2018 RESULTS 14 March 2019 MAURICE TCHENIO CHAIRMAN & CEO OF ALTAMIR GERANCE ERIC SABIA CFO ----------------------------------- ACCESSING APAX PARTNERS INVESTMENTS THROUGH THE STOCK MARKET
AGENDA Presentation of Altamir The private equity market 2018 operating highlights A quality portfolio NAV and share price performance Objectives Conclusion 2018 RESULTS – 14 MARCH 2019 p.2
PROFILE Euronext Paris-listed private equity company, created in 1995 as a means to access Apax ▪ Partners ’ investments through the stock market Offers a unique exposure to a diversified portfolio of private equity investments managed ▪ by leading private equity firms Apax Partners SAS (Paris) and Apax Partners LLP (London) €793m in net assets and 48 portfolio companies as of 31 December 2018 ▪ 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 - 2018 RESULTS – 14 MARCH 2019 p.3
OBJECTIVES Providing shareholders with long term capital appreciation and regular dividends Grow NAV per share and outperform the most relevant indices ▪ Performance (LPX Europe and CAC Mid & Small) Shareholder Maintain a sustainable and attractive dividend policy ▪ return (2-3% of year-end NAV) Reach a critical mass of €1bn in assets under management ▪ Critical mass in order to: Be an essential partner to Apax Partners SAS and 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 2018 RESULTS – 14 MARCH 2019 p.4
ALTAMIR INVESTS WITH APAX PARTNERS Nearing the end of the transition period: as of 31 December 2018, only 3 companies out of 48 remained from the legacy portfolio Since 2011 and going forward Prior to 2011 In the funds managed by Apax Partners SAS ▪ Co-investments alongside the funds ▪ managed by Apax Partners SA €277m committed to the Apax France VIII fund - (renamed Amboise Partners SA) €306m committed to the Apax France IX fund - (with an €80m opt -out clause) €15m committed to the Apax Development fund - In the funds advised by Apax Partners LLP ▪ €60m committed to Apax VIII LP - €138m committed to Apax IX LP - $5m committed to the Apax Digital fund - Occasionally in co-investment with the funds ▪ managed or advised by Apax Partners SAS and Apax Partners LLP 2018 RESULTS – 14 MARCH 2019 p.5
ALTAMIR INVESTS WITH APAX PARTNERS 2 40+ Track record private equity firms, years of experience of performance leaders in their respective markets Apax Partners SAS Apax Partners LLP 120 investment professionals 30 investment professionals; Paris-based London-based across 7 offices worldwide, sector specialisation company company specialised by sector Small and mid-sized Investments in Europe, North Companies with enterprise Investments in Continental companies, with enterprise America and in key emerging value between €1bn and Europe countries markets ( China , India , Brazil ) value of €100m to €1bn €5bn Equity tickets: Equity tickets: >$50bn of total funds raised ~ €4bn of total funds raised €50 -150m $200-420m Apax France VIII: Apax VIII LP: Apax IX LP: Apax Digital : Apax France IX: Apax Development: €704m (2011) $7.5bn (2013) $9bn (2016) $1.1bn (2017) €1bn (2016) €225m (target) 2018 RESULTS – 14 MARCH 2019 p.6
INVESTMENT STRATEGY Growth- and sector-focused strategy Market leaders with strong growth prospects Growth - companies Visionary entrepreneurs and management - teams Differentiated business models - Sectors of TMT - specialisation Consumer - Healthcare - Services - Leveraged Buyouts and growth capital investments - investments Majority or lead positions - Control Diversified by Mid-market companies in French-speaking - geography and European countries (France, Benelux, Switzerland) size Larger companies in Europe, North America and - key emerging markets (China, India and Brazil) TARGET: ACHIEVE 2-3X THE AMOUNT INVESTED 2018 RESULTS – 14 MARCH 2019 p.7
