In-article:

ALTAMIR: Altamir NAV as of March 31, 2022: EUR 36.85/share, down 2.5% compared to December 31, 2021 – 05/11/2022 at 6:50 p.m.


Paris, May 11, 2022

– As of March 31, 2022, the

Net Asset Value per share

of Altamir amounts to

36,85€

down 2.5% compared to December 31, 2021 (€37.81).

Note that on March 31 and September 30, Altamir only revalued listed companies in the portfolio as well as those whose disposals were announced during the quarter.


1.PERFORMANCE

Net Asset Value

(equity under IFRS) amounts to

€1,345.6m

as of March 31, 2022 (compared to €1,380.4 million as of December 31, 2021).

The evolution during the quarter is explained by the following elements:

Management Accounts

In €m

Wallet

Cash (Debt)

Provision for carried

Other assets and liabilities

ANR


ANR 31/12/2021

1,476.0

59.7

(184.5)

29.2

1,380.4

+ Investments

74.8

(74.8)

(27.8)

27.8

+ Interest and other financial income (dividends included)

0.6

0.6

+/- Positive or negative change in fair value

(23.2)

(9.2)

5.7

(26.8)

+/- Purchases and external charges

(15.6)

7.0

(8.6)


ANR 03/31/2022

1,499.8

(11.6)

(178.8)

36.2

1,345.6

The change in NAV over the period (-€34.8m) mainly reflects the fall in prices of listed companies in the Tech & Telco sector:

ThoughtWorks

(impact: -€15.0m),

Baltic Classifieds Group

(-€5.7m) and

Duck Creek Technologies

(-€2.2 million).

It also reflects the fall in the valuation of the high-yield bond fund invested in emerging countries (-€9.1 million), which impacted the financial result for the quarter.


2. ACTIVITY

  1. €16.3m invested and committed during the quarter (€135.5m in the first quarter of 2021)

Altamir has invested and committed €11m via the Apax X LP fund in two companies:

  • Alcumus

    (€7.3M invested): a provider of technological solutions for managing compliance and risks within organizations,

  • Ole Smokey

    (€3.7M committed,

    transaction not finalized as of March 31, 2022

    ): one of the main producers of premium whiskeys in the United States.

€1.2 million have also been invested in

Apax Digital

and

Apax Digital 2

which made two acquisitions during the quarter.

Finally, an adjustment to the amounts invested was recorded in the amount of -€3.7 million.

  1. €2.0m in proceeds and income (€222m in the first quarter of 2021)

This amount includes €1.5 million in income from a partial sale of

Baltic Classifieds Group

and an adjustment of €0.3 million on the sale of

Unilabs

which was finalized during the quarter.


3. PORTFOLIO

Altamir’s portfolio is not exposed to Ukraine and Russia. However, the context of high financial market volatility as well as inflationary pressures and the rise in interest rates are weighing on valuation multiples. In this environment, the portfolio companies demonstrated strong resilience during the quarter, recording significant growth in their revenue and EBITDA.


4. CASH AND COMMITMENTS

The parent company financial statements show net cash as of March 31, 2022 of

€144.8 million

(€162.9 million as of December 31, 2021). Added to this amount is the €33.8 million borne by

Altamir

on behalf of Altaroc (which were repaid in April 2022) as well as €10.3m held by the FPCI Astra.

As of March 31, 2022, the maximum amount of Altamir’s commitments stood at

€538.2 million

(including €169.5m committed but not yet called) which will be invested over the next 3 years, mainly:

For the

vintage

2019: €456.1 million

whose :

  • €352.3 million in the Apax MidMarket X fund;

  • €94.6 million in the Apax X LP fund;

  • €7.1 million in the Apax Development fund;

  • €2.0m in the Apax Digital fund (including €0.9m in callable distributions).

For the

vintage

2016: €31.3 million

whose :

  • €18.3 million in distributions that can be called back by the Apax IX LP fund;

  • €8.8 million in the Apax MidMarket IX fund;

  • €3.7 million in distributions that can be called back by the Apax VIII LP fund.

This amount of

€538.2 million

also includes the commitment of €30m in Altaroc Global 2021, the commitment of $20m (€17.1m) in the Apax Digital 2 fund as well as the balance (€3.8m) of the co-investment in

destiny

.

As a reminder, Altamir benefits from a

opt out

activated every 6 months, which allows it to adjust the level of its commitment to the Apax Midmarket X fund up to €100 million.

5.

DIVIDEND PAYMENT

At the General Meeting of April 26, 2022, Altamir shareholders approved the payment of a dividend of €1.13 per share.

The dividend will be paid on May 27, 2022 (coupon ex-dividend on May 25, 2022).

6.

GOVERNANCE

During the General Assembly, the shareholders approved all the resolutions with more than 96%.

They notably approved the raising of the age limit of Mr. Maurice Tchenio, Managing Director of the company, to bring it to 85 years old, as well as the modification and simplification of the methods for calculating the management fees and compensation of Stewardship.

7.

NEXT MEETINGS

Half-year results and NAV as of 06/30/2022

September 8, 2022, after market

NAV as of 09/30/2022

November 8, 2022, after market

* * * * * * * * * * * * * * *

About Altamir

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) created in 1995 and whose NAV amounts to more than 1.3 billion euros. Its objective is to provide shareholders with long-term capital appreciation and regular dividends, by investing in a diversified portfolio of mainly unlisted assets.

Altamir’s investment policy consists of investing mainly through and with the funds managed or advised by Apax Partners France and Apax Partners LLP, two private equity leaders who take majority or reference positions in LBO and development capital, and aim for ambitious value creation objectives.

Altamir thus provides access to a diversified portfolio of companies with strong growth potential in Apax’s sectors of specialization (Tech & Telco, Consumer, Health, Services) and in complementary market segments (SMEs in continental Europe and large corporates in Europe, North America and in the main emerging countries).

The company benefits from the status of SCR (Venture Capital Company): it is exempt from corporation tax and its shareholders can benefit from tax advantages under certain conditions of retention of securities and reinvestment of dividends.

For more information: www.altamir.fr

Contact

Claire Peyssard Moses

Such. : +33 1 53 65 01 74 / +33 6 34 32 38 97

Email: [email protected]

GLOSSARY

EBITDA

: Earnings Before Interest, Depreciation and Amortisation, equivalent to Gross Operating Surplus

ANR:

Revalued net assets net of tax, share of Limited Partners holding ordinary shares

Organic growth

: growth at constant scope and exchange rates

Uplift

: difference between the sale price of an asset and its last valuation in our books prior to its sale

Net cash

: cash less short-term financial debt.


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Regulated information:


Quarterly financial information:

– First quarter financial information


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