Investor Presentation • Jan 21, 2021
Investor Presentation
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Laying the foundation for a successful future
Investor Presentation
January 2021
This presentation ("Presentation") includes forward-looking statements. These forward-looking statements include all matters that are not historical facts, statements regarding the intentions, beliefs, projections or current expectations of Obrascón Huarte Laín, S.A. and its direct and indirect subsidiaries ("OHL" and the "Group") concerning, among other things, the Group's results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Group operates.
The information contained in this Presentation has not been independently verified and no independent evaluation or appraisal of the Group has been undertaken. Neither the Group nor its affiliates, nor its or its affiliates' respective officers, directors, employees, agents or advisers, make any representation or warranty, express or implied, as to (nor accept any liability whatsoever, whether in contract, in tort or otherwise, in relation to) the reasonableness, accuracy, reliability or completeness of this Presentation or any statement, information, forecast or projection made herein, or any other written or oral communications transmitted to the recipients in connection herewith. The Presentation has been prepared on the basis of the position as at the time of the Presentation, and the information provided therein will not be updated or corrected after the date of the Presentation. There can be no assurances that the forecasts or expectations are or will prove to be accurate. The 2020 figures are approximate, please note that the financial year has not been closed yet.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Group cautions you that forward-looking statements are not guarantees of future performance and that the actual results of operations, financial condition and liquidity and the development of the industry in which the Group operates may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation. Factors that may cause the Group's actual results to differ materially from those expressed or implied by the forward-looking statements in this Presentation, include, but are not limited to: (i) the Group's inability to execute its business strategy, (ii) the Group's ability to generate growth or profitable growth and (iii) political changes in countries relevant to the Group's operations, including changes in taxation.
In addition, even if the Group's results of operations, financial condition and liquidity and the development of the industry in which the Group operates are consistent with the forward-looking statements contained in this Presentation, those results or developments may not be indicative of results or developments in future periods.
OHL does not assume any obligation to review or confirm expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this Presentation.
This Presentation does not constitute a financial product, investment, tax, accounting or legal advice, a recommendation to invest in any securities of the Group, or any other person, or an invitation or an inducement to engage in investment activity with any person. This Presentation has been prepared without taking into account the objectives, financial situation or needs of any particular recipient of this Presentation, and consequently the information and opinions contained in this Presentation may not be sufficient or appropriate for the purpose for which a recipient might use it. Any such recipients should conduct their own due diligence, consider the appropriateness of the information and opinions in this Presentation having regard to their own objectives, financial situation and needs, and seek financial, legal, accounting and tax advice appropriate to their particular circumstances.
This Presentation and the information contained herein does not constitute an offer to sell or a solicitation of an offer to buy or exchange or acquire securities in the United States or in any other jurisdiction. The securities referenced in this Presentation may not be offered, sold, exchanged or delivered in the United States absent registration or an applicable exemption from the registration requirement under the U.S. Securities Act of 1933, as amended. The securities mentioned in this Presentation are not, and will not be, registered in the United States.
