Asturiana de Laminados S A : Audited Annual Accounst for the year ended December 31, 2023

OTHER RELEVANT INFORMATION ASTURIANA DE LAMINADOS, S.A.

23 April 2024

Pursuant to the provisions of article 17 of Regulation (EU) no. 596/2014 on market abuse and article 227 of the Law 6/2023, of 17 March, on the Securities Market and Investment Services, and concordant provisions, as well as BME GROWTH Circular 3/2020, we hereby inform you of the following information regarding the company ASTURIANA DE LAMINADOS, S.A. (hereinafter "ELZ" or "the Company" indistinctly).

The Auditor´s Report on Asturiana de Laminados, S.A. is attached together with the Audited Annual Accounts prepared by the Board of Directors on 22 march 2024 and the Management Report of Asturiana de Laminados, S.A. for the year ended 31 December 2023, pending approval by the Ordinary General Meeting.

In compliance with the provisions of BME Growth Circular 3/2020, it is hereby expressly stated that the information provided has been prepared under the sole responsibility of the issuer and the Chairman of the Board of Directors.

In Lena on 23 April 2024

D. Macario Fernández Fernández

Chairman of the Board of Directors

Auditor's Report on Asturiana de Laminados, S.A.

(Together with the annual accounts and directors' report of Asturiana de Laminados, S.A. for the year ended 31 December 2023)

(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

KPMG Auditores, S.L

Ventura Rodríguez, 2

33004 Oviedo

Independent Auditor's Report on the Annual

Accounts

(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

To the Shareholders of Asturiana de Laminados, S.A.

Opinion _______________________________________________________

We have audited the annual accounts of Asturiana de Laminados, S.A. (the "Company"), which comprise the balance sheet at 31 December 2023, and the income statement, statement of changes in equity and statement of cash flows for the year then ended, and notes.

In our opinion, the accompanying annual accounts give a true and fair view, in all material respects, of the equity and financial position of the Company at 31 December 2023, and of its financial performance and its cash flows for the year then ended in accordance with the applicable financial reporting framework (specified in note 2 to the annual accounts) and, in particular, with the accounting principles and criteria set forth therein.

Basis for Opinion_______________________________________________

We conducted our audit in accordance with prevailing legislation regulating the audit of accounts in Spain. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Annual Accounts section of our report.

We are independent of the Company in accordance with the ethical requirements, including those regarding independence, that are relevant to our audit of the annual accounts pursuant to the legislation regulating the audit of accounts in Spain. We have not provided any non-audit services, nor have any situations or circumstances arisen which, under the aforementioned regulations, have affected the required independence such that this has been compromised.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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Document classification: [Category]

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(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

Key Audit Matters ________________________________________________________

Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the annual accounts of the current period. These matters were addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Recoverable amount of property, plant and equipment

See note 6 to the annual accounts

Key audit matter	How the matter was addressed in our audit
The Company has made very	Our audit procedures in respect of the
relevant investments in property,	recoverability of property, plant and equipment
plant and equipment, amounting to	included the following:
Euros 96,789,396 at 31 December	• Evaluating the design and implementation
2023, the recoverability of which
of the key controls related to the process of
depends on the Company's
testing impairment and determining the
capacity to generate future cash
recoverable amount.
flows and the fulfilment of its
business plan.	• Assessing the reasonableness of the
Due to the losses recognised in	methodology used to calculate value in use
and the main assumptions considered, with
2023 and the slump in the main
the involvement of our specialists. We
markets in which the Company
compared the information considered in the
operates, an impairment test was
model with the Company's historical
performed. The Company
figures.
considers the entire industrial
facility as a single cash-generating	• Analysing the consistency of the estimated
unit. The calculation of the	growth in future cash flows with the
recoverable amount is determined	business plans approved by the governing
using methodologies based on	bodies.
discounted cash flows, the	• Performing a comparative analysis of the
estimation of which requires the
cash flow forecasts estimated in the prior
use of a high degree of judgement,
year with the actual cash flows obtained
as well as the use of assumptions
(retrospective analysis).
and estimates.
• Evaluating the sensitivity of the recoverable
Due to the high level of judgement
amount to changes in certain assumptions
required, the uncertainty associated
that can be considered reasonable.
with these estimates and the
• We also assessed whether the disclosures
significance of the carrying amount
of these non-current assets, this	in the annual accounts meet the
has been considered a key audit	requirements of the applicable financial
matter.	reporting framework.

KPMG Auditores S.L., a limited liability Spanish company and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Paseo de la Castellana, 259C 28046 Madrid

On the Spanish Official Register of Auditors ("ROAC") with No. S0702, and the Spanish Institute of Registered Auditors' list of companies with No. 10.

Reg. Mer Madrid, T. 11.961, F. 90, Sec. 8, H. M -188.007, Inscrip. 9 N.I.F. B-78510153

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(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

Recoverability of non-current investments in Group companies and associates See note 8 to the annual accounts

Key audit matter	How the matter was addressed in our audit
The Company has a very significant	Our audit procedures on the recoverability of
volume of assets with Group	non-current investments in Group companies
companies and associates primarily	and associates included the following:
related to loans to its direct and	• Evaluating the design and implementation of
indirect shareholders and in relation
the key controls related to the impairment
to the industrial aluminium project
testing process.
being carried out in the indirect
investee Latemaluminium, S.A.	• Assessing the documentation supporting
through Latem Global Trading, S.A.,	the indications of impairment analysis
which is expected to enter into	performed by the Company and the
service in the last quarter of 2024.	reasonableness of the conclusions reached.
Not fulfilling the growth rates	• Evaluating the status of the industrial project
estimated in the business plans of	of the indirect investee Latemaluminium,
the Company and Latemaluminium,	S.A. with respect to its business plan.
S.A. could represent a risk	• Moreover, we assessed whether the
concerning the recoverability of
disclosures in the annual accounts meet the
investments in Group companies.
requirements of the applicable financial
At each reporting date, the	reporting framework.
Company assesses whether there
are indications of impairment. Due
to the inherent uncertainty
associated with these assumptions
and estimates, and the significance
of the carrying amount of these
assets, this has been considered a
key audit matter.

