OHLA lost 96.8 million euros in 2022, compared to gains of 5.9 million a year earlier, affected by the adjustment in the value of the Canalejas real estate project in Madrid, the value of the bonds and the exchange rate, which had a joint impact of 80 million.
By 2023, the company will focus on new divestments of non-strategic assets, such as services, its 25% stake in the Montreal Hospital Center (CHUM) or the 50% it maintains in Canalejas, whose value amounts to 127.5 million . In fact, it does not expect a new deterioration of Canalejas this year after the 34.4 million in 2022. With these divestments, the group seeks to reduce leverage and lay the foundations to enter profits.
At the end of the year, the company’s sales, controlled by the Mexican Amodio brothers, totaled 3,259.7 million, 17.3%, and more than 70% were made abroad, according to the accounts submitted to the National Market Commission for Securities (CNMV). By geography, Europe concentrated 47.3% of sales, North America, 35.4%, and Latin America, 16.4%.
For its part, the gross operating result (ebitda) reached 114.1 million, 25% higher than in 2021. With all this, the company has met the objectives set, which went through reaching an ebitda of 110 in 2022. million and exceed 3,000 million revenues.
Second divestment plan
The company remains focused on reducing debt and with this objective it seeks to accelerate divestments with a second plan to be executed from 2023-2024 that will be extended to all those assets that are not strategic for the company, that is, that do not even affect the business construction or concessions.
With all this, the company’s objective is to reduce debt by half and place the debt-ebitda ratio below twice and lower it by around 200 million. Once the company completes these sales in the medium term, it will be in a position to enter profits, and to reconsider the payment of the dividend, although it does not have a specific date for this.
The portfolio at maximums since 2015
The company’s total portfolio stood at 7,034.0 million, the best record since 2015, and which also represents a growth of 21.1% compared to 2021. On the other hand, OHLA closed 2022 with a total contracting in the short term of 4,273.7 million, 15.6% higher than the figure for 2021 and the highest record since 2014, 3,500 million. The company has recently signed a new concession. It is the Cancer Institute in Chile for 300 million.