Capital strengthening transaction
Progress on strategic plan
Business plan review
Appendix
The following initiatives have been implemented since the new strategy of 1H2018:
√
√
In 2017 OHL had negative EBITDA with c.€240Mn overhead costs. Since then, new management has carried out a turn-around and delivered strong results in line with guidance
| 2019 Real | FY20 Guidance | 2020E | ||
|---|---|---|---|---|
| P&L | Sales | €3.0Bn | €2.5 – 3.0Bn |
€2.9Bn |
| EBITDA | €64.8Mn | > €70Mn | €68Mn1 | |
| Cost control |
costs2 Overhead |
€145.2Mn | < €140Mn | €133Mn |
| Order Book |
New awards |
€2.7Bn | > €3Bn |
€2.1Bn |
| Balance Sheet |
Recourse Net Debt |
€(106.5)Mn | ~ | €76Mn |
The new OHL has solid foundations built on the management team strategic plan, further reinforced with the recapitalization agreement announced
Strong support and strategic alignment with reference shareholders and bondholders
Significant debt reduction and path to sustainable capital structure with no senior debt repayments in the next 4-5 years, easing the access to new bonding lines
The New
Sound, profitable and cash generation in the regular construction business providing increased visibility and certainty in the execution of the Business Plan
Additional tangible assets to create value for all stakeholders in the mid-term
Proven strategy with strong track-record of delivering on targets
The transaction aligns interests of all stakeholders and provides a holistic solution reinforcing the capital structure for a stronger new OHL
Strong support and strategic alignment with reference shareholders and bondholders
Amodio investment in OHL: €87Mn. Guaranteed €42Mn for OHL in capital increase Agreement subscribed with majority (c.57%) of bondholders
The New OHL
Significant debt reduction and path to sustainable capital structure with no senior debt repayments in the next 4-5 years, easing the access to new bonding lines
€105Mn1 debt reduction and term extension
€147-176Mn2 shareholders' equity reinforcement
(1) Senior gross debt reduction from €593Mn to €488.3Mn (17.7¢ reduction) 9
(2) Includes the senior gross debt reduction of €105Mn and the capital increase in the range €42-71Mn, subject to tax due diligence and final legal terms
The New OHL
Sound and profitable cash generation in the regular construction business providing increased visibility and certainty in the execution of the Business Plan
€5Bn order book in core regions, with positive margins
Cash consumption of the Non-profitable projects under control
Additional tangible assets to create value for all stakeholders in the mid-term
>€500Mn1 proceeds from additional assets to the regular business to further delever
Active management on claims collection
(1) Includes Canalejas, OWO and others like Cemonasa; (2) Book value including subordinated debt of ~€45Mn
Deliver on 2019 and on 2020 targets based on expected results, despite COVID-19 disruptions
Increased transparency and improved risk controls
| Economics Alternative 1 |
Reinstated debt: 88.0¢ Lock-up fee: 2.0¢ in reinstated debt (subject to accession to the Lock Up Agreement) Equity: 0.0¢ Debt reduction: 10.0¢ |
|---|---|
| Economics Alternative 2 |
Reinstated debt: 68.0¢ Lock-up fee: 2.0¢ in reinstated debt (subject to accession to the Lock Up Agreement) Equity: 30.0¢ @ €0.74/share Maximum of 38.25% of bonds allocated to alternative 2 Backstop fee: 5% of the amount that is equitized in alternative 2 |
| Main Terms of Reinstated Debt |
Repayments: 50% in Mar-25 and 50% in Mar-26 Coupon: 6.6% (5.1% cash + 1.5 % PIK) per annum until (but excluding) Sep 15, 2023. PIK increase to 4.65% per annum thereafter Early Redemption: early redemption at 100% of outstanding principal amount at Issuer's option; mandatory redemption pursuant to asset sale regime Asset sales: Designated assets have been identified and proceeds from potential sales of such designated assets will be applied towards debt repayment with certain baskets for the business to continue its normal operation. This Designated Proceeds regime remains subject to change based on final agreement reached with banks Refer to the cleansing statement for other terms such as: Comprehensive guarantee and security package Bonding lines agreement Covenants |
| Capital increase | Capital increase with rights of €35Mn @ €0.36/share fully underwritten by Amodio and Tyrus After the first capital increase, there will be a Private Placement to Amodio and Tyrus of up to an additional c.€36Mn1 Amodio's commit to invest €37Mn between the Capital Increase and the Private Placement. Tyrus commit to invest €5Mn between the Capital Increase and the Private Placement The total potential equity injection will be up to €71Mn Amodio to receive a 5% Arrangement and Commitment Fee over €35Mn |
Note: refer to the cleansing statement for a more detailed summary of the key terms and conditions
1) Depending on shareholder participation in capital increase
| January | February | March | April | May | |||||
|---|---|---|---|---|---|---|---|---|---|
| 2H | 1H | 2H | 1H | 2H | 1H | 2H | 1H | 2H | |
| Commercial Agreement | |||||||||
| Execution of LUA | |||||||||
| LUA effective date | |||||||||
| UK Scheme Process | |||||||||
| Launch of UK Scheme | |||||||||
| Convening Hearing | |||||||||
| Sanction hearing | |||||||||
| Capital Increase and Execution | |||||||||
| EGM | |||||||||
| Approval of prospectus and launch of rights issue |
|||||||||
| Rights issue and debt for equity swap completed |
As set out in the Cleansing Announcement, the essential terms of the Transaction have been formalized pursuant to the Lock-Up Agreement entered into between the Key Shareholders and the Ad Hoc Group. A process of accession will take place, pursuant to which the holders of the Senior Notes (the "Noteholders") who are not a party to the Ad Hoc Group will be invited to accede to the Lock-Up Agreement.
