h1 2020 results · 2020. 9. 9. · h1 2020 results –9 september 2020 p.3 euronext paris-listed...

H1 2020 RESULTS9 September 2020

MAURICE TCHENIOCHAIRMAN & CEO OF ALTAMIR GERANCE

ERIC SABIACFO

-----------------------------------

ACCESSING APAX PARTNERS INVESTMENTSTHROUGH THE STOCK MARKET

H1 2020 RESULTS – 9 September 2020 p.2

The private equity market

H1 2020 operating highlights

A quality portfolio

NAV and share price performance

Conclusion

Presentation of Altamir

AGENDA


▪ Euronext Paris-listed private equity company, created in 1995 as a means to access Apax Partners’ investments through the stock market

▪ Offers a unique exposure to a diversified portfolio of private equity investments managedby leading private equity firms Apax Partners SAS (Paris) and Apax Partners LLP (London)

▪ €1,006m in net assets and 57 portfolio companies as of 30 June 2020

▪ Legal structure: French Société en Commandite par Actions (SCA)

- Limited partners (ordinary shareholders)- 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)- Minimum of 50% of net book value invested in unlisted companies located in the EU

PROFILE


▪ Grow NAV per share and outperform the most relevant indices(LPX Europe and CAC Mid & Small)

Performance

▪ Maintain a sustainable and attractive dividend policy(2-3% of year-end NAV)

Shareholderreturn

Providing shareholders with long term capital appreciationand regular dividends

OBJECTIVES


▪ In the funds managed by Apax Partners SAS

- €277m committed to Apax France VIII- €306m committed to Apax France IX- €350m committed to Apax France X (with an €80m

opt-out clause) - €15m committed to Apax Development

▪ In the funds advised by Apax Partners LLP

- €60m committed to Apax VIII LP- €138m committed to Apax IX LP- €180m committed to Apax X LP- $5m committed to Apax Digital

▪ In co-investments :

▪ Alongside the funds managed by Amboise Partners SA : 2 companies in the portfolio

▪ With the funds managed or advised by Apax Partners SAS and Apax Partners LLP

ALTAMIR INVESTS WITH APAX PARTNERS


2private equity firms,leaders in their respective markets

Over 45+years of experience

Track recordof performance

Apax Partners SAS

30 investment professionals;sector specialisation

Small and mid-sized companies, with enterprise value of €100m to €1bn

Investments in Continental Europe countries

~€4bn of total funds raisedEquity tickets:€50-150m

Apax France IX:€1bn (2016)

Apax France VIII:€704m (2011)

Apax Partners LLP

Over 120 investment professionals across 7 offices worldwide, specialised by sector

Companies with enterprise value between €1bn and €5bn

Investments in Europe, North America and in key emerging markets (China, India)

>$50bn of total funds raisedEquity tickets:$200-420m

Apax IX LP:$9bn (2016)

Apax VIII LP:$7.5bn (2013)

Paris-basedcompany

London-basedcompany

ALTAMIR INVESTS WITH APAX PARTNERS

Apax Development:€255m (2019)

Apax Digital :$1.1bn (2017)

Apax France X:Target size: €1.2bn (2020)

Apax X LP:Target size: $10.5bn (2020)


- TMT

- Consumer

- Healthcare

- Services

Sectors of specialisation

- Majority or lead positionsControl

- Buyouts and growth capital investments Leveraged investments

- Mid-market companies in European countries

(France, Benelux, Italy)

- Larger companies in Europe, North America and

key emerging markets (China, India)

Diversified by geography and

size

Growth companies

- Market leaders with strong growth prospects

- Visionary entrepreneurs and management

teams

- Differentiated business models

TARGET: ACHIEVE 2-3X THE AMOUNT INVESTED

Growth- and sector-focused strategy

INVESTMENT STRATEGY


SECTOR EXPERTISE

VALUE CREATION

RIGOROUS PROCESSES

Clear differentiating factor to identify the best investment opportunities, win deals and create value

Hands-on involvement by Apax teams to create value through operational excellence, internationalisation, consolidation/acquisitions and digital transformation

Environment, social & governance, due diligence and monitoring of each investment

• Investment process: for investment, value creation, exit

• Firm development process: HR, IT, ESG, etc.

