2016 HALF-YEAR RESULTS 6 SEPTEMBER 2016 MAURICE TCHENIO, CHAIRMAN & CEO OF ALTAMIR GERANCE ERIC SABIA, CFO ACCESSING APAX PARTNERS INVESTMENTS THROUGH THE STOCK MARKET
AGENDA Presentation of Altamir • The private equity market • Half-year operating highlights • A quality portfolio • NAV and share price performance • Objectives • Conclusion • 2
PROFILE Paris-based, listed private-equity company, created in 1995 as a means • to access Apax Partners ’ investments through the stock market € 685m in net assets as of 30 June 2016 • Legal structure: French Société en Commandite par Actions ( SCA) • • Limited partners (ordinary shareholders) • A general partner (Altamir Gérance) Tax regime: French Société de Capital Risque (SCR) • • Favourable for Altamir and its shareholders • No structural debt (maximum set at 10% of statutory shareholders ’ equity) • A minimum of 50% of net book value invested in unlisted companies located in the EU 3
OBJECTIVES Sustainable value creation for shareholders Grow Net Asset Value per share (NAV) and outperform the most • relevant indices (Morningstar Investment Trust PE, LPX Europe and CAC Mid and Small) Maintain a sustainable, simple and attractive dividend policy • (2-3% of 31/12 NAV) Reach a critical mass of € 1bn in assets under management in order to: • • Be an essential partner to Apax Partners MidMarket and Apax Partners LLP • Increase the liquidity of LTA shares, thus attracting a broader universe of investors with a view to minimising the discount to NAV 4
ALTAMIR INVESTS WITH APAX PARTNERS Currently in a transition period with direct investments still representing 46% (compared to 64% as of 31 December 2015) of portfolio fair value Since 2011 and going forward • In the funds managed by Apax Partners MidMarket € 276.7m committed to the Apax France VIII fund € 220m to € 300m committed to the Apax France IX fund • In the funds advised by Apax Partners LLP € 60m committed to Apax VIII LP € 138m committed to Apax IX LP • Occasionally in co-investment with the funds managed or advised by Apax Partners MidMarket and Apax Partners LLP Prior to 2011 • Co-investments alongside the funds managed by Apax Partners SA 5
APAX PARTNERS Two private equity firms, leaders in their respective markets • 40 years of experience • Track record of performance • Apax Partners France Apax Partners LLP Paris-based company • London-based company • 20 investment professionals; sector • >100 investment professionals across 8 • specialisation offices worldwide, specialised by sector Investments in French-speaking • Investments in Europe (other than • European countries French-speaking countries), in North America and in key emerging markets Mid-sized companies, with enterprise (China, India, Brazil) • value of € 100m to € 1bn Companies with enterprise value • More than € 3bn under management between € 1bn and € 5bn • Apax France VIII ( € 704m) raised in More than € 32bn under management • • 2011 Apax VIII LP ( € 5.8bn) raised in 2013 • Apax France IX (~ € 700m – first • closing) raised in 2016 Apax IX LP (~$7.9bn – first closing) • raised in 2016 6
INVESTMENT STRATEGY Clear, differentiated and proven Market leaders with strong growth prospects Visionary entrepreneurs and management teams Growth-focused Differentiated business models TMT Retail & Consumer Sector-focused Healthcare Business & Financial Services Leveraged Buyouts and growth capital investments investments Control Majority or lead positions Mid-market companies in French-speaking European countries (France, Benelux, Switzerland) Diversified by geography & size Larger companies in Europe, North America and key emerging markets (China, India and Brazil) Target: achieve 2-3x the amount invested 7
APAX’S COMPETITIVE ADVANTAGES Shared by Apax Partners France and Apax Partners LLP Clear differentiating factor to identify the best Sector expertise investment opportunities, win deals and create value Hands-on involvement by Apax teams to create value Value creation through internationalisation, consolidation and digital transformation Responsible Environment, social & governance due diligence and monitoring of each investment investments Rigorous For investment, value creation and exit processes 8
AGENDA Presentation of Altamir • The private equity market • Half-year operating highlights • A quality portfolio • NAV and share price performance • Objectives • Conclusion • 9
