mimosa capital sicav s.a. - pi.bnpparibas.es · totvs brl 235,671.00 1,427,026.81 0.41 1,427,026.81...

R.C.S. Luxembourg B202496

MIMOSA CAPITAL SICAV S.A. Investment Company with Variable Capital under Luxembourg law

Unaudited semi-annual report as at June 30, 2018

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MIMOSA CAPITAL SICAV S.A. Investment Company with Variable Capital under Luxembourg law


MIMOSA CAPITAL SICAV S.A.


No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the Key Investor Information Document ("KIID"), the latest annual report, including audited financial statements, and the most recent semi-annual report, if published thereafter.

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Table of contents

3

Organisation of the SICAV 4

General information 6

Financial statements

Statement of net assets 7

Statement of operations and changes in net assets 8

Statistics 9

Sub-fund : MIMOSA CAPITAL SICAV S.A. - AZVALOR INTERNATIONAL - Statement of investments and other net assets 10 - Geographical and industrial classification of investments 14

Sub-fund : MIMOSA CAPITAL SICAV S.A. - AZVALOR BLUE CHIPS - Statement of investments and other net assets 15 - Geographical and industrial classification of investments 16

Notes to the financial statements 17

Other information to Shareholders 22


Organisation of the SICAV

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REGISTERED OFFICE 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

BOARD OF DIRECTORS

Chairman Mr Jerome TORDO, Chairman, Cypanga S.A.S., 9-11, rue du Dr Lancereaux, F-75008 Paris, France

Members Mr Fernando BERNAD MARRASE, azValor Asset Management S.A., SGIIC, Paseo de la Castellana, 110, E-28046 Madrid, Spain

Mr Sergio FERNÁNDEZ-PACHECO RUIZ-VILLAR, azValor Asset Management S.A., SGIIC, Paseo de la Castellana, 110, E-28046 Madrid, Spain

Mr Beltran PARAGES REVERTERA, azValor Asset Management S.A., SGIIC, Paseo de la Castellana, 110, E-28046 Madrid, Spain

Mr Laurent PICHONNIER, Global Finance Consult S.à r.l., 53, rue d’Anvers, L-1130 Luxembourg, Grand Duchy of Luxembourg

MANAGEMENT COMPANY

MDO Management Company S.A., 19, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg

BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY

Chairman Mr Géry DAENINCK, Director, Independent Management Consultant, Belgium

Members Mr Yves WAGNER, Associate, MDO Management Company S.A., Independent Management Consultant, 19, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg

Mr John Li HOW CHEONG, Independent Management Consultant, Grand Duchy of Luxembourg

Mr Martin Peter VOGEL, Chief Executive Officer, MDO Management Company S.A., 19, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg

Mr Carlo MONTAGNA, Independent Management Consultant, Grand Duchy of Luxembourg

CONDUCTING OFFICER OF THE MANAGEMENT COMPANY

Mr Pall EYJOLFSSON, AIF Specialist, , MDO Management Company S.A., 19, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg

Mr Kim KIRSCH, Head of Legal, , MDO Management Company S.A., 19, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg


Organisation of the SICAV (continued)

5

Mr Riccardo DEL TUFO, Head of Operations and Deputy CEO, MDO Management CompanyS.A., 19, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg

FINANCIAL MANAGER azValor Asset Management S.A., SGIIC, Paseo de la Castellana, 110, E-28046 Madrid, Spain

DEPOSITARY BANK Pictet & Cie (Europe) S.A., 15A, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

ADMINISTRATIVE AGENT

FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

AUDITOR PricewaterhouseCoopers Société coopérative, 2, rue Gerhard Mercator, L-2182 Luxembourg, Grand Duchy of Luxembourg


General information

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The fiscal year of MIMOSA CAPITAL SICAV S.A. (the "SICAV") begins on January 1 and terminate on December 31 of each year.

Annual report, including audited financial statements, at the end of each fiscal year areestablished as at December 31 of each year. In addition, unaudited semi-annual reports areestablished as per the last day of the month of June.

Annual report, including audited financial statements, are published within 4 months followingthe end of the accounting year and unaudited semi-annual reports are published within 2 months following the end of period to which they refer.

