OHL: Weak 2Q17 Results
OHL reported a €40.4Mn net loss in 2Q17, especially due to the €34.2Mn redundancy costs. Excluding that impact, the company obtained an adjusted net loss of €14.7Mn in 2Q17. Operating results were in line with our estimates, with concessions’ EBITDA increasing by 50% thanks to Mexico and construction’s EBITDA margin rising to 3.7% in 2Q17 (vs. 0.9% in 2Q16 and 1.5% in 1Q17).
NFD reduced by €439Mn to €2,892Mn in 2Q17, mainly thanks to €362Mn divestments and with a slightly negative impact from OWC (-€13.2Mn in 2Q17 vs. +€141.5Mn in 2Q16). Recourse NFD reduced by €179.7Mn to €813.5Mn in 2Q17.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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