74003 - AGRESSOR - 30-12-2011 - RA - EN

FCP AGRESSOR

MAZARS

Audited annual report

As at December 30, 2011

FCP

AGRESSOR

53, Avenue d’IENA

75116 PARIS

Audited annual report

As at December 30, 2011

1

Pursuant to the mission entrusted to us by the Board of Directors of the Fund ManagementCompany, we hereby present our report relative to the financial year closed on 30 December2011 on :

- the audit of the annual accounts of the FCP AGRESSOR mutual fund, as attachedto this report,

- the justification for our assessments,

- the specific verifications and the information provided by the law.

The annual accounts were drawn up by the Fund Management Company. It is down to us,on the basis of our audit, to express an opinion on these accounts.

I – Opinion on the annual accounts

We conducted our audit in accordance with the professional standards applicable in France;these standards require the implementation of procedures making it possible to obtainreasonable assurance that the annual accounts do not comprise significant anomalies. Anaudit consists of verifying, through sampling or by means of other methods of selection,the elements justifying the amounts and information featuring in the annual accounts. Withregard to a UCITS, it does not relate to the databases provided by independent third partiesto draw up the off-balance sheet statement included in the annual accounts. It also consistsof assessing the accounting principles followed, the significant estimates used and the overallpresentation of the accounts. We feel that the elements we have collected are sufficient andappropriate on which to base our opinion.

We certify that, with regard to French accounting rules and principles, the annual accountsare valid and sincere and give a true image of the results of the operations for the pastfinancial year and the financial situation and assets of the UCITS at the end of this financialyear.

FCP

AGRESSOR

Year ended December 30, 2011

Auditor’s report on annual accounts

2

II – Justification for our Assessments

Pursuant to the provisions of article L. 823-9 of the French Commercial Code relative to thejustification for our assessments, we hereby notify you of the following element:

- our assessments in particular related to respect for the accounting principles andmethods applicable to UCITS, as defined by regulation n° 2003-02 of the AccountsRegulation Committee.

The assessments thus made fall within the framework of our approach for auditing annualaccounts, taken in their entirety, and therefore contributed to forming our opinion expressedin the first part of this report.

III – Specific Information and Verifications

In compliance with professional standards applicable in France, we have also conductedthe specific verifications set out by the law.

We have no observation to make on the truthfulness and the concordance with the annualaccounts of the information given in the annual report and in the documents sent to unitholders on the financial situation and the annual accounts.

Written in Courbevoie, 6 March 2012

The Statutory Auditor

Mazars

Gilles DUNAND-ROUX

FCP

AGRESSOR

Year ended December 30, 2011

7 Mutual Fund - Annual Report- Year ended : 30.12.201174003

FCP AGRESSOR

Currency EUR EUR

Net assets - -

Deposits - -

Financial instruments 834 513 639,23 976 478 953,62

• EQUITIES AND SIMILAR SECURITIES

Traded on a regulated or similar market 826 765 684,26 961 624 108,04

Not traded on a regulated or similar market - -

• BONDS AND SIMILAR SECURITIES

Traded on a regulated or similar market - 544 899,00


• DEBT SECURITIES

Traded on a regulated or similar market

Negotiable debt securities - -

Other debt securities - -


• MUTUAL FUNDS

Coordinated European UCITS and general purpose French UCITS

7 747 954,97 14 309 946,58

UCITS reserved for certain investors – VCF - Funds investing infutures and options

