2017 RESULTS€¦ · The private equity market 2017 operating highlights A quality portfolio NAV...

2017 RESULTS9 March 2018

MAURICE TCHENIOCHAIRMAN & CEO OF ALTAMIR GERANCE

ERIC SABIACFO

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

ACCESSING APAX PARTNERS INVESTMENTSTHROUGH THE STOCK MARKET

2017 RESULTS 9 MARCH 2018 p.2

The private equity market

2017 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 accessApax Partners’ investments through the stock market

▪ €787m in net assets and 49 portfolio companies as of 31 December 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

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)

▪ 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 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 2017, only6 companies out of 49 remained from the legacy portfolio

ALTAMIR INVESTS WITH APAX PARTNERS


ALTAMIR INVESTS WITH APAX PARTNERS

Altamir is an investor in Apax’s core funds

Following their successful fundraising in 2016

▪ Apax Partners LLP has raised a $1bn Digital fund

• Targeting digital companies only• Smaller size investments• Dedicated team: newly hired professionals + Apax alumni

▪ Apax Partners SAS is in the process of raising a €225m small cap fund

• Same investment strategy• Smaller companies• Dedicated team: Apax Partners Development (formerly EPF Partners acquired in 2017)

Altamir Gérance has decided not to commit to these funds

• Just as it did not commit to the Apax Israeli fund in 2015

• Altamir’s vocation is to remain positioned as a direct fund (as opposed to a fund of funds) with a limited

number of investments (50 maximum) and a €10m minimum size as an objective for each of them


2private equity firms,leaders in their respective markets

40+years of experience

Track recordof performance

Apax Partners SAS

30 investment professionals;sector specialisation

Mid-sized companies, with enterprise value of €100mto €1bn

Investments in French-speaking European countries

More than €3bn under management

Equity tickets:€50-150m

Apax France IX:€1bn (2016)

Apax France VIII:€704m (2011)

Apax Partners LLP

120 investment professionals across 8 offices worldwide, specialised by sector

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

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

More than $48bn under management

Equity tickets:$360-420m

Apax IX LP:$9bn (2016)

Apax VIII LP:$7.5bn (2013)

Paris-basedcompany

London-basedcompany

APAX PARTNERS


- 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


308.4

130.9

43.4

96.2115.3

97.3 93.4

143.8 136.8125.8

158.4

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Buyout value (in $bn)

Very active market

EUROPEAN PRIVATE EQUITY MARKET

Source: MergerMarket


Very active market

EUROPEAN PRIVATE EQUITY MARKET

Exit value (in $bn)

187.7

94.6

34.2

94

131.9

113.3

91.1

177.4

165.8

148

180.9

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source : MergerMarket




A quality portfolio


Objectives

Conclusion


AGENDA


Statutorynet cashPosition

(at 31/12/2017)

AverageEBITDA growth*

NAV growth

Divestments

Investments&

commitments

New investments & commitments

Portfolio turnover and increased international footprint

2017 HIGHLIGHTS

+2.6%

dividend included(vs +19.2% in 2016)

+27%

(vs +33% in 2016)

€ 98.7m

(vs €215.7m in 2016)

11

(vs 8 in 2016)

€ 118.2m

(vs €112.3m in 2016)

€ 7.3m

(vs €67.3mat end-2016)

* Average EBITDA growth of portfolio companies, weighted by each company’s contribution to NAV


€98.7m of divestment proceeds and revenue in 2017

DIVESTMENTS

(in € million)

69.1

4.3 7.2

117.3

188.7

38.5

115.2

63.9

88.2

215.7

98.7

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


DIVESTMENTS

€66.1mfrom the sale of 50% of Altamir's stake in Altran via an ABB at €15.0 per share

€4.6mfrom the refinancing and partial sale of GlobalLogic

€15.2mfrom the sale of the first block of Altamir’s remainingshares in Gfi Informatique

€3.7mfrom the release of the last portion of an escrowaccount related to former portfolio company Vizada

€1.3mfrom the sale of the remaining shares held in the listed company Chola

€1.9mfrom the sale of Altamir’s remaining stake in GardaWorld

€3.1mfrom the debt refinancing of Shriram, Exact Software,Idealista and Safetykleen

