OHLA increased losses in the second quarter of the year as a result, mainly, of the deterioration in the value of its stake in the Canalejas Center in Madrid due to the impact of the war in Ukraine and the economic crisis on the sales of the commercial gallery.
The construction company scored red numbers of 60.7 million euros at the end of June, compared to 12 million in the first three months of the year, which also contrasts with the 75.4 million it earned a year ago. Apart from the value adjustment, of -34.5 million, of the hotel, residential and commercial development in the Spanish capital, the company was also penalized by exchange differences (-13.2 million) and by the accounting effect of the recovery of the fair value of the early amortized bonds (about 15 million).
Despite posting net losses, operating results continued on a positive path. Thus, sales grew by 10.7% and stood at 1,452.4 million euros. Of this amount, 70.6% already comes from abroad. Meanwhile, the gross operating result (ebitda) increased by 33.9%, to 40.7 million, and the margin for construction activity improved from 3.5% to 4.1%.
The construction company boosted contracting by 32%, to 2,436.3 million euros, which means exceeding its objective – of 3,500 million for the year as a whole. Of the new contracts, the United States represents 44.2%, highlighting the award for the Purple Line light rail, in Maryland; Europe 37.5% and Latin America 17.9%.
This positive evolution of contracting allows the group to increase its total portfolio to 7,082.4 million euros, 22% more than at the end of 2021 and 40% more than in June of last year. With this, OHLA has activity coverage of nearly 27.3 months of sales. Within the growth of its portfolio , the concession activity stands out. The company has been awarded the concessions for the Acceso Norte 2 road project in Bogotá and the car park for the Niño Jesús Hospital in Madrid.
And this Wednesday the Ministry of Public Works (MOP) of Chile selected the Spanish firm as the best economic offer to win a contract to build and operate the National Cancer Institute, with an investment for the works of a total of 170 million of euros. The concession period is 15 years and the total amount of the contract is around 300 million euros . The firm has prevailed over the other company that competed, the Chinese CRCC.
Regarding its financial position, it presents a liquidity with recourse of 616.9 million, 29.2 million more than in March. The construction company closed the semester with a gross indebtedness of 429 million, 18.1% less than the 523.5 million in December. OHLA will amortize part of the bonds with the collection from the sale of the Old War Office in the second half of the year and is waiting to receive the authorizations for the divestment of the CHUM hospital in Canada.