MADRID, 21 Oct. (EUROPA PRESS) -
OHLA has sent a statement to the market after falling more than 23% on the stock market in the last two days, defending the company's commitment to reducing debt, as well as fulfilling its plan to improve its operating business.
On Thursday, its shares plummeted 12.62%, reaching historical lows of 0.45 euros and, this Friday, the fall continues around 10%, trading after 1:00 p.m. at 0.41 euros.
A day earlier, it announced the cancellation of the sale of its 25% stake in a Canadian hospital, as the conditions agreed with the buyer, the BBGI Global Infrastructure fund, had not been met.
Faced with this negative news, on Thursday it transpired that the National High Court had admitted an appeal filed by OHLA against the 21.5 million fine filed by the National Securities Market Commission (CNMV), in which the rest of the Spanish construction companies, suspending the court in a precautionary way the payment of the fine and the prohibition to contract with the Public Administration.
In any case, the company tries to calm the market with a new communication to the National Securities Market Commission (CNMV), in which it recalls that it has already reduced gross debt by 40% since 2018, when it reached 741 million euros. euros, up to the current 444.2 million.
This represents an improvement in its leverage from 11.3 times (gross debt over Ebitda) in 2019, to nearly 4 times at the end of 2022. In addition, it highlights that this debt reduction process will continue once the receipt of funds from the Old War Office (a historic building in London), amounting to 100 million euros in different annuities.
In addition, OHLA has expressed its commitment to sell its stake in the Canadian hospital, the Montreal University Hospital Center (CHUM), whose funds will also be used to reduce the debt bonds, which do not mature until March 2025.
However, the hospital, which has been in operation since 2018, continues to provide the company with recurring annual income and the delay in its sale "does not imply any breach of its financial obligations."
It has also taken the opportunity to confirm its forecasts for the end of the 2022 financial year, in which it expects to reach an Ebitda of 110 million euros, exceed 3,000 million euros in revenue and more than 3,500 million in new hires.