The net asset value ("NAV") and the redemption and issue prices are available at all times atthe registered office of the SICAV and from the Depositary Bank.

A copy of the SICAV's Articles of Association, the full prospectus, the Key Investor Information Documents ("KIIDs") and financial reports (semi-annual report and annual report, including audited financial statements) can be obtained, free of charge, from the SICAV's registered office and on the website of the Management Company (www.mdo-manco.com).

The following additional documents can be consulted at the SICAV's registered office: a) the Depositary Agreements; b) the Administrative Agency, Domiciliary, Registrar and Transfer Agency Agreements; c) the Management Company Services Agreement between the SICAV and the

Management Company.

A detailed schedule of changes in the investments for the period ended June 30, 2018 for the different sub-fund is available free of charge upon request at the registered office of the SICAV.


Statement of net assets as at June 30, 2018

The accompanying notes form an integral part of these financial statements.

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COMBINED MIMOSA CAPITAL SICAV S.A. -

AZVALOR INTERNATIONAL

MIMOSA CAPITAL SICAV S.A. -

AZVALOR BLUE CHIPS


ALTUM FAITH - CONSISTENT

EQUITY (note 1)

EUR EUR EUR EUR

ASSETS

Investments in securities at acquisition cost 321,862,667.94 320,982,667.94 880,000.00 0.00 Net unrealised gain on investments 4,894,912.40 4,863,642.88 31,269.52 0.00

Investments in securities at market value (note 2.c) 326,757,580.34 325,846,310.82 911,269.52 0.00 Cash at banks (note 2.c) 26,448,073.81 23,356,214.58 47,675.13 3,044,184.10 Formation expenses (note 2.i) 11,578.33 11,578.33 0.00 0.00 Other assets 938.00 0.00 938.00 0.00 353,218,170.48 349,214,103.73 959,882.65 3,044,184.10 LIABILITIES

Financial manager fees payable (note 4) 534,840.03 533,384.80 1,455.23 0.00 "Taxe d’abonnement" payable (note 3) 13,871.02 13,847.02 24.00 0.00 Other fees payable (note 8) 128,607.36 127,645.37 961.99 0.00 677,318.41 674,877.19 2,441.22 0.00 TOTAL NET ASSETS AS AT JUNE 30, 2018 352,540,852.07 348,539,226.54 957,441.43 3,044,184.10

TOTAL NET ASSETS AS AT DECEMBER 31, 2017 323,669,861.55 323,169,861.55 500,000.00 -

TOTAL NET ASSETS AS AT DECEMBER 31, 2016 216,591,147.21 216,591,147.21 - -


Statement of operations and changes in net assets for the period ended June 30, 2018


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COMBINED MIMOSA CAPITAL SICAV S.A. -

AZVALOR INTERNATIONAL


AZVALOR BLUE CHIPS


ALTUM FAITH - CONSISTENT

EQUITY (note 1)

EUR EUR EUR EUR

NET ASSETS AT THE BEGINNING OF THE PERIOD 323,669,861.55 323,169,861.55 500,000.00 - INCOME

Dividends, net (note 2.g) 2,736,323.94 2,736,323.94 0.00 0.00 Other income 102,512.22 97,088.02 5,424.20 0.00 2,838,836.16 2,833,411.96 5,424.20 0.00 EXPENSES

Amortization of formation expenses (note 2.i) 2,318.22 2,318.22 0.00 0.00 Financial manager fees (note 4) 3,007,213.37 3,001,590.06 5,623.31 0.00 Depositary fees, bank charges and interest (note 5) 110,323.59 110,180.31 143.28 0.00 Professional fees, audit fees and other expenses (note 7) 112,436.71 110,531.18 1,905.53 0.00 Administration fees (note 6) 98,207.13 97,994.94 212.19 0.00 "Taxe d’abonnement" (note 3) 25,037.86 24,988.44 49.42 0.00 Transaction fees (note 2.h) 365,868.71 365,838.71 30.00 0.00 3,721,405.59 3,713,441.86 7,963.73 0.00 NET INVESTMENT LOSS -882,569.43 -880,029.90 -2,539.53 0.00 Net realised gain on sales of investments 3,378,540.29 3,378,540.29 0.00 0.00 Net realised loss on foreign exchange -15,855.53 -15,855.53 0.00 0.00 NET REALISED GAIN/LOSS 2,480,115.33 2,482,654.86 -2,539.53 0.00 Change in net unrealised appreciation:

