TIDMICGT 
 

ICG Enterprise Trust plc

5 October 2021

Unaudited Interim Results for the six months ended 31 July 2021

Portfolio grows to milestone valuation of GBP1bn,

NAV per Share of 1,523p

 
Highlights 
 
 --    NAV per Share of 1,523p, NAV per Share Total Return 
       of 11.1%1 during the period; 37.5% over the last 
       twelve months 
 
 --    Portfolio Return on a Local Currency Basis during the 
       period of 14.9%1 (Sterling return: 12.8%); 48.5% over 
       the last twelve months. Portfolio valued at GBP1,019m 
       on 31 July 2021 
 
 --    Realisation Proceeds of GBP175m in the period, higher 
       than the average annual Realisation Proceeds for the 
       last five years 
 
 --    34 Full Exits generated 26%1 Uplift to Carrying Value 
       and 2.8x1 Multiple to Cost 
 
 --    GBP133m of investments in the period, 76% into High 
       Conviction Investments including five Direct 
       Investments 
 
 --    Second quarter dividend of 6p per share, taking total 
       for the period to 12p. Intention reaffirmed to 
       declare total dividends of at least 27p per share 
       during the financial year ending 31 January 2022, an 
       increase of 12.5% per share compared to the previous 
       financial year 
 
 
Oliver Gardey 
 Head of Private Equity Fund Investments, ICG 
We are delighted to report another strong period for 
 ICG Enterprise Trust. NAV per Share stood at 1,523p 
 at the period end, delivering NAV per Share Total 
 Return of 11.1% in the first half of the year. 
 Our Portfolio has performed well, generating a 14.9% 
 Return on a Local Currency Basis within the period 
 and 48.5% over the last twelve months. We are proud 
 that the Portfolio has grown to the GBP1bn milestone. 
 Growth was broad-based, underpinned by strong performance 
 of our investments across the Portfolio as well as 
 by realisation activity. Realisations continue to 
 be at a significant Uplift to Carrying Value. This 
 is a testament to our focused investment strategy 
 and the quality of the Portfolio we have actively 
 constructed. 
 Investment activity during the second quarter was 
 particularly elevated, in particular in High Conviction 
 Investments. As well as five new direct investments, 
 we co-invested alongside ICG in a substantial LP secondary 
 investment into an attractive portfolio of mature 
 funds. This transaction further demonstrates the benefits 
 we enjoy by being part of the broader ICG platform. 
 Looking ahead, we continue to see a strong pipeline 
 of exciting opportunities to generate attractive risk-adjusted 
 returns. I am therefore confident we remain well placed 
 to deliver further long-term shareholder value. 
 

PERFORMANCE OVERVIEW

 
                3       6 
              months  months     1 year         3 years        5 years       10 years 
------------  ------  ------  -------------  -------------  -------------  ------------- 
Performance 
to 31 July 
2021 
NAV per 
 Share Total 
 Return         9.3%   11.1%          37.5%          57.2%         111.3%         213.3% 
Share Price 
 Total 
 Return         0.9%   13.7%          40.7%          37.6%         109.0%         246.7% 
FTSE 
 All-Share 
 Index Total 
 Return         1.8%   12.6%          26.6%           5.5%          32.3%          90.7% 
 
                              Six months to  Six months to   12 months to   12 months to 
                               31 July 2021   31 July 2020   31 July 2021   31 July 2020 
Portfolio 
 Return on a 
 Local 
 Currency 
 Basis                                14.9%         (3.6)%          48.5%           1.5% 
NAV per 
 Share Total 
 Return                               11.1%         (1.0)%          37.5%         (2.2)% 
Realisation                         GBP175m         GBP39m        GBP273m        GBP112m 
 Proceeds 
Total New                           GBP133m         GBP52m        GBP220m        GBP147m 
 Investment 
 

ENQUIRIES

Investor / Analyst enquiries:

Oliver Gardey, Head of Private Equity Fund Investment, ICG: +44 (0) 20 3545 2000

Colm Walsh, Managing Director, Private Equity Fund Investments, ICG

James Caddy, Investor Relations, ICG

Media enquiries:

Clare Glynn, Corporate Communications, ICG: +44 (0) 20 3545 1395

Ed Gascoigne Pees, Georgina Whittle, Camarco: +44 (0) 20 3757 4987

Website:

www.icg-enterprise.co.uk

Company timetable

Ex-dividend date: 12 November 2021

Record date: 12 November 2021

Payment of dividend: 3 December 2021

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 private companies, primarily in Europe and the US.

As a listed private equity investor, our purpose is to provide shareholders with access to the attractive long-term returns generated by investing in private companies, with the added benefit of daily liquidity.

We invest in companies directly via co-investments and through funds managed by ICG and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

We have a long track record of delivering strong returns through a flexible mandate and highly selective approach that strikes the right balance between concentration and diversification, risk and reward.

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 Chair's Foreword, 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

This report may contain forward looking statements. These statements have been made by the directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward-looking information. These written materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption therefrom. The issuer has not and does not intend to register any securities under the US Securities Act of 1933, as amended, and does not intend to offer any securities to the public in the United States. No money, securities or other consideration from any person inside the United States is being solicited and, if sent in response to the information contained in these written materials, will not be accepted.

CHAIR'S FOREWORD

The backdrop for private equity investments has been strong during the first half of the year despite continued fall-out from the COVID-19 pandemic and other macro uncertainties. We experienced a record period of deal activity globally, both in terms of deal value and volume. Performance dispersion between sectors continued, with the leisure and travel sectors still heavily impacted by government restrictions. Technology, healthcare, and other more defensive sectors on the whole continued to perform well.

In this context, I am pleased to report that your Company's NAV per Share Total Return during the period was 11.1% and at 31 July 2021 NAV stood at 1,523p per share. The Portfolio(2) has performed strongly, recording a Portfolio Return on a Local Currency Basis of 14.9% for the six months to 31 July 2021. It continues to be well constructed and in line with our strategic objectives, with High Conviction Investments representing 48% of the Portfolio and 41% of the Portfolio being invested in the US.

An ICG Enterprise Trust share generated a total return of 13.7% during the period and the Board has declared a dividend of 6p per share in respect of the second quarter. In July the Board approved a buyback of 250,000 of the Company's shares. This decision demonstrates the Board's focus on shareholder returns and on capital allocation to optimise long-term growth in NAV per share.

As we look to the second half of the financial year and beyond, significant macro uncertainties persist and, in some cases, are increasing. However, our investment strategy is clear, our track record continues to grow and our Portfolio is robust.

Your Board remains confident that ICG Enterprise Trust is well positioned to provide shareholders with access to the attractive long-term returns generated by investing in private companies, with the added benefit of daily liquidity.

Jane Tufnell

4 October 2021

MANAGER'S REVIEW

Performance overview

Consistently strong Portfolio performance

Despite continued volatility as a result of the COVID-19 pandemic within the period, the strength of our business model and highly focused investment strategy remains. Over the six month period to 31 July 2021 the Portfolio generated a 14.9% Portfolio Return on a Local Currency Basis and 48.5% over the last twelve months. Over the last five years, the Portfolio has generated Portfolio Return on a Local Currency Basis of 21% p.a.

We aim to deliver attractive risk-adjusted returns by executing our focused and differentiated investment strategy. We focus on buyouts in developed markets, targeting mid-market and larger deals. We look for businesses that are profitable, cash generative and with strong defensive growth characteristics. We find these characteristics in a range of sectors and invest in these businesses directly, through ICG managed funds and through third party private equity managers. When combined, we believe this results in a uniquely balanced portfolio with attractive growth characteristics.

The strength of performance during the period was broad-based, with only one single portfolio company contributing over 5% of gains. Realisation activity has also continued to support Portfolio performance during the period, with an average Uplift to Carrying Value on realisation of 26%.

 
Movement in the Portfolio   Six months to 31 July 2021  Six months to 31 July 2020 
 GBPm                                  GBPm                        GBPm 
--------------------------  --------------------------  -------------------------- 
Opening Portfolio*                               949.2                       806.4 
                            --------------------------  -------------------------- 
Total New Investments                            133.3                        52.4 
Total Proceeds                                 (184.7)                      (94.4) 
                            --------------------------  -------------------------- 
Net cash (inflow)/outflow                       (51.4)                      (42.0) 
Valuation Movement**                             141.6                      (28.7) 
Currency movement                               (20.4)                        29.3 
--------------------------  --------------------------  -------------------------- 
Closing Portfolio*                             1,019.0                       765.0 
% Portfolio growth (local 
 currency)                                       14.9%                      (3.6)% 
--------------------------  --------------------------  -------------------------- 
% currency movement                             (2.1)%                        3.7% 
                            --------------------------  -------------------------- 
% Portfolio growth 
 (Sterling)                                      12.8%                        0.1% 
Expenses and other                              (1.7)%                      (1.1)% 
--------------------------  --------------------------  -------------------------- 
NAV per share Total Return                       11.1%                      (1.0)% 
* Refer to the Glossary for reconciliation to the 
 Portfolio balance presented in the unaudited results. 
** 99% of the Portfolio is valued using 30 June 2021 
 (or later) valuations (31 January 21: 95%). 
 

