ALTAMIR_REGISTRATION_DOCUMENT_2017
1
PRESENTATION OF THE COMPANY AND ITS ACTIVITIES
Comments on the financial year
CONSOLIDATED (IFRS) FINANCIAL STATEMENTS
2017
2016
2015
(in thousands of euros)
Changes in fair value of the portfolio
45,998
167,372
123,419 15,041 18,522 156,982 -18,411 138,186 110,553
Valuation differences on divestments during the year
2,706 1,533
11,133 1,453
Other net portfolio income
INCOME FROM PORTFOLIO INVESTMENTS Purchases and other external expenses
50,237 -25,142 26,703 21,447
179,959 -20,969 156,516 128,569
Gross operating income Net operating income
Net financial income attributable to ordinary shares NET INCOME ATTRIBUTABLE TO ORDINARY SHARES
-558
451
1,220
20,889
129,020
111,773
in indirect fees resulting from the subscription to two new funds, Apax France IX-B and Apax IX LP. The period ended on 31 December 2016 only included ninemonths of fees for theApax France IX-B fund and seven months for the Apax IX LP fund, vs 12 months of fees for each of the two funds during the period ended on 31 December 2017 (see Note 17 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.
Accordingly, at their 26April 2018General Meeting, shareholders will be asked to approve the consolidated financial statements for theyear ended31 December 2017, showingaprofit of €20,888,547. The change in fair value of €46m derived principally from the growth in the EBITDAof portfolio companies. The sharp increase resulted fromboth organic growth and the build-up acquisitions in the portfolio. Net capital gains on divestments totalled €2.7m 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€25.1m including VAT, up 20% compared to 2016, mainly reflecting an increase
CONSOLIDATED (IFRS) BALANCE SHEET
2017
2016
2015
(in thousands of euros) Total non-current assets
895,164 27,864 923,028 786,650
875,162 79,846
697,392 47,095 744,487 679,281
Total current assets TOTAL ASSETS
955,008 789,503
Total shareholders’ equity
Carried interest provision attributable to general partner and Class B shareholders
29,695
44,011
39,143
Carried interest provision Apax France VIII-B, IX-B and Apax VIII LP
38,049 68,634
34,048 87,447
16,399 9,663
Other current liabilities
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
923,028
955,008
744,487
The change in non-current assets, composed of the total of equity investments held, directly or through the Apax France VIII, Apax VIII LP, Apax France IX andApax IX LP funds, resulted principally fromdivestments, investments and value creation in portfolio companies.
66 REGISTRATION DOCUMENT
• ALTAMIR 2017
www.altamir.fr
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