Corporación Financiera Alba reached a net profit of €135.0 million in the first nine months of 2018, compared to €462.2 million in the same period of the previous year. This decrease is due to the fact that the 2017 results included the capital gains obtained from the sale of the stake in ACS.
Net Asset Value (NAV) was €4,422.3 million on 30 September 2018, equivalent to €75.93 per share. Alba's share price on that same date, €47.95, represents a discount of 36.8% compared with NAV per share. NAV, both in absolute terms and per share, increased by 9.2% in the first nine months and by 7.9% compared with the same date in the previous year.
In the first nine months of 2018, the price of Alba's shares increased by 0.5%, going from €47.72 to €47.95, while in the same period the IBEX 35 fell by 6.5% to 9,389 points.
In the month of October, Alba distributed a gross dividend of €0.50 per share to its shareholders, drawn from the 2018 profits, representing a disbursement of €29.1 million.
In the first nine months of the year, Alba invested €552.8 million in various holdings and made various asset sales for a total amount of €103.9 million, reducing its net cash position to €445.3 million on 30 September 2018.
The investments made by Alba in the first nine months of 2018 were as follows:
. Purchase of an indirect stake of 5.17% in Naturgy (Gas Natural Fenosa) through the investment of €500 million in Rioja Bidco Shareholdings. In mid-May, Rioja Bidco Shareholdings bought Repsol's 20.07% stake in the capital stock of Naturgy. In addition, a direct stake in Naturgy of 0.10% was acquired for €21.3 million.
. Purchase of 0.54% of Viscofan for €13.6 million, increasing the stake in this Company to 11.87%.
. Purchase of 0.30% of Ebro Foods for €8.5 million, increasing the stake in this Company to 12.31%.
. Purchase, through 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 Spain's leading companies in the bread and deep 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 nine months of the year, Alba sold its 26.5% stake in Panasa (through Deyá Capital) for €88.4 million and a property in Madrid for €15.5 million.
Since 30 September 2018, Alba has made the following investments:
. Purchase of 1.14% of Viscofan for €27.0 million, increasing the stake in this Company to 13.00%.
. Purchase of 1.55% of Ebro Foods for €40.4 million, increasing the stake in this Company to 13.85%.
. Purchase of 1.13% of Parques Reunidos for €9.6 million, increasing the stake in this Company to 21.14%.
Alba's portfolio at 30 September 2018 was as follows:
Listed companies % Unlisted companies %
Acerinox 19,0 Alvinesa 16,8
BME 12,1 Gascan 40,3
CIE Automotive 10,0 in-Store Media 18,9
Ebro Foods 12,3 Mecalux 24,4
Euskaltel 11,0 Monbake 3,7
Indra 10,5 Satlink 28,1
Naturgy 5,3 TRRG Holding Ltd 7,5
Parques Reunidos 20,0
Viscofan 11,9

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Corporacion Financiera Alba SA published this content on 13 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 13 November 2018 10:08:02 UTC