Shared by Apax Partners SAS & Apax Partners LLP

APAX’S COMPETITIVE ADVANTAGES

RESPONSIBLE INVESTMENTS




A quality portfolio


Conclusion


AGENDA


71.8

89.4

73.7 69.9

110.2

124.0 121.7

146.7

171.7

156.9

76.8

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020

Europe Buyout value (in €bn)

Source: MergerMarket, historical data (2009-2013) in USD, converted at end of year x-rate

H1 2019 :87.0

Activity impacted by COVID-19 pandemic

EUROPEAN PRIVATE EQUITY MARKET


Exit value - M&A only (in €bn)

Source: MergerMarket, historical data (2009-2013) in USD, converted at end of year x-rate

70.2

102.2

85.8

66.1

133.5

150.1

142.3

165.4

137.1

129.3

50.2

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020

H1 2019 :70.7

EUROPEAN PRIVATE EQUITY MARKET

Activity impacted by COVID-19 pandemic




A quality portfolio


Conclusion


AGENDA


Statutory net cashposition

(at 30/06/2020)

Average EBITDA growth*

NAV growth

Divestments

Investments &

commitments

New investments & commitments

Resilience in the unprecedented sanitary crisis

H1 2020 HIGHLIGHTS

+1.6% dividend included

(vs +16% in H1 2019)

+1.9%

(vs +17.2% in 2019)

€24.6m(vs €356m in H1 2019)

3

(vs 5 in H1 2019)

€27.7m

(vs €21.9m in H1 2019)

€25.1m

(vs €79.1m at end-2019)

• Average EBITDA LTM growth of 41 portfolio companies, weighted by each company’s residual cost


€24.6m of divestment proceeds and revenue in H1 2020

DIVESTMENTS

117.3

188.7

38.5

115.2

63.9

88.2

215.7

98.7

155.7

377.9

24.6

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 S1 2020

Divestments (in €m)

17 7 8 14 3 2 8 62

Number of Full Exits

H1 2020


Partial exits / other - €18.1m

€2.1mfrom the pre-IPO financing round of Duck Creek Technologies

€1.6mfrom the sale of TietoEvry shares and refinancing of its margin loan

€3.8mof other proceeds and revenue from, among others, Authority Brands, Manappuram, Neuraxpharm, and Shriram City Union

€1.1mfrom a dividend recap of Boats

€24.6m of divestment proceeds and revenue in H1 2020

DIVESTMENTS

Full exit - €6.5m

€6.5mfrom the sale of Engineering

€9.5mof additional proceeds from the sale of Altran


50.5 41.1

74.5

39.6

130.3

83.0 95.3

133.7

106.0

20.8

17.4 21.3

6.0

17.7

3.8

12.9

29.3 22.9

20.6

9.0

6.9

83.5

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 S1 2020

New investments & commitments Follow-on investments Secondaries

H1 2020

32 3 2 127 8 11 8

Number of new portfolio companies

(in € million)

12

Investments and Commitments

€27.7m of new and follow-on investments

7

*

63.071.8

47.1

92.2

43.2

143.2

112.3118.2

154.3

198.5

27.7


€5.5m

Kar GlobalAPAX X LP

B2B platform that connects buyers and sellers of wholesale vehicles through its automotive auctions. The Company’s unique end-to-end solution combines the wholesale digital and physical auction marketplaces with ancillary services such as financing, logistics, vehicles repair.

INVESTMENTS AND COMMITMENTS

€27.7m invested and committed in H1 2020

€7.5m

Cadence EducationAPAX X LP

Leading provider of early childhood education in North America, Cadence Education serves families and students in more than 225 private preschools through a network of over 40 brands, including the company’s flagship Cadence Academy brand.

CONSUMER

SERVICES

Healthcare

€5.4m

InnovageAPAX X LP

InnovAge helps seniors live life independently, for as long as possible through PACE - the Program of All-inclusive Care for the Elderly, which InnovAge offers in Colorado, California, New Mexico, Pennsylvania, and Virginia.

€2.4mAdjustment reflecting the final amount investedvs 2019 estimation :

- Graitec : €34.5m invested vs €33.3m (of which €5m of co-invest)

- Destiny : €28m invested vs €26.8m

€1.6mto strengthen the financials of InfoVista

€0.8mto finance the acquisition of Contraload by Tosca

€4.5mmainly in Shriram City Union, Baltic Classifieds Group, Snacks Développement, Lexitas, Manappuram Finance, Zensar Technologies, TietoEvry and Apax Digital

Follow on: €6.9mNew investments: €20.8m


11.0311.59

12.10

13.47

14.87

16.04

18.60

21.62 21.54 21.72

27.75 27.55

0.20

0.41

0.45

0.50

0.56 0.650.65

0.66 0.66

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020

NAV per share Dividend paid in N for financial year N-1

+1.6% NAV growth in H1 2020, dividend included

HISTORICAL NAV GROWTH

(in €)


1 013.2

1 013.2 1 013.51 062.0 1 061.1 1 046.7 1 039.0 1 029.9

1 005.8

+0.3

+48.4 -0.8 -14.4-7.7 -9.1 -24.1

NAV at end 2019 Realised gains Unrealised gains FX Impact (net of

carried interest)

