Altamir - 2018 Registration document

Financial statements

Consolidated financial statements

NOTE 14 Other current financial liabilities

This item was €159.2m for the year ended 31 December 2018. It includes Apax France IX-B credit lines of €81.2m, Apax France VIII-B (€17.8m), Altamir (€33.3m), Apax IX LP (€24.8m), Apax Development (€1.5m) and Apax Digital (€0.5m).

NOTE 15 Valuation differences on divestments during the year

31/12/2018 134,828,452 145,363,074 -10,534,622

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

(in euros) Sale price

3

Fair value at start of year IMPACT ON INCOME

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

10,301,121

-20,835,743

NOTE 16 Other portfolio income

Other portfolio income is detailed as follows:

31/12/2018

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

(in euros)

Interest and other portfolio income received

205,919 549,786 755,706

Dividends

TOTAL

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

31/12/2018 9,708,894 6,121,679 1,224,336 2,362,879

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

31/12/2016 9,196,977

(in euros)

Direct fees (incl. tax) (1)

Altamir Gérance management fees (excl. tax)

5,791,549 1,158,310 2,247,118 686,477

Non-recoverable VAT on Altamir Gérance management fees

Other fees and expenses (incl. tax)

including recharges for accounting, financial and investor relations services

857,615 228,894 -140,348

708,628 568,966 -58,986

including fees related to overdraft lines

172,147 133,184

including fees related to portfolio companies held directly

Indirect fees (incl. tax)

13,948,001 10,198,808

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

11,772,021 8,188,840

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

3,749,193

3,583,181

TOTAL EXPENSES AND EXTERNAL PURCHASES (2)

23,656,896

20,968,997

Investments at historical cost Apax funds invoicing basis

107,802,761 820,898,321 928,701,082

238,486,466 631,338,629

CAPITAL COMMITTED AND INVESTED

994,859,364 869,825,095

(1) Average NAV between N and N-1

1.23%

1.27%

1.25%

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

2.46%

2.70%

2.78%

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ALTAMIR 2018

Registration document