Corporación Financiera Alba reached a consolidated net profit after taxes of €226.0M in the first nine months of 2016, 1.0% lower than the same period for the previous year. This decrease is due to the fall of Profit on asset sales, from €185.4M obtained last year as a result of capital gains to €74.0M of the current period. This decline has been partially offset by a better performance of the investee companies, particularly Indra.

The Net Asset Value (NAV) stood at nearly €3,864.7M on 30 September 2016, equivalent to €66.36 per share. Alba's share price of €37.41 on the same date represents a discount of 43.6% to the NAV per share. The NAV has increased by 5.4% during the first nine months of the year, against a fall of 8.0% in the IBEX 35.

Net profit per share, for the first nine months of 2016, was €3.88, compared to €3.92 for the same period in the previous financial year. In October, Alba distributed a gross interim dividend of €0.50 per share to its shareholders, which was charged to the 2016 profit and loss account.

In the first nine months of the year, Alba made made investments of €240.0M and divestments amounting to €56.9M. Main investments were:

• Purchase of 10.01% of Parques Reunidos for €121.3M.
• Purchase of an additional 3.03% of Viscofan for €70.6M, reaching a 9.89% stake in the company.
• Purchase of an additional 1.49% of BME for €35.3M, reaching a 12.06% stake in the company.
• Purchase of an additional 1.00% of Euskaltel for €12.7M, reaching an 11.00% stake in the company.

In addition, Alba also sold 0.67% of its holdings in ACS for €56.9M, resulting in capital gains of €24.0M and an IRR of 11.3% for almost 19 years.

The composition of Alba's portfolio at 30 September 2016 was as follows:

Listed entities Unlisted entities
Acerinox 19.0% Mecalux 24.4%
ACS 11.0% Panasa 26.5%
BME 12.1% Flex 19.8%
Ebro Foods 10.0% Siresa Campus SII 17.4%
Indra 11.3% Siresa Campus Noroeste 17.4%
Euskaltel 11.0% EnCampus 32.8%
Viscofan 9.9% In-Store Media 18.9%
Parques Reunidos 10.0% TRRG Ltd.Holding 7.5%
Clínica Baviera 20.0%

Corporacion Financiera Alba SA published this content on 14 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 November 2016 08:18:06 UTC.

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