Direct and Indirect

costs* and taxes

Carried Interest

provisions*

Financial Result Dividend NAV at end of June

2020

+

-

NAV BRIDGE

* including fees and carried interest provisions at the Apax funds’ level

(in € million)

Value creation in H1 2020

€47.9 of value creation

+47.6

-8.5

-0.6

Unrealizedfinancial loss

Realizedfinancial loss

Financial Result


-4.6

-3.2

-3.0

-0.9

-0.8

-0.5

-0.3

-0.2

0.3

0.7

0.8

1.0

1.1

1.4

1.7

3.3

3.9

4.5

10.5

11.5

20.7

Funds

Other Consumer

Alain Afflelou

AEB

Marlink

Sandaya

THOM Group

Unilabs

Vocalcom

Paycor

Entoria

Other Healthcare

Other TMT

InfoVista

ECi

SK FireSafety Group

Other Services

BIP

Snacks Développement

ThoughtWorks

Expereo

VALUE CREATION BREAKDOWN

Contribution to NAV Company performance Valuation multiple(in €M)

Strong operational performance significantlydriving value movements and/or valuation outlook

Operational performance behind expectations impacting value and/or valuation outlook

Weakened operational performance negatively contributing to value movements and/or valuation outlook

€47.9m of Value creation over H1 2020


Unrealised gain by key drivers (€m)

5.4

47.6

85.8

-21.2

+3.9

-26.3

0

10

20

30

40

50

60

70

80

90

100

EBITDA growth

or other

valuation

metrics

Change in

multiple

Change in Net

Debt

Cash in / cash

out

Accretive /

dilutive

instruments

Value creation

1059.6

1181.3

30.4

97.5

54.7

500

550

600

650

700

750

800

850

900

950

1000

1050

1100

1150

1200

Ptf Value 12/2019 Proceeds

H1 2020

Investment + Follow-

on

H1 2020

Unrealised Gain Ptf Value 06/2020

Portfolio bridge at fair market value (€m)

Value creation driven by change in multiples

VALUE CREATION ANALYSIS OF UNREALISED PORTFOLIO


At the Statutory Net Worth level

PORTFOLIO AT COST

(in € million)

548.8

702.4 708.6

14.3

167.9

6.2

Portfolio 12/2019 Divestments Investments incl. follow-on Portfolio 06/2020 New commitments Portfolio incl. commitments

06/2020


Shares valued at fair value, with an adjustment of up to 20% or at the negotiated transaction price

Shares valued at the share price of the portfolio company or the listed operating company

Shares valued at cost

Portfolio is mostly valued using comparable multiples

PORTFOLIO VALUATION

Portfolio at fair value as of 30/06/2020

1%

5%

94%



2%

1%

97%

6%

8%

86%


41

113

28

104

38 37

173

102 106

256

6

68

166

32

121

47 50

201

115107

342

6

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020

Valuations Exit prices

UPLIFT EVOLUTION

(Difference between exit price and the last carrying value)

(in € million)

+66% +16% +22% +35% +16% +13% +1% +47% +34%+13%Uplift : +4%


€606.4m* of outstanding commitments as of 30 June 2020 to be invested over the next 4 years:

▪ €6.9m to Apax France VIII

▪ €33.1m to Apax France IX

▪ €350m to Apax France X

▪ €11.2m to Apax IX LP

▪ €180m to Apax X LP

▪ €12.8m to Apax Development

▪ €3.1m to Apax Digital

▪ €0.6m to ThoughtWorks (Turing EquityCo)

▪ €5m of recallable distribution for Apax VIII LP

▪ €3.7m of recallable distribution for Apax IX LP

The outstanding commitments are covered 1.95x by the current portfolio and net cash position as of 30 June 2020

Outstanding commitments as of 30 June 2020

COMMITMENTS

* This amount is gross of the €70.3m already invested by the funds, to be called up to 12 months after investment


▪ Statutory net cash position of €25.1m as of 30 June 2020 / IFRS cash of (€34.3m)

▪ Credit facilities of €55m available

▪ Work in progress to increase this amount up to 10% of the Statutory Net Worth(i.e.€70m)

▪ The statutory cash splits as follows :

▪ IVO : €54.1m

▪ 9.7% below its cost of €60m

▪ Down 13.7% compared to 31/12/2019, but up 23.5% compared to 31/03/2020

▪ Net borrowing : (€29.0m)

CASH SITUATIONCASH SITUATION


▪ Apax Partners SAS has entered into exclusive negotiations to sell its stake in Amplitude Surgical. Finalization is expected in Q4 2020.

