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A portfolio rotation quietly driven

  • 08 Sep 15

H1 15 net result decreased to €151m (compared with €289m at 30/06/2014), due to a lower share of profits of associates and capital gains on asset sales. Concerning the performance of the equity associates, the decrease of their income (-68% to €29.3m) came mainly from the loss recorded by Indra Sistemas (net loss of €436m for a 100% share, including non-recurrent effects consisting of provisions, impairment losses and profit overruns) and Alba’s sale of part of its holdings in ACS and Acerinox. The decrease was only partially offset by the consolidation of the holdings recently acquired in Bolsas y Mercados Espanoles (BME) and Viscofan. Alba continued to sell ACS and Acerinox shares, took the opportunity to sell the 1.2% of Indra acquired in Q4 14 at a favourable price and divested Antevenio, altogether for €315m. The main divestments achieved in H1 15 were the following: • 1.73% of ACS for €173m (IRR of 12% for 17½ years), resulting in capital gains of €85.4m; • 3.10% of Acerinox for €118.3m (IRR of 4.8% for 13½ years) and capital gains of €26.4m; • 1.2% of Indra for €21.7m; • the entire holding (14.5%) in Antevenio for €1.6m (while the holding was valued at €2.7m in our NAV – but the difference in absolute terms is small). During the period, Alba made new investments for a global amount of €296m, by acquiring: • office premises located in Madrid for €147m; • an additional 1.65% in BME for €50.8m; • an 8.02% holding in Euskatel’s share capital for €96.4m as a result of the IPO made by this company on 30 June. Established in 1995, Euskaltel is the leading telecommunications operator in the Basque country offering broadband internet, digital television, landline and mobile telephone services. Since it started, Euskaltel’s accumulated investment amounts to €1.9m. In 2014, the company recorded a turnover of €315m and a net profit of €37m. Alba is Euskatel’s second largest shareholder after Kutxabank. As we expected, Alba distributed in June a final dividend of €0.50 per share, which was recorded on the 2014 profit.