Positive annual statement from ICG-Longbow Senior Secured UK Property Debt

Positive annual statement from ICG-Longbow Senior Secured UK Property Debt – These are the highlights from annual financial statements for the year ended 31 January 2018 from CG-Longbow Senior Secured UK Property Debt Investments (LBOW):

Performance

• NAV of £117.98 million as at 31 January 2018 (31 January 2017: £112.33 million). NAV total return +5.3%. Share price total return +7.5%.
• Total dividends paid or declared for the year ended 31 January 2018 of 8.25 pence per share (31 January 2017: 6.0 pence per share).
• Prepayment fees of £0.97 million (31 January 2017: £4.24 million), reflecting the lower volume of loan repayments and stable nature of the investment portfolio.
• Total income excluding prepayment fees of £7.10 million (31 January 2017: £8.09 million). 
• Profit after tax of £5.90 million for the year ended 31 January 2018 (31 January 2017: £10.41 million), as a result of the reduction in exceptional prepayment fees earned.
• Earnings per share (EPS) of 5.33 pence (31 January 2017: 9.62 pence).
• Adjusted earnings per share of 4.39 pence (31 January 2017: 5.69 pence), adjusted for one-off other fee income during the year totalling £1,042,285 (31 January 2017: £4,259,751).

 Dividends

• Total dividends paid or declared for the year ended 31 January 2018 of 8.25 pence per share (31 January 2017: 6.0 pence per share), made up as follows:
• Interim dividends of 1.5 pence per share paid in respect of the three quarterly periods ending 30 April 2017, 31 July 2017 and 31 October 2017.
• Special dividend of 2.25 pence per share paid in respect of the exit and prepayment fees received during the year ended 31 January 2017.
• 4th interim dividend of 1.5 pence per share paid in April 2018 in respect of the quarter ended 31 January 2018
• An ordinary resolution will be proposed at the forthcoming AGM to approve the interim dividends paid in this financial year.

Investment Portfolio

• During the year, the £10.00 million Lanos loan was repaid in full together with interest, exit and prepayment fees of £1.13 million, and £0.21 million was repaid on the BMO loan. A further £1.10 million was advanced on the Northlands loan; £1.93 million was advanced on the Meadow loan and £9.00 million was advanced on the new Quattro loan.
• As at 31 January 2018, the group’s investment portfolio comprised 10 loans with an aggregate principal balance of £111.15 million, representing 94.21% of the total equity attributable to the owners of the Company (31 January 2017: 10 loans with aggregate principal balance of £109.33 million, representing 97.33% of the total equity attributable to the owners of the Company).
• The weighted average coupon was 6.29% (31 January 2017: 6.24%).
• The portfolio weighted average LTV was 58.03% (31 January 2017: 57.04%), reflecting changes to the composition of the loan portfolio, and the weighted average ICR was 218% (31 January 2017: 235%).
• The portfolio weighted average residual term was 1.37 years, of which on average 0.53 years remains income protected (31 January 2017: residual term 1.85 years, income protected term 0.74 years).

 LBOW : Positive annual statement from ICG-Longbow Senior Secured UK Property Debt