Altamir SCA (LTA) Earnings Call Transcript & Summary

Hello everyone. Welcome to the presentation of Altamir's annual results. This is the company's 29th financial year. I'm here with Maurice Tchénio, President and CEO of Altamir Gerance; and Eric Sabia, our CFO. The floor is yours.

Thank you very much, Claire. So I'll spare you the presentation of Altamir, and we'll get straight to the point to present the private equity market for the year-end. It can be summed up in one word, which is the market's recovery. But as you can see in terms of the volume of buyouts in Europe in 2024, there were EUR 271 billion of acquisitions. So compared with EUR 200 billion in 2023, where we're not back to the figures of 2021, 2022, but we can clearly see a revival of activity in terms of investment. In terms of divestments, the M&A activity has also rebounded to EUR 199 billion. But as I always remind you, there were 2 other engines that remained closed in 2024, namely IPOs. I mean, the IPO remained closed, but the debt market took off again, and there were quite a few recaps. Low pistons out of the 3 that worked in 2024. Against this backdrop, how did your company's Altamir perform? It is summarized on this page i.e., that NAV, net asset value grew by 1.4%, including the 3% dividend paid in May 2024 and that compares with 2.1% last year. So we are still in the low water in terms of growth in net asset value. On the other hand, the good news is the growth, the improvement in profitability, the EBITDA of our companies, which grew by 25.6% compared with 6.4% in 2023. So that's extremely encouraging even in a market that's still difficult. Our divestment activity is very significant at the EUR 332 million versus EUR 24 million last year. So EUR 332 million, to put it in perspective, is exactly 20% of the portfolio, which totals EUR 1.6 billion. So we divested, which is logical as we aim to rotate the portfolio over 5 years 1/5 of the portfolio. So that's extremely satisfying. We made 8 new investments compared with 6 last year, amounting to EUR 180 million versus EUR 81 million last year. Here again, if we take the idea that an investment should make twice its stake, when we invest EUR 180 million, that corresponds to EUR 360 million of expected exit price. So we are well on the right track. And the cash position at statutory level has clearly improved to minus EUR 17 million compared with EUR 43.2 million but this figure of EUR 17 million -- EUR 18 million does not include proceeds from the sale of companies which have not yet been finalized, such as Assured Partners and part of Crystal and which have not yet been cashed in [indiscernible]. Once these transactions are fully completed, we can expect a further strengthening of our financial position, reducing any short-term liquidity concerns. This positive momentum reinforces our overall strategy and confirms that we are moving in the right direction on the 30th of December 2024. So if we zoom in on the amounts on the divestments, you can see on this chart, which traces 10 years of activity, that the year 2024 climbs to third place on the podium. On the podium in third place in relation to historical figures at EUR 332 million, including EUR 249 million in complete divestments of 12 companies and EUR 83 million in additional investments. And I'd even say better than the market in terms of rebound. So how are these EUR 332 million selling? Well, there are 249 million complete releases with the release of Europe Snacks, which we had held in the bottom 8 for almost 10 years at 2.7x our stake; the exit of Crystal at 2,500x our stake, which is a 2001 investment, but with reinvestment, as you'll see later. In terms of Apax X LP, 6 complete exits: Assured Partners, which has not yet been cashed in; Healthium, an Indian company. If we are looking to the multiples of investment they have completed, [ 205x ] the stake for Assured Partners, 3.3x the stake for Healthium, 3.3x the stake in total for Paycor, which has not yet been cashed in the last exit, Baltic Classifieds 4.2x the stake, Guotai, which is a very small investment, yes, we've only recouped EUR 0.30 of the amount invested and Genius 2.7x the stake. We also received EUR 84 million from 2 companies in the Apax X LP fund. Idealista, which was a reinvestment, I remind you of the new fund. And we had already made 88x our stake. And here, we made [ 250 ] 1x our stake on the reinvestment and Affinipay, 82x the amount invested. We also cashed in 2 sessions of the Apax