ALTAMIR_REGISTRATION_DOCUMENT_2017
PRESENTATION OF THE COMPANY AND ITS ACTIVITIES
Comments on the financial year
The change in shareholders’ equity for the year was as follows:
1
(in thousands of euros) Shareholders’ equity as of 31 December 2016 Consolidated (IFRS) earnings for the period
789,503 20,888
Transactions on treasury shares
-20
Distribution of dividends to holders of Class A shares SHAREHOLDERS’ EQUITY AS OF 31 DECEMBER 2017
-23,721
786,650
Statutory net income for the financial year 2017 was €69.9m, compared with net income of €79.3m for 2016. Accordingly, at their 26April 2018General Meeting, shareholders will be asked to approve the statutory earnings for the year ended 31 December 2017, showing a profit of €69,886,629.
THE COMPANY’S STATUTORY EARNINGS
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 recognised against securities held, but not unrealised capital gains.
This item broke down as follows:
2017
2016 -9,310 88,596
2015
(in thousands of euros)
Income from revenue transactions Income from capital transactions
-11,203 77,998
-8,899 47,060
Extraordinary income Extraordinary expenses
3,134
98 52
142
42
118
NET INCOME
69,887
79,331
38,186
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 €10m including VAT, vs €9.2m in 2016. This increase reflected an increase in the Company’s statutory net book value, which is used to calculate the amount of the management fees paid to Altamir Gérance. (See Note 3.1.3 to the consolidated financial statements).
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 €7.3m was reversed in 2017 to offset accrued interest on convertiblebonds or equivalent securities. This interest was already included in company valuations (under IFRS) and is
Income from capital transactions broke down as follows:
2017
2016
2015 7,446
(in thousands of euros) Net realised capital gains
79,235
76,494
Reversals of provisions on divestments and losses SUBTOTAL – GAINS REALISED DURING THE YEAR
0
0
0
79,235 50,820 40,317 -10,504
76,494
7,446 4,974 16,649 11,675 27,939 47,060
Provisions on equity investments
19,175
Reversals of provisions on equity investments SUBTOTAL – UNREALISED GAINS Related revenue, interest and dividends INCOME FROM CAPITAL TRANSACTIONS
24,320
5,145 6,957
9,267
77,998
88,596
67
• ALTAMIR 2017
REGISTRATION DOCUMENT
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