EduBourseActualitésAltamir Amboise - NAV per share up 12.5% over 2009

Altamir Amboise – NAV per share up 12.5% over 2009

” Altamir Amboise’s investment strategy to back market leading high growth companies led by visionary entrepreneurs, in our six sectors of specialisation, in the €100-500m mid-market space, has proved its pertinence in the challenging environment of 2009 . During the year, our portfolio companies focused on rigorous management of their resources, the enhancement of their financial flexibility and the reinforcement of their teams. They should therefore be extremely well placed at time of recovery. In 2010, Altamir Amboise should enjoy a rebound in its investment and divestment activity and step up the pace of value creation.” saidMaurice Tchenio, Chairman of Altamir Amboise’s Management Company.

Net asset value1 per share stood at €11.03 at 31 December 2009, compared with €9.80 at 31 December 2008, an increase of 12.5% over the year and 1.7%% over the final quarter of 2009. This growth stemmed from an improvement in stock market prices in 2009, which affected valuations of listed and unlisted securities held in the portfolio, coupled with a good operating performance by the portfolio companies.

Realisation and new investment activity was in line with the private equity market as a whole:

•divestments totalled €7.2 million generating €5.8 million in capital gains2 (compared with €4.3 million of divestments and €2.9 million of capital gains in 2008). The main divestment was the sale of CoreValve to Medtronic, world leader in medical technologies, for €6.2 million, which represents 7 times the initial investment (plus a potential additional €1.5 million payment contingent on the achievement of agreed milestones).
•follow-on investments and commitments amounted to €8.6 million, mainly to support five companies in their expansion projects and financing needs (compared with €96.4 million of new and follow-on investments in 2008).
The value of the portfolio grew by 18% over the year, standing at €421.8 million at 31 December 2009.

The 10 largest of the 34 portfolio holdings accounted for 89% of the gross portfolio value:

Vizada Leading worldwide provider of mobile satellite communication solutions
Prosodie A leading French provider of telecoms and IT services for customer relationship management
Altran Technologies European leader in innovation consulting
InfoPro Communications Leading French business information group
Séchilienne-Sidec A leading electricity provider in the French overseas regions
Faceo A European leader in facility management
Capio Leading private hospital group in Europe
Maisons du Monde A major home décor and furnishings retail chain
Afflelou Leading optical retailer in France and Spain
Royer Leading French wholesaler of branded shoes (licensed and wholly-owned)

Available financial resources amounted to €47 million, comprising €30 million raised through FCPR3 Ahau 30 and €17 million from the renewal of credit lines4. At 31 December 2009, €11.4 million was drawn down on these facilities.

Altamir Amboise’s co-investment rate with the Apax funds for all new investments made during the first half of 2010 will be within a range of 10% to 43% (compared with 5% to 43% previously).

Net statutory income, which serves as the basis for determining distributable profit, came to €9.8 million. Statutory income does not include unrealised capital gains. In view of the negative carried forward account, no dividend will be paid in respect of 2009.

Key dates

24 March 2010: Annual General Meeting
4 May 2010: Publication of NAV at 31 March 2010

1 Net Asset Value (Share of the Limited Partners who hold ordinary shares) net of any tax liabilities
2 Net of provision reversal.
3 Fonds Commun de Placement à Risque
4 As a Société de Capital Risque, Altamir Amboise’s debt may not exceed 10% of its net book value.

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About Altamir Amboise

Altamir Amboise is a listed private equity company, targeting NAV per share growth in line with the top-performing private equity players.
Altamir Amboise co-invests with the funds managed by Apax Partners SA, a leading private equity firm with over thirty years of investing experience.
Altamir Amboise offers investors access to a diversified portfolio of fast-growing companies across Apax’s sectors of specialisation: Technology, Telecom, Retail & Consumer, Media, Healthcare, Business and Financial Services.

Altamir Amboise is listed on Euronext Paris, Compartment B, ticker: LTA, ISIN code: FR0000053837. It is listed in the CAC Small 90 and SBF 250 indices. The total number of Altamir Amboise ordinary shares in circulation at 31 December 2009 was 36,512,301.

For further information: www.altamir-amboise.fr

Media Relations
Agathe Heinrich – Marketing Director
Tel.: +33 1 53 65 01 35
Email: [email protected]

Investor Relations
Marie Ployart – Financial Communications
Tel.: +33 1 53 65 01 33
Email: [email protected]

APPENDIX

Since 2007, Altamir Amboise has published two sets of financial statements: IFRS and statutory financial statements.
In the IFRS financial statements, the portfolio is valued at fair value, in accordance with International Private Equity Valuation (IPEV) guidelines.
The main components of the 2009 financial statement are presented below:

altamir11022010-4.jpg

Pierre Perrin-Monlouis
Pierre Perrin-Monlouis
Fondateur de Rente et Patrimoine (cabinet de gestion de patrimoine), Pierre Perrin-Monlouis est un analyste et trader pour compte propre. Il vous fait profiter de son expérience en trading grâce à ses analyses financières et décrypte pour vous les actualités des marchés. Son approche globale des marchés combine à la fois l'analyse technique et l'analyse fondamentale sur l'ensemble des marchés : crypto, forex, actions et matières premières.
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