Development fund under very good conditions, 4x the stake for one and almost 3x the stake for the other. On the other hand, we recorded 2 total losses during the year, Entoria and Vyaire Medical, which was sold for the symbolic euro. We had a number of partial exits, the main one being the refinancing of THOM. It was the refinancing of THOM, which enabled us to repay part of the capital there. This is why I said that the debt plan here worked since you can see that Marlink, Candela, Lexitas, Odido and SaveATree were refinanced in the form of dividends, allowing for a more efficient capital structure and improved financial flexibility so they can sustain their growth, SafeATree, Safetykleen and various other companies. So we're almost halfway through the refinancing of our portfolio companies. Yes, in terms of new investments. Here again, you have our 10-year history. So we can see that at EUR 180 million. We're in the right ballpark with 8 new investments and EUR 46 million in additional investments in the portfolio. These new investments are described on the next page, Page 17. Smith & Williamson is a British company specializing in tax and accounting consultancy. In fact, it's a classic chartered accountancy firm. So it's a carve-out from a larger company [indiscernible] -- and Smith & Williamson was the historic name of this company, a very symbolic name in Great Britain. So we gave it back. As part of this carve-out, we've given it back its origins and they can focus on their main business. The Project Viper is the merger of 2 companies, Veriforce and Alcumus. These 2 companies were merged on the same day. Alcumus was already in the portfolio of the Apax Fund X. So it's quite an ambitious project. We have also Altus Fire & Safety, which is applied in the fire safety sector, an extremely fragmented market with plenty of buildup opportunities, a very interesting company. Fulgard, an Italian company, is an operation this time with Seven2. And it's both a company in the same business as Altus Fire & Safety, which is fire protection, but which also has another component, medical control. The medical control in Italy, it's private companies whereas in France, it's a public system of compulsory medical checkups. So that's what these 2 companies do. And here again, value creation is essentially based on buildup in the fire safety sector, which is also an extremely fragmented market in Italy. And Crystal is the reinvestment. We make 2.6x the stake, and we reinvest 0.6x, and it's in EUR 13.7 million is the reinvestment of 0.6x the stake. In Crystal to continue this wonderful adventure compare after reviewing the services companies, which have been added to the portfolio, we are now talking about 3 new investments in the tech sector, reinforcing our commitment to high-growth, innovation-driven industries [indiscernible]. Apax XI invested in a company called Zellis, which supplies software, software for personnel and payroll management and in to every human resources tasks. And then in the profits, in the profits, the social benefits that are offered to employees. As you know, Thoughtworks is a very interesting operation. Thoughtworks was a new fund investment that have performed extremely well since we had already realized 3x our stake while the fund was still holding money in the capital. The company was listed on the stock exchange, and we took it off the market with the XII fund. Now Apax IX LP, along with the management team, practically owns the company's capital. Today, therefore, we have a significant reinvestment by the fund XI, while the IX fund retains its position so there's a lot of work being done to the management team. And finally, Lumion is an investment made by Apax Seven 2, a Dutch company that has developed a real-time rendering software platform for architects, designers and visualization professionals. So another extremely promising company. In addition, there are the investments made through the funds. As you can see, EUR 24 million have been invested through the Odyssey funds, sorry, EUR 24 million have been invested through the funds, i.e., the Odyssey funds. As you can see, 75% has been invested in fund '21, 45% in fund '22 and 19% in fund '23. And so on the other funds, we have invested EUR 3.2 million through the Apax Digital II fund, which is also invested at 41% and EUR 4,100 million through the Apax Development fund, which is invested at 14%. And then there was only a small correction to take account of the actual