€2.2mfrom the partial sale of EVRY on the occasion of itsIPO

€0.6mfrom other portfolio companies

€98.7m of divestment proceeds and revenue in 2017


95.9

77.6

45.650.5

41.1

74.5

39.6

130.3

83.0

95.3

12.1

18.8

8.6

17.421.3

6.0

17.7

3.8

12.9

29.3

22.9

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Titre du graphique

New investments & commitments Follow-on investments Number of new portfolio companies

5 2 2 3 2 7 127

€118.2m invested and committed in 2017

INVESTMENTS AND COMMITMENTS

(in € million)

8 11

108.0

96.4

8.6

63.071.8

47.1

92.2

43.4

143.2

112.3118.2

0


CONSUMER

HEALTHCARE

€2.8m

KeproAPAX IX LP

Provider of care coordination and quality assurance services primarily for US State and Federal healthcarepayers

SERVICES

€95.3m invested in 11 companies in 2017

INVESTMENTS AND COMMITMENTS

€5.6m

Safetykleen EuropeAPAX IX LP

Leading service provider of surface treatment and chemical application services, with operations in Europe, Brazil, China and Turkey

€3.2m

Attenti(former electronic monitoring business of 3M) APAX IX LP

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

€11.2m including co-investment

ThoughtWorksAPAX IX LP

Global software development and digital transformation consulting company

€4.3m

ECi Software SolutionsAPAX IX LP

Leading provider of enterprise resource planning (ERP) software solutions to SMEs across the distribution, fieldservices, manufacturing, and building & construction industries

€5.3m

Syneron CandelaAPAX IX LP

Leading global non-surgical aesthetic device company

€7.2m

Matchesfashion.comAPAX IX LP

Global leader in online luxury-fashion retailing, offeringa collection of over 450 designers

€47.1m including co-investment

CIPRÉS AssurancesAPAX FRANCE IX

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

€3.8m

Guotai Junan SecuritiesAPAX IX LP

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

€1.7m

Manappuram FinanceAPAX IX LP

Second-largest lender against gold in India, with a loanbook of $2.1bn; listed in Mumbai

€3.0m

Tosca ServicesAPAX IX LP

Leading provider of supply chain solutions and reusable packaging to a variety of perishable grocery markets

TMTSERVICES


15.14

9.8011.03 11.59 12.10

13.4714.87

16.04

18.60

21.62 21.54

0.18*

0.16*

0.200.41

0.45

0.50

0.56 0.65

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Titre du graphique

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

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

2.6% NAV growth in 2017, dividend included

HISTORICAL NAV GROWTH

(in € million)

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


789.5

789.5 793.7

839.7

816.2 811.0 810.4

786.74.2

63.6

17.6

23.55.3 0.6

23.7

NAV at end

2016

Realised Gain Unrealised

Gain

FX Impact

(net of

carried

interest)

Direct and

indirect

costs* and

taxes

Carried

interest

provisions*

Interest

Income &

Other

Dividend NAV at end

2017

€50.2m of value creation

NAV BRIDGE

--

-

+

-

* including fees and carried interest provisions at the Apax funds’ level

(in € million)

+

-

-

46.0

Negative impact of forex (representing €0.48 per share)


-23.5

-11.8

-11.5

-1.7

-0.2

-0.1

0.1

1.2

3.4

5.9

6.0

7.3

8.3

14.5

16.2

17.8

18.2

VALUE CREATION BY COMPANY

Contribution to NAV Company performance Valuation multiple

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

Other TMT

Other Services

Other Consumer

Other Healthcare

Albioma

INSEEC U.

Marlink

Melita

SK FireSafety Group

Altran

InfoVista

Sandaya

Alain Afflelou

Amplitude Surgical

THOM Europe

Snacks Développement

Nowo/Oni

50.2

(in € million)


Unrealised Gain by key drivers (m€)

132.4

46.0

24.9

42.9

4.6

14.1

0

20

40

60

80

100

120

140

EBITDA growth

or other

valuation

metrics

Change in

multiple

Change in Net

Debt

Cash in / cash

out

Accretive /

dilutive

instruments

Value creation

874.6894.6

135.6109.6

46.0

500

550

600

650

700

750

800

850

900

Ptf Value 12/2016 Proceeds 2017 Investment +

Follow-on 2017

Unrealised Gain Ptf Value 12/2017

Portfolio Bridge at fair market value (m€)

