Altamir - 2018 Registration document

3

Financial statements

Consolidated financial statements

NOTE 7 Investment portfolio

Changes in the portfolio during the year were as follows:

Portfolio

(in euros)

FAIR VALUE AS OF 31 DECEMBER 2017

894,574,264

Investments

174,293,624 -3,861,324 -145,363,074 79,270,788 998,914,278 173,659,158 -94,388,370

Changes in shareholder loans

Divestments

Changes in fair value

FAIR VALUE AS OF 31 DECEMBER 2018 Of which positive changes in fair value Of which negative changes in fair value

Changes in the Level 3 investment portfolio during the year were as follows:

31 December 2018

31 December 2017

(in euros)

FAIR VALUE AT START OF YEAR

39,215,523

33,108,795

Acquisitions Divestments

4,317,872

- -

-2,038,856 11,700,797 -37,027,832 -13,702,122 2,465,381

Change of category from Level 2 to Level 3 Change of category from Level 3 to Level 2

Changes in fair value

6,106,727

FAIR VALUE AT END OF YEAR

39,215,523

Changes in the Level 2 investment portfolio during the year were as follows:

31 December 2018

31 December 2017

(in euros)

FAIR VALUE AT START OF YEAR

693,898,791

644,527,483

Acquisitions Divestments

144,829,692 -52,959,298 37,027,832 -11,700,797 129,453,061 940,549,282

103,951,109 -70,719,791

Change of category from Level 3 to Level 2 Change of category from Level 2 to Level 3

-8,140,000 24,279,990 693,898,791

Changes in fair value

FAIR VALUE AT END OF YEAR

Changes in the Level 1 investment portfolio during the year were as follows:

31 December 2018

31 December 2017

(in euros)

FAIR VALUE AT START OF YEAR

161,459,950

196,946,477

Acquisitions Divestments

21,284,736

5,678,585 - 64,916,107

- 90,364,920

Change of category from Level 1 to Level 2 Change of category from Level 1 to Level 3 Change of category from Level 2 to Level 1

8,140,000 15,610,995

Changes in fair value

- 36,480,151 55,899,615

FAIR VALUE AT END OF YEAR

161,459,950

Valuation methods are based on the determination of fair value as described in note 4.

31 December 2018

31 December 2017

% of listed instruments in the portfolio

5.6% 7.0%

18.0% 20.5%

% of listed instruments in NAV

120 Registration document ALTAMIR 2018

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