OHLA returns to profit and its EBITDA grows nearly 50% to 51 million in the first half of the year
July 28, 2023
OHLA improves its operating margins and profitability.The results of the company in the first six months of 2023 confirm and consolidate the good performance of the business and serve as a basis for completing the transformation process, with a focus on improving the operating margins of the projects and the goal of boosting the Group’s profitability.
Objectives 2023. The company is making progress in the execution of its Business Plan meeting its objectives for the 2023 fiscal year: sales of around 3,500 million euros; EBITDA of more than 125 million euros and order intake of more than 3,600 million euros. These figures will be affected, where applicable, by the divestment of the Services division.
Services is presented as a discontinued activity. The company presents the financial information for the first half of 2023 considering Services as a discontinued activity following the decision announced to divest this line of business. In accordance with the accounting standards, comparative figures are restated in the income statement, except for the balance sheet, which remains unchanged.
OHLA returns to profit and concludes the first half of 2023 with an EBITDA of nearly 51 million euros, representing a growth of 48.5%. Meanwhile, sales have increased by 11.8% to 1,412.4 million. Furthermore, 76.1% of the turnover was achieved abroad and the distribution of sales in the three geographical areas of reference is the following: Europe represents 45.8%, with Spain representing 23.9%, North America, 36.8% and Latin America, 16.6%.
OHLA has improved its operating results, increasing margins in the period in both the Construction and Industrial divisions standing at 4.7% and 3.7%, respectively.
These results confirm and consolidate the good performance of the business and serve as a basis for completing the transformation process, with a focus on improving the operating margins of the projects and the goal of boosting the Group’s profitability.
In the first half of 2023, the evolution of the ebitda and sales of both the Construction and Industrial divisions is noteworthy, with advances, in the case of the gross operating result of Construction of more than 23.3%. On the other hand, the Industrial´s division sales double to 90.4 million euros.
Order book
The total order book at June 30, 2023 stood at 7,117.0 million euros, an 11.0% higher than the order book at December 2022. The short-term order book at June 30, 2023 amounted to 6,037.8 million euros, representing an activity coverage of 24.0 months of sales.
The concessions division was boosted by the awarding of new assets in Chile (Biobío Hospital Network), Colombia (Accesos Norte 2 road corridor) and Spain (Expansion of the Hospital del Niño Jesús). In addition, the company was awarded a new concession contract in Chile in 2023, the National Cancer Institute, with an investment of more than 300 million euros. OHLA reinforces its extensive experience in the hospital sector, in whitch it has 825,000 square meters of hospital assets under concession in America and Europe.
It must be mentioned that OHLA has new contracts in the field of renewable energies. In Spain, where it has already accumulated close to 1,100 MW, the company has recently been awarded the construction of a 124 MW photovoltaic plant in Zaragoza, two in Seville with a combined capacity of 87 MW, a 130 MW photovoltaic plant in Badajoz and 105 MW plant in Mérida.
Liquidity position
With regard to the total recourse liquidity position in the period, the Group ended the first six months of 2023 with 620.0 million euros, an improvement of 38.8 million euros over the position in March.
