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FINANCIAL STATEMENTS
3
Consolidated financial statements
€2.3m inDuck Creek Technologies, a business specialising in
innovative software solutions for the insurance industry that
ismajority owned by Apax, jointlywith US groupAccenture;
€2.1m in VyaireMedical, a respiratory solutions business that
is majority owned by Apax, jointly with US group Becton
Dickinson;
of which €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
was finalised at the end of January 2017, and
€2.5m in theUScompanyDominionMarineMedia, 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:
€11.4m in Groupe INSEEC,
€6.9m in THOM Europe,
€6.8m in Marlink,
€6.3m in Snacks Développement,
€1.3m of follow-on investments in other portfolio companies,
a downward adjustment of €1.5m in Gfi Informatique, and
a downward adjustment of €1.9m for the three commitments
made at the end of 2015: the amounts investedwere 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 France 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.
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).
The €174.5m primarily included:
€93.5m fromthe sale of InfoproDigital, representing amultiple
of almost three times the amount originally invested;
€39.2mfromthe saleof TEXA, representingamultipleof 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 inproceeds and revenue receivedonpreference shares in
Maisons duMonde, a former portfoliocompany, on theoccasion
of its recent IPO;
€3.5m from the partial sales of GardaWorld (€2.6m) andChola
(€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 from a reclassification among shareholders of Snacks
Développement and Groupe INSEEC;
€1.3m from the refinancing of GlobalLogic;
€0.1m from Albioma’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 saleof Rhiagby theApaxVIII LP fund for €1.9m(amultiple
of 3.2 times the amount originally invested).
5.2 OTHER EVENTS
During 2016, Altamir committed to invest the following amounts:
€138m through the Apax IX LP fund; and
between €220m and €300m through the Apax France IX-B
fund.
These amounts will primarily be called during the next three to
four years.
5.3 KEY EVENTS SINCE 31 DECEMBER 2016
Altamir sold its direct stake in Unilabs in early February 2017,
receiving €41m from the transaction.
A portion of the proceeds from the sale of Mobsat group holding
hadbeenplaced inescrowbyChrysaor and themanagers’ holding
companies. Altamir recognised €2.4m of this escrow balance as
a receivable from Chrysaor. The last instalment of €4.9m was
released in December 2016 and paid in January 2017.
The Apax VIII LP fund announced two divestments at the
beginning of the year, the sale of the full holding of Chola shares
on the market and the sale of half of the holding in GlobalLogic,
which are expected to generate divestment proceeds of around
€5m for Altamir.
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ALTAMIR 2016