- -

Listed SPE and investment funds - -

Non-listed SPE and investment funds - -

• TEMPORARY PURCHASES AND SALES OF SECURITIES

Receivables representing repurchase agreements - -

Receivables representing securities lendings - -

Borrowed securities - -

Repurchase agreements - -

Other temporary purchases and sales - -

• FORWARD FINANCIAL INSTRUMENTS

Transactions on a regulated or similar market - -

Other transactions - -

• OTHER FINANCIAL INSTRUMENTS - -

Receivables 2 823 167,36 6 126 339,14

Foreign exchange forward contracts - -

Other 2 823 167,36 6 126 339,14

Financial accounts 7 307 415,78 40 991 730,54

Cash and cash equivalents 7 307 415,78 40 991 730,54

Total assets 844 644 222,37 1 023 597 023,30

30.12.2011 31.12.2010

assetsBALANCE SHEET

Currency EUR EUR

Equity

• Capital 843 171 815,89 1 024 434 801,76

• Retained earnings - -

• Adjusted retained earnings - -

• Result -1 409 746,31 -6 107 790,50

Total equity(amount representing net assets) 841 762 069,58 1 018 327 011,26

Financial instruments - -

• DISPOSALS OF FINANCIAL INSTRUMENTS - -

• TEMPORARY PURCHASES AND SALES OF SECURITIES

Debts representing repurchase agreements - -

Debts representing securities borrowings - -

Other temporary purchases and sales - -

• FORWARD FINANCIAL INSTRUMENTS

Transactions on a regulated or similar market - -

Other transactions - -

Debts 2 882 152,79 5 270 012,04

Foreign exchange forward contracts - -

Other 2 882 152,79 5 270 012,04

Financial accounts - -

Cash credit - -

Borrowings - -

Total liabilities 844 644 222,37 1 023 597 023,30


FCP AGRESSOR

31.12.201030.12.2011

liabilitiesBALANCE SHEET


FCP AGRESSOR

Currency EUR EUR

Hedging• Commitments on regulated or similar markets

- Futures market (Futures) - -

- Options market (Options) - -

- Credit derivatives - -

- Swaps - -

- Contracts for Differences (CFD) - -

• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


Other transactions• Commitments on regulated or similar markets




- Swaps - -


• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


31.12.201030.12.2011

OFF-balance sheet


FCP AGRESSOR

Currency EUR EUR

Income from financial transactions

• Income from deposits and financial accounts - 51,06

• Income from equities and similar securities 24 418 385,06 15 420 710,24

• Income from bonds and similar securities 36 610,02 298 132,80

• Income from debt securities 224 822,51 4 158,23

• Income from temporary purchases and disposals of securities - -

• Income from forward financial instruments - -

• Other financial income - -

Total (I) 24 679 817,59 15 723 052,33

Expenses on financial transactions

• Expenses on temporary purchases and disposals of securities - -

• Expenses on forward financial instruments - -

• Expenses on financial debt - -5,03

• Other financial expenses - -

Total (II) - -5,03

Profit/loss on financial transactions (I - II) 24 679 817,59 15 723 047,30

Other income (III) - -

Management fees and depreciation expense (IV) -25 188 327,01 -21 895 193,56

Net income for the period (L.214-9) (I - II + III - IV) -508 509,42 -6 172 146,26

Income adjustments for the period (V) -901 236,89 64 355,76

Interim payments in terms of the period (VI) - -

Income (I - II + III - IV +/- V - VI) : -1 409 746,31 -6 107 790,50

30.12.2011 31.12.2010

INCOMEstatement

accountingrules and methods


FCP AGRESSOR

appendices

1The annual accounts are presented in the format set forth in CRC Regulation no. 2003-02 of2 October 2003 relative to the chart of accounts for UCITS, amended by CRC Regulationno. 2005-07 of 3 November 2005 approved by the ministerial order of 26 December 2005.

Asset valuation and accounting rules :V-1 - Asset valuation rules

A – Valuation method

• Financial instruments and securities traded on a regulated market are valued at market price.

Notwithstanding this, the instruments below are valued using specific methods :

- European equities and bonds are valued at the closing price, and foreign securities are valuedat the last known price.

- Debt securities and equivalent negotiable instruments which are not involved in significanttransactions are valued using an actuarial method. The rate used is that applied for issues ofequivalent securities plus or minus, where necessary, a differential representative of theintrinsic characteristics of the issuer.

