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FINANCIAL STATEMENTS
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Consolidated financial statements
As of 31 December 2016, direct fees represented 1.25%of average
NAV, and total fees represented 2.78%of average committed and
invested capital.
The management fees of €6.9m (including VAT) invoiced by the
Management Company were calculated pursuant to Article 17.1
of the Company’s Articles of Association. This amount was lower
than in 2014 and 2015 because fees invoiced by the new Apax
France IX-B and Apax IX LP funds were deducted.
The other fees and expenses of €2.2m (including VAT) included:
€0.7m (including VAT) for accounting, investor relations and
financial services provided to theCompany byAltamir Gérance
in accordance with a services agreement dated 9 July 2013;
fees of €0.2m relating to credit lines (structuring costs and
non-use fees); and
external consultancy fees of €1.3m.
These fees were stable compared to 2015.
Indirect fees rose from €7.7m to €11.8m as a result of the
subscription to two new funds, Apax France IX-B andApax IX LP.
As these two funds are in their launch phase, they incurred initial
fees (start-up costs, implementation of credit lines).
NOTE 19
Taxes, fees and similar payments
The balance of €0.8m corresponded to the 3% tax paid on dividends paid in 2016 with respect to the 2015 financial year.
NOTE 20
Other expenses
The balance of this item corresponded to the reversal of €1.4m of accrued interest on the Maisons du Monde receivable, and €0.3m
in attendance fees paid in 2016.
Interest receivedon theMaisons duMonde receivablewas reclassified in 2016 as valuation differences on divestments during the period.
NOTE 21
Income from cash investments
This item related to interest earned or accrued in 2016 on time deposit account investments andmoney-market mutual funds (SICAVs).
The expected return on these investments in 2016 is 2.93%.
NOTE 22
Financial income
Financial income corresponded primarily to a €306k change in the unrealised gain on the Allianz tax-efficient capitalisation fund.
NOTE 23
Interest and similar expenses
This item primarily corresponded to interest paid on the drawn credit lines and on the bank overdraft.
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REGISTRATION DOCUMENT
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ALTAMIR 2016