APAX’S COMPETITIVE ADVANTAGES Shared by Apax Partners SAS & Apax Partners LLP Clear differentiating factor to identify the best SECTOR EXPERTISE investment opportunities, win deals and create value Hands-on involvement by Apax teams to create value through operational excellence, internationalisation, VALUE CREATION consolidation/acquisitions and digital transformation Environment, social & governance, due diligence and RESPONSIBLE INVESTMENTS monitoring of each investment Investment process: for investment, value creation, exit • RIGOROUS PROCESSES Firm development process: HR, IT, ESG, etc. • 2018 RESULTS – 14 MARCH 2019 p.8
AGENDA Presentation of Altamir The private equity market 2018 operating highlights A quality portfolio NAV and share price performance Objectives Conclusion 2018 RESULTS – 14 MARCH 2019 p.9
EUROPEAN PRIVATE EQUITY MARKET Very active market Buyout value (in $bn) 195.5 162.3 142.3 137.8 130.9 127.1 115.3 97.3 96.5 96.2 43.4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: MergerMarket 2018 RESULTS – 14 MARCH 2019 p.10
EUROPEAN PRIVATE EQUITY MARKET Very active market Exit value (in $bn) 182.8 176.5 167.5 158.2 148.7 131.9 113.3 94.6 94 91.2 34.2 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: MergerMarket 2018 RESULTS – 14 MARCH 2019 p.11
AGENDA Presentation of Altamir The private equity market 2018 operating highlights A quality portfolio NAV and share price performance Objectives Conclusion 2018 RESULTS – 14 MARCH 2019 p.12
HIGHLIGHTS High portfolio turnover +3.8% +25%* € 155.7m Average NAV Divestments EBITDA growth dividend included growth* Organic : Build-up : (vs €98.7m in 2017) (vs +2.6% in 2017) +15% +10% € 154.3m € -13.6m 8 Statutory New Investments net cash investments & & position (vs 11 in 2017) (vs €118.2m in 2017) (vs +€7.3m at end- 2017) commitments commitments (at 31/12/2018) * Average EBITDA LTM growth of 37 portfolio companies, weighted by each company’s residual cost 2018 RESULTS – 14 MARCH 2019 p.13
DIVESTMENTS €155.7m of divestment proceeds and revenue in 2018 (in € million) 215.7 188.7 155.7 117.3 115.2 98.7 88.2 69.1 63.9 41.3 38.5 7.2 4.3 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018 RESULTS – 14 MARCH 2019 p.14
DIVESTMENTS €155.7m of divestment proceeds and revenue in 2018 Full exits (8 companies) Partial exits / other €70.4m €19.6m from the sale of Albioma from the dividend recapitalization of INSEEC (1.2x the amount invested in 2005) €19.2m €13.7m from the sale of SK Firesafety’s AeroSafety division from the sale of Altamir’s remaining shares in Gfi Informatique (1.35x the amount invested in 2007) €4.7m €12.2m following the repurchase by THOM Europe of convertible bonds from the sale of Belgian company Azelis from its shareholders (3.6x the amount invested in 2015) €4.1m €6.4m of earn-outs from former portfolio companies Buy Way and from the sale of Altamir’s remaining stake in GlobalLogic Equalliance (5.9x the amount invested in 2013) €2.4m €0.8m of other proceeds and revenue from Boats Group , Huarong , from the sale of Genex Services Manappuram, Zensar Technologies, Europe Snacks, (2.7x the amount invested in 2013) Equalliance and EVRY €2.2m from the sale of Groupe Royer, Nowo/Oni and Full Beauty 2018 RESULTS – 14 MARCH 2019 p.15
INVESTMENTS AND COMMITMENTS €154.3m of new and follow -on investments (in € million) 154.3 143.2 20.6 12.9 143.2 112.3 22.9 29.3 92.2 17.7 71.8 63.0 * 133.7 130.3 21.3 17.4 47.1 43.4 95.3 6.0 3.8 83.0 74.5 50.5 45.6 41.1 39.6 8.6 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 8 0 2 3 2 7 7 12 8 11 Number of new portfolio companies * Including €2.2m of Funds Investments 2018 RESULTS – 14 MARCH 2019 p.16
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