High Conviction Investments underpinned by investments in leading Third Party Funds

High Conviction Investments are those where ICG has actively selected the underlying companies. We seek to enhance returns and increase visibility on underlying performance drivers. Over the last five years, this part of the Portfolio has generated a Portfolio Return on a Local Currency Basis of 25% p.a.

High Conviction Investments represented 48% of the Portfolio value at 31 July 2021 (31 January 2021: 51%), and we anticipate these investments will represent 50% - 60% of the Portfolio in the medium term. High Conviction Investments generated 10% Portfolio Return on a Local Currency Basis for the period. Key contributors to the strength of performance were from businesses in the technology sector, in particular IRI and Visma. IRI, a provider of mission-critical data and predictive analytics to consumer goods manufacturers, performed extremely well during the period and its valuation was marked up following a partial realisation. Visma, a provider of business management software and outsourcing services, also displayed strong operational performance in the period. Our direct investment in Visma is held alongside Hg Capital and ICG. A number of ICG funds also generated broad-based valuation increases.

Third Party Funds provide a base of strong diversified returns. They also play an important strategic role by providing direct and secondary investment opportunities. Over the last five years, this element of the Portfolio has generated a Portfolio Return on a Local Currency Basis of 18% p.a.

Third Party Funds represented 52% of total Portfolio value at 31 July 2021 (31 January 2021: 49%). Our Third Party Funds generated 20% Portfolio Return on a Local Currency Basis for the period. The most significant contributor to these returns was U-POL Ltd ("U-POL"). U-POL's valuation was increased by 132% compared to its carrying value at 30 April 2021, reflecting an agreed sale price.

 
                                31 July 2021   31 July 2021     31 July 2020 
Investment category                 GBPm       % of Portfolio   % of Portfolio 
------------------------------  ------------  ---------------  --------------- 
ICG managed investments                  274              27%              23% 
Third party Direct Investments           155              15%              16% 
Third party Secondary 
 Investments                              63               6%               5% 
------------------------------  ------------  ---------------  --------------- 
High Conviction Investments              492              48%              44% 
------------------------------  ------------  ---------------  --------------- 
Third Party Funds                        527              52%              56% 
------------------------------  ------------  ---------------  --------------- 
Total                                  1,019             100%             100% 
------------------------------  ------------  ---------------  --------------- 
 

Top 30 companies report another period of double-digit revenue and earnings growth

Our largest 30 underlying companies ("Top 30 companies") represented 43% of the Portfolio by value at 31 July 2021 (31 January 2021: 52%). They performed well in the period, underpinned by strong operational performance, and reported LTM revenue growth of 23%.

Of the Top 30 companies, EBITDA is a relevant metric for 27(3) , which in aggregate represent 34% of the Portfolio by value. These companies reported LTM revenue and EBITDA growth of 18% and 26% respectively. Their Enterprise Value / EBITDA multiples were 14.4x (31 January 2021: 14.0x) and the Net Debt/EBITDA ratio was 3.9x (31 January 2021: 4.3x). Our Top 30 companies are heavily weighted towards developed private equity markets. 47% of the Top 30 by Portfolio value is invested in the US, 28% in Europe and 18% in the UK.

There were seven new entrants to our Top 30 companies within the period, of which five were High Conviction Investments. Two, DigiCert and ProAlpha, are ICG managed investments whilst Ivanti and Class Valuation are third party Direct Investments. The fifth, Pharmathen, is a third party Secondary Investment. The two new entrants from Third Party Funds were Rough Country and Synlab.

Realisation activity

Realisations at significant Uplifts to Carrying Value and cost

Realisation momentum experienced in the first quarter continued apace into the second quarter, with Realisation Proceeds for the six month period higher than the average annual Realisation Proceeds for the last five years.

Total Proceeds for the period amounted to GBP184m. This was comprised of GBP175m generated from the realisation of individual companies (either held directly or through funds) and GBP9m of proceeds from Fund Disposals.

There were 34 Full Exits completed in the period which realised GBP143m of proceeds. These realisations were completed at an average of 26% Uplift to Carrying Value and an average Multiple to Cost of 2.8x. A further GBP32m of proceeds were received from partial exits.

Five of our Top 30 companies at the beginning of the financial year were fully realised during the period. The largest exit was Telos, the 2(nd) largest investment at the start of the financial year, which we fully realised early in the period at a slight uplift to the 31 January 2021 carrying value. Our investment in DomusVi (the third largest underlying company at the start of the year) alongside ICG Europe Fund VI was fully realised in the period. Given the strength of the business and continued opportunity for growth, we subsequently decided to make a partial reinvestment in DomusVi alongside ICG Europe Fund VII. Other notable realisations included the exit of another ICG investment, Supporting Education Group (which was the 10(th) largest underlying portfolio company at the start of the year), System One and Cognito. Also in the period, third party manager Graphite Capital entered into an agreement to sell U-POL to US-listed Axalta Coating Systems. We anticipate the transaction will close in the second half of the year, generating cash proceeds of c.GBP24m.

A small number of Fund Disposals were also completed during the period, generating GBP9m of proceeds and releasing GBP10m of Undrawn Commitments.

New investment activity

Executing against a substantial investment pipeline

We deployed substantial capital in the period, particularly into High Conviction Investments. In total we invested GBP133m, of which GBP101m (76%) was in High Conviction Investments and GBP32m was in the form of drawdowns from Third Party Funds.

Over 25 potential direct investment opportunities were generated in the period from our Third Party Funds and the ICG platform. Of these, we selectively completed five new Direct Investments for a total of GBP37m. These new investments were made in:

 
Company    Manager      Company sector / description                              ICG 
                                                                                  Enterprise 
                                                                                  Trust 
                                                                                  investment 
                                                                                  during the 
                                                                                  period 
---------  -----------  --------------------------------------------------------  ---------- 
AMEOS      ICG          Private hospital operator in the DACH region              GBP4m 
Group 
---------  -----------  --------------------------------------------------------  ---------- 
Class      Gridiron     Provider of residential mortgage appraisal management     GBP7m 
Valuation  Capital       services 
---------  -----------  --------------------------------------------------------  ---------- 
DigiCert   ICG          Internet security software platform and leading provider  GBP7m 
                         of secure sockets layer ("SSL") certificates 
---------  -----------  --------------------------------------------------------  ---------- 
DomusVi    ICG          Operator of retirement homes                              GBP10m 
---------  -----------  --------------------------------------------------------  ---------- 
Ivanti     Charlesbank  Provider of enterprise IT software                        GBP9m 
---------  -----------  --------------------------------------------------------  ---------- 
 

In addition, the investment team utilised their secondary investment network and unique access to the ICG platform to execute a GBP32m secondary investment alongside our Manager into an LP secondary portfolio of mature private equity funds. Secondary investments form an important part of our investment strategy and over the long term we expect these investments to represent 10-20% of the Portfolio value (31 July 2021: 12%).

The remaining GBP32m of High Conviction Investments made in the period were through ICG funds (GBP30m) and add-on investments for existing Direct Investments (GBP2m).

Nine new fund Commitments to both existing and new manager relationships

We continued to benefit from the broader ICG platform, committing GBP64m to two ICG funds in the period. These were in attractive strategies we have invested in previously. We also selectively committed to a number of leading third party private equity managers who complement our long-term strategic objectives, share values which are aligned to our ESG framework and have an investment approach that suits our defensive growth focus. We completed seven new Third Party Fund Commitments in the period totalling GBP69m. Four of these Commitments were to managers with whom we have not invested before, demonstrating our ability to source and execute new opportunities to work with leading managers.

In total we made GBP133m of Commitments as follows:

 
Fund                Focus                                                   ICG 
                                                                            Enterprise 
                                                                            Trust 
                                                                            Commitment 
                                                                            during the 
                                                                            period 
------------------  ------------------------------------------------------  ---------- 
BC Partners XI      European and North American mid-market buyouts          EUR15m 
                                                                            (GBP13m) 
------------------  ------------------------------------------------------  ---------- 
Bregal              European mid-market buyouts                             EUR10m 
Unternehmerkapital                                                          (GBP9m) 
III* 
------------------  ------------------------------------------------------  ---------- 
GHO Capital III*    European and North American mid-market buyouts          EUR10m 
                                                                            (GBP9m) 
------------------  ------------------------------------------------------  ---------- 
GI Partners VI-A*   North American mid-market buyouts                       $10m 
                                                                            (GBP7m) 
------------------  ------------------------------------------------------  ---------- 
Hellman and         North American mid-market and large buyouts             $10m 
Friedman X*                                                                 (GBP7m) 
------------------  ------------------------------------------------------  ---------- 
ICG Europe Fund     European structured and equity financing in mid-market  EUR40m 
VIII                 buy-outs                                               (GBP35m) 
------------------  ------------------------------------------------------  ---------- 
ICG Strategic       Secondary fund restructurings                           $40m 
Equity IV                                                                   (GBP29m) 
------------------  ------------------------------------------------------  ---------- 
Resolute V          North American mid-market buyouts                       $15m 
                                                                            (GBP11m) 
------------------  ------------------------------------------------------  ---------- 
TH Lee IX           North American mid-market and large buyouts             $20m 
                                                                            (GBP14m) 
------------------  ------------------------------------------------------  ---------- 
* New manager relationship during the period 
 

Portfolio analysis at 31 July 2021

The Top 30 contribute 43% of the Portfolio value. The Portfolio is appropriately diversified by sector and geography. This strikes a good balance between concentration, so that Direct Investments can meaningfully impact performance, and diversification, so that we are not overly exposed to the risks of individual portfolio companies or sectors.

