Management Reports • Sep 11, 2020
Management Reports
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The quantitative data contained in this report derive from the Company's customary accounting process. The report was prepared by the Management Company, presented to the Supervisory Board on 8 September 2020 and reviewed by the Statutory Auditors.
Net asset value per share1 stood at €27.55 as of 30 June 2020, after payment of a dividend of €0.66 per share, vs €27.75 as of 31 December 2019, representing an increase of 1.6%, including the dividend, and an increase of 16.5% from 31 March 2020 (€24.21).
Including a slightly negative currency effect of €0.8m, value creation totalled €47.9m during the first half. It derived principally from an increase in the valuation of TMT sector companies, which reflected strong operating performance and a rise in multiples. In particular, Expereo (up €20.7m), ThoughtWorks (up €11.5m) and Bip (up €4.5m) benefited from robust demand for digital transformation solutions and managed services for cloud access and cyber security.
Snacks Développement also saw its valuation climb significantly (by €10.5m), as demand increased sharply in its principal markets.
Altamir invested or made new commitments totalling €27.7m (vs €21.9m in H1 2019), as detailed below.
New investments and commitments, all carried out via the Apax X LP fund, were devoted to the following three companies and totalled €18.4m:
Following the closings of GRAITEC and Destiny early in the year, the amounts invested in each of these two companies was €1.2m greater than estimated as of 31 December 2019.
1 Ordinary shareholders' portion of NAV, net of tax payable
€6.4m in follow-on investments were carried out on existing portfolio companies, principally:
Lastly, €0.5m was invested in the Apax Digital fund;
Engineering was sold for €6.5m (transaction finalised in July 2020).
Altamir recognised €18.1m in additional revenue, consisting principally of:
As of 30 June 2020, the Altamir portfolio comprised 57 holdings. The 17 largest investments represented 79.8% of the portfolio at fair value.
| Company | Amount invested (in €m) |
Valuation (in €m) | % of portfolio value |
|---|---|---|---|
| Marlink | 47.4 | 161.2 | 14.0% |
| Entoria (ex-Ciprés) | 48.8 | 84.6 | 7.4% |
| THOM Group | 62.6 | 79.8 | 6.9% |
| BIP | 32.4 | 72.9 | 6.3% |
| Snacks Développement | 38.1 | 72.5 | 6.3% |
| Expereo | 37.8 | 68.8 | 6.0% |
| ThoughtWorks | 6.9 | 55.7 | 4.9% |
| SK FireSafety Group | 12.2 | 53.8 | 4.7% |
| InfoVista | 42.1 | 42.8 | 3.7% |
| AEB | 38.8 | 39.6 | 3.5% |
| Alain Afflelou | 32.1 | 38.7 | 3.4% |
| Graitec | 34.4 | 34.5 | 3.0% |
| Sandaya | 21.6 | 29.5 | 2.6% |
| Destiny | 28.0 | 28.0 | 2.4% |
| Vocalcom | 10.7 | 20.5 | 1.8% |
| Paycor | 8.4 | 17.8 | 1.5% |
| Unilabs | 9.5 | 15.6 | 1.4% |
| TOTAL | 512.0 | 916.3 | 79.8% |
As of 30 June 2020, the value of Altamir's portfolio was €1,181.4m, comprising 98.6% of unlisted holdings and 1.4% of listed holdings.
As of 30 June 2020 and after payment of the dividend, Altamir's net cash on an IFRS basis was €-34.3m (vs €83.3m as of 31 December 2019) and net cash on a statutory basis was €25.1m (vs €79.1m as of 31 December 2019).
The net cash position on a statutory basis is the most relevant indicator, given that the company's borrowing capacity (10% of the net position) is based on statutory net assets. The difference between the two positions arises mainly from investments made by the Apax France VIII-B (€11.5m), Apax France IX (€24.6m), Apax IX LP (€9.5m) and Apax X LP (€26.1m) funds and financed by lines of credit.
The Company has decided to maintain its commitment for 2020, corresponding to investments made by the Apax France IX fund during 2019, at the maximum level of €306m. Altamir may revise its commitment downwards, depending on its available cash, for the investments the Apax France X fund might realise.
Altamir and its portfolio companies responded to the public health crisis caused by Covid-19. They did whatever they could to ensure the safety of their employees and the continuity of their operations.
During the first half of 2020, the impact of the crisis on financial statements was very different from one company to another. In some cases, companies had to update their business forecasts and/or change their cost structure. In addition, they were especially vigilant as to their cash resources and in some cases, sought to use the various government aid programmes put in place.
In assessing valuations for these half-year statements, each management company had to think carefully about adjusting its valuation methods in order to reflect as accurately as possible the value of the companies in the portfolio. In the vast majority of cases, the methods remained unchanged, and adjustments were made only in specific situations (very seasonal businesses, etc.). Lastly, certain acquisition or divestment transactions were postponed.
At the Company's General Meeting of 28 April, shareholders approved a dividend of €0.66 per share, which was distributed to shareholders on 28 May 2020. The ex-dividend date was 26 May 2020.
Apax Partners SAS announced that it had entered into exclusive negotiations with a view to selling its investment in Amplitude Surgical. The transaction is set to be finalised during the fourth quarter of 2020.
Duck Creek Technologies was successfully listed on the stock exchange in August.
The Apax Digital fund also announced a new investment.
In light of the considerable uncertainty caused by the Covid-19 pandemic, the Management Company decided in April 2020 to suspend the objectives previously announced for the 2020 financial year and not to announce new ones.
Altamir uses valuation methods based on International Private Equity Valuation (IPEV) guidelines, which in turn comply with IFRS (fair value).
| H1 2020 | 2019 | H1 2019 | |
|---|---|---|---|
| In € 000 | 6 months | 12 months | 6 months |
| Changes in fair value | 63,471 | 234,174 | 164,349 |
| Valuation differences on divestments during | -7,224 | 82,123 | 5,787 |
| the period | |||
| Other portfolio income | 411 | 130 | 115 |
| Income from portfolio investments | 56,658 | 316,427 | 170,251 |
| Gross operating income | 42,242 | 292,105 | 157,463 |
| Net operating income | 34,535 | 234,400 | 127,466 |
| Net income attributable to ordinary shareholders |
16,645 | 245,056 | 126,965 |
| Earnings per share | 0.46 | 6.71 | 3.48 |
Income from portfolio investments in the first half of 2020 reflected:
Changes in fair value since 31 December of the previous year.
Capital gains, calculated as the difference between the sale price of shares divested and their fair value under IFRS as of 31 December of the preceding year.
Gross operating income is calculated after operating expenses for the period.
Net operating income is equal to gross operating income less the share of earnings attributable to the general partner and the holders of Class B shares as well as the carried interest of the Apax funds.
