OHLA - comment

The FY23 numbers were ahead of our expectations in terms of EBITDA and cash generation. The construction order book is also healthy. Total cash was €597m vs our expectation of €510m. Working Capital performance was a significant part of the outperformance vs our model, something that OHLA has not managed well in the past. The growth in the concessions book from €490m to €1.1bn is a small concern. This was where the company stumbled last time and we will want to see these concessions built on time and budget. There is no comment on the refinance of the first tranche of the SSNs due on March 25.