Focus on developed markets

The Portfolio is focused on developed private equity markets, invested across the US (41%), continental Europe (33%) and the UK (18%).

Focus on sectors with defensive growth characteristics

The Portfolio is well diversified and weighted towards sectors with defensive growth characteristics. Technology (18%), Healthcare (16%), Business Services (13%) and Education (5%) make up 52% of the Portfolio. We feel these are particularly attractive sectors, benefitting from structural growth trends. Within our exposure to the Consumer and Industrial sectors (26% and 8% respectively), we have a bias to companies with more defensive business models, non-cyclical growth drivers and high recurring revenue streams. We have relatively low exposure to the Financials (6%) and Leisure (3%) sectors.

Quoted Companies

We do not invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. We therefore have exposure to listed businesses within our Portfolio. In these cases, exit timing typically lies with the third party manager we have invested alongside.

Our managers took advantage of the currently attractive market conditions for initial public offerings during the period. A total of seven underlying portfolio companies were listed, generating a combined gross valuation uplift of GBP8m compared to their valuation at 31 January 2021.

At 31 July 2021, we had 40 underlying investments in quoted companies, representing 14.2% of the Portfolio value compared to 20.4% at 31 January 2021. The reduction was largely driven by the realisation of our entire stake in Telos during February as well as by the fall in Chewy's share price, partially offset by new IPOs.

At 31 July 2021 there were three investments that each accounted for 0.5% or more of the Portfolio value:

 
       Company                      Ticker   % value of Portfolio 
-----  ---------------------------  -------  -------------------- 
1      Chewy (part of PetSmart)(1)  CHWY-US  7.5% 
-----  ---------------------------  -------  -------------------- 
2      Allegro                      ALE-WA   1.0% 
-----  ---------------------------  -------  -------------------- 
3      Synlab*                      SYAB-F   0.6% 
-----  ---------------------------  -------  -------------------- 
Other                                        5.1% 
-----  ---------------------------  -------  -------------------- 
Total                                        14.2% 
-----  ---------------------------  -------  -------------------- 
(1) % value of Portfolio includes entire holding of 
 PetSmart and Chewy. Majority of value is within Chewy 
 * Company listed during the period 
 

Balance sheet and financing

Our liquidity position is robust, with a period-end cash balance of GBP70m(4) (31 January 2021: GBP45m). At 31 July 2021 we had total available liquidity of GBP241m, comprising GBP70m cash and GBP171m undrawn revolving credit facility.

 
                                                    GBPm 
--------------------------------------------------  ----- 
Cash at 31 January 2021                                45 
Realisation Proceeds                                  175 
Fund Disposals                                          9 
Third Party Fund drawdowns                           (32) 
High Conviction Investments                         (101) 
Shareholder returns                                  (12) 
FX and other                                         (15) 
--------------------------------------------------  ----- 
Cash at 31 July 2021                                   70 
--------------------------------------------------  ----- 
Available undrawn debt facilities                     171 
--------------------------------------------------  ----- 
Cash and undrawn debt facilities (total available 
 liquidity)                                           241 
--------------------------------------------------  ----- 
 

At 31 July 2021 the Portfolio represented 98% of net assets (31 January 2021: 100%).

 
                         31 July 2021  31 January 2021 
                             GBPm            GBPm 
-----------------------  ------------  --------------- 
Portfolio*                      1,019              949 
Cash                               70               45 
Other net liabilities*           (45)             (42) 
-----------------------  ------------  --------------- 
Net assets                      1,044              952 
-----------------------  ------------  --------------- 
 

*Refer to the Glossary for reconciliation from the Investments at fair value presented on the balance sheet to the Portfolio balance and calculation of other net liabilities

At 31 July 2021, we had Undrawn Commitments of GBP485m (31 January 2021: GBP418m) of which 17% (GBP81m) were to funds outside of their Investment Period.

 
                                                 31 July 2021  31 January 2021 
                                                     GBPm            GBPm 
-----------------------------------------------  ------------  --------------- 
Undrawn Commitments -- funds in Investment 
 Period                                                   404              341 
Undrawn Commitments -- funds outside Investment 
 Period                                                    81               77 
-----------------------------------------------  ------------  --------------- 
Total Undrawn Commitments                                 485              418 
Total available liquidity (including facility)          (241)            (201) 
-----------------------------------------------  ------------  --------------- 
Overcommitment (including facility)                       244              217 
-----------------------------------------------  ------------  --------------- 
Overcommitment % of net asset value                       24%              23% 
-----------------------------------------------  ------------  --------------- 
 

Our objective is to be fully invested through the cycle, while ensuring that we have sufficient liquidity to be able to take advantage of attractive investment opportunities as they arise. We do not intend to be geared other than for short-term working capital purposes.

Activity since the period end (for the one month to 31 August 2021)

The momentum experienced across the business in the first half of the year has continued with the following activity taking place:

   -- Realisation Proceeds of GBP22m 
 
          -- Including proceeds from the sale by Gridiron Capital of Rough 
             Country to TSG Consumer Partners 
 
   -- Deployment 
 
          -- Invested GBP13m (GBP10m Drawdowns of existing third party fund 
             Commitments, GBP3m High Conviction Investments) 

ICG Private Equity Fund Investments Team

4 October 2021

SUPPLEMENTARY INFORMATION (UNAUDITED)

This section presents supplementary information regarding the Portfolio (see Manager's Review and the Glossary for further details and definitions).

Top 30 companies

The table below presents the 30 companies in which ICG Enterprise had the largest investments by value at 31 July 2021. These investments may be held directly or through funds, or in some cases through both routes. The valuations are gross of underlying managers fees and Carried Interest and are shown as a percentage of the total investment Portfolio.

 
                                                                                                             Value as 
                                                                                      Year of                  a % of 
     Company                                                            Manager    investment      Country  Portfolio 
     -----------------------------------------------------------  -------------  ------------  -----------  --------- 
  1  PetSmart/Chewy+^ 
                                                                                                    United 
 Retailer of pet products and services                          BC Partners          2015           States       7.5% 
  2  Minimax+ 
 Supplier of fire protection systems and services                       ICG          2018          Germany       3.1% 
  3  U-POL^ 
 Manufacturer and distributor of automotive refinishing            Graphite                         United 
  products                                                          Capital          2010          Kingdom       2.7% 
  4  Visma+ 
 Provider of business management software and outsourcing             ICG / 
  services                                                        HgCapital   2017 / 2020           Norway       2.6% 
  5  IRI+ 
 Provider of mission-critical data and predictive analytics    New Mountain                         United 
  to consumer goods manufacturers                                   Capital          2018           States       2.4% 
  6  Leaf Home Solutions 
                                                                   Gridiron                         United 
 Provider of gutter protection solutions                            Capital          2016           States       2.0% 
  7  DOC Generici+ 
 Retailer of pharmaceutical products                                    ICG          2019            Italy       1.9% 
  8  Froneri+ 
                                                                                                    United 
 Manufacturer and distributor of ice cream products            PAI Partners          2019          Kingdom       1.9% 
  9  Yudo+ 
 Manufacturer of components for injection moulding                      ICG          2017        Hong Kong       1.8% 
 10  Berlin Packaging+ 
                                                                   Oak Hill                         United 
 Provider of global packaging services and supplies                 Capital          2018           States       1.7% 
 11  Endeavor Schools+ 
                                                               Leeds Equity                         United 
 Provider of paid private schooling                                Partners          2018           States       1.4% 
 12  DomusVi+ 
 Operator of retirement homes                                           ICG          2021           France       1.4% 
 13  AML RightSource+ 
 Provider of compliance and regulatory services and                Gridiron                         United 
  solutions                                                         Capital          2020           States       1.1% 
 14  PSB Academy+ 
 Provider of private tertiary education                                 ICG          2018        Singapore       1.1% 
 