- on investments 5,316,819.90 5,285,550.38 31,269.52 0.00 INCREASE IN NET ASSETS AS A RESULT OF OPERATIONS 7,796,935.23 7,768,205.24 28,729.99 0.00

Proceeds from subscriptions of shares 86,368,290.94 82,895,395.40 428,711.44 3,044,184.10 Cost of shares redeemed -65,294,235.65 -65,294,235.65 0.00 0.00 NET ASSETS AT THE END OF THE PERIOD 352,540,852.07 348,539,226.54 957,441.43 3,044,184.10


Statistics

The accompanying notes form an integral part of these financial statements. 9

Sub-fund Class Currency Number of shares

outstanding

Net asset valueper share



30.06.2018 30.06.2018 31.12.2017 31.12.2016

MIMOSA CAPITAL SICAV S.A. - AZVALOR INTERNATIONAL I EUR 226,925.65 1,307.47 1,270.70 1,211.85 R EUR 371,239.23 129.27 125.91 120.62 Z EUR 288,960,428.23 0.01 0.01 0.01 MIMOSA CAPITAL SICAV S.A. - AZVALOR BLUE CHIPS I EUR 938.50 1,020.18 1,000.00 - MIMOSA CAPITAL SICAV S.A. - ALTUM FAITH - CONSISTENT EQUITY (note 1)

I EUR 2,480.86 1,000.00 - -

R EUR 5,633.26 100.00 - -

MIMOSA CAPITAL SICAV S.A. - AZVALOR INTERNATIONAL

Statement of investments and other net assets as at June 30, 2018 (expressed in EUR)


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Description Currency Quantity Market value (note 2) % of net assets

I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

SHARES

BELGIUM

EURONAV EUR 749,984.00 5,902,625.54 1.69

5,902,625.54 1.69

BERMUDA

STOLT-NIELSEN NOK 44,040.00 587,755.29 0.17TSAKOS ENERGY NAVIGATION USD 1,178,282.00 3,754,193.12 1.08

4,341,948.41 1.25

BRAZIL

TOTVS BRL 235,671.00 1,427,026.81 0.41

1,427,026.81 0.41

CANADA

AFRICA ENERGY SEK 5,462,654.00 538,686.94 0.15AGNICO EAGLE MINES USD 302,443.00 11,871,834.16 3.41CAMECO CAD 2,079,718.00 20,039,247.06 5.75EPSILON ENERGY CAD 1,346,885.00 2,455,493.42 0.70HUDSON'S BAY CAD 628,276.00 4,794,334.24 1.38MANDALAY RESOURCES CAD 6,811,877.00 864,871.60 0.25NEW GOLD INC CAD 856,480.00 1,525,825.92 0.44SANDSTORM GOLD CAD 526,481.00 2,029,175.65 0.58SPROTT CAD 1,819,371.00 3,601,182.06 1.03TERANGA GOLD CAD 151,265.00 461,914.42 0.13URANIUM PARTICIPATION CAD 510,363.00 1,352,458.09 0.39

49,535,023.56 14.21

FRANCE

FINANCIERE DE L'ODET EUR 4,707.00 3,869,154.00 1.11MARIE BRIZARD EUR 177,879.00 1,504,856.34 0.43VICAT EUR 118,938.00 6,684,315.60 1.92

