OHLA loses $58.3 million through September compared to profit, but improves sales and reduces leverage
MADRID, November 27 (EUROPE PRESS) –
OHLA made a loss of €58.3 million in the first nine months of 2024, compared to a profit of €14.2 million in the same period the previous year, due to accounting impacts such as equity method, foreign exchange differences or depreciation and disposal of financial instruments.
Despite this negative impact on the company’s financial results, the construction company managed to increase sales by 17.4%, to 2,649.5 million euros, as reported by the National Securities Market Commission (CNMV).
73.3% of this turnover came from abroad, with Europe accounting for 43.4% of the total, North America 32.6% and Latin America 23.3%.
In turn, the gross operating result (Ebitda) amounted to 86.9 million euros, which is 0.5% less, with a profitability of 3.3%, which corresponds to the figure for the first half of 2024.
The total volume of short-term contracts reached EUR 3,497.3 million, equivalent to a book-to-bills ratio of 1.3 times and meeting internal risk diversification requirements by both geography and size. OHLA clarified that only one of the projects has a cost of more than 500 million euros.
In turn, the total portfolio as of September 30, 2024 amounted to EUR 8,196.6 million, which is 5.3% more than at the end of the year in 2023. The short-term portfolio reached EUR 7,184.6 million, up 6.6%. , which corresponds to sales coverage of 24.5 months. The long-term amount decreased by 3.1% to €1.012 million.
In the construction division, Ebitda margin fell to 4.2% from the previous 4.9%, while the industrial sector improved to 3.5%, up eight-tenths.
At the financial level, OHLA ended the ninth month of the year with a total liquidity position of €675.9 million and a net financial debt of €152.4 million. These amounts are 17.1% and 47.9% lower than last year, respectively.
“The figures presented reflect the company’s strong operating position in the year of consolidation, well on track to achieve the goals set out in our roadmap while making significant progress in the recapitalization process,” OHLA explained in a press release.
“As part of the above-mentioned recapitalization process, it is worth recalling that the company, for the first time in six years, achieved the return of existing guarantees in favor of banks, the arrival of new investors in OHLA capital, the extension of the maturity period of debt in bonds until December 31, 2029, and making certain terms of bonds more flexible , as well as provide guarantees for the group’s business plan,” he added.