Corporación Financiera Alba (ALB) H2 2023 earnings summary

Executive summary

• 2023 consolidated net income was €235m vs. €436m in 2022; lower investee contributions, real estate fair-value declines, lower asset-sale gains and an impairment weighed on results.

• NAV rose 9.6% to €5,797m, or €96.12/share; the share price gained 11.2% to €48.00.

Financial highlights

• Consolidated EPS was €3.90 in 2023 vs. €7.37 in 2022; consolidated net result was €235m vs. €436m.

• Portfolio fair value comprised €3,311m in listed holdings, €2,116m in unlisted holdings and €317m in real estate at year-end.

• NAV increased from €5,289m in 2022 to €5,797m in 2023; NAV/share rose from €89.27 to €96.12.

Segment performance

• Acerinox sales fell 23.9% to €6,608m and EBITDA fell 45.0% to €703m; net profit was €228m, including a €156m Bahru Stainless impairment.

• CIE Automotive revenue rose 3.1% to €3,959m, EBITDA rose 12.6% to €713m and net profit rose 6.7% to €320m; EBITDA margin reached 18.0%.

• Ebro Foods sales rose 3.9% to €3,084m, EBITDA rose 15.7% to €387m and net income rose 53.2% to €187m; EBITDA margin improved 1.3pp.

• Naturgy sales fell 33.4% to €22,617m as energy prices normalized; EBITDA rose 10.5% to €5,475m and net income rose 20.4% to €1,986m.

• Verisure revenue rose 9.3% to €3,090m and adjusted EBITDA rose 16.4% to €1,340m; Viscofan revenue rose 2.1% to €1,226m and net profit rose 1.1% to €141m.