Altamir - 2018 Registration document

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CONTENTS	2
Conversation with Maurice Tchenio	4
1. BUSINESS DESCRIPTION AND ACTIVITIES	9
1.1 SELECTED FINANCIAL INFORMATION	11
1.1.1 2018 FINANCIAL HIGHLIGHTS	11
1.1.2 PERFORMANCE	12
1.1.3 PORTFOLIO	13
1.1.4 ACTIVITY	15
1.1.5 SIMPLIFIED BALANCE SHEET	16
1.1.6 SHARE PRICE	16
1.1.7 SHAREHOLDER INFORMATION	18
1.2 PRESENTATION OF THE COMPANY	20
1.2.1 GENERAL PRESENTATION	20
1.2.2 ORGANISATION CHARTS	23
1.2.3 PORTFOLIO	24
1.2.4 PORTFOLIO COMPOSITION BY SECTOR	26
1.3 BUSINESS DESCRIPTION	50
1.3.1 THE PRIVATE EQUITY BUSINESS	50
1.3.2. PRIVATE EQUITY MANAGEMENT COSTS	51
1.3.3 ALTAMIR’S INVESTMENT POLICY	53
1.3.4 ALTAMIR’S CASH MANAGEMENT AND PERFORMANCE OPTIMISATION STRATEGY	54
1.3.5 ALTAMIR’S MANAGEMENT COSTS	55
1.3.6 ALTAMIR’S INVESTMENT STRATEGY	57
1.3.7 APAX PARTNERS’ INVESTMENT PROCESS	58
1.3.8 ALTAMIR’S DECISION-MAKING PROCESS	59
1.3.9 THE ALTAMIR TEAM	60
1.3.10 APAX PARTNERS TEAMS	61
1.3.11 RESPONSIBLE INVESTING	62
1.4 COMMENTS ON THE FINANCIAL YEAR	64
1.4.1. OVERVIEW AND PERFORMANCE	64
1.4.2. THE COMPANY’S ACTIVITIES	64
1.4.3 OTHER SIGNIFICANT EVENTS DURING THE YEAR	66
1.4.4 POST-CLOSING EVENTS	66
1.4.5 TRENDS	66
1.4.6. PROFIT FORECASTS AND ESTIMATES	66
1.4.7. FINANCIAL POSITION	67
1.4.8 VALUATION METHODS	70
1.4.9 THE COMPANY’S FINANCIAL RESOURCES	70
1.4.10 PAYMENT TERMS	71
1.4.11 STATUTORY RESULTS AND OTHER COMPANY DATA OVER THE LAST FIVE YEARS (ARTICLE R. 225-102 OF THE FRENCH COMMERCIAL CODE)	72
1.4.12 ACQUISITION OF EQUITY INTERESTS AND CONTROLLING INTERESTS	72
1.5 INTERNAL CONTROL PROCEDURE IMPLEMENTED BY THE COMPANY	73
GENERAL FRAMEWORK	73
MEASURES TAKEN IN 2018	73
GENERAL ORGANISATION OF THE COMPANY’S INTERNAL CONTROL PROCEDURES REGARDING THE PREPARATION AND PROCESSING OF ACCOUNTING AND FINANCIAL INFORMATION	74
1.6 RISK FACTORS	76
1.6.1. INTRODUCTION – PRINCIPLES	76
1.6.2. DESCRIPTION OF RISKS AND UNCERTAINTIES AND THEIR MANAGEMENT	76
2. CORPORATE GOVERNANCE REPORT OF THE SUPERVISORY BOARD	85
2.1 MANAGEMENT AND SUPERVISORY BODIES	86
2.1.1 SCA (SOCIÉTÉ EN COMMANDITE PAR ACTIONS, OR FRENCH PARTNERSHIP LIMITED BY SHARES)	86
2.1.2 THE GENERAL PARTNER AND MANAGEMENT COMPANY	86
2.1.3 SUPERVISORY BOARD	88
2.1.4 BIOGRAPHIES OF CORPORATE OFFICERS	94
2.1.5 LIST OF POSITIONS AND DIRECTORSHIPS HELD	94
2.1.6 OTHER ITEMS	96
2.2 REMUNERATION AND BENEFITS OF MANAGERS AND CORPORATE OFFICERS	99
2.2.1 REMUNERATION OF CORPORATE OFFICERS	99
2.2.2 REMUNERATION OF THE MANAGEMENT COMPANY	100
2.2.3 CARRIED INTEREST DUE TO THE GENERAL PARTNER AND CLASS B SHAREHOLDERS	101
