OHLA recorded net losses of 12 million euros in the first quarter of the year, which means cutting last year’s ‘red numbers’ of 20 million euros by 40%, while boosting its gross profit by 29% of exploitation.
The main impact in these first months of the year came from the exchange rate, especially the Chilean and Colombian peso, whose hole amounted to 13 million euros, as company sources have explained to Europa Press, which justifies the losses in this period.
However, the evolution of the business continued to rise , following the trend of positive results from last year, with a growth of 8% in sales, which were 643 million euros, and 29% in gross operating profit (Ebitda ), which reached 20.3 million euros.
Given that the Ebitda was boosted in the final stretch of the year, the company has confirmed its objective of reaching 110 million euros in this financial year 2022, despite the uncertainty surrounding the economy around the world, due to inflation and the war in Ukraine. The firm’s operating margin thus remains at 4.4%, compared to 3.7% a year ago.
As a consequence of this situation of uncertainty, the company is only entering into projects that give the possibility of transferring the increase in the costs of materials, at the same time that it is analyzing the potential impacts that it may receive in the coming months.
The growth of the Ebitda was accompanied by the reduction of the debt, which went from 523.5 million to 429 million euros in the first quarter, after the cancellation of an ICO loan and a repurchase of shares. Thus, its level of leverage improved considerably.
This situation was reflected in the improvement of Moody’s credit rating, which last March placed it at ‘B3’, with a ‘positive’ outlook, being the second rating improvement carried out by the agency in less than twelve months. At the end of the quarter, OHLA’s total recourse liquidity position was 587.5 million euros.
The company’s total backlog amounted to 5,971 million euros, 2.8% higher, after registering a new contract of 690 million euros in this quarter, not yet counting relevant projects for the company such as the Maryland light rail works (USA).
This portfolio figure represents an activity coverage of 23.3 months of sales, of which Europe represents 36%, the United States 34.0% and Latin America another 29.3%. Likewise, 69% of the turnover comes from abroad.