Altamir - Registration Document 2016

FINANCIAL STATEMENTS Statutory financial statements

ANALYSIS OF CHANGE IN PROVISIONS ON EQUITY INVESTMENTS AND RELATED RECEIVABLES

Prov. revers. on divestment

Other prov. revers.

31/12/2014 31/12/2015 Allocations

31/12/2016

(in thousands of euros)

PROVISION

38,937

26,008

5

4,074

0

21,939

The provision reversals are chiefly related to the revaluation of equity investments valued at market prices.

CHANGE IN UNREALISED GAINS NOT RECOGNISED IN THE ANNUAL FINANCIAL STATEMENTS (in thousands of euros) 31/12/2014 31/12/2015

31/12/2016

ESTIMATED VALUE

108,548

211,014

367,014

2.5 OTHER RECEIVABLES

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

31/12/2014 31/12/2015

Increases

Reductions

31/12/2016

INTEREST ACCRUED ON RECEIVABLES RELATED TO EQUITY INVESTMENTS

56,269

64,881

12,219

20,215

56,885

3

STATEMENT OF CHANGES IN PROVISIONS ON ACCRUED INTEREST (in thousands of euros) 31/12/2014 31/12/2015

Increases

Reductions

31/12/2016

PROVISIONS ON INTEREST ACCRUED ON RECEIVABLES RELATED TO EQUITY INVESTMENTS

56,269

64,881

12,219

20,215

56,885

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

2.6 SUNDRY RECEIVABLES

Sundry receivables primarily include €2.4m of cash due on the divestment of Chrysaor.

2.7 CASH ON HAND

As of 31 December 2016, the balance of cash on hand amounted to €47.4m.

2.8 SHORT-TERM INVESTMENT SECURITIES

2.8.1 Gross values

31/12/2014

31/12/2015

31/12/2016

(in thousands of euros)

Money-market mutual funds

1,211

0

0

Time deposits and certificates of deposit

49,500

29,000

5,000

Negotiable debt securities Other marketable securities

2,035 18,179

0

0

15,000

15,000 20,000

TOTAL

70,926

44,000

in the statutory statements. However, interest not yet due as of 31 December 2016 on certificates of deposit, time deposits, negotiable debt securities, and tax-efficient capitalisation funds is recognised in accrued interest receivable.

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

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REGISTRATION DOCUMENT 1 ALTAMIR 2016