2018 results - actusnews wire · presentation of altamir agenda. 2018 results –14 march 2019 p.3...

2018 RESULTS14 March 2019

MAURICE TCHENIOCHAIRMAN & CEO OF ALTAMIR GERANCE

ERIC SABIACFO

-----------------------------------

ACCESSING APAX PARTNERS INVESTMENTSTHROUGH THE STOCK MARKET

2018 RESULTS – 14 MARCH 2019 p.2

The private equity market

2018 operating highlights

A quality portfolio

NAV and share price performance

Objectives

Conclusion

Presentation of Altamir

AGENDA


▪ 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 managedby 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

PROFILE


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

Performance

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

Shareholderreturn

▪ Reach a critical mass of €1bn in assets under managementin 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

Critical mass

Providing shareholders with long term capital appreciationand regular dividends

OBJECTIVES


Since 2011 and going forward

▪ In the funds managed by Apax Partners SAS

- €277m committed to the Apax France VIII fund- €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 fundsmanaged or advised by Apax Partners SAS and Apax Partners LLP

Prior to 2011

▪ Co-investments alongside the fundsmanaged by Apax Partners SA (renamed Amboise Partners SA)

Nearing the end of the transition period: as of 31 December 2018, only3 companies out of 48 remained from the legacy portfolio

ALTAMIR INVESTS WITH APAX PARTNERS


2private equity firms,leaders in their respective markets

40+years of experience

Track recordof performance

Apax Partners SAS

30 investment professionals;sector specialisation

Small and mid-sized companies, with enterprise value of €100m to €1bn

Investments in Continental Europe countries

~€4bn of total funds raisedEquity tickets:€50-150m

Apax France IX:€1bn (2016)

Apax France VIII:€704m (2011)

Apax Partners LLP

120 investment professionals across 7 offices worldwide, specialised by sector

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

Investments in Europe, North America and in key emerging markets (China, India, Brazil)

>$50bn of total funds raisedEquity tickets:$200-420m

Apax IX LP:$9bn (2016)

Apax VIII LP:$7.5bn (2013)

Paris-basedcompany

London-basedcompany

ALTAMIR INVESTS WITH APAX PARTNERS

Apax Development:€225m (target)

Apax Digital :$1.1bn (2017)


- TMT

- Consumer

- Healthcare

- Services

Sectors of specialisation

- Majority or lead positionsControl

- Buyouts and growth capital investments Leveraged investments

- 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)

Diversified by geography and

size

Growth companies

- Market leaders with strong growth prospects

- Visionary entrepreneurs and management

teams

- Differentiated business models

TARGET: ACHIEVE 2-3X THE AMOUNT INVESTED

Growth- and sector-focused strategy

INVESTMENT STRATEGY


SECTOR EXPERTISE

VALUE CREATION

RIGOROUS PROCESSES

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

• Investment process: for investment, value creation, exit

• Firm development process: HR, IT, ESG, etc.

Shared by Apax Partners SAS & Apax Partners LLP

APAX’S COMPETITIVE ADVANTAGES

RESPONSIBLE INVESTMENTS




A quality portfolio


Objectives

Conclusion


AGENDA

2018 RESULTS – 14 MARCH 2019 p.10

130.9

43.4

96.2

115.3

97.3 96.5

142.3 137.8127.1

162.3

195.5

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Buyout value (in $bn)

Very active market

EUROPEAN PRIVATE EQUITY MARKET

Source: MergerMarket

2018 RESULTS – 14 MARCH 2019 p.11

Very active market

EUROPEAN PRIVATE EQUITY MARKET

Exit value (in $bn)

94.6

34.2

94

131.9

113.3

91.2

176.5167.5

148.7

182.8

158.2

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source: MergerMarket

2018 RESULTS – 14 MARCH 2019 p.12



A quality portfolio


Objectives

Conclusion


AGENDA

2018 RESULTS – 14 MARCH 2019 p.13

Statutorynet cashposition

(at 31/12/2018)

AverageEBITDA growth*

NAV growth

Divestments

Investments&

commitments

New investments & commitments

High portfolio turnover

HIGHLIGHTS

+3.8% dividend included(vs +2.6% in 2017)

Organic : +15%

€ 155.7m

(vs €98.7m in 2017)

8(vs 11 in 2017)

€ 154.3m(vs €118.2m in 2017)

€ -13.6m(vs +€7.3m at end- 2017)

* Average EBITDA LTM growth of 37 portfolio companies, weighted by each company’s residual cost

+25%*

Build-up : +10%

2018 RESULTS – 14 MARCH 2019 p.14

41.3

69.1

4.3 7.2

117.3

188.7

38.5

115.2

63.9

88.2

215.7

98.7

155.7

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

€155.7m of divestment proceeds and revenue in 2018

DIVESTMENTS

(in € million)

