Altamir - Registration Document 2016

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FINANCIAL AND LEGAL INFORMATION Analysis and comments on the financial year

– €22.5m inSandaya, a Frenchoutdoor accommodationgroup with four- and five-star campsites in France and Spain. This amount was not fully disbursed as of 31 December 2016; €11.5m through the Apax IX LP fund in two new companies: – a €9m commitment in Unilabs, European leader in medical diagnostics, followinganagreement signed inDecember 2016 under whichApax IX LPwill purchase 55%of Unilabs’ capital fromexisting shareholders, includingAltamir. The transaction closed in February 2017; – €2.5m in the US company Boats group (formerly Dominion Marine Media), the leading classified marketplace and marketing software provider to recreational marine brokers and dealers worldwide, and 2) €29.3m in follow-on investments andcommitments inportfolio companies, mainly: €1.4mof follow-on investments in other portfolio companies, a downward adjustment of €1.5m for Gfi Informatique, a downward adjustment of €1.9mfor the three commitments made at the end of 2015: the amounts invested were lower than those announced (see next paragraph). The Company finalised three investments to which it had made commitments totalling €106.4m last year. The final amount invested was €104.5m: a €50m investment in Marlink, a company formed by the legal entities comprising the commercial satellite communications business of the Airbus group. This investment was carried out via the Apax VIII-B and Apax France IX-B funds and via co- investment; an investment of €33.9m in Melita, the leading telecommunications operator in Malta. This investment was carried out via the Apax VIII-B fund; a total investment of €20.6m in Nowo, the second-largest Portuguese cable operator, and ONI, one of Portugal’s leading telecommunications operators. This investment was carried out via the Apax VIII-B fund. Divestments The volume of sale proceeds and revenue realised or signed during the year amounted to €215.7m, (€88.2m in 2015) of which €174.5m was realised, and comprised sale proceeds of €214.2m (€37.7m in 2015) and revenues of €1.5m (€18.5m in 2015). €11.4m in Groupe INSEEC, €6.9m in THOM Europe, €6.8m in Marlink, €6.3m in Snacks Développement,

The €174.5m primarily included: – €93.5m from the sale of Infopro Digital, representing a multiple of almost three times the amount originally invested; – €39.2m from the sale of TEXA, representing a multiple of almost twice the amount invested; – €21.4m from the sale of the remaining shares in Capio, generating an overall multiple of 1.6 times the total amount invested; – €8.5m in proceeds and revenue received on preference shares in Maisons du Monde, a former portfolio company, on the occasion of its recent IPO; – €3.5m from the partial sales of GardaWorld (€2.6m) and Chola (€0.9m); – €2.4m from the refinancing of the debt of EVRY and Ideal Protein, representing 0.5 times and 0.8 times the amounts invested, respectively; – €1.4m froma reclassification among shareholders of Snacks Développement and Groupe INSEEC; – €1.3m from the refinancing of GlobalLogic; – €0.1m fromAlbioma’s 2016 dividends distributed in cash and shares; – €0.1m from dividends received from Idealista; – €0.3m from various portfolio companies; – The Company also finalised two sales announced in 2015, for a total of €34.8m, vs. the €32m initially stated: the partial sale of Gfi Informatique to Mannai Corporation for €32.9m. This transaction brings Altamir’s indirect stake in Gfi Informatique to 7.5%; the sale of Rhiag by the Apax VIII LP fund for €1.9m (a multiple of 3.2 times the amount originally invested). In December 2016, the Company signed an agreement to sell Unilabs to the Apax IX LP fund managed by Apax Partners LLP. This divestment totalled €41.2m for Altamir, a 29%uplift from the latest valuationprovided. The transaction closed inFebruary 2017. Net cash holdings Altamir’s net cash holdings as of 31 December 2016were €67.3m, vs. €38.2m as of 31 December 2015. TheCompany also had short-termcredit lines totalling€39m. The lines were fully repaid during the year, following the numerous portfolio divestments. As of 31 December 2016, these lines were therefore undrawn. The Company is currently renegotiating with its banking pool to increase the amount of its credit lines. It should be noted that, as an SCR, or société de capital risque (special tax status for certain private equity and other investment companies), Altamir may not borrow in excess of 10% of its statutory net book value, i.e. €57m as of 31 December 2016.

60 REGISTRATION DOCUMENT 1 ALTAMIR 2016

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