amounts invested compared with those estimated in the presentation we had previously made. In addition to these new investments of EUR 135 million, there are EUR 46 million in additional investments, which we have broken down into what we call offensive investments in Vitaprotech to make a transforming acquisition in the United States, in Infraneo to make acquisitions and in Odigo, Palex and Oncourse Home Solutions. And then EUR 2.6 million in a variety of different companies. And then we invested EUR 5.4 million to strengthen InfoVista's solution and financial situation, which I'll say a word after is now on the road to recovery; EUR 4.6 million in Mentaal Beter, which is also a sign of improvement. On the other hand, we have invested EUR 2.3 million in Eating Recovery services, which we are going to lose as an investment with what was previously invested and what we have invested here. And then there were EUR 9.7 million for Thoughtworks and Inmarsat, which were refinanced and so on. So all this translates into growth of 124% in net asset value. As you can see, revalued net assets at 31, 2024 is EUR 35.06. By way of comparison, it has obviously been falling since 2021. Since in 2021, we were at EUR 37.81 and are now at EUR 35.06, EUR 2.75 less than the peak of 2021. But this EUR 2.75 less are offset by the fact that we paid out a dividend of EUR 1.13 in '22, EUR 1.08 in '23, EUR 1.08 in '24, EUR 2.16, EUR 3.16, EUR 3.29. So we paid a dividend of EUR 3.29 for a drop in NAV of EUR 2.75. So the portfolio actually performed extremely well during this period. Since the portfolio enabled us to cover dividends, but also to cover, as you will see in a moment, all direct and underlying costs. So I think we will, in the future, bounce back from these movements. We'll move on to bridge, and I'll give the floor to Éric Sabia, our Chief Financial Officer, to comment on this change in net asset value.

Thank you, Maurice. Indeed, as Maurice has just described, there are 2 reasons for the change from NAV in December to now at end December. It's the value creation on the first part of the graph with EUR 73 million in value creation over the year, but mainly driven by capital gains realized on portfolio sessions, EUR 53 million and also a little by the revaluation of companies still in the portfolio. Unfortunately, this value creation does not compensate for the rest of the graph on the left, the expenses and the dividend. If we set aside the dividend, the value creation covers the expenses, which are just over EUR 43 million, plus EUR 9.7 million in financial expenses, but the EUR 20 million difference between the EUR 31 million in 2024 and the EUR 31 million 2023 is explained by the EUR 40 million dividend paid over the year. Turning to the next page, we give you a breakdown of value creation by sector this time. Here, we see that we are being driven very strongly by the tech & telco sector, by the consumer sector and the service sector, while the health care sector is in decline. The 2 messages I'd like to pass on from this graph are the losses. The fact that despite this EUR 73 million in value creation, we had 3 losses over the year, which, as Maurice mentioned a little earlier, our Entoria and Vyaire and Eating Recovery Center, 2 companies in the health care sector and the service company, which would otherwise have created value. But if we weren't concerned, this loss of value would have created EUR 142 million, EUR 122 million in value creation instead of the EUR 73 million we recorded.

So I'd just like to point out here that as you can see, the health care sector, underperformed quite significantly, and this has led both Apax Seven2 and Apax LP to decide not to invest in the health care sector in the future with the obvious exception of activities like services directly linked with hospitals or also distribution activities in the health care sector or software activities in the health care sector, which will be dealt with either at the service or tech level. But the health care sector itself will no longer form part of the investments made by either Apax, LP or Seven2. This strategic shift reflects a reallocation of resources towards sectors with higher growth potential. On the other hand, in the Altaroc funds among the managers we select, we have a fairly significant exposure. Let's say, at least 10% in the health care sector. So we will remain present in the health care sector, but through the Altaroc funds. That's all. Thank you. Excuse me, Éric.

