Altamir
TIP
Altamir
Misschien wel interessant genoeg om in een aparte draad onder te brengen.laeka schreef:Precies een volatiele holding in 2009 stonden we rond de 1 euro. Nu boven de 10 euro en in het verleden heeft het nog veel hoger gestaan. Ken geen enkel bedrijf waarin ze investeren. Ik blijf er af. Positief is wel dat ze regelmatig nieuws uitbrengen. Eens kijken wat de cijfers brengen op 5 september
Altamir is een Franse Holding (Ticker LTA) die qua portefeuille vooral investeert in private bedrijven. Misschien wel het best te vergelijken met GIMV of QfG. De inventariswaarde van de portefeuille overstijgt de €650M en is verspreid over 4 grote investeringsgroepen:(TMT: Technologie, Media, Telecom)
Geografisch ligt de hoofdmoot van de investeringen in Frankrijk (53%) en de rest van Europe (37%). De overige 10% zijn verdeeld over de US (7%) en de opkomende landen (3% Brazilië).
De groep is familiaal verankerd met 26% van de aandelen. 53% van de aandelen worden vrij verhandeld. De koers van het aandeel volgt een parcours waar een alpenrit in de Ronde van Frankrijk een puntje aan kan zuigen:
Met een absoluut dieptepunt rond €1.35 in mei 2009. Het management heft dan ook besloten niet meer zelf op zoek te gaan naar investeringen maar dit over te laten aan een gespecialiseerd bedrijf: APAX partners, waarmee het sinds 2011 exclusief samenwerkt. Je kan Altamir nu zien als een middle om toegang te krijgen tot d Private Equity fondsen van APAX, die vroeger alleen maar voor grote beleggers weggelegd waren.
Er is nu ook een duidelijke strategie, die voornamelijk als doel heeft de Netto Inventariswaarde minstens even rap te laten groeien als die van 10 andere holdings (waaronder Eurazeo en Wendel).
en duidelijk met success. De groep beging ook terug regelmatig een jaarlijks groeiend dividend uit te keren. Voor dit boekjaar 2016 wordt een dividend van €0.56 in het vooruitzicht gesteld.
Niettegenstaande deze ommekeer blijft de groep kampen met een hardnekkige discount en deze is zelfs groter dan de holdings waarmee het zich vergelijkt:
Het laatst beschikbaar kwartaalrapport spreekt van een NAV van €18.01. Met een koers van €10.59 spreken we hier al rap van een discount van ~40%. Deze discount is dan ook het onderwerp van een Rapport ter beschikking gesteld door Edison(blz 12). De analist besluit dat deze discount overdreven is gezien de zeer conservatieve schattingen waarmede de onderliggende assets geboekt worden.
Een presentatie van de Jaarresultaten kan je hier vinden in afwachting van de bekendmaking van de halfjaar(2016) cijfers.
Het overwegen waard.
Re: Altamir
Prima initiatief !!!
Ik heb ze sinds ongeveer een jaar en koop op zwakte af en toe wat bij.
Ik heb ze sinds ongeveer een jaar en koop op zwakte af en toe wat bij.
Mis geen enkele kans om te besparen.
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Re: Altamir
Ben normaal gezien totaal niet geïnteresseerd in holdings, maar deze lijkt toch wel het bekijken waard. Ik zie ook dat Moneta Asset Management een belang heeft van 9,5% in het bedrijf. Moneta haalt met haar Micro Entreprises fonds gigantische rendementen (fonds dat je overigens normaal gezien kan kopen bij BNP Paribas Fortis en KBC).
Koers amper €1,35 in 2009 ? En dat terwijl de NAV in 2008 €9,80 bedroeg en in 2009 €11,03... Toch wel heel veel pessimisme rond dit aandeel en ik vind ook niet meteen een verklaring.
Bruto-dividendrendement van 5,25% momenteel, niet slecht.
Koers amper €1,35 in 2009 ? En dat terwijl de NAV in 2008 €9,80 bedroeg en in 2009 €11,03... Toch wel heel veel pessimisme rond dit aandeel en ik vind ook niet meteen een verklaring.
Bruto-dividendrendement van 5,25% momenteel, niet slecht.
Aandelenportefeuille netto met 1184% gestegen sinds opstart in Nov '08. YTD bruto excl dividenden: +0,1% (tem 14 feb '24)
Momenteel: 40% IVU, WTW, Alfa, Intertek, LSEG; 60% cash
Momenteel: 40% IVU, WTW, Alfa, Intertek, LSEG; 60% cash
Re: Altamir
In maart 2009 werd alles geliquideerd, met keek op dat moment totaal niet naar NAV of wat dan ook.
Ik ken heel veel aandelen die achteraf gezien op dat moment extreem laag gewaardeerd stonden.
Ik ken heel veel aandelen die achteraf gezien op dat moment extreem laag gewaardeerd stonden.
Re: Altamir
Ja, maar Altamir is een holding, de décote was echt wel ongewoon extreem in 2009.
Aandelenportefeuille netto met 1184% gestegen sinds opstart in Nov '08. YTD bruto excl dividenden: +0,1% (tem 14 feb '24)
Momenteel: 40% IVU, WTW, Alfa, Intertek, LSEG; 60% cash
Momenteel: 40% IVU, WTW, Alfa, Intertek, LSEG; 60% cash
Re: Altamir
Maakte op dat moment niet uit of het een Holding was en ook niet wat de NAV was, men wilde overal (!!!) uit en er waren nauwelijks kopers.
Re: Altamir
Maakt wel degelijk uit. Wendel bv. noteerde op zijn laagste punt in maart 2009 aan ongeveer de helft van de NAV eind 2008.
Volgens Euroland.com noteerde Altamir aan €0,90 op zijn laagste punt in maart 2009 terwijl de NAV dus meer dan 10x hoger lag.
Volgens Euroland.com noteerde Altamir aan €0,90 op zijn laagste punt in maart 2009 terwijl de NAV dus meer dan 10x hoger lag.
Aandelenportefeuille netto met 1184% gestegen sinds opstart in Nov '08. YTD bruto excl dividenden: +0,1% (tem 14 feb '24)
Momenteel: 40% IVU, WTW, Alfa, Intertek, LSEG; 60% cash
Momenteel: 40% IVU, WTW, Alfa, Intertek, LSEG; 60% cash
Re: Altamir
http://www.moneta.fr/notre-actualite/altamir/
Blijkbaar is Moneta (maar ook de Franse belangenvereniging van minderheidsaandeelhouders) ontevreden over de raad van bestuur. Zij zou te weinig inspanningen leveren om aandeelhouderswaarde te creëren. Uitkering dividend is stapje in goede richting, maar Moneta vind dat er wat scheelt aan de governance en de kwaliteit van de financiële rapportering.
(heb de documenten op de pagina niet gelezen).
Blijkbaar is Moneta (maar ook de Franse belangenvereniging van minderheidsaandeelhouders) ontevreden over de raad van bestuur. Zij zou te weinig inspanningen leveren om aandeelhouderswaarde te creëren. Uitkering dividend is stapje in goede richting, maar Moneta vind dat er wat scheelt aan de governance en de kwaliteit van de financiële rapportering.
(heb de documenten op de pagina niet gelezen).
Aandelenportefeuille netto met 1184% gestegen sinds opstart in Nov '08. YTD bruto excl dividenden: +0,1% (tem 14 feb '24)
Momenteel: 40% IVU, WTW, Alfa, Intertek, LSEG; 60% cash
Momenteel: 40% IVU, WTW, Alfa, Intertek, LSEG; 60% cash
Re: Altamir
Standpunt van Moneta is al langer bekend.
Situatie in 2009 was er 1 van vraag en aanbod; nauwelijks vraag en wel aanbod, was gewoon totale paniek.
Ik zal een voorbeeld geven van wat me is bijgebleven; aandelen Silver Wheaton: in het bezit van langjarige afname contracten van een harde asset (zilver): koers ging van $18 (2008)>>$2 (2009)>>$48 (2011).
Situatie in 2009 was er 1 van vraag en aanbod; nauwelijks vraag en wel aanbod, was gewoon totale paniek.
Ik zal een voorbeeld geven van wat me is bijgebleven; aandelen Silver Wheaton: in het bezit van langjarige afname contracten van een harde asset (zilver): koers ging van $18 (2008)>>$2 (2009)>>$48 (2011).
Re: Altamir
Als ik de documenten zo heel diagonaal lees dan zou er sprake zijn van bedenkelijke transacties tussen Altamir, Maurice Tchenio en APAX.
Aandelenportefeuille netto met 1184% gestegen sinds opstart in Nov '08. YTD bruto excl dividenden: +0,1% (tem 14 feb '24)
Momenteel: 40% IVU, WTW, Alfa, Intertek, LSEG; 60% cash
Momenteel: 40% IVU, WTW, Alfa, Intertek, LSEG; 60% cash
Re: Altamir
Ik begrijp dat Moneta vooral de kosten die Altamir betaalt aan APAX veel te hoog vindt tegenover de prestaties die geleverd worden. Altamir ziet dit als een valse beschuldiging en daagt Moneta voor de rechter.
Dit kan als een positief signaal gezien worden want ofwel
1. is er niets aan de hand maar dan heeft Altamir wel een ferme verwittiging gekregen om die kosten onder controle te houden
ofwel
2. is er wel iets aan de hand en zal dit uitgeklaard worden. Dit kan alleen maar de aandeelhouders te gooede komen.
Altamir : Moneta Asset Management assigné en justice
Dit kan als een positief signaal gezien worden want ofwel
1. is er niets aan de hand maar dan heeft Altamir wel een ferme verwittiging gekregen om die kosten onder controle te houden
ofwel
2. is er wel iets aan de hand en zal dit uitgeklaard worden. Dit kan alleen maar de aandeelhouders te gooede komen.
Altamir : Moneta Asset Management assigné en justice
Re: Altamir
Altamir, 1 rue Paul Cézanne, 75008 Paris – Tel.: +33 1 53 65 01 00 – investors@altamir.fr –
French partnership limited by shares (société en commandite par actions) with share capital of €219,259,626 – Paris Companies Register no. B390
658 878
Half year 2016 management report
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 1 September 2016 and reviewed by the Statutory Auditors.
I) Operations and performance in the first half of 2016
A) Performance
Net asset value per share1 stood at €18.77 as of 30 June 2016, after payment of a dividend of €0.56 per share, vs. €18.60 as of 31 December 2015, representing an increase of 3.9% including the dividend, and an increase of 7.3% from 31 March 2016 (€18.01).
The NAV increase resulted from the average EBITDA growth of the portfolio companies over the first half, with 12.9% in the French portfolio and 6% in the portfolio held by Apax VIII LP2, even though it was partially offset by a decrease in the weighted average valuation multiple from 10.66x to 10.10x LTM EBITDA. On the UK portfolio, this multiple increased from 11.5x to 11.6x.
B) Investments and divestments in the first half of 2016
The Company finalised three investments to which it had committed €102.6m last year:
o An investment of €47.8m3 in the Marlink acquisition (€50.1m including amounts already invested as of 31 December 2015). A new company was created to acquire the capital of the legal entities comprising the commercial satellite communications business of the Airbus Group. This investment was carried out via the Apax VIII-B and Apax France IX-B funds and via co-investment;
o an investment of €20.6m for the acquisition of Cabovisão and ONI. Cabovisão is the second-largest cable operator in Portugal and ONI is one of the leading telecommunications operators. This investment was carried out via the Apax VIII-B fund;
1 Ordinary shareholders' portion of NAV, net of tax payable
2 Apax LLP’s LTM EBITDA
3 This amount is subject to change, depending on the ultimate size of the Apax France IX fund currently being raised
2
o an investment of €34.2m in Melita, the leading telecommunications operator in Malta. This investment was carried out via the Apax VIII-B fund.
