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Apax Global Alpha Limited 2019 Interim Dividend and Interim Targets

Apax Global Alpha Limited (LON: APAX) at this time announced the unaudited interim results for the six months ended June 30, 2019. The important thing highlights are as follows:

Key Highlights

· 1H19 NAV complete return1 was +13.four% (+ 12.9% in normal foreign money) 2. LTM3 NAV complete return1 was + 14.four% (+ 12, 2% in normal foreign money) 2, reflecting primarily robust equity portfolio improvement

· First semi-annual dividend of 4.86 pence per share, equal to 2.5% of internet worth 30 June

Excellent commitments and sources of finance [19659002] · AGA invested 91% in internet money after money owed of EUR 96.2 m4

· Excellent liabilities to Apax funds (along with returnable distributions and new AX commitment) amounted to € 636.eight million (62% of internet value) from sources of finance 1,174 , EUR 5 million (114% of internet value). Sources of finance embrace EUR 582.9 million in fairness investments, EUR 355.4 million in by-product investments, EUR 140.Zero million in non-drawn amenities, EUR 116.3 million in cash and internet liabilities of EUR 20.1 million

Interim studies

· Payments to NAV1 + 13.4% have been: Equity + 12.eight%, By-product investments + Zero.9%, FX + 0.5% and Value and other modifications -0.8%

· By-product debt and By-product fairness improved + 1.0% and -Zero.1% for NAV, respectively1

· Complete Return on Equity1 was + 20.5% (+ 20.3% in normal foreign money). By-product debt produced a complete return1 + 5.4% (+ 4.eight% in commonplace foreign money). Complete Return on Equity1 was + 0.9% (-0.7% in constant foreign money)

· Gross IRR5 and Gross MOIC5 for the four complete exits have been 24.0% and 2.8x

· Gross IRR6 and Gross MOIC6 in Two By-product Notes was 13.4% and 1.2x, and Four By-product Fairness Exits was 35.0% and 1.3x

Adjusted NAV7 Modifications Fairness EUR million By-product Investments Million EUR million Cash million EUR Financing preparations € m Other € m 1H19 Complete € m LTM3Total m € Adjusted NAV 31.12.18 591.5 320 , 6 17.three – – . ] 1.four 930.eight 943.9 + Rank 19.5 82.3 (76.5) – (25 , three) – – – . – Assignments (148.5) (50.4) 196.Zero – 2.9 – – + Curiosity and dividend revenue – – . – 7.7 – 0.7 8.4 18.0 +/- Unrealized income / (losses) 119.2 (2,6) – . – – 116.6 120.three +/- Realized Positive factors / (Losses) – 2,four – – – 2,4 [19659015] (15,7) +/- FX gains8 1,2 three.1 Zero.1 – – 4.4 20.2 +/- Value and Different Movements – – (four,6) – Zero.2 [19659015] (four,four) (8,7) – Dividends paid – – [19659015] (23.7) – – (23.7) [19659015] (47.4) +/- Efficiency Cost Reserve (2,6) – – . ] – [1 9659015] – (2.6) 1.three +/- Ongoing / Refunded Payback Time – – – – – – [19659015] – Adjusted NAV at 6/30/19 580.3 355.four 116.3 to (20.1) 1031,9 1962 [0190] 1031,9. ]

Personal Equity Fund Highlights

· Personal Fairness Returned Robust Efficiency, Complete Return1 + 20.5% (+ 20.3% fixed) ] · Unrealized positive factors of EUR 119.2 million and favorable change fee movements of EUR 1.2 million

· Based mostly on the period underneath evaluate, AGA invested or dedicated approximately EUR 87.9 million in seven new investments

· EUR 19.5 million was paid to AIX (EUR 13.3 million), ADF (EUR 6.Zero million) and AMI (EUR 0.2 million)

· Distributions totaled EUR 148.5 million; EUR 5.3 million from AIX for ThoughtWorks and Manappuram Finance, EUR 142.5 million from AVIII for AssuredPartners and precision software, EUR Zero.7 million from AMI for Ten Petroleum and Max

