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Annual Financial Report 2016

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Annual Financial Report 2016 Tikehau Capital A French partnership limited by shares with a share capital of €850,659,408 (société en commandite par actions) Registered office: 32, rue de Monceau, 75008 Paris, France 477 599 104 R.C.S. PARIS REGISTRATION DOCUMENT SERVING AS ANNUAL FINANCIAL REPORT Pursuant to its General Regulation, and in particular to Article 212-13, the Autorité des marchés financiers (the “AMF”) has registered this registration document on 27 April 2017 under number R.17- 029. This document can be used to support a financial transaction only if it is accompanied by a securities note approved by the AMF. It has been prepared by the issuer and is binding on its signatories. Its registration, in accordance with Article L.621.8.1-I of the French Monetary and Financial Code, has been made after verification by the AMF that the document is complete and comprehensible, and that the information it contains is consistent. It does not imply certification by the AMF of the accounting and financial information presented. Copies of this registration document (the “Registration Document”) are available free of charge from Tikehau Capital, 32, rue de Monceau, 75008 Paris, France, as well as on the websites of Tikehau Capital (www.tikehaucapital.com) and the AMF (www.amf-france.org). TABLE OF CONTENTS MESSAGE FROM THE MANAGEMENT I. PRESENTATION OF THE GROUP AND ITS ACTIVITIES ....................................................... 5 1. Profile and history ........................................................................................................................ 5 (a) Profile of Tikehau Capital ............................................................................................... 5 (b) History of Tikehau Capital .............................................................................................. 9 (c) The Tikehau Capital share ............................................................................................ 10 2. Key figures ................................................................................................................................. 11 3. Competitive advantages and strategy ......................................................................................... 13 (a) Competitive advantages ................................................................................................ 13 (b) Strategy ......................................................................................................................... 19 4. Presentation of the activities of Tikehau Capital ........................................................................ 23 (a) Overview ....................................................................................................................... 23 (b) Private debt activities .................................................................................................... 40 (c) Real estate activities ...................................................................................................... 49 (d) Private equity ................................................................................................................ 53 (e) Liquid Strategies ........................................................................................................... 63 5. Tikehau Capital and its market ................................................................................................... 67 (a) Introduction/summary ................................................................................................... 67 (b) General overview of the asset management market since 2008 .................................... 68 (c) Alternative assets are attracting constantly-growing demand ....................................... 69 (d) Overview of market trends in the different asset classes of Tikehau Capital ............... 74 6. Regulatory Environment ............................................................................................................ 81 (a) European regulations on asset management activities in the European Union ............. 81 (b) European regulations on asset management activities in France .................................. 86 7. Dividend Policy .......................................................................................................................... 86 II. COMMENTS ON THE ACTIVITY, INCOME AND FINANCIAL POSITION ........................ 88 1. Overview of activities, income and financial position ............................................................... 88 2. Comments on the activity and consolidated financial statements of 2016 ................................. 89 (a) Business during 2016 .................................................................................................... 89 (b) Analysis of consolidated results for the year 2016 ....................................................... 91 (c) Consolidated fixed assets .............................................................................................. 92 (d) Liquidity and Capital Resources ................................................................................... 92 (e) Changes in shareholders’ equity ................................................................................... 96 3. Comments on pro forma balance sheet for the year 2016 .......................................................... 96 (a) Analysis of pro forma consolidated results for 2016 .................................................... 97 (b) Pro forma balance sheet data ........................................................................................ 99 4. Annual results of the Company ................................................................................................ 100 (a) Annual Financial Statements for 2016 ........................................................................ 100 (b) The Company’s Financial results for the last five years ............................................. 102 5. Significant events occurring since 31 December 2016 ............................................................ 102 (a) Capital Increases ......................................................................................................... 102 (b) Tikehau Capital IPO .................................................................................................... 103 (c) Other material events occurring between 31 December 2016 and the date of the financial statements ..................................................................................................... 103 i (d) Other material events since the date of the financial statements ................................. 104 III. RISK FACTORS .............................................................................................................................. 105 1. Risk Factors .............................................................................................................................. 105 (a) Risks relating to the asset management activities ....................................................... 105 (b) Risks relating to the balance sheet of Tikehau Capital ............................................... 110 (c) General risks associated with Tikehau Capital’s business .......................................... 116 (d) Regulatory, legal and tax risks .................................................................................... 118 (e) Risks related to the legal form, Articles of Association and organization of Tikehau Capital ........................................................................................................... 120 2. Insurance .................................................................................................................................. 121 3. Risk management ..................................................................................................................... 122 (a) Control functions ......................................................................................................... 122 (b) Definition of the different levels of internal control and reporting ............................. 123 (c) Investment valuation activities .................................................................................... 127 (d) Governance ................................................................................................................. 129 (e) IT architecture and security ......................................................................................... 131 (f) Prevention of insider misconduct and compliance ...................................................... 131 4. Legal and arbitration proceedings ............................................................................................ 133 IV. CORPORATE GOVERNANCE .................................................................................................... 134 1. Administrative and management bodies .................................................................................. 134 (a) The Managers .............................................................................................................. 134 (b) Presentation of the Supervisory Board ........................................................................ 137 (c) Practices of the Supervisory Board ............................................................................. 146 (d) Supervisory Board Committees .................................................................................. 146 2. General Shareholders’
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