Within the ambit of the Iberian market, during the half-year period of 2015, we have included the companies Aena, Cie Automotive and Barón de Ley within the portfolio. In relation to exits, only the companies Zon Optimus and Pharol, which is the old Portugal Telecom, have been removed from the portfolio. The situation of its main asset, the Brazilian Oi (NYSE:OIBR), continues to be significantly deteriorated by reason of the poor macro-economic trends in Brazil and the significant debts of the company. In order to develop the value of Oi, it would be necessary to carry out a significant capital increase in order to purchase the assets of TIM Brazil. Thereby, certain synergies would be obtained which would justify the current capitalisation. The problem is that the necessary capital increase is so high that it would dilute our portfolio and we would not capture the value creation fruit of the consolidation of the sector. In light of the foregoing degree of uncertainty, we have preferred to sell the entire investment and reinvest said capital in projects with better forecasts and a better profitability and risk profile.
From the Bestinfond (Trades, Portfolio) first-half year report 2015.
