Good morning, ladies and gentlemen. Allow me to thank your participation at this presentation of results corresponding to the year 2023, an event that is held on a remote way. Before focusing on OHLA's trajectory during the last 12 months, I would like first to convey on behalf of the board of directors and of the management team of this company our deepest thanks to the employees of OHLA. Thank you for your work carried out during the last 12 months because we have gone back to track of profits obtaining a very nice operating result confirming the good track record of the company. I would also like to make a reference to the support of our shareholders and the rest of the groups of interest that, one year more, have proven their trust in the evolution of the company.
They have done so in a year where we have had to face major challenges in a global scenario that is very changing, featured by a new socioeconomic and geopolitical framework. So we have had different crises, first the health crisis, then the raw materials crisis, then geopolitical crisis with the conflicts in Ukraine and Middle East, and finally the crises that have put to test the capacity of the resilience of the global economy, an economy that will have to tackle many different events in the currency scope but also in the political scope with elections in Europe and in the United States. These and other aspects will mark the evolution of the business plans of a productive fabric that has to have in mind the following ideas: the challenges in the environment of the climate policies, demographic flows, and the technological revolution which is led by AI.
All this will define the new economic models, social models, and business models that will condition the situation of the productive fabric. Let me now offer you a general overview of the evolution of this company during 2023, and then I shall give the floor to our general manager. After our interventions, the management team will be ready to answer any question you may have. As you can see in the slide and the screen, I will first talk about the strategic goals we have reached in 2023. Then I will focus on OHLA's major transformation 2020-2023, and I will also talk about the milestones we have reached in our geographies of reference, that is, United States, Latin America, and Mexico. I will tackle our support for sustainability.
As I've already said at the beginning of my intervention, 2023 has been a year of records in operational matters consolidating the transformation of the company and its return to the track of benefits and profits. The business has beaten all its objectives year after year since 2021. EBITDA has reached its best figure since 2015, fostered by the business of construction and improvement in margins. The hiring and portfolio are at historical maximums. The book-to-bill ratio is 1.3 times. Operating cash generated in 2023 surpasses EUR 100 million and changes the trend of the previous years. And we keep the track of reduction of our financial leverage. Ladies and gentlemen, we have followed our roadmap, and we are consolidating the transformation of the company. And we have done so thanks to the great job worked by all our employees.
The results obtained reflect their efforts and their commitment as well as the rest of the group of interests. The extent of the evolution of the company responds to an intense transformation process that you can see in your slides. Almost four years ago, in May 2020, my brother Mauricio and I, in the midst of the coronavirus pandemic, we decided to enter this company acquiring 16% of its capital. Then, as you all know, the board of directors held on the 15th of June of that year appointed me as president of the company. Back then, OHLA, who had a great potential of technical nature, needed to carry out a normalization process from the operational, financial, and strategic points of view.
This process gained momentum in the midst of 2021, and that thanks to the refinancing and capitalization operations of the company that reinforced the position of Amodio family and OHLA becoming the reference shareholders, reaffirming thus our commitment with the company. This also gave the company a balanced structure allowing to have an operational normalization. On your screen, you can see the transformation of OHLA from 2020 to 2023. In order to show you the figures in a standardized way, the data presented include the activity of services. Let me remind you that according to the decision of the company to change this non-strategic business, this division is presented as an activity interrupted in the year 2023. Therefore, OHLA, during 2020 till 2023, has increased its sales at around 30%. Today, the sales of the company are around EUR 3.6 billion.
There's more than twofold the EBITDA that went from EUR 67.5 million in 2020 to EUR 137.1 million in 2023 of EBITDA. We have reduced its financial debt by more than 30%. The gross leverage has gone from 11.8 times to 3.8 times. Hiring has grown more than 60%, and currently, it is close to EUR 4.5 billion. The total portfolio increases by more than 70%, closing 2023 in almost EUR 8.5 billion. These figures reflect that this company has achieved a major advance of which we are really proud. So we're talking about a growth that has consolidated in 2023, a year that will be explained by the general manager after me. Ladies and gentlemen, with such favorable figures and the figures that will come in the future, let me stress the commitment that Amodio family has with this company. Please do not hesitate. Do not doubt.
OHLA's executive lineup reinforced after my appointment as Executive President and my brother Mauricio as executive vice president and the whole of the employees of this company, we will work to make OHLA become a company focused on strengthening constant growth and reaching a sustainable financial structure and a sustainable structure in order to generate the maximum value for our stakeholders. Let me now make a reference to the main achievements of the three reference geographies. In the United States, where we're present, in New York, California, Illinois, Florida, Maryland, and Massachusetts, the company has a portfolio of more than EUR 3.1 billion. We have made a history in New York's underground as we have been awarded a new project amounting to EUR 530 million. We have achieved major contracts in Illinois and California, and we have finalized one of the major road projects in the United States, the I-405, in California.