Noteholders who accede to the Lock-Up Agreement will be required to elect for Option 1 Scheme Entitlement or Option 2 Scheme Entitlement at the time of accession and will be subject to certain trading restrictions in respect of their Senior Notes. For such purposes, Lucid Issuer Services Limited has been engaged to act as calculation agent under the Lock-Up Agreement (the "Calculation Agent"). Noteholders should contact the Calculation Agent via www.lucid-is.com/ohl or by e-mail to [email protected] to access further information relating to the Transaction and for further details as to how to accede to the Lock-Up Agreement.
Noteholders wishing to accede to the Lock-Up Agreement shall provide as soon as possible to the Calculation Agent a duly completed and executed accession letter (in the form set out in the Lock-Up Agreement) and evidence of their beneficial holdings. Noteholders who accede to the Lock-Up Agreement prior to 5.00p.m. (London Time) on 5 February 2021 (or such later date as determined pursuant to the Lock-Up Agreement) (the "Early Accession Deadline") will be entitled to receive a lock-up fee pursuant to the terms of the Lock-Up Agreement in an amount equal to two cents per €1 of the total outstanding principal amount of Senior Notes held by each Noteholder which will be payable in New Notes (the "Lock-up Fee").
Upon obtaining the necessary support from creditors, the Company will accede to the Lock-Up Agreement and subsequently launch a scheme of arrangement under Part 26 or Part 26A of the UK Companies Act 2006 for the purposes of implementing the Transaction (the "Scheme"). Upon the Scheme being sanctioned by the English courts, its terms will be binding on all Noteholders (whether or not they have voted in favour of the Scheme) and the Transaction will be implemented.
If you have any questions, please contact PJT, the financial advisor of the Noteholders, at the following email: [email protected]
OHL already has a well-
| established footprint in core regions |
|||||
|---|---|---|---|---|---|
| REGION | KEY CONSIDERATIONS | 1 SIZE |
GROWTH | OHL FOCUS | ORDER BOOK (9M20) |
| North America | \$1Tn infrastructure plan announced to upgrade US highways, railroads, bridges and broadband the next 10 years OHL is a strong incumbent player in NY, California, Texas, Illinois and Florida with €1Bn+ sales |
\$1.0Tn | 2.5% 2019-23E CAGR |
| €2.0Bn |
| Europe | €650Bn InvestEU Programme (2021-2027) to include sustainable infrastructure investments for Europe Spanish goverment plan to invest €5Bn+ in PPP roads and promote renewable expansion OHL has 100+ years experience in Spain with €500Mn+ annual sales and strong presence also in East Europe (e.g. Czech Republic) |
\$1.1Tn | 4.0% 2019-23E CAGR |
| €2.2Bn |
| LatAm | Increase in infrastructure spending driven by greater focus on PPP investments from government and investment funds OHL focus on the development, construction & operation of toll roads with €600Mn+ sales and 40+ years infrastructures experience in the region |
\$0.3Tn | 0.9% 2019-23E CAGR |
| €0.8Bn |
| MENA & APAC |
OHL exited MENA to focus on core low risk countries / regions Pace of growth in APAC to slow over the next years as the Chinese government decelerates the pace of infrastructure investments APAC considered non-core region given lack of local competive advantage |
\$2.1Tn | 4.9% 2019-23E CAGR |
Exit | €<0.1Bn |
Attractive market growth prospects are further reinforced by OHL's strong capabilities, presence and track-record in some key regions (e.g. North America)
Source: BMI Research (1) Based on global construction output value in real 2019 US\$Tn
