OHLA boosts its operating business through September with an EBITDA that grows by nearly 17% to 70.3 million euros
December 1, 2022
Improvement in the company’s operating performance. OHLA’s sales and EBITDA increased by 15.5% and 16.6%, respectively, through September 2022, thanks to the good performance of the business.
Growth in order intake and order book. Total short-term order intake amounted to 3,127.4 million, up 20.5% through September. The total portfolio grew by 21% to 7,027.1 million.
Construction, good performance in sales and EBITDA. The division grew 21.4% in sales and 22.6% in gross operating profit through September.
Boost to Concessions. OHLA boosts its concessions order book following the award in 2022 of the Accesos Norte 2 road project in Colombia, the Niño Jesús parking lot in Spain, and the National Cancer Institute in Chile, the latter pending signature.
Firm commitment to deleveraging. The company has reduced its indebtedness by nearly 300 million euros over the past two years. It is also expected to announce a further partial redemption of bonds from the deferred Old War Office receivables at the end of January 2023.
Madrid, November 30, 2022.– OHLA concludes the first nine months of 2022 with outstanding growth in operating terms. Sales reached 2,343.9 million euros, an increase of 15.5% compared to the same period of the previous year. Of the total turnover, 71.5% was generated abroad. In the distribution of sales in the company’s three geographical areas of reference, Europe represents 45.9%, North America 36.8% and Latin America 16.4%. EBITDA increased by 16.6% to 70.3 million euros.
The improvement in the income statement is also reflected in the EBIT, which amounted to 35.3 million, an increase of 57.6%. This compares favorably with the September 2021 figure of 22.4 million.
The company closed the first nine months of 2022 with a net attributable profit of -88.8 million euros. This parameter has been impacted by extraordinary accounting effects derived from the 2021 recapitalization transaction, exchange rate differences and the value adjustment in Canalejas, the latter made last June.
Growth in order intake and order book
The company’s total short-term order intake amounted to €3,127.4 million, 20.5% more than in the same period of 2021. The United States accounted for 40.1% of this order intake, Europe for 39.7% and Latin America for 19.7%. Among the most relevant awards is the joint venture 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 through September grew by 21% to 7,027.1 million. This figure represents an activity coverage of nearly 25.5 months of sales. It is worth highlighting the progressive boost to the concessions activity. Since the end of 2021, when it was awarded the Biobio hospital network in Chile, OHLA has added, in 2022, the road concession, Accesos Nortes 2, in Colombia, the expansion of the Niño Jesús Hospital in Spain, and also in Chile it has been awarded, pending signature, the National Cancer Institute.
Liquidity and debt reduction
OHLA ended the first nine months of 2022 with a total recourse liquidity position of €568.1 million, affected by typical seasonality during the year.
As part of its firm commitment to deleveraging, the company has reduced its indebtedness by nearly 300 million euros over the past two years. It is also expected to announce a further partial redemption of bonds from the Old War Office deferred collections at the end of January 2023.
Achievement of 2022 objectives
The company is on track to achieve its objectives for 2022. These include achieving sales of more than 3 billion euros, an EBITDA of around 110 million euros, and order intake of more than 3.5 billion euros.
