Q10.9 - 10. Reporting and audit scope : Could you confirm whether the annual independent audit/review will cover not only the issuer but also the key Costa Rican project entities, at least on a consolidated or agreed-upon procedures basis? - FAQ
Navigation
Accueil FAQ Project Overview 7 Land Ownership and Legal Status 4 Guarantees and Collateral 10 Cross-Border Enforceability 2 Independent Valuation 2 Construction Guarantees and Risk Management 3 Use of Funds and Escrow Account 6 Positioning in the Capital Structure 2 Revenue, Returns, and Exit Options 8 Governance, Reporting, and Transparency 9 Default and Recovery Process 3 Advanced Follow-Up Questions 7 Taxation and Currency 2 Taxation and Currency 2
Export
PDF Excel
Q10.9

10. Reporting and audit scope : Could you confirm whether the annual independent audit/review will cover not only the issuer but also the key Costa Rican project entities, at least on a consolidated or agreed-upon procedures basis?

Governance, Reporting, and Transparency 17/03/2026
Yes, the annual independent audit or review will not be limited solely to the Luxembourg issuer.

While the statutory audit requirement applies at the issuer (Luxembourg compartment) level, the scope of reporting will extend to the key Costa Rican project entities through one of the following mechanisms:
- Consolidated reporting at structure level; and/or
- An agreed-upon procedures (AUP) engagement covering:
-- Use of proceeds,
-- Outstanding intercompany balances,
-- Status of pledged assets,
-- Sales progress and cash flow allocation,
-- Compliance with key structural covenants.

The objective is to ensure that investors receive meaningful transparency not only on the financial position of the issuer, but also on the operational and financial status of the underlying project entities.

The precise audit and reporting framework will be defined prior to closing and may be adapted to reflect investor expectations and proportionality considerations.
Autres questions dans "Governance, Reporting, and Transparency"
Q10.1

What is the project's governance framework?
Q10.2

Will independent periodic reports be provided to investors?
Q10.3

Who are the main stakeholders and what are their roles?
Q10.4

Does Advanced act as a pure escrow agent, or does it have discretionary power to block or delay disbursements?
Q10.5

Will quarterly reports include: - remaining collateral value, - lots sold vs. unsold, - available cash, - outstanding senior debt, - updated downside scenarios
Q10.6

Who independently certifies the achievement of milestones, and how is independence ensured in practice?
Q10.7

Do bondholders benefit from any collective consent or veto rights on key matters (additional debt, changes to the master plan, asset disposals)?
Q10.8

Will investors benefit from a right to an independent annual audit or review?
Q10.9 Actuelle

10. Reporting and audit scope : Could you confirm whether the annual independent audit/review will cover not only the issuer but also the key Costa Rican project entities, at least on a consolidated or agreed-upon procedures basis?
Retour à la FAQ
Rechercher une autre question