Net income attributable to ordinary shareholders includes investment income and related interest and expenses.
| In € 000 | 30/06/2020 | 31/12/2019 | 30/06/2019 |
|---|---|---|---|
| Total non-current assets | 1,181,811 | 1,060,054 | 977,936 |
| Total current assets | 75,333 | 113,352 | 190,104 |
| TOTAL ASSETS | 1,257,144 | 1,173,407 | 1,168,040 |
| Total shareholders' equity | 1,005,781 | 1,013,220 | 895,980 |
| Provision for carried interest of general partner and Class B shareholders | 17,877 | 28,743 | 23,181 |
| Carried interest provision for Apax funds | 106,856 | 98,887 | 76,742 |
| Other current liabilities | 126,629 | 32,557 | 172,138 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,257,144 | 1,173,407 | 1,168,040 |
Significant influence is presumed when the Company's percentage of voting rights exceeds 20%.
These companies are deemed related parties. Closing balances and transactions for the period are presented in the notes to the consolidated statements.
As of 30 June 2020, the total number of shares stood at 36,512,301.
Attendance fees paid to members of the Supervisory Board with respect to 2019 totalled €274,000.
The Management Company has not identified any risks in addition to those indicated in the 2019 Registration Document filed on 7 April 2020 under number D20-0268.
This document is available on the Company's website: www.altamir.fr.
The risk factors are listed in Section 1.6 of the presentation of the Company and its activities, beginning on page 81.
"I hereby certify that, to the best of my knowledge, the condensed financial statements for the half-year period just ended have been prepared in accordance with applicable accounting standards and present a true and fair view of the assets, financial position and results of the Company and of its consolidated group of companies, and that the accompanying half-year management report presents a true and fair picture of the important events that took place during the first six months of the year, of their impact on the financial statements, and of the principal transactions between related parties, as well as a description of the principal risks and uncertainties for the remaining six months of the year."
Maurice Tchenio
Chairman and CEO of the Management Company
This is a translation into English of the statutory auditors' review report on the half-yearly financial information issued in French and is provided solely for the convenience of Englishspeaking users. This report includes information relating to the specific verification of information given in the Group's half-yearly management report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.
Altamir Period from January 1 to June 30, 2020
Statutory auditors' review report on the half yearly financial information
26, rue Cambacérès 75008 Paris S.A.S. au capital de € 17 390 000 792 111 783 R.C.S. Paris
Commissaire aux Comptes Membre de la compagnie régionale de Paris
Tour First TSA 14444 92037 Paris-La Défense cedex S.A.S. à capital variable 438 476 913 R.C.S. Nanterre
Commissaire aux Comptes Membre de la compagnie régionale de Versailles
Altamir Period from January 1 to June 30, 2020
In compliance with the assignment entrusted to us by your General Meetings and in accordance with the requirements of Article L. 451-1-2 III of the French Monetary and Financial Code (Code monétaire et financier), we hereby report to you on:
These half-yearly consolidated financial statements were prepared under the responsibility of the management on September 7, 2020, on the basis of the information available at that date in the evolving context of the Covid-19 crisis and difficulties in assessing its impact and future prospects. Our role is to express a conclusion on these financial statements based on our review.
We conducted our review in accordance with professional standards applicable in France. A review of interim financial information consists of making inquiries, 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 professional standards applicable in France 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.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying halfyearly consolidated financial statements do not give a true and fair view of the assets and liabilities and of the financial position of the Group as at June 30, 2019 and of the results of its operations for the period then ended in accordance with IFRSs as adopted by the European Union.
We have also verified the information presented in the half-yearly management report on the half-yearly consolidated financial statements subject to our review prepared on September 7, 2020.
We have no matters to report as to its fair presentation and consistency with the half-yearly consolidated financial statements.
Paris and Paris-La Défense, September 9th 2020
The Statutory Auditors French original signed by
RSM Paris ERNST & YOUNG et Autres
Ratana Lyvong Marie Le Treut Henri-Pierre Navas
| (in euros) | Note | 30 juin 2020 6 months |
31 décembre 2019 12 months |
30 juin 2019 6 months |
|---|---|---|---|---|
| Changes in fair value | 63 471 360 | 234 173 862 | 164 349 190 | |
| Valuation differences on divestments during the period | 6.14 | -7 224 343 | 82 122 469 | 5 786 719 |
| Other portfolio income | 6.15 | 411 282 | 130 233 | 115 285 |
| Income from portfolio investments | 56 658 300 | 316 426 565 | 170 251 194 | |
| Purchases and other external expenses | 6.16 | -14 235 433 | -24 034 178 | -12 500 158 |
| Taxes, fees and similar payments | -245 | -140 | -125 | |
| Other income | 6.18 | 93 100 | 301 | 301 |
| Other expenses | 6.17 | -274 000 | -288 000 | -288 000 |
| Gross operating income | 42 241 721 | 292 104 547 | 157 463 212 | |
| Carried interest provision attributable to general partner and Class B shareholders6.11 | 262 458 | -18 586 308 | -13 024 226 | |
| Carried interest provision for Apax funds | -7 969 090 | -39 117 972 | -16 972 827 | |
| Net operating income | 34 535 089 | 234 400 267 | 127 466 159 | |
| Income from cash investments | 0 | 2 806 949 | 1 389 | |
| Financial income | 6.19 | 211 620 | 8 991 797 | 174 762 |
| Interest and similar expenses | 6.20 | -18 101 921 | -1 143 240 | -677 773 |
| Other financial expenses | 0 | 0 | 0 | |
| Net income attributable to ordinary shareholders | 16 644 788 | 245 055 772 | 126 964 537 | |
| Earnings per share | 6.21 | 0,46 | 6,71 | 3,48 |
| Diluted earnings per share | 6.21 | 0,46 | 6,71 | 3,48 |
| (in euros) | Note | 30/06/2020 | 31/12/2019 | 30/06/2019 |
|---|---|---|---|---|
| Net income for the period | 16 644 788 | 245 055 772 | 126 964 537 | |
| Actuarial gains (losses) on post-employment benefits | ||||
| Taxes on items non-recyclable to profit or loss | ||||
| Items non-recyclable to profit or loss | ||||
| Gains (losses) on financial assets available for sale | ||||
| Gains (losses) on hedging instruments | ||||