However, negotiable debt securities with a residual maturity of 3 months or less, in the absenceof a particular sensitivity, may be valued using the straight-line method.

- Negotiable debt securities with a maturity of less than 3 months are valued at the purchasenegotiating rate. The amortisation of the premium or the discount is applied on a straight-line basis over the term of the negotiable debt security.

- Negotiable debt securities with a maturity of more than 3 months are valued at market rate.

- Units or shares of funds are valued at the last known net asset value.

- Securities coming under temporary purchase or sale agreements are valued in accordancewith the regulations in force, based on the terms of the original agreement.

• Financial instruments not traded on a regulated market are valued by the managementcompany at their probable trading value.

• Warrants or subscription certificates obtained free of charge during private placements orcapital increases are valued as of their admission to a regulated market or the organisationof an over-the-counter market.

• Contracts :

- Futures are valued at the settlement price and options are valued on the basis of the vehicleused.

- The market price for futures is equal to the price in EUR multiplied by the number ofcontracts.

- The market price for options is equal to their conversion into the underlying equivalent.

- Interest rate swaps are valued at market rate, in accordance with the contractual provisions.

- Off-balance-sheet transactions are valued at market price.

• Financial instruments for which a price has not been recorded on the valuation date, or forwhich the price has been adjusted, are valued at their probable trading value by the Boardof Directors of the management company. The auditor will be provided with these valuationsand their justification when it carries out its audits.

B - Practical methods

• Shares and bonds are valued on the basis of prices taken from the Finalim and Bloombergdatabases, depending on their listing market. The research options are completed by“Télékurs” “Fin’xs” and “Reuters” “Securities 3000” :

- Asia-Oceania : taken at 12 noon for a quotation at the closing price of that day.

- America : taken at 9 a.m. for a quotation at the closing price of D-1.


FCP AGRESSOR

appendices

taken at 4.45 p.m. for a quotation at the opening price of that day.

- Europe excluding France : taken at 7.30 p.m. for a quotation at the closing price of that day.

taken at 2.30 p.m. for a quotation at the opening price of that day.

taken at 9 a.m. for a quotation at the price of D-1.

- France : taken at 12 noon and 4 p.m. for a quotation at the opening price of that day.

taken at 5.40 p.m. for a quotation at the closing price of that day.

- Contributors : taken at 2 p.m. for a quotation subject to the availability of prices.

• Positions on the futures markets at each net asset value are valued on the basis of thesettlement prices of that day.

Positions on the options markets at each net asset value are valued according to the principlesused for the underlying.

- Asia-Oceania : taken at 12 noon

- America : taken at 9 a.m. on D+1

- Europe excluding France : taken at 7.30 p.m.

- France : taken at 18 noon

V-2 - Accounting method

• The accounting method used for recording income from financial instruments is the 'couponsreceived' method.

• The accounting method for recording transaction fees is exclusive of expenses.

Methods for evaluating off-balance sheet commitmentsOff-balance sheet commitments are evaluated at their commitment value.

The commitment value for futures contracts is equal to the price (in the currency of the UCIT)multiplied by the number of contracts multiplied by the nominal amount.

The commitment value for options contracts is equal to the price of the underlying security(in the currency of the UCIT) multiplied by the number of contracts multiplied by the deltamultiplied by the nominal amount of the underlying security.

The commitment value for swap contracts is equal to the nominal amount of the contract (inthe currency of the UCIT).

Operating and management costsThese fees cover all costs charged directly to the Fund, with the exception of transaction fees.Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) andtransfer fees, if applicable, which may be levied by the custodian and the managementcompany.

The following fees may also be charged in addition to operating and management fees :

- excess return fees. These are paid to the management company if the Fund exceeds itsobjectives. They are therefore charged to the Fund;

- transfer fees charged to the Fund;

- a share of income from the temporary acquisition and sale of securities.