2018 RESULTS – 14 MARCH 2019 p.15

DIVESTMENTS

€12.2mfrom the sale of Belgian company Azelis(3.6x the amount invested in 2015)

€13.7mfrom the sale of Altamir’s remaining shares in Gfi Informatique(1.35x the amount invested in 2007)

€6.4mfrom the sale of Altamir’s remaining stake in GlobalLogic(5.9x the amount invested in 2013)

€2.4mof other proceeds and revenue from Boats Group, Huarong,Manappuram, Zensar Technologies, Europe Snacks, Equalliance and EVRY

€4.1mof earn-outs from former portfolio companies Buy Way andEqualliance

€4.7mfollowing the repurchase by THOM Europe of convertible bonds from its shareholders

€2.2mfrom the sale of Groupe Royer, Nowo/Oni and Full Beauty

€155.7m of divestment proceeds and revenue in 2018

Full exits (8 companies) Partial exits / other

€0.8mfrom the sale of Genex Services (2.7x the amount invested in 2013)

€19.2mfrom the sale of SK Firesafety’s AeroSafety division

€70.4mfrom the sale of Albioma(1.2x the amount invested in 2005)

€19.6mfrom the dividend recapitalization of INSEEC

2018 RESULTS – 14 MARCH 2019 p.16

45.6 50.5 41.1

74.5

39.6

130.3

83.0 95.3

133.7

8.6

17.4

21.3

6.0

17.7

3.8

12.9

29.3

22.9

20.6

63.0 71.8

47.1

92.2

43.4

143.2

112.3

143.2

154.3

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

2 3 2 7 127 8 110 8

€154.3m of new and follow-on investments

Number of new portfolio companies

INVESTMENTS AND COMMITMENTS

(in € million)

*

* Including €2.2m of Funds Investments

2018 RESULTS – 14 MARCH 2019 p.17

HEALTHCARESERVICES

€133.7m of new investments

INVESTMENTS AND COMMITMENTS

€3.8m

Authority BrandsAPAX IX LP

Franchisor of home services through300+ franchisees in the US, Canada and Latin America for residential cleaningservices, at-home senior care services including seniors with disabilities, dementia and post-operative care.

TMT

€3.2m

Healthium MedTechAPAX IX LP

The leading independent medical devices player in India. Manufactures and markets a broad range of surgical and medical consumables including wound closure products (surgical sutures, staplers, suturing needles), minimally invasive products (endo surgery and arthroscopy consumables) and urology products.

€36.2m*

AEB GroupAPAX FRANCE IX

Worldwide leader in biotechnological ingredients and related services for wine, food and beverage.

€31.1m

Business IntegrationPartners (Bip)APAX FRANCE IX

Leading European consulting firm present in 11 countries.Delivers management consulting, business integration and IT/digital transformation services supporting international companies in their innovation strategies and in the adoption of disruptive technologies.

€8.4m

PaycorAPAX IX LP

Leading provider of SaaS Payroll and Human Capital Management software to small and medium-sized businesses.

TMT

€36m

ExpereoAPAX FRANCE IX

One of the world’s largest managed internet network and cloud connectivity solutions providers, with more than 11,500 enterprise and government sites under management across more than 190 countries.

€4.1m

Genius Sports GroupAPAX IX LP

Global leader in sports data technology (software solutions for sport data collection and distribution in real time, services aimed at preventing betting-related corruption).

* Subject to syndication in progress€8.7m

Trade MeAPAX IX LP

Operator of leading vertical online classified marketplaces for Autos, Property, and Jobs in New Zealand as well as the leading generalistmarketplace for new and used goods.

Consumer

€0.8m

Apax Digital

Takes minority or majority stakes in enterprise technology and consumer internet companies that are smaller than companies in which the Apax VIII LP and Apax IX LP funds invest and are located in Apax Partners LLP's geographical scope, i.e. Europe, North America, Brazil, China, India and Israel.

€1.4m

Apax Development

Takes majority stakes in companies with en entreprisevalue of up to €100m in Apax’s4 sectors of specialisation.

FUNDS

2018 RESULTS – 14 MARCH 2019 p.18

9.80

11.0311.59

12.10

13.47

14.87

16.04

18.60

21.62 21.54 21.72

0.16

0.20

0.410.45

0.50

0.56 0.65 0.65

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

NAV per share Dividend paid in N for financial year N-1

+3.8% NAV growth in 2018, dividend included

HISTORICAL NAV GROWTH

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

(in €)

2018 RESULTS – 14 MARCH 2019 p.19

786.7792.9

-13.6

+75.5

+7.6

-24.2

- 14.0

- 1.3 - 23.7

NAV at end-

December 2017

Realised gains Unrealised gains FX Impact (net of

carried interest)

Direct and

indirect SGA &taxes

Provision for

carried interestincluding fundinvestments

Interest income Dividend NAV at end-

December 2018

€69.5m of value creation

NAV BRIDGE

(in € million)

