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OHL recorded a net loss of 38.5 million euros in the first half , which represents multiplying by more than two (+151%) the red numbers of a year before, because of the slowdown in construction activity in some markets caused by the pandemic.
The company owned by the mexican brothers Amodio figure this impact on 130 billion euros in terms of revenues, and another 25 million in terms of gross operating profit (Ebitda), mainly due to the direct and indirect costs arising from reduced activity.
In case of discounting the effects of the Covid, OHL ensures that your Ebitda it would have surpassed the 45 million euros , surpassing the records of a year earlier. However, the group’s Ebitda contracted by 11.5 per cent between January and June of this year, to reach € 20.1 million, to descend slightly its margin up to 1.5%.
The company was able to maintain with just a slight fall of 0.8% in their income, which at the end of June amounted to 1,350,3 million euros, thanks to the geographical diversification of its business.
OHL, which achieves 76.7% of these sales in the outside, indicated that the decrease in activity derived from the pandemic in Spain and Latin america was offset by the “good behavior” of the construction activity in the united States, first market for the group.
The group managed to keep your business at “similar levels” a year before, the entire time that the activity of services, to be considered essential, was not affected “significantly.”
however, the crisis interrupted from time to time the tendency of reduction of losses and improvement of Ebitda that the construction company was registered in the past quarters.
The group was confident that “the revival that we are experiencing at the beginning of the second half, reverse the slowdown in the tendering of the first half of the year in the markets affected by the pandemic.”
On the financial front, OHL, which has just started negotiations for restructure its debt and balance , closed June with a net debt of 151,8 billion euros, of which 103,5 million constitutes recourse debt.
this passive to add the 593 billion in two bond issues, which expire in 2022 and 2023, which will focus the negotiation, which may contemplate a conversion of debt securities into shares and also a capital injection on the part of the Amodio
The company, which counts with a liquidity cushion of eur 570 million, it is also pending to achieve the approval of these noteholders to dispose of the half of the credit of 140 million with endorsement by the ICO achieved a few months ago.
At the operational level, the construction activity had a turnover of 1,104 million euros, 1.7% less, thanks to the geographical diversification of the business, which comes in a 86% from abroad, helped offset the increase in activity in markets such as the united States falls activity other, as is the case with the domestic.
at The close of the last month of June, OHL had a portfolio of works pending execution by value 3.889,8 million euros, after winning new projects by 865 million.
The branch of industrial building contributed 93,6 million, 2.3% less , and doubled its contribution to the Ebitda, up to 7.3 million, after shooting his margin to 7.8%. On their side, services contributed with other 141 million, a 4.3% more and has also increased margin and Ebitda.
OHL has a portfolio of contracts in these business value of 225 million, thanks to new construction projects of renewable and 373 million, respectively.
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