· gross IRR5 and gross MOIC5 general exits have been 24.0% and 2.8x

· Foreign money danger was approximately 52% in US dollar-denominated investments

· Tech & Telco was the heaviest weighted business with 34% of the capital inventory

· Diversified portfolio of venture capital funds Between Annual Stories

Personal Fairness Fund – Operational Info 30. June 2019 31. December 2018 Yr-over-year progress in LTM internet sales9 12.2% 13.9% Yr-to-date portfolio administration LTM EBITDA increased9 12.6% 17.7 % Firm Value / EBITDA Ratio9 15.3x 13.9x Internet Debt / EBITDA Multiple9 [19659015] 3.9x four.0x Variety of New Buyers ie Semester10 [1965922] ] 7 three 3 exits in semester11 4 2

By-product investment underlines

· By-product debt mixture Complete return1 + 5.four% fixed (+ four.eight%) ) and Return on Equity1 + 0.9% (-Zero.7% in Commonplace Foreign money) resulted in a Complete Return on Managed Investments1 + 3.7% (+ 2.6% in Commonplace Foreign money) [19659002] · Realized features of EUR 2.four million and unrealized positive aspects losses EUR 2.6 million compared to EUR 8.four million and EUR three.1 million · New investments value EUR 82.2 million have been debt-weighted as six new debt positions have been added to the managed debt portfolio in comparison with two equity investments in the course of the period

· AGA exited two debt investments and 4 equity investments with EUR 50.four million

· Gross IRR6 for by-product liabilities was 13.4% and gross MOIC6 was 1.2x. The gross IRR6 of the capital employed was 35.0% and the gross MOIC6 was 1.3x

· Foreign money danger was approximately 57% in US greenback denominated investments

· Tech & Telco was the heaviest weighted business with 41% of the managed funding portfolio [19659002] · The portfolio cut up between managed debt and managed fairness was 65% and 35% respectively. Derived Investments – Operational Metrics . June 2019 31. December 2018 Debt one yr earlier LTM EBITDA increased14 17.three% 7.9% Common debt-to-maturity yield14 9.9% [19659015] 10.8% common yr to yr debt maturity 6.2 6.2 average yield on debt15 9.5% 10, 8% Equity In comparison with the corresponding period of the yr Improve in LTM income16 . 14.9% 19.2% Fairness worth to earnings ratio16 20.8x 18.5x [1 9659022] Variety of investments in the course of the six-month interval12 7 6 Complete Exits during Half-Yr13 6 10

Highlights of Other Invested Portfolio [19659002] · Exposures remained weighted at 62% for equity and 38% for managed investments