In the first half of 2016, Altamir invested or made new commitments totalling €78m (vs. €54.4m in H1 2015) in five new companies. These investments and commitments broke down as follows:
o An investment of €33.6m3, including €23.6m3 4via the Apax France IX fund and €10m via co-investment, in InfoVista, worldwide provider of network performance software solutions;
o An investment of €25.2m3 in Sandaya, a French outdoor accommodation group with four- and five-star campsites in France and Spain. This investment was carried out via the Apax IX-B fund. As of 30 June 2016, $16.8m had been disbursed.
o An investment of €2.5m to acquire an interest in Engineering Ingegneria Informatica, an Italian IT services company. This investment was carried out via the Apax VIII LP fund.
o A commitment of about €2.5m in the Becton Dickinson Company’s Respiratory Solutions. This will facilitate the carve-out of the respiratory solutions division of US company Becton Dickinson, with the goal of transforming a non-strategic asset of the company into an independent company. This investment was carried out via the Apax VIII LP fund.
o A commitment of about €2.1m in Duck Creek Technologies, an Accenture subsidiary, specialising in innovative software solutions for the insurance industry. This commitment was made via the Apax VIII LP fund.
o A follow-on commitment of €11.4m in Group INSEEC, to finance a build-up with the acquisition of the Laureate Education Group’s French entities.
o Various adjustments to amounts invested, totalling €0.7m.
Amounts received from net divestments totalled €147.2m (€24.1m in H1 2015), including income and other related revenue, and was composed of the following items:
o €93.5m from the sale of Altamir’s investment in Infopro Digital, representing a multiple of almost three times the amount originally invested;
o €21.4m from the sale of the remaining shares in Capio, generating an overall multiple of 1.6 times the total amount invested;
o €8.5m in earn-outs on Maisons du Monde, a company sold in 2013, on the occasion of its recent IPO.
o €19m 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. An additional €15.4m was received in July 2016. As a result of this transaction, Altamir
3 This amount is subject to change, depending on the ultimate size of the Apax France IX fund currently being raised
3
received a total of €35m, i.e. €5m more than announced at end-2015, and now holds an indirect stake of 7.5% in Gfi Informatique;
o €2.6m from the partial divestment of GardaWorld, held indirectly by Altamir through the Apax VIII LP fund.
o €1.9m from the sale of Rhiag to LQK Corporation, signed in December 2015, and closed in March 2016. This was the first divestment of the Apax VIII LP fund.
o €0.1m corresponding to Albioma’s 2016 dividends distributed in cash and shares.
C) High-quality portfolio
As of 30 June 2016, the Altamir portfolio was made up of 39 holdings. The 13 largest investments represented 80.6% of the portfolio at fair value.
Companies
Acquisition cost (in € m)
Fair value (in € m)
% of the portfolio at fair value
Altran
43.0
86.8
11.6%
Marlink
50.1
65.9
8.8%
Groupe INSEEC
32.3
56.8
7.6%
Albioma
59.0
51.1
6.8%
Gfi Informatique
39.8
50.9
6.8%
Snacks Développement
31.8
46.4
6.2%
Thom Europe
29.8
46.0
6.2%
TEXA
20.4
39.4
5.3%
Melita
34.2
34.2
4.6%
InfoVista
33.6
33.6
4.5%
Unilabs
22.5
31.9
4.3%
Cabovisão / ONI
20.6
31.3
4.2%
SK FireSafety Group
31.5
28.2
3.8%
Total
448.5
602.5
80.6%
4
As of 30 June 2016, the value of Altamir's portfolio was €747.5m. It included 71% unlisted holdings and 29% listed holdings.
D) Cash Holdings
As of 30 June 2016, Altamir’s net cash on an IFRS basis was €-10m, vs. €38.2m as of 31 December 2015. Net cash on a statutory basis was €56m, vs. €36.9m as of 31 December 2015.
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 IX-B fund (about €69m) and financed by the line of credit.
For the period from 1 August 2016 to 31 January 2017, the Management Company has decided to maintain Altamir's share of any new investment made by the Apax France IX fund at the upper limit of its commitment (€300m). Since the fund was still being raised, the amount recognized as of 30 June 2016 was one-third of the assumed final size of the private equity fund (€900m).
E) Other events during the first half of 2016
On 21 May 2016, the Company paid a dividend of €0.56 per share to limited partners holding ordinary shares.
F) Key events since 30 June 2016
Two new commitments; total of seven commitments and investments in the first eight months of the year:
In July, Apax Partners LLP signed agreements with a view to acquiring two new companies:
Neuraxpharm Arzneimittel GmbH in Germany and Invent Farma S.L. in Spain, two major pharmaceutical companies manufacturing generic medicines in their respective markets, with a view to creating a European leader. Following this acquisition, the Apax VIII LP fund will be 96% committed and will therefore end its investment period.
Dominion Marine Media in the United States is the leading provider of portal advertising and marketing solutions for marine brokers and businesses worldwide. It will be the Apax IX LP fund's first investment.
Furthermore, a number of buildups have been announced at companies in the existing portfolio, significantly transforming them:
THOM Europe has signed an agreement with a view to acquiring Stroili, Italy's largest jewellery and watches retail chain. The merger will give rise to Europe's largest jewellery retailer with around 940 sales outlets located in shopping centres and town centres, over 4,600 employees in its five store chains (Histoire d’Or, Marc Orian, TrésOr, Stroili and Franco Gioielli) and pro forma sales of around €600m. The company has also acquired Oro Vivo’s subsidiary in Germany, a potential new growth market.
5
Another Apax France VIII fund company, whose name cannot be disclosed at this time, has entered into an agreement to acquire a comparable European company. The acquisition will enable this company to significantly increase its size.
InfoVista has announced the acquisition of Ascom’s TEMS business. The acquisition is expected to close at the end of September. This acquisition will enable InfoVista to double its revenues and EBITDA.
Marlink has announced its acquisition of Telemar. The combined activities of the two entities will create the global leader in maritime communications, digital solutions and equipment maintenance. The company is present via over 1,000 locations across all continents.
Altran has announced its acquisition of Lohika, a US-based software engineering services company (700 employees), significantly strengthening its positioning in North America.
A shareholders’ loan was granted to Vocalcom at the end of July. Altamir’s share was €0.3m.
Divestments of €41m, bringing the first-eight-month total to €188.2m:
On 28 July, Apax Partners announced the sale of TEXA to Naxicap Partners, and the Apax France VIII fund realised a multiple of almost twice the amount originally invested. The sale represented €39.4m for Altamir, i.e. a 30% uplift on the valuation as of 31 December 2015.
The Apax VIII LP fund made a distribution deriving from the refinancing of the debt of Norwegian company EVRY. Altamir's share totalled €1.6m, or 0.5 times the amount invested.
II Financial information
A) Valuation of the securities in the portfolio
The valuation methods used for portfolio securities are described in detail in the notes to the consolidated (IFRS) financial statements.
Summary:
Altamir uses valuation methods based on International Private Equity Valuation (IPEV) guidelines, which in turn comply with IFRS (fair value).
B) Half-year 2016 consolidated financial statements
Consolidated (IFRS) income statement 30/06/2016 31/12/2015 30/06/2015 In €k 6 months 12 months 6 months Changes in fair value 15,095 123,419 62,183 Valuation differences on divestments during the period 25,855 15,041 10,898 Other portfolio income 248 18,522 342 Income from portfolio investments 41,199 156,982 73,422
6
Gross operating income 29,889 138,186 63,192 Net operating income 24,865 110,553 50,532 Net income attributable to ordinary shareholders 24,956 111,773 51,280 Earnings per share 0.68 3.06 1.40
Income from portfolio investments in the first half of 2016 reflected:
a. changes in fair value since 31 December of the previous year;
b. capital gains, calculated as the difference between the sale price of the shares divested and their fair value under IFRS as of 31 December of the previous 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.
Net income attributable to ordinary shareholders includes investment income and related interest and expenses.
Consolidated (IFRS) balance sheet
In €k
30/06/2016
31/12/2015
30/06/2015
TOTAL NON-CURRENT ASSETS
747,798
697,392
624,348
TOTAL CURRENT ASSETS
63,193
47,095
78,804
TOTAL ASSETS
810,991
744,487
703,152
TOTAL SHAREHOLDERS' EQUITY
685,230
679,281
618,851
PORTION ATTRIBUTABLE TO THE GENERAL PARTNER AND CLASS B SHAREHOLDERS
32,805
39,144
25,867
OTHER NON-CURRENT LIABILITIES
21,069
16,399
14,702
OTHER CURRENT LIABILITIES
71,887
9,663
43,731
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
810,991
744,487
703,152
C) Associated companies
Significant influence is presumed when the Company's percentage of voting rights exceeds 20%.
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Investments subject to significant influence are not accounted for by the equity method, as permitted under IAS 28, but they constitute related parties. Closing balances and transactions for the period are presented in the notes to the consolidated statements.
D) Shareholders
As of 30 June 2016, the total number of shares was 36,512,301.
Moneta Asset Management, domiciled at 36 rue de la Paix, 75008 Paris, France, declared that on 18 April 2016 it moved:
- Above 10% of the share capital and voting rights of Altamir and held 10.86% of the share capital and voting rights of the Company after receiving proxies in preparation for Altamir’s Annual General Meeting.
- Below 10% of the share capital and voting rights of Altamir and held 9.09% of the share capital and voting rights of the Company when these same proxies expired.
E) Senior management
Attendance fees paid to members of the Supervisory Board with respect to 2015 totalled €260,000.
III) Principal risks
The Management Company has not identified any risks in addition to those indicated in the 2015 Registration Document filed on 1 April 2016 under number D16-0262.
This document is available on the Company's website: www.altamir.fr.
The risk factors are listed in Section 1.5 of the presentation of the Company and its activities, starting on page 65.