Right away, it's now on Page 23. We show you the different value creation levels used by the managers in your portfolio to create value at portfolio level. We can see that as is the case almost every time, most of the value creation came from EBITDA growth, which was effectively offset by a significant drop in multiples over the last 2024 years. We're not going to dwell on the figures because there were several complex operations carried out by both the Apax funds and the LP by the Seven funds. It all adds to the complexity of the reading. On the right, you can see the change in portfolio value from the end of December '23 to the end of December '24, and that overall, our portfolio remains stable. We carried out many sessions, many investments over the year and the creation of value of EUR 19.2 million offset the very slight decline in a portfolio that is really stable over the year. The previous slide showed the change in the portfolio at a fair market value. We'll now zoom in on the portfolio at cost. We can see that our portfolio at cost has grown from EUR 982 million to EUR 1,080 million so an increase of 10% over the year, while at the same time, our social welfare situation grew by only 3%. It's an indicator that we follow quite closely as we try to invest as much as possible. And we can see that today, our portfolio represents more than 117% of the welfare situation. This is a very interesting indicator that we follow like milk on the fire. On the next page, Page 25, we show you the different ways of valuing the portfolio, either using comparables or recent transactions or whether the companies are at cost or valued according to their stock market price. We can see that today, only 2% of the portfolio value, which are represented by listed companies, mainly OpenLink and Paycor and this figure is set to fall as we still have listed companies in the portfolio today at December 31, which are due to exit at the beginning of the year. Next slide, we present the uplift. Uplift, I remind you, is the difference between the valuation at which we sell assets in a given year and the value at which these assets were held prior to the giant decision to sell. We can see that uplift, as has historically been the case, remained positive for 2024 because it includes many disposals, Crystal, Europe snacks, and we have nonetheless included 2 companies in this uplift, Entoria and Vyaire which even though they are still present in the portfolio at December 31, since we know we are going to lose them, we have already included them in the uplift of 2024. So even though these companies have already been anticipated in terms of uplift, we are maintaining a positive uplift for 2024. Right now, we present Altamir's residual commitment at the end of December. We still have EUR 500 million of residual commitments at the end of December, of which EUR 123 million have already been committed by the funds in our portfolio. I would remind you that the use of credit facilities by the funds gives us visibility on future disbursements. The EUR 123 million have already been invested out of these EUR 502 million, which are divided between the 3 allocations shown on the rest of the slide, mainly as can be seen in the allocation of 2023 to the XI LP fund, and in 2019 on the Seven2 X LP fund. In terms of cash, we have a cash position, as Maurice was saying, which has improved over 2024, especially as it does not take into account at the end of December a certain number of sessions which have been completed, but for which the receipt of proceeds will be spread over the beginning of 2025. And we have a cash position in the corporate accounts of less than EUR 17.7 million. We have compositions, which I've given you a little lower down on the slide and an IFRS cash position that is broadly stable compared with 2023 at less than EUR 186 million. It's also important to mention that as of the end of 2023, we still have EUR 135 million in credit lines. We regularly work on extending or renewing them, and we have renewed them, in 2024 and even in early 2025, a certain number of credit lines.

Thank you very much, Éric. So we're on Page 29 for significant events. We can confirm that our portfolio has no significant exposure to Russia or Ukraine. The only new post-closing information is the fact that the Apax Fund has announced an investment in CohnReznick which is also an accounting tax, et cetera, firm in the United States. And so it's a significant firm with 29 offices employing over 5,000 people and 330 partners. And so once again, we consider that this is an extremely fragmented market in the United States. And once again, we have the opportunity to create a major leader in a sector that is extremely recurring. So this market, then we come to the most important thing, since I say every year that the value of your company is the value of its portfolio. So you can see on Page 31 that the portfolio at the end of December 2024 comprised 67 companies for EUR 1,625 million. When we say 67 companies, we mean the companies with individuality. Because in the Altaroc funds '21, '22, '23, Apax Digital I