Alba obtained a net profit of 269.6 M€ in 2015
The consolidated net income after taxes reached 269.6 M€ in 2015, 11.7% higher than the previous year. This increase is explained by higher Profit on asset sales compared to the previous year and lower corporate income tax expenses. The Net Asset Value (NAV) reached 3,666.2 M€ at 31 December 2015, equivalent to 62.95 € per share, practically the same (-0.05%) as the NAV per share at the end of 2014. Alba’s share price of 39.85 € as of December 2015 represents a discount of 36.7% compared to the NAV per share.
Throughout 2015 Alba distributed a gross dividend of 1 € per share to its shareholders, which amounted to a total of 58.2 M€.
Along the year, Alba made investments of 382.6 M€ and divestments amounting to 467.9 M€.
The main investments made by Alba in 2015 were the following:
. Purchase of a 10.00% holding in Euskaltel’s share capital for 147.2 M€ in the initial public offering on 1 July and the capital increase on 23 November made by the Company. Alba is currently the second largest shareholder in Euskaltel.
. Purchase of office premises located on Paseo de la Castellana 89 in Madrid for 147.0 M€. It has approximately 20,000 square metres of leasable area and more than 500 parking spaces. This asset is currently the largest asset in Alba’s real estate portfolio.
. Purchase of an additional 2.29% of BME for 68.2 M€, reaching a 10.57% holding in their share capital.
. In late July, through Deyá Capital, its development capital vehicle, Alba acquired a stake of 18.89% in In Store Media, with a pay-out of 15.8 M€. In Store Media is a company specialized in the management of advertising means in points of sale, with a significant international presence in Europe and Latin America.
The main divestments made throughout the year were the following:. Sale of 2.19% of ACS for 218.9 M€, resulting in capital gains of 104.3 M€. In this transaction, Alba obtained an annual IRR of 11.4% for approximately 18 years.
. Sale, through an accelerated placement among institutional investors, of 3.10% of Acerinox for 118.3 M€, resulting in net capital gains of 26.4 M€. In this transaction, Alba obtained an annual IRR of 4.8% for 13 and a half years.
. Sale, through Deyá Capital, of the 12.00% participation in Pepe Jeans for 81.8 M€ and 21.66% of Ocibar for 16.1 M€, the first divestments made by vehicles managed by Artá Capital. Alba obtained an annual IRR of 17.5% for 5 years in the Pepe Jeans investment and 10.1% annually for 7 years in the case of Ocibar.
. Sale of 1.20% of Indra for 21.7 M€. These shares were bought in the fourth quarter of 2014, being the sale price 27.7% greater than the purchase price.
. Sale of miscellaneous real estate assets for 9.4 M€.
The post-closing events were the following:. Alba has bought an additional 0.93% stake of BME for 22.7 M€, increasing its holding in this Company to the current 11.50%.
. It has also invested 12.5 M€ in buying 0.50% of Viscofan. Alba’s current share in Viscofan is 7.36%.
As of December 31st, 2015, Alba’s investment portfolio included the following stakes:
Listed companies (%) Unlisted companies (%)
Acerinox 19,6 Mecalux 24,4
ACS 11,7 Panasa 26,5
BME 10,6 Flex 19,8
Ebro Foods 10,0 Siresa Campus 17,4
Indra 11,3 EnCampus 32,8
Euskaltel 10,0 In-Store Media 18,9
Viscofan 6,9 Ros Roca 17,4
Clínica Baviera 20,0
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