05/12/2017

Alba’s net profit reached EUR 380 million

Consolidated net profit after tax amounted to EUR 380 million in the first quarter of 2017, nearly six times that of the same period the previous year. This increase was due mainly to the gains obtained on the sales of ACS made during the period and to the revaluation at market prices of the remainder of the ownership interest in ACS on being recognised under “Non-current assets held for sale”.

At 31 March 2017, Net Asset Value (NAV) amounted to EUR 4,148 million, equivalent to EUR 71.22 per share. Alba’s share price of EUR 44.00 on this same date represented a discount of 38.2% with respect to NAV per share. NAV, both in absolute terms and per share, increased 4.0% in the first quarter and 12.9% with respect to the same date the previous year.

In the first three months, Alba made investments for a total amount of EUR 64 million and divestments for EUR 557 million. The most relevant transactions were the sale of a 5.0% stake in ACS (EUR 473 million), the sale of the stake in Flex through Deyá Capital (EUR 59 million) and the purchase of a 4.3% stake in Parques Reunidos (EUR 49 million).

Additionally, and also in the first quarter, Deyá Capital IV purchased a 44.8% stake in Gascan, one of the largest LPG distribution companies in Portugal. It is the first investment made by the second fund managed by Artá Capital and the first outside Spain.

After the reporting period, Alba sold its entire remaining stake in ACS (2.55%) for EUR 270 million and acquired, through Deyá Capital, ownership interests in Alvinesa (18.0%) and Satling (30.0%). Alvinesa is a company specialised in the management of wine waste and by-products for the production, inter alia, of alcohols, tartaric acid and kernel oil while Satlink is a leading company in marine telecommunications via satellite and intelligent buoys for tuna fishing.

On April, Alba sold a building in Madrid for EUR 13 million and, along with other significant shareholders, announced an irrevocable agreement to sell its shares in Clinica Baviera to the Aier Eye Group in the context of the takeover bid that this bidder will formulate in the coming months for EUR 10.35 per share, after obtaining all the required authorisations.

As a result of these transactions, the dividends received and other items, Alba’s current net cash amounts to EUR 1,029 million.

At 31 March 2017, the composition of Alba’s Portfolio was as follows:

Listed holdings and Unlisted holdings