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IV) Certification of the half-year financial report
"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
9
Consolidated half-year 2016 financial statements
1. Consolidated income statement
2. Statement of comprehensive income
30/06/201631/12/201530/06/2015(in euros)Note6 months12 months6 monthsChanges in fair value 6.515,095,412123,419,14262,182,931Valuation differences on divestments during the period6.1425,854,83615,041,13310,897,510Other portfolio income6.15248,25818,521,517341,640Income from portfolio investments41,198,506156,981,79273,422,081Purchases and other external expenses6.16-8,839,714-18,411,423-9,403,185Taxes, fees and similar payments6.17-787,462-881,563-933,070Other income0747,645357,125Other expenses6.18-1,686,343-250,500-250,500Gross operating income29,884,987138,185,95163,192,452Provision for amount attributable to Apax France VIII-B/Apax VIII LP/Apax France IX-B Class C unitholders-5,560,963-6,234,887-4,538,457Provision for amount attributable to general partner and Class B shareholders6.11537,290-21,398,478-8,121,782Net operating income24,861,314110,552,58650,532,213Income from cash investments6.19214,3811,185,044589,687Financial income6.20283,470399,017303,525Interest and similar expenses6.21-407,655-363,997-145,618Other financial expenses000Net income attributable to ordinary shareholders24,951,511111,772,65051,279,806Earnings per share 6.220.683.061.40Diluted earnings per share6.220.683.061.40
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3. Consolidated balance sheet
(in euros)Note30/06/201631/12/201530/06/2015Net income for the period24,951,511111,772,65051,279,806Actuarial gains (losses) on post-employment benefitsTaxes on items non-recyclable to profit or lossItems non-recyclable to profit or lossGains (losses) on financial assets available for saleGains (losses) on hedging instrumentsCurrency translation adjustmentsTaxes on items recyclable to profit or lossItems recyclable to profit or lossOther comprehensive incomeCONSOLIDATEDCOMPREHENSIVEINCOME24,951,511111,772,65051,279,806Attributable to:* owners of the parent company* non-controlling shareholders
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(in euros)Note30/06/201631/12/201530/06/2015NON-CURRENT ASSETSIntangible assets000Investment portfolio6.6747,480,143686,474,417604,950,252Other non-current financial assets314,4728,519,84517,000,470Sundry receivables3,0002,397,6362,397,636TOTAL NON-CURRENT ASSETS747,797,615697,391,898624,348,357CURRENT ASSETSSundry receivables6.72,649,76157,5689,368,141Other current financial assets6.815,812,24417,044,25823,389,616Cash and cash equivalents6.944,731,28529,993,33046,045,855TOTAL CURRENT ASSETS63,193,28947,095,15778,803,612TOTAL ASSETS810,990,904744,487,054703,151,969SHAREHOLDERS’ EQUITYShare capital6.10219,259,626219,259,626219,259,626Share premiums102,492,980102,492,980102,492,980Reserves338,526,074245,756,197245,818,883Net income for the period24,951,511111,772,65051,279,806TOTAL SHAREHOLDERS' EQUITY685,230,191679,281,454618,851,296AMOUNT ATTRIBUTABLE TO GENERAL PARTNER AND CLASS B SHAREHOLDERS6.1132,804,67839,143,71925,867,023Other liabilities6.1221,069,06516,398,72914,702,300Provisions000OTHER NON-CURRENT LIABILITIES21,069,06516,398,72914,702,300Other financial liabilities6.1370,557,8968,800,00036,004,268Trade payables and related accounts1,328,698862,777724,208Other liabilities3753757,002,874OTHER CURRENT LIABILITIES71,886,9699,663,15243,731,351TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY810,990,904744,487,054703,151,969
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4. Statement of changes in shareholders’ equity
STATEMENT OF CHANGES IN IFRS SHAREHOLDERS' EQUITY - ALTAMIR
(in euros) Share capital
Share
premiums
Treasury
shares
Reserves
Net income
for the
period
TOTAL
Shareholders' equity 31 December 2014 219,259,626 102,492,980 -388,888 204,992,057 59,470,524 585,826,298
Net income for the period 51,279,806 51,279,806
Total income and expenses recognised in the period 0 0 0 0 51,279,806 51,279,806
Transactions on treasury shares -24,173 12,828 -11,345
Allocation of income 59,470,524 -59,470,524 0
Distribution of dividends to ordinary shareholders, May 2014 -18,243,464 -18,243,464
SHAREHOLDERS' EQUITY 30 June 2015 219,259,626 102,492,980 -413,061 246,231,945 51,279,806 618,851,296
STATEMENT OF CHANGES IN IFRS SHAREHOLDERS' EQUITY - ALTAMIR
(in euros) Share capital
Share
premiums
Treasury
shares
Reserves
Net income
for the
period
TOTAL
SHAREHOLDERS' EQUITY 30 June 2015 219,259,626 102,492,980 -413,061 246,231,945 51,279,806 618,851,296
Net income for the period 60,492,844 60,492,844
Total income and expenses recognised in the period 0 0 0 0 60,492,844 60,492,844
Transactions on treasury shares -74,506 11,820 -62,686
SHAREHOLDERS’ EQUITY 31 December 2015 219,259,626 102,492,980 -487,567 246,243,765 111,772,650 679,281,454
STATEMENT OF CHANGES IN IFRS SHAREHOLDERS' EQUITY - ALTAMIR
(in euros) Share capital
Share
premiums
Treasury
shares
Reserves
Net income
for the
period
TOTAL
SHAREHOLDERS’ EQUITY 31 December 2015 219,259,626 102,492,980 -487,567 246,243,765 111,772,650 679,281,454
Net income for the period 24,951,511 24,951,511
Total income and expenses recognised in the period 0 0 0 0 24,951,511 24,951,511
Transactions on treasury shares 31,774 -28,782 2,992
Allocation of income 111,772,650 -111,772,650 0
Reclassification - Maisons Du Monde 1,426,343 1,426,343
Distribution of dividends to ordinary shareholders, May 2016 -20,432,108 -20,432,108
SHAREHOLDERS' EQUITY as of 30 June 2016 219,259,626 102,492,980 -455,793 338,981,867 24,951,511 685,230,191
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5. Statement of cash flows
6. Notes to the consolidated (IFRS) financial statements
6.1 Entity presenting the financial statements
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.
30/06/201631/12/201530/06/2015(in euros)Note6 months12 months6 monthsInvestments-161,034,519-31,395,206-11,488,383Shareholder loans to portfolio companies-1,487,834-11,990,583-1,422,917Repayment of shareholder loans to portfolio companies2,350,6799,104,796849,937Total investments -160,171,674-34,280,994-12,061,364Divestment of equity investments 146,903,21829,789,65223,714,354Interest and other portfolio income received109,38660,4131,966Dividends received138,87318,461,104339,674Operating expenses-6,952,769-18,834,431-26,490,062Income received on marketable securities214,3811,185,044589,687Cash flows from operating activities-19,758,577-3,619,212-13,905,741Dividends paid to ordinary shareholders-20,432,108-18,243,464-18,243,464AARC investment5,2464,935,3854,060,261Apax France VIII-B capital calls63,6545,2515,251Apax France IX-B capital calls303,03100Transactions on treasury shares0-121,640-111,730Deposits and security deposits-5,00000Amount attributable to general partner and Class B shareholders-5,801,751-11,104,891-11,104,891Repayment of borrowings-8,800,000-2,000,000-2,000,000Issue of borrowings69,163,4618,800,00032,420,000Cash flows from financing activities34,496,532-17,729,3585,025,428Net change in cash and cash equivalents14,737,955-21,348,570-8,880,313Cash and cash equivalents at opening 29,993,33051,341,90051,341,900Cash and cash equivalents at closing6.944,731,28529,993,33042,461,587
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Altamir presents its consolidated financial statements including the Apax France VIII-B private equity fund, in which it holds a 99.90% stake, the Apax France IX-B private equity fund, in which it holds a 99% stake, and Financière Hélios SASU, in which it holds a 100% stake.
6.2 Basis of preparation
a) Declaration of conformity
Pursuant to European Regulation 1606/2002 of 19 July 2002, Altamir’s half-year 2016 consolidated financial statements have been prepared in compliance with IAS/IFRS international accounting standards as adopted by the European Union and available on its website http://ec.europa.eu/internal_market/acc ... dex_en.htm.
Altamir’s half-year consolidated financial statements have been prepared in compliance with IAS 34 “Interim Financial Reporting”. They do not include all information required for the preparation of the annual consolidated financial statements and must be read in conjunction with the consolidated financial statements for the financial year ended 31 December 2015, which appear in the Registration Document filed with the French Financial Market Authority (AMF) on 1 April 2016 under number D.16-0262.
The accounting rules and methods applied to the annual financial statements are identical to those used to prepare the consolidated financial statements for financial year ended 31 December 2015 inasmuch as the new IFRSs (standards, amendments, or IFRIC interpretations) that became applicable on 1 January 2016 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 2016. They were approved by the Management Company on 1 September 2016.
b) Valuation bases
The consolidated financial statements are prepared on a fair value basis for the following items:
Financial instruments for which the Company has chosen the "fair value through profit or loss" option, pursuant to the provisions of IAS 39 (by application of the fair value option) and IAS 28 for "venture capital organisations" whose purpose is to hold a portfolio of securities with a view to selling them in the short or medium term;
Derivative financial instruments;
The amounts attributable to the general partner and Class B shareholders;
The amounts attributable to Apax France VIII-B Class C unitholders.
The amounts attributable to Apax France IX-B Class C unitholders.
The methods used to measure fair value are discussed in note 6.4.
c) Operating currency and presentation currency
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The consolidated (IFRS) financial statements 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 on-going basis. The impact of changes in accounting estimates is accounted for during the period of the change and in all subsequent periods affected.
More specifically, information about 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 in note 6.4 on the determination of fair value.
The SPV is recognised at fair value in the Apax France IX-B private equity fund. Since the fund was still being raised, it was recognised as of 30 June 2016 on the basis of one-third of the fund, with the assumption that the final size of the private equity fund would be €900m, and with the Apax France IX-B fund obligated to commit up to €300m.
e) Key assumptions
Continuity of operations is based on key assumptions including the availability of sufficient cash flow until 31 December 2016. The Company has credit lines totaling €47m, undrawn as of 30 June 2016, €44.7m in cash equivalents and €15.8m in other financial assets that the Company considers as cash.
6.3 Determination of fair value
Altamir uses principles of fair value measurement that are in accordance with IFRS 13:
Category 1 shares
Companies whose shares are traded on an active market ("listed").
The shares of listed companies are valued at the last stock market price, without adjustment, except for those cases set out in IFRS 13.
Category 2 shares
Companies whose shares are not traded on an active market ("unlisted"), but are valued based on 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.
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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.
Category 3 shares
Companies whose shares are not traded on an active market ("unlisted"), and are valued based on unobservable data.
6.4 Significant events during the period
6.4.1 Investments and divestments
The Company invested €160.2m in H1 2016, which broke down as follows:
Direct divestments:
o A €0.4m follow-on investment in Altran.
Co-investment
o A €9.9m investment in InfoVista (through the Apia Vista private equity fund, 15.1515% held by Altamir).
o A €17.9m investment in Marlink (through the Phenix private equity fund, 28.9157% held by Altamir).
Investments through the funds
Through the Apax France VIII-B fund:
o A €20.6m investment in Cabovisão;
o A €34.2m investment in Melita;
o An €11m investment in Marlink;
o A €4m follow-on investment in SK FireSafety Group;
Through the Apax France IX-B fund:
o A €19m investment in Marlink;
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o A €23.6m investment in InfoVista;
o A €16.8m investment in Sandaya;
Through the Apax VIII LP fund:
o A €0.2m follow-on investment in Shriram City Union;
o A €2.6m investment in Engineering;
6.4.2 Divestments
The divestments side of the business generated €147m including revenue:
Direct divestments:
o €21.4m following the partial sale of Capio;
o €19m following the partial sale of Gfi Informatique;
o €93.5m following the sale of all of Infopro;
o €8.5m following the repayment of seller financing for Maisons du Monde.
Divestments through the funds
Through the Apax VIII LP fund:
o €1.9m following the divestment of Rhiag;
o €2.6m following the divestment of Garda;
6.4.3 Other events
During H1 2016, Altamir committed to invest the following amounts over the next three to four years:
- €138m through the Apax France IX A LP fund
- Between €220m and €300m through the Apax France IX-B fund
6.4.4 Key events since 30 June 2016
On 28 July, Apax Partners announced that it had signed an agreement to sell TEXA to Naxicap Partners, generating a multiple of almost 2 times the amount originally invested by the Apax France VIII fund. The sale represented €39.4m for Altamir, i.e. a 30% uplift on the valuation as of 31 December 2015.
In July Altamir received €15.4m of proceeds from the additional divestment of Gfi.
The Apax VIII LP fund distributed the dividend received from EVRY, $1.6m of which was Altamir’s share.
A shareholders’ loan was granted to Vocalcom at the end of July. Altamir’s share was €0.3m.
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Furthermore, in the existing portfolio a number of buildups have been announced requiring the companies concerned to undergo significant transformation:
THOM Europe has signed an agreement with a view to acquiring Stroili, Italy's largest jewellery and watches retail chain. The merger will give rise to Europe's largest jewellery retailer with around 940 sales outlets located in shopping centres and town centres, over 4,600 employees in its five store chains (Histoire d’Or, Marc Orian, TrésOr, Stroili and Franco Gioielli) and pro forma sales of around €600m. The company has also acquired Oro Vivo’s subsidiary in Germany, a potential new growth market.
Another of Apax France VIII-B fund's investments has entered into an agreement to acquire a comparable European company. The acquisition, representing an investment of around €6m for Altamir, will enable this company to significantly increase its size.