▪ Successful IPO of Duck Creek Technologies in August despite the current context

▪ Apax Digital has made one new investment in July

▪ Invested at 59% in 10 companies

▪ With a diversification:

▪ By geography: 6 investments in the US, 3 in Europe, 1 in China

▪ By stage: 7 Growths, 3 Buy-outs

EVENTS POST 30 JUNE 2020




A quality portfolio


Conclusion


AGENDA


€1,181M AT FAIR VALUE AS OF 30 June 2020 – 57 COMPANIES

24.2% in direct investments 75.8% via the Apax funds

6.8% 15.3% 35.8%4.6% 17.4%

(1) Thom Group & Alain Afflelou are investments of both AHO 20 and Legacy Investments(2) 6 co-investments in Entoria, InfoVista, Marlink, Snacks Développement, ThoughtWorks and Graitec(3) Marlink is an investment of both Apax France VIII and Apax France IX

11.4%

2.8%

Apax X LP4 companies

Apax Digital & Apax Development

0.6%

2.1%

Co-investments6 companies (2)

Apax VIII LP13 companies

Apax France IX9 companies (3)

Apax France VIII5 companies (3)

Apax IX LP25 companies

LegacyInvestments

2 Companies (1)

AHO 20Secondary

3.2%

Carriedshares of AHO 20

AHO 20 Portfolio

2 Companies (1)

In % of portfolio at fair value

PORTFOLIO BREAKDOWN


81%

16%

3%

By sector% of portfolio* at fair value as of 30/06/2020

By vintage% of portfolio* at fair value as of 30/06/2020

By geography% of portfolio* at cost as of 30/06/2020

Europe (28 companies)

USA (19 companies)

2017 (12 companies)

2016 (8 companies)

2015 (7 companies)

2014 (2 companies)

2013 and earlier(6 companies)

2018 (7 companies)

2%

10%

19%

19%23%

2% 5%

20%

2019 (11 companies)

*Carried shares of AHO20, Apax Development & Apax Digital Excluded

Rest of the world (10 companies)

TMT (20 companies)

Services (17 companies)

Consumer (12 companies)

Healthcare (8 companies)

2020 (4 companies)

51% digital companies

49%

21%

24%

5%

A well-diversified portfolio

PORTFOLIO COMPOSITION


10%

26%

19%

25%

17%

2%

9%

4%

10%

13%

10%

-15%

2015 2016 2017 2018 2019 S1 2020

Altamir portfolio CAC 40 companies excluding financials

Altamir: Average EBITDA growth of 41 portfolio companies (excluding financial firms & new acquisitions) weighted by each company’s residual costCAC 40: Average EBITDA growth of 36 companies (excluding financial firms), weighted by each company’s contribution to market cap

Note: Apax Development, Apax Digital and Carried shares of AHO20 excluded

H1 2020

Strong resilience of the portfolio over the semester

PORTFOLIO PERFORMANCE


Breakdown of portfolio at cost by sales growth


▪ 18 companies, representing 39% of the portfolio at cost, exhibited a positive sales growth despite the sanitary crisis

Note: Average sales growth of 41 portfolio companies (excluding financial firms) weighted by each company’s residual cost, representing 87% of the FMV

Number of portfolio companies

23 13 2 3

61%

25%

7% 7%

Less than 0% Between 0% and 10% Between 10% and

20%

More than 20%

% of portfolio at cost by SALES growth

% of portfolio at cost by SALES growth


36%

39%

7%

18%

Less than 0% Between 0% and 10% Between 10% and 20% More than 20%

% of portfolio at cost by EBITDA growth

% of portfolio at cost by EBITDA growth

Breakdown of portfolio* at cost by EBITDA growth


16

Number of portfolio companies

13 6 6

* Average EBITDA growth of 41 portfolio companies (excluding financial firms) weighted by each company’s residual cost, representing 84% of FMV

• 25 companies, representing almost 2-thirdsof the portfolio at cost, exhibited a positive EBITDA growth despite the sanitary crisis


10.31

10.43

10.83

11.16

12.65

12.78

2015

2016

2017

2018

2019

H1 2020

Valuation multiples at end of period

Entreprise value / LTM EBITDA # of companies

44

38

28

21

35

3.96

4.07

4.22

4.55

4.82

4.94

2015

2016

2017

2018

2019

H1 2020

Debt multiples at end of period

Total net debt / LTM EBITDA # of companies

40

PORTFOLIO VALUATION AND DEBT MULTIPLES

For Valuation multiple : sample of 36 companies as of 30/06/2020 (excluding financial companies, companies being divested and companies where EBITDA is not relevant)For Debt multiple : sample of 47 companies as of 30/06/2020 (excluding financial companies, companies being divested and Matchesfashion whose multiple is not relevant)

