2017 first-half results - actusnews wire€¦ · • two private equity firms, ... value through...

MAURICE TCHENIO, CHAIRMAN & CEO OF ALTAMIR GERANCE

ERIC SABIA, CFO

2017 FIRST-HALF RESULTS

6 SEPTEMBER 2017

ACCESSING APAX PARTNERS INVESTMENTS THROUGH THE STOCK MARKET

• Presentation of Altamir

• The private equity market

• 2017 first-half operating highlights

• A quality portfolio

• NAV and share price performance

• Objectives

• Conclusion

AGENDA

2

PROFILE

• Euronext Paris-listed private equity company created in 1995 as a

means to access Apax Partners’ investments through the stock market

• €772m in net assets and 40 portfolio companies as of 30 June 2017

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

• Limited partners (ordinary shareholders)

• General partner (Altamir Gérance)

• Tax regime: French Société de Capital Risque (SCR)

• Favourable for Altamir and its shareholders

• No structural debt (maximum set at 10% of statutory shareholders’ equity)

• Minimum of 50% of net book value invested in unlisted companies located in

the EU

3

OBJECTIVES

4

Providing shareholders with long term capital appreciation and regular dividends

PerformanceShareholder

return Critical size

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

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

Reach a critical mass of €1bn in assets under management in order to:

• Be an essential partner to Apax Partners MidMarketand Apax Partners LLP

• Increase the liquidity of Altamir shares, thus attracting a broader universe of investors with a view to minimising the discount to NAV

Since 2011 and going forward

• In the funds managed by Apax Partners MidMarket SAS

€277m committed to the Apax France VIII fund

€306m committed to the Apax France IX fund (with an €80m opt-out clause)

• In the funds advised by Apax Partners LLP

€60m committed to Apax VIII LP

€138m committed to Apax IX LP

• Occasionally in co-investment with the funds managed or advised by Apax Partners MidMarket and Apax Partners LLP

Prior to 2011

• Co-investments alongside the funds managed by Apax Partners SA

ALTAMIR INVESTS WITH APAX PARTNERS

Currently almost at the end of the transition period: as of 30

June 2017, only 6 companies out of 40 remain from the

legacy portfolio

5

• Paris-based company

• 24 investment professionals; sector specialisation

• Investments in French-speaking European countries

• Mid-sized companies, with enterprise value of €100m to €1bn

• More than €3bn under management

• Apax France VIII raised in 2011 (€704m)

• Apax France IX closed in March 2017 (€1bn)

• Two private equity firms, leaders in their respective markets

• 40+ years of experience

• Track record of performance

Apax Partners MidMarket SAS

• London-based company

• >100 investment professionals across 8 offices worldwide, specialised by sector

• Investments in Europe (other than French-speaking countries), in North America and in key emerging markets (China, India, Brazil)

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

• More than $48bn under management

• Apax VIII LP raised in 2013 ($7.5bn)

• Apax IX LP raised in 2016 ($9bn)

Apax Partners LLP

APAX PARTNERS

6

Target: achieve 2-3x the amount invested

Growth-focused

▪ Market leaders with strong growth prospects

▪ Visionary entrepreneurs and management teams

▪ Differentiated business models

Sector-focused

▪ TMT

▪ Consumer

▪ Healthcare

▪ Services

Leveraged investments

▪ Buyouts and growth capital investments

Control ▪ Majority or lead positions

Diversified by geography & size

▪ Mid-market companies in French-speaking European countries (France, Benelux, Switzerland)

▪ Larger companies in Europe, North America and key emerging markets (China, India and Brazil)

INVESTMENT STRATEGYClear, differentiated and proven

7

APAX’S COMPETITIVE ADVANTAGES

Shared by Apax Partners MidMarket SAS and Apax Partners LLP

Sector expertise

Responsibleinvestments

Rigorousprocesses

Value creation

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

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

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

For investment, value creation and exit

8






• Objectives

• Conclusion

AGENDA

9

322.4308.4

130.9

43.4

96.2115.3

97.5 93.7

140.0 133.1119.1

56.7

0

50

100

150

200

250

300

350

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017

Buyout value (in $bn)

