The losses recorded by the Mota-Engil group were “strongly influenced” by the impact of the pandemic, the company said in a statement sent this Wednesday. Even so, the order book was over 6 billion, a record amount in the group’s history.
For the losses of 20 million euros “weighed the record of 30 million euros accounted for as provisions directly related to the risk of safeguarding the negative effects caused by the pandemic Covid-19”, he says in a statement.
Turnover fell 17% to EUR 2429 million due to the pandemic context, particularly in the emerging markets where it operates. EBITDA (earnings before interest, taxes, depreciation and amortization) stood at 380 million euros, which represented a 9% drop compared to 2019, but with “16% margin (one of the best margins among European peers)” .
In a statement, Mota Engil explains that the impact of covid-19 “was recorded in 360 million euros in turnover and 45 million euros in EBITDA”.
With regard to net debt, there was an increase from 30 million euros to 1243 million euros, a value that is justified “by the context of greater demand and in which the group was resilient, focusing its performance on the preparation of a new cycle of growth and generation of operational ‘cash flow’, ”says Mota Engil.
Despite the losses and the impact of the pandemic on the group’s accounts, the company says that in the commercial sphere, “it registered a period of high dynamism and completion, concluding 2020, and for the first time in its history, with a record order book higher to six billion euros “.
He further mentions that this amount does not include “the contract signed in January in Nigeria for US $ 1.820 million, the largest ever signed by the Group”. Along with the growth in the order book, the company stresses that there is “an increase in the average size of the contracts concluded, with Mota-Engil concluding in this period three of the four largest contracts in its 75-year history, as are the cases of the projects railroads of Kano-Maradi (Nigeria) and Tren Maya (Mexico) and the rehabilitation of the Accra-Tema Road (Ghana) “. Facts that, he stresses, provide “a robust support for the recovery of activity and the resumption of growth after 2021 and in the following years”.