36

44

38

28

21

47


As of 30/06/2020 SectorYear of

investmentResidual cost

in €mFair value

in €m% of portfolioat fair value

Marlink TMT 2016 47.4 161.2 14%

Entoria Services 2017 48.8 84.6 7%

THOM Group * Consumer 2010 62.6 79.8 7%

BIP TMT 2018 32.4 72.9 6%

Snacks Développement Consumer 2013 38.1 72.5 6%

Expereo TMT 2018 37.8 68.8 6%

ThoughtWorks TMT 2017 6.9 55.7 5%

SK FireSafety Group Services 2014 12.2 53.8 5%

InfoVista TMT 2016 42.1 42.8 4%

AEB Services 2018 38.8 39.6 3%

Alain Afflelou * Consumer 2012 32.1 38.7 3%

Graitec TMT 2019 34.4 34.4 3%

Sandaya Consumer 2016 21.6 29.5 3%

Destiny TMT 2019 28.0 28.0 3%

Vocalcom TMT 2011 10.7 20.5 2%

Paycor TMT 2018 8.4 17.7 2%

Unilabs Healthcare 2017 9.5 15.6 1%

Total 17 largest investments 512.0 916.3 80%

PORTFOLIO COMPANIES

The 17 largest investments represent 80% of the portfolio at fair value

* Including the prorata share of AHO 20


A world-leading provider of satellite communication services

▪ Good resistance to Covid-19 crisis thanks to:▪ Business-critical nature of Marlink solutions ▪ Resilient, subscription-based business model▪ Sound performance of Enterprise industry business

▪ Ongoing expansion of higher-margin VSAT services (while the legacy business continues to decline)

▪ Development of digital services offering to accelerate vessels digitization

14% portfolio FMV

H1 2020 revenue-3% vs H1 2019

H1 2020 EBITDA +18% vs H1 2019

A European leader in Management, IT and digital transformation consulting

▪ Double-digit growth in H1 2020 despite Covid-19 outbreak: • No cancellation of projects and no billing issues• Utilisation rate maintained, with slight decrease in

average per-day sales• Continued increase in digital revenue share: +32% in

H1 2020 • 4th build-up completed in July (Chaucer consulting),

increasing international exposure

6% portfolio FMV

H1 2020 revenue +13% vs H1 2019

H1 2020 EBITDA +15% vs H1 2019

TMT

PORTFOLIO COMPANY SNAPSHOTS


A leader in digital transformation and software development

Resilient activity in H1, despite Covid-19 impact, thanks to:▪ Significant proportion of work considered strategic by

clients▪ Exposure to large corporations (no billing issues)▪ Geographically diversified client base

A leading provider of global internet connectivity and managed services

▪ Sound H1 2020 performance driven by:• Growth in direct sales, outperforming the plan• Continued increase in the proportion of high-value

added activities:• SD-Wan: +50% vs H1 2019• XCA (cloud access acceleration): +28% vs H1

2019▪ 1st build-up in June 2020: Comsave, a connectivity

intelligence and sourcing platform

6% portfolio FMV

H1 2020 revenue+11% vs H1 2019

H1 2020 EBITDA +4%vs H1 2019

5% portfolio FMV

Q1 2020 revenue +22% vs Q1 2019

TMT



Leading global provider of network performance software solutions and services

▪ Decrease in revenue mainly due to disappointing performance of Global Enterprise division (SD Wan)

▪ Strong performance of Global Network business, driven by acceleration of 5G network deployment (increased demand for teleworking and mobile broadband)

▪ EBITDA growth driven by significant Opex control, notably in Sales and Marketing, and reduced portion of 3rd party solutions

4% portfolio FMV

FY 2019/2020(FYE 30 June)

revenue -12% vs FY 2018/2019

FY 2010/2020 EBITDA +13% vs FY2018/2019

3% portfolio FMV

H1 2020 revenue +6% vs H1 2019

LTM EBITDA -3% 30 June 2020 vs 31 Dec. 2019

Provider and distributor of building information modelling (BIM) software

▪ Resilient activity in H1 2020 due to business’s recurring nature (subscription or maintenance represents ~75% of revenue) and to strong order-book, constituted before Covid-19 outbreak

▪ EBITDA impacted by unfavourable product mix▪ Sound cash-flow generation driven by strong business

trends and strict management of working capital

TMT



Software and multi-channel technology provider for customer contact centres

▪ H1 revenue impacted by non-recurring activities (licences, services and hardware resale), which were down 35% due to Covid-19 pandemic

▪ Sound performance in SaaS/cloud business (+12% yoyrevenue growth)

