Interim Management Statement
Embargoed until 7.00am on Tuesday 13 July 2010
Interim Management Statement
for the three months to 30 JUNE 2010
Intermediate Capital Group PLC (ICG) releases its Interim Management Statement
for the three months to 30 June 2010.
Monitoring and managing our portfolio
Overall we are encouraged by the continued improvement in the operational
performance of our portfolio companies since year end. At our most recent
Quarterly Portfolio Review (QPR) in June, 64% of our investment portfolio
companies were performing at or above the prior year level, up from 59% in the
March QPR. No new assets of concern were identified at the recent QPR.
Realisations have continued to be strong. As announced at year end our
investments in Geoservices and Sebia were realised in the first quarter with
Sebia generating a further capital gain of £24 million for ICG PLC. In addition
the sale of Pasteur Cerba to PAI Partners led to a capital gain of £7 million.
We also agreed the exit of our positions in two North American assets, Jet
Broadband (Helicon) and Hudson Products. At the end of June, our mezzanine
investment in Taiwan Broadband Communications was repaid as the company
refinanced on improved terms having grown both its revenue and profits.
While the environment remains favourable for realisations, we remain cautious on
the economic outlook given the renewed market volatility.
Investing selectively
During the period we invested approximately £10 million to support the further
growth of two companies in our portfolio.
At 30 June 2010 our undrawn debt facilities stood at £780 million. Together with
our third party funds we have an investment capacity of over €2 billion.
This highly liquid position is a key competitive advantage in the current market
and as a result our investment pipeline continues to build across our global
office network.
We remain on track to deploy £150 - £200 million in the financial year, however
continue to exercise caution given the fragility of the economic recovery.
Fund Management
Both our mezzanine and credit funds have benefited from an improvement in the
operational performance of their underlying portfolio companies.
Our credit funds, which include senior loans and high yield bonds, experienced
no defaults during the quarter thereby resulting in a further reduction in our
12 month cumulative default rate of 3.6%, compared to 4.5% at year end.
Enquiries:
Analyst / Investor enquiries:
Christophe Evain, CEO, ICGÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +44 (0) 20 7628 9898
Philip Keller, Finance Director, ICG Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +44 (0) 20 7628 9898
Jean-Christophe Rey, Investor Relations, ICGÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â +44 (0) 20 7448 5876
Media enquiries:
Amanda Fong, Corporate Communications, ICG Â Â Â Â Â Â Â Â Â Â Â Â Â +44 (0) 20 7448 4156
Charlotte Kirkham, Tim Draper, M:Communications           +44 (0) 20 7920 2331
This interim management statement has been prepared solely to provide additional
information to shareholders and meets the relevant requirements of the UK
Listing Authority's Disclosure and Transparency Rules. The Preliminary Results
statement should not be relied on by any other party or for any other purpose.
This Preliminary Results statement 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.
About ICG
Founded in 1989, ICG is a leading independent principal investor and credit fund
manager. It is a leader in the management of investments in mezzanine finance,
minority equity, senior loans and related assets, with approximately €11 billion
under management in proprietary capital and third party funds. ICG has a large
and experienced investment team operating from its head office in London and
offices in Paris, Madrid, Stockholm, Frankfurt, Amsterdam, Hong Kong, Sydney and
New York. Its stock (ticker symbol: ICP) is listed on the London Stock Exchange.
Further information is available at: www.icgplc.com.
[HUG#1431172]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Intermediate Capital Group PLC via Thomson Reuters ONE
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