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FINANCIAL STATEMENTS
3
Consolidated financial statements
NOTE 7
Investment portfolio
Changes in the portfolio during the year were as follows:
(in euros)
Portfolio
FAIR VALUE AS OF 31 DECEMBER 2015
686,474,417
Investments
194,035,316
Changes in shareholder loans
13,821,052
Divestments
-193,907,477
Changes in fair value
167,372,425
Cancellation of other financial assets
6,787,022
FAIR VALUE AS OF 31 DECEMBER 2016
874,582,756
Of which positive changes in fair value
197,882,083
Of which negative changes in fair value
-23,722,636
Changes in the Level 3 investment portfolio during the year were as follows:
(in euros)
Portfolio
FAIR VALUE AS OF 31 DECEMBER 2015
35,007,687
Acquisitions
3,972,949
Divestments
-
Change of category from Level 3 to Level 2
-11,113,807
Changes in fair value
5,241,967
FAIR VALUE AS OF 31 DECEMBER 2016
33,108,795
Changes in the Level 2 investment portfolio during the year were as follows:
(in euros)
Portfolio
FAIR VALUE AS OF 31 DECEMBER 2015
376,976,478
Acquisitions
203,352,136
Divestments
-165,062,345
Change of category from Level 1 to Level 2
68,859,464
Change of category from Level 3 to Level 2
11,113,807
Changes in fair value
149,287,942
FAIR VALUE AS OF 31 DECEMBER 2016
644,527,483
Valuation methods are based on the determination of fair value as described in paragraph 6.4.
31/12/2016
31/12/2015
% of listed instruments in the portfolio
26.0%
40.0%
% of listed instruments in NAV
28.8%
40.4%
Portfolio breakdown according to the degree of maturity of the investments:
(in euros)
31/12/2016
31/12/2015
STAGE OF DEVELOPMENT
LBO
751,528,208
583,601,380
Growth capital
123,054,547
102,873,037
PORTFOLIO TOTAL
874,582,756
686,474,417
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REGISTRATION DOCUMENT
1
ALTAMIR 2016