12,058,325.94 3.46

ITALY

DANIELI & C. OFFICINE MECCANICHE RISP. -NC- EUR 427,239.00 6,442,764.12 1.85SOL EUR 821,460.00 8,625,330.00 2.47

15,068,094.12 4.32

JERSEY

PETROFAC GBP 1,212,645.00 8,013,538.18 2.30RANDGOLD RESOURCES GBP 31,756.00 2,089,917.78 0.60

10,103,455.96 2.90




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MARSHALL ISLANDS

TEEKAY TANKERS 'A' USD 2,808,707.00 2,814,600.27 0.81

2,814,600.27 0.81

MEXICO

GRUPO MEXICO 'B' MXN 4,089,080.00 10,047,603.11 2.88

10,047,603.11 2.88

PERU

MINAS BUENAVENTURA ADR -SPONS.- USD 2,321,124.00 27,096,838.60 7.77

27,096,838.60 7.77

POLAND

EUROCASH PLN 2,220,822.00 11,024,746.47 3.16

11,024,746.47 3.16

PORTUGAL

GALP ENERGIA 'B' EUR 426,177.00 6,961,601.30 2.00IBERSOL SGPS EUR 132,708.00 1,592,496.00 0.46IMPRESA SGPS EUR 1,392,523.00 344,649.44 0.10JERONIMO MARTINS SGPS EUR 138,282.00 1,710,548.34 0.49MOTA-ENGIL SGPS EUR 1,101,437.00 3,166,631.38 0.91NOS SGPS EUR 710,366.00 3,334,458.00 0.96SONAE CAPITAL SGPS EUR 2,003,545.00 1,815,211.77 0.52SONAECOM SGPS EUR 1,337,486.00 3,236,716.12 0.93

22,162,312.35 6.37

SOUTH KOREA

HYUNDAI MOTOR PFD II KRW 138,308.00 9,651,140.85 2.77

9,651,140.85 2.77

SPAIN

ACERINOX EUR 229,620.00 2,603,890.80 0.75CEMENTOS MOLINS EUR 12,571.00 226,278.00 0.06CODERE EUR 221,098.00 1,830,691.44 0.53DEOLEO EUR 1,206,390.00 221,251.93 0.06ELECNOR EUR 497,653.00 6,340,099.22 1.82EUSKALTEL EUR 418,494.00 3,249,605.91 0.93FOMENTO CONSTRUCCIONES CONTRATAS EUR 178,176.00 1,924,300.80 0.55MIQUEL Y COSTAS Y MIQUEL EUR 45,930.00 1,483,539.00 0.43OBRASCON HUARTE LAIN EUR 936,029.00 2,565,655.49 0.74PROMOTORA DE INFORMACIONES 'A' EUR 2,190,875.00 3,527,308.75 1.01SOL MELIA INTERNATIONAL EUR 241,338.00 2,833,308.12 0.81TECNICAS REUNIDAS EUR 49,829.00 1,374,782.11 0.39TUBACEX EUR 2,085,597.00 5,933,523.47 1.70ZARDOYA OTIS EUR 408,773.00 3,343,763.14 0.96

37,457,998.18 10.74




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SWITZERLAND

TRANSOCEAN REG. USD 501,761.00 5,775,912.39 1.66

5,775,912.39 1.66

UNITED KINGDOM

COCA-COLA EUROPEAN PARTNERS EUR 91,865.00 3,195,064.70 0.92ENSCO 'A' USD 757,564.00 4,710,644.99 1.35ITE GROUP GBP 1,604,852.00 1,451,795.34 0.42LOOKERS GBP 1,094,263.00 1,341,316.97 0.38OPHIR ENERGY GBP 9,976,997.00 5,697,333.51 1.63SERCO GROUP GBP 14,534,001.00 16,262,278.98 4.67TULLOW OIL GBP 6,351,649.00 17,596,771.63 5.05VERTU MOTORS GBP 535,317.00 300,243.17 0.09

50,555,449.29 14.51

UNITED STATES

CNX RESOURCES USD 894,919.00 13,628,244.36 3.91CONSOL ENERGY USD 547,622.00 17,987,494.82 5.16DIAMOND OFFSHORE DRILLING USD 359,611.00 6,424,978.79 1.84NEWMONT MINING CORPORATION USD 247,191.00 7,983,872.88 2.29

46,024,590.85 13.20

TOTAL SHARES 321,047,692.70 92.11

RIGHTS

UNITED KINGDOM

ITE GROUP RIGHT -NIL PAID- GBP 2,808,491.00 759,016.75 0.22

759,016.75 0.22

TOTAL RIGHTS 759,016.75 0.22

TOTAL I. 321,806,709.45 92.33

II. OTHER TRANSFERABLE SECURITIES

SHARES

JERSEY

YELLOW CAKE GBP 620,223.00 1,402,678.97 0.40

1,402,678.97 0.40

TOTAL II. 1,402,678.97 0.40




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III. UNITS OF INVESTMENT FUNDS

