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FINANCIAL STATEMENTS
3
Statutory financial statements
2.4 EQUITY INVESTMENTS AND PORTFOLIO INVESTMENTS HELD AS NON-CURRENT ASSETS
Financial year 2016
(in thousands of euros)
Amount at start of year
Amount as of 31 December 2016
Gross book
value
Net book
value
Estimated
value
Gross book
value
Net book
value
Estimated
value
Fractions of the portfolio valued:
at cost
0
0
0
0
0
0
below cost
based on market price
154,951
148,880
226,668
93,032
90,849
157,720
based on net book value
based on re-estimated net book value
(Apax France VIII-B/Apax VIIIA LP/Phénix:
A units)
177,837
177,807
244,196
284,814
280,756
509,766
(Apax France VIII-B/Apax VIII-A LP:
E and B units)
22,020
22,020
10,265
10,265
based on a yield or profitability measure
101,556
100,871
189,599
90,408
89,780
171,059
by other methods
20,230
1,978
1,978
20,230
2,101
2,101
TOTAL
476,595
451,556 662,440 498,749
473,752 840,647
Total related receivables
24,905
23,905
24,034
34,817
33,817
33,936
PORTFOLIO TOTAL
501,499 475,460 686,474 533,566 507,569 874,583
Amount at start of year
Amount as of 31/12/2016
Provisions
26,039
25,997
Unrealised, unrecognised gains
211,014
367,014*
* Unrealised, unrecognised gains include gains on investments held in the Apax France VIII-B and Apax France IX-B funds. As these two funds had drawn down on
credit lines as of 31 December 2016, the amounts used to finance these investments were not fully paid by Altamir and, accordingly, are not included in gross book
value and net book value. These credit-line financed investments are, however, included in the estimated value figures.
CHANGES IN VALUE OF THE PORTFOLIO (NET BOOK VALUE AND ESTIMATED VALUE)
Changes during the year
(in thousands of euros)
Portfolio value
Net book value
Estimated value
Amount at start of year
475,460
686,474
Acquisitions during the year
(1)
114,270
207,856
Divestments during the year
(2)
-70,449
-205,040
Reversal of impairment on securities sold
Gains on sale of securities
held at the start of the year
acquired during the year
11,133
Change in provision for impairment of the portfolio
42
Other changes in unrealised gains
on securities acquired during the year
on securities acquired previously
174,159
Distribution by portfolio companies
Other accounting movements
(3)
-11,755
CLOSING BALANCE
507,569
874,583
(1) The net book value amount corresponds to acquisitions undertaken by Altamir, and to Apax France VIII-B, Apax VIII LP (A units), Phénix and Apia Vista capital
calls less distributions.
(2) The amounts indicated in the line “Divestments during the year” represent, for the column “Net book value”, the net book value of the assets sold and, for the
column “Estimated value”, their sale price.
(3) The net book value amount corresponds to the subscription of E units in Apax France VIII-B, to the acquisition of E and B units in Apax VIII LP and to the
subscription of E units in Apax France IX-B.
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REGISTRATION DOCUMENT
1
ALTAMIR 2016