Value creation driven by strong EBITDA growth and offset by decline in comparable multiples

VALUE CREATION ANALYSIS

-

-

-

-


590.8

517.1 517.1

626.7 626.7 644.2

73.7109.6

17.5

300

350

400

450

500

550

600

650

700

Portfolio

12/2016

Divestments Investments incl.

follow-on

Portfolio

12/2017

New

commitments

Portfolio incl.

commitments12/2017

A significant level of invested capital

MOVEMENTS IN THE PORTFOLIO AT COST

(in € million)


40%

6%

54%

23%

12%

55%

10%

18%

5%

70%

6%

Portfolio at fair value as of 31/12/2015



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


26

7

41

113

28

104

38 37

173

102

56

14

68

166

32

121

47 50

201

115

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

Valuations Exit prices

+47%

+117%+66%

+13%

+13%*

+16%

+16%

+22%+35%

+88%

Historical Uplift

CONSERVATIVE VALUATION POLICY

* including divestments of Altran, Answers, Chola, Garda, Rue21 and Unilabs

(Difference between exit price and the last carrying value)

(in € million)


€284.6m* of outstanding commitments at end-2017 to be invested over the next 2-3 years:

▪ €191.5m to Apax France IX

▪ €74.2m to Apax IX LP

▪ €16.9m to Apax France VIII

▪ €2m of residual commitment alongside Apax France VII

+ €13m potential follow-on investment in the legacy portfolio to support Altran’s acquisition of Aricent

The outstanding commitments are covered 3.2x by the current portfolio, net cash position and undrawn credit facilties as of 31 December 2017

* The €37.2m invested in Ciprés Assurances, to be called in 2018, not included in this amount.

Outstanding commitments as of 31 December 2017

COMMITMENTS


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

▪ Statutory net cash position

- €7.3m as of 31 December 2017

▪ Credit facilities used as bridge loans

- €60m overdraft credit facilities in addition to net cash

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

▪ Opt-out clause with Apax Partners SAS

- €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


▪ Apax Partners SA, Altamir's investment advisor since inception, changed its name to Amboise Partners SA on 1 January 2018

▪ A new investment of around €30m to be made via Apax France IX in an Italian company operating in the TMT sector and whose name can not be disclosed at this stage

▪ US company Genex Services to be sold by Apax VIII LP

EVENTS POST 31 DECEMBER 2017




A quality portfolio


Objectives

Conclusion


AGENDA


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

PORTFOLIO OVERVIEW

€895M AT FAIR VALUE AS OF 31 DECEMBER 2017 – 49 COMPANIES

36% in direct investments 64% via the Apax funds

Legacyportfolio

Co-investments

Apax IX LP

Apax VIII LP Apax France VIII-B

Apax France IX-B

25.9%(6)

10.4%(5*)

14.2%(4**)

35.0%(8**)

* 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


39%

33%

22%

6%

A well-diversified portfolio

12%

29%

5%4%

19%

30%

46%54%

By sector% of portfolio at fair value as of 31/12/2017

By vintage% of portfolio at fair value as of 31/12/2017

By geography% of portfolio at cost as of 31/12/2017

France (12 companies)

International (37 companies)

2017 (12 companies)

2016 (10 companies)

2015 (11 companies)

2014 (3 companies)

2013 (5 companies)

2012 and earlier (8 companies)

PORTFOLIO COMPOSITION

TMT (16 companies)

Services (14 companies)

Consumer (10 companies)

Healthcare (9 companies)

