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The coronavirus crisis has blown up OHL's recovery plans , which counted on returning to the path of profit starting this year. For now and taking into account the results of the first half of 2020, that objective is moving away, since the construction company registered losses of 38.5 million euros between January and June , compared to 15 million in the same period of 2019.
The company, controlled since May by the Mexican Amodio family, attributes a large part of these red numbers to the effects of the pandemic due to the covid-19 and points out that the most affected geographies have been Spain, Peru, Colombia and Chile. In addition, it estimates the impact of the coronavirus at 130 million euros in terms of income and another 25 million in terms of gross operating profit (Ebitda), mainly due to the direct and indirect costs derived from less activity.
In detail, ebitda reached 20.1 million euros, compared to 22.7 million euros in the first half of 2019. Despite this, the company hopes to overcome the situation in the second half of the year and hopes "that the reactivation that is being experienced at the beginning of this second semester of 2020 reverses the slowdown in tenders for the first half of the year in the affected markets, "according to a statement published this Wednesday.
The revenues were down 0.8% and totaled 1,350.3 million euros until June.
As for its portfolio, the value has fallen by 1,123 million euros, to the 4,962 million that marked at the end of June. Of this total, Europe represents 43.3%; USA, 36.4% and Latin America, 18.4%.
At the end of the first semester, OHL had a portfolio of works pending execution amounting to 3,889.8 million euros, after achieving new projects for 865 million. In addition, it has a portfolio of contracts in these businesses worth 225 million, thanks to new construction projects for renewables and 373 million respectively.
In financial terms, OHL, which has just started negotiations to restructure its debt and balance sheet, closed June with a net debt of 151.8 million euros , of which 103.5 million are recourse debt.
To this liability are added the 593 million that it has in two bond issues, which mature in 2022 and 2023, on which the negotiation will focus, which could include a conversion of debt securities into shares and also an injection of capital by of the Amodium
The company, which has a liquidity 'cushion' of 570 million euros, is also pending to obtain the approval of these bondholders to dispose of half of the 140 million credit with the guarantee of the ICO achieved a few months ago.
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