3% portfolio FMV

H1 2020 revenue +12% vs H1 2019

H1 2020 EBITDA +26% vs H1 2019

2% portfolio FMV

H1 2020 revenue -11% vs H1 2019

Provider of secure cloud communication solutions to innovative companies

▪ Double-digit increase in revenue driven by:▪ Resilient, recurring business model (3-year

contracts)▪ Acceleration in trend to Unified Communications as a

Service (UCaaS) in context of increased teleworking▪ EBITDA margin improvement driven by sound top-line

and efficient use of government-relief measures in the context of Covid-19

TMT



One of the main US providers of HR and payroll services

▪ Decrease in bookings and revenue in H2 2020 (FYE 30 June), notably in payroll and Human Capital Management activity (revenue based on fee per pay and Per Employee Per Month pricing model, and therefore impacted by unemployment)

▪ Rebound of sales since May thanks to the shift from ‘feet on the street’ sales to virtual selling

2% portfolio FMV

FY 2019/2020(FYE 30 June)

Revenue +12% vs FY 2018/2019 due to a strong H1

FY 2019 revenue +29% vs 2018

FY 2019 EBITDA +41% vs 2018

TMT



2nd–largest French wholesale broker specialised in supplemental insurance protection for self-employed people and SMEs

▪ H1 sales negatively impacted by lower-than-expected performance of new products, coupled with activity slowdown in Covid-19 context

▪ Revenue underperformance almost fully offset by continued cost control and synergies from Axellianceintegration

5% portfolio FMV

H1 2020 revenue +18% vs H1 2019(+4% like-for-like)

H1 2020 EBITDA+9% vs H1 2019(-6% like-for-like)

7% portfolio FMV

H1 2020 revenue -12% vs H1 2019

H1 2020 EBITDA -2% vs H1 2019

Leading fire safety specialist in Northern Europe

▪ Performance impacted by postponement of service visits and delay of some large projects due to Covid-19 pandemic

▪ Rebound expected in H2 due to catch-up effect on postponed site visits supported by regulatory constraints

▪ Ongoing integration of the 5 build-ups made in 2019 and further external growth expected, both in Scandinavia and Belgium

Services



3% portfolio FMV

H1 2020 revenue-3% vs H1 2019

H1 2020 EBITDA+13% vs H1 2019

A worldwide leader in biotechnology ingredients and related services for wine, food and beverages

▪ Revenue impacted by decrease in beer and wine consumption in hotels, bars and restaurants in Covid-19 context

▪ Sound EBITDA performance driven by:• Strong Q1, exceeding budget forecasts• Effective cost-cutting measures

▪ New CEO gradually implementing Equipment division turnaround plan

▪ Successful integration of Danmil

Services



Leading jewellery retailer in Europe (1,000+ stores)

▪ Activity during first 9 months of FY 2019/20 (FYE 30 September) impacted by Covid-19 crisis (all stores closed between mid-March and mid-May)

▪ Strong recovery after lockdown, with major cost containment initiatives and a +37% increase in on-line sales

7% portfolio FMV

9 months FY 2019/2020 revenue: -15% vs same period of FY 2018-19

9 months FY 2019/2020 EBITDA: -20%

Leading European producer of private-label savoury snacks

▪ Revenue growth in first 5 months of 2020/21 financial year (FYE 31 January) driven by France and Spain

▪ Strong, sales-driven EBITDA increase, improved manufacturing productivity and better control of manufacturing costs

6% portfolio FMV

First 5 monthsFY 2020/2021 revenue +6% vs same period of FY 2019/20

Consumer



3% portfolio FMV

YTD 31 May 2020 revenue-24% vs same period in 2019(at constant perimeter)

Leading European franchisor for optical and hearing aid products (over 1,400 stores)

▪ Sales impacted by store closures during lockdown; robust normalization since reopening and good prospects for the coming months

▪ Alain Afflelou still outperforming the market in a tough competitive environment

▪ Digital transformation plan focused on reshaping customer journey and increasing on-line sales

3% portfolio FMV

9 months of FY 2019/2020(FYE 31 July)

revenue: -17% vs same period of FY 2018/2019

EBITDA -31%

Leading operator of premium campsites in France and Spain (27 campsites)

▪ Business activity significantly impacted by closure of all campsites (until June 18th), cancellation of summer pre-bookings and limited new bookings during lockdown

▪ Acquisition of 3 new fully-owned campsites▪ Ambitious digital transformation plan leading to

an increase in on-line sales, net promoter score and brand awareness

Consumer



A European leader in diagnostic services

▪ Activity negatively impacted by lockdown measures throughout Europe, both in Radiology and Laboratory

▪ Positive impact of acquisitions in Radiology▪ Significant rebound in activity expected in the

coming months

FY 2017-18 revenue: €100.3m, up 7.5% vs 2016-17 (+8.2% on a comparable basis)

