Altamir - 2018 Registration document

Business description and activities Comments on the financial year

1.4.7. FINANCIAL POSITION

increase of 3.8% including the dividend of €0.65 paid during the year. Excluding the dividend, the year-on-year change was an increase of 0.8% (€21.54 as of 31 December 2017). The main components of the consolidated (IFRS) and statutory financial statements are presented below.

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The most relevant financial information is the Net Asset Value (NAV) per share, which is obtained from the consolidated (IFRS) balance sheet. Net Asset Value (NAV), calculated according to IFRS, stood at €21.72 per limited partners’ ordinary share, representing an

CONSOLIDATED (IFRS) INCOME STATEMENT

2018

2017

2016

(in thousands of euros)

Changes in fair value of the portfolio

79,271 -10,535

45,998

167,372

Valuation differences on divestments during the year

2,706 1,533

11,133 1,453

Other net portfolio income

756

INCOME FROM PORTFOLIO INVESTMENTS

69,492

50,237

179,959

Purchases and other external expenses

-23,657 45,576

-25,142 26,703 21,447

-20,969 156,516 128,569

Gross operating income Net operating income

31,576 -1,270

Net financial income attributable to ordinary shares NET INCOME ATTRIBUTABLE TO ORDINARY SHARES

-558

451

30,306

20,889

129,020

Purchases andother external expenses totalled€23.7m including VAT, down 6% compared to 2017, reflecting decreases in fees billed by the Management Company and in fees collected by the funds (see note 17 to the consolidated financial statements). Gross operating income is calculated after operating expenses for the year. Net operating income amounts togross operating income less the share of earnings attributable to the general partner, to Class B shareholders and tomanagers receiving carried interest fromthe funds through which Altamir invests. Net income attributable to limited shareholders includes income on marketable securities and other short-term investments and related interest and expenses.

Accordingly, at their 29April 2019General Meeting, shareholders will be asked to approve the consolidated financial statements for the year ended 31 December 2018, showing a profit of €30,306,225. The change in fair value of €79m derived principally from the growth in the EBITDAof portfolio companies. The sharp increase resulted fromboth organic growth and the build-up acquisitions in the portfolio. Net capital gains on divestments totalled €-10.5m and reflected the valuation difference between the actual sale price of the investments and their fair value under IFRS as of 31 December of the preceding year (rather than the capital gain over cost). Other net portfolio income amounted to €0.8m and mainly consistedof dividends paidby companies in theApaxVIII LP fund.

CONSOLIDATED (IFRS) BALANCE SHEET

31/12/2018

31/12/2017

31/12/2016

(in thousands of euros) Total non-current assets

999,201 25,375

895,164 27,864 923,028 786,650

875,162 79,846

Total current assets TOTAL ASSETS

1,024,576

955,008 789,503

Total shareholders’ equity

792,929

Carried interest provision attributable to general partner and Class B shareholders Carried interest provision Apax France VIII-B, IX-B, Apax VIII LP and IX LP

10,157

29,695 38,049 68,634

44,011 34,048 87,447

59,769 161,721

Other current liabilities

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

1,024,576

923,028

955,008

The change in non-current assets, composed of the total of equity investments held, directly or through the Apax France VIII, Apax France IX, Apax VIII LP, Apax IX LP, Apax Digital and Apax Development funds, resulted principally from investments, divestments and value creation in portfolio companies.

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ALTAMIR 2018

Registration document