InfoVista has announced the acquisition of Ascom’s TEMS business. The acquisition is expected to be closed at the end of September. This acquisition will enable InfoVista to double its revenues and EBITDA.
Marlink has announced the acquisition of Telemar. The combined activities of the two entities will create the global leader in maritime communications, digital solutions and equipment maintenance. The company is present via over 1,000 locations across all continents.
Altran has announced the acquisition of Lohika, a US-based software engineering services company (700 employees), significantly strengthening its positioning in North America.
In July, Apax Partners LLP signed agreements with a view to acquiring two new companies:
Neuraxpharm Arzneimittel GmbH in Germany and Invent Farma S.L, in Spain, two major pharmaceutical companies manufacturing generic medicines in their respective markets. Following this acquisition, the Apax VIII LP fund will be 96% committed and will therefore end its investment period.
Dominion Marine Media in the United States is the leading provider of portal advertising and marketing solutions for marine brokers and businesses worldwide. It will be the Apax IX LP fund's first investment.
6.5 Changes in fair value
The change in fair value for the first half 2016 broke down as follows:(in euros)30/06/201631/12/201530/06/2015Changes in fair value of the portfolio 15,095,412 123,419,142 62,182,931 Total changes in fair value 15,095,412 123,419,142 62,182,931
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6.6 Investment portfolio
Changes in the investment portfolio during the period were as follows:
PORTFOLIO BREAKDOWN AS OF 30/06/2016
Level 1 - quoted prices for similar instruments 216,025,329
Level 2 - valuation based on techniques 501,168,505
using observable market data
Level 3 - inputs not based on observable market data 30,286,309
747,480,143
(in euros) Portfolio
Fair value as of 31 December 2015 686,474,417
Investments 161,034,519
Changes in shareholder loans (862,845)
Divestments (121,048,382)
Changes in fair value 15,095,412
Cancellation of other financial assets 6,787,022
Fair value as of 30 June 2016 747,480,143
Of which positive changes in fair value 64,555,511
Of which negative changes in fair value (42,673,077)
Changes in the Level 3 investment portfolio during the period were as follows:
(in euros) Portfolio
Fair value as of 31 December 2015 35,007,687
Acquisitions 3,972,949
Divestments
Change of category (11,113,807)
Changes in fair value 2,419,480
Fair value as of 30 June 2016 30,286,309
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Portfolio breakdown according to the degree of maturity of the investments:
Changes in the Level 2 investment portfolio during the period were as follows:
(in euros) Portfolio
Fair value as of 31 December 2015 376,976,478
Acquisitions 155,600,607
Divestments (98,506,733)
Change of category 11,113,807
Changes in fair value 55,984,346
Fair value as of 30 June 2016 501,168,505
Valuation methods are based on the determination of fair value as described in paragraph 6.3.
30 June 2016 31 December 2015
% of listed instruments in the portfolio 28.9% 40.0%
% of listed instruments in NAV 31.5% 40.4%
(in euros) 30/06/2016 31/12/2015
Stage of development
LBO 644,671,397 583,601,380
Growth capital 102,808,746 102,873,037
Portfolio total 747,480,143 686,474,417
(in euros) 30/06/2016 31/12/2015
Industry
Business & Financial Services 196,007,561 180,119,747
Technology, Media and Telecom (TMT) 337,894,412 288,506,326
Retail & Consumer 154,495,011 127,501,439
Healthcare 59,083,159 90,346,905
Portfolio total 747,480,143 686,474,417
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6.7 Sundry current receivables
This item primarily relates to a €2.4m receivable due from Vizada.
6.8 Other current financial assets
Other current financial assets mainly relate to an Allianz tax-efficient capitalisation fund valued at €15.8m
using the amortised cost method, including capitalised interest.
6.9 Cash and cash equivalents
This item broke down as follows:
6.10 Shareholders’ equity
The number of shares outstanding for each of the categories is presented below:
The dividend paid to the limited shareholders in 2016 for the financial year 2015 was €0.56 per ordinary share
outstanding (excluding treasury shares).
(in euros) 30/06/2016 31/12/2015 30/06/2015
Money-market funds " " 376 132,717 163,276
Time deposits 29,073,731 29,161,252 31,244,786
Cash on hand " " 15,657,178 699,361 14,637,792
Cash and cash equivalents 44,731,285 29,993,330 46,045,855
Bank overdraft - - (3,584,268)
Cash shown in the statement of cash flows 44,731,285 29,993,330 42,461,586
(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 33,216 12,164 34,211 12,164
Shares outstanding at end of period 36,479,085 6,418 36,478,090 6,418
NAV per ordinary share 18.78 18.62
(cons. shareholders' equity/ordinary shares)
(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
30/06/2016
30/06/2016 31/12/2015
31/12/2015
22
6.11 Equity attributable to general partner and Class B shareholders
This item broke down as follows:
The change in the amount attributable to the general partner and Class B shareholders during the period is
detailed below:
6.12 Other non-current liabilities
Other non-current liabilities principally relate to unrealised capital gains owing to Class C unitholders of
Apax France VIII-B, Apax VIII LP and Apax France IX-B of €17.7m, €3.4m and €1.3m, respectively,
based on these funds’ performance. These liabilities are due in more than one year.
6.13 Other current financial liabilities
This line item primarily included debts to the Apax IX-B fund (€59.3m) and the Apax VIII LP fund (€1.4m),
corresponding to investments made that Altamir has not yet been asked to fund. This line item also includes
€9.9m outstanding under the line of credit used by Apax France VIII-B.
(in euros) 30/06/2016 31/12/2015
Portion attributable to general partner and Class B shareholders 32,800,954 39,139,995
Class B warrants 3,724 3,724
Total portion attributable to general partner and Class B sharehol d e r s 32,804,678 39,143,719
(in euros) 30/06/2016 31/12/2015
31 December 2015 " " 39,139,995 28,846,408
Amount paid in 2016 " " (5,801,751) (11,104,891)
Portion attributable to general partner and Class B shareholders on
2016 earnings
(537,290) 21,398,478
Portion attributable to general partner and Class B shareholders 32,800,954 39,139,995
23
6.14 Valuation differences on divestments during the year
6.15 Other portfolio income
Other portfolio income is detailed as follows:
6.16 Purchases and other external expenses (including VAT)
Purchases and other external expenses broke down as follows:
(in euros) 30/06/2016 30/06/2015
Sale price 146,903,218 23,714,354
Fair value at start of period 121,048,382 12,816,844
Impact on income 25,854,836 10,897,510
Of which positive price spread on divestments 26,727,663 11,154,734
Of which negative price spread on divestments (872,828) (257,224)
(in euros) 30/06/2016 30/06/2015
Interest and other portfolio income received 109,386 1,966
Dividends 138,873 339,674
Total 248,258 341,640
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As of 30 June 2016, direct fees represented 0.67% of average NAV, and total fees represented 1.35% of average committed and invested capital.
6.17 Taxes, fees and similar payments
The balance of €0.8m corresponded to the 3% tax paid on dividends paid in 2016 with respect to the 2015 financial year.
6.18 Other expenses
The balance of this item corresponded to the reversal of €1.4m of accrued interest on the Maisons du Monde receivable, and €0.3m in attendance fees paid in 2016.
Interest received on the Maisons du Monde receivable was reclassified in 2016 as valuation differences on divestments during the period.
6.19 Income from cash investments
This item related to interest earned or accrued in 2016 on time deposit account investments and money-market mutual funds (SICAVs).
The expected return on these investments in 2016 is 2.72%.
(in euros)30 June 201630 June 201530 June 2014Gross direct fees4,601,951 5,509,207 4,939,823 Altamir Gérance management fees 2,922,013 3,651,894 3,282,945 Altamir unrecoverable VAT 584,403 730,379 656,589 Other fees and expenses 1,095,535 1,126,934 1,000,289 * out of which abort fees 934 93,945 92,605 * out of which reinvoicing of Administration 425,169 311,727 353,129 * out of which fees for overdraft 70,272 309,313 62,490 Gross indirect fees4,237,763 3,893,978 3,626,119 Management Fees Apax VIII-B & Apax VIII-LP1,923,834 3,002,331 2,984,349 Other Apax France VIII-B & Apax VIII-LP expenses2,313,929 891,646 641,769 TOTAL EXPENSES AND OTHER EXTERNAL EXPENSES8,839,714 9,403,185 8,565,942 Investment at costCommitment in Apax Funds 247,793,608 301,027,081 317,572,515 417,176,379 339,720,000 339,720,000 INVESTED AND COMMITTED CAPITAL 664,969,987 640,747,081 657,292,515 Ratio net direct fees/average NAV0.67%0.85%0.85%Ratio total fees ratio/committed capital average1.35%1.45%1.29%
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6.20 Financial income
Financial income corresponded primarily to a €278k change in the unrealised gain on the Allianz tax-efficient capitalisation fund.
6.21 Interest and similar expenses
This item primarily corresponded to interest paid on the drawn credit lines and on the bank overdraft.
6.22 Earnings per share
The weighted average number of shares outstanding reflects the exclusion of treasury shares.
6.23 Related parties
In accordance with IAS 24, related parties are as follows:
(a) Shareholder
Apax Partners SA as the investment advisor and Altamir Gérance as the Management Company invoiced the Company for total fees of €3,506,416 including tax in the first half of 2016 (€8,419,441 including tax in all of 2015).
The amount remaining payable as of 30 June 2016 was €906 (€20,280 as of 31 December 2015) and the amount receivable as of 30 June 2016 was €190,432 (€97,114 as of 31 December 2015).
(b) Associated enterprises
A significant influence is presumed when the equity interest of the Company exceeds 20%.
Basic earnings per share30/06/201630/06/2015Numerator (in euros)Income for the period attributable to ordinary shareholders24,951,511 51,279,806 DenominatorNumber of shares issued at start of period36,512,301 36,512,301 Effect of treasury shares(33,714) (33,276) Effect of capital increase- - Weighted average number of shares during the period (basic)36,478,588 36,479,026 Earnings per share (basic)0.68 1.40 Earnings per share (diluted)0.68 1.40
26
Investments subject to significant influence are not accounted for by the equity method, as permitted under
IAS 28, but they constitute related parties. The closing balances and transactions for the period with these
companies are presented below:
(c) Senior management
Attendance fees paid in 2016 to members of the Supervisory Board with respect to 2015 totalled €260,000.
Contingent liabilities
The contingent liabilities of the Company broke down as follows:
The tables above reflect the maximum commitment in Apax VIII LP, Apax France VIII-B, Apax France IXB
and Apax France IX LP.
For information, Altamir has committed to investing €60m in Apax VIII LP. As of 30 June 2016, the amount
invested was €52.6m.
For information, Altamir had committed to invest between €200m and €280m in Apax France VIII-B.
Altamir’s definitive commitment is €276.7m. As of 30 June 2016, the amount invested was €251.9m.
(in euros) 30/06/2016 30/06/2015
Income statement
Valuation differences on divestments during the period 7,637,209 -
Changes in fair value 21,513,139 5,097,815
Other portfolio income - -
Balance sheet 30/06/2016 30/06/2015
Investment portfolio 395,415,392 207,048,397
Sundry receivables 2,394,636 2,394,636
(in euros) 30/06/2016 31/12/2015
Irrevocable purchase obligations (investment commitments) 0 15,910,448
Other long-term obligations (liability guarantees and other) 6,184,051 6,184,051
Total 6,184,051 22,094,499
Altamir’s investment commitments in Apax France VIII-B 24,729,208 91,363,175
Altamir’s investment commitments in Apax France VIII LP 7,409,145 7,409,145
Altamir’s investment commitments in Apax France IX-B 295,950,000 17,000,000
Altamir’s investment commitments in Apax France IX LP 138,000,000 0
Total 472,272,404 137,866,819
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For information, Altamir has committed to investing between €220m and €300m in Apax France IX-B. As of 30 June 2016, the amount invested was €4.05m. The amount invested through the SPV was €59.4m.