and II and Apax Development, we have hundreds of companies so we don't communicate on all these companies, but in reality, the portfolio. So of course, for amounts invested, if I add up 3, 3.5% in Odyssey, 1% in Digital I and II and Apax Development, 1.3%, that makes 323 (sic), that makes 5.8%. So for that 5.8%, we have 6%, but we have hundreds of companies. But when we talk about 67, it's in the other 94% which breaks down into 21% in direct co-investment and 75% via the Seven2 and Apex funds. The portfolio, as you can see on Page 32, is well low balanced in terms of here we are in a fair market value that we're not in costs. The portfolio is 53% in tech, 26% in services, 17% in consumers and 4% in health care. By vintage, the deals [indiscernible] since vintage is important in the sense that it's what gives a bit of the exit potential. And so you can see that what's in gray and pale pink represents around 30% of the capital, which are the potential sessions we are expecting over the next 12 to 18 months. And by geography, I'll answer that we're 70% in Europe, 23% in the U.S. and 7% in the rest of the world. Most of our companies nowadays have a strong international presence, for instance, take Marlink as an example. It is a truly global company with a wide reach, covering around 70% of the market. It holds a significant position in the United States as well as other parts of the world. But our portfolio is well diversified geographically. So as you know, Altamir's philosophy is to invest in growth companies. And for us, growth means EBITDA growth, which is why for years now, we've been showing you the EBITDA growth of our portfolio companies compared with the 35 or 36 companies in the CAC 40, the nonfinancial companies in CAC 40. And you can see that in '22 and '23, we had underperformed the CAC 40 companies, whereas historically, we had significantly outperformed the CAC 40. We had significantly outperformed the CAC 40. You can see that in '24, we've very significantly gone back in the right direction. Then we'll give you a bit more flesh. 37 companies that represented 67% of the portfolio at cost and 81% of the portfolio at fair market value. Some of them by more than 20%, et cetera. So overall, the portfolio is in good shape. In terms of EBITDA growth, you have more or less similar figures. 75% of companies at cost and 86% at fair market value have EBITDA growth, which explains the 26% growth in average blinded sales. And you can see that 40% of them have grown by more than 20%. So on the other hand, if we have the EBITDA growth, we've had a significant drop in multiples. You can see that we're almost back to the 2021 level, which is more and more tech-oriented and more and more growth oriented. So this 13.6 multiple is really very conservative. On the other hand, you can see that the level of debt remains. The leverage remains around close to 6. So there you have it, but driven by a few companies, a few companies that were over indebted. So there you have it. But today, we don't have -- apart from the companies we've lost, the problems have materialized. Entoria, for example, weighs enormously, weighs on the multiple, whereas Entoria is the debt multiple, I mean, whereas Entoria is lost, so we'll be reviewing the next reporting. When Entoria is out of the portfolio, we'll see this multiple return to much more significant levels. We then presented the 20 main investments which account for 68% of the portfolio's market value. And as you can see here, these 20 investments have a residual cost of EUR 677 million for a valuation of EUR 1,100 million and they are all marked above cost, with the exception of InfoVista and Mentaal Beter, which are slightly below the cost, and I'll come back to that later. So if you don't mind, I'm going to comment on the performance of each of these 20 portfolio companies staying in the tech sector first. DSTNY, as you know, is a major European player in on-demand unified communications or UCaaS. So the company continued to perform very well in terms of sales and EBITDA growth and continued its international deployment by penetrating the German market with the first acquisition in the German market. And what's also interesting to note is that although overall sales have only risen by 3.5%, the software division, which is the most valuable, is growing at 10% a year. Graitec is an international publisher and distributor of BIM, building information modeling software for design, calculation, simulation, manufacturing and collaborative management. Here again, Graitec had a very, very good year, both organically and in terms of sales. And through external growth, announce the company is rolling out its digital transformation plan. And so today is the world's leading Autodesk reseller. And so it's an extremely successful company in our portfolio. As for Marlink, as you know, we've had it in our portfolio for a very long time, and it's a world leader in satellite communication services, mainly in maritime and remote land areas. Here again, the company's performance has been absolutely remarkable, above all with several acquisitions. On