The construction company Ohla takes time as the protagonist of Matrix: dodging bullets. He has done it effectively, although the last one has given in flesh. The Moody's qualification agency has reduced its B3 to CAA1 credit note, which means that the issuer could have difficulty fulfilling its financial obligations. The reduction is a delicate issue on which the company does not comment. The litigation around large construction projects in Kuwait and Catar, generally resolved with fortune, but with fringes, have stirred the company participated by Mexicans Luis and Mauricio Amodio since 2020 (21%). Ohla has carried out three successful capital extensions since the late 2024, the last one of 50 million euros, to relieve pressure on the box; It has reduced and restructured the gross debt – shown to 339 million – to remove the maturities around 2029 and have lay the Board of Directors, from which four counselors headed by businessman José Elías Navarro (controls 8.7% of the shares) between strong accusations and divisions for the march of the company resigned. The company maintains the road map until 2029 with marked milestones: exceed 5,000 million in sales, reach an exploitation benefit (EBITDA) exceeding 300 million, double the box generation and reduce costs by 40 million. It has taken important steps and focuses its activity towards more stable markets, but investors ask for more. The order portfolio is at maximum – 9.2 billion -, the Board has supported the management and the group keeps an ace in the sleeve: the possible sale of the SERVICES subsidiary Ingesan and the 50% participation of the Canalejas Center in Madrid. Although the sale – with an estimated amount of 225 million – is more complicated than it was expected. Group sources argue that he expects “the most beneficial opportunity window” to specify the sale. Domina La Cautela and, before it, the company places the amodio numbers: since 2020, the Ebitda has more than duplicate, from 67 million to 152; Sales have increased by more than 1,000 million, from 2,800 to 4,172, and the positive cash generation has been recovered. In the stock market, the photo is not in color: the action has lost more than a third of its value in five years. «The activity is evolving in a favorable way to achieve objectives,» says rental analyst 4 Ángel Pérez Llamazares. «However, and although it has net assets available for sale … the difficulty in performing some operation is being shown high, we will see if it occurs in the next quarters.» The latest capital transfusions have relieved fever. But the state is still delicate. The debt ratio on Ebitda is 2.2 times, compared to 3.8 times in March 2024 and the declared objective of the group is to place it on the two -year horizon in 1.5 times. It will have to specify the divestments of Ingesan and 50% of the Canalejas center and comply, in parallel, its strategic plan. A lot of task. The path of recovery still has traces of mines in the form of litigation, claims and awards of the International Chamber of Commerce (ICC). Last year, the state of Kuwait executed two guarantees linked by 40 million to the Jamal Abdul Nasser Street road against Ohla and its associate Rizzani of Ecche. The companies resorted, lost and Ohla had to expand capital for 50 million to plug the hole. In another case, still losing, Ohla has won whole. The company had provided 28 million to meet claims in the construction project of the Sider Hospital in Doha (Qatar) and the International Chamber of Commerce resolved this summer that Ohla and its partners must pay 24.3 million euros to Qatar Foundation. Of evil, the least. A relief: Ohla is left over 15 million of the provisions, although the determination of final coasts and interests is pending. But the great triumph, which has cleared a lot of uncertainty in the short term in Ohla has been the award last month of February on the project to build several seasons of the Doha Metro (Catar), awarded to a consortium led by Samsung C&T (51%) (30%) and Qatar Building Company (19%). The contract was unilaterally terminated by Qatar Railways in 2016, which caused arbitration. Result: Qatar Rail has been considered responsible for the early and illegal termination of the contract. It has to compensate the consortium with 315 million euros of which 95 are for Ohla. Total: added the millions provided in excess of Kuwait and the compensation of Qatar, the group directed by Mexican Tomás Ruiz since September of last year, has adorned the box with more than 100 million.
Success or carambola?
A success, according to the direction of Ohla; A simple carambola, according to sources close to the most critical shareholders of the company. «It is true that there have been two awards, one in favor and the other good enough, yes,» they argue, «but what does that have to do with the current management? The award would have come the same.» It is a hard assessment, as hard was the departure in March of four directors, headed by businessman José Elías Navarro (Audax Renewables, La Sirena). The four counselors – Elijah himself, José Eulalio Poza, Josep Maria Echarri and Antonio Almansa – had entered into a block in Ohla three months before with a joint participation of 17% and resigned in block. The official reason of his march, expressed in the respective resignation letters, collected discrepancies with financial management and cash forecasts, with its opposition to the cessation of the financial director of the company – José María Sagardoy – and with the “existence of deficiencies in internal research processes on possible irregularities and conflicts of interest”. The CNMV opened files and closed them without consequences. Which does not mean that the matter is finished by all parties. His departure, together with that of the rest of the counselors, was interpreted as the end of a stage – he says – of blocking and instability that hindered key decisions (such as capital extensions or executive changes). The Council has been renewed with the incorporation of independents – José Miguel Andrés Torrecillas, Socorro Fernández Larrea, Vicente Rodero – and, in principle, the permanence of the CEO Tomás Ruiz allows continuity to be given to the strategic plan 2025–2027. But in the surroundings of the outgoing directors, nothing is considered resolved. As they claim, debt restructuring was due to their good work – “they have a three or four -year mattress for that negotiation [con bancos y bonistas] They assure – but the problems have not disappeared. ”Nor the caution.
