OHL closed the first three months of 2020 with EBITDA of 13.6 million euros, entailing growth of 49.5% on the first quarter of 2019. EBIT amounted to 0.8 million euros, as compared with

OHL closed the first three months of 2020 with EBITDA of 13.6 million euros, entailing growth of 49.5% on the first quarter of 2019. EBIT amounted to 0.8 million euros, as compared with a loss of 1.8 million euros in the same period of the previous year. The company continues on the path of recovery after five consecutive quarters of positive EBITDA.

OHL’s sales to March totalled 655.6 million euros. 74.6% of turnover was obtained abroad as compared with 68.1% in the first quarter of 2019.

OHL’s total order backlog stood at 5,250.6 million euros at 31 March. Europe, US and Latin America account for 41.9%, 37.7% and 18.6%, respectively. Order intake for the period amounted to 624.9 million euros.

All business lines (Construction, Industrial and Services) posted positive EBITDA in the first quarter of 2020.

OHL’s attributable net results to March 2020 totalled -7.3 million euros, losses having decreased 5.2% on the same period of the previous year.

Liquidity

At 31 March, the Company’s recourse liquidity position stood at 543.6 million euros after redeeming in March the outstanding balance of 73 million euros of the bond issued in 2012, thereby reducing leverage.

Impact of COVID-19

COVID-19 had no significant material impact on OHL’s first-quarter results. The decline in business, particularly the Construction business in Spain, was offset thanks to geographic diversification, an improvement in construction in the United States, Latin America and the Czech Republic, and the growth in the Services activity.

However, any estimation of the impact that this pandemic will doubtless have on OHL’s 2020 financial highlights is difficult at the present time.

In response to this uncertainty, OHL has taken a number of steps to mitigate the situation, the most significant of which are described below:

• The social and healthcare measures recommended by the authorities have been adopted, including the use of protective materials, more flexible working hours and home working. They are all intended to protect and preserve the health of the workers and collaborators of the Company.
• Three-month temporary lay-off measures (ERTE) have been implemented under an agreement with the workers’ legal representatives, mainly in the Construction business in Spain, which could affect over 1,300 workers.
• A 50% reduction has been applied to senior management salaries during the ERTE, 30% in the case of other managers and 20% in the case of the Board of Directors.
• The Company’s liquidity was bolstered by obtaining a syndicated loan of 140 million euros on 30 April. This financing is guaranteed by Spain’s Central Government, pursuant to Royal Decree-Law 8/2020 of 17 March.

Main Figures	1Q2020	1Q19	VAR. (%)
Sales	655.6	684.7	-4.3%
EBITDA	13.6	9.1	49.5%
% o/Sales	2.1%	1.4%
EBIT	0.8	-1.8	n.a.
% o/Sales	0.1%	-0.3%
Attributable Net Profit	-7.3	-7.7	-5.2%
% o/Sales	-1.1%	-1.2%