Altamir - 2018 Registration document

3

Financial statements

Statutory financial statements

NOTE 3 Notes relating to certain income statement items

REVENUE OPERATIONS

3.1

3.1.1 Financial income

31/12/2016

31/12/2017

31/12/2018

(in thousands of euros)

Income from cash investments

1,136

253

217

Net income from the sale of marketable securities

0 0 0

0 0 0

0 0 0

Other financial income Reversals of provisions

TOTAL

1,136

253

217

3.1.2 Financial expenses

31/12/2016

31/12/2017

31/12/2018

(in thousands of euros)

Interest and similar expenses

201

15

789

Net expenses from the sale of marketable securities

0 0

0 0

0 0

Provisions

TOTAL

201

15

789

Interest amounts primarily corresponded to interest paid on the drawn credit lines during the year.

3.1.3 Other purchases and external expenses

31/12/2016

31/12/2017

31/12/2018

(in thousands of euros)

Altamir Gérance management fees

6,950 2,247 9,197

7,598 2,423

7,346 2,363 9,709

Other expenses

TOTAL

10,021

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.

144 Registration document ALTAMIR 2018

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