                                                                                                             Value as a 
                                                                                       Year of                     % of 
     Company                                                             Manager    investment     Country    Portfolio 
     ------------------------------------------------------------  -------------  ------------  ----------  ----------- 
 15  Allegro 
                                                                    Cinven / 
 Operator of an online marketplace and price comparison              Permira 
  website                                                           Advisers          2017          Poland         1.0% 
 16  Ivanti+ 
                                                                 Charlesbank 
                                                                     Capital 
 Provider of IT management software solutions                       Partners          2021   United States         1.0% 
 17  Curium Pharma+ 
 Supplier of nuclear medicine diagnostic pharmaceuticals                 ICG          2020  United Kingdom         0.8% 
 18  Class Valuation+ 
 Provider of residential mortgage appraisal management              Gridiron 
  services                                                           Capital          2021   United States         0.8% 
 19  David Lloyd Leisure+ 
 Operator of premium health clubs                                TDR Capital   2013 / 2020  United Kingdom         0.8% 
 20  VitalSmarts+ 
 Provider of corporate training courses focused on              Leeds Equity 
  communication skills and leadership development                   Partners          2019   United States         0.8% 
 21  DigiCert+ 
 Provider of enterprise security solutions                               ICG          2021   United States         0.7% 
 22  Springer^ 
 Publisher of professional and academic media                    BC Partners   2013 / 2021         Germany         0.6% 
 23  RegEd+ 
 Provider of Saas-based governance, risk and compliance              Gryphon 
  enterprise software solutions                                    Investors          2018   United States         0.6% 
 24  Synlab 
 Operator of medical diagnostic laboratories                          Cinven          2015         Germany         0.6% 
 25  proALPHA 
 Developer and vendor of resource planning software                      ICG          2017         Germany         0.5% 
 26  IRIS Accountancy Solutions 
 Provider of business critical software and services 
  for the accountancy and payroll sectors                                ICG          2018  United Kingdom         0.5% 
 27  Rough Country 
 Provider of branded off-road suspension products and               Gridiron 
  accessories                                                        Capital          2017   United States         0.5% 
 28  EG Group 
 Operator of petrol station forecourts                           TDR Capital          2014  United Kingdom         0.5% 
 29  Compass Community 
 Provider of fostering services and children residential            Graphite 
  care                                                               Capital          2017  United Kingdom         0.5% 
 30  Pharmathen^ 
 Manufacturer of pharmaceutical products                         BC Partners          2015          Greece         0.5% 
 ------------------------------------------------------------  -------------                --------------  ----------- 
 Total of the 30 largest underlying investments                                                                   43.3% 
 ------------------------------------------------------------  -------------  ------------  --------------  ----------- 
 

* All or part of this investment is held directly as a Co-investment or other Direct Investment

^ All or part of this investment was acquired as part of a secondary purchase

The 30 largest fund investments

The table below presents the 30 largest funds by value at 31 July 2021. The valuations are net of underlying managers fees and Carried Interest.

 
                                                                                       Outstanding 
                                                                                       commitment 
     Fund                    Year of commitment        Country/ region   Value GBPm       GBPm 
     ----------------------  ------------------  ---------------------  -------------  ----------- 
     BC European Capital IX 
  1  ** 
 Large buyouts                         2011       Europe/North America           41.8          2.0 
  2  ICG Europe VII 
 Mezzanine and equity 
  in mid-market 
  buyouts                              2018                     Europe           33.5         10.3 
  3  ICG Waterfall ** 
 LP secondary portfolio                2021       Europe/North America           31.8          6.6 
     ICG Strategic Equities 
  4  Fund III 
 Secondary fund 
  restructurings                       2018                     Global           30.7          9.6 
     Graphite Capital 
  5  Partners VII * / ** 
 Mid-market buyouts                    2007                         UK           28.8          2.8 
     Gridiron Capital Fund 
  6  III 
 Mid-market buyouts                    2016              North America           28.7          3.9 
     Graphite Capital 
  7  Partners VIII * 
 Mid-market buyouts                    2013                         UK           27.9          4.4 
  8  Sixth Cinven Fund 
 Large buyouts                         2016                     Europe           25.3          2.0 
     CVC European Equity 
  9  Partners VI 
 Large buyouts                         2013       Europe/North America           21.3          2.6 
     Advent Global Private 
 10  Equity VIII 
 Large buyouts                         2016       Europe/North America           20.3          0.6 
     CVC European Equity 
 11  Partners VII 
 Large buyouts                         2017       Europe/North America           19.9          7.3 
     PAI Strategic 
 12  Partnerships ** 
 Mid-market and large 
  buyouts                              2019                     Europe           18.3          0.6 
 13  ICG Europe VI ** 
 Mezzanine and equity 
  in mid-market 
  buyouts                              2015                     Europe           17.6          4.3 
 14  PAI Europe VI 
 Mid-market and large 
  buyouts                              2013                     Europe           16.9          1.4 
 15  BC European Capital X 
 Large buyouts                         2016       Europe/North America           16.5          1.8 
     New Mountain Partners 
 16  V 
 Mid-market buyouts                    2017              North America           15.2          1.0 
     Thomas H Lee Equity 
 17  Fund VIII 
 Mid-market and large 
  buyouts                              2017              North America           15.1          6.8 
 18  One Equity Partners VI 
 Mid-market buyouts                    2016       Europe/North America           14.2          0.6 
 19  Permira V 
 Large buyouts                         2013       Europe/North America           13.4          0.4 
 20  Permira VI 
 Large buyouts                         2016                     Europe           12.9          1.9 
 21  Gryphon V 
 Mid-market buyouts                    2019              North America           12.8          1.4 
     ICG Asia Pacific Fund 
 22  III 
 Mezzanine and equity 
  in midmarket buyouts                 2016               Asia Pacific           12.3          2.8 
 23  PAI Europe VII 
 Mid-market and large 
  buyouts                              2017                     Europe           12.2         11.7 
 24  Resolute IV 
 Mid-market buyouts                    2018              North America           11.8          2.1 
     Charterhouse Capital 
 25  Partners X 
 Large buyouts                         2015                     Europe           11.6          3.8 
 26  TDR Capital III 
 Mid-market and large 
  buyouts                              2013                     Europe           10.7          1.6 
     Leeds Equity Partners 
 27  VI 
 Mid-market buyouts                    2017              North America           10.6          0.7 
     Gridiron Capital Fund 
 28  IV 
 Mid-market buyouts                    2019              North America           10.5          4.1 
     Egeria Private Equity 
 29  Fund IV 
 Mid-market buyouts                    2012                Netherlands           10.1          1.0 
     ICG Strategic Equities 
 30  Fund IV 
 Secondary fund 
  restructurings                       2021                     Global            9.6         19.1 
 Total of the largest 30 fund investments                                       562.4        119.4 
 Percentage of total investment Portfolio                                       55.2% 
 -----------------------------------------------------------------      -------------  ----------- 
 * Includes the associated Top Up funds. 
 ** All or part of an interest acquired through a secondary 
  fund purchase. 
 

Portfolio analysis

Closing Portfolio by value

 
                               % of value of   % of value of 
                                 underlying      underlying 
                                investments      investments 
Portfolio by investment type    31 July 2021   31 January 2021 
-----------------------------  -------------  ---------------- 
Large buyouts                          56.5%             56.3% 
Mid-market buyouts                     34.9%             33.5% 
Small buyouts                           8.6%             10.2% 
Total                                 100.0%            100.0% 
-----------------------------  -------------  ---------------- 
 
 
Portfolio by 
calendar 
year of       % of value of underlying investments  % of value of underlying investments 
investment                31 July 2021                         31 January 2021 
------------  ------------------------------------  ------------------------------------ 
2021                                         11.1%                                  0.4% 
2020                                         11.0%                                 10.1% 
2019                                         19.0%                                 18.3% 
2018                                         19.7%                                 18.4% 
2017                                         13.0%                                 17.1% 
2016                                          7.7%                                  9.6% 
2015                                          9.8%                                 11.2% 
2014                                          3.2%                                  6.0% 
2013                                          1.5%                                  1.6% 
2012                                          0.9%                                  0.9% 
2011                                          0.0%                                  0.0% 
2010                                          2.6%                                  1.4% 
2009                                          0.1%                                  0.2% 
2008                                          0.0%                                  0.0% 
2007                                          0.4%                                  0.5% 
2006 and 
 before                                       0.0%                                  4.3% 
------------  ------------------------------------  ------------------------------------ 
Total                                       100.0%                                100.0% 
------------  ------------------------------------  ------------------------------------ 
 
 
Portfolio by  % of value of underlying investments  % of value of underlying investments 
sector                    31 July 2021                         31 January 2021 
------------  ------------------------------------  ------------------------------------ 
Consumer 
 goods and 
 services                                    26.2%                                 25.4% 
TMT                                          18.4%                                 19.2% 
Healthcare                                   16.2%                                 17.8% 
Business 
 services                                    12.6%                                 12.5% 
Industrials                                   8.3%                                  6.9% 
Education                                     5.0%                                  6.4% 
Financials                                    6.0%                                  4.7% 
Leisure                                       2.8%                                  4.5% 
Other                                         4.5%                                  2.6% 
------------  ------------------------------------  ------------------------------------ 
Total                                       100.0%                                100.0% 
------------  ------------------------------------  ------------------------------------ 
 
 
 
                                                         % of value of   % of value of 
                                                           underlying      underlying 
Portfolio by geographic distribution based on location    investments      investments 
 of company headquarters                                  31 July 2021   31 January 2021 
Europe                                                           33.0%             31.8% 
UK                                                               18.0%             18.9% 
North America                                                    40.9%             42.0% 
Rest of world                                                     8.1%              7.3% 
-------------------------------------------------------  -------------  ---------------- 
Total                                                           100.0%            100.0% 
-------------------------------------------------------  -------------  ---------------- 
 

Commitments analysis

The following tables analyses Commitments at 31 July 2021. Original Commitments are translated at 31 July 2021 exchange rates.