Outperformance commission calculation method :

Variable management fees are charged and accrue to the management company on thefollowing basis :

- 20% incl. taxes of the performance above the benchmark.

- The provision for variable management fees is adjusted each time net asset value iscalculated, on the basis of 20% including taxes of the fund's outperformance against theCAC ALL-TRADABLE index, calculated excluding dividends for GPF units and withdividends reinvested for I units. If the fund underperforms the benchmark, this provision isadjusted in the form of a reversal. A provision reversal may not exceed the value of theprovision.


FCP AGRESSOR

appendices - Outperformance is calculated for the first time as of the dates that the Agressor Gestione

Patrimoniale in Fondi and Agressor I units are launched, on the basis of a benchmark netasset value established on the same dates.

- Variable management fees charged by the management company are paid annually, on thelast trading day of December. The outperformance commission calculation period will be thefinancial year of the fund, with the exception of the first financial year of the units, for whichthe reference period will be the period between the unit creation date and the financial year-end date. Variable management fees are chargeable only if the net asset value at the end ofthe year is higher than the initial nominal value for the first year, and on the net asset valueat the start of the year for subsequent years.

- In the event a unit is redeemed and a provision for variable management expenses exists, thepart proportional to the units reimbursed is paid to the fund management company.

Indication of accounting changes subject to special information to unit holders- Changes occurred : None.

- Changes to occur : None.

Indication and justification of changes in estimates and in application methodsNone.

Indication of the type of errors that have been corrected during the periodNone.

Indication of the rights and conditions attached to each unit categoryCapitalisation of all income.


FCP AGRESSOR

appendicesCurrency EUR EUR

Net assets at the beginning of the period 1 018 327 011,26 727 914 458,61

Subscriptions (including the subscription fee allocated to the UCIT)

581 744 633,31 366 612 542,70

Redemptions (with deduction of the redemption fee allocated to the UCIT)

-541 801 963,97 -286 371 797,58

Capital gains on deposits and financial instruments 46 105 214,51 83 037 460,06

Capital losses on deposits and financial instruments -72 680 941,23 -30 677 733,67

Capital gains on forward financial instruments - -

Capital losses on forward financial instruments - -

Transaction fees -5 428 448,04 -5 915 970,71

Foreign exchange differences 5 288 786,05 3 487 424,91

Changes in the estimate difference in deposits and financial instruments :

-189 283 712,89 166 412 773,20

- Estimate difference – period N -111 839 545,77 77 444 167,12

- Estimate difference – period N-1 77 444 167,12 -88 968 606,08

Changes in the estimate difference in forward financial instruments :

- -

- Estimate difference – period N - -

- Estimate difference – period N-1 - -

Prior period distribution - -

Net income for the period before adjustment accounts -508 509,42 -6 172 146,26

Interim payment(s) during the period - -

Other items - -

Net assets at the end of the period 841 762 069,58 1 018 327 011,26

30.12.2011 31.12.2010

changesnet assets2


FCP AGRESSOR

appendices3.1. Financial instruments : breakdown by legal or economic type of instrument

3.1.1. Breakdown of the "Bonds and similar securities" item by type of instrumentTraded on a regulated

or similar marketNot traded on a regulated

or similar market

Indexed bonds - -

Convertible bonds - -

Fixed-rate bonds - -

Variable-rate bonds - -

Zero-coupon bonds - -

Investments - -

Other instruments - -

3.1.2. Breakdown of the "Debt securities" item by legal or economic type of instrument

Traded on a regulated or similar market

Not traded on a regulated or similar market

Treasury Bonds - -

Commercial Papers - -

Certificates of deposit - -

MTN - -

Other instruments - -

3.1.3. Breakdown of the "Disposals of financial instruments" item by type of instrument

Disposals of repurchase agreements

Disposals of borrowed securities

Disposals of acquired repurchase agreements

Short sales

Equities - - - -

Bonds - - - -

Debt securities - - - -

Other instruments - - - -

additionalinformation3


FCP AGRESSOR

appendices

3.2. Breakdown by rate type for asset, liability and off-balance sheets itemsFixed rate Variable rates Rollover rate Other

