Which will be followed by a Q and A session via webcast platform. I will now hand over the call to the Ola management team. Thank you.
Good morning, ladies and gentlemen. My name is Thomas Ries, and I am the Chief Corporate Officer of Ola Group. Together with me in the room are Mr. Jose Maria Sagardoy, CFO and Mr. Pedro Arellano, Head of Investor Relations.
I especially thank you for your attendance and interest in the performance of Ola over the first half of the year, Particularly, since it's the first time that I lead a results presentation that formerly were commanded by Mr. Manuel Alvarez, Who recently left the company. I take the opportunity to thank Manuel on behalf of the company for the excellent work he performed in Ola during the last 3 years. These results also coincide with the recent rebranding to Ola, with a partial renewal of the management team After the successful closing of the financial restructuring and capitalization, along with the renewal of the shareholders' structure of our company. First of all, I hope you and your families are healthy and safe despite the severe pandemic.
Before going through the operational results of this quarter by division in detail, I would like to share some points regarding the group's performance During this past semester, when we had several extraordinary events. On July 6, OHL Group announced its new corporate brand becoming Ola. I can state that Ola is more than just a new brand Or a new corporate identity. It means advancement, progress and openness. It implies a start of a new growth stage for this group.
At operational level, all our sales amounted to EUR 1,300,000,000 similar than in the same period of the previous year, Slightly affected by the lower order intake of the unusual last year. However, it is important to point out that EBITDA It stands at €30,400,000 a 51.2% increase over the same period of the previous year, With the margin in the construction unit of 3.5 percent over sales, consolidating the group's upward trend since 2018. In that sense, I can confirm that we are in line with the business plan and the guidance shared with the market for the end of this financial year. Consolidated net operating profit reached €2,900,000 in constant in contrast with the €7,300,000 in the 1st semester of 2020, affirming the change in trend. As a result of this change in trend in all divisions, the successful completion of the financial restructuring and the rotation of non core assets, Ola has returned to a net attributable profit of €75,400,000 Ola is now entering a new phase, focus on growth, consolidating the upturn.
Apart from the good performance at operational level, of importance are the figures achieved in the total order intake, which has a direct link with the future turnover as they are converting into future sales. In the 1st semester of the year, The order intake amounted to €1,800,000,000 which is nothing less than 64.3 above the same period in 2020. Therefore, we reiterate our confidence in meeting the internal order intake target Besides, it can be confirmed that the non core asset rotation strategy aforementioned has been successfully implemented. Let me remind you the transactions already announced. Firstly, on April, the sale of Olas' stake in the new Toledo The hospital took place.
The company received €74,600,000 with capital gains close to €46,000,000 Then at the end of June, the sale of the 49% stake in the Old World Office project for a price equal to its book value was executed. Additionally, an agreement has been recently reached for the sale of the group's stake in Sociedad Conceacionaria Agua de Navar Vaesia, which closing is subject only to some administrative authorizations. To end up with this summary, Ola ended the first half of this year with the successful completion of the financial restructuring and capitalization. On June 28, we announced that the process had been completed. With this transaction, Ola achieved among others the following results.
First, a reinforcement in the shareholders' equity up to €205,000,000 thanks to the capital increases. 2nd, the nominal amount of bond debt has been reduced by €106,000,000 Following the internationally accepted accounting methodology, the total bond debt reduction increases to €161,000,000 3rd, debt maturity extension for the bonds to March 2025 March 2026 As well as a 3 year extension of the facility partially guaranteed by the government commonly called ecolon. These are only a few key points of the transaction and more detailed information is available at both the results report And interim annual accounts. All the above allowed Ola to end up with a liquidity position of EUR648,000,000, Which entails finalizing the semester with negative net debt of €111,000,000 This means, in other words, that Ola stands with a liquidity position of €111,000,000 Over its financial liabilities compared to the negative €83,000,000 of net financial indebtedness at the end of last year. It may be concluded that following the successful restructuring transaction carried out by Ola, its shareholders and its stakeholders, A major step has been taken in the process of reducing the leverage of the group, resulting in the recapitalization of the company And enhancing its financial stability in the short and medium terms.