Very dynamic market

Source: MergerMarket

EUROPEAN PRIVATE EQUITY MARKET

10

43,2

152.9

187.7

94.6

34.2

94.0

131.9

112.0

89.1

174.6162.8

138.7

57.3

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 H12017

Exit value (in $bn)

Source: MergerMarket

EUROPEAN PRIVATE EQUITY MARKET

11

55,7

Very dynamic market






• Objectives

• Conclusion

AGENDA

12

NAV growth

+0.8% dividend included

(vs +3.9% in H1 2016)

Portfolio average EBITDA growth

+16.6%*

(vs +12.9% in H1 2016)

Investments & commitments

€ 74.2

(vs €78.0m in H1 2016)

Divestments

€ 94.2m

(vs €147.2m in H1 2016)

Statutory net cash position

at 30 June 2017

€ 28.3m**

(vs €67.3m at end-2016)

* +3.1% LTM EBITDA growth for the Apax Partners LLP portfolio in H1 2017 (vs +5.7% in H1 2016)** €66.1m divestment proceeds from the partial sale of Altran shares received after 30 June 2017

H1 2017 HIGHLIGHTS

Portfolio turnover and increased international footprint

New investments& commitments

6

(vs 5 in H1 2016)

13

(in € million)

DIVESTMENTS

€94.2m of divestments

19.4

41.3

69.1

4.3 7.2

117.3

188.7

38.5

115.2

63.9

88.2

215.7

94.2

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017

14

DIVESTMENTS

€94.2m of divestments in H1 2017

• €66.1m from the sale of 50% of Altamir's stake in Altran by way of an accelerated bookbuilding involving institutional investors at €15.0 per share

• €15.2m from the sale of the first block of Altamir’s remaining sharesin Gfi Informatique

• €4.6m from the refinancing and partial sale of GlobalLogic

• €3.7m from the release of the last portion of an escrow account related to the sale of former portfolio company Vizada

• €1.9M from the sale of Altamir’s remaining stake in GardaWorld

• €1.3m from the sale of the remaining shares held in the listed company Chola

• €0.9m from Shriram City Union’s debt refinancing

• €0.5m from the partial sale of EVRY on the occasion of its IPO

• Rue21 and Answers Corp. fully divested for nil15

42.8 12.1

18.8

8.6

17.4

21.3

6.0

17.7

3.8

12.9

29.3

5.6

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017

New investments & commitments Follow-on investments

Number of new portfolio companies

(in € million)

124.7

108.0

96.4

8.6

63.0

71.8

47.1

92.2

43.4

143.2

112.3

7 5 2 2 3 2 7 7 12 8

INVESTMENTS AND COMMITMENTS

€74.2m invested and committed in H1 2017

16

6

74.2

CIPRÉS Assurances (€47.2m, including co-investment)

FranceFrench leader in supplemental insurance protection for the self-employed and SMEs

Syneron Candela (~€6.0m) Israel/USA Leading global non-surgical aesthetic device company

Safetykleen Europe (~€5.7m) UKLeading service provider of surface treatment and chemical application services, with operations in Europe, Brazil, China and Turkey

Guotai Junan Securities (€3.8m)

ChinaOne of the leading securities firms in China; listed in Shanghai and Hong Kong

3M’s Electronic Monitoring business (€3.2m)

Israel/USA Global provider of electronic monitoring systems for government correctional and law enforcement agencies

Kepro (€2.8m) USAProvider of care coordination and quality assurance services primarily for US State and Federal healthcare payers

Ap

ax F

ran

ce I

X

TMT (1 companies)

Business & Financial Services (3)

Retail & Consumer (0)

Healthcare (2)