Total Undrawn Commitments

 
                            Original    Outstanding    Average 
                            Commitment   Commitment    drawdown       % of 
                             GBP'000      GBP'000     percentage   Commitments 
-------------------------  -----------  -----------  -----------  ------------ 
Investment period not 
 commenced                      12,806       12,806         0.0%          2.6% 
Funds in investment 
 period                        536,076      342,599        36.1%         70.6% 
Funds post investment 
 period                        697,948      130,181        81.3%         26.8% 
-------------------------  -----------  -----------  -----------  ------------ 
Total                        1,246,830      485,586        61.1%        100.0% 
-------------------------  -----------  -----------  -----------  ------------ 
 
 
Movement in outstanding Commitments in period ended 
 31 July 2021                                                    GBPm 
---------------------------------------------------------  ---------------- 
As at 1 February 2021                                                 418.5 
New primary Commitments                                               132.9 
New Commitments relating to Co-investments and secondary 
 purchases                                                             26.2 
Drawdowns                                                            (77.4) 
Commitments released from Fund Disposals                              (9.8) 
Currency and other movements                                          (4.8) 
---------------------------------------------------------  ---------------- 
As at 31 July 2021                                                    485.6 
---------------------------------------------------------  ---------------- 
 

New Commitments during the 6 months ended 31 July 2021

 
Fund                                    Strategy              Geography  GBPm 
-----------------------  -----------------------  ---------------------  ----- 
Primary Commitments 
                         Mezzanine and equity in 
ICG Europe VIII              mid-market buy-outs                 Europe   34.8 
ICG Strategic Equity              Secondary fund 
 Fund IV                          restructurings                 Global   28.8 
                            Mid-market and large 
TH Lee IX                                buyouts          North America   14.1 
BC Partners XI                     Large Buyouts   Europe/North America   12.8 
Resolute V                   Mid-market buy-outs          North America   10.9 
GHO Capital III               Mid-market buyouts   Europe/North America    8.6 
Bregal 
 Unternehmerkapital 
 III                          Mid-market buyouts                 Europe    8.6 
GI Partners VI                Mid-market buyouts          North America    7.2 
                            Mid-market and large 
Hellman Friedman X                       buyouts          North America    7.1 
Total primary Commitments                                                132.9 
Commitments relating to Co-investments and Secondary 
 Investments                                                              26.2 
-----------------------------------------------------------------------  ----- 
Total new Commitments                                                    159.1 
-----------------------------------------------------------------------  ----- 
 

Currency exposure

 
                   31 July   31 July   31 January  31 January 
                     2021      2021       2021        2021 
Portfolio(1)         GBPm        %        GBPm          % 
-----------------  --------  --------  ----------  ---------- 
Sterling              195.7     19.2%       197.4       20.8% 
Euro                  225.8     22.2%       208.3       21.9% 
US Dollar             408.4     40.1%       380.5       40.1% 
Other European         89.0      8.7%        73.9        7.8% 
Other                 100.1      9.8%        89.1        9.4% 
-----------------  --------  --------  ----------  ---------- 
Total               1,019.0    100.0%       949.2      100.0% 
-----------------  --------  --------  ----------  ---------- 
(1) Currency exposure is calculated by reference to 
 the location of the underlying Portfolio companies' 
 headquarters. 
 
 
                          31 July  31 July  31 January  31 January 
                            2021     2021      2021        2021 
Outstanding Commitments     GBPm      %        GBPm          % 
------------------------  -------  -------  ----------  ---------- 
-- Sterling                  32.9      6.8        43.7        10.4 
-- Euro                     241.7     49.8       195.9        46.8 
-- US Dollar                211.0     43.4       178.2        42.6 
-- Other European             0.0      0.0         0.7         0.2 
------------------------  -------  -------  ----------  ---------- 
Total                       485.6    100.0       418.5       100.0 
------------------------  -------  -------  ----------  ---------- 
 

Realisation activity

 
                              Year of                                   Proceeds 
Investment      Manager       investment   Realisation type       Exit    GBPm 
--------------  ------------  -----------  -----------------  --------  -------- 
                Directly 
                 held                      Public sell down 
Telos            investment   1998          post IPO              Full      44.5 
Domus           ICG           2017         Financial buyer        Full      36.3 
Education 
 Personnel      ICG           2014         Trade                  Full      14.7 
                Thomas H. 
                 Lee 
System One       Partners     2016         Financial buyer        Full      11.8 
                Graphite 
Cognito          Capital      2002         Trade                  Full      10.9 
Leaf Home       Gridiron 
 Solutions       Capital      2016         Recapitalisation    Partial       4.4 
Sabre           The Jordan 
 Industries      Company      2019         Financial buyer        Full       2.6 
Node4           Bowmark       2016         Financial buyer        Full       2.5 
Oxford 
 International  Bowmark       2014         Trade                  Full       2.1 
                Thomas H. 
                 Lee 
AutoStore        Partners     2019         Financial buyer     Partial       1.9 
--------------  ------------  -----------  -----------------  --------  -------- 
Total of 10 largest 
 underlying realisations                                                   131.6 
----------------------------    --------------------------------------  -------- 
Realisation Proceeds                                                       175.3 
Fund Disposals                                                               9.4 
----------------------------    --------------------------------------  -------- 
Total Proceeds                                                             184.7 
---------------  -----------------------------------------------------  -------- 
 
 

Investment activity

 
                                                                                                  Cost(1) 
Investment    Description                                             Manager       Country         GBPm 
------------  ------------------------------------------------------  ------------  ------------  ------- 
Domus         Operator of retirement homes                            ICG           France           13.8 
                                                                      Charlesbank 
                                                                       Capital 
Ivanti        Provider of IT management software solutions             Partners     USA               9.6 
Class         Provider of residential mortgage appraisal management   Gridiron 
 Valuation     services                                                Capital      USA               8.1 
DigiCert      Provider of enterprise security solutions               ICG           USA               6.7 
AMEOS Group   Provider of health care services                        ICG           Switzerland       4.2 
Kee Safety    Provider of fall protection solutions                   ICG           USA               3.1 
Datamars      Provider of data solutions for farming and textiles     ICG           Switzerland       2.5 
Trinity 
 Consultants  Provider of air quality consulting and compliance       Oak Hill 
 Holdings      services                                                Capital      USA               1.7 
Broadstone    Provider of pensions and employee benefits              ICG           UK                1.4 
AIT 
 Worldwide                                                            The Jordan 
 Logistics    Provider of end-to-end supply chain services             Company      USA               1.2 
------------  ------------------------------------------------------  ------------  ------------  ------- 
Total of 10 largest underlying new investments                                                       52.2 
------------------------------------------------------------------------------------------------  ------- 
Total New Investment                                                                                133.3 
------------------------------------------------------------------------------------------------  ------- 
(1) Represents ICG Enterprise Trust's indirect exposure 
 (share of fund cost) plus any amounts paid for Co-investments 
 in the period. 
 
 

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 2021 which was approved by the Board on 27 April 2021.

The principal risks and uncertainties can be divided into the following areas:

   -- Investment performance; 
 
   -- Valuation; 
 
   -- Political and macroeconomic uncertainty; 
 
   -- Private equity sector; 
 
   -- Regulatory, legislative and taxation compliance; 
 
   -- People; 
 
   -- The Manager and other third party advisers; 
 
   -- Information security; 
 
   -- The manager and other third party advisers; 
 
   -- Foreign exchange; and 
 
   -- Financing. 

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.

The Board's ongoing view of the impact of the COVID-19 outbreak is that although significant and may prove to have long-term effects on the markets in which the Company operates, it does not change the long term view of the Company's principal risks.

