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