AssetsDeposits

- - - -

Bonds and similar securities - - - -


Temporary purchases and sales ofsecurities

- - - -

Financial accounts - - - 7 307 415,78

LiabilitiesTemporary purchases and sales ofsecurities

- - - -

Financial accounts - - - -

Off-balance sheetHedging

- - - -

Other transactions - - - -

3.3. Breakdown by residual maturity for asset, liability and off-balance sheets items0 - 3 months 3 months - 1 year 1 - 3 years 3 - 5 years > 5 years

AssetsDeposits

- - - - -

Bonds and similar securities - - - - -

Debt securities - - - - -

Temporary purchases and salesof securities

- - - - -

Financial accounts 7 307 415,78 - - - -

LiabilitiesTemporary purchases and salesof securities

- - - - -

Financial accounts - - - - -


- - - - -

Other transactions - - - - -

3.1.4. Breakdown of the off-balance sheet sections by market type (in particular rates, securities)Rates Equities Foreign Exchange Other

HedgingCommitments on regulated or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -

Other transactionsCommitments on regulated or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -


FCP AGRESSOR

appendices

3.4. Breakdown by listing currency or evaluation for asset, liability and off-balance sheets itemsThis breakdown is provided for the main listing and evaluation currencies, except for the currency in which the books are kept.

By main currency GBP CHF SEK Autres devises

AssetsDeposits

- - - -

Equities and similar securities 115 278 103,68 37 278 463,31 31 240 350,09 20 196 199,39

Bonds and similar securities - - - -


Collective investment undertakings - - - -

Temporary purchases and sales ofsecurities

- - - -

Receivables - - - -

Financial accounts 393 361,67 - - -

LiabilitiesDisposal operations on financialinstruments

- - - -

Temporary purchases and sales of securities

- - - -

Debts - - - -

Financial accounts - - - -


- - - -

Other transactions - - - -

3.5. Receivables and Debts : breakdown by typeDetails on elements comprising the “other receivables” and “other debts” items, particulary the breakdown of foreign exchange forward contracts by type ofoperation (purchase/sale).

ReceivablesForeign exchange forward contracts : 2 823 167,36

Forward currency purchases -

Total amount traded for forward currency sales -

Other Receivables :

- 1 892 421,22

Differed payment sales 537 384,47

Coupons to be received 393 361,67

- -

- -

Other transactions -

DebtsForeign exchange forward contracts : 2 882 152,79

Forward currency sales -

Total amount traded for forward currency purchases -

Other Debts :

Subscribers payable 1 968 304,47

Accrued expenses 913 848,32

- -

- -

- -

Other transactions -


FCP AGRESSOR

appendices

3.6. EquitySubscriptions Redemptions

Number of units issued / redeemed during the period

Number of units Amount Number of units Amount

AGRESSOR / FR0010321802 423 405,82 529 103 650,51 412 732,152 485 086 396,06

AGRESSOR GPF / FR0010581702 44 361,767 52 640 982,80 50 978,848 56 715 567,91

Subscription / redemption fee Amount Amount

AGRESSOR / FR0010321802 131 574,15 -

AGRESSOR GPF / FR0010581702 - -

Retrocessions Amount AmountAGRESSOR / FR0010321802 131 574,15 -


Commissions allocated to the UCIT Amount AmountAGRESSOR / FR0010321802 - -


3.7. Management fees

Operating and management fees (fixed charges) as a % of the average net assets %Category of part

AGRESSOR / FR0010321802 2,39

AGRESSOR GPF / FR0010581702 1,20

Outperformance fee (variable charges) : amount of fees for the period Amount

Category of part

AGRESSOR / FR0010321802 -

AGRESSOR GPF / FR0010581702 52 410,32

Retrocession of management fees :- Amount of fees retroceded to the UCIT -

- Breakdown by "target" UCIT :

