Altamir - 2018 Registration document

3

Financial statements

Consolidated financial statements

In 2018, direct fees represented 1.23% of average NAV, and total fees represented 2.46% of average committed and invested capital, vs. 1.27% and 2.70%, respectively, in 2017. The management fees of €6.1m invoiced by the Management Companywerecalculatedpursuant toArticle 17.1 of theCompany’s Articles of Association. This amount is lower than in the previous year, due to an increase in the deductions made by the funds, particularly the Apax France IX-B and Apax IX LP funds.

The other fees and expenses of €2.4m include, in addition to the three items detailed in the table above, €1.3m in legal fees, statutory audit fees and listing costs. The amount of these fees and expenses has been broadly stable for the last three years. Indirect fees fell by 8%, dropping from €15.1m as of 31 December 2017 to €13.9m as of 31 December 2018. This change is explained by the decrease in Apax France VIII-B’s management fee rate, which has fallen on 1 July each year.

NOTE 18 Other income

This item reflected the variation in interest as damages on the reimbursement of the 3% tax on dividends and related to an event specific to 2017.

NOTE 19 Other expenses

Other expenses relate to attendance fees paid in 2018.

NOTE 20 Financial income

Financial income corresponded primarily to a €217k change in the unrealised gain on the Allianz tax-efficient capitalisation fund.

NOTE 21 Interest and similar expenses

This item primarily corresponded to interest paid on the drawn credit lines and on the bank overdraft.

124 Registration document ALTAMIR 2018

www.altamir.fr