Altamir - 2018 Registration document

Financial statements

Statutory financial statements

ANALYSIS OF CHANGE IN PROVISIONS ON EQUITY INVESTMENTS AND RELATED RECEIVABLES

Prov. revers. on divestment

Other prov. revers.

31/12/2016 31/12/2017 Allocations

31/12/2018

(in thousands of euros)

PROVISION

21,939

18,192

12,684

0

18,192

12,684

The provision reversals chiefly related to the disposal of Royer group shares.

CHANGE IN UNREALISED GAINS NOT RECOGNISED IN THE ANNUAL FINANCIAL STATEMENTS (in thousands of euros) 31/12/2016 31/12/2017

31/12/2018

3

ESTIMATED VALUE

367,014 277,052

337,231

OTHER RECEIVABLES

2.5

STATEMENT OF CHANGES IN GROSS ACCRUED INTEREST (in thousands of euros)

31/12/2016 31/12/2017

Increases Reductions

31/12/2018

INTEREST ACCRUED ON RECEIVABLES RELATED TO EQUITY INVESTMENTS

56,885

31,695

5,036

853

35,878

STATEMENT OF CHANGES IN PROVISIONS ON ACCRUED INTEREST (in thousands of euros) 31/12/2016 31/12/2017

Increases Reductions

31/12/2018

PROVISIONS ON INTEREST ACCRUED ON RECEIVABLES RELATED TO EQUITY INVESTMENTS

56,885

31,695

5,036

853

35,878

The accrued interests on convertible bonds or equivalent securities have been fully written down. The Company has determined that accrued interest is included in the acquisition price of third parties and not paid by the debtor company.

SUNDRY RECEIVABLES

SHORT-TERM INVESTMENT SECURITIES

2.6

2.8

Sundry receivables consisted of two main items: n a receivable due from portfolio funds relating to the total fees invoiced by these funds. At the close of the year, total fees paid to the various funds were higher than the share of fees that should have been borne to date (€14.2m); n €219k of credit notes to be received on expenses incurred during the year.

2.8.1 Gross values Short-term investment securities are valued at historical cost. Capitalgainsondivestmentsarecalculatedbasedonthedifference between the sale price and theweighted average purchase price. The Company does not recognise any unrealised capital gains in the statutory statements. However, interest not yet due as of 31 December 2018 on certificates of deposit, time deposits, negotiable debt securities, and tax-efficient capitalisation funds is recognised in accrued interest receivable. Other current financial assets related to an Allianz tax-efficient capitalisation fund of €15m. The unrealised gain on these investments as of 31 December 2018 was €1.3m. No impairmentof short-terminvestment securitieswas recognised at the balance sheet date.

CASH ON HAND

2.7

As of 31 December 2018, the balance of cash on hand amounted to €4.8m.

INVENTORY OF INVESTMENT SECURITIES

Market value as of 31/12/2018 (in thousands of euros)

Unit price (in euros)

Book value (in thousands of euros)

Quantity

Other marketable securities Allianz

1

15,000

16,303

141

ALTAMIR 2018

Registration document