Corporación Financiera Alba reached a net profit of €68.2 million in the first half of 2018
Corporación Financiera Alba reached a net profit of €68.2 million in the first six months of 2018, compared with €426.4 million in the same period of the previous year. This reduction is due to the fact that the results for the first six months of 2017 included the capital gains obtained from the disinvestment in ACS.
Net Asset Value stood at €4,243.8 million on 30 June 2018, equivalent to €72.87 per share. Alba’s share price on that same date, €49.80, represents a discount of 31.7% to its NAV per share. NAV, both in absolute terms and per share, has increased by 4.8% in the first six months of the year.
In the first six months of the year, Alba invested €544.2 million in various equity stakes and carried out various sales of assets for a total amount of €103.9 million, reducing its net cash position to €357.3 million on 30 June 2018.
In the month of June, Alba distributed a gross supplementary dividend to its shareholders, charged to profits of 2017, of €0.50 per share, which represented a disbursement of €28.1 million.
The investments carried out by Alba in the first six months of 2018 were as follows:
- Purchase of an indirect equity stake of 5.17% in Naturgy (Gas Natural Fenosa) via an investment of €500 million in Rioja Bidco Shareholdings. In the middle of May, this company bought Repsol’s stake of 20.07% in Naturgy’s capital stock. A direct stake of 0.10% in Naturgy was also acquired for €21.3 million.
- Purchase of 0.54% of Viscofan for €13.6 million, increasing its stake in that Company to 11.87%.
- Purchase, via Deyá Capital, of a 3.7% stake in MonBake for €9.4 million. MonBake is the new group resulting from the acquisition, by funds managed by Ardian, of Panasa and Bellsolá, two of the main Spanish companies in the bread and frozen pastries sector. This reinvestment is part of the agreements reached with Ardian in the sale of Panasa.
On the other hand, in the first six months of the year, Alba sold its stake of 26.5% in Panasa (via Deyá Capital) for €88.4 million and a property in Madrid for €15.5 million.
Additionally, in July, a stake of 5.00% in the listed company Global Dominion Access was received as a dividend in kind from CIE Automotive.
Alba’s portfolio at 30 June 2018 was as follows:
|Listed companies %||Listed companies %|
|CIE Automotive||10,0||in-Store Media||18,9|
|Naturgy||5,3||TRRG Holding Ltd||7,5|
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