ALTUR INVESTISSEMENT (formerly TURENNE INVESTISSEMENT): NAV AS OF DECEMBER 31, 2023 – 01/16/2024 at 6:45 p.m.

• NAV of 44.18 million euros as of December 31, 2023, or 10.73 euros per listed share (sponsor share), down slightly over the quarter;
  

• 2.94 million euros in cash at the end of December compared to cash of 3.28 million euros at September 30, 2023.
  

Paris, January 16, 2024 2023 –

ALTUR INVESTISSEMENT (Euronext – FR0010395681 – ALTUR) publishes its overall Net Asset Value (NAV) as of December 31, 2023, which amounts to 44.18 million euros. It is recalled that the statutes of the limited partnership by shares Altur Investissement provide that 80% of the Result is allocated to the limited partners (“the investors”), the balance returning to the general partners (“the managers”).

The Revalued Net Assets are therefore distributed between the limited partners’ share and the general partners’ share according to the table below.

Distribution of Revalued Net Assets between limited partners and general partners

François Lombard, manager of ALTUR INVESTISSEMENT comments:

“During the 4

^th

quarter 2023, Altur Investissement continued to develop its investment strategy, namely supporting companies in the Climate Tech & Proptech (Vizcab) and Education & Training sectors and supporting portfolio companies.

As we anticipated in October 2023, the private equity sector is facing a cycle reversal after 10 years of euphoria. The sudden rise in interest rates caused a chill in fundraising. We are entering a much more difficult economic context for investment capital: more business failures, difficulties for companies supported by venture capital to raise funds for subsequent rounds, rising rates which make operations leverage. more difficult to set up, fewer sales, more difficulty in raising funds from institutional investors and family offices. Due to the market downturn, we have not made any significant disposals in 2023, while seeing an increase in our provisions. The slight drop in NAV over the last quarter is explained by the provisions that we had to take and the absence of significant disposals. »

An investment made in 4

^th

quarter

Altur Investissement has invested in the capital of the company Vizcab. This Lyon-based company offers a software platform aimed at reducing the carbon footprint of construction. It is aimed at real estate developers, architects and construction engineers. Through Life Cycle Analysis (“LCA”), it makes it possible to measure and reduce CO2 emissions throughout the construction value chain.

NAV as of December 31, 2023

As of December 31, 2023, the Net Asset Value (NAV), i.e. the present value of the portfolio and balance sheet items (cash and debt), amounts to 44.18 million euros compared to 44.55 million euros as of 30 September 2023, i.e. a decrease of 0.85%, and 48.20 million euros as of December 31, 2022. In order to take into account the deterioration of the economic climate on the value of the portfolio holdings, Altur Investissement recorded provisions at course of 4

^th

quarter 2023 for a cumulative amount of 1.1 million euros. The Revalued Net Assets per share, taking into account the share of Altur Investissement’s distributable profits statutorily accruing to the general partners and limited partners, amounts to 10.73 euros per listed share, compared to 10.85 euros as of September 30, 2023. .

As of December 31, 2023, the assets of ALTUR INVESTISSEMENT are composed of:

• A portfolio of 21 companies, 4 FPCIs and 2 SLPs valued at 41.24 million euros;
  

• Availability for 2.94 million euros.
  

The company has no financial debt.

The Finexsi firm, appointed as an independent expert by the Supervisory Board of Altur Investissement to assess the fairness of the conditions of the simplified public purchase offer (the “Offer”) initiated by Suffren Holding, followed on in the event of a mandatory squeeze-out (the “Mandatory Withdrawal”), indicated in its fairness certificate dated December 20, 2023 that the offer price and the compensation provided for in the context of the Offer and the Withdrawal Mandatory, i.e. 11 euros per share, are each fair from a financial point of view for the shareholder of Altur Investissement.

The Finexsi firm indicated to the Company that the financial data of its NAV as of December 31, 2023, which it was able to examine, did not result in any modification to the conclusion of its fairness certificate.

Strategy and outlook for 2024

Given the macroeconomic uncertainties, the Altur Investissement management team wishes to continue its development strategy with caution in its sectors of expertise which are Climate Tech & PropTech and Education & Training while continuing to support their growth. portfolio companies.

Portfolio composition

To date, ALTUR INVESTISSEMENT’s financial assets are distributed among 21 companies, 4 FPCIs and 2 portfolios invested in strategic sectors:

Health

:

• Menix,
  
  French leader in orthopedic prostheses and dental implants;

• BIOBank,
  
  French leader in the allograft sector;

• Cousin Surgery,
  
  designer and manufacturer of implantable medical devices in technical textile;

• Naogen Pharma
  
  innovative pharmaceutical radio products for non-invasive molecular imaging;

• FPCI Capital Santé I
  
  FPCI managed by Turenne Capital and investing in the health sector;

• FPCI Capital Santé II
  
  FPCI managed by Turenne Capital and investing in the health sector;

• SLP Extens III
  
  managed by Extens and investing in e-health;

• Adagia Capital Europe
  
  a co-investment vehicle in the capital of Minlay, a dental prosthesis laboratory group in Europe.

Generational Services

:

• Funeral Homes of France
  
  network of franchisees of funeral agencies and own agencies.

Energetic transition

:

• Sermeta,
  
  world leader in stainless steel heat exchangers for gas condensing boilers;

• Countum
  
  French leader in industrial and transactional metering of petroleum products;

• EMP Rotomoulding
  
  develops and produces custom rotomolded parts that are 100% recyclable.

Specialized distribution

:

• Demarne
  
  specialist in the import and wholesale of seafood products;

Hotel

:

• Mercure Nice Notre Dame
  
  establishment with 198 rooms;

• Mercure Lyon Center Château Perrache
  
  establishment with 120 rooms;

• FPCI Turenne Hôtellerie II
  
  FPCI managed by Turenne Capital and investing in the hotel sector;

• FPCI Turenne Hôtellerie III
  
  FPCI managed by Turenne Capital and investing in the hotel sector.

Education and formation :

• Eleas,
  
  consulting firm and training organization for HR professions with strong expertise in Quality of Life and Working Conditions (“QVCT”) and the prevention of psychosocial risks in business.

ClimateTech and PropTech:

• Flexliving
  
  operator of flexible, part-time accommodation, in subscription format for regular business travel;

• Saqara
  
  digital solutions to connect construction industry players;

• Wall’up
  
  prefabricated construction panels in hemp concrete and wooden frame;

• Vestalis
  
  turnkey furnishing service;

• Sezame,
  
  real estate leasing;

• VizCab,
  
  SaaS software solution to calculate Life Cycle Analysis and reduce the carbon impact of construction projects

Miscellaneous :

• Camel,
  
  specialist in sending greeting cards on the Internet;

• Trophy
  
  portfolio holding equity securities of three French SMEs;

• SerVme
  
  CRM for catering.

Contacts

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).

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