Altamir - Registration Document 2016

1

FINANCIAL AND LEGAL INFORMATION Analysis and comments on the financial year

1.4.6 PROFIT FORECASTS AND ESTIMATES

1.4.7 FINANCIAL POSITION

The most relevant financial information is the Net Asset Value (NAV) per share, which is obtained from the consolidated (IFRS) balance sheet. Net Asset Value (NAV), calculated according to IFRS, stood at €21.62 per limited partners’ ordinary share, representing an increase of 16.2% year-on-year (€18.60 as of 31 December 2015). The increase was 19.2% after taking into account the dividend of €0.56 per share distributed during the year. The main components of the consolidated (IFRS) and statutory financial statements are presented below.

Because of the nature of its activities, and because its results are highly dependent on the performance of the companies in its portfolio aswell as on the amount andpace of its investments, the Company does not expect to announce any earnings forecasts or estimates. It has, however, communicated its objectives for the current year. Barring anymajor external developments, theManagement Company expects a good level of activity in 2017. There could be five or six new investments for around €80m, and divestments of about €100m. The portfolio companies should continue to perform well, with average EBITDA growth of about 7%.

CONSOLIDATED (IFRS) FINANCIAL STATEMENTS

2016

2015

2014

(in thousands of euros)

Changes in fair value of the portfolio

167,372

123,419 15,041 18,522 156,982 -18,411 138,186 110,553

80,502

Valuation differences on divestments during the year

11,133 1,453

6,823

Other net portfolio income

134

INCOME FROM PORTFOLIO INVESTMENTS

179,959

87,460

Purchases and other external expenses

-20,969 156,516 128,569

-17,103 70,152 57,400

Gross operating income Net operating income

Net financial income attributable to ordinary shares NET INCOME ATTRIBUTABLE TO ORDINARY SHARES

451

1,220

2,071

129,020

111,773

59,471

Purchases and other external expenses totalled €21m including VAT, up 13.9% compared to 2015 following an increase in indirect costs relating to the launch of the Apax France IX-B and Apax IX LP funds (see note 19 to the consolidated financial statements, in the Registration Document). Gross operating income is calculated after operating expenses for the year. Net operating income amounts togross operating income less the share of earnings attributable to the general partner, the Class B shareholders and the holders of carried interest in Apax France VIII-B, Apax VIII LP, Apax France IX-B and Apax IX LP. Net income attributable to limited shareholders includes income on marketable securities and other short-term investments and related interest and expenses.

Accordingly, at their 28April 2017 General Meeting, shareholders will be asked to approve the consolidated financial statements for the year ended 31 December 2016, showing a profit of €129,019,766. The change in fair value of €167.4m derived principally from the growth in the EBITDAof portfolio companies. The sharp increase resulted frombothorganicgrowth and the completionof build-up transactions in the portfolio. Net capital gains on divestments totalled €11m and reflected the valuation difference between the actual sale price of the investments and their fair value under IFRS as of 31 December of the preceding year (rather than the capital gain over cost). Other net portfolio income amounted to €1.5m and mainly consistedof dividends paidby companies in theApaxVIII LP fund.

62 REGISTRATION DOCUMENT 1 ALTAMIR 2016

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