€68.6m invested & committed in 6 companies

INVESTMENTS & COMMITMENTS

Ap

ax I

X L

P

17

15.14

9.8

11.0311.59

12.1

13.47

14.87

16.04

18.6

21.6221.15

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017

NAV per share at 31 December, in € Dividend paid in N for financial year N-1, in €

0.20

0.41

0.45

0.16*

0.18*

* Dividend for FY N-1, divided by number of shares in N

0.56

0.50

HISTORICAL NAV GROWTH

0.8% NAV growth in H1 2017, dividend included

18

0.65

795.8

772.1

34.3

10.7 2.1

14.4 4.6 0.4

23.7

700.0

720.0

740.0

760.0

780.0

800.0

820.0

840.0

NAV at end-2016

Value creation FX Impact onvaluation

FX Impact oncarried

provision

Direct andindirect SGA &

taxes

Provisions forcarried interestincluding ApaxFrance VIII-B,IX-B and Apax

VIII LP

Interest income& Other

Dividend NAV at end-June 2017

789.5

H1 2017 NAV BRIDGE

€25.7m of value creation (€34.3m - €8.6m of USD FX impact)

(in € million)

19

€25.7m of net value creation

+

+

-

-

-

-

-

20

VALUE CREATION BY COMPANY IN H1 2017€25.7m of value creation

-11,7

-10,2

-3,2

-3,1

-3,0

-1,2

-0,2

0,5

2,0

3,1

4,0

4,2

8,2

8,6

12,1

15,5

THOM Europe

Marlink

Nowo/Oni

Alain Afflelou

Snacks Développement

Other Consumer companies (8)

Other Healthcare companies (7)

SK FireSafety Group

Other TMT companies (7)

InfoVista

Amplitude

Other B&FS companies (10)

Melita

Altran

INSEEC

Albioma

€25.7m

In €m

(Number of companies)

21

VALUE CREATION ANALYSISOn a like-for-like basis as of 30 June 2017

High-growth companies

-1%

-5%

-1%

4%

2%

12%

7%

12%

9%

7%

19%

17%

CAC 40 companies excluding financials; sample of 35 companies

Apax Partners France portfolio; sample of 16 companies accounting for 89% of Altamir total portfolio value as of 30/06/2017 (+3.1% average LTM EBITDA growth for 20 companies held via Apax VIII and IX LP)

2012 vs 2011

2013 vs 2012

2015vs 2014

2014 vs 2013

Year-over-year EBITDA growth, in %

(Sources: company reports or analysts’ consensus as of 23 August 2017)

2016vs 2015

PORTFOLIO PERFORMANCE

22

H1 2017 vs H1 2016

8% 9% 10%

34%

0%

38%

0%

10%

20%

30%

40%

50%

60%

70%

<0 0 - 5% 5% - 10% 10% - 15% 15% - 20% > 20%

REVENUE

% of portfolio at fair value

6064713

16% 15%

4% 5%10%

48%

0%

10%

20%

30%

40%

50%

60%

70%

<0 0 - 5% 5% - 10% 10% - 15% 15% - 20% > 20%

EBITDA


7313616

Number of portfolio companies

Number of portfolio companies

PORTFOLIO PERFORMANCE

*36 companies, excluding Huarong, Shriram City Union, Guotai Junan Sec. and Kepro

*

*

23

High-growth companies

9.31

8.83

9.00

8.30

8.86

9.46

10.66

10.46

10.32

2009

2010

2011

2012

2013

2014

2015

2016

H1 2017

3.1

3.2

3.0

2.5

2.4

2.7

2.8

3.1

2.3

1.0

1.4

1.0

1.3

1.3

1.1

0.9

1.0

1.1

2009

2010

2011

2012

2013

2014

2015

2016

H1 2017

LBO debt

Operating debt

14

16

18

21

Debt multiples

at end of period

# of companies*Total net debt / LTM EBITDA

14

19

20

Valuation multiples

at end of period

# of companies*Enterprise value / LTM EBITDA

15

15

16

Average multiples weighted by each company’s contribution to NAV

* 16 companies accounting for 89% of portfolio value, excluding the 24 companies held via Apax Partners LLP (Apax Partners LLP’s companies had an average valuation multiple of 13.7x LTM EBITDA in H1 2017 vs 13,1x LTM EBITDA in December 2016)