| Currency translation adjustments | ||||
| Taxes on items recyclable to profit or loss | ||||
| Items recyclable to profit or loss | ||||
| Other comprehensive income | ||||
| CONSOLIDATED COMPREHENSIVE INCOME | 16 644 788 | 245 055 772 | 126 964 537 | |
| Attributable to: | ||||
| * owners of the parent company | 16 644 788 | 245 055 772 | 126 964 537 | |
| * non-controlling shareholders |
| (in euros) | Note | 30 June 2020 | 31 décembre 2019 | 30 juin 2019 |
|---|---|---|---|---|
| NON-CURRENT ASSETS | ||||
| Investment portfolio | 6.6 | 1 181 432 189 | 980 442 589 | 977 484 581 |
| Other non-current financial assets | 6.7 | 367 987 | 79 601 517 | 440 985 |
| Sundry receivables | 10 344 | 10 344 | 10 344 | |
| TOTAL NON-CURRENT ASSETS | 1 181 810 520 | 1 060 054 451 | 977 935 910 | |
| CURRENT ASSETS | ||||
| Sundry receivables | 134 955 | 231 163 | 579 374 | |
| Other current financial assets | 6.8 | 3 011 800 | 28 252 077 | 20 101 354 |
| Cash and cash equivalents | 6.9 | 72 186 309 | 84 869 110 | 169 423 473 |
| TOTAL CURRENT ASSETS | 75 333 064 | 113 352 349 | 190 104 201 | |
| TOTAL ASSETS | 1 257 143 584 | 1 173 406 799 | 1 168 040 112 | |
| SHAREHOLDERS' EQUITY | ||||
| Share capital | 6.10 | 219 259 626 | 219 259 626 | 219 259 626 |
| Share premiums | 102 492 980 | 102 492 980 | 102 492 980 | |
| Reserves | 667 384 048 | 446 411 543 | 447 262 583 | |
| Net income for the period | 16 644 788 | 245 055 772 | 126 964 537 | |
| TOTAL SHAREHOLDERS' EQUITY | 1 005 781 442 | 1 013 219 921 | 895 979 727 | |
| OTHER NON-CURRENT LIABILITIES | ||||
| Provision for carried interest of general partner and Class B shareholders | 6.11 | 17 877 365 | 28 743 225 | 23 181 142 |
| Carried interest provision for Apax funds | 6.12 | 106 855 879 | 98 886 789 | 76 741 644 |
| TOTAL OTHER NON-CURRENT LIABILITIES | 124 733 244 | 127 630 013 | 99 922 786 | |
| OTHER CURRENT LIABILITIES | ||||
| Other financial liabilities | 6.13 | 100 994 420 | 29 793 927 | 146 298 191 |
| Trade payables and related accounts | 6 366 700 | 439 744 | 1 735 092 | |
| Other liabilities | 19 267 773 | 2 323 188 | 24 104 310 | |
| TOTAL OTHER CURRENT LIABILITIES | 126 628 893 | 32 556 858 | 172 137 593 | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1 257 143 584 | 1 173 406 799 | 1 168 040 112 |
| (in euros) | Share capital | Share premiums |
Treasury shares |
Reserves | Net income for the period |
TOTAL |
|---|---|---|---|---|---|---|
| SHAREHOLDERS' EQUITY 31 December 2019 | 219 259 626 | 102 492 980 | -563 812 | 446 975 353 | 245 055 772 | 1 013 219 921 |
| Net income for the period | 16 644 788 | 16 644 788 | ||||
| Total income and expenses recognised in the period | 0 | 0 | 0 | 0 | 16 644 788 | 16 644 788 |
| Transactions on treasury shares | -33 415 | 28 739 | -4 676 | |||
| Allocation of income | 245 055 772 | -245 055 772 | 0 | |||
| Distribution of dividends to ordinary shareholders | -24 078 590 | -24 078 590 | ||||
| SHAREHOLDERS' EQUITY 30 JUNE 2020 | 219 259 626 | 102 492 980 | -597 227 | 667 981 275 | 16 644 788 | 1 005 781 442 |
| (in euros) | Share capital | Share premiums |
Treasury shares |
Reserves | Net income for the period |
TOTAL |
|---|---|---|---|---|---|---|
| SHAREHOLDERS' EQUITY 30 JUNE 2019 | 219 259 626 | 102 492 980 | -562 471 | 447 825 054 | 126 964 537 | 895 979 727 |
| Net income for the period | 118 091 235 | 118 091 235 | ||||
| Total income and expenses recognised in the period | 0 | 0 | 0 | 0 | 118 091 235 | 118 091 235 |
| Transactions on treasury shares | -1 341 | -849 701 | -851 042 | |||
| SHAREHOLDERS' EQUITY 31 December 2019 | 219 259 626 | 102 492 980 | -563 812 | 446 975 353 | 245 055 772 | 1 013 219 921 |
| (in euros) | Share capital | Share premiums |
Treasury shares |
Reserves | Net income for the period |
TOTAL |
|---|---|---|---|---|---|---|
| SHAREHOLDERS' EQUITY 31 DECEMBER 2018 | 219 259 626 | 102 492 980 | -627 240 | 441 497 737 | 30 306 225 | 792 929 329 |
| Net income for the period | 126 964 537 | 126 964 537 | ||||
| Total income and expenses recognised in the period | 0 | 0 | 0 | 0 | 126 964 537 | 126 964 537 |
| Transactions on treasury shares | 64 769 | 99 901 | 164 670 | |||
| Allocation of income | 30 306 225 | -30 306 225 | 0 | |||
| Distribution of dividends to ordinary shareholders, July 2019 | -24 078 809 | -24 078 809 | ||||
| SHAREHOLDERS' EQUITY 30 JUNE 2019 | 219 259 626 | 102 492 980 | -562 471 | 447 825 054 | 126 964 537 | 895 979 727 |
| 30 juin 2020 | 31 décembre 2019 | 30 juin 2019 | ||
|---|---|---|---|---|
| (in euros) | Note | 12 months | 12 months | 12 months |
| Investments | -97 070 276 | -55 358 445 | -26 343 928 | |
| Shareholder loans to portfolio companies | -394 275 | -1 985 435 | -511 800 | |
| Repayment of shareholder loans to portfolio companies | 0 | 12 489 575 | 11 077 775 | |
| Total investments | -97 464 551 | -44 854 304 | -15 777 953 | |
| Divestment of equity investments | 23 172 791 | 379 622 325 | 207 343 559 | |
| Interest and other portfolio income received | 411 282 | 73 943 | 58 995 | |
| Dividends received | 0 | 56 290 | 56 290 | |
| Operating expenses | -14 235 433 | -24 034 178 | -12 500 158 | |
| Change in working capital | -11 149 668 | -10 004 418 | -695 456 | |
| Income received on marketable securities | 0 | 2 806 949 | 1 389 | |
| Sundry extraordinary income | 93 100 | 0 | 0 | |
| Cash flows from operating activities | -99 172 479 | 303 666 608 | 178 486 666 | |
| Dividends paid to ordinary shareholders | -15 565 249 | -24 078 809 | 0 | |
| Investment in France VII / Monceau / Etoile II | 0 | -70 450 824 | 0 | |
| Divestment of Generali/Allianz | 22 013 590 | -7 023 769 | 0 | |
| Apax France VIII-B capital calls | 0 | 0 | 0 | |
| Apax France IX-B capital calls | 344 932 | 851 000 | 0 | |
| Apax France IX-A capital calls | 14 526 | 0 | 0 | |
| Deposits and guarantees | 36 900 | 0 | 0 | |
| Transactions on treasury shares | 0 | 0 | 0 | |
| Amount attributable to the general partner and Class B shareholders | 0 | 0 | 0 | |
| Repayment of borrowings | -303 844 | -138 520 031 | -34 839 895 | |
| Issue of borrowings | 71 504 338 | 9 086 947 | 21 911 076 | |
| Cash flows from financing activities | 78 045 193 | -230 135 486 | -12 928 819 | |
| Net change in cash and cash equivalents | -21 127 286 | 73 531 122 | 165 557 847 | |
| Cash and cash equivalents at opening | 77 396 747 | 3 865 626 | 3 865 626 | |
| Cash and cash equivalents at closing | 6.9 | 56 269 461 | 77 396 747 | 169 423 473 |
The Company endeavours to provide transparent and exhaustive information to the market on the costs and debts relating to the investments it makes both directly and through the Apax funds:
by presenting gross investment performance on the one hand and all costs (management fees and carried interest) on the other; and
by separating costs incurred directly by the Company from those related to investments made through the Apax funds.