In LATAM, where we do carry out infrastructure projects since more than 45 years, we are present in Mexico, Panama, Chile, Peru, and Colombia. Our portfolio represents more than EUR 2.6 billion. From this, let me highlight the awarding of a new concession in the National Institute of Cancer in Chile and sustainable mobility contracts and hospital contracts consolidating OHLA's experience in these kinds of projects. In Europe, the foundational market of the company, which is present in Spain, the Czech Republic, Sweden, Ireland, and the UK, we have fostered our portfolio making it reach EUR 2 billion. Let me highlight from this region the railway project Lund–Arlöv in Sweden that was inaugurated in December. It's one of the railway digitalization contracts that is most innovating in Europe. Also in Sweden, we have reinforced our position as the biggest contractor of the metro and underground of Stockholm.
While in Spain, we have fostered our portfolio of sustainable infrastructures with new projects of high-speed trains and renewable energies. Due to all the achievements that we have achieved, I want to thank OHLA's team for their work. The technical excellence of their work has led us to different acknowledgments and recognitions at global level. From the United States to Latin America, going through Europe, our projects, they do leave a major footprint at global level contributing to the well-being of citizens, as you can see in the slides that we are projecting. All this is reflected in the awarding and very renowned prizes. Let me highlight the ones given by the prestigious publication ENR, the EPC Ski , integrated in the initiative of transports as the most important initiative in Norway, which has been designed the best project of the railway categories.
But also the Hospital de Curicó in Chile, the road project Américo Vespucio Oriente also in Chile, and the Elmont Station in New York have also been rewarded to the merit. Ladies and gentlemen, at OHLA, we work to contribute to social progress as our sustainability plan for 2022-2024 reflects. Among its milestones, the milestones of this program, let me highlight that regarding climate change, we're working in our objective of being net zero with a decarbonization strategy. In terms of circularity, we have reached 84% of non-dangerous waste with a final destination different from the landfill. And in terms of innovation and transformation, 100% of our projects are aligned with our sustainability indicators in order to reduce the impact of our activities. Together with these advances, we must add our firm commitment with ethics, good governance, and transparency altogether with responsible management.
Let me finish by referring to the major opportunities of growth that we have ahead as a global group devoted to infrastructures. Do not hesitate that we will continue fostering our contracts and our portfolio thanks to the important potential for growth that the strategic markets present where we are positioned, where we are present. In the case of the United States, we've got programs such as the American Jobs Plan aiming at investing federal resources for $2 trillion to modernize the infrastructure network of the country. Also in Latin America, the region where the Inter-American Development Bank stresses that it is going to invest a total of $2.2 trillion in infrastructures before 2030.
While in Europe, we still have the momentum of the Next Generation adding to the fact that the increase of social spending in education, health, and pensions, and the commitment of reducing the debt and public deficit makes it necessary for finding solutions to collaborate with the private sector to maintain, renew, and foster the infrastructure network without affecting public budgeting. Undoubtedly, we need to promote public-private collaboration formulas, but the sector has to face major challenges. Among them, well, counting on contracting models with an adequate risk distribution, fostering more sustainable and digital infrastructures, and therefore more efficient and safer infrastructures, reinforcing the management of talent, which is the engine of the success of any organization, and improving the profitability through the digital transformation, which is an essential axis to walk towards a more competitive future and to generate new ways for growth.
Ladies and gentlemen, at OHLA, we are ready to face all these challenges. We will make it, I'm sure. And we will make it by supporting ourselves on the talent of our team and the set of our stakeholders, with whom we will continue to work to contribute with the maximum value to society. Thank you for your attention. And now, let me give the floor to our general manager. Good morning, ladies and gentlemen. Thank you very much, Mr. President, for your presentation and to everyone who's following us remote. Before entering into the details, telling you the evolution of the company, let me congratulate OHLA's team for their work during 2023.
Undoubtedly, they have been the protagonists of a year where we have taken a major step forward in consolidating the transformation of OHLA, surpassing by far the operative objectives announced to the market, fostering our profitability, and generating an operating cash of more than EUR 100 million after breaking the trend of the previous years. All this will allow us to set our strategic lines for growth. In this slide that we are projecting, you can see the different topics I'm going to cover in this short presentation. Let me comment the objectives that have been met by the company in the year. The figures that you see in the screens for sales, EBITDA, and hiring include the data of the division of services in order for you to have a global perspective of the results of the company as the guidelines were provided to the market a year ago.