2.2.4 SUMMARY OF FEES AND DIVIDENDS PAID TO THE MANAGEMENT COMPANY, THE GENERAL PARTNER AND CLASS B SHAREHOLDERS	102
2.3 OBSERVATIONS OF THE SUPERVISORY BOARD AT THE GENERAL MEETING	103
2.3.1 ANNUAL FINANCIAL STATEMENTS	103
2.3.2 PROPOSAL FOR THE ALLOCATION OF NET INCOME	103
2.3.3 REPURCHASE OF ORDINARY SHARES	104
2.3.4 STATUTORY AUDITORS	104
2.3.5 CORPORATE BODIES – LENGTH OF APPOINTMENTS	104
2.3.6 SHARE LIQUIDITY	104
2.3.7 REGULATED AGREEMENTS	104
2.3.8 SAY ON PAY	105
3. FINANCIAL STATEMENTS	107
3.1 CONSOLIDATED FINANCIAL STATEMENTS	108
3.1.1 CONSOLIDATED INCOME STATEMENT	108
3.1.2 STATEMENT OF COMPREHENSIVE INCOME	108
3.1.3 CONSOLIDATED BALANCE SHEET	109
3.1.4 STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY	109
3.1.5 STATEMENT OF CASH FLOWS	110
3.1.6 NOTES TO THE CONSOLIDATED (IFRS) FINANCIAL STATEMENTS	113
3.2 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS	132
3.3 STATUTORY FINANCIAL STATEMENTS	136
3.3.1 BALANCE SHEET – ASSETS AS OF 31 DECEMBER 2018	136
3.3.2 BALANCE SHEET – LIABILITIES AND SHAREHOLDERS’ EQUITY AS OF 31 DECEMBER 2018	137
3.3.3 INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018	138
3.3.4 NOTES TO THE STATUTORY FINANCIAL STATEMENTS AS OF 31 DECEMBER 2018	139
3.4 STATUTORY AUDITORS’ REPORT ON THE STATUTORY FINANCIAL STATEMENTS	149
3.5 LIST OF SUBSIDIARIES AND EQUITY INVESTMENTS	153
4. INFORMATION ABOUT THE COMPANY AND ITS CAPITAL	155
4.1 SHARE CAPITAL	156
4.1.1 AMOUNT OF SHARE CAPITAL	156
4.1.2 CHANGES IN THE SHARE CAPITAL OF ALTAMIR	157
4.1.3 POTENTIAL CAPITAL	157
4.1.4 PURCHASE BY THE COMPANY OF ITS OWN SHARES	158
4.1.5 DIVIDENDS	159
4.2 PRINCIPAL SHAREHOLDERS	160
4.2.1 DISTRIBUTION OF SHARE CAPITAL AND VOTING RIGHTS FOR THE PAST THREE YEARS BASED ON THRESHOLDS CROSSED	160
4.2.2 THRESHOLD DISCLOSURES	162
4.2.3 SECURITIES HELD BY CORPORATE OFFICERS AND EXECUTIVES	162
4.2.4 SHAREHOLDERS’ AGREEMENT AND COMMITMENTS TO HOLD SECURITIES	163
4.2.5 CONTROL OF THE ISSUER	163
4.3 LEGAL AND TAX FRAMEWORK OF AN SCR	164
4.3.1 LEGAL AND TAX FRAMEWORK	164
4.3.2 TAX RULES/TREATMENT	165
4.4 ARTICLES OF ASSOCIATION	168
4.5 REGULATED AGREEMENTS	171
4.5.1 REGULATED AGREEMENTS	171
4.5.2 STATUTORY AUDITORS’ REPORT ON RELATED PARTY AGREEMENTS AND COMMITMENTS	171
5. SUPPLEMENTARY INFORMATION	173
5.1 PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT	174
5.2 PERSONS RESPONSIBLE FOR THE AUDIT OF THE FINANCIAL STATEMENTS	175
5.3 DOCUMENTS AVAILABLE TO THE PUBLIC	176
5.4 REFERENCE TO HISTORICAL FINANCIAL STATEMENTS	177
5.5 CROSS REFERENCE INDEX	178
5.5.1 REGISTRATION DOCUMENT	178
5.5.2 ANNUAL FINANCIAL REPORT AND MANAGEMENT REPORT	181
5.6 GLOSSARY	183

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