We are therefore entering into a new phase That will allow a better compliance of Ola's business plan and an improvement in its liquidity position, which should continue to be the main focus of all the group's actions. Before entering in detail into the operational results, I would like to mention that the company, in line with the debt restructuring and in fulfillment of the cost control policy implemented Since 2018 has decided to continue the collaboration solely with Moody's as a rating company. Let's go now to the operational results of the first half of the year in detail, providing more explanations on the performance of the different divisions of the group. I'll start with the construction business. Sales of the construction division Total €1,000,000,000 is slightly below the figure reported for the same period of the previous year due to the reduction in productivity As a direct consequence of the impact of the pandemic in the new projects awarded last year, sales in Construction division Represent an 80% of the total sales of the group.
Construction EBITDA reached €35,900,000 or 3.5% margin over sales, consolidating the group's upward trend since 2018. This result comes as a consequence of the awards contracted lately with greater margins that contribute to the U. S. Production. Construction order book totaled €4,500,000,000 as of June 2021, A 12.1% increase compared to December 2020 and representing 20.2 months of sales.
Order intake for the 1st semester amounted to EUR1,600,000 representing a EUR79.2 percent increase over the same period of the previous year. Out of the total order intake, roughly 1 third corresponds to U. S. A, Another third to Latin America in countries such as Peru or Colombia and the remaining third to Europe in countries such as Sweden And United Kingdom among others. Related to the Industrial and Services division, The Industrial Division has registered sales for €95,200,000 in line with the previous year.
Of interest are the greater activity in renewable energy projects and the contribution of mining and cement projects. Our services division sales amounted to €173,200,000 representing a 22.4% increase over the same period of the previous year, Boosted by cleaning, urban and maintenance services. Altogether, the EBITDA figure in both divisions totaled €10,500,000 With a 3.2% and 4.3% margins respectively. In the Industrial The EBITDA margin is impacted by the slowdown in the execution of certain projects due to the pandemic mainly in Chile. On the other hand, the margin decrease in the Services division is caused by the lower margins at the final stages of some projects And launch of new ones that are expected to show higher margins throughout the year.
Before starting the Q and A session, I would like to share a brief conclusion with you all. The successful restructuring and capitalization transaction carried out by Ola is strengthening the shareholders' equity, Along with the EBITDA margin consolidation confirming that the ordinary activity runs well Plus the excellent performance in other intake, which direct impacts on the future P and Ls As well as the continuous implementation of the strategies established since 2018, confirm the favorable position of Ola For delivering its business plan and the improvement of its liquidity position as cornerstones of the group's actions. With these reinforced balance, Ola is now entering a new phase, focus on stability and growth, Consolidating the upturn by taking advantage of the worldwide expansive cycle in the infrastructure sector. Thank you all for your attention and we can start now with the Q and A session.
Please click on the Ask a question button.
Good morning, all. This is Pedro Arellano from the IR department. Right now, we just received plenty questions via webcast. I remind to you, whatever question that you have, please Write it directly via the web page or if not, we will be available after the call to reply all is needed. Having said that, we have the first question comes from Alejandro Vigil from BEST INBEL.
First of all, Alejandro, we expect that you will recover shortly And all of our best wishes in this COVID situation. And the questions are the 'twenty one outlook, if we stick to the guidance that we gave for this year. Secondly, it's regarding Aguas de Navarra. If we can give any update or more details around this asset disposal, if there is any other asset disposal pending in the company, Which is the expected net cash position or net debt position that we expect for the final year 2021? And if we can elaborate a little bit more regarding the investment in concessions or regarding the Senda division.
Okay. I will begin by referring to the 2021 outlook. And as I said, We are confident that we will achieve our market forecast, our forecast that we announced to the market Since the order intake has been behaving and the new awards have been behaving in a very favorable manner. In fact, We not only have the €1,800,000,000 of new contracts that we announced, but we also have been awarded already Other projects that cannot be announced at this point, but that make us be very, very optimistic about achieving that outlook. The second question relating Agua Zena Barra, we as I said, we are expecting just a couple of administrative authorization In order to close this deal, and our forecast is that we would be selling this asset by the Before the end of this year, of course, probably in the coming months, at a price around €25,000,000 The net cash position, I will ask Jose Maria
In relation to Agustin Navara, I would say that this is not a material Asset on a material sale for this company,
okay? Correct.
