Altamir - Registration Document 2016

1

FINANCIAL AND LEGAL INFORMATION Presentation and history of the Company

www.albioma.com

1) Business description Albioma, formerlySéchilienne-Sidec, is apublicly listedcompany (Euronext Paris). Altamir holds 12% of the company’s shares, both directly and through Financière Hélios. Albioma is a leading independent energy producer with a strong focus on renewable energy. The company has world- class expertise in biomass and significant operations in solar energy. The total installed capacity of its plants is 753 MW. In 2014, leveraging its presence in France, its overseas territories andMauritius, the companybeganoperating inBrazil, theworld’s leading sugar cane producer. 2) Why did we invest? The company pioneered the biomass energymarket in themid- 1990s with the introduction of mixed fuel-fired power plants (coal and bagasse, a residue of sugar cane) and has since demonstrated the clear cost advantage of this technology compared to other energy sources available on remote islands. Owing to its solid industrial base, the company has developed a particularly attractive businessmodel characterisedby (i) 25- to 35-year contractswith incumbent national electricity producers on a cost-plus basis, and (ii) a high ROE due to the energy efficiency of its plants and availability of project financing. 3) How do we intend to create value? Renewable energy (solar, cogeneration and biomass) has significant growthpotential. Demand isgrowing in thecompany’s historical territories and there is opportunity to expand to new territories. 4) What has been achieved? Since investment, governance has been strengthened at the management level (CEO, CFO, legal director, HR director and two finance controllers recruited) and on the Board of Directors (new independent directors). Jacques Petry, former CEOof SITA and Suez Environment, was appointed CEO in 2011.

Albioma started its international expansion by entering Brazil, the world’s largest sugar cane and bagasse production market. In 2014, the company acquired the 60MW Rio Pardo bagasse cogeneration plant in the state of São Paulo, and in 2015, it acquired a 65% stake in the 48MW Codora Energia bagasse cogeneration plant in the state of Goias. In France, Albioma signed two new contracts with EDF at the end of 2014 and in early 2015: Galion 2 in Martinique, the largest 100% biomass plant in the French overseas territory (40 MW, operational in 2017), and Saint-Pierre de la Réunion, the first French peak production plant operating essentially on bioethanol derived from the distillation of sugar cane molasses (40 MW, operational in 2017). 5) How is it performing? Albioma reported a sharp increase in 2016 earnings. EBITDA rose by 10% to €131.4m and sales by 5% to €367.8m, owing to strong performance at its thermal plants, rate increases agreed with EDF in Reunion island, improved profitability at its two Brazilian plants, and the full-year contribution of the Codora plant, acquired in 2015. The company has also announced a third Brazilian project: the signing of a joint-venture agreement with Vale do Paraná, a mill in the state of São Paulo with the capacity to crush 2 million metric tonnes of sugar cane, with the aim of operating its cogeneration plant and building an extension, increasing the generating capacity from 16MW to 48MW, 30MW of which will be exported to the power grid from 2021. Taking intoaccount the increase in its shareprice, the valuationof the investment inAlbioma gained€8mduring the 2016 financial year. 6) How will we crystallise value? Because of the strong resilience of its business model and the quality of its management team, Albioma should attract the interest of both trade and financial buyers.

Sector

Country

Date of investment

Residual cost in €m

Fair value in €m

% of the portfolio at fair value

France

2005

59.0 60.8

7.0

28 REGISTRATION DOCUMENT 1 ALTAMIR 2016

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