OHL has increased its recurrent attributable net profit by 2.6% in the third quarter of 2013
April 23, 2021
The OHL Group obtained satisfactory results during the first nine months of 2013, including 2.6% growth in recurrent attributable net profit and the increases of 12.6% and 14.7%, respectively, in EBITDA and EBIT.
The Group’s total sales amounted to 2.593,7 million euros, and attributable net profit and sales down by -19.8% and -10.1%, respectively. In the case of Concessions, the sales specific to the concession activity grew +11.7% although the division’s overall sales dropped -25.3% due to the lesser degree of construction activity in Mexico with respect to the previous period, and the change in the method of consolidation of the Poetas-Luis Cabrera motorway (which moved from proportionate consolidation to the application of the equity method, without re-stating the figures for comparison).
In terms of Construction, the +8.5% growth abroad was weighed down by the negative performance of the activity in Spain (which dropped -38.7%), leading to an overall decline in sales of -4.4%.
International operations continued to play a highly significant role within the Group and accounted for 74.4% of Sales and 92.3% of EBITDA. The breakdown by geographical area of the Group’s Sales in the period is set out below:
- Area % Sales
- Central and South America 25.5%
- Spain 25.5% – U.S.A. and Canada 18.6%
- Middle East and North Africa 15.2%
- Central and Eastern Europe 13.1%
- Others 2.1%
The Group has ended the third quarter with a Construction order book worth 8.7 billion euros, abroad now accounts for 81.7% of the total, with a significant component of major international contracts, among which the following stand out: the Ural-Polar Railway in Russia, the CHUM Hospital in Montreal (Canada), the Marmaray Tunnels in Turkey and the Mecca-Medina High-Speed Rail in Saudi Arabia.
Highlights in the first nine months of 2013 included the awards of the work on Line 3 of the Santiago Metro in Chile, the Mushaireb & Education City Metro stations in Qatar, the 72nd Street Subway Station in New York, a motorway between Hubová and Ivachnová in the Slovak Republic and the Gustavo Fricke Hospital in Viña del Mar and the Port of Valparaíso, both in Chile. These projects total 1.1 billion euros overall and, together with other awards on a smaller scale, add 2.6 billion euros to the order book.
Abertis´s stake and financial operations
With respect to other significant events occurring during the period. During the month of March, OHL Group purchased an additional 3% of Abertis from La Caixa, bring the stake in Abertis to 18.93%. Through this increased stake, becoming consolidated as its second reference shareholder, underlining its clear determination to maintain its position.
In the financial context, three transactions stand out which were made in the framework of the policy of optimisation of the Group’s financial structure, demonstrating the prestige attained in the international capital markets.
In April, OHL Concesiones (through its 100%-owned subsidiary, OHL Investments) carried out its first transaction in the capital markets: an issue of bonds exchangeable for OHL México shares in the amount of 300 million euros. On the other hand, OHL registered a Euro Commercial Paper Programme on the Irish Stock Exchange under which it will be able to issue short-term notes for a maximum amount of up to 300 million euros. Finally in September, OHL Concesiones signed a loan agreement denominated in pesos, maturing in three years, equivalent to 300 million euros backed by 21.9% of the shares of OHL México.
During the month of June, OHL México successfully completed a capital increase (100% Primary) through which it issued 239,397,167 new shares for a total amount of 6.9 billion Mexican pesos (approx. 415 million euros). With this transaction, OHL México reinforces its balance sheet and gives flexibility to its financial structure at a key point in time for the sector, in view of the current positive outlook for investment in transportation infrastructures existing in Mexico.