In relation to the net cash or to the cash consumption, what I would say is that You will have seen that the performance during the year has been much more better than last year because last year, we In the 1st 6 months, our consumption in the activity of around €200,000,000 205,000,000 And this year, this consumption has been reduced in up to EUR127,000,000. You know that there is a seasonality effect in the cash consumption. Last year, that was the consumption in the 1st 6 months. But by year end, the cash consumption was the total cash consumption, so was 143. So if this year, we are in 127 up to now, I mean, you can imagine, of course, we will be below the I would say, below €80,000,000 we should be, But the exact amount is very difficult to forecast.
And finally, there was a question regarding the investment in concessions. I would say that the Investment in concessions is one of the main drivers of this new phase of Ola. With the policy, as we have explained, not to invest more than the minor part Of the equity required and we have already been granted a very important concession in Chile, which is related to The main areas of expertise of Ola, which is the VOB Hospital, and we will be We're signing that contract probably in the next before the end of the year. And this is a very relevant project That will bring more than €300,000,000 of construction business for this group.
Okay. We move now to the next question that is It's more specific regarding the guidance. If we will achieve the more than EUR80 1,000,000 guidance EBITDA figure and if we will achieve the rounded €3,000,000,000 of new order intake for this 2021.
Yes. Yes, we think that we will be above this €80,000,000 EBITDA For the whole exercise 2021, however, probably we will not be reaching the volume of sales that was expected. I mean, what we Forecast is to compensate an amount which could be a little bit below the expectation in relation to sales like we have seen in the first six with better margin. So the answer is yes in terms of EBITDA and a little bit below in terms of sales, total sales for the full year.
Okay. Thank you, Jose Maria. There is another question regarding Canal deja's. When will be open the full, I think, The shopping mall and also how it's performing in Canada has project.
Yes. I would say that We're expecting the shopping mall to begin operations by before the end of this year, partially With the full court beginning working probably by September, October. And then next year Before the end of the 1st semester, we hope that the rest of the shopping mall will be open to the public. It is a fact that the Opening of the shopping mall has been affected by the pandemic, but we're very optimistic because of the interest as shown and the contracts already signed by the Best firms in the fashion and in the retail business that we have closed already. With respect to the hotel, we are performing very well.
The results of the hotel in terms of ADR And all the numbers are better than expected. So we are really confident that the 4 Seasons is becoming An iconic hotel for luxury tourism in Madrid, which in fact has become also a very attractive destiny for The rest of Europe and the rest of the world.
Okay. Thank you, Tomas. There is another question from Fred is Dizka. Are the projects in the order book hitting the expected margins will enter it? He's referring the new ones.
And if I think that this question refers if we are contracting the order intake has the minimum required and gross margins And the profitability in the other book. And roughly, what is the I think, what is the normalized EBITDA that
The question is yes. I mean, we are consolidating the margins at which we are doing Our we are awarded the project, okay? And in relation to the EBITDA margin that is needed to maintain the volume of cash in the company, I mean, we have always said, I mean, it's not exactly there's not exactly a link between the cash and the EBITDA, but there is an We have always said that this company should be in an EBITDA margin Above 3%, around 4% 5%. If you have seen the numbers, currently, we are at 2.3%. So we still need to In terms of EBITDA margin at the level of the company, but the good news are that in relation to the construction business, which is the most important in the company, Currently, we are at 3.5.
This is a good ratio that however, we need to increase up to, let's say, 4, 4.5. So we are near, but We still have to do some work at this respect. And we will and this will be done with the new awards that we are have been awarded During year 'twenty one, that will help.
Okay. Thank you, Jose Maria. Right now, there is a question or plenty of questions from Victor Asitore. Victor, if something is pending, I will call you after the call because you made too much questions. But regarding the guidance and the different levels, yes, we already covered that questions in the previous questions that we just received.
Regarding the net cash position to the end of the year, I think that we already covered also that questions. The cash of Stora and Ouroboros office, the cash of Stora is already received In the account of OHL is the first question I think that we haven't covered and which will be The price of ours in Navabra and which is the level pending of legacy. So I think it's 3 questions. The cash of Toledo, if it's received, what will be the price in Aguas de Navarra and which is the status of the Legacy projects.
