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FINANCIAL AND LEGAL INFORMATION
1
Analysis and comments on the financial year
For unlisted investments held
for over one year
For unlisted investments held
for under one year
For listed companies
Valuations are generally based on a sample
of peer-group multiples (listed companies
and recent transactions).
Apax Partners France may apply a
downward adjustment* of up to 30%.
In principle, Apax Partners LLP does not
make any adjustments, since it invests
in larger companies.
Apax Partners France values companies at
cost, except under specific circumstances.
Apax Partners LLP usually values growth
capital investments close to cost; buyout
investments may be revalued from the
first day that they are held.
Valued at the last listed price of the
period, except in the event of restrictions
in tradability or other exceptional
circumstances.
* This downward adjustment corresponds to a liquidity adjustment of 0-30% based on performance quality, the position of Apax Partners/Altamir in the capital
(minority vs. majority, exit rights, etc.), the level of mergers & acquisitions activity in the sector, management influence and weighting at exit, and the liquidity of
comparable companies.
1.4.9
THE COMPANY’S FINANCIAL
RESOURCES
As of 31 December 2016 Altamir had authorised lines of credit
totalling €39m,
vs.
€47m at year-end 2015. As of 31 December
2016, these lines were undrawn. The reduced credit line amount
is due to the expiration of a bilateral line of credit, which was
not renewed because the Company was renegotiating with its
banking pool at the time.
1.4.10
PAYMENT TERMS
The payment terms given to the Company’s customers and
suppliers are presented below.
Altamir has no customers.
At the date of the balance sheet, supplier payment terms were as follows:
(in thousands of euros)
Payables not yet due
Payables past due
(2)
Less than 30 days
(1)
30 to 60 days
(1)
More than 60 days
(1)
As of
31/12/2016
As of
31/12/2015
As of
31/12/2016
As of
31/12/2015
As of
31/12/2016
As of
31/12/2015
As of
31/12/2016
As of
31/12/2015
Total trade payables
(2)
0.6
25.8
0
0
0
0
18.6
2.3
(1) Indicated payment terms.
(2) Total past due trade payables regardless of the initially indicated payment terms.
1.4.8
VALUATION METHODS
VALUATION POLICY AND METHOD
The portfolio companies, whether held directly or
via
an Apax
fund, are valued by the funds’ management companies, reviewed
by the funds’ Statutory Auditors, and finally approved by the
funds’ Board of Advisors.
Altamir’s policy is to adopt the valuations made by the funds’
management companies.
Before valuations are finalised, they are reviewed by Altamir
Gérance’s management, Altamir’s Statutory Auditors, the Audit
Committee of Altamir’s Supervisory Board and the Supervisory
Board in general.
VALUATION METHOD
The Apax fund management companies value their portfolios
based on the principles of fair value, in accordance with
International Private Equity Valuation (IPEV) recommendations.
The Apax fund managers have always pursued a conservative
valuation policy, as can be seen in the uplift historically generated
from divestments (selling price higher than the last valuation
made before the divestiture).
Unlisted companies are valued every half-year, and listed
companies are valued every quarter.
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REGISTRATION DOCUMENT
1
ALTAMIR 2016