The year 2018 was marked, after the sale of OHL Concesiones, by the beginning of a period of transformation and resizing of OHL, led by a new management team that has been focused on the recovery of profitability and cash generation.
The rewards of this trust have begun to be seen in the fourth quarter of 2018. In the said period, EBITDA reached 19 million euro, giving greater visibility to the profitability of the recurring business once the failed projects are isolated. Sales reached 906 million in the last quarter of 2018.
The efforts made in relation to cash control have allowed us to close the year with Liquidity of 1,033.3 million euro, which is a good starting point to face 2019.
Focused on the structural cost reduction plan announced in 2018, structural expenses totaled 198 million euro (6.7% of sales), in 2018, 17.5% less than in 2017 (when they reached 7.2%). In 2019, and because of the measures implemented during the last quarter, the company estimates that structural costs will be less than 150 million.
Focusing on the backlog and contracting, the first closed the year at 5.877 billion, representing 24.1 months of sales; 37.6% of the projects come from the USA, 26.2% from Europe and 21.5% from Latin America. New contracts, meanwhile, totaled 3.116 billion, led by projects in the US (33%) and Europe (33%).
The efforts made in relation to cash control have allowed us to close the year with liquidity of 1,033.3 million euro, which is a good starting point to face 2019.
2018 Results
At the operating level, the 2018 income statement presents a sales figure of 2,954.4 billion euro, with a slight decrease compared to 2017. 73.2% of the total turnover comes from abroad. EBITDA stood at -448.5 million, improving by 19 million compared to the close of the third quarter.
The net attributable profit stood at -1,529.8 million euro, affected by significant operations and non-recurring effects, as well as -595.7 million in value adjustments, an accounting movement with no effect on the net equity of the Group.