Altamir - 2018 Registration document

1

Business description and activities

Comments on the financial year

The change in shareholders’ equity for the year was as follows:

(in thousands of euros) Shareholders’ equity as of 31 December 2017 Consolidated (IFRS) earnings for the period

786,650 30,306

Transactions on treasury shares

-311

Distribution of dividends to holders of Class A shares SHAREHOLDERS’ EQUITY AS OF 31 DECEMBER 2018

-23,716

792,929

THE COMPANY’S STATUTORY EARNINGS

recognised against securities held, but not unrealised capital gains. Statutory net income for the financial year 2018 was €11.1m compared with net income of €69.9m for 2017. Accordingly, at their 29April 2019General Meeting, shareholders will be asked to approve the statutory earnings for the year ended 31 December 2018, showing a profit of €11,139,091.

Due to the specific nature of its business, the Company does not post sales revenues. Statutory net income is not representative of the quality of Altamir’s portfolio, nor of its performance. This is because, in contrast to IFRS, the statutory statements reflect impairment

This item broke down as follows:

2018

2017

2016 -9,310 88,596

(in thousands of euros)

Income from revenue transactions Income from capital transactions

-10,568

-11,203 77,998

21,771

Extraordinary income Extraordinary expenses

85

3,134

98 52

149

42

NET INCOME

11,139

69,887

79,331

To make the business of the portfolio companies more readily understandable, income (dividends and interest) and any allocations to interest receivable and losses on receivables are presented under “capital transactions”. A net amount of €5m was reversed in 2018 to offset accrued interest on convertiblebonds or equivalent securities. This interest was already included in company valuations (under IFRS) and is

also generally included in the sale price of companies, whereas the companies themselves do not pay the interest directly. Purchases and other external expenses totalled €9.7m including VAT, vs €10m in 2017. The decrease reflects higher amounts deductedwith respect to investmentsmade throughApax funds (See Note 3.1.3 to the consolidated financial statements, in the Registration Document).

Income from capital transactions broke down as follows:

2018

2017

2016

(in thousands of euros) Net realised capital gains

21,430

79,235

76,494

Reversals of provisions on divestments and losses SUBTOTAL – GAINS REALISED DURING THE YEAR

0

0

0

21,430

79,235

76,494

Provisions on equity investments

-27,303 19,054 -8,249

-50,820

-19,175 24,320

Reversals of provisions on equity investments

40,317

SUBTOTAL – UNREALISED GAINS

-10,504

5,145

Related revenue, interest and dividends INCOME FROM CAPITAL TRANSACTIONS

8,591

9,267

6,957

21,771

77,998

88,596

66 Registration document ALTAMIR 2018

www.altamir.fr