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  • 14/05/2015

    Alba obtained a net profit of 137.6 M€ in the first quarter of 2015

    Corporación Financiera Alba obtained a consolidated net profit of 137.6 M€ in the first quarter of 2015, a 78.2% over the same period of the previous year. This increase was mainly due to the capital gains generated on the sale of 1.47% of ACS and 3.10% of Acerinox.

    The Net Asset Value (NAV) of Alba stood at 4,255.2 M€ as of March 31st, 2015, equivalent to 73.06 € per share. Alba’s shares closing price of 45.28 € at the same date implied a 38.0% discount to the NAV per share. The NAV has increased by 16.0% over the quarter.

    Alba carried out the following transactions during the first quarter of 2015:

    • - Sale of a 1.47% stake in ACS for 146.5 M€, generating a net capital gain of 71.7 M€ and an IRR of 12.1% per annum over a period of 17 and a half years.
    • - Sale, through an Accelerated Book Build, of a 3.10% stake in Acerinox for 118.3 M€, generating a net capital gain of 26.4 M€ and an IRR of 4.8% per annum over a period of 13 and a half years.
    • - Sale of a 0.61% stake in Indra, acquired in the fourth quarter of 2014, for 11.0 M€ at a price 28.5% higher than the acquisition price.
    In addition, in early February Alba reached an agreement to sell, through Deyá Capital, its 12.0% stake in Pepe Jeans along with other company's shareholders. The sale is subject to clearance from the pertinent competition authorities and is expected to be completed in the coming weeks. It will be the first divestment carried out by the investment vehicles managed by Artá Capital SGECR.

    Among the post-closing transactions, it is worth highlighting the Alba’s agreement, announced on May 8th, to acquire the Paseo de la Castellana 89 office building in Madrid for 147 M€. It is expected that the transaction will be completed in June.

    As of March 31st, 2015, Alba’s investment portfolio included the following stakes:
    Listed companies                                         Unlisted companies
    ACS (12.4%)                                                Mecalux (24.4%)
    Acerinox (20.0%)                                        Pepe Jeans (12.0%)
    Indra (11.9%)                                              Ros Roca (17.4%)
    Ebro Foods (10.0%)                                    Flex (19.8%)
    BME (8.3%)                                                 Panasa (26.5%)
    Viscofan (6.8%)                                          Ocibar (21.7%)
    Clínica Baviera (20.0%)                               EnCampus (32.8%)
                                                                      Siresa Campus (17.4%)

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