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FINANCIAL AND LEGAL INFORMATION
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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:
€11.4m in Groupe INSEEC,
€6.9m in THOM Europe,
€6.8m in Marlink,
€6.3m in Snacks Développement,
€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).
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.
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REGISTRATION DOCUMENT
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ALTAMIR 2016