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FINANCIAL AND LEGAL INFORMATION
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Analysis and comments on the financial year
1.4.6
PROFIT FORECASTS
AND ESTIMATES
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%.
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.
CONSOLIDATED (IFRS) FINANCIAL STATEMENTS
(in thousands of euros)
2016
2015
2014
Changes in fair value of the portfolio
167,372
123,419
80,502
Valuation differences on divestments during the year
11,133
15,041
6,823
Other net portfolio income
1,453
18,522
134
INCOME FROM PORTFOLIO INVESTMENTS
179,959
156,982
87,460
Purchases and other external expenses
-20,969
-18,411
-17,103
Gross operating income
156,516
138,186
70,152
Net operating income
128,569
110,553
57,400
Net financial income attributable to ordinary shares
451
1,220
2,071
NET INCOME ATTRIBUTABLE TO ORDINARY SHARES
129,020
111,773
59,471
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.
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.
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REGISTRATION DOCUMENT
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ALTAMIR 2016