SPAIN

AZVALOR VALUE SELECTION EUR EUR 55,867.00 2,636,922.40 0.76

2,636,922.40 0.76

TOTAL III. 2,636,922.40 0.76

TOTAL INVESTMENTS 325,846,310.82 93.49

CASH AT BANKS 23,356,214.58 6.70OTHER NET LIABILITIES -663,298.86 -0.19

TOTAL NET ASSETS 348,539,226.54 100.00



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Geographical and industrial classification of investments as at June 30, 2018

Geographical classification

(in % of net assets)

United Kingdom 14.73 Canada 14.21 United States 13.20 Spain 11.50 Peru 7.77 Portugal 6.37 Italy 4.32 France 3.46 Jersey 3.30 Poland 3.16 Mexico 2.88 South Korea 2.77 Belgium 1.69 Switzerland 1.66 Bermuda 1.25 Marshall Islands 0.81 Brazil 0.41 93.49

Industrial classification


Mining and steelworks 16.75 Precious metals and stones 14.78 Oil 14.38 Communications 6.56 Retail and supermarkets 5.03 Construction and building materials 4.18 Public utilities 3.91 Transport and freight 3.75 Construction of machines and appliances 3.73 Automobiles 3.24 Stainless steel 2.88 Holding and finance companies 2.53 Chemicals 2.47 Electronics and electrical equipment 1.82 Internet, software and IT services 1.34 Gastronomy 1.27 Publishing and graphic arts 1.11 Utilities 0.94 Consumer products 0.92 Units of investment funds 0.76 Paper and forest products 0.43 Tobacco and alcohol 0.43 Rights 0.22 Food and soft drinks 0.06 93.49

MIMOSA CAPITAL SICAV S.A. - AZVALOR BLUE CHIPS



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UNITS OF INVESTMENT FUNDS

SPAIN

AZVALOR BLUE CHIPS EUR -ACC.- EUR 8,235.77 911,269.52 95.18

911,269.52 95.18

TOTAL INVESTMENTS 911,269.52 95.18

CASH AT BANKS 47,675.13 4.98OTHER NET LIABILITIES -1,503.22 -0.16

TOTAL NET ASSETS 957,441.43 100.00

MIMOSA CAPITAL SICAV S.A. - AZVALOR BLUE CHIPS


16

Geographical and industrial classification of investments as at June 30, 2018

Geographical classification


Spain 95.18 95.18

Industrial classification


Units of investment funds 95.18 95.18


Notes to the financial statements as at June 30, 2018

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NOTE 1 GENERAL

MIMOSA CAPITAL SICAV S.A. (the "SICAV") was incorporated in Luxembourg as a public limited company in accordance with the terms of the law of August 10, 1915 on commercial companies, as amended. The SICAV has the status of Investment Company with Variable Capital (SICAV) in accordance with part I of the law of December 17, 2010 regarding collective investment undertakings, as amended (the "2010 Law").

The SICAV is registered with the Luxembourg trade and companies register under number B202496.

The SICAV was incorporated on December 9, 2015 for an indefinite period.

The SICAV may be dissolved at any time by decision of the general meeting of shareholders voting as for amendments to the SICAV's Articles of Association.

MDO Management Company, with registered office at 19, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg was appointed Management Company of the SICAV since the incorporation of the SICAV. It is a Management Company within the meaning of chapter 15 of the 2010 Law.

MIMOSA CAPITAL SICAV S.A. - AZVALOR BLUE CHIPS is a feeder sub-fund pursuant to article 77(1) of the 2010 Law ("Feeder UCITS") and invests as such at all times at least 85% of its assets in units of the Master Fund (AZVALOR BLUE CHIPS, FI) which qualifies as a "master UCITS" within the meaning of Directive 2009/65/EC.

As of January 4, 2018, MIMOSA CAPITAL SICAV S.A. - AZVALOR BLUE CHIPS invested EUR 450,000.00 in the Master Fund.