New awards and replacing the order book are a continued area of focus for OHL
(1) Based on construction order book
1
| Project | Country | Size - €Mn |
|---|---|---|
| Project I-405 | 321 | |
| South Corridor Rapid Tran Main | 315 | |
| Autopista Vespucio Oriente | 207 | |
| NY TN-49 Replacement of roadway Deck in susp. | 133 | |
| I-294 Grand-Wolf/I-490 R S1/S2 | 129 | |
| Rehab Appr Viaduct Throgs Neck | 123 | |
| Ute Túneles Norte Sevilla | 101 | |
| SK_Dial`nica Hubová - Ivachnová |
98 | |
| Modernizace trati Sudoměřice - Votice |
87 | |
| Hospital De Albacete | 84 | |
| LAV Vitoria-Bilbao-San Sebastián (Angiozar) | 71 | |
| Western Access Tollway I-490 | 69 | |
| LAV Oslo-Ski (Follo line project) | 59 | |
| Rehabilitation of Riverside Drive viaduct. New York | 57 | |
| M. Copper-Chile-Mantos Blancos EW | 55 | |
| Valencia Advnd Water Trtmt Fac | 53 | |
| Ute Puerto-Caldereta 60% | 52 | |
| EPC FV - Sol de Atacama |
51 | |
| FAIRWAY DRIVE | 49 | |
| Design/Build Belmont Pk/Elmont | 49 | |
| I-57 Rdwy & Brdg Widening | 46 | |
| FFCC Marmaray Project CR3 |
45 | |
| LAV Zaragoza - Pamplona (Villafranca-Peralta) |
42 | |
| King City Route 101 | 41 | |
| Key projects in order book | 2,336 |
FY18 guidance: cash outflow from non-profitable projects (€Mn)
2
Actual and revised cash outflow from non-profitable projects (€Mn)
TOTAL: €333Mn
Good cash management and no material deviations on non-profitable projects guidance
Note: "Non-Profitable Projects" means (i) any Legacy projects plus (ii) other projects that have consumed cash in the business plan in the last two years
| NEW INITIATIVES | KEY CONSIDERATIONS |
|---|---|
| Centralized risk decision process |
Authorization process aimed at minimizing bidding risks of contract mispricing Special committee to approve bids / new tender Other new dedicated committees aimed at monitoring order book, performing bond and cash control with stronger oversight over regional hubs |
| Disciplined profitability targets |
Business lines are not authorized to bid projects with gross margin below 10% without authorization from the high level pursuit committee Continued strict monitoring of working capital and cash preservation New initiatives aimed to reduce overhead costs to c.4% of sales |
| Conservative approach to claims |
Executive decision to recognize gross cash outflows from non-profitable contracts excluding claims Going forward claims are not recognized in P/L or BS until they are payable to OHL, so they are considered as upside Maximization of collection of claims through an exclusively dedicated and multidisciplinary team |
| Stronger risk management |
Strict oversight and monitoring of projects from bidding phase, to profitability / cost monitoring Non-profitable projects – No deviations incurred thanks to rigorous operational management Prudent financial policy with reduction of equity contribution in the projects Maintain ample liquidity |
High priority given to the reduction of overhead costs and significant progress achieved (reduced 45% vs. 2017 costs) and targeting further reductions
(1) Including costs of project studies (2) Excluding costs of project studies
5
Overview of new concessions investment framework Key considerations
5
Concession assets owned by OHL which could be potentially divested in the mid-term
| Concession Assets | OHL stake %1 |
|
|---|---|---|
| Sociedad Concesionaria Aguas de Navarra | 65% | Expected |
| Nuevo Hospital Toledo – Sale already announced (€76Mn) |
33% | Value to be sold for: |
| Health Montreal Collective Limited Partners | 25% | €100-150Mn |