FY 2017-18 EBITDA (analysts’ consensus): €16.7m, up 7.7%

Share price: down 12% in H1 2018

1% portfolio FMV

Q1 2020 revenueflat vs Q1 2019(-3% reported)

Q1 2020 EBITDA-20% vs Q1 2019(reported)

Healthcare



CONSOLIDATIONAND

ACQUISITIONS

DIGITAL TRANSFORMATION

FINANCIALFLEXIBILITY

INTERNATIONALISATIONOPERATIONAL EXCELLENCE

Value creation drivers

PORTFOLIO COMPANIES




A quality portfolio


Conclusion


AGENDA


NAV Total Return as of 30 June 2020 over 1, 3, 5 and 10 years

Altamir outperforms its benchmark index

NAV TR PERFORMANCE

Sources: Altamir and LPX data as of 30/06/2020

218%

88%

42%

15%

122%

41%

20%

1%

10 years 5 years 3 years 1 yearAltamir TR LPX Europe NAV


LOW INTRINSIC RISK PROFILE

PRUDENT FINANCIAL STRATEGY

CONSERVATIVE VALUATION POLICY

▪ No leverage at Altamir level▪ No over-commitment▪ No currency risks on fund investments

▪ Up to 20% downward adjustment applied on unlisted investments

▪ Exit prices always higher than last valuations(see historical uplift graph)

▪ Diversified by sector, geography and maturity▪ Reasonable leverage in the portfolio

DIVERSIFIED ANDHEALTHY PORTFOLIO


3.0%

4.5%

4.1%

4.7%5.2%

4.3%4.2% 4.1%

4.4%

0.20

0.410.45

0.50

0.56

0.65 0.65 0.66 0.66

2012 2013 2014 2015 2016 2017 2018 2019 H1 2020

+16%+12%+11%+10%

Dividend yield on the full year average closing priceDividend in €

2-3% of year-end NAV since 2013

DIVIDEND POLICY

= +2% =


NA*

Total shareholder return as of 30 June 2020 over 1, 3, 5 and 10 years

Altamir outperforms its benchmark indices

TOTAL SHAREHOLDER RETURN

Sources: Altamir and LPX data as of 30/06/2020* CAC Mid & Small GR index not available before 2011

296%

80%

5%-2%

173.6%

25.8%

1.1% -12.7%

17%-13%

-12%

Altamir SP TR LPX Europe TR (index) Cac Mid&Small GR

1 year3 years5 years10 years




A quality portfolio


Conclusion


AGENDA


Unique value proposition

▪ Allows access to privateequity’s superior returnsand Apax Partners’ expertise

▪ Double-digit annual growth in NAV on a total return basis

▪ Ambitious strategy focused on long-term growth

▪ Well diversified portfolio by sector, geography & maturity

▪ Reasonable leverage in the portfolio

▪ Conservative valuation policy

▪ Rigorous cash management process

▪ No structural debt at Altamir level

▪ Amboise SAS owns 65% of the sharecapital

▪ 45+ years of experience in privateequity

▪ Yield of 4-5% per year

▪ Double-digit total shareholder return

▪ Attractive entry point

▪ For long-term investors under certain conditions

Growth-drivenstrategy

Shareholderreturn

Low intrinsicrisk profile

Experienced and committed manager

Tax efficiency

Why invest?

CONCLUSION


APPENDICES


(in € million) 2018 2019 S1 2020

Changes in fair value of the portfolio 79.3 234.2 63.5

Valuation differences on divestments during the period (10.5) 82.1 (7.2)

Other portfolio income 0.8 0.1 0.4

Income from portfolio investments 69.5 316.4 56.7

Purchases and other external expenses (23.7) (24.0) (14.2)

Gross operating income 45.6 292.1 42.2

Net operating income 31.6 234.4 34.5

Net income attributable to ordinary shareholders 30.3 245.1 16.6

Earnings per ordinary share (in euros) 0.83 6.71 0.46

CONSOLIDATED INCOME STATEMENT (IFRS)


(in € million) 31/12/2018 31/12/2019 30/06/2020

TOTAL NON-CURRENT ASSETS 999.2 1 060.1 1 181.4

of which portfolio investments 998.9 980.4* 1 181.4

TOTAL CURRENT ASSETS 25.4 113.4 75.3

TOTAL ASSETS 1 024.6 1 173.4 1 275.1

TOTAL SHAREHOLDERS’ EQUITY 792.9 1 013.2 1 005.8

of which net income for the period 30.3 245.1 16.6

Carried interest provision for the General Partner and class B shareholders

10.2 28.7 28.5

Carried interest provision for the Apax funds

Other liabilities

59.8

2.5

98.9

2.7

106.9

15.0

Financial liabilities 159.2 29.8 101.0

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1 024.6 1 173.4 1 257.2

NAV per share (in euros) 21.72 27.75 27.55

* This amount does not include the €79.2M of AHO 20, classified as Current Assets and not as Portfolio Investments

