The good evolution of the results of Caixabank and Naturgy have had a direct result in the results of its main shareholder: Criteria. The holding company of the “La Caixa” Foundation improves its profits by 40%, up to 1,044 million with the collaboration of its main investees. The positive tone of the stock market in the semester has also worked in favor of the group, which has improved the net value of its assets by 7.5%, to 26,425 million, supported by it.
Likewise, Criteria highlighted in a statement the strength of the operating cash flow, which increased to 724 million euros, “thanks to the increase in dividends received during the semester, which increased to a total of 791 million euros (564 million in the same period of the previous year), he points out. “Of the total dividends received this first half, 558 million correspond to CaixaBank (354 million in the first half of 2022), 129 million to Naturgy, 20 million to Telefónica, 10 million to Bank of East Asia and 74 million to the diversification portfolio”, reviews the holding company.
In the first semester, Criteria Caixa has distributed 210 million euros to its sole shareholder, the ”la Caixa” Foundation, which in 2023 has a budget for social action of 538 million euros, distributed in social programs (59.4%) . culture and science (20.9%), research and health (11.5%) and education and scholarships (8.2%)”, specifies Criteria.
Gain weight in Telefónica
CriteriaCaixa’s strategic portfolio is made up of the stakes in CaixaBank (32.24%), Naturgy (26.71%), Grupo Financiero Inbursa (9.10%), The Bank of East Asia (19.09%), Cellnex (4.36%) and Telefónica (2.40%). Its market value as of June 30, 2023 amounted to 19,847 million euros, with a positive evolution compared to the end of 2022 (18,088 million euros). During the first semester, 48 million euros have been invested in this portfolio, specifically in Telefónica.
Criteria Caixa also maintains a diversified portfolio that includes various minority stakes in listed companies, prioritizing companies from OECD countries (mainly Europe and the United States). It would include 80 companies, in 13 different countries, “most of them being large leading companies in their respective sectors,” says the company.
“In the first half of 2023, the management strategy of this portfolio has focused on capturing value through the rotation of companies. As of June 30, 2023, the market value of the portfolio amounted to 2,410 million euros, mainly distributed in the following sectors: Consumer discretionary (22%), Health (17%), Non-discretionary consumption (14%), Technology (12%) and Materials (8%), among others”, he adds.
Regarding the real estate portfolio, it reached a value of 2,696 million euros in the period and the holding company has taken advantage of the rise in interest rates to strengthen its fixed-income portfolio, with purchases for 43 million. The total debt portfolio reaches 124 million.