83.1

€69.5m of value creation over 2018

2018 RESULTS – 14 MARCH 2019 p.20

-39.6

-13.8

-13.4

-11.2

-3.0

-2.0

0.1

0.4

2.3

3.3

6.7

6.9

8.3

12.7

16.3

19.5

22.9

53.2

Altran

Nowo Oni

THOM Europe

InfoVista

Other Healthcare

Afflelou

Sandaya

Marlink

Other Services

Other Consumer

Snacks Développement

Other TMT

SK FireSafety Group

BIP

ThoughtWorks

Ciprés

Melita

INSEEC

VALUE CREATION BY COMPANY

Contribution to NAV Company performance Valuation multiple(in € million)

€69.5m

Strong operational performance significantlydriving value movements and/or valuation outlook

Operational performance behind expectations impacting value and/or valuation outlook

Weakened operational performance negatively contributing to value movements and/or valuation outlook

2018 RESULTS – 14 MARCH 2019 p.21

Unrealised gain by key drivers (€m)

308.0

+8.3

-187.8

-20.0

-25.4

+83.1

0

50

100

150

200

250

300

350

EBITDA growth

or other

valuation

metrics

Change in

multiple

Change in Net

Debt

Cash in / cash

out

Accretive /

dilutive

instruments

Value creation

894.6

998.9

149.2170.4

83.1

700

750

800

850

900

950

1000

Ptf Value 12/2017 Proceeds 2018 Investment +

Follow-on 2018

Unrealised Gain Ptf Value 12/2018

Portfolio bridge at fair market value (€m)

Value creation driven by strong EBITDA growth and modest increasein multiples

VALUE CREATION ANALYSIS

-

2018 RESULTS – 14 MARCH 2019 p.22

626.7

686.9 695.6

-110.2

+170.4

+8.7

Portfolio 12/2017 Divestments Investments incl. follow-

on

Portfolio 12/2018 New commitments Portfolio incl.

commitments 12/2018

A significant level of invested capital

MOVEMENTS IN THE PORTFOLIO AT COST

(in € million)

2018 RESULTS – 14 MARCH 2019 p.23

18%

5%

71%

6%

23%

12%

55%

10%

Portfolio at fair value as of 31/12/2016


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

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

Shares valued at cost

Other

Most of the portfolio is valued using comparable multiples

PORTFOLIO VALUATION


6%8%

86%

2018 RESULTS – 14 MARCH 2019 p.24

26

7

41

113

28

104

38 37

173

102106

56

14

68

166

32

121

47 50

201

115107

2007 2008-2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Valuations Exit prices

+47%

+117%

+66%

+13%

+13%

+16%

+16%

+22% +35%

+88%

A conservative valuation policy

HISTORICAL UPLIFT

(in € million)

+1%

* Difference between exit price and the last carrying value

2018 RESULTS – 14 MARCH 2019 p.25

€259.3m* of outstanding commitments as of 31 December 2018 to be invested over the next 2-3 years:

▪ €150.2m to Apax France IX

▪ €78.0m to Apax IX LP (including €1.2m of recallable distribution)

▪ €6.9m to Apax France VIII

▪ €15.0m to Apax Development

▪ €3.8m to Apax Digital

▪ €4.8m of recallable distribution for Apax VIII LP

The outstanding commitments are covered 3.4x by the current portfolio, net cash position and undrawn credit facilities as of 31 December 2018

* This amount is gross of the €93,6m already invested by the funds, to be called up to 12 months after investment.

Outstanding commitments as of 31 December 2018

COMMITMENTS

2018 RESULTS – 14 MARCH 2019 p.26

Altamir can rely on:

▪ Statutory net cash position

o - €13.6m as of 31 December 2018

▪ Credit facilities used as bridge loans

o €60m overdraft credit facilities in addition to net cash (currently being renegotiated)

▪ Greater visibility on cash needs due to Apax Funds’ new way of making capital calls

▪ Opt-out clause with Apax Partners SAS

o €226m to €306m committed to Apax France IXo Altamir can reduce its commitment by up to €80m according to available cash every six months

▪ Flexibility on co-investments

Critical to optimise listed private equity performance

CASH MANAGEMENT

2018 RESULTS – 14 MARCH 2019 p.27

▪ 2 new investments announced for an estimated €15m:

▪ Apax Partners LLP to reinvest within Assured Partners through Apax IX LP

▪ Acquisition of a significant shareholding in Fractal Analytics through Apax IX LP

▪ 4 transactions expected to generate €184m in divestments proceeds:

▪ Agreement signed by Apax Partners SAS to sell INSEEC U.