For information, Altamir has committed to invest €138m in Apax France IX LP. At 30 June 2016, no investment had been made.
(a) Direct investment commitments:
(b) Liability guarantees and other commitments
Liability guarantees
The following commitment is included in the financial statements and is presented below for information:
- A portion of the proceeds from the sale of Mobsat Group Holding was placed in escrow by Chrysaor and the managers' holding companies. Altamir's share of the escrow balance was €9,666,771 as of 31 December 2011, based on a €/$ exchange rate of 1.2939. Altamir recognises part of this escrow balance as a receivable from Chrysaor of €2,394,306. The first instalment, of one-third of the escrow balance, was released after 6 months, in June 2012. The second instalment was released in December 2014 and paid in January 2015. The remaining tranche, representing €5,491,201 based on a €/$ exchange rate of 1.1102, will be released in December 2016.
Other off-balance-sheet commitments
Altamir carries out LBO transactions via special-purpose acquisition companies (SPACs).
If the underlying target company is listed, the debt is guaranteed by all or part of that company's assets.
When the share price of these companies falls, and the average share price over a given period drops below a certain threshold, the SPACs become responsible for meeting collateral or margin calls. This involves putting cash in escrow in addition to the collateralised securities so as to maintain the same collateral-to-loan ratio ("collateral top-up clause"). In the event of default, banks may demand repayment of all or part of the loan.
CompaniesCommitmentsInvestmentsCancellation ofNewCommitmentsas of 31/12/2015during the periodcommitmentscommitmentsas of 30/06/16as of 30/06/16as of 30/06/16Listed securitiesUnlisted securitiesInvestment commitment in Marlink15,910,448015,910,44800Total15,910,448015,910,44800
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This collateral is furnished by the shareholders of the SPACs, including Altamir, in proportion to their share in the capital. They have no impact on Altamir's revenue and NAV (listed companies are valued on the last trading day of the period), but can tie up part of its cash.
Conversely, when the share price of these companies rises, all or part of the balance in escrow is released, and the calls repaid.
Sensitivity:
drops of 10% and 20% in the average market prices of these listed securities compared with the calculation as of 30 June 2016 would trigger no collateral call for Altamir;
A commitment was given to certain managers of Thom Europe to repurchase their shares and obligations in the event of their departure. This commitment does not represent a significant risk that would require recognition of a provision.
Altamir provided a sale commitment to Financière Royer covering all of the shares of the Royer group, exercisable between 1 January 2015 and 3 January 2019.
Financière Royer provided a purchase commitment to Altamir covering all of the shares of the Royer group, exercisable between 1 January 2015 and 31 December 2018.
A commitment was given to certain managers of Snacks Développement to repurchase their shares in the event of their departure.
As part of the divestment of Buy Way, Altamir provided a guarantee, capped at 15% of the sale price, i.e. €6,184,051, in order to meet any third-party claims, and to cover the sellers’ filings and any tax risks.
Other accrued income
As part of the divestment of Buy Way to Chenavari Investment Managers, two earn-outs based on insurance revenues may be received in 2016.
Pledged securities:
Securities pledged to Transatlantique Bank:
As of 30 June 2016, 797,872,341 A units in the Apax France VIII-B fund were pledged to Banque Transatlantique:
- -against a credit line of €5m, undrawn as of 30 June 2016.
The pledged securities cover 150% of the amounts granted based on the valuation of the units in the Apax France VIII-B fund as of 23 December 2014.
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Securities pledged to LCL Bank (banking pool with Société Générale, BNP and Palatine Bank):
As of 30 June 2016, 4,811,320,755 A units in the Apax France VIII-B fund were pledged to LCL:
- -against a credit line of €34m, undrawn as of 30 June 2016.
The pledged securities cover 150% of the amounts granted based on the valuation of the units in the Apax France VIII-B fund as of 31 December 2014.
Securities pledged to CIC:
As part of the acquisition of the INSEEC group, the Apax France VIII-B fund has pledged all of the financial instruments that it holds in Insignis SAS and Insignis Management SAS to the lenders of the LBO debt represented by ECAS as Agent.
As part of the acquisition of the TEXA group, the Apax France VIII-B fund pledged all of the financial instruments that it holds in Trocadero Participations SAS and Trocadero Participations II SAS to the lenders of the LBO debt represented by CIC as Agent.
French partnership limited by shares (société en commandite par actions) with share capital of €219,259,626 – Paris Companies Register no. B390
658 878
Half year 2016 management report
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 1 September 2016 and reviewed by the Statutory Auditors.
I) Operations and performance in the first half of 2016
A) Performance
Net asset value per share1 stood at €18.77 as of 30 June 2016, after payment of a dividend of €0.56 per share, vs. €18.60 as of 31 December 2015, representing an increase of 3.9% including the dividend, and an increase of 7.3% from 31 March 2016 (€18.01).
The NAV increase resulted from the average EBITDA growth of the portfolio companies over the first half, with 12.9% in the French portfolio and 6% in the portfolio held by Apax VIII LP2, even though it was partially offset by a decrease in the weighted average valuation multiple from 10.66x to 10.10x LTM EBITDA. On the UK portfolio, this multiple increased from 11.5x to 11.6x.
B) Investments and divestments in the first half of 2016
The Company finalised three investments to which it had committed €102.6m last year:
o An investment of €47.8m3 in the Marlink acquisition (€50.1m including amounts already invested as of 31 December 2015). A new company was created to acquire the capital of the legal entities comprising the commercial satellite communications business of the Airbus Group. This investment was carried out via the Apax VIII-B and Apax France IX-B funds and via co-investment;
o an investment of €20.6m for the acquisition of Cabovisão and ONI. Cabovisão is the second-largest cable operator in Portugal and ONI is one of the leading telecommunications operators. This investment was carried out via the Apax VIII-B fund;
1 Ordinary shareholders' portion of NAV, net of tax payable
2 Apax LLP’s LTM EBITDA
3 This amount is subject to change, depending on the ultimate size of the Apax France IX fund currently being raised
2
o an investment of €34.2m in Melita, the leading telecommunications operator in Malta. This investment was carried out via the Apax VIII-B fund.
In the first half of 2016, Altamir invested or made new commitments totalling €78m (vs. €54.4m in H1 2015) in five new companies. These investments and commitments broke down as follows:
o An investment of €33.6m3, including €23.6m3 4via the Apax France IX fund and €10m via co-investment, in InfoVista, worldwide provider of network performance software solutions;
o An investment of €25.2m3 in Sandaya, a French outdoor accommodation group with four- and five-star campsites in France and Spain. This investment was carried out via the Apax IX-B fund. As of 30 June 2016, $16.8m had been disbursed.
o An investment of €2.5m to acquire an interest in Engineering Ingegneria Informatica, an Italian IT services company. This investment was carried out via the Apax VIII LP fund.
o A commitment of about €2.5m in the Becton Dickinson Company’s Respiratory Solutions. This will facilitate the carve-out of the respiratory solutions division of US company Becton Dickinson, with the goal of transforming a non-strategic asset of the company into an independent company. This investment was carried out via the Apax VIII LP fund.
o A commitment of about €2.1m in Duck Creek Technologies, an Accenture subsidiary, specialising in innovative software solutions for the insurance industry. This commitment was made via the Apax VIII LP fund.
o A follow-on commitment of €11.4m in Group INSEEC, to finance a build-up with the acquisition of the Laureate Education Group’s French entities.
o Various adjustments to amounts invested, totalling €0.7m.
Amounts received from net divestments totalled €147.2m (€24.1m in H1 2015), including income and other related revenue, and was composed of the following items:
o €93.5m from the sale of Altamir’s investment in Infopro Digital, representing a multiple of almost three times the amount originally invested;
o €21.4m from the sale of the remaining shares in Capio, generating an overall multiple of 1.6 times the total amount invested;
o €8.5m in earn-outs on Maisons du Monde, a company sold in 2013, on the occasion of its recent IPO.
o €19m 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. An additional €15.4m was received in July 2016. As a result of this transaction, Altamir
3 This amount is subject to change, depending on the ultimate size of the Apax France IX fund currently being raised
3
received a total of €35m, i.e. €5m more than announced at end-2015, and now holds an indirect stake of 7.5% in Gfi Informatique;
o €2.6m from the partial divestment of GardaWorld, held indirectly by Altamir through the Apax VIII LP fund.
o €1.9m from the sale of Rhiag to LQK Corporation, signed in December 2015, and closed in March 2016. This was the first divestment of the Apax VIII LP fund.
o €0.1m corresponding to Albioma’s 2016 dividends distributed in cash and shares.
C) High-quality portfolio
As of 30 June 2016, the Altamir portfolio was made up of 39 holdings. The 13 largest investments represented 80.6% of the portfolio at fair value.
Companies
Acquisition cost (in € m)
Fair value (in € m)
% of the portfolio at fair value
Altran
43.0
86.8
11.6%
Marlink
50.1
65.9
8.8%
Groupe INSEEC
32.3
56.8
7.6%
Albioma
59.0
51.1
6.8%
Gfi Informatique
39.8
50.9
6.8%
Snacks Développement
31.8
46.4
6.2%
Thom Europe
29.8
46.0
6.2%
TEXA
20.4
39.4
5.3%
Melita
34.2
34.2
4.6%
InfoVista
33.6
33.6
4.5%
Unilabs
22.5
31.9
4.3%
Cabovisão / ONI
20.6
31.3
4.2%
SK FireSafety Group
31.5
28.2
3.8%
Total
448.5
602.5
80.6%
4
As of 30 June 2016, the value of Altamir's portfolio was €747.5m. It included 71% unlisted holdings and 29% listed holdings.
D) Cash Holdings
As of 30 June 2016, Altamir’s net cash on an IFRS basis was €-10m, vs. €38.2m as of 31 December 2015. Net cash on a statutory basis was €56m, vs. €36.9m as of 31 December 2015.
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 IX-B fund (about €69m) and financed by the line of credit.
For the period from 1 August 2016 to 31 January 2017, the Management Company has decided to maintain Altamir's share of any new investment made by the Apax France IX fund at the upper limit of its commitment (€300m). Since the fund was still being raised, the amount recognized as of 30 June 2016 was one-third of the assumed final size of the private equity fund (€900m).
E) Other events during the first half of 2016
On 21 May 2016, the Company paid a dividend of €0.56 per share to limited partners holding ordinary shares.
F) Key events since 30 June 2016
Two new commitments; total of seven commitments and investments in the first eight months of the year:
In July, Apax Partners LLP signed agreements with a view to acquiring two new companies:
Neuraxpharm Arzneimittel GmbH in Germany and Invent Farma S.L. in Spain, two major pharmaceutical companies manufacturing generic medicines in their respective markets, with a view to creating a European leader. Following this acquisition, the Apax VIII LP fund will be 96% committed and will therefore end its investment period.
Dominion Marine Media in the United States is the leading provider of portal advertising and marketing solutions for marine brokers and businesses worldwide. It will be the Apax IX LP fund's first investment.
Furthermore, a number of buildups have been announced at companies in the existing portfolio, significantly transforming them:
THOM Europe has signed an agreement with a view to acquiring Stroili, Italy's largest jewellery and watches retail chain. The merger will give rise to Europe's largest jewellery retailer with around 940 sales outlets located in shopping centres and town centres, over 4,600 employees in its five store chains (Histoire d’Or, Marc Orian, TrésOr, Stroili and Franco Gioielli) and pro forma sales of around €600m. The company has also acquired Oro Vivo’s subsidiary in Germany, a potential new growth market.
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Another Apax France VIII fund company, whose name cannot be disclosed at this time, has entered into an agreement to acquire a comparable European company. The acquisition will enable this company to significantly increase its size.
