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FINANCIAL AND LEGAL INFORMATION
1
Presentation and history of the Company
Sector
Country
Date
of investment
Residual cost
in €m
Fair value
in €m
% of the portfolio
at fair value
France
2008
43.0
105.9
12.1
www.altran.com1) Business description
Altrafin Participations, a holding company controlled by the
Apax Funds, is the principal shareholder of Altran, with 16.8%
of its capital and 27.4% of its voting rights. Altran is listed on
Euronext Paris, Compartment A.
Altran is a world leader in innovation and high-tech engineering
consulting. Altran works with its clients over the entire value
chain, fromdesign to production. The group has been providing
its expertise for over 30 years to key players in the Aerospace,
Automotive, Defence, Energy, Finance, Life Sciences, Railway,
Telecoms andother sectors. Altran has nearly 29,000employees
in over 20 countries.
2) Why did we invest?
As the pioneer in its industry, Altran has developed the only
international network with a comprehensive offering in
innovation consulting. The company has a very strong brand
in the industry and a diversified and well-balanced portfolio of
blue-chip clients.
At the time of investment, Apax became the core shareholder
that the Group needed.
3) How do we intend to create value?
The investment thesis is based upon growing sales and EBITDA
through organic growth, increasing Altran’s share of the
outsourced R&D market, rationalising its portfolio of activities
and geographies, taking advantage of build-up opportunities
and optimising costs.
4) What has been achieved?
Altran’s portfolio of activities andgeographies has been actively
managed. The group has exited from loss-making countries,
like Brazil, and reinforced its presence in key markets such as
Germany, the UK and the US. It has also targeted investments
in emerging markets (India and China) and exited from
underperforming activities that were not in linewith its strategy
(Arthur D. Little).
The company has implemented an active build-up strategy
focused on Altran’s key markets, i.e., Germany, the UK, the
US, India, China, and key strategic sectors such as Embedded
Software and Intelligent Systems.
In 2011, Philippe Salle was appointed as CEO to implement and
accelerate Altran’s growth strategy. He was replaced in 2015 by
Dominique Cerutti, who presented an ambitious strategic plan
called “Altran 2020. Ignition” in November 2015.
5) How is it performing?
In 2016, Altran continued to grow and posted record-high
revenue of €2,120m, up 9% (5.9% organic growth) compared
to 2015. EBIT came in at €220m, up 18.2% compared to 2015,
representing a 10.4% margin vs. 9.6% in 2015.
This performance was driven by a continued positive trend
in most regions where the group operates, notably France,
Southern Europe and India; an encouraging turnaround in
activity in Germany; and a series of acquisitions in 2016.
The group completed five strategic acquisitions: Synapse (USA),
Lohika (USA), Benteler Engineering (Germany), Swell (Czech
Republic) and Pricol Technologies (India).
Taking intoaccount the increase in its shareprice, the valuationof
our investment inAltran gained€17.6mduring the 2016 financial
year.
6) How will we crystallise value?
The successful transformation of the company, its financial
performance and ambitious objectives for 2016-2020 should
increase market investor interest, as well as that of trade or
financial buyers.
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REGISTRATION DOCUMENT
1
ALTAMIR 2016