Construction company OHLA gained 16% in the first quarter until reaching 637 million euros. The net result reflects a loss up to March of 7.8 million euros, an improvement on the previous year’s negative 12 million. The most positive figure in the income statement was gross operating result (Ebitda), which grew 40% to 20 million.
“These results highlight the progress of the business and confirm the good trend of EBITDA margin (on sales), which reached 4.5% in the first quarter in the case of the construction segment,” the company said in a statement. Sent to CNMV. The company, headed by Luis Amodio, has prepared accounts with a comparison to 2022 that excludes the service division in the sale process.
Most of the business, 76%, is achieved outside Spain. Europe represents 44.3% of its revenue, North America 38.0% and Latin America 17.4%. Total short-term contracts were €598 million, the same figure as achieved last year. For its part, the total portfolio reached €6,381 million by March 31, 2023, which is in line with the portfolio (not including services) at the end of the 2022 fiscal year.
The company also highlights the development of its business in the industrial sector after strengthening its renewables division with the award of a 130 MW photovoltaic plant in Badajoz. Notable among the largest contracts won in the first quarter was a €100 million contract for the modernization of a thermal power plant in the Czech Republic. In that country, it participates in another railway contract worth €150 million for a 3.1 kilometer section of the Prague–Masarykovo–Králupí nad Vltavou national line.
debt reduction
The company, which has a corporate debt of 462 million euros, is continuing with its divestment plan, which includes the sale of various assets. Among them is the aforementioned Ingesan Services division, which represents 10% of turnover and for which they have already received offers in a process they expect to close before the end of the year. Last December he restarted the sale of the Hospital Center of the University of Montreal (CHUM), an operation failed a year earlier when he already had a buyer for breach of terms of the agreement. The third asset in Outbox is a 50% stake in the Canalejas project in Madrid. With these movements, they believe they can reduce their liabilities enough to refinance their debt. The maturity of its bonds (400 million) is set for March 2025 (50%) and March 2026 (another 50%).
The company’s shares started this Thursday at 0.49 euros, representing a total capitalization of 293 million. OHLA has approximately 10,000 employees on its payroll, of whom approximately 7,000 are permanent and the rest temporary.
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