15 Apr 2019

2019 Full Year Results

Strong portfolio performance delivers double digit growth

Highlights

  • NAV per share of 1,057p - total return of 12.4%1 in the year
    • Growth driven by strong profit growth and realisation uplifts
  • 10th consecutive year of double digit underlying Portfolio growth
    • 15.0%1 constant currency return on the investment Portfolio; 16.6%1 return in sterling
    • 16% average LTM earnings growth from Top 30 Companies; 46% of the Portfolio
      • Top 30 Dominated by high conviction investments
    • £163m of proceeds received
    • Realisations at 35%1 uplift to carrying value; 2.4x1 multiple to cost
  • Continued selective investment into compelling opportunities
    • £158m of new capital deployed; 50% into high conviction investments
    • Focus remains on defensive growth, structural downside protection and relative value
    • Five co-investments completed; two alongside ICG and three alongside third party managers
    • £162m committed to 10 primary funds; four new relationships
  • Strategic benefits of move to ICG continue to add significant value
    • ICG managed investments now represents 20% of the Portfolio
    • Flexible mandate to invest across the capital structure providing downside protection
    • Continued geographic diversification; US now represents 26% of the Portfolio
  • Further realisations since the year end and a strong pipeline of new opportunities
    • £19m of distributions and £12m of calls paid1
    • Commitments to two new US mid-market manager relationships and one existing European manager
      • $20m commitment to AEA Investors, $15m to Gryphon Investors and €20m to Cinven VII
  • Strong balance sheet
    • Closing net asset value of £731m; investment portfolio represents 95% of net asset value
    • Cash balance of £61m; uncalled commitments of £411m
    • £211m total liquidity (including £150m undrawn bank facility)2
      • New €176m (£150m) bank facility agreed; more favourable terms and matures in two equal tranches in April 2021/2022
      • Enlarged facility further strengthens financial position and provides greater flexibility to take advantage of investment opportunities
  • Annual dividend of 22p
    • Final dividend of 7p, taking total dividends for the year to 22p
    • 4.8% increase on previous year and 2.7% yield on year end share price
  • Continued short, medium and long-term outperformance of public markets
Performance to 31 Jan 2019  1 year  3 years  5 years  10 years*
Net asset value per share 12.4% 53.7% 74.7% 172.9%
Share price 3.0% 62.8% 67.2% 431.1%
FTSE All-Share Index (total return) -3.8% 28.5% 31.2% 148.3%

All performance figures are stated on a total return basis (i.e. including the effect of re-invested dividends)
*As the Company changed its year end in 2010, the ten-year figures are for the 121-month period to 31 January 2019.

1 Alternative Performance Measure
2 As at 31 March 2019

Emma Osborne, ICG, commented:

"The portfolio has delivered its 10th consecutive year of double digit underlying growth, driven by continued strong profit growth and valuation uplifts on realisations.

Against the current backdrop of high valuations for new investments and continuing macro uncertainties we remain highly selective in redeploying cash generated by the portfolio. We have a strong pipeline of new opportunities and believe the portfolio is well positioned to continue to generate shareholder value."

Share price (ICGT)

870p
-2.00P (-0.23%)
11:40AM 17 Sep 2019
The share price information is delayed by at least 15 minutes

Net Asset Value

1,068p
As of 30 April 2019
Next update: October 2019 – Q2 results
Year Net assets NAV per share Share price Dividends per share
Jan 2019 £731m 1,057p 822p 22p
Jan 2018 £664m 959p 818p 21p
Jan 2017 £613m 871p 698p 20p
Jan 2016 £521m 731p 545p 11p
Jan 2015 £507m 695p 575p 15.5p
Jan 2014 £494m 677p 563p 15.5p
Jan 2013 £460m 631p 487p 5p
Jan 2012 £415m 569p 357p 5p
Jan 2011 £389m 534p 308p 2.25p
Dec 2009 £338m 464p 305p 2.25p
Dec 2008 £327m 449p 187p 4.5p

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