OHL changes its name to OHLA to open a new stage after the end of its recapitalization


Madrid

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“OHLA is more than a new brand or a new corporate identity, it is the synonym of advancement, progress and openness”. This is how the new OHL, now known as OHLA, has been kicked off by its president, Luis Amodio, who has also presented the new corporate image. A project that serves to break with the old OHL after completing the recapitalization process and that intends to open a new stage in search of “returning to the path of profit”.

«After 22 years with the OHL brand, the transformation experienced by the company is reflected in a new, more modern and flexible visual identity that connects with sustainability and growth. For this reason, OHLA, which shows the legacy of 110 years of history, is also synonymous with advancement, progress, openness and, above all, welcome to a new stage ”, highlighted Amodio, during the presentation of the new project at the company headquarters in Torre Espacio.

In the short term, according to the company, the objective set in this new stage is to reach a sales volume of 3,000 million in 2021 and achieve a ebitda (gross operating profit) of more than 80 million euros.

Consolidation

The news comes after confirming this morning the culmination of the recapitalization of the company. Thus, a little over a year after entering the shareholding of OHL, the Amodio brothers will control a quarter of its capital, to consolidate as well as reference shareholders. Specifically with 25.96% of the shares of the construction company after finalizing its recapitalization plan, as the company communicated this Monday to the CNMV.

Thus, with the 37 million available by both brothers during the capital increase, the presence of the family Amodium it rises 10% compared to the 16% of the shares they held prior to this injection. They will do so by accumulating 12.98% respectively.

On the other hand, after the completion of OHL’s debt refinancing, the presence of Grupo Villar Mir -historic maximum shareholder of the company- through Inmobiliaria Espacio is diluted by half and will control only 7% of the listed company compared to the 14% it had in its portfolio previously.

In the new shareholding scheme submitted to the CNMV, there are also more news. Thus, the Monegasque fund Tyrus Capital will have a 2.35% stake in OHL, after its contribution of 5 million euros in the capital increase.

On the other hand, the main holders of OHL’s bonds, the funds Sand grove, Searchlight and Investment Opportunities SPC, they hold around 20% of the company, in which they have a concerted share of 4.6%.

With this reorganization, the construction company wants to break with the years of crisis and move towards this new stage that is now opening with OHLA, as it recognized after the announcement of this operation last January. «This operation will reinforce the capital structure by generating a new OHL, which will have a strengthened balance sheet that will allow it to face its business plan, confirming the commitment of the company and its management team to return to the path of recovery and growth », Stated the company at the time.

In 2020, the company obtained losses of 151.2 million euros, for the 143 it lost in the previous year and recorded an ebitda of 67.5 million.

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