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(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

Other Information: Directors' Report _______________________________________

Other information solely comprises the 2023 directors' report, the preparation of which is the responsibility of the Company's Directors and which does not form an integral part of the annual accounts.

Our audit opinion on the annual accounts does not encompass the directors' report. Our responsibility for the directors' report, in accordance with the requirements of prevailing legislation regulating the audit of accounts, consists of assessing and reporting on the consistency of the directors' report with the annual accounts, based on knowledge of the entity obtained during the audit of the aforementioned accounts and

assessing and reporting on whether the content and presentation of the directors' report are in accordance with applicable legislation. If, based on the work we have performed, we conclude that there are material misstatements, we are required to report them.

Based on the work carried out, as described in the preceding paragraph, the information contained in the directors' report is consistent with that disclosed in the annual accounts for 2023 and the content and presentation of the report are in accordance with applicable legislation.

Directors' and Audit Committee's Responsibility for the Annual Accounts ____

The Directors are responsible for the preparation of the accompanying annual accounts in such a way that they give a true and fair view of the equity, financial position and financial performance of the Company in accordance with the financial reporting framework applicable to the entity in Spain, and for such internal control as they determine is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

The audit committee is responsible for overseeing the preparation and presentation of the annual accounts.

Auditor's Responsibilities for the Audit of the Annual Accounts______________

Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

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(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with prevailing legislation regulating the audit of accounts in Spain will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.

As part of an audit in accordance with prevailing legislation regulating the audit of accounts in Spain, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
• Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether the annual accounts represent the underlying transactions and events in a manner that achieves a true and fair view.

We communicate with the audit committee of Asturiana de Laminados, S.A. regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the entity's audit committee with a statement that we have complied with the applicable ethical requirements, including those regarding independence, and to communicate with them all matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated to the audit committee of the entity, we determine those that were of most significance in the audit of the annual accounts of the current period and which are therefore the key audit matters.

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(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

Additional Report to the Audit Committee _________________________________

The opinion expressed in this report is consistent with our additional report to the Company's audit committee dated 27 March 2024.

Contract Period __________________________________________________________

We were appointed as auditor by the shareholders at the ordinary general meeting on 29 June 2022 for a period of three years, from the year ended 31 December 2022.

Previously, we had been appointed for periods of three, three and five years, respectively, by consensus of the shareholders at their general meeting, and have been auditing the annual accounts since the year ended 31 December 2011.

(Signed on original in Spanish)

Asturiana de Laminados, S.A. Annual Accounts

31 December 2023

ASTURIANA DE LAMINADOS, S.A.

Balance sheet

31 December 2023

(Expressed in Euros)

(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

	ASSETS	Note	31.12.2023	31.12.2022
	NON-CURRENT ASSETS		138,561,451	135,742,052
	Intangible assets	5	900,905	1,032,021
	Development		634,015	714,780
	Patents, licences, trademarks and similar rights		37,287	40,303
	Computer software		229,603	276,938

Property, plant and equipment	6	96,789,396	96,496,343
Land and buildings		27,439,791	27,487,954
Technical installations, machinery, equipment, furniture and other items		69,349,605	68,634,138
Under construction and advances		-	374,251

Investment property	6 (g)	129,075	129,075
Land and buildings		129,075	129,075
Non-current investments in Group companies and associates	8	32,694,405	30,558,176
Equity instruments		14,038,565	13,790,689
Other financial assets		18,655,840	16,767,487
Non-current investments	9	4,113,854	4,713,854
Equity instruments		86,476	86,476
Loans to third parties		67,098	67,098
Debt securities		138,403	138,403
Other financial assets		3,821,877	4,421,877
Deferred tax assets	16 (d)	3,933,816	2,812,583
CURRENT ASSETS		31,947,441	45,835,090
Inventories	11	15,090,618	22,875,859
Merchandise		67,614	69,920
Raw materials and other supplies		2,799,462	10,950,768
Work in progress		3,314,016	1,874,912
Finished goods		8,909,526	9,980,259
Trade and other receivables	12	8,362,048	13,703,281
Trade receivables		7,399,326	11,364,844
Trade receivables from Group companies and associates, current	19	573,889	1,441,791
Other receivables		15,000	15,000
Personnel		46,600	22,433
Current tax assets	16 (a)	-	82,546
Public entities, other	16 (a)	327,233	776,667
Current investments in Group companies and associates		259,939	207,138
Loans to companies		259,939	207,138
Current investments	9	5,728,858	5,106,285
Other financial assets		5,728,858	5,106,285
Prepayments for current assets		342,870	407,856
Cash and cash equivalents		2,163,108	3,534,671
TOTAL ASSETS		170,508,892	181,577,142

The accompanying notes form an integral part of the balance sheet at 31 December 2023.