As the President has expressed, OHLA has finalized 2023 with excellent operating results, surpassing the objectives announced to the market, therefore consolidating our trend of growth. Our sales are at EUR 3.597 billion, a growth of 0.3%. We have surpassed all by EUR 200 million, those EUR 3.4 billion announced in February 2023. Our EBITDA reaches EUR 137 million, 20% more, and that represents the best gross operating result since 2015. This figure surpasses EUR 125 million we announced and reflects the good operational running of the company. We have reached a record backlog with EUR 4.495 billion, and this figure represents EUR 900 million more than the objective announced to the market. Our portfolio, also at its maximum, is close to EUR 8.5 billion. Let me add that we have fostered our activity line of concessions with a new asset under management in Chile, which adds to the rest of concession projects in Colombia and in Spain.
Ladies and gentlemen, OHLA is today a predictable company, and these data prove it. Let me now give you the main magnitudes of the P&L account. These figures do not include the execution of services that we presented in 2023 as an interrupted activity. Sales are at EUR 3.1315 billion with a growth of 9.3% versus 2022. EBITDA has closed 2023 with EUR 126.1 million, which is 22.9% more. EBIT totals EUR 90.7 million, more than doubling those EUR 39 million of 2022. Then, the attributable net result is EUR 5.5 million versus the losses of EUR 96.8 million we had in 2022, allowing us, as the President has already said, going back to the track of benefits and profits. With regards to the evolution of the different business lines, the sales in the construction division have increased and totaling EUR 2,027 million. That is 7.1% more than in the same period of 2022.
EBITDA for this period reaches EUR 147 million with a growth of 13.7%. Let me highlight the improvement of the EBITDA margin of the activity, which is at 5.1%, a reach we hadn't had since 2014, sorry. On its part, the industrial division finished 2023 with sales of EUR 205.1 million, 57% more, closing EBITDA at EUR 7.2 million. Even we have explored the services activity is interrupted, let me share briefly with you the main figures of 2023, a year in which we have reached sales of EUR 466 million and EBITDA of EUR 11 million, contracts of EUR 375 million, and a portfolio of more than EUR 700 million. In order to give a perspective to these results, you can see the growth of the EBITDA since 2018. In 2018, we closed with a backlog of $433 million in the operating result versus EUR 126 million positive that we have closed 2023 with.
This figure reflects the great effort carried out by the company from the operating management approach and the projects approach, focusing on controlling risks, developing an active management of the capacity of lines of bonding and grants, and collaterals, and focusing the activity on main geographical areas. Let me now focus on two of the pillars of the company, hiring or contracts and the portfolio, which in 2023 have reached records. Hiring and contracts have reached EUR 4.12 billion with a major change versus those EUR 2.4 billion registered in 2019. These hiring represents a book-to-bill ratio of 1.3 times, meeting the internal requirements of risk diversification per geography but also per size. On its side, OHLA has concluded 2023 with a total portfolio of $7.782 billion, which is 21.3% more versus 2022. Hiring and contracts in construction reaches $3.810 billion. Almost 80% has been done outside.
Let me highlight in the United States, as the President has expressed, the new contract to carry out the improvements in New York's underground. This project, the second in size in our portfolio, adds to other awardings, fostering greatly our presence in the United States, a country where we do carry out projects of infrastructure since 2006 and where we execute the Purple Line in Maryland, the biggest contract of our portfolio. In LATAM, we have added relevant contracts in Peru, in Chile, consolidating also our presence in Mexico, Colombia, and Panama, where we are reinforcing our contracts. In Europe, I would like to stress our strong commitment to foster clean energies and hypocarbonic transport means, including digitalization and other technologies that will make them more efficient, more sustainable, and more competitive.
That's the case of railway initiatives in the Czech Republic and in Sweden and Spain, with major projects of high-speed trains and actions fostering digitalization, such as the case of the construction of the Malpartida variant in Cáceres. This last project, which is a pioneer in a country, will become an innovative example in Spain because it's using digital twins, a virtual representation of the real world generated by BIM models, drone images, and geographical information systems. And we are referenced when using these systems. In the slide you see right now, we show one of the major milestones achieved in 2023, the operating cash generation of more than EUR 100 million. Ladies and gentlemen, we've reached the trend of previous years. And if a year ago, in 2022's results presentation, we were already saying that the company was close to generating cash in a positive way before investments.
