1,290.3
------------------------------------- ---------------------------- -------------------------------------------------------- -------------- ------------------------------------------------
Co-investment
Incentive
IFRS Balance sheet fair Scheme
31 January 2023 GBPm value Balances receivable from subsidiary Limited Partnerships Accrual Total Company and subsidiary Limited Partnership
-------------------------- ---------------------------- -------------------------------------------------------- -------------- ------------------------------------------------
Investments(1) 1,349.1 (0.8) 58.1 1,406.4
Cash 20.7 20.7
Other Net Liabilities (69.2) 0.8 (58.1) (126.5)
------------------------------------- ---------------------------- -------------------------------------------------------- -------------- ------------------------------------------------
Net assets 1,300.6 1,300.6
------------------------------------- ---------------------------- -------------------------------------------------------- -------------- ------------------------------------------------
(1) Investments as reported on the IFRS balance sheet
at fair value comprise the total of assets held by
the Company and the net asset value of the Company's
investments in the subsidiary Limited Partnerships.
---------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Portfolio Portfolio Return on a Local Currency Basis represents
Return on the change in the valuation of the Company's Portfolio
a Local before the impact of currency movements and Co-investment
Currency Incentive Scheme Accrual. The Portfolio return of
Basis 4.6% is calculated as follows:
GBPm 31 July 2023 31 July 2022
-------------------------------------------------------- -------------------------------------------------------- -------------- ------------------------------------------------
Income, gains and losses on Investments 19.7 136.5
Foreign exchange gains and losses included in gains
and losses on investments 43.4 (60.6)
Incentive accrual valuation movement 1.9 11.1
------------------------------------------------------------------- -------------------------------------------------------- -------------- ------------------------------------------------
Total gains on Portfolio investments excluding impact
of foreign exchange 65.0 87.0
------------------------------------------------------------------- -------------------------------------------------------- -------------- ------------------------------------------------
Opening Portfolio valuation 1,406.4 1,172.2
------------------------------------------------------------------- -------------------------------------------------------- -------------- ------------------------------------------------
Portfolio Return on a Local Currency Basis 4.6% 7.4%
------------------------------------------------------------------- -------------------------------------------------------- -------------- ------------------------------------------------
Short
Term form Definition
A reconciliation between the Portfolio Return on Local
Portfolio Return on a Local Currency Basis Currency Basis and NAV per Share Total Return is disclosed
(continued) under 'Total Return'.
------------------------------------------- ------ --------------------------------------------------------------------------------
Portfolio Company refers to an individual company
Portfolio Company in an investment portfolio.
------------------------------------------- ------ --------------------------------------------------------------------------------
Premium occurs when the share price is higher than
the NAV and investors would therefore be paying more
than the value attributable to the shares by reference
Premium to the underlying assets.
------------------------------------------- ------ --------------------------------------------------------------------------------
A Primary Investment is a Commitment to a private
Primary Investment equity fund.
------------------------------------------- ------ --------------------------------------------------------------------------------
A Quoted Company is any company whose shares are listed
Quoted Company or traded on a recognised stock exchange.
------------------------------------------- ------ --------------------------------------------------------------------------------
Realisation Proceeds are amounts received in respect
of underlying realisation activity from the Portfolio
and exclude any inflows from the sale of fund positions
Realisation Proceeds via the secondary market.
------------------------------------------- ------ --------------------------------------------------------------------------------
Realisations - Multiple to Cost is the average return
from Full Exits from the Portfolio in the period on
Realisations - Multiple to Cost a primary investment basis, weighted by cost.
------------------------------------------- ------ --------------------------------------------------------------------------------
31
July 31 July
GBPm 2023 2022
------------------------------------------------------ ----- ----- ----------
Realisation Proceeds from Full Exits in the year-to-date 63.3 73.2
Cost 16.0 32.5
------------------------------------------------------------- ------------------------------------------------- ----- ----------
Average return Multiple to Cost 4.0x 3.3x
------------------------------------------- ------ ------------------------------------------------------ ----- ----- ----------
Realisations -- Uplift To Carrying Value is the aggregate
uplift on Full exits from the Portfolio in the period
excluding publicly listed companies that were exited
Realisations -- Uplift To Carrying Value via sell downs of their shares.
31
July 31 July
GBPm 2023 2022
------------------------------------------------------ ----- ----- ----------
Realisation Proceeds from Full Exits in the year-to-date 63.3 97.2
Prior Carrying Value (at previous quarterly valuation
prior to exit) 53.7 77.2
------------------------------------------------------------- ------------------------------------------------- ----- ----------
Realisations -- Uplift To Carrying Value 17.7% 25.8%
------------------------------------------------------------- ------------------------------------------------- ----- ----------
Secondary Investments occur when existing private
equity fund interests and Commitments are purchased
Secondary Investments from an investor seeking liquidity.
------------------------------------------- ------ --------------------------------------------------------------------------------
Share Price Total Return is the change in the Company's
share price, assuming that dividends are re-invested
Share Price Total Return on the day that they are paid.
------------------------------------------- ------ --------------------------------------------------------------------------------
Total New Investment is the total of direct Co-investment
and fund investment Drawdowns in respect of the Portfolio.
In accordance with IFRS 10, the Company's subsidiaries
are deemed to be investment entities and are included
in subsidiary investments within the financial statements.
Movements in the cash flow statement within the financial
statements reconcile to the movement in the Portfolio
Total New Investment as follows:
31
July 31 July
GBPm 2023 2022
------------------------------------------------------ ----- ----- ----------
Purchase of Portfolio investments per cash flow statement 15.5 29.6
Purchase of Portfolio investments within subsidiary
investments 48.6 114.1
------------------------------------------------------------- ------------------------------------------------- ----- ----------
Total New Investment 64.1 143.7
------------------------------------------------------------- ------------------------------------------------- ----- ----------
Short
Term form Definition
------------ ------
Total Proceeds are amounts received by the Company
in respect of the Portfolio, which may be in the form
of capital proceeds or income such as interest or
dividends. In accordance with IFRS 10, the Company's
subsidiaries are deemed to be investment entities
Total and are included in subsidiary investments within
Proceeds the financial statements.
31 31
July July
GBPm 2023 2022
------------------------------------------------------ ---- -----
Sale of Portfolio investments per cash flow statement 15.7 18.2
Sale of Portfolio investments, interest received,
and dividends received within subsidiary investments 77.3 87.1
Interest income per cash flow statement 0.3 1.3
Dividend income per cash flow statement 0.3 0.2
Other income per cash flow statement 0.5 --
------------------------------------------------------ ---- -----
Total Proceeds 94.1 106.8
Fund Disposals -- 0.0
-------------------------------------------------------- ----------------- ---- -----
Realisation Proceeds 94.1 106.8
-------------------------------------------------------- ----------------- ---- -----
Undrawn Commitments Undrawn Commitments are Commitments that have not
yet been drawn down (please see 'Drawdowns').
-------------------- --------------------------------------------------------------------
Unquoted Company An Unquoted Company is any company whose shares are
not listed or traded on a recognised stock exchange.
-------------------- --------------------------------------------------------------------
Valuation Date The date of the valuation report issued by the underlying
manager.
-------------------- --------------------------------------------------------------------
Valuation Multiples Valuation Multiples are earnings (EBITDA), or revenue
multiples applied in determining the value of a business
enterprise.
(END) Dow Jones Newswires
October 05, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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