| Concession Assets | OHL stake %1 |
|
|---|---|---|
| Aguas de Navarra | 65% | |
| Sociedad Concesionaria Centro Justicia Santiago |
100% | |
| Marina Urola | 51% | |
| Health Montreal Collective Limited Partners | 25% | Total book value: |
| Hospital de Burgos | 21% | €63Mn |
| Hospital de Toledo – Sale already announced (€76Mn) |
33% | |
| N.D Esportiva de Bará |
50% |
| Other – under litigation |
Book value2 (€Mn) |
|---|---|
| Cemonasa | 204 |
| Aeropistas/Eje Aeropuerto |
19 |
6
Sale of the OHL stake is expected for 2021
High-quality mixed-use development
Sophistication thrives at this historical property in the heart of Madrid that is redefining the meaning of luxury urban living in the Spanish Capital
The vision of internationally acclaimed interior designer Luis Bustamante, bedrooms combine high ceilings, offering panoramic views across the center of Madrid
Deeply rooted in Spanish architectural tradition, every effort has been made to ensure the historic Canalejas Centre retains its original aesthetics
One of the largest urban development projects in Europe, these exclusive buildings take center stage in the luxury Canalejas Centre, alongside upmarket boutiques and the city's finest restaurants
Canalejas is one of the landmark real estate projects in Spain, and will contribute to restore some of the most iconic buildings and to revive the most emblematic area of Madrid
| Cemonasa1 | Ciudad Mayakoba | Grupo Villar Mir and Pacadar |
|---|---|---|
| The OHL subsidiary Cercanías Móstoles Navalcarnero, S.A., ("CEMONASA") and the Community of Madrid (the "CAM") entered in 2008/2009 into a concession contract for the construction and operation of the train "Cercanías Móstoles Navalcarnero". CEMONASA's obligations were secured by certain guarantees (avales) granted by OHL for the bid phase CEMONASA initiated proceedings against the CAM in relation to the fine imposed and OHL initiated proceedings against the CAM based on the subsequent acceleration of guarantees(1) OHL has decided not to sell CEMONASA for now and try to get the full claim in the medium term |
In the context of the (i) situation caused by COVID, (ii) unfavorable exchange rate, and (iii) unsupportive state of the country and the real estate market, final agreement on Ciudad de Mayakoba collection is of €9.7Mn vs. the c.€20Mn (incl. default interest expense) that remained to be collected The loss of this collection has been recorded within the fiscal year 2020 |
GVM and the Company have reached an agreement in relation to the terms on which the debt will be repaid, subject to GVM and the Company obtaining the required waivers from their financial creditors on or before 20 February 2021 The principal key terms are: The delivery in payment (dación en pago) of 100% shares in Pacadar held by GVM in favour of the Company The delivery in payment (dación en pago) of 32.5% quota shares in Alse Park, S.L. held by GVM in favour of Obrascón Huarte Laín Desarrollos, S.A.U. The acknowledgement of GVM's pending debt against the Company after the delivery in payment (dación en pago) of the Pacadar Shares and the Alse Park quota shares for an amount of €46Mn (of which (i) €22Mn (Tranche 1) will mature in 5 years, (ii) €11Mn (Tranche 2) will mature in 2 years and (iii) €13Mn (Tranche 3) will mature in 5 years, but will only |
| €300Mn claim | €10Mn have been collected in Q3 2020. Remaining amount has been impaired due to COVID-19 impact |
accrue in favour of OHL if certain conditions are met in connection with the market capitalisation of GVM's participation in Ferroglobe PLC / its price in an eventual sale) |