the other hand, you will see that Marlink sees its valuation going down at the end of the year. The reason for this is that to create liquidity, Marlink will be transferred with part of Crystal into a continuation fund, which is being acquired by secondary funds, and therefore, the decline in Marlink's valuation is not at all related to its activity or the decrease in comparable multiples, but rather, to the need to create liquidity for the funds. As a result, Altamir is present in Marlink through Funds VIII and IX, and we will, therefore, sell our shares. However, we are also invested in Marlink through co-investment. And here, a decision needs to be made, we will most likely reinvest and retain a significant portion of Marlink. This approach ensures continuity in our involvement while allowing us to benefit from future value creation within the company. As far as Odin is concerned, it's one of the Netherlands' leading providers of outsourced cloud-operated IT services. Ater a rather slow start, you can see that Odin, thanks to acquisitions and improved management, Odin is performing very well during the year 2024, especially in its -- how can I say that, in its core business. So there you have it, a very fine performance from Odin. Odigo, let me remind you that the Odigo model, first of all, is the leading provider of contact center as a service solutions, mainly for large enterprises. Odigo's investment thesis, which was essentially, I'd say in the -- was to transform the entire business in staff, so it took longer than expected to do it. It costs longer, it costs more and so on. But this operation has now been completed. The move to SaaS has been made. And thanks to this, you're seeing very significant growth in EBITDA since the switch to SaaS has enabled us to significantly reduce costs. On the other hand, the price we had to pay was a lower [ sales ] achievement and the management team's main priority now is to restore sales growth while continuing to improve cost. Vitaprotech is therefore a French leader in premium electronic security for sensitive sites with high security requirements and in security needs. Today, therefore, the most striking phenomenon is the acquisition of the American leader, which has enabled the company to practically double in size by being on both sides of the Atlantic. On the other hand, the company had to face, I would say, an unfavorable environment, which translated into a drop in organic sales and EBITDA, but a very strong action is being taken to rectify the situation. Still in the tech & telco sector InfoVista is a world leader in software solutions for improving network performance. I would remind you that InfoVista, which we have globalized through a series of acquisitions, has also had to contend with an extremely negative tech & telco market over the last 2 or 3 years as has Thoughtworks. As a result, the company had to completely change its management team and embark on a major cost-cutting strategy. But you can see that the turnaround is underway and that today, for the financial year ending July 2021, the company hopes to be in line with its budget and with positive EBITDA. In addition, the company has renegotiated its debt and is now up and running with a management team in place, business recovery. We're hoping for an upturn in business. Expereo is a major player in managed Internet access connectivity worldwide. And here again, Expereo's approach has involved circumventing telecom operators and instead selling directly to companies, thus increasing profit margins. Additionally, Expereo has targeted the lucrative U.S. market to further enhance the business strategy and increase their growth. At first 2 telecom operators reacted slowly but then seeing Expereo's success, they reacted more sharply. So the reason why we are seeing a slight decline in sales and EBITDA is that growth in direct business is not fully offsetting the fall in business with telcos. But as this share continues to shrink significantly, the curves will cross. What's more a new manager has been appointed from the inside. We're still in tech & telco, which is clearly out of the 20 companies. How many do they represent? They represent 1, 2, 3, 4, 5, 6, 7, 8, 9, 10. There are 10 out of the 20. They're in the top 20, so to speak. And here again, let me remind you that a European leader in CRM software, the company, following the appointment of a new manager, has really taken off, as you can see, with an 80% growth in its sales of one and then a slight decrease in its sales of 2. A slight decrease in sales with 2 businesses not working in the same direction, but again, as well. As I explained earlier, Thoughtworks will once again be a significant investment in our portfolio as we will be holding it through the IX LP fund, the XI LP fund, and we have a co-investment in this company. Here again, our exit from the stock market means that we'll be putting in place a new management team, a much more aggressive strategy in terms of winning new customers and a much more aggressive strategy in terms of cutting costs, in other words, a very ambitious