▪ Agreement signed by Apax Partners LLP to sell Assured Partners

▪ Agreement signed by Apax Partners LLP to sell Exact Software

▪ Debt refinancing of Marlink

EVENTS POST 31 DECEMBER 2018

2018 RESULTS – 14 MARCH 2019 p.28



A quality portfolio


Objectives

Conclusion


AGENDA

2018 RESULTS – 14 MARCH 2019 p.29

Investment type in % of portfolio at fair value

BREAKDOWN OF THE PORTFOLIO

€999M AT FAIR VALUE AS OF 31 December 2018 – 48 COMPANIES

20.0% in co-investments 80.0% via the Apax funds

LegacyInvestments3 Companies

Co-investments :5 companies*

Apax IX LP 16 companies

Apax France VIII-B6 companies **

Apax France IX-B7 companies**

9.5%26.4%

37.1%6.6%9.7%

* 5 co-investments in Ciprés, InfoVista, Marlink, Snacks Développement and ThoughtWorks** Marlink is an investment of both Apax France VIII-B and Apax France IX-B

10.5%

Apax VIII LP16 companies

Apax Digital & Apax Development

0.2%

2018 RESULTS – 14 MARCH 2019 p.30

44%

32%

19%

5%

A well-diversified portfolio

57%

43%

By sector% of portfolio at fair value as of 31/12/2018

By vintage% of portfolio at fair value as of 31/12/2018

By geography% of portfolio at cost as of 31/12/2018

France (9 companies)

International (39 companies)

2017 (12 companies)

2016 (9 companies)2015 (9 companies)

2014 (2 companies)2013 and earlier(9 companies)

PORTFOLIO COMPOSITION

TMT (17 companies)

Services (14 companies)

Consumer (8 companies)

Healthcare (9 companies)

2018 (7 companies)

46% TMT + digital companies in other sectors

34.0%

4.6%

4.0%

28.3%

15.1%

14.2%

2018 RESULTS – 14 MARCH 2019 p.31

As of 31/12/2018 SectorYear of

investmentResidual cost

in €mFair value

in €m% of portfolioat fair value

Marlink 2016 70.3 133.6 13%

INSEEC 2013 29.2 124.9 13%

Snacks Développement 2013 37.7 76.6 8%

Melita 2016 33.7 71.1 7%

Ciprés 2017 47.2 66.7 7%

SK FireSafety Group 2014 31.5 45.3 5%

BIP 2018 31.1 43.8 4%

THOM Europe 2010 34.6 43.6 4%

AEB 2018 41.4 41.4 4%

Expereo 2018 36.3 36.3 4%

InfoVista 2016 39.2 31.4 3%

ThoughtWorks 2017 10.7 28.1 3%

Altran 2008 38.9 26.4 3%

Afflelou 2012 20.6 24.8 2%

Sandaya 2016 20.7 22.0 2%

Total 15 largest investments 523.1 816.0 82%

Other TMT (10 companies) 42.9 63.5 6%

Other Services (10 companies) 29.9 41.1 4%

Other Healthcare (9 companies) 46.5 54.1 5%

Other Consumer (4 companies) 13.7 21.7 2%

Total 48 investments 656.2* 996.4* 100%*

PORTFOLIO COMPANIES

*Apax Digital & Apax Development not included

The 15 largest investments represent 82% of the portfolio at fair value

2018 RESULTS – 14 MARCH 2019 p.32

A world-leading provider of satellite communication services

▪ Strong performance of maritime VSAT in 2018▪ Promising performance of the Enterprise industry (terrestrial solutions)▪ Increasing contribution of higher-margin VSAT solutions in revenue mix▪ EBITDA double-digit growth trend, in line with previous years

Positive organicgrowth in revenue in 2018

Double-digit growthin EBITDA

TMT

PORTFOLIO COMPANY SNAPSHOTS

Leading cable operator in Malta offering converged telecommunications services

▪ Growth momentum maintained in 2018▪ Increased subscriber base and reduced churn ▪ New quadruple plays (Flexi) offering▪ Deployment of latest generation fixed and mobile networks to increase

Melita’s technological and performance edge

2018 revenue up 10% vs 2017

2018 EBITDA up 14%

2018 RESULTS – 14 MARCH 2019 p.33

TMT


A European leader in Management, IT and digital transformation consulting

▪ Performed significantly over budget and business plan in 2018▪ Strong recruiting push in Italy▪ Increasing staff utilisation rate


2018 EBITDA up 39%

A leading global provider of network performance software solutions and services

▪ Full revamping of the sales organisation over the past 12 months and senior recruitments (marketing & HR)

▪ New CEO appointed in January 2019 to accelerate growth and profitability through a new strategic plan

▪ Back to positive organic growth in the first 6 months of 2018/2019 (FYE 30 June)

FY 2018-19: Back to organic growth

2018 RESULTS – 14 MARCH 2019 p.34

TMT


World leader in engineering and R&D services

▪ Robust revenue growth (+27.1% ow +8.0% organic) with a solid momentum across regions

▪ New strategic plan announced in June: “The High Road, Altran 2022”, with targeted revenue of c. €4bn (€2.9bn in 2018) and targeted operating margin of c. 14.5% (12.1% in 2018)