These investments, we now can state that we have reached that objective too. We've reached a turning point very relevant for the company, proving that the measures adopted that gave priority to manage capital flow and circulating capital. The improvement of margins is bringing fruits. Do not hesitate. We will continue to work to keep this trend. We will continue to work to reduce our leverage. Because, as you can see in your screens, our commitment to reduce debt has been and will be firm and decided to advance towards sustainable growth. It is important, the track that we have walked since 2020, something that the President has already mentioned. But in that year, we had a ratio of gross leverage over EBITDA of 11.1 times, and we have closed 2023 with that ratio of 3.8 times.
We will focus to continue the track to reduce our financial debt, the gross financial debt, below 2.5 times EBITDA in the mid-term. We will do it, as we announced it, by selling non-strategic assets, that is, assets that are not related to our main activities of construction and concessions. As we are in the final stage of this intervention, let me now tackle the objectives of the company for 2024, a year of consolidation. In this sense, our forecasts are to reach sales of around EUR 3.3 billion that, if we include the services division, that will total EUR 3.8 billion. And EBITDA, over EUR 130 million, which would be at EUR 145 million if we include services. Hiring and contracts over EUR 3.5 billion, scaling to EUR 4.1 billion with the services included, and a reduction of gross leverage at levels below three times.
Let me finish this intervention with a final thought. With everything we have expressed in this presentation of results, it is clear that we're walking towards the consolidation of the transformation process of this company. In order to finish it, we will continue using the support of the strengthening of our main business lines, construction and concessions, which have excellent opportunities ahead thanks to the investment programs in infrastructures that exist in our geographical areas of reference, cash generation coming from the improvement of the operating profits, the policies to optimize circulating capital, the continuous improvement in the management of margins, and the reduction of the leverage through the sales of the non-strategic assets. Thanks to all these, we will present and make the value of the company flourish, offering a better return to the whole of our shareholders.
Now, while our director of investor relations gathers your question, let me show you a short video summarizing what this year has represented for OHLA. See you in a while. Thank you very much. In order to answer your questions, I've got the CFO, Mr. José María Sagardoy, and our investor relations manager, Mr. Pedro Arellano, who is going to ask the questions you have sent us. Thank you, Tomás. Thank you, everyone, for participating and being present at this results presentation. Let me mention that some of the questions, not all of them, thank and congratulate the evolution of the company with these results we have just presented about 2023 and the previous years. I'm just compiling all the questions that I'm getting. Thank you very much for sending them. The first one, margins have improved in construction in the last years.
Do you expect to continue improving those margins? Well, as we have announced, the best margins are an identity sign of this company. 4.8% over sales that we had in EBITDA margin 2022 was surpassed in 2023, where we have managed 5.1%. We will continue working to improve that constantly in the future. Excellent. Thank you. Some questions are on the guidance for this year that does not seem too ambitious. That's the word I read. Or they're similar to previous years because with contracts, as you've had, why is it so?
Well, as I tried to explain in the presentation, the major growth we have had in the last years, both in the portfolio and in sales, with the constant improvement of margins, suggests that 2024 needs to be a year to consolidate operations, a year to consolidate the business, continuing with the generation of better margins, and also stressing the reduction of the debt to prepare the path for the refinancing of the debt of next year. Excellent. Thank you. Many questions thanking the good evolution of the company. But another question to summarize, how did you turn around the cash generation? Is this sustainable in time? Will we repeat that in the future? Yes, of course. But let me explain. As we've seen in the presentation, we were bringing a trend of progressive reduction of cash consumption.
We were anticipating in the different presentations of the different quarters that we would have a turnaround of the situation. We said back in time, but for a few years, we would have cash consumption to finish those deficitarian projects. What has happened is that with an efficient management of our circulating capital and improvement of margins and greater volumes of contracts, we have been able to obtain the cash that's generated by the business, a cash which is more proportionate with the EBITDA of the company that we're going to keep for the future. Let me just compile the questions because many of our shareholders, they're asking about the maturity of debt lawsuits. This morning has been published the presentation of results and also the results report and the two intermediate financial states report and the CNMV document.
In the intermediate financial statement with a limited review, you have a summary of all the current situation as the year-end of the lawsuits and debt types, maturities, operations, etc. That you might have. The Department of Investor Relations will answer to all your questions. The second question that is being repeated by many institutional investors is, what's your refinancing plan for the bond that has maturity in 2025? Well, in 2025, we have the maturity of 50% of the bond, which is EUR 200 million, more or less. Our intention, now that the company is better positioned, is to find and refinance this bond in more flexible and attractive terms. But in order to do that, we have to stress in 2024 in reducing our leverage to reduce our level of leverage.