* 16 companies accounting for 89% of portfolio value, excluding the 24 companies held via Apax Partners LLP (Apax VIII LP had an average debt multiple of 4.8x LTM EBITDA vs 5.1x LTM EBITDA in H1 2016)

Repayment schedule:

• Amortising debt (tranche A): 3.9% of LBO debt

• Debt maturing within 3 years: 48.5% of LBO debt

4.6x

4.0x

3.8x

3.7x

3.8x

3.9x

16

143.7x

14

17 4,1x

15

17

PORTFOLIO VALUATION AND DEBT MULTIPLES

24

3,4x 1616

Portfolio at fair value as of 31/12/2016


Shares valued at cost

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

Shares valued at fair value, with an adjustment of up to 30% or at the negotiated transaction price

Other

PORTFOLIO VALUATION

Most of the portfolio is valued using comparable multiples


25

26

7

41

113

28

104

38 37

173

102

56

14

68

166

32

121

47 50

201

115

0

50

100

150

200

250

2007 2008-2009 2010 2011 2012 2013 2014 2015 2016 H1 2017

Valuations Exit prices

(in €m)

117%

88%

66%

47%

13%

16%

22%

* Including divestment of Altran, Answers Corp., Chola, Garda, Rue21 Inc. and Unilabs

35%

16%

CONSERVATIVE VALUATION POLICY

Historical Uplift (difference between exit price and the latest valuation in our accounts prior to the exit agreement)

26

13%*

• €404.1m of outstanding commitments as of end-June 2017, of which €316.8m will be invested over the next 3-4 years:

• €242m to Apax France IX (including €46.3m allocated to Ciprès, Marlink and Infovista)

• €133.2m to the Apax IX LP (including €31.1m allocated to six companies – Unilabs, Guotai Junan, Kepro, Syneron Candela, 3M's former electronic monitoring business and Safetykleen)

• €16.9m to Apax France VIII

• €10m of co-investment in Ciprès

• €2m of residual commitment to Apax France VII

CASH AND COMMITMENTS

Outstanding commitments as of 30 June 2017

27

To minimise the drawbacks of cash shortage, Altamir can rely on:

• Statutory net cash position • €28.3m as of 30 June 2017

(+€66.1m of divestment proceeds from Altran received post 30 June)

• Credit facilities used as bridge loans

• Overdraft credit facilities totaling €60m, unused as at 30 June 2017

• Greater visibility on cash needs due to Apax Funds’ new way of making

capital calls

• Opt-out clause with Apax Partners MidMarket

• €226m to €306m committed to Apax France IX

• Altamir can reduce its commitment by up to €80m according to available cash every six months

Critical to optimise listed private equity performance

CASH MANAGEMENT

28

EVENTS POST 30 JUNE 2017

• New investments to be made via Apax IX LP

• €9.4m in ThoughtWorks, Inc. (USA): Global software development and digital transformation consulting company

• €4.5m in ECi Software Solutions (USA): ERP software solutions provider to SMBs across the distribution, building and construction and manufacturing industries; competing businesses of Exact Software (a current Apax Funds portfolio company) will be combined with ECi

• ~€11m in Matchesfashion.com (UK): a global leader in online luxury-fashion retailing offering a collection of over 450 designers

• Build-up operations

• Altran announced the acquisition of a UK-based cyber security consultancy (Information Risk Management, 82 employees) and an Italy-based embedded software engineering company (NEXT Ingegneria dei Sistemi, 230 employees)

• Unilabs announced new acquisitions in Dubai (Scientific Clinical Laboratories) and Peru (Blufstein), following those already completed in the Slovak and Czech markets and Portugal in the first half of 2017

