Altamir - 2018 Registration document

3

Financial statements

Consolidated financial statements

3.2.3 Cash equivalents and other short-term investments If the Company has surplus cash, this is generally invested in units of euro money-market funds (SICAVs) and time deposits that meet the definition of cash equivalents under IAS 7 (short-term, highly-liquid investments, readily convertible into known amounts of cash and subject to an insignificant risk of change in value). The Company values this portfolio using the fair value option provided for by IAS 39. The unrealised capital gains or losses at the balance sheet date are thus recognised in profit or loss for the year. Income from time deposits and money-market funds is included in “Income from cash investments”.

3.2.4 Tax treatment The Company opted for the tax status of SCR (société de capital risque) as of the financial year ended 31 December 1996. This status requires compliance with certain criteria, in particular the limitation of debt to 10%of shareholders’ equity and the eligibility of securities held. The legislation on SCRs applicable as of 2001 exempts all income from corporation tax. The Company does not recover VAT. Non-deductible VAT is recognised as an expense in the income statement. 3.2.5 Segment information TheCompany carries out only private equity activities and invests primarily in the euro zone.

NOTE 4 Determination of fair value and valuation methods employed

Altamir uses principles of fair value measurement that are in accordance with IFRS 13:

observabledata. Observabledata arepreparedusingmarket data, such as information published on actual events or transactions, and reflect assumptions that market participants would use to determine the price of an asset or liability. An adjustment to level 2 data that has a significant impact on fair value may cause a reclassification to level 3 if it makes use of unobservable data.

CATEGORY 1 SHARES

4.1

Companieswhose shares are tradedonanactivemarket (“listed”). The shares of listed companies are valued at the last stockmarket price of the period.

CATEGORY 3 SHARES

4.3

CATEGORY 2 SHARES

4.2

Companies whose shares are not traded on an active market (“unlisted”), and are valued based on unobservable data.

Companies whose shares are not traded on an active market (“unlisted”), but are valued based on directly or indirectly

NOTE 5 Significant events during the year

n €31.1m in Business Integration Partners (Bip), a leading European consulting firmheadquartered in Italy and present in 11 countries. Bipdeliversmanagement consulting, business integration and IT/digital transformation services supporting international companies in their innovation strategies and in the adoption of disruptive technologies; n €28.2m via the Apax IX LP fund, in five new companies: n €8.7m in Trade Me, a New Zealand operator of leading classified advertisingplatforms in the automotive, real estate and employment sectors and the leading marketplace for all new and used goods in New Zealand (transaction not finalised as of 31 December 2018),

INVESTMENTS

5.1

The Company invested and committed €154.3m during 2018, vs. €118.2m in 2017. 1) €131.5m (€95.3m in 2017) in eight new investments: n €103.3m via the Apax France IX fund, in three new companies: n €36.2m in the ItaliancompanyAEBGroup, aworldwide leader in biotechnological ingredients and related services for the wine, food and beverage industries (subject to syndication, which is in progress), n €36m in theDutch connectivity solutions specialist Expereo, one of the world’s largest managed internet network and cloud connectivity solutions providers to international companies and government offices, with around 11,000 sites under management across more than 190 countries,

114 Registration document ALTAMIR 2018

www.altamir.fr