plan to create value away from the stock market. So we're transitioning from the tech & telco sectors, which represents 10 out of 20 to the services sector. In this sector, we're returning to things that are much more tangible or drinkable with AEB. Our focus is now on the services sector, where we will delve into offerings that are more practical or consumable combining AEB. Wine and beer to be clear. Here too, the company is facing a wine production market, a production market, which is shrinking significantly in all territories, and AEB has to face this problem. Nevertheless, the company has managed to maintain its sales and throughput. And a new one of the company has refocused by selling off somewhat external activities and the new manager is in place. Opteven is one of Europe's leading providers of motor insurance products and services. When your car breaks down on the ring road, well, if you're an Opteven member, that's where we come to help you out and so on. So the company is off to a very good start with gross margin and EBITDA growth of over 20% and is pursuing its inter-European expansion strategy with acquisitions in Italy and Germany. These developments further strengthen its market position and lay the foundation for sustained long-term growth across key European regions. And of course, by strengthening its management team to cope with this strong growth. Crystal, well, as you know, because we have this company for years, was one of France's leading in asset management, consulting and under the leadership of Seven2, the company made over 20 acquisitions including 3 or 4 extremely transforming ones, such as Primonial, which enabled us to more than triple our sales and profitability. The company was sold in October to Goldman Sachs and Seven2. Seven2 decided to reinvest in this company, alongside them, that's it. And Crystal as well would be part of the continuation fund, which will have Marlink. So we'll have -- in the future, Altamir will have 2 feet in Crystal, 1 through the Apax X Midmarket fund, Seven2 and through the fund at the level of our co-invest through the continuation of fund, which will include Marlink, alongside Crystal so we can still benefit from the growth of these companies. So Fulgard as I said earlier, is a leading player in the fire safety sector. It's a new investment made by Seven2 with a very, very important objective of growth through acquisition and buildout. That's it. Still in services, PIB Group is a leading U.K.-based insurance brokerage firm with a presence in Continental Europe. Here, too, it's a buy and build, a buy-and-build story with a very significant number of acquisitions under the leadership of Apex LLP, resulting in growth in sales and EBITDA. And in particular, the company, which was essentially U.K.-based is now pan-European with sales in Continental Europe. The scenario regarding Partners election follows a similar narrative albeit with a domestic focus in the United States. The selection process will be finalized in the upcoming days as it was recently put up for sale during the end of the year. And here again, the value of the choice of Partners, which is up is down on that of 2023, both to take account of the fact of the session since a choice of partner simply to situate the debate is a $16 billion session that was sold to an industrialist in the sector. But to sell a $16 billion asset, we had to take a slight discount compared with the last valuation in our books. So there you have it. We end on an investment. Oh yes, sorry, we're still in services. Infraneo, excuse me. Infraneo is a leader in the field of infrastructure, providing mission inspection diagnoses and recommendations for companies in this sector. The company has continued to make acquisitions. And you can see that its sales have already doubled since the investment, which they expect no more than 12 months. 12 months ago in Seven2's portfolio. So here again, we have high expectations for this project. And finally, Project Viper is a global benchmark in the provision of integrated solutions and services dedicated to supply chain risk management. What does this vocabulary mean? This vocabulary means that in reality today, when you're a large group and you want to, I don't know, build a factory or construct a new building, et cetera, you need to call on the services of a specialist. Well, you have to call on subcontractors but you have to calibrate the quality of the subcontractors in terms of regulations, safety, their employees, et cetera. And what does this company do? Well, it organizes the network of subcontractors that it validates and certifies, et cetera, on behalf of major contractors. Project Viper is built to be a leader in this sector. So finally, Project Viper is the combination of 2 companies, a new company called Veriforce and Alcumus company, which was already in the new portfolio and which will both be merged with the understanding that the new fund will return its share of the investment in Project Viper. So we'll have this Project Viper through Fund IX and through Fund XI. That's why it's making a brilliant entry