29






• Objectives

• Conclusion

AGENDA

30

PORTFOLIO OVERVIEW€786m at fair value as of 30 June 2017 – 40 companies

Investment type in % of portfolio at fair value (number of companies / co-investments)

38% in direct investments

62% via the Apax funds

(6)

(8*)

(3)

(20)(3*)

(4)

* Marlink is an investment of both Apax France VIII and Apax France IX31

47%

40%

7%

6%

By geography

35%

22%4%

6%

31%

2%

By vintage

40%

28%

25%

7%

By sector

Healthcare

Consumer

Services 2013 (5 companies)

2014 (3 companies)

Europe

France

USA/North America

Emerging markets / other

2015 (11 companies)

2016 (10 companies)

TMT

PORTFOLIO COMPOSITION

2017 (3 companies)

% of portfolio company revenues at 30/06/2017, weighted by each company’s contribution to NAV

% of portfolio at fair value as of 30/06/2017

32

% of portfolio at fair value as of 30/06/2017

2012 and earlier (8 companies)

A well-diversified portfolio

As of 30/06/2017Sector Year of

investmentResidual

costin €m

Fairvaluein €m


Marlink TMT 2016 59.1 95.7 12.2%

Groupe INSEEC Services 2013 42.9 85.7 10.9%

Snacks Développement Consumer 2013 37.9 78.9 10.0%

Albioma* Services 2005 59.0 76.2 9.7%

THOM Europe Consumer 2010 36.6 61.5 7.8%

Altran* TMT 2008 18.7 48.5 6.2%

Melita TMT 2016 33.9 42.1 5.4%

InfoVista TMT 2016 39.0 42.1 5.3%

Nowo/Oni TMT 2016 22.4 32.0 4.1%

SK FireSafety Group Services 2014 31.5 31.5 4.0%

Amplitude Surgical* Healthcare 2011 14.0 28.0 3.6%

Alain Afflelou Consumer 2012 20.6 23.9 3.0%

Total 12 largest investments 415.6 646.1 82.2%

* Listed companies

82% of the portfolio at fair value

THE 12 LARGEST INVESTMENTS

33

PORTFOLIO COMPANIES

Value creation drivers

34

Operational excellence

Consolidation and acquisitions

Internationalisation

Financial flexibility

Digital transformation






• Objectives

• Conclusion

AGENDA

35

Altamir outperforms its benchmark index

NAV TR PERFORMANCE

36

NAV Total Return over 1, 3, 5 and 10 years

Sources: Altamir’s calculation for NAV Total Return; LPX Europe NAV index as of 3 August 2017

76%

99%

47%

16%

59%

31%

8%

10 years 5 years 3 years 1 year

Altamir

LPX Europe NAV TR index (30 constituents)

*Data available from 30/09/2009

NA*

Prudent financialstrategy

Diversified and healthy portfolio

Conservative valuation policy

▪ No leverage at Altamir level

▪ No over-commitment

▪ No currency risks on Fund investments

▪ Up to 30% downward adjustment applied on unlisted investments

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

▪ Diversified by sector, geography and maturity

▪ Reasonable leverage in the portfolio

LOW INTRINSIC RISK PROFILE

37

DIVIDEND POLICY2-3% of year-end NAV since 2013

38

83%

239%

64% 68%

28%

145%

53%

32%

161%

55%

36%

10 years 5 years 3 years 1 year

Altamir LPX Europe TR index (30 constituents) CAC Mid&Small GR index

Total shareholder return as of 30 June 2017 over 1, 3, 5 and 10 years(Sources: Altamir and LPX)

NA: CAC Mid&Small Index data not available before 2011 (year of index creation)

Data as of 03/08/2017

TOTAL SHAREHOLDER RETURNAltamir outperforms its benchmark index

NA

39






• Objectives

• Conclusion

AGENDA

40

Investments• 5-6 new investments• Totalling ~€80m

Divestments • €100m

Value creation • Average EBITDA growth of 7%

• 9 new investments & commitments for ~€93.5m• €5.5m of follow-on investments• Totalling ~€99m