As at June 30, 2018, the SICAV includes the following sub-funds:

- MIMOSA CAPITAL SICAV S.A. - AZVALOR INTERNATIONAL denominated in euro (EUR); - MIMOSA CAPITAL SICAV S.A. - AZVALOR BLUE CHIPS denominated in euro (EUR); - MIMOSA CAPITAL SICAV S.A. - ALTUM FAITH - CONSISTENT EQUITY denominated in

euro (EUR) (launched on June 29, 2018). The detail of Share classes issued by the sub-funds is available in the Prospectus.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Preparation and presentation of financial statements

The financial statements are prepared in accordance with generally accepted accounting principles and presented in accordance with the legal reporting requirements applicable in Luxembourg relating to undertakings for collective investment.

The reference currency of the SICAV is the EUR.


Notes to the financial statements as at June 30, 2018 (continued)

18

b) Combined financial statements of the SICAV

The combined financial statements of the SICAV are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of the sub-fund, converted into EUR at the exchange rates prevailing at the period-end.

c) Valuation of assets

The assets of the SICAV are valued in accordance with the following principles:

1) the value of cash on hand or on deposit, bills and demand notes and accounts payable, prepaid expenses and dividends and interest announced or due but not yet received, are constituted by the nominal value of these assets, unless it is unlikely that this value can be received; in the latter case, the value is determined by reducing such amount to that which the SICAV considers appropriate for reflecting the true value of these assets.

2) the value of the assets admitted to official listing or any other regulated market, recognised and open to the public, is based on the most representative market prices and/or past operations on these markets by the managers or other market players. It may be the last known price or the price at any other time on the markets deemed most representative by the Board of Directors of the SICAV, taking into account liquidity criteria and past operations in the markets concerned. It may be the last known price or the price at any other time on the markets deemed most representative by the Board of Directors of the SICAV, taking into account liquidity criteria and past operations in the markets concerned. If the Board of Directors of the SICAV believes that the market price is not representative of the value of an asset, the valuation is based on the probable realisation value that the Board of Directors of the SICAV estimates prudently and in good faith.

3) assets unlisted or not traded on a stock market or any other regulated market, operating regularly, recognised and open to the public, are valued based on their probable realisable value, estimated prudently and in good faith.

4) units/shares of open-ended CIUs, or UCITS are valued based on the last known net asset values ("NAV"), or, if the price determined is not representative of the real value of these assets, the price is determined by the Board of Directors of the SICAV in a just and equitable manner. Units/shares of type closed-end CIUs are valued based on their last market value;

5) cash and money market instruments may be valued at their nominal value plus accrued interest or on the basis of straight-line depreciation. All other assets may be valued, to the extent possible, in the same manner.

6) all other assets are valued by the Board of Directors of the SICAV on the basis of their probable realisation value, which must be estimated in good faith and according to generally accepted principles and procedures.

The Board of Directors of the SICAV, at its sole discretion, may allow the use of any other generally accepted valuation method if it considers that such valuation better reflects the probable realisable value of an asset held by the SICAV.

d) Net realised gain/loss on sales of investments

The net realised gain/loss on sales of investments is calculated on the basis of the weighted average cost of the investments sold.



19

e) Cost of investment securities

The cost of investment securities in currencies other than the currency of the SICAV is translated into the currency of the sub-fund at the exchange rate applicable at purchase date.

f) Forward foreign exchange contracts

The unrealised gains or losses resulting from outstanding forward foreign exchange contracts, if any, are determined on the basis of the forward rates applicable at the end of the period and are recorded in the statement of net assets.

g) Income

Dividends are shown net of withholding tax (deducted at source), and are recorded at ex-date. Interest is recorded on an accrual basis.

h) Transaction fees

The transaction fees represent the costs incurred by the SICAV in connection with purchases and sales of investments. They include brokerage fees as well as bank commissions, tax, depositary fees and other transaction fees, and are included in the statement of operations and change in net assets.