into the top 20. And we only have 2 investments left, one in the consumer sector and one in the health care sector. So THOM is the company. THOM is, as you know, [Foreign Language]. It's in Italy, [ euro vivo ] and in Italy, a strong leader. So the company, which ended its financial year on September 30, has seen its sales grow by 4.5x and its EBITDA by 2.5x. This is an absolutely remarkable performance given that the market is in steep decline. On the other hand, the price of gold has risen by 40%, and we are not reflecting this. We don't pass on the increase in the price of gold. This costs us around EUR 15 million in EBITDA losses every year. But we are gaining market share. In addition, as you know, we carried out the second refinancing at the beginning of the year 2024, which enabled us to recover EUR 60 million in the form of dividends and redemption of our cost. And so of the EUR 100 million we had originally invested, our EUR 100 million was fully recovered 3 years after our initial investment. And THOM is still valued at more than twice the stake on the remainder. Now finally, the last investment is Mentaal Beter in the health care sector. Mentaal Beter is a Dutch provider of outpatient care for mild to moderately severe mental health disorders. It's the same business as Eating Recovery Services in the United States. However, here, the recovery is going better. And so you can see that EBITDA and business scale are in sight despite still a lack of therapists and extremely painful wage inflation. Nevertheless, Mentaal Beter is now valued at almost 60% or 70% of its cost. We therefore hope that the company will continue its recovery. So this covers the 20 main investments of the portfolio. So what does all this translate into? Well, in terms of NAV, you can see that after 3 lean years, our theory has fallen to 11.4% over the last 10 years. We are still outperforming our benchmarks by 2 points. Over 5 years, however, we're on a par with our peers. And obviously, over 3.5 years, we're lagging behind. But I hope we'll get back on track. And as far as the dividend is concerned, we still have our policy of paying 3% of the net asset value dividend as at December 31. So we're going to propose to the Board. The Board will decide the future amount of dividend, which it will submit to the Annual General Meeting. And so on the other hand, in terms of total shareholder [ return ], which includes both the evolution of the share price and the dividend that is paid, you can see that, here again, we are outperforming our peers and even the cap mid and small over the whole period. And so -- what we're obviously tracking is the performance of buyout transactions since Altamir's creation. And you can see that after computing cash flows from every year, we've invested EUR 2.5 billion since day 1 with a multiple of 1.82x and an IRR of 15%. And so that the fully realized portfolio, the portfolio between half and half is absolutely extraordinary between the realized portfolio and the unrealized portfolio. On the realized side, we're doing better than average. We're doing 1.92x but it's 14.6% in theory and on the unrealized side, which is normal, we're doing 1.7x, but 16.9% in theory. So that's quite promising. Finally, I had indicated in 2001, our objectives for the next 5 years by knowing that we wanted to invest an average of EUR 170 million per year. And so you can see that we had invested EUR 38 million in '23, but EUR 181 million in 2084 (sic) [ 2024 ]. And when you add up the 4 years, we're at EUR 204 million compared with EUR 170 million. So it's not going to take much to meet the 5-year target. In terms of divestments, we were aiming for an average of EUR 230 million. And here again, after EUR 12 million, which could have been tightening in 2083 (sic) [ 2023 ], we have EUR 333 million in 2084 (sic) [ 2024 ], which show that this is a cyclical business. It's not linear. It's our business. It's a cyclical business. And so we're at EUR 269 million over 4 years. So here again, we're at EUR 269 million over 4 years. So here again, we're well within our targets. And in terms of organic EBITDA growth of 7% with a [4 1 24 ] in 2023, we're bouncing back strongly, but that includes the 25.6%, it Includes extra organic growth, and we're at 17% on total. So we're on target. So in conclusion, as I tell you every year, why invest in Altamir? Because it's a unique value proposition that enables us to gives us access to impact fund investments worldwide. And our strategy is focused on growth, both in net asset value and long-term growth. Our total shareholder return offers a return of 4% to 5% a year, double-digit shareholder return growth. And that the entry point today is still very attractive with a discount of around 30% and that we have an intrinsic profile, our portfolio built over the years, diversified by sector, geography leverage and so on, an experienced management team and a highly efficient tax model. So thank you for your attention. Claire and Éric join me in thanking you for your loyalty. And we look forward to seeing you in 6 months' time.

Thank you, and goodbye.