OHL has ended the 2020 financial year, marked by the pandemic, with a positive contribution in all its business divisions.

The company has closed the year with EBITDA of 67.5 million euros, 4.2% more than in 2019. In turn, sales have reached 2,830.7 million euros, with a slight setback of 4.4%. A total of 76.4% of the turnover figure has been executed abroad. United States represents 42.0% of the total, Europe 37.3% and Latin America approximately 19%.

Of interest is our performance in Industrial and Services, which has registered significant growth in EBITDA terms, with an annual progress of 10.2% and 25% respectively.

Despite the prevalence of Covid-19 worldwide, the 2020 financial year has witnessed relevant milestones for OHL:

  • The Amodio Family, our new reference shareholderIn May 2020, the Amodio Family joined the company’s capital stock with a 16% stake.
  • Inauguration of the Four Seasons Hotel. On 25 September, the hotel chain inaugurated its first establishment in Spain, as part of Centro Canalejas Madrid, the largest urban renovation project in Spain, in which more than 600 million euros have been invested and more than 5,000 jobs have been created.
  • Pacadar. An agreement has been reached with the Villar Mir Group in relation to its debt, and Pacadar’s debt with OHL.
  • Asset rotation policy. As part of its policy to rotate mature assets, OHL has signed an agreement to sell its stake in Nuevo Hospital de Toledo for 76.1 million euros.
  • Recapitalization and refinancing of OHL. After alternatives were examined in 2020 to improve its balance sheet and financial structure, in January 2021 an agreement was announced between the majority shareholders- the Amodio Family and the Villar Mir Group- and a bondholder group. This has been endorsed by more than 90% of all circulating bonds and the main relations banks.

Boost in procurement thanks to the U.S.

OHL has completed procurement of 2,760 million euros, 3.5% more than in 2019. Of interest is solid performance in the United States, with a 1,354 million euro contribution to the Construction portfolio, setting off the fall registered in Latin America and Europe due to the effects of the pandemic.

Worthy of mention is OHL’s penetration into the Panama market, with the works project to extend subway line 1 up to Villa Zaíta and a strengthening of its European portfolio. Hospital procurement has been extended in Europe, as one of the company’s areas of huge expertise, due to totaling more than six million built square meters, and in the railway sector, with 200 million euros awarded in the Czech Republic.

In turn, the total portfolio at 31 December 2020 was 4,962.1 million euros. Europe represents 45.1%, United States 37.3% and Latin America 16.3%.

Net Attributable Profit

At closing of 2020, Net Attributable Profit reached -151.2 million euros. This parameter has been negatively affected by the pandemic, impacting both Construction and Industrial by approximately 35 million euros in operative terms, and the Development business (basically 36 million euros in the financial stakes held in the Canalejas and Ciudad Mayakoba tourist projects). In addition to the foregoing, the debt held by the Villar Mir Group and Pacadar with OHL registered impairment of 38.5 million euros.


At 31 December, the company had a resource liquidity position of 664.3 million euros, after its redemption last March of 73.3 million euros in its outstanding balance of bonds issued in 2012. This transaction has helped reduce the company’s leveraging.

Path to recovery

After a year in 2020 marked by Covid-19, OHL is now focusing on 2021, when it will celebrate its 110-year anniversary, embarking on a new stage with a strengthened balance sheet and financial structure.

All in all, backed up its stakeholders and aligned with their interests, OHL has taken one more step towards a total return to normal in its business.