InfoVista has announced the acquisition of Ascom’s TEMS business. The acquisition is expected to close at the end of September. This acquisition will enable InfoVista to double its revenues and EBITDA.
Marlink has announced its acquisition of Telemar. The combined activities of the two entities will create the global leader in maritime communications, digital solutions and equipment maintenance. The company is present via over 1,000 locations across all continents.
Altran has announced its acquisition of Lohika, a US-based software engineering services company (700 employees), significantly strengthening its positioning in North America.
A shareholders’ loan was granted to Vocalcom at the end of July. Altamir’s share was €0.3m.
Divestments of €41m, bringing the first-eight-month total to €188.2m:
On 28 July, Apax Partners announced the sale of TEXA to Naxicap Partners, and the Apax France VIII fund realised a multiple of almost twice the amount originally invested. The sale represented €39.4m for Altamir, i.e. a 30% uplift on the valuation as of 31 December 2015.
The Apax VIII LP fund made a distribution deriving from the refinancing of the debt of Norwegian company EVRY. Altamir's share totalled €1.6m, or 0.5 times the amount invested.
II Financial information
A) Valuation of the securities in the portfolio
The valuation methods used for portfolio securities are described in detail in the notes to the consolidated (IFRS) financial statements.
Summary:
Altamir uses valuation methods based on International Private Equity Valuation (IPEV) guidelines, which in turn comply with IFRS (fair value).
B) Half-year 2016 consolidated financial statements
Consolidated (IFRS) income statement 30/06/2016 31/12/2015 30/06/2015 In €k 6 months 12 months 6 months Changes in fair value 15,095 123,419 62,183 Valuation differences on divestments during the period 25,855 15,041 10,898 Other portfolio income 248 18,522 342 Income from portfolio investments 41,199 156,982 73,422
6
Gross operating income 29,889 138,186 63,192 Net operating income 24,865 110,553 50,532 Net income attributable to ordinary shareholders 24,956 111,773 51,280 Earnings per share 0.68 3.06 1.40
Income from portfolio investments in the first half of 2016 reflected:
a. changes in fair value since 31 December of the previous year;
b. capital gains, calculated as the difference between the sale price of the shares divested and their fair value under IFRS as of 31 December of the previous 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.
Net income attributable to ordinary shareholders includes investment income and related interest and expenses.
Consolidated (IFRS) balance sheet
In €k
30/06/2016
31/12/2015
30/06/2015
TOTAL NON-CURRENT ASSETS
747,798
697,392
624,348
TOTAL CURRENT ASSETS
63,193
47,095
78,804
TOTAL ASSETS
810,991
744,487
703,152
TOTAL SHAREHOLDERS' EQUITY
685,230
679,281
618,851
PORTION ATTRIBUTABLE TO THE GENERAL PARTNER AND CLASS B SHAREHOLDERS
32,805
39,144
25,867
OTHER NON-CURRENT LIABILITIES
21,069
16,399
14,702
OTHER CURRENT LIABILITIES
71,887
9,663
43,731
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
810,991
744,487
703,152
C) Associated companies
Significant influence is presumed when the Company's percentage of voting rights exceeds 20%.
7
Investments subject to significant influence are not accounted for by the equity method, as permitted under IAS 28, but they constitute related parties. Closing balances and transactions for the period are presented in the notes to the consolidated statements.
D) Shareholders
As of 30 June 2016, the total number of shares was 36,512,301.
Moneta Asset Management, domiciled at 36 rue de la Paix, 75008 Paris, France, declared that on 18 April 2016 it moved:
- Above 10% of the share capital and voting rights of Altamir and held 10.86% of the share capital and voting rights of the Company after receiving proxies in preparation for Altamir’s Annual General Meeting.
- Below 10% of the share capital and voting rights of Altamir and held 9.09% of the share capital and voting rights of the Company when these same proxies expired.
E) Senior management
Attendance fees paid to members of the Supervisory Board with respect to 2015 totalled €260,000.
III) Principal risks
The Management Company has not identified any risks in addition to those indicated in the 2015 Registration Document filed on 1 April 2016 under number D16-0262.
This document is available on the Company's website: www.altamir.fr.
The risk factors are listed in Section 1.5 of the presentation of the Company and its activities, starting on page 65.
8
IV) Certification of the half-year financial report
"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
9
Consolidated half-year 2016 financial statements
1. Consolidated income statement
2. Statement of comprehensive income
30/06/201631/12/201530/06/2015(in euros)Note6 months12 months6 monthsChanges in fair value 6.515,095,412123,419,14262,182,931Valuation differences on divestments during the period6.1425,854,83615,041,13310,897,510Other portfolio income6.15248,25818,521,517341,640Income from portfolio investments41,198,506156,981,79273,422,081Purchases and other external expenses6.16-8,839,714-18,411,423-9,403,185Taxes, fees and similar payments6.17-787,462-881,563-933,070Other income0747,645357,125Other expenses6.18-1,686,343-250,500-250,500Gross operating income29,884,987138,185,95163,192,452Provision for amount attributable to Apax France VIII-B/Apax VIII LP/Apax France IX-B Class C unitholders-5,560,963-6,234,887-4,538,457Provision for amount attributable to general partner and Class B shareholders6.11537,290-21,398,478-8,121,782Net operating income24,861,314110,552,58650,532,213Income from cash investments6.19214,3811,185,044589,687Financial income6.20283,470399,017303,525Interest and similar expenses6.21-407,655-363,997-145,618Other financial expenses000Net income attributable to ordinary shareholders24,951,511111,772,65051,279,806Earnings per share 6.220.683.061.40Diluted earnings per share6.220.683.061.40
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3. Consolidated balance sheet
(in euros)Note30/06/201631/12/201530/06/2015Net income for the period24,951,511111,772,65051,279,806Actuarial gains (losses) on post-employment benefitsTaxes on items non-recyclable to profit or lossItems non-recyclable to profit or lossGains (losses) on financial assets available for saleGains (losses) on hedging instrumentsCurrency translation adjustmentsTaxes on items recyclable to profit or lossItems recyclable to profit or lossOther comprehensive incomeCONSOLIDATEDCOMPREHENSIVEINCOME24,951,511111,772,65051,279,806Attributable to:* owners of the parent company* non-controlling shareholders
11
(in euros)Note30/06/201631/12/201530/06/2015NON-CURRENT ASSETSIntangible assets000Investment portfolio6.6747,480,143686,474,417604,950,252Other non-current financial assets314,4728,519,84517,000,470Sundry receivables3,0002,397,6362,397,636TOTAL NON-CURRENT ASSETS747,797,615697,391,898624,348,357CURRENT ASSETSSundry receivables6.72,649,76157,5689,368,141Other current financial assets6.815,812,24417,044,25823,389,616Cash and cash equivalents6.944,731,28529,993,33046,045,855TOTAL CURRENT ASSETS63,193,28947,095,15778,803,612TOTAL ASSETS810,990,904744,487,054703,151,969SHAREHOLDERS’ EQUITYShare capital6.10219,259,626219,259,626219,259,626Share premiums102,492,980102,492,980102,492,980Reserves338,526,074245,756,197245,818,883Net income for the period24,951,511111,772,65051,279,806TOTAL SHAREHOLDERS' EQUITY685,230,191679,281,454618,851,296AMOUNT ATTRIBUTABLE TO GENERAL PARTNER AND CLASS B SHAREHOLDERS6.1132,804,67839,143,71925,867,023Other liabilities6.1221,069,06516,398,72914,702,300Provisions000OTHER NON-CURRENT LIABILITIES21,069,06516,398,72914,702,300Other financial liabilities6.1370,557,8968,800,00036,004,268Trade payables and related accounts1,328,698862,777724,208Other liabilities3753757,002,874OTHER CURRENT LIABILITIES71,886,9699,663,15243,731,351TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY810,990,904744,487,054703,151,969
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4. Statement of changes in shareholders’ equity
STATEMENT OF CHANGES IN IFRS SHAREHOLDERS' EQUITY - ALTAMIR
(in euros) Share capital
Share
premiums
Treasury
shares
Reserves
Net income
for the
period
TOTAL
Shareholders' equity 31 December 2014 219,259,626 102,492,980 -388,888 204,992,057 59,470,524 585,826,298
Net income for the period 51,279,806 51,279,806
Total income and expenses recognised in the period 0 0 0 0 51,279,806 51,279,806
Transactions on treasury shares -24,173 12,828 -11,345
Allocation of income 59,470,524 -59,470,524 0
Distribution of dividends to ordinary shareholders, May 2014 -18,243,464 -18,243,464
SHAREHOLDERS' EQUITY 30 June 2015 219,259,626 102,492,980 -413,061 246,231,945 51,279,806 618,851,296
STATEMENT OF CHANGES IN IFRS SHAREHOLDERS' EQUITY - ALTAMIR
(in euros) Share capital
Share
premiums
Treasury
shares
Reserves
Net income
for the
period
TOTAL
SHAREHOLDERS' EQUITY 30 June 2015 219,259,626 102,492,980 -413,061 246,231,945 51,279,806 618,851,296
Net income for the period 60,492,844 60,492,844
Total income and expenses recognised in the period 0 0 0 0 60,492,844 60,492,844
Transactions on treasury shares -74,506 11,820 -62,686
SHAREHOLDERS’ EQUITY 31 December 2015 219,259,626 102,492,980 -487,567 246,243,765 111,772,650 679,281,454
STATEMENT OF CHANGES IN IFRS SHAREHOLDERS' EQUITY - ALTAMIR
(in euros) Share capital
Share
premiums
Treasury
shares
Reserves
Net income
for the
period
TOTAL
SHAREHOLDERS’ EQUITY 31 December 2015 219,259,626 102,492,980 -487,567 246,243,765 111,772,650 679,281,454
Net income for the period 24,951,511 24,951,511
Total income and expenses recognised in the period 0 0 0 0 24,951,511 24,951,511
Transactions on treasury shares 31,774 -28,782 2,992
Allocation of income 111,772,650 -111,772,650 0
Reclassification - Maisons Du Monde 1,426,343 1,426,343
Distribution of dividends to ordinary shareholders, May 2016 -20,432,108 -20,432,108
SHAREHOLDERS' EQUITY as of 30 June 2016 219,259,626 102,492,980 -455,793 338,981,867 24,951,511 685,230,191
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5. Statement of cash flows
6. Notes to the consolidated (IFRS) financial statements
6.1 Entity presenting the financial statements
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.
30/06/201631/12/201530/06/2015(in euros)Note6 months12 months6 monthsInvestments-161,034,519-31,395,206-11,488,383Shareholder loans to portfolio companies-1,487,834-11,990,583-1,422,917Repayment of shareholder loans to portfolio companies2,350,6799,104,796849,937Total investments -160,171,674-34,280,994-12,061,364Divestment of equity investments 146,903,21829,789,65223,714,354Interest and other portfolio income received109,38660,4131,966Dividends received138,87318,461,104339,674Operating expenses-6,952,769-18,834,431-26,490,062Income received on marketable securities214,3811,185,044589,687Cash flows from operating activities-19,758,577-3,619,212-13,905,741Dividends paid to ordinary shareholders-20,432,108-18,243,464-18,243,464AARC investment5,2464,935,3854,060,261Apax France VIII-B capital calls63,6545,2515,251Apax France IX-B capital calls303,03100Transactions on treasury shares0-121,640-111,730Deposits and security deposits-5,00000Amount attributable to general partner and Class B shareholders-5,801,751-11,104,891-11,104,891Repayment of borrowings-8,800,000-2,000,000-2,000,000Issue of borrowings69,163,4618,800,00032,420,000Cash flows from financing activities34,496,532-17,729,3585,025,428Net change in cash and cash equivalents14,737,955-21,348,570-8,880,313Cash and cash equivalents at opening 29,993,33051,341,90051,341,900Cash and cash equivalents at closing6.944,731,28529,993,33042,461,587
14
Altamir presents its consolidated financial statements including the Apax France VIII-B private equity fund, in which it holds a 99.90% stake, the Apax France IX-B private equity fund, in which it holds a 99% stake, and Financière Hélios SASU, in which it holds a 100% stake.