- UCIT 1 -

- UCIT 2 -

- UCIT 3 -

- UCIT 4 -

3.8. Commitments received and granted3.8.1. Description of the guarantees received by the UCIT with mention of capital guarantees...........................none3.8.2. Description of other commitments received and/or granted ........................................................................none


FCP AGRESSOR

appendices

3.9. Other information

3.9.1. Current value of financial instruments pertaining to a temporary acquisition :

- Financial instruments as repurchase agreements (delivered) -

- Other temporary purchases and sales -

3.9.2. Current value of financial instruments comprising guarantee deposits : Financial instruments received as a guarantee and not written to the balance sheet :

- equities -

- bonds -

- debt securities -

- other financial instruments -

Financial instruments granted as a guarantee and maintained in their original item :

- equities -

- bonds -

- debt securities -


3.9.3. Financial instruments held as a portfolio issued by the entities related to the management company (funds) orfinancial managers (Mutual Funds) and UCITS managed by these entities : - UCITS 4 637 669,90



FCP AGRESSOR

appendices

3.10. Income allocation table (In the accounting currency of the UCIT)

Interim payments in terms of the period

Date Category of part Total amount Unit amount Total tax credit Unit tax credit

- - - - - -

- -

- - - - - -

- - - - - -

Total interimpayments

- - - -


FCP AGRESSOR

appendices

Income allocation EUR EUR

Sums remaining to be allocated

Retained earnings - -

Adjusted retained earnings - -

Result -1 409 746,31 -6 107 790,50

Total -1 409 746,31 -6 107 790,50

30.12.2011 31.12.2010

AGRESSOR / FR0010321802 30.12.2011 31.12.2010

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation -1 629 251,61 3 992 944,62

Total -1 629 251,61 3 992 944,62

Information concerning the units conferring distributionrights

Number of units - -

Unit distribution - -

Tax credits - -

AGRESSOR GPF / FR0010581702 30.12.2011 31.12.2010

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation 219 505,30 2 114 845,88

Total 219 505,30 2 114 845,88

Information concerning the units conferring distributionrights

Number of units - -

Unit distribution - -

Tax credits - -


FCP AGRESSOR

appendicesAGRESSOR / FR0010321802 Currency : EUR

30.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007Number of outstanding units

786 854,679 776 181,011 705 654,336 747 807,564 1 261 009,609

Net asset value 1033,95 1258,3 981,88 662,00 1 245,16

Unit distribution (inclu-ding interim payments)

- - - - -

Unit tax credit transfer-red to unit holders (in-dividuals) (1)

- - - - -

Unit capitalisation -2,07 -5,14 2,13 8,87 -6,25

(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clippedby dividing the total amount of the tax credits amongst the outstanding units on that date.

AGRESSOR GPF / FR0010581702 Currency : EUR

30.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007Number of outstanding units

29 354,549 35 971,63 36 967,41 31 650,181 -

Net asset value 960,4 1158,08 947,95 667,04 -

Unit distribution (inclu-ding interim payments)

- - - - -

Unit tax credit transfer-red to unit holders (in-dividuals) (1)

- - - - -

Unit capitalisation 7,47 -58,79 -33,09 15,62 -

(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clippedby dividing the total amount of the tax credits amongst the outstanding units on that date.

3.11. Table of results and other characteristic elements of the Fund over the last 5 periodsUCIT creation date : November 29, 1991

UCIT currency

EUR 30.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007

Net assets 841 762 069,58 1 018 327 011,26 727 914 458,61 516 166 509,36 1 570 165 436,29


FCP AGRESSOR

appendices

UCITinventory4

FCP AGRESSOR


Date post:	09-Mar-2016
Category:	Documents
Upload:	financiere-de-lechiquier
View:	224 times
Download:	3 times

74003 - AGRESSOR - 30-12-2011 - RA - EN

Documents