of dollar-denominated investments

Portfolio Evaluation17 million million [19659015]% % fairness 582.9 62% 19659022] – AMI 22.four 2 %. – AEVI 5.8 1% – AEVII 73.three eight% – AVIII . 19659015] 27% – AIX 214.5 [19659015] 23% – ADF 11.4 1 % Derived Investments 355.four 38% 38% . – By-product debt 232.1 25% – Derived equity 123.three 13% [1965905]] complete [19659015] complete 938.three 100% 100% sector mix million Euro Portfolio invested17% PrivateEquity% Derived Funding% Tech & Telco 36% 34% 41% Providers % 21% 37% Healthcare 24% 24% 22% shopper 12% 18% Zero% Digital 1% 2% Zero% Other 1% 1% 1% [19659022] Complete 938.three 100% 100% 100% Geographic Analysis Million. Euro Portfolio invested 17% PrivateEquity% Managed investments 19659022] North America 51% 49% 53% Europe ] 23% 28% 16% United Kingdom [19659015] 8% 7% 12% Israel 4% [19659015] 5% Zero% India 7% 5% 10% China 2% 2% ] 3% remainder of the world 5% . 4% 6% Complete 938.3 100% 100% 100% Abstract of the Prime 30 Personal Fairness Investments and Derived Investments Est. NAV% Prime 30 Fairness Portfolios (View Inventory) – AGA Indirect Liability ThoughtWork s 55.6 5% Cole Haan 48.5 5% Acelity 39.7 4% Idealist 38.2 38.2 38.2 . know-how 36.9 four% Unilabs 36.7 four% Vyaire Medical * 35.6 three% 325 Neuraxpharm. 19659015] three% EVRY * 30.1 3% Duck Creek Applied sciences 28.4 3% Paycor * 27.5 ] three% three%. Commerce Me * 23.6 2% Candela 21.9 2% AssuredPartners 20.6 2% Wehkamp ] 19.9. % Safetykleen * 19.6 2% MATCHESFASHION.COM 18.Zero 2% ECi Software program Solutions * 17.6 2% 2% Distribution * 16.5 2% Authority Manufacturers 16.2 2% Shriram City Union 11.6 [19659015] 1% [19659022] Tosca Providers 11.Zero 1% Boats Group * 10.6 1% Genius Sports 10.Zero 1% Attenti . 1% Tivit 8.2 Zero% Go Global Journey 8.2 0% Psagot 7.8 0% Healthium 7.5 Zero% Kepro 7.5 Zero% Different (different investments, carried interest, real estate and non-current belongings) [19659015] (91.5) (9%) Complete Equity 582.9 56% By-product Investment Portfolio [19659015] Paycor * 23.7] 2% KRKA 22.1 2% Syncsort 21.9 2% actual software program 20.Zero 2% quality distribution * [19659015] 17.5 2% rocket software program 17.1 2% Vyaire Medical * [19659015] 15.3 1% Improvement Loan Bank 14.1 1% PowerSchool 13.three 1% E Ci Software program Solutions * 13.1 1% [19659022] AccentCare 13.1 1% Alexander Mann 12.8 1% Commerce Me * 12.6 1% AmeriLife 1L 1% Airtel Africa 11.three 1% Sinopharm 11.0 [19659015] 1% Sophos * 10.4 1% 1%. 9.9 1% Safetykleen * 9.6 1% QAD eight.eight 1% LegalShield 8 , eight 1% [19659022] Can Fin Houses 7.Zero 1% Strides Pharma Science 6.7 1% Simply Group 6 , 6 1% Repco House Finance [19659015] 6.5 1% Boats Group * 5.9 1% Veritext 4, 4 1% AmeriLife 2L 4. 0.4 Zero% EVRY four.four 0% ServPro 3.5 Zero% Other 7.2 ] 1% Complete By-product Investments 355.four 34% Complete Invested Portfolios 938.three 91% Cash Belongings 116.three 116.3 ] Present Credit Restrict Zero.Zero Zero% Internet Current Liabilities (20.1) (2%) NAV complete 1,034.5 100% . Efficiency Bonus Reserve (2,6) Adjusted Complete Quantity (NAV) 1,Zero31.9

Commenting on the outcomes, Apax Global Alpha Chairman Tim Breedon CBE stated:

“AGA's interim results have been distinctive and strongest because the IPO. NAV has additionally grown to over EUR 1 million, which is a vital milestone. The Board can also be pleased that it has accepted a wholesome dividend for shareholders. "

Ralf Gruss, CEO of Apax Companions, stated:"

"The strong momentum and exits of the venture capital portfolio continued in 2019, which represents an increase in value. and good performance for AGA. In addition, I welcome the fact that AGA is committed USD 450 million to a new fund Apax Partners, Apax X, which helps to diversify the AGA's exposure vintages and investment targets. "

This discover is issued in accordance with DTR 6.1.13. Rules on disclosure and transparency of data.

