Paris, 11 May 2021 – Altamir's Net Asset Value per share was €31.24 as of 31 March 2021, up 1.1% from 31 December 2020 (€30.90).
We remind investors that as of 31 March and 30 September Altamir revalues only the listed companies in the portfolio and those whose divestment is announced during the quarter; Apax Partners LLP, however, revalues its entire portfolio. If Altamir had used the new valuations communicated by Apax Partners LLP as of 31 March the NAV would have been €32.23/share (i.e. an increase of 4.4% over the quarter, vs the reported increase of 1.1%).
1. PERFORMANCE
Net Asset Value (shareholders' equity, IFRS basis) stood at €1,140.7m as of 31 March 2021 (vs €1,128.2m as of 31 December 2020).
The change in NAV during the quarter resulted from the following factors:
In €m |
Portfolio | Cash (Debt) | Carried interest provision | Other assets and liabilities | NAV |
NAV 31/12/2020 | 1,266.7 | (4.9) | (118.9) | (14.6) | 1,128.2 |
+ Investments | 110.6 | (110.6) | - | - | - |
|
(189.6) | 189.6 | - | - | - |
+ Interest and other financial income (including dividends) |
- | 1.5 | - | - | 1.5 |
+/- Positive or negative change in fair value |
79.0 | (56.1) | (4.1) | - | 18.9 |
+/- Purchases and external expenses |
- | (5.8) | 0.7 | (2.8) | (7.9) |
|
- | - | - | - | - |
NAV 31/03/2021 | 1,266.7 | 13.7 | (122.3) | (17.4) | 1,140.7 |
Value creation of €23.0m reflected principally:
2. ACTIVITY
Altamir was very active in the first quarter of 2021, with €135.3m invested and committed, vs €113.1m over all of 2020, and €222.0m in divestment proceeds and revenue, vs €158.9m in 2020.
These amounts included the transaction finalised on 26 February 2021, during which Altamir sold the investment it held in THOM Group (directly and via the Aho20 fund) and reinvested €100m in THOM Group's controlling holding company, thereby becoming its principal shareholder, alongside management and new shareholders.
a) €135.3m invested and committed during the quarter
Excluding the THOM Group transaction, the amounts invested and committed related primarily to five companies acquired via the Apax X LP fund for a total of €31.6m:
In addition, €2m was invested in Apax Development, which realised a transaction during the quarter.
Lastly, €1.7m in follow-on investments and adjustments were recognised, including €0.9m to strengthen the financial condition of Matchesfashion.
b) €222.0m in divestment proceeds and revenue
Excluding THOM Group, two other transactions were closed during the quarter via the Apax Midmarket IX fund (ex-Apax France IX):
In addition, Apax Digital sold one of its investments to the SAP group at excellent terms (€1m in sale proceeds for Altamir).
Lastly, €1.1m in adjustments on the amount received on the sale of Boats Group was recognised during the quarter, as well as €7.1m in sundry revenue, principally deriving from the sale of Duck Creek Technologies shares (€2.2m), a dividend distributed by Inmarsat (€1.7m), a dividend recap from BIP (€1.3m) and the sale of TietoEVRY shares (€1.3m).
3. CASH AND COMMITMENTS
Altamir's net cash position as of 31 March 2021 on a statutory basis was €42.3m (vs €42.4m as of 31 December 2020).
Altamir has lines of credit of €100m, including €70m at the Company level and €30m via the dedicated Astra fund, created in October 2020. This fund includes virtually all co-investments made by Altamir up to that date.
As of 31 December 2021, maximum outstanding commitments totalled €562m (including €126.3m committed but not yet called), which will be invested over the next four years, principally as follows:
2016 vintage: €29.4m, of which:
2019 vintage: €532.6m, of which:
4. EVENTS SINCE 31 MARCH 2021
The Management Company has decided to increase the amount allocated to the Apax Midmarket X fund to €414m, vs €350m initially. Altamir's opt-out clause, under which it can adjust the level of its commitment to this fund to its available cash every six months, has been increased to €100m to take into account the new commitment amount.
In addition, Altamir made follow-on investments in companies in the existing portfolio, principally in InfoVista (€2.8m), to finance the acquisition of Empirix, and in Entoria (€1.1m) to strengthen its financial condition.
In addition, the Apax Digital fund announced a new investment.
5. DIVIDEND PAYMENT
At their General Meeting of 27 April 2021, Altamir's shareholders approved a dividend of €1.09 per share, composed of €0.92 with respect to the 2020 financial year (3% of NAV as of 31 December 2020) and €0.17 as a catch-up on 2019, so as to bring the dividend with respect to that financial year to 3% of NAV as of 31 December 2019.
The dividend will be paid on 27 May 2021 (ex-dividend date: 25 May 2021).
6. GOVERNANCE
At the General Meeting of 27 April 2021, shareholders approved all of the proposed resolutions by a very wide majority (from 85.18% to 100%).
Among these were the renewal of the term of Marleen Groen as a member of the Supervisory Board for two years and the terms of Gérard Hascoët and Philippe Santini as non-voting members, also for two years.
7. FORTHCOMING EVENTS
H1 2021 earnings and NAV as of 30/06/2021 | 9 September 2021, post-trading |
NAV as of 30/09/2021 | 4 November 2021, post-trading |
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About Altamir
Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with a NAV of more than €1.1bn. Its objective is to provide shareholders with long-term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.
Altamir's investment policy is to invest primarily via and with the funds managed or advised by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.
In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax's sectors of specialisation (TMT, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in continental Europe and large companies in Europe, North America and key emerging markets).
Altamir derives certain tax benefits from its status as a SCR ("Société de Capital Risque"). As such, Altamir is exempt from corporate tax and the company's investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.
For more information: www.altamir.fr
Contact
Claire Peyssard Moses
Tel.: +33 1 53 65 01 74 / +33 6 34 32 38 97
E-mail: investors@altamir.fr
GLOSSARY
EBITDA: Earnings before interest, taxes, depreciation and amortisation
NAV: Net asset value net of tax, share attributable to the 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 most recent valuation on our books prior to the divestment
Net cash: cash on hand less short-term financial debt
Regulated information:
Quarterly financial reporting:
- First quarter financial report
Full and original press release in PDF: https://www.actusnews.com/news/69214-cp-anr-31-mars-2021_en-def.pdf