▪ Aricent's margin profile restored in H2

2018 revenue: €2,916M, up 27.1% vs 2017 (+8.0% organic growth)

2018 operating profit: €352.3m, up 40.9% ; Operating margin:12.1% up 120 bps

A leader in digital transformation and software development

▪ Since acquisition: improvement of account management and mining capabilities, investment in new technology capabilities and improved G&A efficiency

▪ North America a key strategic priority in 2018▪ Strong organic growth and improved margins

Strong organic growth in revenue, driven by China, Germany, Brazil and the UK

Improved margins

2018 RESULTS – 14 MARCH 2019 p.35

Largest private higher-education group in France (16 schools)

▪ Maintained its growth momentum in the first half of 2018-19 (FYE 30 June)

▪ Double-digit increase in new student enrolment in September-October 2018 vs. previous year

H1 2018-19 revenue: €116.3m, up 6% vs H1 2017-18

Double-digit growth in EBITDA expected for 2018-19

Services


2nd French wholesale broker specialised in supplemental insurance protection for self-employed persons and SMEs

▪ August 2018: closing of the acquisition of Axelliance, a direct and wholesale insurance broker for self-employed people, with a recognized expertise in Health & Protection and Property & Casualty insurance

▪ Proforma 2018 revenue including Axelliance: €103.6M

2018 revenue: up 18.5% vs 2017

2018 EBITDA up 24% (organic)

2018 RESULTS – 14 MARCH 2019 p.36

Services


Leading fire safety specialist in Northern Europe

▪ Successful rationalisation of the businesses since 2017 ▪ Good performance across all business units except Oil & Gas

with 2018 revenue up 14% to €124m and EBITDA up 28% (+20% organic)

▪ Agreement signed in December to sell the AeroSafety division

2018 revenue: 124m,up 14% vs 2017

2018 EBITDA: up 28%

A worldwide leader in biotechnological ingredients and related services for wine, food and beverages

▪ Since the acquisition in October 2018: appointment of a new manager to the Beer division & opening of a new subsidiary in China

▪ 2018 revenue driven by strong growth in core countries (France, Italy, Spain)

▪ EBITDA increase driven by solid top-line growth and strong operating leverage

2018 revenue up 7% vs 2017, to €100m

2018 EBITDA: up 9%

2018 RESULTS – 14 MARCH 2019 p.37

Services


A leading global internet connectivity and managed services provider

▪ Performance on track with business plan since the acquisition in September 2018, notably with the current roll-out of an enhanced digital platform

▪ 2018 revenue up 13% at constant exchange rates, driven by the continued increase in the number of sites and a higher revenue per site

▪ EBITDA up 15% driven by higher margins per site, partly offset by investments in the Sales organization

At constant exchange rates:


EBITDA up 15%

2018 RESULTS – 14 MARCH 2019 p.38

A leading pan-European producer of private-label savoury snacks

▪ Acquisition of Ibersnacks, the leading salted snacks producer in Spain

➢ €350m of total revenue➢ Strengthening of the European leadership position

▪ Revenue for the FY 2018-19 (FYE 31 January) expected to be up 31% compared to the previous year (+3% on a proforma basis)

FY 2018-19 revenue expected to be up 31%, to €353m

Leading jewellery retailer in Europe (1,000+ stores)

▪ Continued growth in FY 2017-18 (FYE 30 September) driven by the increase in same-store sales in France as well as the continued recovery of Italian operations after a weak Q1

▪ 40 new stores opened in Europe ▪ 35% increase in online sales

FY 2017-18 revenue: €672.7m, up 4.4% vs FY 2016-17

FY 2017-18 EBITDA: up 4.1%


2018 RESULTS – 14 MARCH 2019 p.39

Leading European franchisor for optical and hearing aid products (~1,500 stores)

▪ Continued to outperform a very competitive market over the year 2017-18 (FYE 31 July) thanks to the ramp-up of closed networks, management’s continued sales and promotional efforts, product launches such as Smart Tonic and new exclusive collections

▪ Sustained growth in France, and refocus on historical banners in Spain (disposal of Optimil)

FY 2017-18 revenue: €380.3m, up 2.5% vs FY 2016-17

2017-18 EBITDA +1.1%

Consumer

Leading operator of premium campsites in France and Spain (21 campsites)

▪ Good performance over the 2017-18 (FYE 31 October) driven by sales increase at constant scope and the acquisition of 5 campsites at the start of the season

▪ Pro forma including the acquisitions planned for the 2019 season, LTM estimated revenue of approximately €68.8m

▪ Significant investments in marketing and digital to grow the brand awareness and optimise on-line sales

