Altamir - 2018 Registration document

Financial statements

Statutory financial statements

NOTE 2 Accounting rules and methods

CATEGORY 2 SHARES Companies whose shares are not traded on an active market (“unlisted”), but are valued based on directly or indirectly 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 3 SHARES Companies whose shares are not traded on an active market (“unlisted”), and are valued based on unobservable data. 2.1.4 Calculation method for end-of-period value of portfolio investments Theend-of-periodvalueof eachportfolio investment corresponds to the capital contributed less any provisions recognised on the fund.

The statutory financial statements are presented in compliance with the legal and regulatory provisions currently in force in France and recommended in the French chart of accounts, in accordance with the French national accounting standards body (ANC) regulation N° 2016-07, approved by the decree of 26 December 2016.

NON-CURRENT FINANCIAL ASSETS

2.1

3

(Portfolio investments held as non-current assets and equity investments)

2.1.1 Portfolio investments held as non-current assets Portfolio investments held as non-current assets are the investments held in the Apax France VIII-B, Apax France IX-B, Apax VIII LP, Apax IX LP, Phénix, Apia Vista, Apia Ciprés, Apax Digital andApax Development funds. Aprovision for impairment was recognised as of 31 December 2018 for theApia Vista private equity fund (€2.5m). 2.1.2 Accounting method for tracking and writing down equity investments According to the accounting regulations for commercial companies, equity investments, portfolio investments held as non-current assets, and receivables related to equity investments are recognised at their acquisition cost. They may give rise to impairment, but not to revaluation. The manager conducts a review of the listed and unlisted securities at the end of each half-yearly and annual accounting period. If the end-of-period value of a portfolio investment or of an equity investment or its related receivable is lower than its acquisition cost, a provision for impairment is created for the difference in value. The end-of- period value for portfolio investments held as non-current assets corresponds to the end-of-period value; for equity investments and related receivables, that value is the value in use. The provision for impairment of equity investments and related receivables amounted to €12.7m as of 31 December 2018. Exits are calculated on a “first-in, first-out” basis. Receivables in foreign currencies on foreign companies are valued at the exchange rate on the balance sheet date. A provision for risks and contingencies is recognised in the event of any decline in the currency concerned in relation to the euro. This rule is applied to both the book value and the estimated value.

OTHER RECEIVABLES

2.2

This account corresponds to interest accrued on equity investments. The Company has determined that accrued interest is generally included in the acquisition price paid by third parties and is not paid by the debtor company. Consequently, it will henceforth be included in the valuation of the companies. For this reason, it is initially recognised as accrued income, then fully written down.

OTHER NON-CURRENT FINANCIAL ASSETS

2.3

The Company has given amandate toODDOBHF to trade shares on its behalf on the Parismarket (Eurolist B by Euronext) in order toensure secondarymarket activity and liquidity inAltamir shares. As of 31 December 2018, the non-current financial assets account included 40,000 shares with a value of €574.5k and €182.7k in cash and cash equivalents. A provision of €69k was recognised as of 31 December 2018. The account also included 12,164 Class B shares repurchased by Altamir in 2015 for €122k (par value of €10 per share). In addition, the account included a €93.6k interim payment received in relation to an ongoing legal proceeding.

2.1.3 Calculation method for end-of-period value

CATEGORY 1 SHARES Companieswhose shares are tradedonanactivemarket (“listed”). The shares of listed companies are valued at the last stockmarket price of the period.

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ALTAMIR 2018

Registration document