| Total book value: €204Mn | Impact recorded in fiscal year 2020 | secured by: Shares in Espacio Information Technology Receivables of GVM |
7
| | A reference in the sector with Good Governance recommendations | ||
|---|---|---|---|
| | Policy of diversity applied in relation to the Board of Directors | ||
| | Majority of non dominical Board Members | ||
| New governance |
| Compliance with Sustainable Development Goals (SDG) and Ten Principles of the United Nations Global Compact. |
|
| | Member of the FTSE4Good Ibex stock index |
Three organisational units subject to the policies established by the Board of Directors
Strong commitment to good governance and social & environmental sustainability
| Key areas | Description | 70.6% out of the total Targets cash outflow already consumed in 2019/2020 |
|---|---|---|
| Unprofitable cost control |
Strict risk control procedures leading to no new non-profitable projects since 2014 Monitoring of cash consumption of unprofitable projects until works completion De-risking agreements in two main unprofitable projects through subcontracting |
<€100Mn Total non profitable projects cash outflow expected from 2020 |
| Geography focus and core capabilities |
Focus on core regions with proven expertise: USA, LatAm and Europe Strong growth potential from attractive infrastructure programs and concession development opportunities Focus on smaller / simpler projects vs high-complexity / size of the unprofitable projects (>€1Bn value) |
Low risk countries 3 core regions Less complex projects |
| Cost structure and overheads |
Target reduction of overhead costs to c.4% of sales Focus on elimination of overlapping roles and efficiency c.€107Mn recurring savings achieved from 2017 |
c.4% of sales Total p.a. overhead costs |
| Capital light approach to concessions |
Partnership with financial investors for greenfield projects in core regions Minimize OHL's equity contribution while accessing profitable concession Long-term objective: 30% of portfolio to be driven by concessions projects |
4-9% Equity funding in SPV |
| Potential divestments / claims monetization |
Clear path to potential divestments of identified assets: Old War Office and Canalejas Other claims (Cemonasa) and additional assets to the regular business can be rotated to de-leverage |
c.€500Mn1 |
| Active management | Effective and active management of other initiatives in place to renegotiate existing non-profitable contracts, actively manage claims collection and maximize cash generation and optimize company performance |
Strict control over the business |
Business plan review
Sales breakdown by division (€Mn)
EBITDA breakdown by division (€Mn)
76 71 87 120 153 10 9 18 11 13 12 14 13 15 17 (33) (26) (31) (27) (28) 65 68 87 119 155 2019A 2020E 2021E 2022E 2023E
Construction Industrial Services Corporate & others
Order book breakdown by division (€Mn)
This business plan would assume an improvement in confirming, bonding lines and business normalization, which would significantly increase the
| which would significantly increase the | |||||
|---|---|---|---|---|---|
| Financial forecasts | Expected | operating cash flow | Plan targets | ||
| €Mn | 2019A | 2020E1 | 2021E | 2022E | 2023E |
| Operating Cash Flow2 | 117 | 73 - 95 |
217 | 233 | 302 |
| Overhead and project studies |
(145) | (133) | (143) | (152) | (160) |
| Financial expenses & Taxes 3 | (58) | (56) | (34) | (34) | (43) |
| Total Cash Generation/(Consumption) from activity | (86) | (116) - (94) |
41 | 48 | 98 |
| 4 Divestments |
77 | 30 | 150 | 50 | - |
| Investments | (87) | (35) | (34) | (38) | (47) |
