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FINANCIAL STATEMENTS

3

Consolidated financial statements

NOTE 25

Earnings per share

The weighted average number of shares outstanding reflects the exclusion of treasury shares.

Basic earnings per share

31/12/2016

31/12/2015

Numerator

(in euros)

INCOME FOR THE YEAR ATTRIBUTABLE TO ORDINARY SHAREHOLDERS

129,019,766

111,772,650

Denominator

Number of shares outstanding at start of year

36,512,301

36,512,301

Effect of treasury shares

-28,020

-33,587

Effect of capital increase

-

-

WEIGHTED AVERAGE NUMBER OF SHARES DURING THE YEAR (BASIC)

36,484,281

36,478,714

Earnings per share (basic)

3.54

3.06

Earnings per share (diluted)

3.54

3.06

NOTE 26

Related parties

In accordance with IAS 24, related parties are as follows:

26.1 SHAREHOLDERS

Apax Partners SA, as the investment advisor, andAltamir Gérance

as the Management Company invoiced the Company for total

fees of €6,949,859 including tax in 2016 (€8,419,441 including

tax in 2015).

The amount remaining payable as of 31 December 2016 was

€93,742 (€20,280 as of 31 December 2015). No amount remained

receivable as of 31 December 2016 (€97,114 as of 31 December

2015).

26.2 ASSOCIATED ENTERPRISES

A significant influence is presumed when the equity interest of

the Company exceeds 20%.

Investments subject to significant influence are not accounted for

by the equitymethod, as allowedunder IAS28, but they constitute

relatedparties. The closingbalances and transactions for the year

with these companies are presented below:

(in euros)

31/12/2016

31/12/2015

Income statement

Valuation differences on divestments during the year

-4,726,025

-

Changes in fair value

112,445,489

37,252,893

Other portfolio income

-

-

Balance sheet

31/12/2016

31/12/2015

Investment portfolio

468,573,503

295,305,987

Sundry receivables

2,394,636

2,394,636

26.3 SENIOR MANAGEMENT

Attendance fees paid in 2016 to members of the Supervisory Board with respect to 2015 totalled €260,000.

123

REGISTRATION DOCUMENT

1

ALTAMIR 2016