This presentation highlights all of the costs incurred by Altamir, all financial debts, including those relating to future capital calls, and all carried interest, relating both to direct investments and to investments made through the Apax funds.
Presenting the funds under significant influence on a net basis would have resulted in the following presentation, keeping in mind that the Apax France VIII-B and Apax France IX-B funds are consolidated, so they were not subject to adjustments.
| Initial Statements | Adjustments | Amended Statements | |
|---|---|---|---|
| NON-CURRENT ASSETS | |||
| Investment portfolio | 1 181 432 189 | -62 663 092 | 1 118 769 097 |
| Other non-current financial assets | 367 987 | 367 987 | |
| Sundry receivables | 10 344 | -10 344 | 0 |
| TOTAL NON-CURRENT ASSETS | 1 181 810 520 | -62 673 436 | 1 119 137 084 |
| CURRENT ASSETS | |||
| Sundry receivables | 134 955 | -60 734 | 74 221 |
| Other current financial assets | 3 011 800 | -3 000 633 | 11 167 |
| Cash and cash equivalents | 72 186 309 | -498 319 | 71 687 990 |
| TOTAL CURRENT ASSETS | 75 333 064 | -3 559 686 | 71 773 378 |
| TOTAL ASSETS | 1 257 143 584 | -66 233 121 | 1 190 910 463 |
| SHAREHOLDERS' EQUITY | |||
|---|---|---|---|
| Share capital | 219 259 626 | 219 259 626 | |
| Share premiums | 102 492 980 | 102 492 980 | |
| Reserves | 667 384 048 | 667 384 048 | |
| Net income for the period | 16 644 788 | 16 644 788 | |
| TOTAL SHAREHOLDERS' EQUITY | 1 005 781 442 | 1 005 781 442 | |
| Carried interest provision for general partner and | |||
| Class B shareholders | 17 877 365 | 17 877 365 | |
| Carried interest for Apax funds | 106 855 879 | -27 131 501 | 79 724 378 |
| TOTAL OTHER NON-CURRENT LIABILITIES | 124 733 244 | -27 131 501 | 97 601 743 |
| Other financial liabilities | 100 994 420 | -38 960 899 | 62 033 521 |
| Trade payables and related accounts | 6 366 700 | -135 622 | 6 231 078 |
| Other liabilities | 19 267 773 | -5 100 | 19 262 674 |
| TOTAL OTHER CURRENT LIABILITIES | 126 628 893 | -39 101 620 | 87 527 273 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1 257 143 584 | -66 233 121 | 1 190 910 463 |
| 30 June 2020 Presentation |
|||
|---|---|---|---|
| Initial Statements | adjustments | Net presentation | |
| Changes in fair value | 63 471 360 | -16 640 935 | 46 830 425 |
| Valuation differences on divestments during the year | -7 224 343 | 10 560 433 | 3 336 090 |
| Other portfolio income | 411 282 | -411 282 | 0 |
| Income from portfolio investments | 56 658 300 | -6 491 785 | 50 166 515 |
| Purchases and other external expenses | -14 235 433 | 4 364 389 | -9 871 045 |
| Taxes, fees and similar payments | -245 | -245 | |
| Other income | 93 100 | 93 100 | |
| Other expenses | -274 000 | -274 000 | |
| Gross operating income | 42 241 721 | -2 127 396 | 40 114 325 |
| Carried interest provision for general partner and Class B shareholders | 262 458 | 262 458 | |
| Carried interest for Apax funds | -7 969 090 | 2 003 962 | -5 965 128 |
| Net operating income | 34 535 089 | -123 434 | 34 411 655 |
| Income from cash investments | 0 | 0 | |
| Financial income | 211 620 | 211 620 | |
| Interest and similar expenses | -18 101 921 | 123 434 | -17 978 487 |
| Other financial expenses | 0 | 0 | |
| Net income attributable to ordinary shareholders | 16 644 788 | 0 | 16 644 788 |
Altamir (the "Company") is a French partnership limited by shares governed by Articles L.226.1 to L.226.14 of the French Commercial Code. Its principal activity is the acquisition of equity interests in other companies. The Company opted to become a société de capital risque (special tax status for certain private equity and other investment companies) as of financial year 1996.
The Company is domiciled in France.
Altamir presents its consolidated financial statements including the Apax France VIII-B private equity fund, in which it holds a 99.90% stake, and the Apax France IX-B private equity fund, in which it holds a 99% stake.
a) Declaration of conformity
Pursuant to European Regulation 1606/2002 of 19 July 2002, the consolidated financial statements of Altamir as of 30 June 2020 have been prepared in compliance with IAS/IFRS international accounting standards as adopted by the European Union and available on its website at: https://ec.europa.eu/info/business-economyeuro/company-reporting-and-auditing/company-reporting/financial-reporting\_en#ifrs-financial-statements.
The accounting rules and methods applied to the half-year financial statements are identical to those used to prepare the consolidated financial statements for the financial year ended 31 December 2019 inasmuch as the new IFRSs (standards, amendments, or IFRIC interpretations) that became applicable on 1 January 2020 did not have an impact on the Group's consolidated financial statements.
These consolidated financial statements cover the period from 1 January to 30 June 2020. They were approved by the Management Company on 7 September 2020.
b) Valuation bases
The financial statements established in accordance with IFRS are prepared on a fair value basis for the following items:
The methods used to measure fair value are discussed in note 6.3.
c) Operating currency and presentation currency
The financial statements established under IFRS are presented in euros, which is the Company's operating currency.
d) Use of estimates and judgements
The preparation of financial statements under IFRS requires management to formulate judgements and to use estimates and assumptions that may affect the application of accounting methods and the amounts of assets, liabilities, income and expenses. Actual values may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. The impact of changes in accounting estimates is accounted for during the period in which the change occurs and in all subsequent periods affected.