INTERIM FINANCIAL STATEMENTS

Income statement

 
 
                                                        Half year to 31 July 2021                     Half year to 31 July 2020 
                                                                      (unaudited)                                   (unaudited) 
                                        Revenue                                      Revenue 
                                         return      Capital return                   return       Capital return 
                                 Notes   GBP'000         GBP'000                     GBP'000           GBP'000 
                                        --------  -----------------                -----------  ----------------- 
                                                                          Total                                         Total 
                                                                          GBP'000                                       GBP'000 
--------------------------------------  --------  -----------------  ------------  -----------  -----------------  ------------ 
Investment returns 
Income, gains and losses on 
 investments                               7,619            105,351       112,970        2,127            (3,964)       (1,837) 
Deposit interest                               1                 --             1           24                 --            24 
Other income                                  --                 --            --           46                 --            46 
Foreign exchange gains and losses             --              (601)         (601)           --               (89)          (89) 
                                        --------  -----------------  ------------  -----------  -----------------  ------------ 
                                           7,620            104,750       112,370        2,197            (4,053)       (1,856) 
                                        --------  -----------------  ------------  -----------  -----------------  ------------ 
 
 Expenses 
Investment management charges              (620)            (5,586)       (6,206)      (1,247)            (3,741)       (4,988) 
Other expenses                           (1,266)            (1,094)       (2,360)      (1,392)              (648)       (2,040) 
                                        --------  -----------------  ------------  -----------  -----------------  ------------ 
                                         (1,886)            (6,680)       (8,566)      (2,639)            (4,389)       (7,028) 
                                        --------  -----------------  ------------  -----------  -----------------  ------------ 
 
Profit/(loss) before tax                   5,734             98,070       103,804        (442)            (8,442)       (8,884) 
                                        --------  -----------------  ------------  -----------  -----------------  ------------ 
Taxation                                    (45)                 45            --           --                 --            -- 
                                        --------  -----------------  ------------  -----------  -----------------  ------------ 
Profit/(loss) for the period               5,689             98,115       103,804        (442)            (8,442)       (8,884) 
                                        --------  -----------------  ------------  -----------  -----------------  ------------ 
 
 Attributable to: 
                                        --------  -----------------  ------------  -----------  -----------------  ------------ 
Equity shareholders                        5,689             98,115       103,804        (442)            (8,442)       (8,884) 
                                        --------  -----------------  ------------  -----------  -----------------  ------------ 
 
 Basic and diluted earnings per share                                     150.96p                                      (12.91p) 
 

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 the Statement of Recommended Practice for Financial Statements of Investment Trust Companies and Venture Capital Trusts issued by the Association of Investment Companies. There is no Other Comprehensive Income.

The notes on pages 25 to 28 are an integral part of the condensed interim financial statements.

Balance sheet

 
 
                                                            31 July                 31 January 
                                                             2021                      2021 
                                                          (unaudited)               (audited) 
                                                  Notes     GBP'000                  GBP'000 
Non-current assets 
Investments held at fair value                        7     1,017,427                              907,562 
 
 Current assets 
Cash and cash equivalents                                      29,349                               45,143 
Receivables                                                     1,945                                  163 
                                                         ------------  ----------------------------------- 
                                                               31,294                               45,305 
                                                         ------------  ----------------------------------- 
 
 Current liabilities 
Payables                                                        5,207                                  851 
 
 Net current assets                                            26,087                               44,454 
                                                         ------------  ----------------------------------- 
Total assets less current liabilities                       1,043,514                              952,016 
                                                         ------------  ----------------------------------- 
 
 Capital and reserves 
Share capital                                                   7,291                                  7,291 
Capital redemption reserve                                      2,113                                  2,113 
Share premium                                                  12,936                                 12,936 
Capital reserve                                             1,021,174                              929,676 
Revenue reserve                                                     -                                   -- 
                                                         ------------  ----------------------------------- 
Total equity                                                1,043,514                              952,016 
                                                         ------------  ----------------------------------- 
 
 Net asset value per share (basic and diluted)        6      1,523.0p                             1,384.4p 
 

The notes on pages 25 to 28 are an integral part of the condensed interim financial statements.

Cash flow statement

 
 
                                                           Half year to               Half year to 
                                                     31 July 2021 (unaudited)   31 July 2020 (unaudited) 
                                                             GBP'000                    GBP'000 
Operating activities 
Sale of portfolio investments                                         121,998                     74,934 
Purchase of portfolio investments                                    (82,203)                   (31,590) 
Net cash flows to subsidiary investments                             (43,512)                    (4,383) 
Interest income received from portfolio 
 investments                                                            3,260                        867 
Dividend income received from portfolio 
 investments                                                            4,359                      1,281 
Other income received                                                       1                         39 
Investment management charges paid                                    (2,915)                    (5,082) 
Other expenses paid                                                   (2,990)                      (861) 
                                                    -------------------------  ------------------------- 
Net cash inflow/(outflow) from operating 
 activities                                                           (2,002)                     35,205 
                                                    -------------------------  ------------------------- 
 
 Financing activities 
Bank facility fee                                                       (871)                      (613) 
Interest paid                                                            (11)                      (421) 
Purchase of own shares into treasury                                  (2,679)                      (775) 
Credit Facility utilised                                                    -                     40,000 
Credit Facility repaid                                                      -                   (40,000) 
Equity dividends paid to shareholders                                 (9,628)                    (8,945) 
Net cash outflow from financing activities                           (13,189)                   (10,754) 
                                                    -------------------------  ------------------------- 
Net increase/(decrease) in cash and cash 
 equivalents                                                         (15,191)                     24,451 
                                                    -------------------------  ------------------------- 
 
 Cash and cash equivalents at beginning of period                      45,143                     14,469 
Net increase/(decrease) in cash and cash 
 equivalents                                                         (15,191)                     24,451 
Effect of changes in foreign exchange rates                             (603)                       (89) 
                                                    -------------------------  ------------------------- 
Cash and cash equivalents at end of period                             29,349                     38,831 
                                                    -------------------------  ------------------------- 
 

The notes on pages 25 to 28 are an integral part of the condensed interim financial statements.

Statement of changes in equity

 
                                                        Capital redemption                                                          Total shareholders' 
                                   Share capital              reserve        Share premium   Capital reserve   Revenue reserve             equity 
                                      GBP000                  GBP000            GBP000           GBP000             GBP000                 GBP000 
--------------------------------  --------------  ------------------------  --------------  ----------------  -----------------  ---------------------- 
Half year to 31 July 2021 (unaudited) 
Opening balance at 1 February 
 2021                                      7,291                     2,113          12,936           929,676                 --                 952,016 
Profit for the period and total 
 comprehensive income                         --                        --              --            98,115              5,689                 103,804 
Dividends paid                                --                        --              --           (3,938)            (5,689)                 (9,627) 
Purchase of own shares into 
 treasury                                     --                        --              --           (2,679)                 --                 (2,679) 
Closing balance 
 at 31 July 2021                           7,291                     2,113          12,936         1,021,174                 --               1,043,514 
 
 
                                                        Capital redemption                                                          Total shareholders' 
                                   Share capital              reserve        Share premium   Capital reserve   Revenue reserve             equity 
                                      GBP000                  GBP000            GBP000           GBP000            GBP000                  GBP000 
--------------------------------  --------------  ------------------------  --------------  ----------------  ----------------  ---------------------------- 
Half year to 31 July 2020 (unaudited) 
Opening balance at 1 February 
 2020                                      7,291                     2,113          12,936           771,205                --                       793,545 
Profit for the period and total 
 comprehensive income                         --                        --              --           (8,442)             (442)                       (8,884) 
Dividends paid                                --                        --              --           (8,945)                 _                       (8,945) 
Purchase of own shares into 
 treasury                                     --                        --              --             (775)                --                         (775) 
Closing balance 
 at 31 July 2020                           7,291                     2,113          12,936           753,043             (442)                       774,941 
 

The notes on pages 25 to 28 are an integral part of the condensed interim financial statements.

NOTES TO THE FINANCIAL STATEMENTS(UNAUDITED)

For the period ended 31 July 2021

1. General information

ICG Enterprise Trust plc ("the Company") is registered in England and Wales and domiciled in England. The registered office is Procession House, 55 Ludgate Hill, London, EC4M 7JW. The Company's objective is to provide shareholders with long term capital growth through investment in unquoted companies, mostly through private equity funds but also directly.

2. Unaudited Interim report

This interim financial report does not comprise statutory accounts within the definition of section 434 of the Companies Act 2006. The financial information for the period ended 31 January 2021 has been extracted from the statutory accounts for that year which were approved by the Board of Directors on 27 April 2021 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statements under section 498(2) or (3) of the Companies Act 2006.

3. Basis of preparation

The annual financial statements of the Company will be prepared in accordance with United Kingdom adopted International Accounting Standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with United Kingdom adopted International Accounting Standard 34, "Interim Financial Reporting".

This interim financial report does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the annual financial statements for the year ended 31 January 2021, which have been prepared in accordance with United Kingdom adopted international accounting Standards.

The accounting policies applied are consistent with those of the annual financial statements for the year to 31 January 2021, as described in those annual financial statements. In order to reflect the activities of an investment trust company, supplementary information which analyses the income statement between items of a revenue and capital nature has been presented alongside the income statement. In analysing total income between capital and revenue returns, the Directors of the Company have followed the guidance contained in the Statement of Recommended Practice ('SORP') for investment trusts issued by the Association of Investment Companies in April 2021.

Change in allocation of expenses between revenue and capital

Effective 1 February 2021 the Company made changes to its expenses accounting estimate. In prior periods investment management and bank facility charges were being allocated 75% to the capital column of the income statement and 25% to the revenue column. On reassessment of the Company's long-term total returns the Board agreed that an allocation of 90% to the capital column and 10% to the revenue column would better reflect the Company's current and future return profile.