In relation to transactions related both to capital activity (subscriptions and redemptions) and for the purchase or sale of securities on markets where delivery of securities is made against payment of cash, the Depositary may, in its absolute discretion, provide actual settlement. The Depositary reserves the right to reverse at any time any transaction if the relevant transaction has not been settled or if it appears that such transaction will not be settled. The transactions are booked in accounting based on an automated feed from the depositary system. Consequently no payable or receivable are booked on these transactions.

i) Formation expenses

Formation expenses are amortised over a maximum period of five years.

j) Conversion of foreign currencies for the sub-fund

Cash at banks, other net assets and the market value of the investment portfolio expressed in currencies other than the currency of the respective sub-fund are converted into the currency of the sub-fund at the exchange rate prevailing at the closing date.

Income and expenses expressed in currencies other than the base currency of the respective sub-fund are converted into the currency of the sub-fund at the exchange rate applicable on the transaction date.

Resulting foreign exchange gains and losses are recorded in the statement of operations and changes in net assets.



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k) Payable and receivable in accounting policies

In relation to transactions related both to capital activity (subscriptions and redemptions) and for the purchase or sale of securities on markets where delivery of securities is made against payment of cash, the Depositary may, in its absolute discretion, provide actual settlement. The Depositary reserves the right to reverse at any time any transaction if the relevant transaction has not been settled or if it appears that such transaction will not be settled. The transactions are booked in accounting based on an automated feed from the depositary system.

Consequently no payable or receivable are booked on these transactions.

NOTE 3 TAXATION OF THE SICAV

The SICAV is subject to an annual subscription tax ("Taxe d'Abonnement") in Luxembourg representing 0.05% of the NAV. This tax is limited to 0.01% of the NAV for sub-funds and for the categories or sub-categories reserved to institutional investors, as defined in the guidelines or recommendations issued periodically by the Luxembourg supervisory authority. The share of assets of the SICAV invested in other collective investment undertakings ("CIUs") already subject to the aforementioned subscription tax are exempt from this tax.

In the cases where it applies, the subscription tax must be paid quarterly on the basis of the net assets affected and is calculated at the end of the quarter to which the tax relates.

NOTE 4 FINANCIAL MANAGER FEES

The Financial Manager is entitled to a financial manager fee based on the average NAV of the classes, payable monthly in arrears at the following annual rate as at June 30, 2018:

Sub-fund Share class

Fee (max.) p.a.

MIMOSA CAPITAL SICAV S.A. - AZVALOR INTERNATIONAL I 1.80% R 2.20% Z 1.00% MIMOSA CAPITAL SICAV S.A. - AZVALOR BLUE CHIPS I 1.80% MIMOSA CAPITAL SICAV S.A. - ALTUM FAITH - CONSISTENT EQUITY I 1.80% R 2.20%

NOTE 5 DEPOSITARY FEES

In consideration for its services, the Depositary Bank is entitled to payment by the SICAV of a maximum commission of 0.04% per annum, with a minimum of EUR 24,000 per year, based on the monthly average net assets of the sub-fund. The transaction costs for the portfolio are charged separately.

NOTE 6 ADMINISTRATION FEES

In consideration for its services as Administrative Agent, Transfer Agent, Registrar and Domiciliary Agent, FundPartner Solutions (Europe) S.A. is entitled to payment by the SICAV of a maximum commission of 0.06% per annum, with a minimum of EUR 36,000 per year, based on the monthly average net assets of the sub-fund. The transaction costs related to the subscription and redemption of shares are included.



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NOTE 7 MANAGEMENT COMPANY FEES

The SICAV pays to the Management Company a fee out of the assets of the SICAV for the execution of its duties as the SICAV's designated management company under the management company services agreement.

The management fee amounts to 0.04% per annum, subject to a minimum annual fee of EUR 30,000 at SICAV level. It is calculated as the average of the month-end NAV of the previous quarter and invoiced quarterly in arrears.

NOTE 8 OTHER FEES PAYABLE

As at June 30, 2018, the other fees payable include mainly administration, depositary and Management Company expenses.

NOTE 9 SUBSEQUENT EVENT

No significant event occurred after the period-end.


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Other information to Shareholders

Securities Financing Transactions Regulation ("SFTR")

As at June 30, 2018, the SICAV is in the scope of the requirements of the Regulation (EU) 2015/2365 on transparency of securities financing transactions and of reuse. Nevertheless, no corresponding transactions were carried out during the period referring to the financial statements.