We will do that by rotating assets, selling assets that are ongoing, the selling that we announced last year, but that is ongoing this year already. Our treasury position, on the other side, is of more than EUR 200 million, EUR 220 million, especially after the very positive track record of the cash in 2023. But this is a cash that needs to be preserved to continue to support the business in the different geographies. That's why we're stressing so much the selling of non-strategic assets. Thank you, Tomás. There are different questions of minority shareholders referring to OHLA's listing prices, plans for the future to improve the listing, when is the dividend going to come back, what are the plans that the company has? These questions were answered with the reduction of the leverage, margins consolidation, going back to cash generation for this year.
I don't know if there's anything else you would like to add. No, that's the road we have to reduce leverage in order to be able to have a better refinancing of the bond. These will translate into a strengthening and reinforcing of the price of the share. There's another question about last year. Well, different refer, but let me try and summarize. Last year, you announced several disinvestments in three assets. Could you update us on the status of that disinvestment and when they're going to be done? Do you continue to foresee to do that disinvestment? Well, we'll continue to work on the three possibilities. We haven't discarded any of them. Logically, what we are not going to do is to rush or sell at a bad price. Right now, we cannot give you specific information because we're under our confidentiality agreements.
But we do can say that we expect to materialize at least one of them in the first part of the year before summer, more specifically. Thank you, José María. More questions on this topic? Not long ago, there was a rumor in the press, would you consider a capital increase as a way to reduce leverage? Right now, we're not thinking about a capital increase. There are no decisions in the board of the shareholders that go in that line. The focus of the management team during 2023 was to improve operations, to normalize the operation of the company, and in that sense, to reinforce margins. In 2024, we aim at consolidating the operations and improvement of margins together with decisive deleveraging. That's why, in order to do that, we've got enough measures.
So we don't think that thinking about a capital increase to reduce debt is an option that may create value. Many questions about how do we aim at facing the maturity of the bond, half of the bond of 2025, different maturities. I don't know if you want to add anything else because there's another question here. Is the company in constant communication with the rating agency, Moody's? Are you going to hire any other rating agency? Well, each time we present results, we keep conference calls with the rating agency, Moody's, and we will continue to do so. In fact, what we expect is that we will progressively have an improvement in the rating of the company related to the improvement in the operative ratios that we have proven. And with the refinancing, let me just stress because I've already said so.
We have been preparing for this refinancing since last year, and we announced it with the sale of the non-strategic assets. On the one side, the operational improvement of the company, together with the good shape of the market of high-yield bonds, allows us to be optimistic with regards to the possibilities of this refinancing before the maturity comes. A question that just entered about, as you are talking to rating agencies, let me know. It's not only after results, but we're constantly talking to them. Is there a fluent communication with banks? Yes, of course. We do have got fluent communication with banks. Banks do also like the positive evolution that the company is having. And if we have achieved these contract levels, it's because we've got the support of the financing entities to get the collaterals, insurances necessary to reach these levels of hiring and contracts. Excellent.
Thank you. Just making an overview of the questions that we're getting, that are many of them. The arbitration of Qatar Foundation, when will you get a resolution? What do we expect from that resolution? Let me add that there's no news for the time being. You have that summary in the intermediate financial statements we have published this morning. But I don't know if you want to add any piece of news, any forecast. The situation hasn't changed versus the last announcement about this lawsuit. We have forecasts according to the best estimates done by specialists to face the result. We do not expect this lawsuit to be notified before the year-end of this year. We don't expect that. Another question about Canalejas. What can we tell about the project? How is that evolving? Are we happy with the project's evolution? The project Canalejas is running smoothly.
It's an iconic asset of the city of Madrid, which is also a vibrant city with a lot of success, a lot of movement. As we have announced, we have started the process to sell it because we want, in this scheme, to deleverage the company for this major and iconic asset to help in this process for the refinancing. Let me add that the project is still in its ramp-up process, and the business plans are being met for the main assets, the hotel and the commercial gallery. Let me just tell you something that has already been published. Last year, even if it wasn't at 100% of occupancy, the stores of the shopping center had sales of more than EUR 100 million in 2023. Unless I'm skipping any other specific question, we have no more questions.
Let me recall that from the IR Investor Relations Department, we will be glad to answer any question you may have. And we're really eager to clarify any doubt. So if you agree, we shall finish the Q&A session. Thank you for your time, especially in a year where EBITDA sets records with record contract margins above 5% in construction and a major data, as Tomás Ruiz has reflected, back to track of cash generation with operation cash generation of more than EUR 100 million. Thank you very much. And from the IR Department, we're really eager to assist you whenever necessary. Thank you very much.