OHL Mexico S.A.B de C.V. (“OHL Mexico” or “the Company”) (BMV: OHLMEX), reports that it became aware of the audit outcome conducted by the Internal Comptroller of the State of Mexico made to the Highway, Airports, Related and Auxiliary Services System (“SAASCAEM”) concerning the Viaducto Bicentenario concession.
Being an internal audit of the Government, OHL Mexico was not notified or required during the audit process.
The outcome announced by the Comptroller of the State of Mexico, shows the following:
- The bidding process was developed according to the contest rules. The award was in accordance with law and in compliance with State of Mexico’s regulation.
Moreover, the amendment of the Concession Agreement was in accordance with
current standards. - It is recommended to make the rebalancing of the concession, recognizing the investments made by OHL Mexico, including the second tranche of Viaducto
Bicentenario corresponding to Lomas Verdes – Toreo. - The legality of the Guaranteed Return is not questioned.
- With respect to the investment recognized, the audit identifies three aspects:
- Lack of substantiating documentation of the works amounting to 37 million pesos, which represent less than half a percentage point (0.5%) of the total investment amounting over 11 billion pesos. OHL Mexico will provide the information needed to clarify any doubts about this figure.
- There is an administrative observation of 62 million pesos regarding to the methodology for updating prices of building materials. The methodology used by the Company is established in both the Regulation of the Administrative Code of the State of Mexico and in the Concession Title. In addition, this methodology is currently used in all of the Company’s concessions and public works contracts at the federal level.
- It is also noted an observation with respect to the increase in the recognized investment in the toll system by 197 million pesos. This situation is related to an adjustment of prices that was pending to be discussed. However, it was solved and completed already this year but it was not considered by the audit.
OHL Mexico welcomes all exercises of transparency and reaffirms its commitment to operate in strict accordance with the law and market rules.