41% TMT + digital companies in other sectors


As of 31/12/2017 SectorYear of

investmentResidual cost

in €mFair value

in €m% of portfolioat fair value

Marlink 2016 59.0 121.9 13.6%

INSEEC U. 2013 42.9 91.3 10.2%

Albioma* 2005 59.0 78.9 8.8%

Snacks Développement 2013 37.9 70.1 7.8%

THOM Europe 2010 36.6 61.6 6.9%

Melita 2016 33.9 48.4 5.4%

CIPRES Assurances 2017 47.1 47.1 5.3%

Altran* 2008 18.7 45.8 5.1%

InfoVista 2016 38.9 42.3 4.7%

SK FireSafety Group 2014 31.5 37.0 4.1%

Alain Afflelou 2012 20.6 26.8 3.0%

Amplitude Surgical* 2011 14.0 22.3 2.5%

Sandaya 2016 17.6 18.7 2.1%

Total 13 largest investments 457.6 712.3 79.6%

Other TMT (12 companies) 73.6 88.8 9.9%

Other Services (10 companies) 30.7 43.0 4.8%

Other Healthcare (8 companies) 26.9 29.8 3.3%

Other Consumer (6 companies) 37.9 20.7 2.3%

Total 49 investments 626.7 894.6 100%

PORTFOLIO COMPANIES

* Listed companies

The 13 largest investments represent 80% of the portfolio at fair value


24%

14%13%

33%

27%

-2%

2%

9%

4%

10%

Altamir portfolio (sample of 44 companies for 2017 EBITDA growth, excluding Shriram, Guotai, Manappuram Syneron Candela, ECi)

CAC 40 companies excluding financials (sample of 35 companies)

2013vs 2012

2015vs 2014

2014 vs 2013

2016vs 2015

2017 vs 2016

New methodology: year-on-year EBITDA growth at constant exchange rates, weighted by NAV for Altamir and by market cap for CAC 40 (in %)

High-growth companies

PORTFOLIO PERFORMANCE

Sources: company reports or analyst consensus as of 3 March 2018


6%

37%

16%

40%

<0 0 - 10% 10 - 20% >20%

% of portfolio at fair value

16% 19% 20%

43%

<0 0 - 10% 10 - 20% >20%

% of portfolio at fair value

27% EBITDA growth*

33% revenue growth*

10 20 7 10

15 9 10 10

Number of portfolio companies

Number of portfolio companies

High-growth companies

PORTFOLIO PERFORMANCE IN 2017

* Revenue and EBITDA growth at constant exchange rates, weighted by each company’s contribution to NAVSample of 47 companies for revenue growth (excluding Syneron Candela and ECi) and 44 companies for EBITDA growth (excluding Shriram City Union, Guotai, Manappuram Finance, Syneron Candela, ECi)


8.89

9.52

10.83

10.68

10.88

2013

2014

2015

2016

2017

Valuation multiples at end of period

Average multiples weighted by each company’s contribution to NAV

Entreprise value / LTM EBITDA # of companies

44

38

28

21

17 3.83

3.82

3.96

4.07

4.22

2013

2014

2015

2016

2017

Debt multiples at end of period

Average multiples weighted by each company’s contribution to NAV

Total net debt / LTM EBITDA # of companies

44

38

27

21

16

PORTFOLIO VALUATION AND DEBT MULTIPLES

Sample of 44 companies as of 31/12/2017 (excluding Shriram City Union, Guotai, Manappuram Finance, Huarong, Zensar)

New methodology: weighted average multiples of the Apax France/Apax LLP aggregated portfolio


CONSOLIDATIONAND

ACQUISITIONS

DIGITAL TRANSFORMATION

FINANCIALFLEXIBILITY

INTERNATIONALISATIONOPERATIONAL EXCELLENCE

Value creation drivers

PORTFOLIO COMPANIES




A quality portfolio


Objectives

Conclusion


AGENDA


70%

85%

47%

3%

67%

35%

13%

10 years 5 years 3 years 1 year

Altamir LPX Europe NAV TR index (30 constituents)

NA*

NAV Total Return as of 31 December 2017 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 28 February 2018 * LPX Europe data available from 30/09/2009


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


3.0%

4.5%

4.1%

4.7% 5.2%

4.3%

0.20

0.410.45

0.50

0.56

0.65 0.65

2012 2013 2014 2015 2016 2017 2018

+16%

+12%

+11%

+10%

Yield on average closing priceDividend in €

2-3% of year-end NAV since 2013

DIVIDEND POLICY

*

* Proposed dividend at the next Annual general meeting (26/04/2018)


121%

156%

69%

24%

69%

132%

59%

19%

139%

65%

25%

10 years 5 years 3 years 1 year

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

NA*

Total shareholder return as of 31 December 2017 over 1, 3, 5 and 10 years

Altamir outperforms its benchmark indices

TOTAL SHAREHOLDER RETURN

Sources: Altamir and LPX data as of 28 February 2018* CAC Mid & Small GR index not available before 2011