| Ordinary Cash Flow | (97) | (121) - (99) |
157 | 60 | 51 |
| Non profitable projects | (146) | 5 (c.90) |
(65) - (55) |
(35) - (10) |
- |
| Total Cash Flow 6 | (241) | (209) – (189) |
92 - 102 |
25 - 50 |
51 |
| Net Debt (recourse) | (107) | 76 | (128) | (178) | (229) |
| Net Debt (Non recourse) | 51 | 55 | 55 | 55 | 55 |
| Centralized liquidity (with recourse) | (258) | (c.190) | (164) | (221) | (280) |
| Order book | 5,000 | 4,470 | 4,932 | 5,681 | 6,619 |
| Bonding lines projections 2021E Increase/(Decrease) of needed bonding lines to reach business plan 330 - |
2022E | 2023E |
|---|---|---|
| 769 468 – 556 |
690 - 778 |
|
| Bonding 0 - |
439 0 - 88 |
175 - 263 |
| Insurance 182 |
224 | 247 |
| Banking 148 |
244 | 268 |
Achievable plan which shows the path to the normalization and stability of the Company assuming it receives the support from all stakeholders
After several years enhancing the Company's structure and profitability, having reached an agreement with bondholders and now with a new shareholder with proven commitment on board, this transaction is the last step towards normalization
Liquidity forecasts
| €Mn | Q1 2020A | Q2 2020A | Q3 2020A | Q4 2020E |
|---|---|---|---|---|
| o/w Centralized liquidity (with recourse) |
172 | 204 | 178 | c.190 |
| o/w decentralized liquidity | 372 | 367 | 333 | 460 |
| Liquidity position end of period | 544 | 571 | 511 | 650 |
Subject to changes based on final agreement reached with banks
| (€Mn) | FY18 | FY19 | 9M19 | 9M20 | |
|---|---|---|---|---|---|
| on pti m onsu d cash c L an & P |
Sales | 2,907 | 2,960 | 2,120 | 2,070 |
| EBITDA | (496) | 65 | 40 | 54 | |
| % EBITDA margin | (17.1%) | 2.2% | 1.9% | 2.6% | |
| Total activity cash consumption |
(429) | (230) | (320) | (274) | |
| Balance sheet | Recourse liquidity | 1,033 | 782 | 729 | 511 |
| Recourse gross debt | 687 | 675 | 681 | 668 | |
| Recourse net debt / (Cash position) |
(347) | (107) | (48) | 157 |
Sales maintained at sustained levels with focus on order book replenishment
– Order book at €5.0Bn with €1.7Bn of new awards in 9M20
Positive and improving consolidated margins since 2018:
– EBITDA margins remained positive, reflecting strong cost control even under COVID-19 environment
Positive €65Mn EBITDA in 2019, with positive trend of LTM 9M20 €79Mn despite the negative impact of COVID-19 resulting in a decline in activity (mainly in construction)
Focus on cash control consumption decrease since 2018
EBITDA margin improvement in 9M20 compare to 9M19 despite the impact of COVID-19
FY 2019 results by division (€Mn)
FY 2019 results by geography (€Mn)
Increasing revenues and positive EBITDA across divisions, with business focused on OHL's 3 core markets. Positive performance reinforced in 2019FY
Positive cash flow impact across divisions resulting in lower overall cash consumption
The OHL subsidiary Cercanías Móstoles Navalcarnero, S.A., ("Cemonasa") and the Community of Madrid (the "CAM") entered in 2008/2009 into a concession contract for the construction and operation of the train "Cercanías Móstoles Navalcarnero" (the "Agreement"). Cemonasa's obligations under the Agreement were secured by certain guarantees (avales) granted by OHL for the bid phase
On 12 July 2016, the Madrid Commercial Court No.1 declared the voluntary insolvency of Cemonasa and on 15 March 2017 the court issued an order for its liquidation
(1) OHL owns 55% of the JV, while Contrack Cyprus owns the remaining 45%
(2) In February 2019, it was determined that ~95% of the work had been completed at termination date
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