• €94m

Objectives Achievements

2017 OBJECTIVESAchievements as of 5 September 2017

• Average EBITDA growth of 17% for Apax France portfolio companies in H1 2017 (+3% for Apax Partners LLP portfolio companies)

41






• Objectives

• Conclusion

AGENDA

42

• Growth stock

➢ Double-digit NAV growth (dividend included)

• Attractive yield

➢ 4-5% per year

• Low intrinsic risk

➢ Portfolio diversified by sector, geography and maturity

• Attractive entry point

➢ Large discount to NAV

CONCLUSIONWhy invest?

43

APPENDICES

44

(in € million) June 2016December

2016 June 2017

Changes in fair value of the portfolio 15.1 167.4 20.9

Valuation differences on divestments duringthe period 25.9 11.1 3.6

Other portfolio income 0.2 1.5 1.2

Income from portfolio investments 41.2 180.0 25.7

Purchases and other external expenses (8.8) (21.0) (13.2)

Gross operating income 29.9 156.5 11.0

Net operating income 24.9 128.6 6.5

Net income attributable to ordinaryshareholders 25.0 129.0 6.3

Earnings per ordinary share (in euros) 0.68 3.53 0.17

CONSOLIDATED INCOME STATEMENT(IFRS)

45

(in € million) June 2016December

2016 June 2017

TOTAL NON-CURRENT ASSETS 747.8 875.2 787.0

of which portfolio investments 747.5 874.6 786.5

TOTAL CURRENT ASSETS 63.2 79.8 97.6

TOTAL ASSETS 811.0 955.0 884.6

TOTAL SHAREHOLDERS’ EQUITY 685.2 789.5 772.1

of which net income for the period 25.0 129.0 6.3

Amount attributable to the General Partner and class B shareholders 32.8 44.0 29.6

Financial liabilities 70.6 84.2 44.0

Other liabilities 22.4 37.2 38.9

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 811.0 955.0 884.6

NAV per share (in euros) 18.60 21.62 21.15

CONSOLIDATED BALANCE SHEET (IFRS)

46

(In € million) June 2016December

2016 June 2017

Operating expenses -4.9 -9.4 -5.7

Taxes -0.8 -0.8 -1.2

Net financial income 0.3 0.9 0.2

Change in operating provisions

Change in working capital -0.4 0.0 -64.0

Cash flow from operating activities -5.8 -9.3 -70.7

Gross investments -96 -127.3 -64.8

Net resources (exits) 147.1 193.2 135.4

Cash flow from investing activities 51.1 65.9 70.6

Dividends paid ADP -5.8 -5.8 -15.3

Dividends paid AO -20.4 -20.4 -23.7

Capital increase

Change in debt

Cash flow from financing activities -26.2 -26.2 -38.9

CASH FLOW 19.1 30.4 -39.0

CASH BEGINNING OF PERIOD 36.9 36.9 67.3

CASH END OF PERIOD 56.0 67.3 28.3

CASH FLOW (STATUTORY STATEMENTS)

47

PORTFOLIO COMPANY SNAPSHOTS

World leader in engineering and R&D services

▪ Continued growth in key regions (France, Southern Europe, India)▪ Return to growth in Germany since Q4 2016▪ Performance driven by both organic growth and recently completed acquisitions

➢ H1 2017 revenue: €1.2bn, up 11.4% vs H1 2016 (4.9% organic growth)➢ H1 2017 EBIT (analysts’ consensus): €97m (8.4% margin), up 5.4% vs H1 2016➢ Share price: up 2.8% in H1 2017

TMT

48

World leader in satellite communication services

▪ Strong momentum in the maritime VSAT sector with an installed base up 29% year-on-year

▪ Structural decline in revenue generated by legacy MSS products▪ Increasing contribution of higher-margin VSAT solutions in revenue mix▪ Integration of Italian company Telemar progressing as planned

