OHLA’s EBITDA grows 34% to 40.7 million euros in the first half of 2022
July 28, 2022
Growth in order intake and order book. The total order book increased by 22% in the first half of the year to 7,082.4 million and total short-term order intake amounted to 2,436.3 million, a 32% increase.
Improvement of Construction business margins. The Construction division ended the first half with an EBITDA margin of 4.1%, compared to 3.5% in the same period of the previous year.
Boosted EBIT. Operating profit reached 27.1 million euros in the first six months of June 2022, as compared with 2.9 million euros in the same period of the previous year.
Strengthening of the Concession business. OHLA boosts its concessions order book after being awarded a consortium contract for the Accesos Norte 2 road project in Colombia. This contract is in addition to the concession of the Biobío hospital network in Chile.
Reduction of indebtedness. The company remains committed to debt reduction following the cancellation of the ICO loan (54.5 million euros) and the partial redemption of bonds (43.1 million euros), carried out in the first quarter of 2022.
Madrid, July 28, 2022.- OHLA concluded the first half of 2022 with significant progress in Sales, EBITDA and EBIT. Also noteworthy was the significant increase in order intake and order book. With respect to the latter, it is worth highlighting the progressive strengthening of the Concessions Division.
OHLA has achieved a 10.7% increase in sales to 1,452.4 million euros through June 2022. 70.6% of turnover was generated abroad. On the other hand, EBITDA reached 40.7 million, an increase of almost 34% compared to the same period of the previous year. The Construction division ended the period with a margin of 4.1% compared to 3.5% in the first half of 2021.
The improvement in the profit and loss account is also reflected in the operating profit (EBIT), which amounted to 27.1 million euros compared to 2.9 million euros in the same period of 2021.
Attributable net profit for the first half of 2022 reached -60.7 million euros. This figure was impacted by extraordinary accounting effects such as the value adjustment in Canalejas (-34.5 million euros), exchange differences (-13.2 million euros) and the accounting effect of the recovery of the reasonable value of bonds redeemed early.
Strengthening of order intake and order book
Between January and June 2022, OHLA’s total short-term order intake amounted to 2,436.3 million euros, 32.0% higher than in the same period of 2021. This order intake was obtained in the geographical areas where the company operates: the USA, representing 44.2%, Europe, 37.5%, and Latin America, 17.9%. Among the most relevant awards is the joint venture for the construction of the “P3 Purple Line Light Rail” project in Maryland, USA, for a total amount of 2,210 million euros.
The total order book at June 30 advanced by 22% to 7,082.4 million euros. This figure represents an activity coverage of nearly 27.3 months of sales. The concession activity stands out, as part of OHLA’s strategy to progressively strengthen this line of business. In this regard, the company was awarded, in a joint venture, the concession for the Accesos Norte 2 road project in Bogota, a contract which in turn contributes to strengthening the Construction order book.
Liquidity and debt reduction
OHLA ended the first half of 2022 with a total recourse liquidity position of 616.9 million euros, an improvement of 29.2 million euros over last March.
It should also be recalled that, during the first quarter of 2022, the company cancelled the ICO loan (whose principal amounted to 54.5 million euros) and carried out a partial repurchase of bonds maturing in 2025 and 2026 (for a nominal amount of 43.1 million euros), contributing to the objective of progressively reducing its leverage, one of its priorities for the 2022 financial year.