More specifically, in note 6.3 on the determination of fair value, information is provided on the principal sources of uncertainty regarding the estimates and judgements made in applying the accounting methods that have the most significant impact on the amounts recognised in the financial statements is described.
Continuity of operations is based on key assumptions including availability of sufficient cash flow until 30 June 2021. The Company has lines of credit totalling €50m, of which €25.9m were drawn down, and has €72.2m in cash equivalents.
Faced with the health crisis due to Covid-19, Altamir and its holdings have done everything possible to ensure the safety of their employees and the continuity of operations.
The crisis had heterogeneous impacts on the financial statements of the participations in the first half of 2020. If necessary, the latter had to update their activity forecasts and / or adapt their cost structure. Companies have also paid close attention to their level of liquidity and, where appropriate, requested the various aid mechanisms available.
The valuation exercises carried out for this half-year closing took into account these different elements, each of the management companies having taken care to question the relevance of adjusting its valuation methods in order to reflect as faithfully as possible the value of the investments. Thus, for most of them, the methods have remained unchanged, certain adjustments having only been made in very specific situations (very seasonal activity, etc.). In addition, certain acquisitions or disposals have been postponed.
6.3 Principal accounting methods
As of 30 June 2020, Altamir exercised control over the Apax France VIII-B fund and the Apax France IX-B fund, in which it holds more than 50% of the units.
Apax France VIII-B and Apax France IX-B are consolidated using the full consolidation method.
Regarding equity interests in which the percentage of control held by Altamir ranges from 20% to 50%, Altamir does not have a representative in the executive body of such companies, and therefore does not share the control of its business activity. All such investments are therefore deemed to be under significant influence.
The accounting methods described below have been applied consistently to all periods presented in the financial statements established under IFRS. The application of the new texts and amendments adopted by the EU, in particular IFRS 15 and IFRS 9, which became mandatory on 1 January 2018, and IFRS 16 and IFRIC 23, which became mandatory on 1 January 2019, did not have a material impact on the financial statements.
The performance and management of the equity instruments in which Altamir invests is monitored on the basis of fair value. The Company has therefore chosen the "fair value through profit or loss" option provided for by IFRS 9 as the method for valuing these investments. Where the Company has a significant influence, it also applies the option of recognition at fair value through profit or loss provided by IAS 28 for "venture capital organisations".
Under the fair value option, these instruments are therefore carried at fair value as assets on the balance sheet with positive and negative changes in fair value being recognised in profit or loss for the period. They are presented in the "Investment portfolio" line item on the balance sheet and the impact of changes in fair value is presented under "Changes in fair value" in the income statement.
The methods for measuring fair value are detailed in note 6.4.
• Hybrid securities
In acquiring its equity interests, Altamir may subscribe to hybrid securities such as bonds that are convertible or redeemable in shares. For this type of instrument with embedded derivatives, Altamir has opted for recognition at fair value through profit or loss in accordance with IFRS 9. At each balance sheet date, hybrid securities held are remeasured at fair value, and changes in fair value (positive or negative) are recognised in the income statement.
These hybrids are presented on the balance sheet under the line item "Investment portfolio", and the impact of changes in fair value is presented under "Changes in fair value" in the income statement.
• Derivative instruments
Pursuant to IFRS 9, warrant-type instruments are classified as derivatives and carried on the balance sheet at fair value. Positive and negative changes in fair value are recognised in profit or loss for the period under "Changes in fair value". The fair value is determined in particular according to the intrinsic value of the conversion option, based on the price of the underlying shares estimated on the balance sheet date.
• Loans and receivables
Pursuant to IFRS 9, these investments are classified as "loans and receivables" and carried at their amortised cost. The associated interest income is recognised under "Other portfolio income" in profit or loss for the year according to the effective interest rate method.
(b) Debt and shareholders' equity
The Company has issued Class B shares that entitle their holders to carried interest equal to 18% of adjusted net statutory income, as defined in paragraph 25.2 of the Articles of Association. In addition, a sum equal to 2% calculated on the same basis is payable to the general partner.
Remuneration of the Class B shareholders and the general partner is considered to be payable as soon as adjusted net income has been recognised. Remuneration of these shares and the shares themselves are considered liabilities under the analysis criteria of IAS 32.
The remuneration payable to the Class B shareholders and the general partner is calculated taking unrealised capital gains and losses into account and is recognised in the income statement. Debt is recognised as a liability on the balance sheet. Under the Articles of Association, unrealised capital gains are not taken into account in the amounts paid to Class B shareholders and the general partner.
Finally, in accordance with IAS 32, treasury shares are deducted from shareholders' equity.
(c) Cash equivalents and other short-term investments
The Company's surplus cash is invested in units of euro money market funds (SICAVs) and time deposits that meet the definition of cash equivalents under IAS 7 (short-term, highly liquid investments, readily convertible into known amounts of cash and subject to an insignificant risk of change in value). They may also be invested in bonds with a longer-term investment objective.
The Company values this portfolio using the fair value option provided for by IFRS 9. The unrealised capital gains or losses at the balance sheet date are thus recognised in profit or loss for the period. Income from time deposits and money-market funds is included in "Income from cash investments".
(d) Tax treatment
The Company opted for the status of SCR (société de capital risque) as of the financial year ended 31 December 1996. This status requires compliance with certain criteria, in particular the limitation of debt to 10% of shareholders' equity and the eligibility of securities held. The legislation on SCRs applicable since 2001 exempts all income from corporation tax.
The Company does not recover VAT. Non-deductible VAT is recognised as an expense in the income statement.
(e) Segment information
The Company carries out only private equity activities and invests primarily in the euro zone.
6.4 Determination of fair value and valuation methods employed
Altamir uses principles of fair value measurement that are in accordance with IFRS 13:
Companies whose shares are traded on an active market ("listed").
The shares of listed companies are valued at the last stock market price of the period.
Companies whose shares are not traded on an active market ("unlisted"), but which are valued on the basis of directly or indirectly observable data. Observable data are prepared using market data, such as information published on actual events or transactions, and reflect assumptions that market participants would use to determine the price of an asset or liability.
An adjustment to level 2 data that has a significant impact on fair value may cause a reclassification to level 3 if it makes use of unobservable data.
Companies whose shares are not traded on an active market ("unlisted"), and are valued based on unobservable data.
Altamir invested or made new commitments totalling €27.7m (vs €21.9m in H1 2019), as detailed below. New investments and commitments, all carried out via the Apax X LP fund, were devoted to the following three companies and totalled €18.4m:
Following the closings of GRAITEC and Destiny early in the year, the amounts invested in each of these two companies was €1.2m greater than estimated as of 31 December 2019.
