Altamir - Registration Document 2016

1

FINANCIAL AND LEGAL INFORMATION Analysis and comments on the financial year

Purchases and other external expenses totalled €9.2m including VAT, vs. €10.7m in 2015. This decline is mainly attributable to a decrease in the management fees paid to Altamir Gérance, as a result of the increasedamounts invested in theApaxFranceVIII-B, Apax France IX-B, Apax VIII LP and Apax IX LP funds, leading to increased indirect management fees, which are then deducted from the fees paid to Altamir Gérance. (See note 3.1.3 to the consolidated financial statements, in theRegistrationDocument.)

To make the business of the portfolio companies more readily understandable, income (dividends and interest) and any allocations to interest receivable and losses on receivables are presented under “capital transactions”. A net amount of €12.2m was reversed in 2016 to offset accrued interest on convertiblebonds or equivalent securities. This interest was already included in company valuations (under IFRS) and is also generally included in the sale price of companies, whereas the companies themselves do not pay the interest directly.

Income from capital transactions broke down as follows:

2016

2015 7,446

2014

(in thousands of euros) Net realised capital gains

76,494

48,397

Reversals of provisions on divestments and losses SUBTOTAL – GAINS REALISED DURING THE YEAR

0

0

3,770

76,494

7,446

52,167

Provisions on equity investments

19,175

4,974 16,649 11,675 27,939 47,060

313

Reversals of provisions on equity investments

24,320

7,278

SUBTOTAL – UNREALISED GAINS

5,145

6,965

Related revenue, interest and dividends INCOME FROM CAPITAL TRANSACTIONS

6,957

6,688

88,596

65,819

STATUTORY BALANCE SHEET

Partners MidMarket and Apax Partners LLP (the management companies managing the Apax France VIII-B, Apax France IX-B, Apax VIII LP and Apax IX LP funds) and €304k in trade payables and sundry financial liabilities. Off-balance-sheet commitments amounted to €457m: a €16.9m residual commitment to the Apax France VIII-B fund; a €296m residual commitment to the Apax France IX-B fund; a €138m commitment to the Apax IX LP fund; €0.1m in direct investments and €6.2m in guarantees on securities sold.

The balance sheet total at 31 December 2016 was €578.3m vs. €532.4m at 31 December 2015. Balance sheet assets consisted of €291m in portfolio investments heldas non-current assets, €182.7m inequity investments, €33.8m in related receivables, €0.9m in other non-current financial assets, €2.4m in other receivables, €20.0m in marketable securities and €47.4m in cash and cash equivalents (interest-bearing accounts). Balance sheet liabilities consisted principally of €569.8m in shareholders’ equity, a carried interest provisionof €8.2mforApax

64 REGISTRATION DOCUMENT 1 ALTAMIR 2016

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