FY 2017-18 revenue: €46.7m, up 27% vs same period of FY 2016-17

2018 RESULTS – 14 MARCH 2019 p.40

24%

17%

10%

26%

19%

25%

-2%2%

9%

4%

10%

13%

2013 vs 2012 2014 vs 2013 2015 vs 2014 2016 vs 2015 2017 vs 2016 2018 vs 2017

Altamir portfolio CAC 40 companies excluding financials

New methodology: year-on-year EBITDA growth at constant exchange rates, weighted by residual cost for Altamir and by market cap for CAC 40

EBITDA growth outperforms the CAC 40

PORTFOLIO PERFORMANCE

Altamir: Average EBITDA growth of 43 portfolio companies (excluding financial firms) weighted by each company’s residual costCAC 40: Source : Capital IQ as at 11/03/2019, Average EBITDA growth of 36 companies (excluding financial firms)

2018 RESULTS – 14 MARCH 2019 p.41

1%

39%

30%

20%

5%

9%

26%

50%

0%

10%

20%

30%

40%

50%

60%

Less than 0% Between 0% and 10% Between 10% and 20% More than 20%

Revenue & EBITDA Growth analysis

SALES EBITDA

Nb of companies Nb of companiesNb of companiesNb of companies

*Revenue and EBITDA growth at constant exchange rates, weighted by each company’s residual costSample of 39 companies excluding financial companies and new acquisitions, except BIP & Healthium,

Representing 90% of the FMV

3 17 11 87 6 9 17

High-growth companies

PORTFOLIO PERFORMANCE IN 2018

2018 RESULTS – 14 MARCH 2019 p.42

8.89

9.52

10.83

10.68

10.88

11.16

2013

2014

2015

2016

2017

2018

Valuation multiples at end of period

Entreprise value / LTM EBITDA # of companies

44

38

28

21

17 3.83

3.82

3.96

4.07

4.22

4.55

2013

2014

2015

2016

2017

2018

Debt multiples at end of period

Total net debt / LTM EBITDA # of companies

40

PORTFOLIO VALUATION AND DEBT MULTIPLES

For Valuation multiple : sample of 35 companies as of 31/12/2018 (excluding financial companies, companies being divested and companies where EBITDA is not relevant for valuation purposes)For Debt multiple : sample of 40 companies as of 31/12/2018 (excluding financial companies and companies being divested)

New methodology: average multiples weighted by each company’s residual cost

35

44

38

28

21

17

2018 RESULTS – 14 MARCH 2019 p.43

CONSOLIDATIONAND

ACQUISITIONS

DIGITAL TRANSFORMATION

FINANCIALFLEXIBILITY

INTERNATIONALISATIONOPERATIONAL EXCELLENCE

Value creation drivers

PORTFOLIO COMPANIES

2018 RESULTS – 14 MARCH 2019 p.44



A quality portfolio


Objectives

Conclusion


AGENDA

2018 RESULTS – 14 MARCH 2019 p.45

NAV Total Return as of 31 December 2018 over 1, 3, 5 and 10 years

Altamir outperforms its benchmark index over 3 and 5 years

NAV TR PERFORMANCE

Sources: Altamir and LPX data as of 31 January 2019• LPX Europe data available from 30/09/2009 • CAC Mid&Small GR data available from 2012

NA*

169%

70%

28%

4%

64%

31%

8%

47%

10%

-20%

10 years 5 years 3 years 1 year

Altamir NAV TR LPX Europe NAV (index) Cac Mid&Small GR

2018 RESULTS – 14 MARCH 2019 p.46

LOW INTRINSIC RISK PROFILE

PRUDENT FINANCIAL STRATEGY

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

DIVERSIFIED ANDHEALTHY PORTFOLIO

2018 RESULTS – 14 MARCH 2019 p.47

0.20

0.410.45

0.50

0.56

0.65 0.65 0.66

2012 2013 2014 2015 2016 2017 2018 2019

3.0%

4.5%

4.1%

4.7% 5.2%

4.3%

4.3%

+16%

+12%

+11%

+10%

Dividend yield on the full year average closing priceDividend in €

3% of year-end NAV since 2013

DIVIDEND POLICY

*

* Dividend to be approved at the Annual general meeting (29/04/2019)

=

2018 RESULTS – 14 MARCH 2019 p.48

565%

51%28%

-14%

47%

10% -20%

308%

56%

15%-12%

10 years 5 years 3 years 1 year

Altamir SP TR Cac Mid&Small GR LPX Europe TR (index)

NA*

At 31 December 2018

Altamir outperforms its benchmark indices

TOTAL SHAREHOLDER RETURN

Sources: Altamir and LPX data as of 31/12/2018* CAC Mid & Small GR index not available before 2011

2018 RESULTS – 14 MARCH 2019 p.49

High value creation potential

HISTORICAL PERFORMANCE SINCE INCEPTION

Total investments

Fully realisedportfolio*

of which LBO & Growthcapital transactions **

Unrealised and partially realised

portfolio

Amount in €m

Multiple IRR

▪ 1,352

▪ 683

▪ 646

▪ 669

▪ 1.95x ▪ 13.9%

▪ 2.01x ▪ 15.7%

▪ 1.44x ▪ 10.8%

*Agreed upon by EY** Corresponds to Altamir's current investment strategy; venture capital transactions taken out of the strategy more than 10 years ago

