Alba reached a consolidated net profit of €407.8M in 2016
Corporación Financiera Alba reached a consolidated net profit of €407.8M€, 51.3% higher than the previous year, due to the higher Profits on asset sales compared to the previous financial year and the improved performance of investee companies, particularly Indra.
The Net Asset Value (NAV) stood at €3,989.9M at December 31, 2016, equivalent to €68.51 per share, 8.8% higher than the NAV per share at the end of 2015. Alba’s share price of €42.85 on this same date represents a discount of 37.5% with respect to the NAV per share.
Throughout the year, Alba distributed a gross dividend of €1 per share to its shareholders, which amounted to a total of €58.2M.
In 2016, Alba made investments of €268.2M and divestments amounting to €374.6M:
Purchase of an 8.00% holding in the share capital of Parques Reunidos for an amount of €100.1M through the initial public offering made by this Company this past 28 April, and subsequent purchases on the market for a total investment of €126.8M, reaching a stake of 10.53% in the company.
Purchase of an additional 4.16% of Viscofan for €93.4M, bringing the total share capital holdings in this company to 11.02%.
Purchase of an additional 1.49% of Bolsas y Mercados Españoles for €35.3M, bringing the total share capital holdings in this company to 12.06%.
Purchase of an additional 1.00% of Euskaltel for €12.7M, bringing the total share capital holdings in this company to 11.00%.
Sale of 4.17% of ACS for €374.6M, resulting in capital gains of €168.5M. In this transaction, Alba obtained an annual IRR of 11.4% for more than 19 years.
After December 31, 2016, the following events have taken place:
Alba has acquired an additional 4.30% in Parques Reunidos for €49.3M, in the context of an accelerated book building of shares made in january, increasing its current holding in this Company to 14.83%.
In addition, it sold 2.32% of ACS for €216.8M. Alba’s current holding in ACS is 5.20%.
The company also sold a property in Madrid for €24.5M.
As a result of these transactions, the dividends received and other items, Alba’s net cash position amount to approximately €609M.
Alba’s portfolio at December 31, 2016 was as follows:
Listed holdings Unlisted holdings
Acerinox 19,0% Mecalux 24,4%
ACS 7,5% Panasa 26,5%
BME 12,1% Flex 19,8%
Ebro Foods 10,0% Siresa Campus 17,4%
Indra 11,3% EnCampus 32,8%
Euskaltel 11,0% In-Store Media 18,9%
Viscofan 11,0% TRRG Holding Ltd. 7,5%
Parques Reunidos 10,5%
Clínica Baviera 20,0%
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