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.
24a04rlo1 | Document classification: [Category] | 2 |
1
(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
2
(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. | |
3
(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.
4
(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.
5
(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.
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Asturiana de Laminados SA published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 05:03:05 UTC.