As of 31 December 2018Proforma divestments closed in 2019

2018 RESULTS – 14 MARCH 2019 p.50



A quality portfolio


Objectives

Conclusion


AGENDA

2018 RESULTS – 14 MARCH 2019 p.51

Significant change in asset allocation over the past seven years

18%

82%

By sector% of portfolio at fair value as of 31/12/2018

By geography% of portfolio at cost as of 31/12/2018

31/12/2011 31/12/2018

France International

PORTFOLIO COMPOSITION

TMT

Services

Consumer

Healthcare

31/12/2011 31/12/2018

28%

16%35%

21%

57%

43%44%

32%

19%

5%

2018 RESULTS – 14 MARCH 2019 p.52

Investments

Divestments

Value creation

Objectives Achievements

▪ €154.3m➢ €133.7m of new investments &

commitments (8 companies)➢ €20.6m of follow-on investments

▪ €155.7m

▪ 6-7 new investments▪ Totalling ~€100m

▪ €150m

▪ 7% average EBITDA organicgrowth

All objectives achieved

2018 ACHIEVEMENTS

▪ 25% average EBITDA growth:➢ Organic growth: +15%➢ Build-up growth: +10%

2018 RESULTS – 14 MARCH 2019 p.53

Investments

Divestments

Value creation

Objectives

▪ €100m▪ 6-7 new investments

▪ €250m

▪ 7% average EBITDA organic growth

2019 OBJECTIVES

2018 RESULTS – 14 MARCH 2019 p.54



A quality portfolio


Objectives

Conclusion


AGENDA

2018 RESULTS – 14 MARCH 2019 p.55

Unique value proposition

▪ Allows access to privateequity’s superior returnsand Apax Partners’ expertise

▪ Double-digit annual growth in NAV on a total return basis

▪ Ambitious strategy focused on long-term growth

▪ Well diversified portfolio by sector, geography & maturity

▪ Reasonable leverage in the portfolio

▪ Conservative valuation policy

▪ Rigorous cash management process

▪ No structural debt at Altamir level

▪ Amboise SAS owns 65% of the sharecapital

▪ 40+ years of experience in privateequity

▪ Yield of 4-5% per year

▪ Double-digit total shareholder return

▪ Attractive entry point

▪ For long-term investors under certain conditions

Growth-drivenstrategy

Shareholderreturn

Low intrinsicrisk profile

Experienced and committed manager

Tax efficiency

Why invest?

CONCLUSION

2018 RESULTS – 14 MARCH 2019 p.56

APPENDICES

2018 RESULTS – 14 MARCH 2019 p.57

(in € million) 2016 2017 2018

Changes in fair value of the portfolio 167.4 46.0 79.2

Valuation differences on divestments during the period 11.1 2.7 -10.5

Other portfolio income 1.5 1.5 0.8

Income from portfolio investments 180.0 50.2 69.5

Purchases and other external expenses (21.0) (25.1) (23.7)

Gross operating income 156.5 26.7 45.6

Net operating income 128.6 21.4 31.6

Net income attributable to ordinary shareholders 129.0 20.9 30.3

Earnings per ordinary share (in euros) 3.53 0.57 0.83

CONSOLIDATED INCOME STATEMENT (IFRS)

*Approved by the Board, audit being finalized

2018 RESULTS – 14 MARCH 2019 p.58

(in € million) 31/12/2016 31/12/2017 31/12/2018

TOTAL NON-CURRENT ASSETS 875.2 895.2 999.2

of which portfolio investments 874.6 894.6 998.9

TOTAL CURRENT ASSETS 79.8 27.9 25.37

TOTAL ASSETS 955.0 923.0 1024.6

TOTAL SHAREHOLDERS’ EQUITY 789.5 786.7 792.9

of which net income for the period 129.0 20.9 30.3

Carried interest provision for the General Partner and class B shareholders

44.0 29.7 10.2

Carried interest provision for class C shareholders in the Apax funds

37.2 40.8 62.1

Financial liabilities 84.2 65.9 159.3

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 955.0 923.0 1024.6

NAV per share (in euros) 21.62 21.54 21.72

CONSOLIDATED BALANCE SHEET (IFRS)