CONSOLIDATED BALANCE SHEET (IFRS)


(In € million) 2017 2018 2019 H1 2020

Operating expenses -10.3 -10.0 -9.4 -5.6

Taxes -1.2 0.0 0.0 0.0

Net financial income 0.2 -0.6 0.1 -5.6

Change in operating provisions

Change in working capital 2.3 2.7 2.4 1.1

Cash flow from operating activities -8.9 -7.9 -6.9 -10.0

Gross investments -150.9 -116.4 -225.3 -49.4

Net resources (exits) 138.7 138.9 348.9 29.5

Cash flow from investing activities -12.1 22.5 123.6 -19.9

Dividends paid ADP -15.3 -11.8 0.0 0.0

Dividends paid AO -23.7 -23.7 -24.1 -15.6

Cash flow from financing activities -39.0 -35.6 -24.1 -15.6

CASH FLOW -60.0 -20.9 92.7 -45.5

CASH BEGINNING OF PERIOD 67.3 7.3 -13.6 79.1

CASH END OF PERIOD 7.3 -13.6 79.1 33.6

STATUTORY CASH FLOW


NAV breakdown as of 30 June 2020

* Including the prorata share of AHO 20

*

*


Enterprise value / EBITDA

Portfolio = 12.78x

VALUATION MULTIPLES

3%

29%

32%

24%

< 9x (3 companies) 9x - 10x (2 companies)

10x - 12x (7 companies) 12x - 14x (9 companies)

> 14x (15 companies)

Leverage (total LTM debt) / EBITDA

Portfolio = 4.98x

DEBT MULTIPLES

5%

8%

6%

23%

39%

18%

< 0x - 2x (10 companies)2x - 3x (3 companies)3x - 4x (4 companies)4x - 5x (4 companies)5x - 6x (12 companies)> 6x (14 companies)

% of Altamir’s portfolio residual cost at 30/06/2020

PORTFOLIO VALUATION AND DEBT MULTIPLES

% of Altamir’s portfolio residual cost at 30/06/2020

S1 2020 Average multiple % of residual cost*

Apax France 12.27 82%

Apax LLP 15.10 18%

31.12.2019 Average multiple % of residual cost*


Apax LLP 15.16 18%

For Valuation multiple : sample of 36 companiesFor Debt multiple : sample of 47 companies

New methodology: average multiples weighted by each company’s residual cost

S1 2020 Average multiple % of residual cost*


Apax LLP 5.58 23%

31.12.2019 Average multiple % of residual cost*


Apax LLP 4.96 24%


USEFUL INFORMATION

STOCK MARKET DATA AGENDA CONTACT

Number of shares: 36,512,301

Market capitalisation: €605m at 03/09/2020

Stock market: Euronext Paris (compartment B)

Ticker: LTA

ISIN code: FR0000053837

8 September 2020, post-tradingNAV as of 30/06/2020

5 November 2020, post-trading

NAV as of 30/09/2020

[email protected]

+33 1 53 65 01 00

www.altamir.fr

mailto:[email protected]


This document has been prepared by Altamir SCA (“Altamir”) for meetings to be held March 2019.

▪ No warranty is made as to the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Altamir isunder no obligation to keep current the information contained in this presentation and any opinions expressed in this representation aresubject to change without notice.

▪ This document may include forward-looking statements. These forward-looking statements relate to the future prospects, developmentand business strategies of Altamir and its portfolio companies and are based on estimates. By their nature, any forward-lookingstatement involves risks and uncertainties. Altamir cautions that forward-looking statements are not guarantees of future performanceand that its actual financial condition, actual results of operations and cash flows and the development of the industries in which Altamiror its portfolio companies operate may differ materially from those made in or suggested by any forward-looking statement contained inthis presentation. Altamir does not undertake any obligation to review or confirm analysts’ expectations or estimates or to releasepublicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of thisdocument, unless required by law or any applicable regulation.

▪ Altamir accepts no liability for the consequences of any reliance upon any statement of any kind (including statements of fact or opinion)contained herein.

▪ This presentation includes only summary information and must be read in conjunction with Altamir’s financial statements, which are orwill be available on Altamir’s website (www.altamir.fr)

▪ The information contained in this presentation may not be considered an invitation to invest. No information provided on this documentconstitutes, or should be used or considered as, an offer to sell or a solicitation of any offer to buy the securities of Altamir or any otherissuer.

DISCLAIMER

http://www.altamir.fr/

h1 2020 results · 2020. 9. 9. · h1 2020 results –9 september 2020 p.3 euronext paris-listed...

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