Firm directors are pleased to announce that a dividend will probably be paid for the fiscal yr ended June 30, 2019 in accordance with the following schedule:

Dividend Cost Date: August 22. 2019

Document Date: August 23, 2019

Cost Date: September 13, 2019

Complete Dividend: GBP 23,867,497

Dividend per Dividend: GBP four.86

Foreign money Trade Price: [19659002] EUR / GBP Zero.92285 August 7, 2019

Footnotes

  1. Internet Asset Worth Return is the change in adjusted internet asset value per share through the period plus any dividends paid. Complete return reflects the underside line return independently. It does not embrace the whole quantity of goods corresponding to cash, management charges and bills
  2. Permanent overseas trade earnings calculated as well as NAV gross adjusted for foreign money effect
  3. LTM = last 12 months until June 30, 2019
  4. . Internet money movement after debt of EUR 96.2 million, internet of cash 116.three minus present liabilities much less EUR 20.1 million as of June 30, 2019
  5. Complete Gross IRR and Gross MOIC, calculated on the idea of expected cash flows for the interval; Correct and insured companions closed in Might 2019, and Acelity and Electro shares have been signed in Might 2019 and June 2019. They’re anticipated to close in 2H19, and gross IRR and MOIC might change when remaining returns are acquired. Gross IRR represents simultaneous Gross IRR
  6. Gross IRR and Gross MOIC calculated on the idea of the mixture euro money flows after the completion of transactions through the yr
  7. Adjusted NAV is a NAV of EUR 1,Zero34.5 million, adjusted for a provision of EUR 2.6 million. June 30, 2019
  8. cash and money equivalents embrace revaluation of cash and internet losses as a result of trade price differences between transaction dates and delivery dates and unrealized internet losses on belongings and liabilities (aside from investments) not denominated in
  9. . . In June 2019 and December 2018, 14 and 12 investments, respectively, have been excluded because they are financial providers corporations which might be typically valued at guide worth or for which no revenue financing is on the market, resembling refined sculptures or progress investments. The EV / EBITDA and Internet Debt / EBITDA figures don’t embrace MATCHESFASHION.COM and Vyaire Medical because of low EBITDA and short-term EBITDA fluctuations. December 2018 Comparability of LTM Revenue Progress and LTM EBITDA Initially Excluded from MATCHESFASHION.COM and Vyaire Medical, as these have been included in the June 2019 metrics, the comparison has been modified to incorporate them accordingly
  10. New investments for the first six months of Fractal Analytics closed in February 2019; Trade Me and AssuredPartners closed in Might 2019 and Huayue Schooling closed in June 2019. Inmarsat was signed in March 2019, Baltics Classifieds Group was signed in June 2019 and both are anticipated to shut in 2H19. As well as, a new service funding was signed in June 2019, however will continue to be subject to regular closure procedures.
  11. represents exits that have been closed and signed but not but closed in 1H19. Each AssuredPartners and Actual Software program have been closed in Might 2019. Acelity and Electrical Warehouses have been signed in Might 2019 and June 2019 and are expected to close in 2H19.
  12. represents exits that have been closed and signed however not yet closed in 1H19. Both AssuredPartners and Actual Software program closed in Might 2019. Acelity and Electro shares have been signed in Might 2019 and June 2019 and are expected to shut in 2H19.
  13. The EUR 82.three million funding consists of EUR 65.5 million of the six new debt investments of EUR 14.8 million. million of the 2 equity positions (EUR 13.3 million for one new Airtel Africa position and EUR 1.5 million for QAD) and EUR 2.0 million for debt and fairness acquired as part of the FullBeauty restructuring in February 2019 Weighted Common Weighted Average Asset Weighted Average Portfolio Investment Portfolio
  14. Weighted common of the current yr's earnings (annual coupon / internet worth on the same day) for every by-product portfolio debt position at the similar date because the
  15. equivalent of the investment portfolio stock. (QAD was ignored for LTM earnings progress and constructive earnings ratio on account of destructive earnings and answers excluded as a result of knowledge was not obtainable)
  16. The invested portfolio doesn’t embrace money and financial institution balances, credit strains and short-term internet debt; including these, the NAV is EUR 1,034.5 million. The adjusted NAV doesn’t embrace a performance reserve of EUR 2.6 million and is EUR 1,031.9 million within the window as of June 30, 2019.

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