The construction group OHLA lost 96 million euros in 2022, compared to a profit of 5.9 million a year earlier, after registering a value impairment of 34.5 million related to its participation in the Canalejas project in the center of Madrid, which includes a hotel and twenty luxury homes, as well as a shopping center.
The company has also proposed launching a divestment plan to reduce gross debt to below 2.5 times gross operating profit (ebitda). Its debt is now 462 million and the ebitda, 114 million, after increasing by 25%, so that the value of the sale of assets would be around 170 million.
The 50% stake in the Canalejas project, together with other assets such as those in the services area, are part of the businesses likely to enter into this divestment plan, which is added to that undertaken by other construction companies such as Sacyr, also interested in reducing debt.
OHLA’s losses in the year also respond to an impact of 20 million from the financial restructuring carried out in 2021 and another of 20.9 million due to the effect of currency exchange.
OHLA estimates the value of its investment in Canalejas at 127 million euros, which is additionally associated with a loan of 54.2 million, so that the total amount amounts to 181 million euros.
The income of the construction company controlled by the Mexican Amodio family amounted to 3,257 million, 17% more. Margins stand at 3.5% on average, although in the construction business they are somewhat higher, at 4.8%.
The company indicates that it has already repaid an ICO loan for 140 million euros and that it has met all the objectives announced since 2018. It continues to make progress in “financial stability and operational normality”, with the aim of reaching sales of 3,400 million in 2023 euros, an ebitda of more than 125 million and a trading volume of more than 3,600 million.
The total portfolio at the end of last year stood at 7,034 million, 21% above that of the previous year. This volume guarantees activity for more than 24 months.
