Corporate Information


Who we are

Corporación Financiera Alba (“Alba”) is an investment company established in 1986 and listed in Spain.

The company is part of the March Group, a leading business and financial Spanish family-owned group in which

Banca March and Fundación Juan March are also integrated.

Founded in 1926, Banca March is the largest family-owned Spanish bank and a financial institution with one of the highest solvency ratios (“Tier 1”) in Europe. Today Banca March’s strategic business model primarily focuses on Private Banking, Wealth Management and Large corporations, with strong orientation towards family businesses and business families, as well as high income individuals.

Fundación Juan March, created in 1955, is a family-run institution that dedicates its resources and activities to the fields of science and humanities. The Foundation organizes art exhibitions, concerts, lecture series and seminars.

The origins of Alba

The origin of Corporación Financiera Alba is Cementos Alba, a listed Spanish cement company founded in the 50s and participated by the March Group. In 1986, Hornos Ibéricos, also a cement company controlled by Holderbank (currently Holcim Ltd.), acquired all its assets, including its factories and cement mixer subsidiaries.

Following the sale, Cementos Alba changed its purpose and name to Corporación Financiera Alba and reinvested the proceeds obtained, effectively becoming an investment company with a diversified portfolio of equity investments and real estate assets.

Since its inception, Alba has been an active investor, mainly in the domestic market, and shareholder of selected leading companies.

Breakdown of assets

  • By type of investment
  • By industrial sector
  • Net Asset Value
  • Net Asset Value per share

By type of investment

According to its Articles of Association, Corporación Financiera Alba may carry out investments in any geography, sector and financial asset. Currently, its investments can be grouped into three different categories: Listed equity investments, Unlisted equity investments and Real estate assets.

The pie chart below represents the breakdown of the Gross Asset Value (GAV) by type of investment as of 30th of June, 2019.

Breakdown of assets by type of investment (GAV)

By industrial sector

Alba tends to have a diversified investment portfolio in terms of the industrial sectors where its investee companies develop its business activities.

The pie chart below represents the breakdown of the Gross Asset Value (GAV) by sector as of 30th of June, 2019.

Breakdown of assets by industrial sector (GAV)

Net Asset Value

The Net Asset Value (NAV) is the most significant parameter in order to measure the evolution of an investment company such as Alba. It represents the market value of all the company assets subtracting the financial debt and other liabilities.

The “market value” of Alba’s assets are calculated as follows: listed equity investments, by market value; unlisted equity investments, by fair value; and real estate assets, by a biannual appraisal by a third party expert. The remaining assets and liabilities are included at book value.

Net Asset Value

Net Asset Value per share

The Net Asset Value (NAV) is the most significant parameter in order to measure the evolution of an investment company such as Alba. It represents the market value of all the company assets subtracting the financial debt and other liabilities.

Alba’s NAV per share is calculated considering the shares issued and the treasury shares, which allows for a better estimation of the value created to shareholders and facilitates the calculation of the discount of the share price versus the NAV per share.

Net Asset Value per share

Investment strategy

Since its inception, Corporación Financiera Alba has oriented its investment activity towards adding value supported by a profitable growth model sustainable in the long term, with a prudent policy of risk diversification and low indebtedness.

Consequently, Alba invests in leading companies, with a solid management team, a strong and flexible financial situation and a proven competitive advantage.

In line with its investment strategy, Alba pursues to be a long term partner with strong commitment with the existing shareholders and the management team. Additionally, the experience and reputation gained by Alba during over 30 years of investment activity allows it to add value to its investee companies from its position as minority relevant shareholder and its active participation in the Board of Directors and other company committees.

According to its Articles of Association, Corporacion Financiera Alba may carry out investments in any geography, sector and financial asset. However, Alba has tended to concentrate its investment in a relatively limited number of companies, listed or not, in which it has hold a significant minority stake. Its investments have been mainly focused on Spanish incorporated companies but, currently, its widening its investment universe to businesses headquartered abroad.

Alba’s investment portfolio tends to be moderately concentrated and stable in the medium term. This is caused by Alba’s long term investment philosophy and the relevant presence of a limited number of companies that represent an important portion of its NAV. Nevertheless, Alba has historically reallocated its assets within its investment portfolio in a gradual non-traumatic manner, leaving sectors that had been traditionally core for the company to enter into new ones that are perceived as more attractive and with a higher potential.

Historical investments and divestments

Since its foundation, Alba has been an active investor, mainly in the domestic market, and shareholder of selected leading companies.


Real 2015 2010 2005 2000 1995 1990 1986
Investments
Divestments

Contact






Address

 

Castelló, 77-5ª planta, 28006 – MADRID

+34 91 436 37 10

alba@corporacionalba.es

 

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