Altamir Reports on Good 2015 performance
OREANDA-NEWS. September 02, 2015. Net Asset Value per share stood at €16.95 as of 30 June 2015 after payment of a dividend of €0.50 per share. It was up 5.4% from 31 March 2015 (€16.08 post-dividend) and up 5.7% from 31 December 2014 (€16.04). Including the dividend, NAV per share rose 8.8% over the first half of 2015.Good operating performance at portfolio companies was the main driver behind the NAV increase. Growth in EBITDA of the Apax Partners France portfolio - which represents most of the portfolio of Altamir - averaged 5.7%2 over the first half. In addition, the weighted average valuation multiple increased from 9.46x to 10.03x LTM EBITDA, generated principally by Amplitude Surgical's IPO value. This also contributed to the rise in NAV.
Net Asset Value (IFRS shareholders' equity) as of 30 June 2015 was €618.9m3, vs. €587.2m as of 31 March 2015 and €585.8m as of 31 December 2014.
Two partial divestments
First-half 2015 divestment proceeds and revenue amounted to €24.1m, compared with €42.3m in H1 2014, and were composed primarily of:
€14.6m from a partial sale connected with Amplitude Surgical's Euronext Paris IPO at the end of June. As a result of the transaction, Altamir indirectly held 14.2% of the company's shares (before exercise of the overallotment option);
€9m from a partial sale connected with Capio's IPO on the Stockholm Nasdaq on 30 June. As a result of the transaction, Altamir held 3.5% of the company's shares (before exercise of the overallotment option); this amount had not yet been received as of 30 June.
€54.4m invested and committed as of 30 June
As of 30 June 2015, Altamir's portfolio was valued at €605m, vs. €579.2m as of 31 March 2015 and €543.5m as of 31 December 2014. Excluding commitments, it was made up of 29 companies (vs. 25 at end-2014). Twenty-one of these companies were unlisted (60% of portfolio value) and eight were listed (Altran, Albioma, GFI, Amplitude, Capio, Evry, Shriram and Chola).Against a background of slow growth, Altamir's portfolio continued to grow organically and through acquisitions. The EBITDA of companies in the Apax Partners France portfolio increased on average by 5.7% in the first half. The EBITDA of companies held via the Apax VIII LP fund increased by 6.9% on average during the period.
As of 30 June 2015, Altamir's net cash position on an IFRS basis (excluding commitments and proceeds from the partial sale of Capio) was €33.4m, vs. €66.9m as of 31 March 2015 and €70.1m as of 31 December 2014. Altamir also has overdraft lines totalling €47m.As of 30 June 2015, the Company had commitments to the Apax France VIII and Apax VIII LP funds of a maximum of €128m. Altamir also has a commitment (estimated at €10m) to co-invest alongside Apax France VII in the fund's existing holdings in proportion to its initial investments.
For the period from 1 August 2015 to 31 January 2016, the Management Company has decided to maintain Altamir's share of any new investment made by the Apax France VIII fund at the upper limit of its commitment (€280m), i.e. 40% of any new commitment undertaken by the fund.
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