Alba’s net profit reached EUR 426.4 million in the first semester of 2017
Corporación Financiera Alba’s (Alba) consolidated net profit after tax amounted to EUR 426.4 million in the first half of 2017, nearly three times that of the same period the previous year. This increase was due mainly to the gains obtained on the sale of the ownership interest in ACS made during the period.
Net Asset Value (NAV) amounted to EUR 4,136.9 million at 30 June 2017, equivalent to EUR 71.03 per share. Alba’s share price of EUR 52.90 on this same date represents a discount of 25.5% with respect to NAV per share. NAV, both in absolute terms and per share, increased 3.7% in the first half of the year and 14.7% with respect to the same date the previous year.
In the first six months of the year, Alba invested EUR 125.5 million to increase its position in various investee companies and made asset sales totalling EUR 840.4 million, raising its net cash position to EUR 1,062.3 million at 30 June 2017.
Main investments during the first half of 2017:
• Acquisition of an ownership interest of 5.95% in Parques Reunidos for EUR 70.8 million, increasing its share in this Company to 16.48%.
• Investment, through Deyá Capital, of EUR 40.7 million in the acquisition of an ownership interest of 44.81% in Gascan (distribution of piped propane gas in Portugal), 17.99% in Alvinesa (wine by-products management and transformation into alcohol and other value-added products) and 30.00% in Satlink (technological solutions for the fishing sector). These are the first investments made by the second fund managed by Artá Capital.
• Acquisition of an ownership interest of 0.42% in Ebro Foods for EUR 13.4 million, increasing its share in this Company to 10.43%.
• Acquisition of an ownership interest of 0.04% in Euskaltel for EUR 0.6 million, increasing its share in this Company to 11.04%.
Furthermore, the significant divestments in the half year were marked by the sale of shares in ACS:
• Sale of the remaining 7.52% of its ownership interest in ACS for EUR 743.4 million, resulting in gains of EUR 352.7 million and an IRR of 11.4% per annum for more than 19 years.
• Sale, by Deyá Capital, of its ownership interest of 19.75% in Flex for EUR 59.2 million, obtaining total gains of EUR 40.8 million. The sale of the ownership interest in Flex constitutes the third divestment made by the first fund managed by Artá Capital after the divestment of OCIBAR and Pepe Jeans in 2015.
• In addition, two properties were sold in Madrid, one for EUR 24.5 million, whose outcome was recognised in financial year 2016, and another for EUR 13.3 million, with a profit of EUR 1.4 million, included in the results for the first half year.
• At the beginning of August, Alba sold its entire holding of 20.0% in Clínica Baviera for EUR 33.8 million in the context of the takeover bid launched by Aier Eye.
• On September the 18th, Alba, through Deyá Capital SCR, reached an agreement to sell its entire holdings of 32.75% in EnCampus Residencias de Estudiantes, 17.44% in Siresa Campus and 17.44% in Siresa Campus Noroeste. The closing of the transaction is subject to customary approvals from pertinent competition authorities and the final price will be adjusted at closing date.
Alba’s portfolio at close of the first semester of 2017 was as follows:
Listed entities % Unlisted entities %
Acerinox 19,0 Alvinesa 18,0
BME 12,1 EnCampus 32,7
Clínica Baviera 20,0 Gascan 44,8
Ebro Foods 10,4 In-Store Media 18,9
Euskaltel 11,0 Mecalux 24,4
Indra 10,5 Panasa 26,5
Parques Reunidos 16,5 Satlink 30,0
Viscofan 11,0 Siresa Campus Noroeste 17,4
Siresa Campus SII 17,4
TRRG Holding 7,5
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