2018 RESULTS – 14 MARCH 2019 p.59

(In € million) 2016 2017 2018

Operating expenses -9.4 -10.3 -2.3

Taxes -0.8 -1.2 0.0

Net financial income 0.9 0.2 0.2

Change in operating provisions

Change in working capital 0.0 2.3 -8.9

Cash flow from operating activities -9.3 -8.9 -11.0

Gross investments -127.3 -150.9 -22.7

Net resources (exits) 193.2 138.7 21.6

Cash flow from investing activities 65.9 -12.1 -1.2

Dividends paid ADP -5.8 -15.3 -0.0

Dividends paid AO -20.4 -23.7 -0.0

Capital increase

Change in debt

Cash flow from financing activities -26.2 -39.0 -0.0

CASH FLOW 30.4 -60.0 -12.1

CASH BEGINNING OF PERIOD 36.9 67.3 7.3

CASH END OF PERIOD 67.3 7.3 -4.8

CASH FLOW (STATUTORY STATEMENTS)


2018 RESULTS – 14 MARCH 2019 p.60

NAV breakdown as of 31 December 2018

In €m Fair Market Value % of NAV

Marlink 133.59 16.8%

INSEEC 124.91 15.7%

Europe Snacks 76.62 9.7%

Melita 71.11 9.0%

Ciprés 66.71 8.4%

SK FireSafety Group 45.32 5.7%

BIP 43.75 5.5%

THOM Europe 43.59 5.5%

AEB 41.39 5.2%

Expereo 36.29 4.6%

InfoVista 31.43 4.0%

ThoughtWorks 28.07 3.5%

Alain Afflelou 24.78 3.1%

Sandaya 21.98 2.8%

Other Unlisted Companies 153.47 19.3%

Sub-total unlisted 943.02 118.8%

Altran 26.41 3.3%

Other Listed Companies1 29.48 3.7%

Sub-total listed 55.90 7.0%

Total Portfolio 998.91 125.8%

Provision for carried interest -69.93 -8.8%

Other assets and liabilities -0.33 0.1%

Cash (Debt) -135.72 -17.1%

Net Asset Value 792.93 100%

Number of shares 36,512,301

Net Asset Value per share 21.72

2018 RESULTS – 14 MARCH 2019 p.61

Enterprise value / EBITDA

Portfolio = 11.16x

VALUATION MULTIPLES

12%

29%

15%

40%

4%

< 9x (3 companies)9x - 10x (6 companies)10x - 12x (6 companies)12x - 14x (14 companies)> 11x (6 companies)

Leverage (total LTM debt) / EBITDA

Portfolio = 4.55x

DEBT MULTIPLES

12% 9%

37%

43%

< 0x - 2x (9 companies)

2x - 3x (3 companies)



> 5x (18 companies)

% of Altamir’s portfolio residual cost at 31/12/2018

PORTFOLIO VALUATION AND DEBT MULTIPLES

% of Altamir’s portfolio* residual cost at 31/12/2018

* Sample of 38 companies as of 31/12/2018 and 43 companies as of 31/12/2017

New methodology: average multiples weighted by each company’s residual cost

31.12.2018 Average multiple % of residual cost*

Apax SAS 10.87 88%

Apax LLP 13.29 12%


Apax SAS 10.4 85%

Apax LLP 13.4 15%


Apax SAS 4.46 85%

Apax LLP 5.11 15%


Apax SAS 4.2 85%

Apax LLP 5.5 15%

2018 RESULTS – 14 MARCH 2019 p.62

USEFUL INFORMATION

STOCK MARKET DATA AGENDA CONTACT

Number of shares: 36,512,301

Market capitalisation: €578.4m at 12/03/2019

Stock market: Euronext Paris (compartment B)

Ticker: LTA

ISIN code: FR0000053837

29 April 2019Annual Shareholders’ Meeting

14 May 2019, post-tradingNAV as of 31/03/2019

5 September 2019, post-tradingH1 2019 results and NAV as of 30/06/2019

7 November 2019, post-tradingNAV as of 30/09/2019

[email protected]

+33 1 53 65 01 00

www.altamir.fr

mailto:[email protected]

2018 RESULTS – 14 MARCH 2019 p.63

This document has been prepared by Altamir SCA (“Altamir”) for meetings to be held March 2019.

▪ No warranty is made as to the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Altamir isunder no obligation to keep current the information contained in this presentation and any opinions expressed in this representation aresubject to change without notice.

▪ This document may include forward-looking statements. These forward-looking statements relate to the future prospects, developmentand business strategies of Altamir and its portfolio companies and are based on estimates. By their nature, any forward-lookingstatement involves risks and uncertainties. Altamir cautions that forward-looking statements are not guarantees of future performanceand that its actual financial condition, actual results of operations and cash flows and the development of the industries in which Altamiror its portfolio companies operate may differ materially from those made in or suggested by any forward-looking statement contained inthis presentation. Altamir does not undertake any obligation to review or confirm analysts’ expectations or estimates or to releasepublicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of thisdocument, unless required by law or any applicable regulation.

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

▪ This presentation includes only summary information and must be read in conjunction with Altamir’s financial statements, which are orwill 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 on this documentconstitutes, or should be used or considered as, an offer to sell or a solicitation of any offer to buy the securities of Altamir or any otherissuer.

DISCLAIMER

http://www.altamir.fr/

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