€6.4m in follow-on investments were carried out on existing portfolio companies, principally:
Lastly, €0.5m was invested in the Apax Digital fund;
Altamir also received €24.6m in divestment proceeds and revenue (vs. €356.0m in H1 2019):
Engineering Group was sold for €6.5m (transaction finalised in July 2020).
Altamir recognised €18.1m in additional revenue, consisting principally of:
Apax France announced that it had entered into exclusive negotiations with a view to selling its investment in Amplitude Surgical. The transaction is set to be finalised during the fourth quarter of 2020.
Duck Creek Technologies, held by the Apax VIII LP fund, was successfully listed on the stock exchange in August.
The Apax Digital fund also announced a new investment.
Changes in the investment portfolio during the period were as follows:
| (in euros) | Portfolio |
|---|---|
| Fair value as of 31 December 2019 | 980 442 589 |
| Investments * | 167 521 099 |
| Changes in shareholder loans | 394 275 |
| Divestments | - 30 397 133 |
| Changes in fair value | 63 471 360 |
| Fair value as of 30 June 2020 | 1 181 432 189 |
| Of which positive changes in fair value | 89 481 555 |
| Of which negative changes in fair value | - 26 010 195 |
* This item includes the reclassification of €70.5m of the stake in AHO20 which was classified under Other non-current financial assets as of December 31, 2019.
Changes in the Level 3 investment portfolio during the year were as follows:
| (in euros) | 30-juin-20 | 31-déc.-19 |
|---|---|---|
| Fair value at start of period | 5 892 716 | 2 465 381 |
| Acquisitions | 80 144 405 | 3 655 032 |
| Divestments | - 9 651 031 - |
205 068 |
| Change of category from Level 1 to Level 3 | - | - |
| Change of category from Level 2 to Level 3 | 4 596 746 | - |
| Change of category from Level 3 to Level 2 | - | - |
| Changes in fair value | 6 848 986 - |
22 629 |
| Fair value at end of period | 87 831 821 | 5 892 716 |
Changes in the Level 2 investment portfolio during the year were as follows:
| (in euros) | 30-juin-20 | 31-déc.-19 | |
|---|---|---|---|
| Fair value at start of period | 951 100 443 | 940 549 282 | |
| Acquisitions | 85 372 115 | 40 942 514 | |
| Divestments | - | 13 504 646 | - 293 010 328 |
| Change of category from Level 1 to Level 2 | - | 26 275 299 | |
| Change of category from Level 3 to Level 2 | - | - | |
| Change of category from Level 2 to Level 3 | - | 4 596 746 | - |
| Changes in fair value | 58 325 641 | 236 343 675 | |
| Fair value at end of period | 1 076 696 807 | 951 100 443 |
Changes in the Level 1 investment portfolio during the year were as follows:
| (in euros) | 30-juin-20 | 31-déc.-19 | |
|---|---|---|---|
| Fair value at start of period | 23 449 429 | 55 899 615 | |
| Acquisitions | 2 398 854 | 256 758 | |
| Divestments | - 7 241 456 |
- 4 284 460 |
|
| Change of category from Level 1 to Level 2 | - | - 26 275 299 |
|
| Changes in fair value | - 1 703 267 |
- 2 147 184 |
|
| Fair value at end of period | 16 903 561 | 23 449 429 |
Valuation methods are based on the determination of fair value as described in paragraph 6.3.
| 30 juin 2020 | 31 décembre 2019 | |
|---|---|---|
| % of listed instruments in the portfolio | 1,4% | 2,4% |
| % of listed instruments in NAV | 1,7% | 2,3% |
Portfolio breakdown according to the degree of maturity of the investments and their business sector:
| (in euros) | 30 juin 2020 | 31 décembre 2019 |
|---|---|---|
| Stage of development | ||
| LBO | 1 157 384 506 | 950 579 203 |
| Growth capital | 24 047 683 | 29 863 386 |
| Portfolio total | 1 181 432 189 | 980 442 589 |
| (in euros) | 30 juin 2020 | 31 décembre 2019 |
| Industry | ||
| Services | 245 826 138 | 235 952 581 |
| TMT | 569 552 008 | 462 303 263 |
| Consumer | 309 538 790 | 224 598 575 |
| Healthcare | 53 398 970 | 54 034 313 |
| Other | 0 3 116 283 |
3 553 857 |
| Portfolio total | 1 181 432 189 | 980 442 589 |
As of 30 June 2020, this item (€368m) corresponded to the liquidity contract. The change from December 31, 2019 is linked to the reclassification of the investment in AHO 2O classified as other non-current financial assets at the end of 2019 and now classified as an investment portfolio.
6.8 Other current financial assets
Other current financial assets mainly related to a Generali Vie tax-efficient capitalisation fund valued at €11k using the amortised cost method, including capitalised interest. This item also included a receivable of €3m from Apax VIII LP. This receivable related to capital calls that have not yet been invested.
This item broke down as follows:
| (in euros) | 30 juin 2020 | 31 décembre 2019 | 30 juin 2019 |
|---|---|---|---|
| Money-market funds " " |
54 128 803 | 62 667 348 | - |
| Time deposits | - | - | 15 000 573 |
| Cash on hand " " |
18 057 506 | 22 201 762 | 154 422 901 |
| Cash and cash equivalents | 72 186 309 | 84 869 110 | 169 423 473 |
| Bank overdrafts | - 15 916 847 - |
7 472 362 | - |
| Cash shown in the statement of cash flows | 56 269 462 | 77 396 747 | 169 423 473 |
| 30 juin 2020 | 31 décembre 2019 | |||||
|---|---|---|---|---|---|---|
| (number of shares) | Ordinary shares | Class B shares |
Ordinary shares | Class B shares |
||
| Shares outstanding at start of period | 36 512 301 | 18 582 | 36 512 301 | 18 582 | ||
| Shares outstanding at end of period | 36 512 301 | 18 582 | 36 512 301 | 18 582 | ||
| Shares held in treasury | 29 959 | 12 164 | 27 835 | 12 164 | ||
| Shares outstanding at end of period | 36 482 342 | 6 418 | 36 484 466 | 6 418 | ||
| NAV per outstanding share | 27,57 | 27,77 | ||||
| (cons. shareholders' equity/nbr. of ordinary shares) | ||||||
| 30 juin 2020 | 31 décembre 2019 | |||||
| (euros) | Ordinary shares | Class B shares |
Total | Ordinary shares | Class B shares |
Total |
| Par value at end of period | 6,00 | 10,00 | 6,00 | 10,00 | ||
| Share capital | 219 073 806 | 185 820 | 219 259 626 | 219 073 806 | 185 820 | 219 259 626 |
The number of shares outstanding for each of the categories is presented below:
The dividend paid to the limited shareholders in 2020 for financial year 2019 was €0.66 per ordinary share outstanding (excluding treasury shares). The NAV per outstanding ordinary share (excluding treasury shares) was €27.57 as of 30 June 2020 (€27.77 per share as of 31 December 2019).