6.2 Basis of preparation
a) Declaration of conformity
Pursuant to European Regulation 1606/2002 of 19 July 2002, Altamir’s half-year 2016 consolidated financial statements have been prepared in compliance with IAS/IFRS international accounting standards as adopted by the European Union and available on its website http://ec.europa.eu/internal_market/acc ... dex_en.htm.
Altamir’s half-year consolidated financial statements have been prepared in compliance with IAS 34 “Interim Financial Reporting”. They do not include all information required for the preparation of the annual consolidated financial statements and must be read in conjunction with the consolidated financial statements for the financial year ended 31 December 2015, which appear in the Registration Document filed with the French Financial Market Authority (AMF) on 1 April 2016 under number D.16-0262.
The accounting rules and methods applied to the annual financial statements are identical to those used to prepare the consolidated financial statements for financial year ended 31 December 2015 inasmuch as the new IFRSs (standards, amendments, or IFRIC interpretations) that became applicable on 1 January 2016 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 2016. They were approved by the Management Company on 1 September 2016.
b) Valuation bases
The consolidated financial statements are prepared on a fair value basis for the following items:
Financial instruments for which the Company has chosen the "fair value through profit or loss" option, pursuant to the provisions of IAS 39 (by application of the fair value option) and IAS 28 for "venture capital organisations" whose purpose is to hold a portfolio of securities with a view to selling them in the short or medium term;
Derivative financial instruments;
The amounts attributable to the general partner and Class B shareholders;
The amounts attributable to Apax France VIII-B Class C unitholders.
The amounts attributable to Apax France IX-B Class C unitholders.
The methods used to measure fair value are discussed in note 6.4.
c) Operating currency and presentation currency
15
The consolidated (IFRS) financial statements 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 on-going basis. The impact of changes in accounting estimates is accounted for during the period of the change and in all subsequent periods affected.
More specifically, information about 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 in note 6.4 on the determination of fair value.
The SPV is recognised at fair value in the Apax France IX-B private equity fund. Since the fund was still being raised, it was recognised as of 30 June 2016 on the basis of one-third of the fund, with the assumption that the final size of the private equity fund would be €900m, and with the Apax France IX-B fund obligated to commit up to €300m.
e) Key assumptions
Continuity of operations is based on key assumptions including the availability of sufficient cash flow until 31 December 2016. The Company has credit lines totaling €47m, undrawn as of 30 June 2016, €44.7m in cash equivalents and €15.8m in other financial assets that the Company considers as cash.
6.3 Determination of fair value
Altamir uses principles of fair value measurement that are in accordance with IFRS 13:
Category 1 shares
Companies whose shares are traded on an active market ("listed").
The shares of listed companies are valued at the last stock market price, without adjustment, except for those cases set out in IFRS 13.
Category 2 shares
Companies whose shares are not traded on an active market ("unlisted"), but are valued based on 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.
16
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.
Category 3 shares
Companies whose shares are not traded on an active market ("unlisted"), and are valued based on unobservable data.
6.4 Significant events during the period
6.4.1 Investments and divestments
The Company invested €160.2m in H1 2016, which broke down as follows:
Direct divestments:
o A €0.4m follow-on investment in Altran.
Co-investment
o A €9.9m investment in InfoVista (through the Apia Vista private equity fund, 15.1515% held by Altamir).
o A €17.9m investment in Marlink (through the Phenix private equity fund, 28.9157% held by Altamir).
Investments through the funds
Through the Apax France VIII-B fund:
o A €20.6m investment in Cabovisão;
o A €34.2m investment in Melita;
o An €11m investment in Marlink;
o A €4m follow-on investment in SK FireSafety Group;
Through the Apax France IX-B fund:
o A €19m investment in Marlink;
17
o A €23.6m investment in InfoVista;
o A €16.8m investment in Sandaya;
Through the Apax VIII LP fund:
o A €0.2m follow-on investment in Shriram City Union;
o A €2.6m investment in Engineering;
6.4.2 Divestments
The divestments side of the business generated €147m including revenue:
Direct divestments:
o €21.4m following the partial sale of Capio;
o €19m following the partial sale of Gfi Informatique;
o €93.5m following the sale of all of Infopro;
o €8.5m following the repayment of seller financing for Maisons du Monde.
Divestments through the funds
Through the Apax VIII LP fund:
o €1.9m following the divestment of Rhiag;
o €2.6m following the divestment of Garda;
6.4.3 Other events
During H1 2016, Altamir committed to invest the following amounts over the next three to four years:
- €138m through the Apax France IX A LP fund
- Between €220m and €300m through the Apax France IX-B fund
6.4.4 Key events since 30 June 2016
On 28 July, Apax Partners announced that it had signed an agreement to sell TEXA to Naxicap Partners, generating a multiple of almost 2 times the amount originally invested by the Apax France VIII fund. The sale represented €39.4m for Altamir, i.e. a 30% uplift on the valuation as of 31 December 2015.
In July Altamir received €15.4m of proceeds from the additional divestment of Gfi.
The Apax VIII LP fund distributed the dividend received from EVRY, $1.6m of which was Altamir’s share.
A shareholders’ loan was granted to Vocalcom at the end of July. Altamir’s share was €0.3m.
18
Furthermore, in the existing portfolio a number of buildups have been announced requiring the companies concerned to undergo significant transformation:
THOM Europe has signed an agreement with a view to acquiring Stroili, Italy's largest jewellery and watches retail chain. The merger will give rise to Europe's largest jewellery retailer with around 940 sales outlets located in shopping centres and town centres, over 4,600 employees in its five store chains (Histoire d’Or, Marc Orian, TrésOr, Stroili and Franco Gioielli) and pro forma sales of around €600m. The company has also acquired Oro Vivo’s subsidiary in Germany, a potential new growth market.
Another of Apax France VIII-B fund's investments has entered into an agreement to acquire a comparable European company. The acquisition, representing an investment of around €6m for Altamir, will enable this company to significantly increase its size.
InfoVista has announced the acquisition of Ascom’s TEMS business. The acquisition is expected to be closed at the end of September. This acquisition will enable InfoVista to double its revenues and EBITDA.
Marlink has announced the acquisition of Telemar. The combined activities of the two entities will create the global leader in maritime communications, digital solutions and equipment maintenance. The company is present via over 1,000 locations across all continents.
Altran has announced the acquisition of Lohika, a US-based software engineering services company (700 employees), significantly strengthening its positioning in North America.
In July, Apax Partners LLP signed agreements with a view to acquiring two new companies:
Neuraxpharm Arzneimittel GmbH in Germany and Invent Farma S.L, in Spain, two major pharmaceutical companies manufacturing generic medicines in their respective markets. Following this acquisition, the Apax VIII LP fund will be 96% committed and will therefore end its investment period.
Dominion Marine Media in the United States is the leading provider of portal advertising and marketing solutions for marine brokers and businesses worldwide. It will be the Apax IX LP fund's first investment.
6.5 Changes in fair value
The change in fair value for the first half 2016 broke down as follows:(in euros)30/06/201631/12/201530/06/2015Changes in fair value of the portfolio 15,095,412 123,419,142 62,182,931 Total changes in fair value 15,095,412 123,419,142 62,182,931
19
6.6 Investment portfolio
Changes in the investment portfolio during the period were as follows:
PORTFOLIO BREAKDOWN AS OF 30/06/2016
Level 1 - quoted prices for similar instruments 216,025,329
Level 2 - valuation based on techniques 501,168,505
using observable market data
Level 3 - inputs not based on observable market data 30,286,309
747,480,143
(in euros) Portfolio
Fair value as of 31 December 2015 686,474,417
Investments 161,034,519
Changes in shareholder loans (862,845)
Divestments (121,048,382)
Changes in fair value 15,095,412
Cancellation of other financial assets 6,787,022
Fair value as of 30 June 2016 747,480,143
Of which positive changes in fair value 64,555,511
Of which negative changes in fair value (42,673,077)
Changes in the Level 3 investment portfolio during the period were as follows:
(in euros) Portfolio
Fair value as of 31 December 2015 35,007,687
Acquisitions 3,972,949
Divestments
Change of category (11,113,807)
Changes in fair value 2,419,480
Fair value as of 30 June 2016 30,286,309
20
Portfolio breakdown according to the degree of maturity of the investments:
Changes in the Level 2 investment portfolio during the period were as follows:
(in euros) Portfolio
Fair value as of 31 December 2015 376,976,478
Acquisitions 155,600,607
Divestments (98,506,733)
Change of category 11,113,807
Changes in fair value 55,984,346
Fair value as of 30 June 2016 501,168,505
Valuation methods are based on the determination of fair value as described in paragraph 6.3.
30 June 2016 31 December 2015
% of listed instruments in the portfolio 28.9% 40.0%
% of listed instruments in NAV 31.5% 40.4%
(in euros) 30/06/2016 31/12/2015
Stage of development
LBO 644,671,397 583,601,380
Growth capital 102,808,746 102,873,037
Portfolio total 747,480,143 686,474,417
(in euros) 30/06/2016 31/12/2015
Industry
Business & Financial Services 196,007,561 180,119,747
Technology, Media and Telecom (TMT) 337,894,412 288,506,326
Retail & Consumer 154,495,011 127,501,439
Healthcare 59,083,159 90,346,905
Portfolio total 747,480,143 686,474,417
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6.7 Sundry current receivables
This item primarily relates to a €2.4m receivable due from Vizada.
6.8 Other current financial assets
Other current financial assets mainly relate to an Allianz tax-efficient capitalisation fund valued at €15.8m
using the amortised cost method, including capitalised interest.
6.9 Cash and cash equivalents
This item broke down as follows:
6.10 Shareholders’ equity
The number of shares outstanding for each of the categories is presented below:
The dividend paid to the limited shareholders in 2016 for the financial year 2015 was €0.56 per ordinary share
outstanding (excluding treasury shares).
(in euros) 30/06/2016 31/12/2015 30/06/2015
Money-market funds " " 376 132,717 163,276
Time deposits 29,073,731 29,161,252 31,244,786
Cash on hand " " 15,657,178 699,361 14,637,792
Cash and cash equivalents 44,731,285 29,993,330 46,045,855
Bank overdraft - - (3,584,268)
Cash shown in the statement of cash flows 44,731,285 29,993,330 42,461,586
(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 33,216 12,164 34,211 12,164
Shares outstanding at end of period 36,479,085 6,418 36,478,090 6,418
NAV per ordinary share 18.78 18.62
(cons. shareholders' equity/ordinary shares)
(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
30/06/2016
30/06/2016 31/12/2015
31/12/2015
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6.11 Equity attributable to general partner and Class B shareholders
This item broke down as follows:
The change in the amount attributable to the general partner and Class B shareholders during the period is
detailed below:
6.12 Other non-current liabilities
Other non-current liabilities principally relate to unrealised capital gains owing to Class C unitholders of
Apax France VIII-B, Apax VIII LP and Apax France IX-B of €17.7m, €3.4m and €1.3m, respectively,
based on these funds’ performance. These liabilities are due in more than one year.
6.13 Other current financial liabilities
This line item primarily included debts to the Apax IX-B fund (€59.3m) and the Apax VIII LP fund (€1.4m),
corresponding to investments made that Altamir has not yet been asked to fund. This line item also includes
€9.9m outstanding under the line of credit used by Apax France VIII-B.
