Paris, may 11, 2017 Net Asset value[1] per share amounted to 21,89 march 31, 2017[2], up 1.2% compared to 31 December 2016 (21,62).
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The growth of NAV in the first quarter of 2017 comes from the increase of stock price of listed companies in the portfolio, essentially Altran.
Remember that on 31 march, only listed companies are re-evaluated in light of their share price (unlisted companies are re-evaluated twice a year, on June 30 and December 31).
The Net Asset value (shareholders ‘ equity under IFRS) as at 31 march 2017 amounts to 799,4 M[3] (compared to 789,5 Million at December 31, 2016).
Activity and portfolio
There has been no new major transaction during the first quarter of 2017.
Altamir invested and committed 7.1 Million during the quarter, of which 3.8 Million in commitments via the fund Apax partners IX LP in Guotai Junan Securities, one of the main financial corporations in china, listed in Shanghai and Hong Kong, and 3.3 Million of additional investments in companies in the existing portfolio, including Vocalcom to support the company in a new phase of development.
The volume of products sale and revenues amounted to 8.5 M and is broken down as follows :
4.5 M from the refinancing and partial disposal of the us company GlobalLogic ;
2.8 Million from the release of the last tranche of the escrow related to the disposal of Vizada, which are in addition to the 1.8 M already recorded in the accounts at 31 December 2016, a total of 4.6 Million received during the quarter ;
1.3 M from the sale of the remaining securities held in the indian company listed Chola ;
the assignment of Unilabs recognized in 2016 to 41.2 Million, was completed in February 2017 to 41.1 Million, a difference of -0.1 Million recorded in the first quarter.
The reinvestment of the board of Altamir in Unilabs through the fund Apax partners IX LP has also been finalized for 9M.
After the transfer of the Chola, the portfolio of the board of Altamir is now comprised of 41 companies (compared to 42 at the end of 2016), of which 35 non-listed companies (75% of the portfolio value) and 6 listed companies[4] (Altran, Albioma, Amplitude, Huarong, Shriram, Zensar). It is valued under IFRS at 860,9 Million (compared to 874,6 Million at December 31, 2016).
Guotai Junan Securities is a commitment to the 31 march 2017 and therefore is not included in these 41 companies.
Cash and commitments
Taking into account of receipts and disbursements that have occurred in the first quarter, the company’s financial statements appear in the march 31, 2017 net cash flow (excluding commitments) of 114,13 M (compared to 67,3 Million at December 31, 2016).
According to the announcement on 16 march 2017, Altamir has slightly increased its underwriting commitment in the fund Apax France IX, now ranging between 226M and 306M, compared with 220-300 M previously), in order to maintain its 30% share in the fund in which the lifting has been completed in march to over 1 billion.
The maximum amount of the commitments of the board of Altamir march 31, 2017 amounted to 458,7 M which will be invested in the 3-4 next years :
301,8 Million in the fund Apax France IX, of which 70M investment in Marlink, InfoVista and Sandaya that have not yet been called ;
138M in the fund Apax partners IX LP, of which 11.6 Million investment in Unilabs and Boats Group (ex-Dominion Marine Media) that have not yet been called ;
16.9 Million in the fund Apax France VIII ;
2M of commitments residual in Apax France VII.
As a reminder, Altamir has the faculty to adjust every 6 months the level of its commitment in the fund Apax France IX to the cash actually available. The Company may also use an envelope of lines discovered in order to overcome potential mismatches between investment flows and transfer ; the total amount of this budget has been increased to 60M in march 2017.
It’s also a reminder that the call for funds occur 12 months after the closing of the transaction for investments through the fund Apax France IX and one to two times per year to those achieved through Apax partners IX, LP, allowing Altamir to have a visibility of several months on its cash requirements.
Events since march 31, 2017
An agreement was signed according to which the shareholder of 51% of Gfi Informatique, Mannai Corporation, will acquire from the fund Apax partners, Altamir and Boussard & Gavaudan of the additional shareholding of approximately 29% in 2017 and 15% in 2018.
Two new investments via the fund Apax partners IX LP have been announced and are expected to represent an amount of approximately 6.2 Million for Altamir : Syneron Candela, an israeli company offering global of the devices of aesthetic medicine non-surgical, and Kepro, an american company that provides services, care coordination, and quality assurance are intended to maximize the expenditure of health at the federal level and each state. The investment in Kepro has been completed in early may.
In addition, the investment of 3.8 M in Guotai Junan Securities has been finalized.
Payment of the dividend of 0.65 per share on may 26, 2017
At the annual General Meeting of 28 April 2017, the shareholders of the board of Altamir approved a dividend of 0.65 per share, or 3% of NAV at 31 December 2016 and a 16% increase compared to the dividend paid in 2016 (0,56). It will be put into payment on may 26, 2017 (detachment of coupon on may 24, 2017).
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5 September 2017 (after stock exchange) NAV as at June 30, 2017, and interim financial statements
8 November 2017 (after stock exchange) NAV as at September 30, 2017
About of the board of Altamir
Altamir is a listed company private equity (Euronext Paris-B, mnémo : ETA), created in 1995 and whose assets under management amounted to nearly 800 million. Its objective is to provide shareholders with capital appreciation over the term and dividends and regular, by investing in a diversified portfolio of assets, mainly unlisted.
The investment policy of the board of Altamir is to invest through and with the funds managed or advised by Apax Partners France and Apax Partners LLP, two leading private equity firm to take majority positions or reference in operations of LBO and capital development, and aim of the ambitious goals of value creation.
Altamir provides access to a diversified portfolio of companies with strong growth potential in the sectors of specialization of Apax (TMT, Retail & Consumer Goods, Health Services, Business Services & Financial Services) and market segments complementary (SMES in French-speaking Europe and large businesses in Europe, North America and in key emerging countries).
The company enjoys the status of SCR (Société de Capital-Risk) : it is exempt from tax on companies and its shareholders can benefit from tax advantages under certain conditions of storage of securities and reinvestment of dividends.
For more information : www.altamir.fr
[1] ANR, net of tax, share of limited Partners holders of common shares
[2] Consolidated unaudited march 31, 2017
[3] M = million
[4] Although publicly traded, the company Gfi Informatique is valued on the basis of a price of transaction and not the stock price
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