118 / 182
WWW.ALTAMIR.FR
FINANCIAL STATEMENTS
3
Consolidated financial statements
NOTE 15
Other current financial liabilities
As of 31 December 2016, this line itemprimarily included debts to Apax France IX-B (€64.3m) and Apax IX LP (€3.9m), corresponding
to investmentsmade that Altamir has not yet been asked to fund. This line itemalso includes €16moutstanding under the line of credit
used by Apax France VIII-B.
NOTE 16
Valuation differences on divestments during the year
(in euros)
31/12/2016
31/12/2015
Sale price
205,040,489
29,789,652
Fair value at start of year
193,907,477
14,748,520
IMPACT ON INCOME
11,133,012
15,041,133
Of which positive price spread on divestments
23,015,963
15,298,998
Of which negative price spread on divestments
-11,882,951
-257,865
NOTE 17
Other portfolio income
Other portfolio income is detailed as follows:
(in euros)
31/12/2016
31/12/2015
Interest and other portfolio income received
102,891
60,413
Dividends
1,350,373
18,461,104
TOTAL
1,453,264
18,521,517
NOTE 18
Purchases and other external expenses (incl. tax)
Purchases and other external expenses broke down as follows:
(in euros)
31/12/2016
31/12/2015
31/12/2014
Direct fees (incl. tax): (1)
9,196,977
10,666,036
10,288,298
Altamir Gérance management fees (excl. tax)
5,791,549
7,016,201
7,023,612
Non-recoverable VAT on Altamir Gérance management fees
1,158,310
1,403,240
1,404,722
Other fees and expenses (incl. tax)
2,247,118
2,246,595
1,859,963
including fees related to the portfolio
133,184
227,792
144,588
including recharges for services, administration
and investor relations
686,477
659,980
708,190
including fees related to overdraft lines
172,147
391,965
118,986
Indirect fees (incl. tax):
11,772,021
7,745,386
6,814,793
Apax France VIII-B, Apax VIII LP, Phénix, Apia Vista, Apax France
IX-B and Apax IX LP management fees
8,188,840
6,026,382
5,600,581
Other Apax France VIII-B, Apax VIII LP, Phénix, Apia Vista,
Apax France IX-B and Apax IX LP expenses
3,583,181
1,719,004
1,214,213
TOTAL EXPENSES AND EXTERNAL PURCHASES (2)
20,968,997
18,411,423
17,103,091
Direct investments at cost:
273,148,716
301,731,265
305,390,218
Subscription commitments in the Apax funds
596,676,379
339,720,000
339,720,000
CAPITAL COMMITTED AND INVESTED
869,825,095
641,451,265
645,110,218
(1) / Average NAV.
1.25%
1.69%
1.82%
(2) / Average capital committed and invested
2.78%
2.86%
2.63%
118
REGISTRATION DOCUMENT
1
ALTAMIR 2016