ALTAMIR_REGISTRATION_DOCUMENT_2017

3

FINANCIAL STATEMENTS

Consolidated financial statements

NOTE 14 Other current financial liabilities

As of 31 December 2017, this line item of €65.9m primarily included debts to Apax France IX-B (€38.9m) and outstandings under credit lines used by Apax France VIII-B (€18m) and Altamir (€1m). This line item also includes Altamir’s bank overdraft of €7.98m.

NOTE 15 Valuation differences on divestments during the year

31/12/2017 138,342,495 135,635,898 2,706,597 6,611,850 -3,905,253

31/12/2016 205,040,489 193,907,477

(in euros) Sale price

Fair value at start of year IMPACT ON INCOME

11,133,012 23,015,963 -11,882,951

Of which positive price spread on divestments Of which negative price spread on divestments

NOTE 16 Other portfolio income

Other portfolio income is detailed as follows:

31/12/2017 287,969 1,244,859 1,532,827

31/12/2016

(in euros)

Interest and other portfolio income received

102,891

Dividends

1,350,373 1,453,264

TOTAL

NOTE 17 Purchases and other external expenses (incl. tax)

Purchases and other external expenses broke down as follows:

31/12/2017 10,021,152 6,331,491 1,266,298 2,423,363

31/12/2016 9,196,977 5,791,549 1,158,310 2,247,118 133,184 686,477 11,772,021 8,188,840 3,583,181 172,147 20,968,997 238,486,466 631,338,629 869,825,095

(in euros)

Direct fees (incl. tax): (1)

Altamir Gérance management fees (excl. tax)

Non-recoverable VAT on Altamir Gérance management fees

Other fees and expenses (incl. tax)

„ including fees related to portfolio companies held directly

-58,986 708,628 568,966

„ including recharges for accounting, financial and investor relations services

„ including fees related to overdraft lines

Indirect fees (incl. tax):

15,120,717 11,153,958 3,966,759 25,141,871 179,107,957 815,751,407

Management fees charged by Apax Partners SAS and Apax Partners LLP Operating costs of the funds managed by Apax Partners SAS and Apax Partners LLP

TOTAL EXPENSES AND EXTERNAL PURCHASES (2)

Direct investments at cost

Subscription commitments in the Apax funds CAPITAL COMMITTED AND INVESTED

994,859,364

(1)/Average NAV between N and N-1

1.27% 2.70%

1.25% 2.78%

(2)/Average capital committed and invested between N and N-1

122 REGISTRATION DOCUMENT

• ALTAMIR 2017

www.altamir.fr