➢ H1 2017 pro forma revenue: $206m, down 5% vs H1 2016➢ H1 2017 pro forma EBITDA: up 15% vs H1 2016

Leading converged telecommunications operator in Malta

▪ Maintained its growth momentum in H1 2017: launch of new products (TV platform offering new advanced features, “build your own bundle” 4P offer), growing customer base for broadband, mobile and fixed telephony

▪ Merger with Vodafone Malta to create a new fully-integrated communications provider in Malta (to be closed by year-end)

➢ H1 2017 revenue: up 2% vs H1 2016➢ H1 2017 EBITDA: up 11.2% vs H1 2016

PORTFOLIO COMPANY SNAPSHOTSTMT

49

Leading global provider of network performance software solutions and services

▪ Favorable development of the product mix towards more recurring maintenance and service (50%+ of total revenues)

▪ Ipanema business on the right strategic track; large contracts signed in Germany▪ Full integration of TEMS in the organisation (sales, marketing, finance, etc.) and

implementation of more cost synergies than initially planned▪ Tight control over costs with strong reported EBITDA margin improvement▪ Full restructuring plan implemented (launched early 2017) to reinvigorate software

sales and improve cost efficiencies

PORTFOLIO COMPANY SNAPSHOTSTMT / Services

Portugal’s second-largest cable operator (Nowo) and fourth-largest B2B telecommunication provider (ONI)

▪ Full revamping of both operators is advancing well and beginning to pay off▪ Nowo’s customer base has been growing again since September 2016▪ H1 2017 revenue behind plan due to fierce competition from Vodafone and Meo and a

lower-than-anticipated ARPU (Average Revenue Per User)

50

Largest private higher-education group in France

▪ Performance driven by new student enrollment▪ Significant synergies generated from integration of new schools▪ Group plan to generate double-digit EBITDA growth in FY 2017/18

➢ FY 2016/17 revenue (FYE 30 June 2017): €207m, up 5% vs FY 2015/2016➢ FY 2016/17 EBIDTA (FYE 30 June 2017): up 13% vs FY 2015/2016

French electricity producer with a unique capability in renewable energy

▪ Good performance of the thermal power plants in France▪ Contribution of the rider to the electricity purchase agreement for the Albioma Caraïbes

power plant (tariff increase)▪ 11 new photovoltaic projects with integrated energy storage in French overseas

territories

➢ H1 2017 revenue: €196.9m, up 11% vs H1 2016➢ H1 2017 EBITDA: €68.4m, up 5% vs H1 2016➢ Share price: up 21.9% in H1 2017

PORTFOLIO COMPANY SNAPSHOTSServices

51

Leading fire safety specialist in Northern Europe

▪ Returned to both top-line and EBITDA growth in 2016▪ Demonstrated strong growth across all business units (except Oil & Gas) in H1 2017▪ Good performance of recurring businesses▪ Successful cost savings programme▪ Completed a debt refinancing process reducing its debt cost significantly

➢ H1 2017 revenue: €55.8m, up 8% vs H1 2016➢ H1 2017 EBITDA: up 24% vs H1 2016

Leading jewellery retailer in Europe (1,000 stores under 6 brands: Histoire d'Or, Marc Orian, TrésOr, Stroili Oro, Franco Gioielli and Oro Vivo)

▪ Continued to perform well in H1 2016/17▪ Strong top-line and EBITDA growth due to the acquisition of Stroili Oro (Italy, 369

stores) and Oro Vivo (Germany, 38 stores) in 2016▪ At constant scope (ex-THOM Europe), sales growth was driven by 1.2% like-for-like

growth, 18 stores opened during the 6-month period and increased online sales

➢ H1 2016/17 revenue (FYE 30 Sept.): €355m, up 58% ➢ 2015/16 EBITDA: up 46%

Leading French producer of private-label savoury snacks

▪ Sales growth in key markets (France, UK) and continuous sales roll-out in international markets

