REG - Graphite Enterprise - Unaudited results for year ended 31 January 2015 <Origin Href="QuoteRef">GPE.L</Origin> - Part 2
25/03/2015 07:02
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4.6%
* Excludes Guardian Financial Services where revenue is not a meaningful
measure of performance.
** Excludes Intermediate Capital Group and Guardian Financial Services where
these metrics are not relevant.
Portfolio analySIS
The following four tables analyse the companies in which Graphite Enterprise
had investments at 31 January 2015.
Underlying companies - investment type
% of underlying companies
Large buy-outs 46.4%
Mid-market buy-outs 38.8%
Mezzanine 8.4%
Small buy-outs 4.5%
Quoted 1.9%
Total 100.0%
Underlying companies - geographic distribution*
% of underlying companies
UK 49.9%
North America 12.7%
France 9.7%
Germany 9.4%
Benelux 5.6%
Scandinavia 4.3%
Spain 3.3%
Italy 2.4%
Other Europe 2.3%
Rest of world 0.4%
Total 100.0%
* Location of headquarters of underlying companies in the portfolio. Does not
necessarily reflect countries to which companies have economic exposure.
Underlying companies - year of investment and valuation as a multiple of
original cost
Multiple of cost Primary portfolio Secondary portfolio Total portfolio
2014 and onwards 1.1x 19.5% 0.4% 19.9%
2013 1.2x 13.1% 1.2% 14.3%
2012 1.5x 9.8% 1.7% 11.5%
2011 1.5x 7.1% 2.7% 9.8%
2010 1.5x 6.4% 1.6% 8.0%
2009 2.6x 1.6% 0.6% 2.2%
2008 1.1x 5.1% 2.8% 7.9%
2007 1.8x 7.0% 2.7% 9.7%
2006 1.5x 7.7% 4.2% 11.9%
2005 and before 1.6x 4.4% 0.4% 4.8%
Total 1.4x 81.7% 18.3% 100.0%
Underlying companies - sector analysis
% of underlying companies
Business services 21.1%
Industrials 17.7%
Healthcare and education 17.1%
Consumer goods and services 11.5%
Leisure 8.5%
Financials 8.0%
Automotive supplies 7.9%
Technology and telecommunications 4.4%
Media 2.1%
Chemicals 1.7%
Total 100.0%
The following table analyses the closing portfolio by value.
Portfolio - Graphite and third party investments
31 January 2015£ million Third party investments Graphite investments Total
Fund investments 258.2 83.3 341.5
Direct investments 64.3 26.1 90.4
Total portfolio 322.5 109.4 431.9
Graphite investments 25.3%
Third party fund investments - primary 46.6%
Third party fund investments - secondary 13.2%
Third party co-investments 14.9%
Investment activity
Investments into the portfolio
Drawdowns Co-investments and secondary fund purchases Total new investments
Financial period ending £m £m £m
31 January 2015 68.0 57.4 125.4
31 January 2014 54.2 36.4 90.6
31 January 2013 48.8 5.2 54.0
31 January 2012 51.3 29.9 81.2
31 January 2011 65.6 19.2 84.8
31 December 2009 21.5 2.5 24.0
31 December 2008 65.8 12.1 77.9
31 December 2007 95.2 7.9 103.1
31 December 2006 74.6 5.7 80.3
31 December 2005 41.6 3.9 45.5
Largest new underlying investments in the year ended 31 January 2015
Investment Description Country £m
ICR Group Provider of repair and maintenance services to the energy industry UK 13.0
Education Personnel * Provider of temporary staff for the education sector UK 10.2
Human Capital Investment Group Provider of recruitment services UK 8.7
Skillsoft Provider of off the shelf e-learning content USA 8.0
The Laine Pub Company ** Operator of pubs and bars UK 5.5
Co-investment *** Provider of business services Europe 5.1
Autodata Provider of technical information to the automotive aftermarket UK 1.4
Minimax Supplier of fire protection systems and services Germany 1.2
CeramTec Manufacturer of high performance ceramics Germany 1.2
iPrism E-wholesaler of insurance to brokers UK 1.1
Total of 10 largest new investments 55.4
* Sold by Graphite Capital to ICG in the period. The Company re-invested
alongside ICG.
** Formerly InnBrighton, which was realised in the period. The Company
re-invested in the rebranded business, The Laine Pub Company.
*** We are not permitted to disclose the details of this co-investment under
the terms of a confidentiality agreement.
Realisations from the portfolio *
Financial period ending £m % of opening portfolio
31 January 2015 142.2 32.8%
31 January 2014 118.3 28.5%
31 January 2013 74.2 19.7%
31 January 2012 92.9 26.0%
31 January 2011 19.8 8.5%
31 December 2009 14.0 7.3%
31 December 2008 25.8 12.9%
31 December 2007 112.4 54.5%
31 December 2006 92.9 53.3%
31 December 2005 93.8 61.9%
*Excluding secondary sales of fund interests.
