The Amodios return the benefits to OHLA with an eye on the resolution of millionaire litigation

The amount that they claim from OHLA, and which it in turn demands in different arbitrations, exceeds 1,000 million euros.

Luis Amodio and Mauricio Amodio, president and proprietary director of OHL

A couple of years ago, at OHL (today OHLA) they considered 2019 as a “transition” exercise. This is how José Antonio Fernández Gallar, its CEO, described it during the presentation of results. At the same time, he indicated that 2020 would be the year “of consolidation.” And his aspiration was to return to profits in 2021.

Without being a fortune teller, his forecasts have been fulfilled. OHLA had a turnover of 2,028 million in the first nine months of the year, losses have been converted into gains of € 57.3 million, and your debt is more controlled. Along the way, and what Fernández Gallar did not venture, was the arrival of the Amodio brothers, Luis and Mauricio, in May 2020.

After that adaptation period, which was 2020, the Amodio brothers have managed, in addition to the milestones outlined, to advance in 2021 in their divestment process of non-strategic assets. The sale of its stake in Aguas de Navarra and the London Old War Office, and the exit of the Montreal (Canada) and Toledo hospitals are some examples.

Sale of assets that, together with financial restructuring, will make it possible to close the year with net cash. Not forgetting its growing construction portfolio and stable rising margins. However, there is still a stone in the way, also inherited from the past, that can stumble your walk. That is none other than the pending litigation.

Known as legacy (failed works due to different causes that have caused significant losses) encompass ‘clashes’ with the State of Kuwait, Qatar Raylways Company, the Polish company PGB, Anesrif (Algerian National Railway Investment Agency), Autopista Rio Magdalena (a company belonging to Grupo Aleatica, former OHL Concesiones) and the Treasury and the Ministry of Public Works of Chile. But, among all of them, the one that has opened with the Qatar Foundation for the Sidra hospital stands out since July 2014.

Compromised viability

El The last movement related to this conflict took place last September. Then, the Civil and Criminal Chamber of the Superior Court of Justice of Madrid (TSJM) agreed to approve the arbitration award that orders OHLA and its partner Contrack Cyprus to compensate the Qatar Foundation with 2.5 million euros for the costs derived by the hospital. This is how he picked it up Expansion.

In the presentation of results for the first semester, OHLA listed the claims of the joint venture with Contrack Cyprus as of June 31. In short: for the return of the guarantees executed, 201.14 million euros; and for the settlement of the variations of works executed and unpaid already recognized in the partial award, 41.6 million.

Plus another 17.37 million for the recognition and settlement of the variations of executed and unpaid work on which there is still no arbitration ruling. And 73.60 million euros more for the settlement of costs of extension of stay on site in accordance with the extension time already recognized in a partial award. In total, 333.71 million.

For its part, Qatar Foundation claims € 594.29 million for the recognition of termination costs higher than the price pending to apply the contract. Plus another 28.34 million for repairing defects. And 24.23 million more for repair of defects pending determination. To these amounts should be added other costs and the recognition of contractual penalties for delay, which would trigger the claim to 882.29 million euros.

In total, and in the middle of the year, The firm at the controls of Luis Amodio claimed in the different arbitrations for a value of 1,282 million euros. On the other side of the scale, they demanded a value of 1,480.2 million euros. A figure that could compromise its viability.

In this particular give and take with its claimants, OHLA has just received 162.5 million euros of the Community of Madrid. Specifically, more than 123 million for the liquidation of the investments that were carried out, and 39.1 million for default interest.

It was in 2007 when OHL won the tender to build and operate the commuter line between Móstoles and Navalcarnero. Amount: 360 million euros. With the arrival of the crisis, the works were paralyzed in 2010 after investing more than 140 million. The Community of Madrid demanded compensation of 356 million for damages derived from the termination of the contract. For its part, the concessionary construction company claimed for 285 million.