Net Asset Value • May 11, 2016
Net Asset Value
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Paris, 11 May 2016 – Net Asset Value1 per share stood at €18.01 as of 31 March 20162 , down 3.2% from 31 December 2015 (€18.60), owing to a decline in the share prices of listed companies in the portfolio during Q1 2016, principally Amplitude Surgical, Capio and Albioma.
As a reminder, only listed companies are revalued as of 31 March at their market price. Unlisted companies are revalued twice a year, on 30 June and 31 December.
Net Asset Value (IFRS shareholders' equity) as of 31 March 2016 was €657.5m3 (vs. €679.3m as of 31/12/2015).
Divestment proceeds and revenue in Q1 2016 totalled €21.4m.
These amounts derived from the sale of Altamir's remaining Capio shares into the market. Capio is a leading pan-European private hospital operator and has been listed on the Stockholm Nasdaq since end-June 2015. Altamir realised a multiple of 1.6x its initial investment in Capio.
The sale of Rhiag was also finalised in Q1 2016.
During the first quarter of 2016, Altamir invested and committed €35.6m as follows (rounded figures): €36.6m of commitments in three new companies, €0.4m in follow-on investments in existing portfolio companies and a slight decrease in investments compared with commitments recorded as of end-2015 (€-1.5m).
The new commitments were as follows:
1 NAV net of tax, share attributable to the limited partners holding ordinary shares
2 Unaudited financial statements as of 31 March 2016
3 M: millions
4 This amount is subject to change, depending on the ultimate size of the Apax France IX fund currently being raised
~€0.9m via the Apax VIII LP fund, which has signed an agreement to acquire, together with another investor, ca. 37.1% of the Milan-listed Italian IT services company Engineering Ingegneria Informatica SpA.
The Melita and Cabovisão/ONI acquisitions were also finalised in Q1 2016. They represent a total of €54.9m for Altamir (vs. €56.4m in commitments as of 31/12/2015).
As of 31 March 2016, Altamir's portfolio was valued (IFRS basis) at €699.8m, vs. €686.5m as of 31 December 2015. It was made up of 36 companies (vs. 36 at end-2015), including 28 unlisted (67% of portfolio value) and eight listed (Altran, Albioma, Amplitude, Gfi, Chola, Huarong, Shriram and Zensar).
Marlink, InfoVista, Engineering Ingegneria Informatica SpA and the joint venture with Becton Dickinson were commitments as of 31 March 2016 and therefore are not included among these 36 companies.
Including cash in and cash out during the first quarter, Altamir's net cash position on an IFRS basis (excl. commitments) was €-2.8m as of 31 March 2016 (vs. €38.2m as of 31 December 2015). As previously reported, Altamir has overdraft lines totalling €47m.
As of 31 March 2016, Altamir had commitments of up to €371m, which broke down as follows:
Concerning the commitment to subscribe to the Apax France IX fund, Altamir will invest via the Apax France IX-B vehicle specifically dedicated to it and will continue to have the option to adjust its commitment every six months to its available cash.
Capital calls to Apax France IX subscribers will be grouped and made no more than twice a year, in contrast to previous funds, which issued calls as the investment transactions were closed.
Following the exclusivity agreement announced in February, a definitive agreement was signed with TowerBrook Capital Partners in April to sell Infopro Digital, France's leading provider of professional information services and Altamir's largest investment.
The first step in the agreement signed with Mannai Corporation to sell 51% of Gfi Informatique was realised in April 2016. The principal shareholders (Apax Partners, Altamir and Boussard & Gavaudan) sold 25% of the capital of Gfi, representing €25.2m in divestment proceeds for Altamir. Now that this first part has been completed, Altamir holds an indirect stake of 9.4% in Gfi Informatique, vs. 13.9% previously.
On the investment side, the acquisition of InfoVista was finalised.
In addition, the Apax VIII LP fund signed an agreement with Accenture to acquire 60% of Duck Creek Technologies, an Accenture subsidiary, so as to create a joint venture and drive digital innovation in insurance software.
At their General Meeting of 15 April 2016, Altamir's shareholders approved a dividend of €0.56 per share (vs. €0.50 in 2015). This dividend is equivalent to 3% of NAV as of 31 December 2015. It will be paid on 27 May 2016 (ex-dividend date: 25 May).
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3 November 2016 (post-trading): NAV as of 30 September 2016
5 September 2016 (post-trading) NAV as of 30 June 2016 and first-half results
Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with more than €650m in assets under management. Its objective is to provide shareholders with longterm capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.
Altamir's investment policy is to invest via and with the funds managed or advised by Apax Partners France and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.
In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax's sectors of specialisation (TMT, Retail & Consumer, Healthcare, Business & Financial Services) and in complementary market segments (mid-sized companies in French-speaking European countries and larger companies across Europe, North America and key emerging markets).
Altamir derives certain tax benefits from its status as an SCR ("Société de Capital Risque"). As such, Altamir is exempt from corporate tax and the company's investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.
For more information: www.altamir.fr
Contact Agathe Heinrich Tel: +33 1 53 65 01 74 E-mail: [email protected]
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