6.11 Provision for carried interest of general partner and Class B shareholders
The change in the amount attributable to the general partner and Class B shareholders during the year is detailed below:
| (in euros) | 30 juin 2020 | 31 décembre 2019 |
|---|---|---|
| At opening " " |
28 743 225 | 10 156 916 |
| Amount paid during the financial year " " |
- | |
| Amount attributable to general partner and Class B shareholders on - earnings of the financial year |
262 458 | 18 586 308 |
| Amount attributable to general partner and Class B shareholders | 28 480 766 | 28 743 225 |
The provision decreased during the period due to the losses on investments conferring the right to carried interest.
This provision of €106.9m relates to unrealised capital gains owing to holders of carried interest in Apax France VIII-B, Apax France IX-A, Apax France IX-B, Apax VIII LP and Apax IX LP of €53.4m, €1.1m, €25.3m, €11.5m and €15.6m, respectively, based on these funds' performance. These liabilities are due in more than one year, with the exception of the Apax France VIII-B amount, which is likely to be partially settled in financial year 2020.
As of 30 June 2020, this item was €101m. It includes credit lines for Apax France IX-A (€1m), Apax France IX-B (€23.6m), Apax France VIII-B (€11.5m), Altamir (€25.9m), Apax IX LP (€9.5m), Apax X LP (€26m), Apax Development (€2.6m) and Apax Digital (€0.8m).
The Other debts correspond mainly to the debt to the General Partners and holders of B shares following the allocation of the 2019 result attributing an amount of €10.6m to the latter.
| (in euros) | 30 juin 2020 | 30 juin 2019 | |
|---|---|---|---|
| Sale price | 23 172 791 | 207 343 559 | |
| Fair value at start of period | 30 397 133 | 201 556 840 | |
| Impact on income | - | 7 224 343 | 5 786 719 |
| Of which positive price spread on divestments | 4 646 666 | 14 474 991 | |
| Of which negative price spread on divestments | - | 11 871 008 | - 8 688 272 |
Other portfolio income is detailed as follows:
| (in euros) | 30 juin 2020 | 30 juin 2019 |
|---|---|---|
| Interest and other portfolio income received | 411 282 | 58 995 |
| Dividends | - | 56 290 |
| Total | 411 282 | 115 285 |
| (in euros) | 30/06/2020 | 30/06/2019 | 30/06/2018 | 30/06/2017 |
|---|---|---|---|---|
| Direct fees (incl. tax):(1) | 5 278 108 | 4 782 258 | 4 976 256 | 5 409 626 |
| Altamir Gérance management fees (excl. tax) | 3 577 720 | 3 213 928 | 2 800 219 | 3 213 240 |
| Non-recoverable VAT on Altamir Gérance management fees | 715 544 | 642 786 | 560 044 | 642 648 |
| Other fees and expenses (incl. tax) | 984 845 | 925 544 | 1 615 993 | 1 553 739 |
| * including recharges for accounting, financial and investor relations services | 417 400 | 398 151 | 395 043 | 381 382 |
| * including fees related to overdraft lines | 211 852 | 37 514 | 129 864 | 422 223 |
| * including fees related to portfolio companies held directly | 24 560 | - 25 078 |
162 377 | 28 387 |
| Indirect fees (incl. tax): | 8 957 325 | 7 717 900 | 7 233 487 | 7 835 390 |
| Management fees charged by Apax Partners SAS and Apax Partners LLP | 7 603 832 | 5 936 652 | 5 712 282 | 6 052 286 |
| Operating costs of the funds managed by Apax Partners SAS and Apax Partners LLP | 1 353 493 | 1 781 247 | 1 521 205 | 1 783 104 |
| TOTAL EXPENSES AND EXTERNAL PURCHASES (2) | 14 235 433 | 12 500 158 | 12 209 742 | 13 245 017 |
| Investments at historical cost | 70 284 531 | 96 359 300 | 143 053 917 | 175 342 483 |
| Apax fund subscription commitments | 902 557 199 | 845 035 536 | 829 512 031 | 803 776 407 |
| CAPITAL COMMITTED AND INVESTED | 972 841 730 | 941 394 835 | 972 565 948 | 979 118 890 |
| (1) / Average NAV between N and N-1 | 0,56% | 0,57% | 0,65% | 0,74% |
| (2) / Average capital committed and invested between N and N-1 | 1,49% | 1,31% | 1,25% | 1,61% |
As of 30 June 2020, direct fees represented 0.56% of average NAV, and total fees represented 1.49% of average committed and invested capital, vs 0.57% and 1.31%, respectively, as of 30 June 2019.
The Management Company's remuneration (€0.2m excl. tax) and the fees received by Amboise Partners SA (€3.4m excl. tax), totalling €4.3m including tax, were calculated pursuant to Article 17.1 of the Company's Articles of Association. This amount was higher than the previous year's because the basis for calculating the gross fees before deduction, i.e. shareholders' equity, was higher.
In addition to the three items detailed in the table above, the other fees and expenses of €1m include €0.3m in legal fees, statutory audit fees and listing costs. The amount of these fees and expenses has been broadly stable for the last three years, apart from the fees relating to overdraft lines, which rose as a result of the opening of new lines.
Indirect fees rose by 16.1%, increasing from €7.7m in H1 2019 to €8.9m in H1 2020. This increase resulted in part from the inclusion of fees for Apax X. Concerning Apax France IX-B, the off-set fees related to investments in Graitec and Destiny will be recognised in the second half of 2020.
Other expenses related to attendance fees paid on 1 July 2020.
This item corresponds to legal damages Moneta Asset Management was ordered to pay after the shareholder's action it brought against Altamir was rejected.
Financial income corresponds to the realised and unrealised gains on the Allianz and Generali tax-efficient capitalisation funds of €166k and €46k, respectively.
6.20 Interest and similar expenses
This line item corresponded mainly to interest paid on credit lines and the bank overdraft line.
The weighted average number of shares outstanding reflects the exclusion of treasury shares.
| Basic earnings per share | 30 juin 2020 | 30 juin 2019 |
|---|---|---|
| Numerator (in euros) | ||
| Income for the period attributable to ordinary shareholders | 16 644 788 | 126 964 537 |
| Denominator | ||
| Number of shares outstanding at start of period | 36 512 301 | 36 512 301 |
| Effect of treasury shares | - 28 897 |
- 34 586 |
| Effect of capital increase | ||
| Weighted average number of shares during the period (basic) | 36 483 404 | 36 477 716 |
| Earnings per share (basic) | 0,46 | 3,48 |
| Earnings per share (diluted) | 0,46 | 3,48 |
In accordance with IAS 24, related parties are as follows:
Amboise Partners SA, as the investment advisor, and Altamir Gérance, as the Management Company, invoiced the Company for €3,398,834 excl. tax and €178,886 excl. tax, respectively, giving a total of €4,293,264 including tax in H1 2020 (vs. €3,856,714 including tax in H1 2019).
