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FINANCIAL STATEMENTS
3
Consolidated financial statements
3.1.5
STATEMENT OF CASH FLOWS
(in euros)
Note
31/12/2016
12 months
31/12/2015
12 months
Investments
-194,035,316
-31,395,206
Shareholder loans granted to portfolio companies
-22,440,323
-11,990,583
Shareholder loans repaid by portfolio companies
8,619,271
9,104,796
TOTAL INVESTMENTS
-207,856,368
-34,280,994
Divestment of equity investments
205,040,489
29,789,652
Interest and other portfolio income received
102,891
60,413
Dividends received
1,350,373
18,461,104
Operating expenses
-20,789,752
-18,834,431
Income received on marketable securities
818,808
1,185,044
CASH FLOWS FROM OPERATING ACTIVITIES
-21,333,560
-3,619,212
Dividends paid to ordinary shareholders
-20,432,108
-18,243,464
AARC investment
5,246
4,935,385
Apax France VIII-B capital calls
71,514
5,251
Apax France IX-B capital calls
303,031
0
Deposits and security deposits
-63,000
0
Transactions on treasury shares
0
-121,640
Amount attributable to the general partner and Class B shareholders
-5,801,751
-11,104,891
Repayment of borrowings
-8,800,000
-2,000,000
Issue of borrowings
84,247,936
8,800,000
CASH FLOWS FROM FINANCING ACTIVITIES
49,530,868
-17,729,358
NET CHANGE IN CASH AND CASH EQUIVALENTS
28,197,309
-21,348,570
Cash and cash equivalents at opening
29,993,330
51,341,900
CASH AND CASH EQUIVALENTS AT CLOSING
6.12
58,190,639
29,993,330
105
REGISTRATION DOCUMENT
1
ALTAMIR 2016