High value creation potential

HISTORICAL PERFORMANCE SINCE INCEPTION IN 1995

Total investments

Fully realisedportfolio*

of which LBO & Growthcapital transactions * 1

Unrealised and partially realised

portfolio

Amount in €m

Multiple IRR

▪ 1,182

▪ 462

▪ 425

▪ 720

▪ 2.08x ▪ 16.1%

▪ 2.18x ▪ 18.9%

▪ 1.50x ▪ 9.3%

* Audited by EY1 Corresponds to Altamir's current investment strategy; venture capital transactions taken out of the strategy more than 10 years ago

As of 31 December 2017




A quality portfolio


Objectives

Conclusion


AGENDA


Investments

Divestments

Value creation

Objectives Achievements

▪ 11 new investments & commitments for €95.3m

▪ €22.9m of follow-on investments▪ Totalling €118m

▪ €99m

▪ 27% average EBITDA growth

▪ 5-6 new investments▪ Totalling ~€80m

▪ €100m


Achievements as of 31 December 2017

2017 OBJECTIVES


39%

33%

22%

6%

Significant change in asset allocation over the past six years

46%54%

18%

82%

By sector% of portfolio at fair value as of 31/12/2017

By geography% of portfolio at cost as of 31/12/2017

31/12/2011 31/12/2017

France

International

PORTFOLIO COMPOSITION

TMT

Services

Consumer

Healthcare

28%

16%35%

21%

31/12/2011 31/12/2017


Investments

Divestments

Value creation

Objectives

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

▪ €150m


2018 OBJECTIVES




A quality portfolio


Objectives

Conclusion


AGENDA


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

▪ Maurice Tchenio owns 29% of the share capital

▪ 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


APPENDICES


(in € million) 2015 2016 2017

Changes in fair value of the portfolio123.4

167.4 46.0

Valuation differences on divestments during the period15.0

11.1 2.7

Other portfolio income 18.5 1.5 1.5

Income from portfolio investments 157.0 180.0 50.2

Purchases and other external expenses (18.4) (21.0) (25.1)

Gross operating income 138.2 156.5 26.7

Net operating income 110.6 128.6 21.4

Net income attributable to ordinary shareholders111.8

129.0 20.9

Earnings per ordinary share (in euros)3.06

3.53 0.57

CONSOLIDATED INCOME STATEMENT (IFRS)


(in € million) 31/12/2015 31/12/2016 31/12/2017

TOTAL NON-CURRENT ASSETS 697.4 875.2 895.2

of which portfolio investments 686.5 874.6 894.6

TOTAL CURRENT ASSETS 47.1 79.8 27.9

TOTAL ASSETS 744.5 955.0 923.0

TOTAL SHAREHOLDERS’ EQUITY 679.3 789.5 786.7

of which net income for the period 111.8 129.0 20.9

Carried interest provision for the General Partner and class B shareholders 39.1

44.0 29.7

Carried interest provision for class C shareholders in the Apax funds 17.3

37.2 40.8

Financial liabilities 8.8 84.2 65.9

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 744.5 955.0 923.0

NAV per share (in euros) 18.60 21.62 21.54

CONSOLIDATED BALANCE SHEET (IFRS)


(In € million) 2015 2016 2017

Operating expenses -4.9 -9.4 -10.3

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 2.3

Cash flow from operating activities -5.8 -9.3 -8.9

Gross investments -96 -127.3 -150.9

Net resources (exits) 147.1 193.2 138.7

Cash flow from investing activities 51.1 65.9 -12.1

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 -39.0

CASH FLOW 19.1 30.4 -60.0

CASH BEGINNING OF PERIOD 36.9 36.9 67.3

CASH END OF PERIOD 56.0 67.3 7.3

CASH FLOW (STATUTORY STATEMENTS)