The amount payable as of 30 June 2020 was €2,906,027 (€411,577 as of 30 June 2019). The amount receivable as of 30 June 2020 was €48,329 (there ws no amount receivable as of 30 June 2019).
Significant influence is presumed when the equity interest of the Company exceeds 20%.
These companies are deemed related parties. The closing balances and transactions for the year with these companies are presented below:
| Income statement | |||
|---|---|---|---|
| Valuation differences on divestments during the period | - | 83 685 | - |
| Changes in fair value | 19 040 786 | 60 105 366 | |
| Other portfolio income | - | - | |
| Balance sheet | 30 juin 2020 | 30 juin 2019 | |
| Investment portfolio | 555 278 719 | 465 484 450 | |
| Sundry receivables | - | - |
| (in euros) | 30 juin 2020 | 30 juin 2019 |
|---|---|---|
| Income statement | ||
| Valuation differences on divestments during the period - |
83 685 | - |
| Changes in fair value | 19 040 786 | 60 105 366 |
| Other portfolio income | - | - |
| Balance sheet | 30 juin 2020 | 30 juin 2019 |
| Investment portfolio | 555 278 719 | 465 484 450 |
| Sundry receivables | - | - |
| (c) Senior management |
||
| Attendance fees paid on 1 July 2020 to members of the Supervisory Board with respect to 2019 totalled | ||
| €274,000. | ||
| Contingent liabilities | ||
| The contingent liabilities of the Company broke down as follows: | ||
| (in euros) | 30/06/2020 | 31/12/2019 |
| Irrevocable purchase obligations (investment commitments) | 515 843 | 515 843 |
| Other long-term obligations (liability guarantees and other) | 0 | 6 184 051 |
| Total | 515 843 | 6 699 894 |
| Altamir's investment commitments in Apax France VIII-B Altamir's investment commitments in Apax France IX-A |
6 887 068 1 319 026 |
6 887 068 2 771 663 |
| Altamir's investment commitments in Apax France IX-B | 31 764 654 | 65 912 880 |
| Altamir's investment commitments in Apax IX LP | 11 220 796 | 11 220 796 |
| Altamir's investment commitments in Apax Digital | 2 304 913 | 3 240 862 |
| Altamir's investment commitments in Apax Development | 12 750 000 | 12 750 000 |
| Altamir's investment commitments in Apax France X-B | 350 000 000 | 350 000 000 |
| Altamir's investment commitments in Apax X LP | 180 000 000 | 180 000 000 |
| Total | 596 762 300 | 639 483 163 |
| The tables above show the subscription commitments not yet called as of 30 June 2020 and 31 December 2019. Altamir has a €276.7m commitment in the Apax France VIII-B fund. As of 30 June 2020, the amount called was €269.8m. |
||
| Altamir had committed to invest between €226m and €306m in the Apax France IX-B fund. In December 2019, the Company completed a secondary transaction with the buyout of a €13m commitment from an investor in the Apax France IX-A fund. This brought Altamir's total commitment in the Apax France IX fund to €318.9m. The fund was fully invested as of 30 June 2020, with nine investments. The last two investments were closed in January and February 2020 and totalled €55.1m, of which €28m was financed with lines of credit. As of 30 June 2020, the amount of capital called was €285.9m, and the amount remaining to be called was €33.1m. |
Altamir has a €138m commitment in the Apax IX LP fund. As of 30 June 2020, the amount called was €126.8m. However, the amount invested but not yet called, as it was financed by credit lines, was €8.4m.
Altamir has committed to invest €15m in the Apax Development fund. As of 30 June 2020, the amount called was €2.3m. However, the amount invested but not yet called, as it was financed by credit lines, was €2.6m.
Altamir has committed to invest €4.3m in the Apax Digital fund. As of 30 June 2020, the amount called was €1.9m. However, the amount invested but not yet called, as it was financed by credit lines, was €0.9m.
Altamir has a €180m commitment in the Apax X LP fund. As of 30 June 2020, the amount called was nil. However, the amount invested but not yet called, as it was financed by credit lines, was €30.4m.
Altamir had committed to invest between €270m and €350m in the Apax France X-B fund. As of 30 June 2020, the amount called was nil as no investment has been made so far.
The table above does not include distributions paid by the funds, which legally can be called back by the management company to meet the funds' cash requirements, principally for follow-on investments in their portfolios.
As of 30 June 2020, the distributions that could be called back amounted to €5m (Apax VIII LP) and €3.7m (Apax IX LP).
| Companies | Commitments | Investments | Cancellation of | New | Commitments |
|---|---|---|---|---|---|
| as of 31/12/2019during the period commitments | as of 30/06/2020 | ||||
| as of 30/06/2020as of 30/06/2020 | |||||
| Listed securities | 0 | 0 0 |
0 | 0 | |
| Investment commitment in Turing Equity Co LP | 515 843 | 515 843 | |||
| Unlisted securities | 515 843 | 0 0 |
0 | 515 843 | |
| Total | 515 843 | 0 0 |
0 | 515 843 |
Direct investment commitments:
(a) Liability guarantees and other commitments
None.
A commitment was made to certain managers of THOM Group, Snacks Développement, Entoria, InfoVista, Destiny and AEB to repurchase their shares and bonds in the event of their departure. These commitments were not material as of 30 June 2020.
The Apax France IX-B fund gave a security deposit to Banque Transatlantique as part of its investment in Sandaya for the funding of future acquisitions.
As part of the sale of Melita, the buyer granted an earn-out of a maximum of €30m, based on Melita's highspeed fixed-line activities in Italy, valid until the buyer's exit. Altamir's portion of this earn-out was valued at €2.1m as of 30 June 2020, i.e. 25% of the total earn-out.
None
• Securities pledged to Banque Transatlantique:
As of 30 June 2020, 25,000,000 A units in the Apax France IX-B fund were pledged against a credit line of €10m.
The pledged securities cover 150% of the amounts granted based on the valuation of the Apax France IX-B fund units as of 31 December 2019.
• Securities pledged to Natexis Wealth Management:
As of 30 June 2020, 61,440,275 A units in the Apax France IX-B fund were pledged against a credit line of €30m.
The pledged securities cover 215% of the amounts granted based on the valuation of the Apax France IX-B fund units as of 31 December 2019.
• Securities pledged to Neuflize OBC
As of 30 June 2020, 14,864,731 A units in the Apax France IX-B fund were pledged against a credit line of €10m.
The pledged securities cover 150% of the amounts granted based on the valuation of the Apax France IX-B fund units as of 31 December 2019.
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