4. Dividends

 
                                               Half year to  Half year to 
                                                    31 July     31 July 
                                                       2021      2020 
                                                    GBP'000     GBP'000 
-----------------------------------------------------------  ------------ 
Third quarterly dividend in respect of year ended 
 31 January 2021 of 5.0p per share (2020: 5.0p)       3,438      3,444 
Final dividend in respect of year ended 31 January 
 2021 of 9.0p per share (2020: 8.0p)                  6,189         5,501 
                                                     ------  ------------ 
Total                                                 9,627         8,945 
                                                     ------  ------------ 
 

The Board has approved an interim dividend for the quarter to 30 April 2021 of 6.0p per share (totalling GBP4.1m) which has been paid on 3 September 2021 to shareholders on the register on 13 August 2021. The Board has proposed a second interim dividend of 6.0p per share in respect of the year ending 31 January 2022 which, if approved by shareholders, will be paid on 3 December 2021 to shareholders on the register of members at the close of business on 12 November 2021.

5. Earnings per share

 
                             Half year to 31 July 
Earnings per share                   2021            Half year to 31 July 2020 
Revenue return per 
 ordinary share                               8.27p                    (0.64p) 
Capital return per 
 ordinary share                             142.69p                   (12.27p) 
Earnings per ordinary 
 share (basic and 
 diluted)                                   150.96p                   (12.91p) 
                           ------------------------  ------------------------- 
Weighted average number 
 of shares                               68,761,530                 68,796,506 
 

The earnings per share figures are based on the weighted average numbers of shares set out above.

During the half year, 250,000 shares were bought back in the market and held in treasury (31 January 2021: 110,000 shares). At 31 July 2021, the Company held 4,395,945 shares in treasury (31 January 2021: 4,145,945) leaving 68,517,055 (31 January 2021: 68,767,055) shares outstanding, all of which have equal voting rights.

6. Net asset value per share

The net asset value per share is calculated as the net assets attributable to shareholders of GBP1,043.5m (31 January 2021: GBP952.0m) and 68,517,055 (31 January 2021: 68,767,055) ordinary shares in issue at the period end. There were no potentially dilutive ordinary shares, such as options or warrants, at either period end. Calculated on both the basic and diluted basis the net asset value per share was 1,523.0p (31 January 2021: 1,384.4p).

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 1 and level 3 assets are described in note 1 of the annual financial statements. No investments were categorised as level 2.

The following tables present the assets that are measured at fair value at 31 July 2021 and 31 January 2021. The Company had no financial liabilities measured at fair value at those dates.

 
                                  Level 1  Level 2   Level 3     Total 
31 July 2021                      GBP'000  GBP'000   GBP'000    GBP'000 
--------------------------------  -------  -------  ---------  --------- 
Investments held at fair value 
Unquoted investments                   --       --    202,235    202,325 
Quoted investments                  1,190       --         --      1,190 
Subsidiary undertakings(1)             --       --    813,912    813,912 
Total investments held at fair 
 value                              1,190       --  1,016,237  1,017,427 
                                  -------  -------  ---------  --------- 
 
 
                                      Level 1  Level 2  Level 3   Total 
31 January 2021                       GBP'000  GBP'000  GBP'000  GBP'000 
------------------------------------  -------  -------  -------  ------- 
Investments held at fair value 
Unquoted investments                       --       --  604,306  604,306 
Quoted investments                     35,702       --       --   35,702 
Subsidiary undertakings                    --       --  267,554  267,554 
Total investments held at fair value   35,702       --  871,860  907,562 
                                      -------  -------  -------  ------- 
 

All quoted and unquoted investments are measured in accordance with IFRS 9.

   1. During the six months to 31 July 2021, approximately GBP469m of assets 
      were transferred at fair value to the Company's wholly owned subsidiary 
      ET Holdings LP. ET Holdings LP was incorporated on 15 December 2020 in 
      order to hold investments in a single entity to provide security for the 
      Company's credit facility with Credit Suisse. All investments continue to 
      be held at fair value. The fair value of investments held in ET Holdings 
      LP as at 31 July 2021 is GBP514m. 

Investments in level 3 securities are in respect of Third Party Funds and Direct investments. These are held at fair value, and are calculated using valuations provided by the underlying manager of the investment and reviewed by ICG, with adjustments made to the statements to take account of cashflow events occurring after the date of the manager's valuation, such as realisations or liquidity adjustments. The valuations of unquoted investments provided by underlying managers are calculated in accordance with the 2018 IPEV Guidelines, which primarily use earnings multiple methodology. A 30% increase/(decrease) in the value of these assets (including those assets held within subsidiary undertakings) would result in a rise and fall in NAV of GBP304.8m or 29.2% respectively (31 January 2021: rise and fall in NAV of GBP252.0m and GBP254.8m respectively or 26.5% and 26.8%).

The following tables present the changes in level 3 instruments for the periods to 31 July 2021 and 31 July 2020.

 
                                              Half year to  Half year to 
                                                   31 July     31 July 
                                                      2021      2020 
                                                   GBP'000     GBP'000 
----------------------------------------------------------  ------------ 
  Opening Balance 1 February                       871,860       777,185 
Additions                                           82,203        37,949 
Disposals                                         (85,911)      (74,934) 
Gains and losses recognised in profit or loss      148,085       (4,339) 
----------------------------------------------  ----------  ------------ 
 
 Closing balance                                 1,016,237       735,861 
 

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors confirm that the interim financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standard IAS 34 'Interim Financial Reporting' and that the business review includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

-- an indication of important events that have occurred during the first six months of the financial year and their impact on the interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

-- that there were no changes in the transactions or arrangements with related parties as described in the last annual report that would have a material impact on the interim financial statements

The Directors of ICG Enterprise Trust plc are listed in the ICG Enterprise Trust plc Annual Report & Accounts for the year ended 31 January 2021, with the exception of Lucinda Riches who stepped down from the Board at the AGM on 21 June 2021.

A list of current directors is maintained on the ICG Enterprise Trust plc website:

http://www.icg-enterprise.co.uk/about-us/the-board.

GOING CONCERN

In assessing the appropriateness of continuing to adopt the going concern basis of accounting, the Board has assessed the financial position and prospects of the Company over the next 12 months. As part of this review, the Board assessed the ongoing and potential impact of principal risks and the COVID-19 pandemic on the Company's business activities.

As part of the Board's assessment of going concern a range of stressed scenarios and sensitivity analyses were examined to identify conditions that might result in the facility's covenants being breached. This included the consideration of possible remedial action that the Company could undertake to avoid such breaches. The diversification and defensive characteristics of the Portfolio were also considered. The output from the scenario analysis is sensitive to the reduction in Portfolio value which is dependent on external factors. The Company continues not to be in breach of any of its facility covenants, has sufficient headroom and is well placed to manage the Portfolio cash flows and its level of undrawn commitments, even in an extreme downside scenario. Based on this assessment, the Board expects that the Company will be able to continue in operation and meet its liabilities as they fall due for a period of at least 12 months. Therefore, it is appropriate to continue to adopt the going concern basis of preparation of the Company's interim financial statements

INDEPENT REVIEW REPORT TO ICG ENTERPRISE TRUST PLC

Conclusion

We have been engaged by ICG Enterprise Trust plc (the 'Company') to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 July 2021 which comprises the Balance Sheet, Income Statement, Cash Flow Statement, Statement of Changes in Equity and the related Notes 1 to 7. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 July 2021 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 3, the annual financial statements of the Company will be prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

Responsibilities of the directors

The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority

Auditor's responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion is based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.

Ernst & Young LLP

London

4 October 2021

GLOSSARY (UNAUDITED)

Term

Short form

Definition

Alternative Performance Measures

APMs

APMs 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 denoted (1) 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.

Co-investment

Co-investment is a direct investment in a company alongside a private equity fund.

Co-investment Incentive Scheme Accrual

Represents the estimated value of interests in the co-investment incentive scheme operated by the Company.

Commitment

Represents the amount of capital that each limited partner agrees to contribute to the fund which can be drawn at the discretion of the general partner

Deployment

Please see 'Total new investment'

Direct Investments

Please see 'Co-investment'.

Discount(1)

Arises when the Company's shares trade at a discount to NAV. 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

The amounts invested by the Company into funds 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.

Enterprise Value

EV

The aggregate value of a company's entire issued share capital and net debt.

FTSE All-Share Index Total Return

The change in the level of the FTSE All-Share Index, assuming that dividends are re- invested on the day that they are paid.

Full Exits

The 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

Where the Company receives sales proceeds from the full or partial sale of a fund position within the secondary market.

General Partner

GP

The entity managing a private equity fund that has been established as a limited partnership. This is commonly referred to as the Manager.

Hedging

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.

High conviction Investments(1)

Comprises Direct investments, ICG managed funds and Secondary investments.

Initial Public Offering

IPO

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

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

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

The time frame of the immediately preceding 12 months in reference to a financial metric used to evaluate the company's performance.

Limited Partner

LP

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

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 profit share ahead of distributions to limited partners.

Net asset value

per share(1)

NAV per share

The value of the Company's 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.

Net asset value

per share Total

Return(1)

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

Calculated as the total short-term and long-term debt in a business, less cash and cash equivalents.

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(1)

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 are amounts payable under the co-incentive scheme accrual.