NAV breakdown as of 31 December 2017

In €m Fair Market Value % of NAV

Marlink 121.9 15.5%

INSEEC 91.3 11.6%

Europe Snacks 70.1 8.9%

THOM Europe 61.6 7.8%

Melita 48.4 6.2%

Ciprés 47.1 6.0%

InfoVista 42.3 5.4%

SK FireSafety Group 37.0 4.7%

Alain Afflelou 26.8 3.4%

Sandaya 18.7 2.4%

Other Unlisted Companies 167.9 21.3%

Sub-total unlisted 733.1 93.2%

Albioma 78.9 10.0%

Altran 45.8 5.8%

Amplitude 22.3 2.8%

Other Listed Companies1 14.5 1.8%

Sub-total listed 161.5 20.5%

Total Portfolio 894.6 113.7%

Provision for carried interest -67.7 -8.6%

Other assets and liabilities 0.9 0.1%

Cash (Debt) -41.1 -5.2%

Net Asset Value 786.7 100.0%

Number of shares 36,512,301

Net Asset Value per share 21.54


Enterprise value / EBITDA

Portfolio = 10.88x

VALUATION MULTIPLES

5%

37%

17%

41%

< 8x (7 companies)8x - 10x (7 companies)10x - 11x (6 companies)> 11x (24 companies)

Leverage (total LTM debt) / EBITDA

Portfolio = 4.22x

DEBT MULTIPLES

9%1%

30%

39%

20%

< 0x - 2x (10 companies)

2x - 3x (2 companies)



> 5x (16 companies)

% of Altamir’s portfolio at fair value et 31/12/2017

PORTFOLIO VALUATION AND DEBT MULTIPLES

% of Altamir’s portfolio at fair value at 31/12/2017

2016 Average multiple % of fair market value*

Apax France 10.46 92%

Apax LLP 13.10 8%

2017 Average multiple % of fair market value*

Apax France 10.44 86%

Apax LLP 13.61 14%

* Sample of 44 companies as of 31/12/2017 and 38 companies as of 31/12/2016

New methodology: weighted average multiples of the Apax France/Apax LLP aggregated portfolio


World-leading provider of satellite communication services

▪ Strong momentum in the maritime VSAT sector with an installed base up 34% year-on-year (11,000+ vessels in total)

▪ Structural decline in revenue generated by legacy MSS products▪ Increasing contribution of higher-margin VSAT solutions in revenue mix▪ Successful integration of Italian company Telemar contributing to

Marlink’s expansion in VSAT▪ Acquisition of OmniAccess (satcom solutions in the superyacht and high-

end boutique cruise segment) to create the worldwide leader in maritime VSAT services ($500m in revenues, 1,000 people)

2017 pro forma revenue: $423m, down 3% vs 2016

2017 pro forma EBITDA: up 13%

TMT

PORTFOLIO COMPANY SNAPSHOTS

Leading cable operator in Malta offering converged telecommunications services

▪ Maintained its growth momentum in 2017▪ Launch of new products (TV platform offering new advanced features,

“build your own bundle” 4P offer)▪ Growing customer base for all segments (broadband, pay-TV, mobile and

fixed telephony) coupled with a reduction in churn rates▪ Cancellation of the proposed merger with Vodafone Malta ▪ Committed to developing a unique convergent services offering by

upgrading the mobile network to the latest generation 4.5G standards and by rolling out the recently launched Gigabit Internet service

2017 recurring revenue:up 5% vs 2016

2017 EBITDA:up 11% vs 2016


Leading global provider of network performance software solutions and services

▪ Successful integration of TEMS generating significant cost synergies▪ Favourable development of the product mix towards more recurring

maintenance and service (50%+ of total revenues)▪ Improved contract renewals▪ Significantly strengthened sales and marketing teams▪ New organisation aimed at reinvigorating software sales being

implemented

TMT


World leader in engineering and R&D services

▪ Continued growth in key regions (France, Southern Europe, India)▪ Continued rebound of performance in Germany▪ Performance driven by both organic growth and recently completed

acquisitions▪ Transforming acquisition of US company Aricent to close in Q1

2018, to create the undisputed global leader in engineering and R&D services with close to €3bn in revenues and almost 45,000 employees operating in ~30 countries

2017 revenue: €2.3bn, up 10% vs 2016 (+5.6% organic growth)

2017 EBIT:€246.3m, up 13.6%

Share price: stable in 2017

H1 2017-18 (FYE 30 June): +3 pts EBITDA margin improvement


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

▪ New umbrella-brand INSEEC Universitas, known as INSEEC U.▪ Performance driven by new student enrolment (up 18% in

September-October 2017 vs. previous year)▪ Significant synergies generated from integration of new schools▪ Group plan to generate double-digit EBITDA growth in FY

