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FINANCIAL AND LEGAL INFORMATION
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Analysis and comments on the financial year
Income from capital transactions broke down as follows:
(in thousands of euros)
2016
2015
2014
Net realised capital gains
76,494
7,446
48,397
Reversals of provisions on divestments and losses
0
0
3,770
SUBTOTAL – GAINS REALISED DURING THE YEAR
76,494
7,446
52,167
Provisions on equity investments
19,175
4,974
313
Reversals of provisions on equity investments
24,320
16,649
7,278
SUBTOTAL – UNREALISED GAINS
5,145
11,675
6,965
Related revenue, interest and dividends
6,957
27,939
6,688
INCOME FROM CAPITAL TRANSACTIONS
88,596
47,060
65,819
STATUTORY BALANCE SHEET
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
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.
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.
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.)
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REGISTRATION DOCUMENT
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ALTAMIR 2016