Well, cash of Toledo has been received, as you have said, in relation To our world office, the price, there was an agreement in the price, and it will be received in the following 2 years in different payments. In relation to the cash of Aguas de Navarra, I mean the transaction has been signed, but it is still pending From some condition precedent, so we will receive these cards during the 2nd part of the year. In relation to the amount, I think Tomas explained that it was in the neighborhood of, let's say, euros 25,000,000 not a material asset. And in relation to the consumption of the legacy, you have the information in the prospectus provided today. And the guidance for this year was a cash consumption of €70,000,000 What we expect is that we We will be a little bit below that amount.
It's difficult to forecast. I don't know if it would be at levels of 50, And but this will not be we will not be saving the amount. Our best estimate would be That we would be delaying the difference for the following year.
Okay. Next question comes from, again, best invert, Alejandro Vigil. Hola and Real Estate Development Business, plans for new investments?
Yes. Well, here I would say that given the Expertise of Hola in this area, which has been shown, for instance, in Canalijas, which is An iconic project and development here in Madrid. We are looking into different opportunities For investing in this area in the future, but not in the short term, because this is something that is Highly equity demanding and our intention is to take advantage of all our expertise, but keeping those equity investments In line with our capabilities, which means that we will always go hand in hand together with other investors Who have the resources to invest in this type of projects and will take advantage of all those know how.
Okay. This is another question regarding all what office. If we can explain the waterfall or the cash collection, When we expect it to be concluded and when is expected the different payments to receive?
I mean, we cannot provide details on the exact payments that we will be receiving, what we can say at this respect is that we will be receiving those amounts in the following 2
years. But the main price will be paid in the coming 12, 18 months. There is a confidentiality agreement That does not allow us to give more details because the buyer asked us not to do it.
And 90% of the amount pending to be received Will be received in the following 12 months.
Yes, exactly.
Okay. Is any news flow Coming from Semonassa or Trent from Naoal Carneiro. We expect to receive the full claim.
Yes. Well, here I would say that Sema NASA is a dispute that in which we really believe We are going to be able to recover the as a minimum, the EUR 200,000,000 That this asset has a value in our book value. We are expecting in the short term, probably before the end of this year, The Comirale Madrid, given the result of the litigation, will pay a small amount, Close to around €18,000,000 related to this litigation and the difference will be probably Paid next year, but we are very, very optimistic about the result of this litigation.
Okay. We have other questions, not regarding the only the Simonasa, yes, regarding any other litigation that the company Has opened if any update on that front. I think that No news, I think. No news and it's something we explained The interim annual accounts and the annual accounts, there's a specific paragraph that says litigations. So Whatever any update, any news flow that comes from those specific issues, you will find every semester in Those updates that we released publicly to the market.
There is another question from Giovanni Bezel team. Are you expecting a new rating from Fitch on your new bonds?
The answer is yes. As you may know, Fitch said that They will be waiting for the result presentation of the company in order to update the rating. So yes, they will be providing the new rating, I would say, in the following [SPEAKER UNIDENTIFIED
COMPANY REPRESENTATIVE:] In 15 days.
Okay. Let me check the rest of the questions that There is another question saying that Hospital de Montreal, is any negotiation ongoing On that front, hospital, I remember that Hospital de Montreal is a CHUM hospital.
I mean, the answer is Everybody knows that we will be selling the participation in the Hospital of Montreal. It is true that we have received some offers from different And the intention of the company is to sell that participation in the following, let's say, 12 months.
We have another question that says regarding, I In terms of the new bonds, saying that the need to apply the proceeds of the repayment to cancellation of debt, Giovanni, yes, regarding the new documentation of the bond, we have some it's mandatory that 50% of the Collections that we receive from any asset sale, as its rotation should be directly to repay Debt, okay. So basically with a room for with savings for the company of €120,000,000
Just to specify, Pedro, this applies to the This applies to the Icholon and in relation to the bondholders, what we have negotiated is that there is some room for the company to strengthen the cash. And once we are above that room, then we will be amortizing the bonds.
Yes, of course. So basically is we will cancel the debt And the priority there that we have to cancel in the short term is ICO because it has more seniority and after the bonds.
That is what I'm referring.
Okay. There is no more questions. I just make a last check, but there is no more questions. Thank you so much all for Your attention, for your presence. Hope you enjoy your holidays in case you take your vacations now.
And whatever is needed, please contact the Investor Relations team