(in euros) 30/06/2016 31/12/2015
Portion attributable to general partner and Class B shareholders 32,800,954 39,139,995
Class B warrants 3,724 3,724
Total portion attributable to general partner and Class B sharehol d e r s 32,804,678 39,143,719
(in euros) 30/06/2016 31/12/2015
31 December 2015 " " 39,139,995 28,846,408
Amount paid in 2016 " " (5,801,751) (11,104,891)
Portion attributable to general partner and Class B shareholders on
2016 earnings
(537,290) 21,398,478
Portion attributable to general partner and Class B shareholders 32,800,954 39,139,995
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6.14 Valuation differences on divestments during the year
6.15 Other portfolio income
Other portfolio income is detailed as follows:
6.16 Purchases and other external expenses (including VAT)
Purchases and other external expenses broke down as follows:
(in euros) 30/06/2016 30/06/2015
Sale price 146,903,218 23,714,354
Fair value at start of period 121,048,382 12,816,844
Impact on income 25,854,836 10,897,510
Of which positive price spread on divestments 26,727,663 11,154,734
Of which negative price spread on divestments (872,828) (257,224)
(in euros) 30/06/2016 30/06/2015
Interest and other portfolio income received 109,386 1,966
Dividends 138,873 339,674
Total 248,258 341,640
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As of 30 June 2016, direct fees represented 0.67% of average NAV, and total fees represented 1.35% of average committed and invested capital.
6.17 Taxes, fees and similar payments
The balance of €0.8m corresponded to the 3% tax paid on dividends paid in 2016 with respect to the 2015 financial year.
6.18 Other expenses
The balance of this item corresponded to the reversal of €1.4m of accrued interest on the Maisons du Monde receivable, and €0.3m in attendance fees paid in 2016.
Interest received on the Maisons du Monde receivable was reclassified in 2016 as valuation differences on divestments during the period.
6.19 Income from cash investments
This item related to interest earned or accrued in 2016 on time deposit account investments and money-market mutual funds (SICAVs).
The expected return on these investments in 2016 is 2.72%.
(in euros)30 June 201630 June 201530 June 2014Gross direct fees4,601,951 5,509,207 4,939,823 Altamir Gérance management fees 2,922,013 3,651,894 3,282,945 Altamir unrecoverable VAT 584,403 730,379 656,589 Other fees and expenses 1,095,535 1,126,934 1,000,289 * out of which abort fees 934 93,945 92,605 * out of which reinvoicing of Administration 425,169 311,727 353,129 * out of which fees for overdraft 70,272 309,313 62,490 Gross indirect fees4,237,763 3,893,978 3,626,119 Management Fees Apax VIII-B & Apax VIII-LP1,923,834 3,002,331 2,984,349 Other Apax France VIII-B & Apax VIII-LP expenses2,313,929 891,646 641,769 TOTAL EXPENSES AND OTHER EXTERNAL EXPENSES8,839,714 9,403,185 8,565,942 Investment at costCommitment in Apax Funds 247,793,608 301,027,081 317,572,515 417,176,379 339,720,000 339,720,000 INVESTED AND COMMITTED CAPITAL 664,969,987 640,747,081 657,292,515 Ratio net direct fees/average NAV0.67%0.85%0.85%Ratio total fees ratio/committed capital average1.35%1.45%1.29%
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6.20 Financial income
Financial income corresponded primarily to a €278k change in the unrealised gain on the Allianz tax-efficient capitalisation fund.
6.21 Interest and similar expenses
This item primarily corresponded to interest paid on the drawn credit lines and on the bank overdraft.
6.22 Earnings per share
The weighted average number of shares outstanding reflects the exclusion of treasury shares.
6.23 Related parties
In accordance with IAS 24, related parties are as follows:
(a) Shareholder
Apax Partners SA as the investment advisor and Altamir Gérance as the Management Company invoiced the Company for total fees of €3,506,416 including tax in the first half of 2016 (€8,419,441 including tax in all of 2015).
The amount remaining payable as of 30 June 2016 was €906 (€20,280 as of 31 December 2015) and the amount receivable as of 30 June 2016 was €190,432 (€97,114 as of 31 December 2015).
(b) Associated enterprises
A significant influence is presumed when the equity interest of the Company exceeds 20%.
Basic earnings per share30/06/201630/06/2015Numerator (in euros)Income for the period attributable to ordinary shareholders24,951,511 51,279,806 DenominatorNumber of shares issued at start of period36,512,301 36,512,301 Effect of treasury shares(33,714) (33,276) Effect of capital increase- - Weighted average number of shares during the period (basic)36,478,588 36,479,026 Earnings per share (basic)0.68 1.40 Earnings per share (diluted)0.68 1.40
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Investments subject to significant influence are not accounted for by the equity method, as permitted under
IAS 28, but they constitute related parties. The closing balances and transactions for the period with these
companies are presented below:
(c) Senior management
Attendance fees paid in 2016 to members of the Supervisory Board with respect to 2015 totalled €260,000.
Contingent liabilities
The contingent liabilities of the Company broke down as follows:
The tables above reflect the maximum commitment in Apax VIII LP, Apax France VIII-B, Apax France IXB
and Apax France IX LP.
For information, Altamir has committed to investing €60m in Apax VIII LP. As of 30 June 2016, the amount
invested was €52.6m.
For information, Altamir had committed to invest between €200m and €280m in Apax France VIII-B.
Altamir’s definitive commitment is €276.7m. As of 30 June 2016, the amount invested was €251.9m.
(in euros) 30/06/2016 30/06/2015
Income statement
Valuation differences on divestments during the period 7,637,209 -
Changes in fair value 21,513,139 5,097,815
Other portfolio income - -
Balance sheet 30/06/2016 30/06/2015
Investment portfolio 395,415,392 207,048,397
Sundry receivables 2,394,636 2,394,636
(in euros) 30/06/2016 31/12/2015
Irrevocable purchase obligations (investment commitments) 0 15,910,448
Other long-term obligations (liability guarantees and other) 6,184,051 6,184,051
Total 6,184,051 22,094,499
Altamir’s investment commitments in Apax France VIII-B 24,729,208 91,363,175
Altamir’s investment commitments in Apax France VIII LP 7,409,145 7,409,145
Altamir’s investment commitments in Apax France IX-B 295,950,000 17,000,000
Altamir’s investment commitments in Apax France IX LP 138,000,000 0
Total 472,272,404 137,866,819
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For information, Altamir has committed to investing between €220m and €300m in Apax France IX-B. As of 30 June 2016, the amount invested was €4.05m. The amount invested through the SPV was €59.4m.
For information, Altamir has committed to invest €138m in Apax France IX LP. At 30 June 2016, no investment had been made.
(a) Direct investment commitments:
(b) Liability guarantees and other commitments
Liability guarantees
The following commitment is included in the financial statements and is presented below for information:
- A portion of the proceeds from the sale of Mobsat Group Holding was placed in escrow by Chrysaor and the managers' holding companies. Altamir's share of the escrow balance was €9,666,771 as of 31 December 2011, based on a €/$ exchange rate of 1.2939. Altamir recognises part of this escrow balance as a receivable from Chrysaor of €2,394,306. The first instalment, of one-third of the escrow balance, was released after 6 months, in June 2012. The second instalment was released in December 2014 and paid in January 2015. The remaining tranche, representing €5,491,201 based on a €/$ exchange rate of 1.1102, will be released in December 2016.
Other off-balance-sheet commitments
Altamir carries out LBO transactions via special-purpose acquisition companies (SPACs).
If the underlying target company is listed, the debt is guaranteed by all or part of that company's assets.
When the share price of these companies falls, and the average share price over a given period drops below a certain threshold, the SPACs become responsible for meeting collateral or margin calls. This involves putting cash in escrow in addition to the collateralised securities so as to maintain the same collateral-to-loan ratio ("collateral top-up clause"). In the event of default, banks may demand repayment of all or part of the loan.
CompaniesCommitmentsInvestmentsCancellation ofNewCommitmentsas of 31/12/2015during the periodcommitmentscommitmentsas of 30/06/16as of 30/06/16as of 30/06/16Listed securitiesUnlisted securitiesInvestment commitment in Marlink15,910,448015,910,44800Total15,910,448015,910,44800
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This collateral is furnished by the shareholders of the SPACs, including Altamir, in proportion to their share in the capital. They have no impact on Altamir's revenue and NAV (listed companies are valued on the last trading day of the period), but can tie up part of its cash.
Conversely, when the share price of these companies rises, all or part of the balance in escrow is released, and the calls repaid.
Sensitivity:
drops of 10% and 20% in the average market prices of these listed securities compared with the calculation as of 30 June 2016 would trigger no collateral call for Altamir;
A commitment was given to certain managers of Thom Europe to repurchase their shares and obligations in the event of their departure. This commitment does not represent a significant risk that would require recognition of a provision.
Altamir provided a sale commitment to Financière Royer covering all of the shares of the Royer group, exercisable between 1 January 2015 and 3 January 2019.
Financière Royer provided a purchase commitment to Altamir covering all of the shares of the Royer group, exercisable between 1 January 2015 and 31 December 2018.
A commitment was given to certain managers of Snacks Développement to repurchase their shares in the event of their departure.
As part of the divestment of Buy Way, Altamir provided a guarantee, capped at 15% of the sale price, i.e. €6,184,051, in order to meet any third-party claims, and to cover the sellers’ filings and any tax risks.
Other accrued income
As part of the divestment of Buy Way to Chenavari Investment Managers, two earn-outs based on insurance revenues may be received in 2016.
Pledged securities:
Securities pledged to Transatlantique Bank:
As of 30 June 2016, 797,872,341 A units in the Apax France VIII-B fund were pledged to Banque Transatlantique:
- -against a credit line of €5m, undrawn as of 30 June 2016.
The pledged securities cover 150% of the amounts granted based on the valuation of the units in the Apax France VIII-B fund as of 23 December 2014.
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Securities pledged to LCL Bank (banking pool with Société Générale, BNP and Palatine Bank):
As of 30 June 2016, 4,811,320,755 A units in the Apax France VIII-B fund were pledged to LCL:
- -against a credit line of €34m, undrawn as of 30 June 2016.
The pledged securities cover 150% of the amounts granted based on the valuation of the units in the Apax France VIII-B fund as of 31 December 2014.
Securities pledged to CIC:
As part of the acquisition of the INSEEC group, the Apax France VIII-B fund has pledged all of the financial instruments that it holds in Insignis SAS and Insignis Management SAS to the lenders of the LBO debt represented by ECAS as Agent.
As part of the acquisition of the TEXA group, the Apax France VIII-B fund pledged all of the financial instruments that it holds in Trocadero Participations SAS and Trocadero Participations II SAS to the lenders of the LBO debt represented by CIC as Agent.
Re: Altamir
@joost1000: probeer volgende keer een url link te posten. Zoals je zelf wel zal zien is het bericht nu quasi onleesbaar.
Re: Altamir
Zal ik doen.
Re: Altamir
Nog eens een atypische belegging gedaan: Altamir gekocht vandaag. Is met grote voorsprong mijn grootste positie. Sterke stijging van de NAV en heeft een netto-kaspositie.
Koers: €14,55
NAV: €21,62
Als de NAV met zo'n 30% stijgt de komende 3 tot 5 jaar, dan betekent dit een opwaarts koerspotentieel van 93%.
Koers: €14,55
NAV: €21,62
Als de NAV met zo'n 30% stijgt de komende 3 tot 5 jaar, dan betekent dit een opwaarts koerspotentieel van 93%.
Aandelenportefeuille netto met 1184% gestegen sinds opstart in Nov '08. YTD bruto excl dividenden: +0,1% (tem 14 feb '24)
Momenteel: 40% IVU, WTW, Alfa, Intertek, LSEG; 60% cash
Momenteel: 40% IVU, WTW, Alfa, Intertek, LSEG; 60% cash