ALTAMIR_REGISTRATION_DOCUMENT_2017

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FINANCIAL STATEMENTS Statutory financial statements

2.4 EQUITY INVESTMENTS AND PORTFOLIO INVESTMENTS HELD AS NON-CURRENT ASSETS

Amount at start of year

Amount as of 31 December 2017

Financial year 2017 (in thousands of euros) Fractions of the portfolio valued: „ at cost „ below cost „ based on market price

Gross book value

Net book value

Estimated value

Gross book value

Net book value

Estimated value

0

0

0

0

0

0

93,032

90,849

157,720

68,768

68,768

115,732

„ based on net book value „ based on re-estimated net book value (Funds: A units)

284,814 10,265 90,408

280,756 10,265 89,780

509,766

456,602

456,593

640,221

(Funds: E and B units)

0

13

13

0

„ based on a yield or profitability measure

171,059

65,887

65,887

111,997

„ by other methods

20,230

2,101

2,101

20,230

2,039

2,039

TOTAL

498,749

473,752 840,647

611,500 593,299

869,989

Total related receivables PORTFOLIO TOTAL

34,817

33,817

33,936

24,223

24,223 617,522

24,585

533,566 507,569 874,583

635,722

894,574

Amount at start of year

Amount as of 31 December 2017

Provisions

25,997

18,200

Unrealised, unrecognised gains 277,052* * Unrealised, unrecognised gains include gains on investments held in the Apax France VIII-B, Apax France IX-B, Apax VIII LP, Apax IX LP, Apia Vista and Phénix funds. As these funds had drawn down on credit lines as of 31 December 2017, the amounts used to finance these investments were not fully paid by Altamir and, accordingly, are not included in gross book value and net book value. These credit-line financed investments are, however, included in the end-of-period value figures. 367,014*

CHANGES IN VALUE OF THE PORTFOLIO (NET BOOK VALUE AND ESTIMATED VALUE)

Portfolio value

Changes during the year (in thousands of euros) Amount at start of year Acquisitions during the year (1) Divestments during the year (2)

Netbook value

End-of-period value

507,569 175,730 -63,321

874,583 109,630 -138,342

Reversal of impairment on securities sold Gains on sale of securities

„ held at the start of the year „ acquired during the year

2,707

Change in provision for impairment of the portfolio

7,796

Other changes in unrealised gains „ on securities acquired during the year „ on securities acquired previously Distribution by portfolio companies Other accounting movements (3)

45,998

-10,253 617,522

CLOSING BALANCE 894,574 (1) The net book value corresponds to acquisitions undertaken by Altamir, and to Apax France VIII-B, Apax France IX-B, Apax VIII LP, Apax IX LP, Phénix, Apia Vista and Apia Ciprés capital calls less distributions. (2) The amounts indicated in the line “Divestments during the year” represent, for the column “Net book value”, the net book value of the assets sold and, for the column “End-of-period value”, their sale price. (3) The net book value amount corresponds to the change in E and B units in Apax VIII LP, Apax IX LP and Apax France VIII-B and to the change in B units in Apax France IX-B.

140 REGISTRATION DOCUMENT

• ALTAMIR 2017

www.altamir.fr

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