2017/18

H1 2017-18 revenue (FYE 30 June): €113.5mup 2% vs H1 2016-17

H1 2017-18 EBIDTA:in line with H1 2016-17

Services


French electricity producer with a unique capability in renewable energy

▪ 2017 results above targets▪ Very Good performance of the power plants in France and Brazil▪ Fourth investment in Brazil: acquisition of 60% of a bagasse

cogeneration plant in the state of Goiás

2017 revenue: €403.2m,up 10% vs 2016

2017 EBITDA: €138.3m,up 5% vs 2016

Share price:up 27% in 2017


Leading fire safety specialist in Northern Europe

▪ Demonstrated strong growth across all business units (except Oil & Gas) in 2017

▪ Good performance of recurring businesses▪ Successful cost savings programme▪ Completed a debt refinancing process reducing its debt cost

significantly

2017 revenue: €108.9m,up 3% vs 2016

2017 EBITDA:up 17%

Services


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

▪ €213m of premiums collected in 2017▪ Successful launch of an innovative protection product on the

French market▪ Full revamping of the back-office IT software▪ Expected double-digit growth in revenues and EBITDA in FY

2018

2017 revenue: €74m,up 12.8% vs 2016

2017 EBITDA:up sharply


Leading French producer of private-label savoury snacks

▪ Successful commissioning of the first stacked crisps production line at Kolak to serve the UK market

▪ Sales growth in key markets (France, UK)▪ Profitability impacted by a rise in raw material prices and

exceptional costs (ramp-up of the new production line in the UK and implementation of a logistics outsourcing solution in France)

2017-18 expected revenue (FYE 31 January): €267m,up 2.5% (pro forma)

Expected decline in profitability

Leading jewellery retailer in Europe (1,000 stores)

▪ Continued growth in 2016-17 driven by the strong performance of French operations, 78 new stores in Europe and increased online sales

▪ Focused on the integration of Stroili Oro and Oro Vivo (400+ stores)

▪ Refinanced its debt, considerably reducing financing costs

2016-17 revenue (FYE 30 Sept.): €644.3m, up 2.1%

2015/16 EBITDA:up 4.3%

Consumer



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

▪ Continued to outperform its very competitive market▪ Ramp-up of closed networks, product launches (e.g. Smart

Tonic), increased communication effort (advertising campaign with Sharon Stone) and network development (e.g. launch of Champagne store concept)

▪ Refinanced its high yield debt, significantly reducing financing costs

2016-17 revenue (FYE 31 July): €372.8m, up 7.9%

2016-17 EBITDA:up 4.4%

Consumer


Leading operator of premium campsites in France and Spain (16 campsites)

▪ 2016-17 growth driven by sales increase at constant scope (11 campsites) and the acquisition of 3 campsites before the beginning of the season

▪ Pro forma including the 5 acquisitions signed for the 2018 season, sales were up 29% (€46.8m) and EBITDAR up 29% vs 2015-16

2016-17 revenue (FYE 31 October): €37m, up 33%

Increase in profitability


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

▪ Strong growth driven by international subsidiaries▪ Increasing contribution of the Extremities business (foot and

ankle)▪ Further market share gains in France▪ Launch of new products (e.g. Aclip implant for arthroscopic

surgery on the anterior cruciate ligament)▪ Recruitment of a Sales director for the US market▪ Further growth in H1 2017-18

FY 2016-17 revenue (FYE 30 June): €93.4m, up 15.6% vs 2015/16

FY 2016-17 EBITDA: €15.5m, up 15%

Share price: down 7% in 2017

Healthcare



USEFUL INFORMATION

STOCK MARKET DATA AGENDA CONTACT

Number of shares: 36,512,301

Market capitalisation: €551m at 1/3/2018

Stock market: Euronext Paris (compartment B)

Ticker: LTA

ISIN code: FR0000053837

26 April 2018Annual Shareholders' Meeting

15 May 2018, post-tradingNAV as of 31/03/2018

5 September 2018, post-tradingH1 2018 results and NAV as of 30/06/2018

8 November 2018, post-tradingNAV as of 30/09/2018

[email protected]

+33 1 53 65 01 00

www.altamir.fr

mailto:[email protected]


This document has been prepared by Altamir SCA (“Altamir”) for meetings to be held in March 2018.

▪ 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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