▪ The rise in raw material prices had a negative impact on profitability▪ Successful commissioning of the first stacked crisps production line at Kolak to serve

the UK market

➢ 5-month FY 2017/18 revenue (FYE 31 January): €114m, up 12% (pro forma)

PORTFOLIO COMPANY SNAPSHOTSConsumer

52

PORTFOLIO COMPANY SNAPSHOTSConsumer / Healthcare

53

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

▪ Continued to outperform its very competitive market▪ Ramp-up of closed networks, product launches (Smart Tonic), increased communication

effort and network development (launch of Afflelou Sun banner with 20 stores as of 30 April 2017)

➢ 9-month FY 2016/17 revenue (Aug.2016-Apr.2017): €272.6m, up 5.0%➢ 9-month FY 2016/17 EBITDA: €55.3m, up 5.1%

Leading French player on the global surgical technology market for lower-limb orthopaedics

▪ Further market share gains in France▪ Strong growth in international sales through both subsidiaries and distributors▪ Increasing contribution of the Extremities business (foot and ankle)▪ The company is actively preparing the launch of commercial operations in the US

following the FDA approval for its Anatomic knee product granted in January 2017

➢ FY 2016/17 revenue (FYE 30 June): €93.3m, up 15.6% vs FY 2015/16 (up 13.8% at constant currency)

➢ FY 2016/17 EBITDA (analysts’ consensus): €13.9m, up 3%➢ Share price: up 16.8% in H1 2017

33%

18%

40%

9%

>11x

10x-11x

8x - 10x

< 8x

12%

40%

20%

2%

14%

> 5x

4x - 5x

3x -4x

2x - 3x

0x - 2x 3

1

3

5

4

Leverage (total LTM debt) / EBITDA

Debt multiples

# of companies*% of Altamir’s portfolio

Portfolio = 3.4x

At 30/06/2017

4

2

6

Enterprise value / EBITDA

Valuation multiples

# of companies*

Portfolio = 10.32x

16 companies accounting for 89% of portfolio value,

excluding the 24 companies held via Apax VIII LP and Apax IX LP

% of Altamir’s portfolio*

At 30/06/2017

16 companies accounting for 89% of portfolio value,

excluding the 24 companies held via Apax VIII LP and Apax IX LP

4

PORTFOLIO VALUATION AND DEBT MULTIPLES

54

55

Stock market data

• Number of shares 36,512,301

• Market capitalisation €560m at 4/09/2017

• Stock market Euronext Paris (compartment B)

• Ticker LTA

• ISIN code FR0000053837

Agenda

• 8 November 2017 (post-trading) NAV at 30 September 2017

Contact: [email protected] / +33 1 53 65 01 00

Website: www.altamir.fr

USEFUL INFORMATION

mailto:[email protected]

http://www.altamir.fr/

Disclaimer

This document has been prepared by Altamir SCA (“Altamir”) for meetings to be held in September 2017

• No warranty is made as to the fairness, accuracy, completeness or correctness of the information or opinions containedherein. Altamir is under no obligation to keep current the information contained in this presentation and any opinionsexpressed in this representation are subject to change without notice.

• This document may include forward-looking statements. These forward-looking statements relate to the future prospects,development and business strategies of Altamir and its portfolio companies and are based on estimates. By their nature,any forward-looking statement involves risks and uncertainties. Altamir cautions that forward-looking statements are notguarantees of future performance and that its actual financial condition, actual results of operations and cash flows and thedevelopment of the industries in which Altamir or its portfolio companies operate may differ materially from those made inor suggested by any forward-looking statement contained in this presentation. Altamir does not undertake any obligation toreview or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statementsto reflect events that occur or circumstances that arise after the date of this document, unless required by law or anyapplicable regulation.

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

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

• The information contained in this presentation may not be considered an invitation to invest. No information provided onthis document constitutes, or should be used or considered as, an offer to sell or a solicitation of any offer to buy thesecurities of Altamir or any other issuer.

56

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