Largest underlying realisations in the year ended 31 January 2015
Investment Manager Buyer type Proceeds£m
CEVA Euromezzanine Secondary 15.4
Education Personnel* Graphite Capital Secondary 14.9
London Square Graphite Capital Secondary 9.8
Quiron Doughty Hanson Trade 6.6
National Fostering Agency Graphite Capital Refinancing 5.0
Avio Cinven Trade 4.6
Sebia Cinven Secondary 4.2
InnBrighton** Graphite Capital Secondary 4.0
Homag Group Deutsche Beteiligungs Public offering 3.4
Acosta TH Lee Secondary 2.7
Total of 10 largest realisations 70.6
* Sold by Graphite Capital to ICG in the period. The Company re-invested
alongside ICG.
**The Company re-invested in the rebranded business, The Laine Pub Company.
Quoted equity holdings at 31 January 2015
All quoted holdings, other than Intermediate Capital Group, are held
indirectly through third party funds and may have restrictions on their sale.
The timing of any disposal of these indirect interests is determined by the
managers of those funds.
Underlying investment Ticker £m % of investment portfolio
Intermediate Capital Group ICP 5.0 1.1%
Spire Healthcare SPI 3.8 0.9%
Abertis ABE 3.5 0.8%
VWR International VWR 3.5 0.8%
Acromas SAGA 3.3 0.8%
FleetCor FLT 2.9 0.7%
Elior ELIOR 2.4 0.6%
West Corporation WSTC 2.1 0.5%
Evonik Industries EVK 2.1 0.5%
Aramark Corporation ARMK 2.0 0.5%
Atos ATO 1.9 0.4%
Avolon Aerospace AVOL 1.8 0.4%
Partnership PA 1.7 0.4%
Cerved CERV 1.2 0.3%
Brit Insurance BRIT 1.1 0.3%
Tumi TUMI 1.1 0.3%
ComHem COMH 0.8 0.2%
Merlin MERL 0.7 0.2%
Others 3.8 0.6%
Total 44.7 10.3%
Commitments analysis
Commitments at 31 January 2015 Original commitment1£m Outstanding commitment£m Average drawdown percentage % of commitments
Funds in investment period 279.6 180.6 35.4% 77.2%
Funds post investment period 599.9 53.4 91.1% 22.8%
Total 879.5 234.0 73.4% 100.0%
1 Original commitments are at 31 January 2015 exchange rates
Commitments at 31 January 2015 - remaining investment period % of commitments
4-5 years 23.9%
3-4 years 17.7%
2-3 years 29.5%
1-2 years 4.6%
<1 year 1.5%
Investment period complete 22.8%
Total 100.0%
Movement in commitments in the year ended 31 January 2015 £m
Opening 277.3
Drawdowns* (74.0)
New primary commitments 22.0
New commitments arising through secondary purchases 21.5
Secondary disposals (4.8)
Currency (12.0)
Other 4.0
Closing 234.0
* Includes £68.0 million of drawdowns in the normal course and £6.0 million in
respect of the commitment to Landmark Acquisition Fund VIII to acquire the
secondary portfolio of ICG European Fund 2006.
New commitments during the year to 31 January 2015
Fund Strategy Geography £m
Primary commitments
Silverfleet II Mid-market buy-out Europe 11.8
Bain Capital Europe IV Mid-market and large buy-outs Europe 6.3
PAI Europe VI Mid-market and large buy-outs Europe 3.9
Total primary commitments 22.0
Commitments arising from secondary purchases
Landmark Acquisition Fund VIII Mezzanine Europe 17.6
Graphite Capital Partners VI Mid-market buy-out UK 2.2
Towerbrook III Mid-market and large buy-outs USA/Europe 1.3
PAI Europe V Mid-market and large buy-outs Europe 0.4
Total commitments arising from secondary purchases 21.5
Total new commitments 43.5
CURRENCY EXPOSURE
31 January2015£m 31 January2015%
Portfolio*
- sterling 230.1 53.3
- euro 119.7 27.7
- other 82.1 19.0
Total 431.9 100.0
*Currency exposure is calculated by reference to the location of the
underlying portfolio companies' headquarters.
31 January2015£m 31 January2015%
Outstanding commitments
- sterling 91.8 39.2
- euro 135.0 57.7
- other 7.2 3.1
Total 234.0 100.0
UNAUDITED RESULTS
Consolidated Income Statement
Year ended 31 January 2015 Year ended 31 January 2014
(unaudited)
Revenue return Capital return Total Revenue return Capital return Total
£'000s £'000s £'000s £'000s £'000s £'000s
Investment returns
Gains and losses on investments held at fair value 13,896 22,614 36,510 18,809 27,475 46,284
Income from cash and cash equivalents 228 - 228 172 - 172
Return from current asset investments - - - 5 (342) (337)
Other income 417 - 417 58 - 58
Foreign exchange gains and losses - (1,024) (1,024) - (371) (371)
14,541 21,590 36,131 19,044 26,762 45,806
Expenses
Investment management charges (1,452) (4,357) (5,809) (1,490) (4,470) (5,960)
Other expenses (1,593) (1,835) (3,428) (1,723) (2,188) (3,911)
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