Paris, 5 November 2020 – Net Asset Value per share stood at €28.01 as of 30 September 2020, after distribution of a dividend of €0.66/share on 28 May 2020.
Against the background of the Covid-19 public health crisis, NAV per share was up 3.3% compared with its record high of 31 December 2019 (€27.75) and up 1.6% compared with 30 June 2020 (€27.55).
We remind investors that only the listed companies in the portfolio and those whose divestment was announced during the quarter are revalued as of 31 March and 30 September.
Net Asset Value (shareholders' equity, IFRS basis) stood at €1,022.7m (vs €1,005.8m as of 30 June 2020 and €1,013.2m as of 31 December 2019). The change in NAV during the quarter resulted from the following factors:
|Portfolio||Cash (Debt)||Carried interest provision||Other assets and liabilities ||NAV|
|3rd Quarter 2020||NAV 30/06/2020||1,181.4||(34.3)||(135.3)||(6.0)|| |
|+ Investments ||20.4||(20.4)||-||-||-|
|+ Interest and other financial income (including dividends) ||-||0.2||-||-||0.2|
|+/- Positive or negative change in fair value ||20.0||7.0||(4.9)||-||22.1|
|+/- Purchases and external expenses ||-||(8.9)||-||3.5||(5.4)|
The €27.0m rise in fair value over the quarter derived principally from an increase in the valuations of SK FireSafety Group, Duck Creek Technologies, Amplitude Surgical and Neuraxpharm so as to align them with their divestment or listed share prices. Uplift on these divestments was 22%.
a) €78.5m invested and committed over nine months – Three new investments in the third quarter
A total of €78.5m was invested and committed over the first nine months of the year, including €71.4m in six new companies and €7.1m to finance additional investments.
During the third quarter of 2020, Altamir invested and committed €50.7m in three new companies:
- Via the Apax France X fund :
- €14.4m committed to Groupe Crystal, a leader in wealth management advisory services,
- €32.6m committed1 – including €10.0m as a co-investment – in Odigo, a leader in Contact Center as a Service (CCaaS) solutions intended principally for large companies.
These two transactions had not been finalised as of 30 September.
- Via the Apax X LP fund: €3.7m invested in My Case1, which offers software solutions to legal professionals.
The acquisition of InnovAge (via the Apax X LP fund) was finalised during the quarter for an amount of €5.4m.
b) €121.5m in divestment proceeds and revenue over nine months – €96.9m in the third quarter
Divestment proceeds and revenue over the first nine months of 2020 amounted to €121.5m, of which €102.8m derived from five full divestments and €18.7m from additional revenue.
During the third quarter, Altamir announced the full divestment of four companies for a total of €96.3m:
- SK FireSafety Group and Amplitude Surgical, which were held by the Apax France VIII fund,
- Neuraxpharm and Idealista, which were held by the Apax VIII LP fund.
These four transactions had not been finalised as of 30 September.
Duck Creek Technologies, also held via the Apax VIII LP fund, was listed on the stock exchange in August.
3. CASH AND COMMITMENTS:
Altamir's net cash position as of 30 September 2020 on a statutory basis was €29.7m (vs €25.1m as of 30 June 2020 and €79.1m as of 31 December 2019).
The valuation of the high-yield bond fund invested in emerging markets increased by 1.8% during the third quarter to €55.1m as of 30 September (vs €54.1m as of 30 June).
As of 30 September 2020, Altamir had maximum outstanding commitments of €616.5m, including €120.5m committed but not yet called, as follows:
- €350.0m in the Apax France X fund (€37m invested in Odigo and Groupe Crystal);
- €180.0m in the Apax X LP fund (€34.1m invested in Verint, Coalfire, Cadence Education, Kar Global, InnovAge and MyCase);
- €33.1m in the Apax France IX fund (€28m invested in Destiny);
- €12.8m in the Apax Development fund (€2.6m invested in two new companies);
- €11.2m in the Apax IX LP fund (€7.6m invested in Immarsat);
- €10.0m of co-investment in Odigo;
- €6.9m in the Apax France VIII fund;
- €5.0m in distributions recallable by the Apax VIII LP fund;
- €3.7m in distributions recallable by the Apax IX LP fund;
- €3.1m in the Apax Digital fund (€1.1m invested in two new companies).
As a reminder, Altamir benefits from an opt-out clause, under which it can adjust the level of its commitment to the Apax France X fund to the amount of its available cash every six months, up to a limit of €80m.
Part of the proceeds generated by the sale of SK FireSafety Group (held by Apax France VIII), and of Idealista and Neuraxpharm (held by Apax VIII LP) will be used to pay the catch-up owed to the holders of carried interest. Thereafter, the proceeds of future sales of Apax France VIII and Apax VIII LP holdings will be allocated 80/20 between Altamir and carried interest payments.
4. SIGNIFICANT EVENTS SINCE 30 SEPTEMBER 2020
On 27 October 2020, Apax Partners LLP announced it had listed part of the capital of Genius Sports Group on the stock exchange.
As Mr Jean-Hughes Loyez resigned as president of the Supervisory Board on 5 November, the members of the Board have appointed Mr Jean Estin to succeed him in that function beginning on 1 January 2021. Mr Loyez will remain on the Board until the end of his term.
6. 2021 CALENDAR
|2020 earnings and NAV as of 31/12/2020||10 March 2021, post-trading|
|Annual Shareholders' Meeting||27 April 2021|
|NAV as of 31/03/2021||11 May 2021, post-trading|
|H1 2020 earnings and NAV as of 30/06/2021||9 September 2021, post-trading|
|NAV as of 30/09/2021||4 November 2021, post-trading|
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Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with an investment portfolio of more than €1.2bn. Its objective is to provide shareholders with long-term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.
Altamir's investment policy is to invest via and with the funds managed or advised by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.
In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax's sectors of specialisation (TMT, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in continental Europe and larger companies in Europe, North America and key emerging markets).
Altamir derives certain tax benefits from its status as an SCR ("Société de Capital Risque"). As such, Altamir is exempt from corporate tax and the company's investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.
For more information: www.altamir.fr
Claire Peyssard Moses
Tel.: +33 1 53 65 01 74 /E-mail: [email protected]
EBITDA: Earnings before interest, taxes, depreciation and amortisation
NAV: Net asset value net of tax, share attributable to the limited partners holding ordinary shares
Organic growth: growth at constant scope and exchange rates
Uplift: difference between the sale price of an asset and its most recent valuation on our books prior to the divestment
Net cash: cash on hand less short-term financial debt
 Subject to the ultimate size of the Apax France X and Apax X LP funds.