EUROPEAN PRIVATE EQUITY Another active year for buyouts 55.3 10 Source: MergerMarket
EUROPEAN PRIVATE EQUITY A strong exit market Exit value (in $bn) 187.7 200.0 174.2 180.0 157.9 152.9 160.0 131.3 131.9 140.0 111.3 120.0 94.6 94.0 100.0 87.1 80.0 68.5 55.7 60.0 34.2 40.0 20.0 0.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 2016 11 Source: MergerMarket
AGENDA Presentation of Altamir • The private equity market • Half-year operating highlights • A quality portfolio • NAV and share price performance • Objectives • Conclusion • 12
H1 2016 HIGHLIGHTS Portfolio turnover and increased international footprint Portfolio average EBITDA growth New investments NAV growth (vs H1 2015) & commitments +3.9% dividend included +12.9%* 5 (vs +8.8% in H1 2015) (vs +6.6% in H1 2015) (vs 12 in 2015) Statutory net cash Investments & position Divestments commitments at 30 June 2016 € 131.3m € 56.0m € 78.0m (vs € 88.2 in 2015) (vs € 36.9m at end-2015) (vs € 143.2m in 2015) * +5.7% for the Apax VIII LP portfolio (vs +7% in 2015) 13
INVESTMENTS AND COMMITMENTS € 78m invested and committed in H1 2016 (in € million) 143.2 13 124.7 108.0 43 12 96.4 92.2 19 78.0 18 71.8 12 63.0 21 47.1 17 43.4 6 4 19.5 8.6 1 7 7 5 2 2 2 7 5 3 7 12 9 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 2016 New investments & commitments Follow-on investments Number of new portfolio companies 14
INVESTMENTS AND COMMITMENTS € 65.9m in 5 companies with an international footprint Apax France IX Worldwide provider of network performance software InfoVista ( € 33.6*m) France solutions and services French outdoor accommodation group with four- and Sandaya ( € 25.2*m) France five-star campsites in France and Spain JV with Becton Dickinson Respiratory solutions business (JV 50.1%-owned by USA (~ € 2.5m) the Apax VIII LP fund) Apax VIII LP An Accenture subsidiary, specialising in innovative Duck Creek Technologies USA software solutions for the insurance industry (JV (~ € 2.1m) 60%-owned by the Apax VIII LP fund) Engineering Ingegneria Italy Milan-listed IT services company Informatica SpA ( € 2.6m) Retail & Consumer (1) TMT (3 companies) Business & Financial Services Healthcare (1) 15 *This amount is subject to change, depending on the ultimate size of the Apax France IX fund currently being raised
DIVESTMENTS € 147.2m of divestment proceeds in H1 2016 (in € million) * 16 189 * 147.2 32 131 117 115 69 64 56 41 38 7 4 19 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 2016 *Gfi Informatique and Rihag’s proceeds 16
DIVESTMENTS € 147.2m of divestment proceeds in H1 2016 € 93.5m from the sale of Altamir’s investment in Infopro Digital, representing a multiple • of almost three times the amount originally invested. € 21.4m from the sale of the remaining shares in Capio, generating an overall multiple of • 1.6 times the total amount invested. € 8.5m in proceeds and revenue received on preference shares in Maisons du Monde, a • former portfolio company, on the occasion of its recent IPO. € 19.0m in divestment proceeds as part of the transaction enabling Mannai Corporation • to acquire 51% of Gfi Informatique ’s capital from its current shareholders and the market. € 2.6m corresponding to the partial sale of GardaWorld, bringing the multiple to 1.5 • times the amount invested in 2012. € 1.9m from the sale of Rhiag, representing a multiple of 3.2x the amount originally • invested in 2012. € 0.1m corresponding to Albioma ’s 2016 dividends distributed in cash and shares. • 17
HISTORICAL NAV GROWTH 3.9% NAV growth in H1 2016, dividend included 0.56 0.50 0.45 18.77 0.41 0.18* 18.60 0.20* 0.20 16.04 15.14 14.87 0.16* 13.47 12.10 13.92 11.59 11.03 10.42 9.80 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 2016 NAV per share at 31 December, in € Dividend paid in N for financial year N-1, in € * Dividend for FY N-1, divided by number of shares in N 18
H1 2016 NAV BRIDGE + € 5.9m (after dividend payment) M € - - - - 19
VALUE CREATION BY COMPANY H1 2016 Value creation in H1 2016, in m € Marlink 15.9 Cabovisão/Oni 10.8 Texa 8.8 Unilabs 6.1 Snacks Développement 5.8 INSEEC 5.8 THOM Europe 2.5 Afflelou 2.5 41.2M € SK FireSafety 2.3 Other Apax France companies 1.1 * GFI Informatique 1.0 Apax VIII LP (21 companies) -1.4 Altran -1.5 Albioma/Hélios -1.7 Capio -7.1 Amplitude -9.6 Value creation in H1 2016, in m € 20 * Maisons du Monde, Royer.
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