OHLA - comment

Operational performance was in line with our expectations but was eclipsed by the upheaval in the boardroom. The first quarter is the weakest in terms of cash flow due to working capital outflows, which were amplified by the €40m settlement paid to Kuwait. First quarter EBITDA was in line with our model at €27m, whilst the order book was slightly behind at €8.3bn (including long-term). OHLA finished Q1 with >€200m in cash at the company level (and €300m in JV’s). Following the quarter-end, the €50m capital increase further bolstered cash.