Overcommitment(1)

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(1)

The aggregate of the investment Portfolios of the Company and of its subsidiary limited partnerships. This is consistent with the commentary in previous annual and interim reports. The Board and the Manager consider that this is the most relevant basis for shareholders to assess the overall performance of the Company and comparison with its peers.

The closest equivalent amount reported on the balance sheet is 'investments at fair value'. A reconciliation of these two measures along with other figures aggregated for the Company and its subsidiary limited partnerships is presented below:

 
                                       Balances 
               Fair                   receivable                   Aggregated 
               Value   Cash held by      from      Co-investment  Company and 
                per     subsidiary    subsidiary     Incentive     subsidiary 
31 July 2021  balance    limited       limited        scheme        limited 
        GBPm   sheet   partnerships  partnerships     accrual     partnerships 
------------  -------  ------------  ------------  -------------  ------------ 
Investments   1,017.4        (40.2)         (0.9)           42.7       1,019.0 
Cash             29.3          40.2             -              -          69.5 
------------  -------  ------------  ------------  -------------  ------------ 
Other net 
 liabilities    (3.2)             -           0.9         (42.7)        (45.0) 
------------  -------  ------------  ------------  -------------  ------------ 
Net assets    1,043.5             -             -              -       1,043.5 
------------  -------  ------------  ------------  -------------  ------------ 
 
 
                                       Balances 
               Fair                   receivable                   Aggregated 
               Value   Cash held by      from      Co-investment  Company and 
                per     subsidiary    subsidiary     Incentive     subsidiary 
  31 January  balance    limited       limited        scheme        limited 
   2021 GBPm   sheet   partnerships  partnerships     accrual     partnerships 
------------  -------  ------------  ------------  -------------  ------------ 
Investments     907.6             -         (0.2)           41.8         949.2 
Cash             45.2             -             -              -          45.2 
------------  -------  ------------  ------------  -------------  ------------ 
Other net 
 liabilities    (0.7)             -           0.2         (41.8)        (42.3) 
------------  -------  ------------  ------------  -------------  ------------ 
Net assets      952.1             -             -              -         952.1 
------------  -------  ------------  ------------  -------------  ------------ 
 

Portfolio Return on a Local Currency Basis(1)

Represents the change in the valuation of the Company's Portfolio, before the impact of currency movements and co-investment scheme accrual. The Portfolio return of 14% is calculated as follows:

 
                                                  GBPm  31 Jul 2021  FY 2021 
------------------------------------------------------  -----------  ------- 
Income, gains and losses on Investments                       113.0    190.6 
Foreign exchange gains and losses included in gains 
 and losses on investments                                     20.4   (12.2) 
------------------------------------------------------  -----------  ------- 
Incentive accrual valuation movement                            8.2     22.2 
------------------------------------------------------  -----------  ------- 
Total gains on Portfolio investments excluding impact 
 of foreign exchange                                          141.6    200.6 
------------------------------------------------------  -----------  ------- 
Opening Portfolio valuation                                   949.2    806.4 
------------------------------------------------------  -----------  ------- 
Portfolio return on a Local Currency Basis                    14.9%    24.9% 
------------------------------------------------------  -----------  ------- 
 

A reconciliation between the Portfolio return on local currency basis and NAV per share Total Return is disclosed overleaf, see 'Total Return'.

Portfolio Company

An individual company in an investment portfolio.

Preferred Return

Is the preferential rate of return on an individual investment or a portfolio of investments, which is typically 8% per annum

Premium

Occurs when the share price is higher than the NAV and investors would therefore be paying more than the value attributable to the share by reference to the underlying assets.

Quoted company

Any company whose shares are listed or traded on a recognised stock exchange.

   Realisation    proceeds(1) 

Amounts received in respect of underlying realisation activity from the Portfolio and excludes any inflows from the sale of fund positions via the secondary market.

Realisations -- Multiple to Cost(1)

The average return from full exits from the Portfolio in the period on a primary investment basis, weighted by cost.

 
                                               GBPm  31 Jul 2021  FY 2021 
---------------------------------------------------  -----------  ------- 
Cumulative realisation proceeds from full exits in 
 the year                                                  143.6     85.7 
Cost                                                        52.0     35.6 
---------------------------------------------------  -----------  ------- 
Average return Multiple to Cost                             2.8x     2.4x 
---------------------------------------------------  -----------  ------- 
 

Realisations -- uplift to carrying

value(1)

The aggregate uplift on full exits from the Portfolio in the period excluding publicly listed companies that were exited via sell downs of their shares.

 
                                             GBPm  31 Jul 2021  FY 2021 
-------------------------------------------------  -----------  ------- 
Realisation proceeds from full exits in the year          97.2     78.0 
Prior carrying value                                      77.2     59.7 
-------------------------------------------------  -----------  ------- 
Average return Multiple to Cost                            26%      31% 
-------------------------------------------------  -----------  ------- 
 

Secondary investments

These occur when existing private equity fund interests and commitments are purchased from an investor seeking liquidity.

Share Price Total Return(1)

The change in the Company's share price, assuming that dividends are re-invested on

the day that they are paid.

Total new investment(1)

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 condensed interim financial statements.

 
                                                GBPm  31 Jul 2021  31 Jan 2021 
----------------------------------------------------  -----------  ----------- 
Purchase of portfolio investments (per cashflow 
 statement)                                                  82.2         86.1 
Purchase of portfolio investments within subsidiary 
 investments                                                 51.1         53.1 
Total New Investment                                        133.3        139.2 
----------------------------------------------------  -----------  ----------- 
 

Total Proceeds(1)

The 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 and are included in subsidiary investments within the financial statements.

 
                                                         31 Jul 
                                                 GBPm     2021     31 Jan 2021 
-----------------------------------------------------  ----------  ----------- 
Sale of Portfolio investments (per cashflow 
 statement)                                                 122.0        147.5 
Sale of Portfolio investments, interest received and 
 dividends received within subsidiary investments            55.0         55.1 
Interest income                                               3.3          1.2 
Dividend income                                               4.4          5.4 
-----------------------------------------------------  ----------  ----------- 
Total Proceeds                                              184.7        209.2 
-----------------------------------------------------  ----------  ----------- 
Fund Disposals                                                9.4         71.9 
-----------------------------------------------------  ----------  ----------- 
Realisation Proceeds                                        175.3        137.3 
-----------------------------------------------------  ----------  ----------- 
 

Total Return(1)

Performance measure that assumes the notional re-investment of dividends. This is a measure commonly used by the listed private equity sector and listed companies in general.

The table below sets out the share price and the net asset value per share growth figures for periods of one, three, five and ten years to the balance sheet date on a Total Return basis:

 
Total Return performance in years to 31 
July 2021                                   1 year  3 years  5 years  10 years 
------------------------------------------  ------  -------  -------  -------- 
Net asset value per share                    37.5%    57.2%   111.3%    213.3% 
Share price                                  40.7%    37.6%   109.0%    246.7% 
FTSE All-Share Index                         26.6%     5.5%    32.3%     90.7% 
------------------------------------------  ------  -------  -------  -------- 
 

The table below shows the breakdown of the Net Asset Value per Share Total Return for the period:

 
Change in NAV (% of opening NAV)                         31 Jul 2021 
-------------------------------------------------------  ----------- 
Portfolio Return on a Local Currency Basis                     14.9% 
Currency movements on the Portfolio                           (2.1%) 
-------------------------------------------------------  ----------- 
Portfolio return in sterling                                   12.8% 
Effect of cash drag                                           (0.1%) 
-------------------------------------------------------  ----------- 
Impact of net portfolio movement on net asset value            12.7% 
Expenses and other income                                     (1.0%) 
Incentive accrual valuation movement                          (0.8%) 
-------------------------------------------------------  ----------- 
Increase in net asset value per share before buy backs         10.9% 
Impact of share buy backs & dividend reinvestment               0.2% 
-------------------------------------------------------  ----------- 
Net Asset Value per Share Total Return                         11.1% 
-------------------------------------------------------  ----------- 
 

Undrawn commitments

Commitments that have not yet been drawn down (see definition of drawdowns).

Unquoted company

Any company whose shares are not listed or traded on a recognised stock exchange.

Valuation Multiples

Are earnings (EBITDA) or revenue multiples applied in valuing a business enterprise.

Venture Capital

Refers to investing in companies at a point in that company's life cycle that is either at the concept, start-up or early stage of development.

(1) Alternative Performance Measure

(2) In the Chair's Foreword, Manager's Review and Supplementary Information, reference is made to the "Portfolio". This is an APM.

(3) PetSmart/Chewy, Allegro and Ivanti were excluded from this analysis as EBITDA growth is not a relevant metric for these companies in the period

(4) Cash for liquidity purposes includes GBP40.2m held within the Company's wholly owned subsidiaries. Subsidiaries are held at fair value under IFRS 10 Consolidated Financial Statements.

Attachment

   -- 211005_ICGT 31 July 2021 Result_FINAL 
      https://ml-eu.globenewswire.com/Resource/Download/506d64d6-d8ea-4205-b072-ef0219e932f0 
 
 
 

(END) Dow Jones Newswires

October 05, 2021 02:00 ET (06:00 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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