Altamir - 2018 Registration document

3

Financial statements

Statutory financial statements

2.4 EQUITY INVESTMENTS AND PORTFOLIO INVESTMENTS HELD AS NON-CURRENT ASSETS

Amount at start of year

Amount as of 31 December 2018

Financial year 2018 (in thousands of euros)

Gross book value

Net book value

Estimated value

Gross book value

Net book value

Estimated value

Fractions of the portfolio valued: at cost

0

0

0

0

0

0

below cost at cost based on market price

68,768

68,768

115,732

18,716

6,032

6,032

based on net book value based on re-estimated net book value (Funds: A units)

456,602

456,593

640,221

569,086

566,550

873,931

(Funds: E and B units)

13

13

0

13

13

0

based on a yield or profitability measure

65,887 20,230

65,887

111,997 2,039

55,604

55,604

85,246

by other methods

2,039

0

0

0

TOTAL

611,500 593,299 869,989

643,418

628,199

965,208

Total related receivables PORTFOLIO TOTAL

24,223

24,223 617,522

24,585

33,484

33,484 661,683

33,706

635,722

894,574 676,902

998,914

Provisions

18,200

15,219

Unrealised, unrecognised gains 337,231* * Unrealised, unrecognised gains include gains on investments held in the Apax France VIII-B, Apax France IX-B, Apax VIII LP, Apax IX LP, Apia Vista, Phénix, Apia Cipres, Apax Digital and Apax Development funds. As these funds have drawn down on credit lines as of 31 December 2018, the amounts used to finance these investments were not fully paid by Altamir and, accordingly, are not included in gross book value and net book value. These credit-line financed investments are, however, included in the end-of-period value figures. 277,052*

CHANGES IN VALUE OF THE PORTFOLIO (NET BOOK VALUE AND ESTIMATED VALUE)

Value of the portfolio

Net book value

End-of-period value

Portfolio value Changes during the year (in thousands of euros)

Amount at start of year

617,522 131,782 -90,603

894,574 170,432 -134,828

Acquisitions during the year(1) Divestments during the year (2)

Reversal of impairment on securities sold Gains on sale of securities held at the start of the year acquired during the year Other changes in unrealised gains on securities acquired during the year on securities acquired previously Distribution by portfolio companies CLOSING BALANCE Change in provision for impairment of the portfolio

-10,535

2,981

79,271

661,683 998,914 (1) The “Net book value” amount indicated for the line “Acquisitions during the year” represents acquisitions made by Altamir and the difference between the capital calls and distributions made by the funds through which Altamir invests. The “End-of-period value” amount corresponds to the total investments made by Altamir and all of the funds through which Altamir invests. (2) The amounts indicated in the line “Divestments during the year” represent, for the column “Net book value”, the net book value of the assets sold and, for the column “End-of-period value”, their sale price.

140 Registration document ALTAMIR 2018

www.altamir.fr