Asturiana de Laminados S A : Informes financieros anuales y de auditoría EN

OTHER RELEVANT INFORMATION ASTURIANA DE LAMINADOS, S.A.

10 April 2023

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 30 march 2023 and the Management Report of Asturiana de Laminados, S.A. for the year ended 31 december 2022, 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 10 April 2023

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 2022)

(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

(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 2022, 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 2022, 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.

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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(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.

Recoverability 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 considerable investments which are mainly related to increasing the production capacity of the Company, and accordingly, property, plant and equipment totalled Euros 96,496,343 at 31 December 2022, the recoverability of which depends on the Company's capacity to generate future cash flows and to fulfil its business plan.

The Company evaluates whether there are indications of possible impairment losses on the aforementioned assets. As the aforementioned estimates require value judgements, and because of the inherent uncertainty associated with them and the significance of the carrying amount of these assets, this has been considered a key audit matter.

Our audit procedures in respect of the recoverability of property, plant and equipment included the following:

• Evaluating the process, design and implementation of the key controls established by the Company for assessing the recoverability of property plant and equipment.
• Assessing the documentation supporting the indications of impairment analysis performed by the Company.
• Cross-checkingof the performance of the Company in 2022 with the budget for the same period.
• We also assessed whether the disclosures in the annual accounts meet the requirements of the applicable financial reporting framework.

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(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 notes 8 and 19 to the annual accounts

Key audit matter

How the matter was addressed in our audit

The Company has recognised significant investments under non-current investments in Group companies and associates amounting to Euros 30,558,176, the recoverability of which depends on the capacity of the project of Latemaluminum, S.A., in which it holds an interest through Latem Global Trading, S.A., and the Company's own capacity, to generate future cash flows, and on fulfilment of its business plan.

At each reporting date the Company assesses whether there are indications of impairment, and evaluates the recoverable amount of the aforementioned investments in Group companies and associates where necessary. 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.

Our audit procedures on the recoverability of non- current investments in Group companies and associates included the following:

• Evaluating the process, design and implementation of the key controls established by the Company for assessing the recoverability of investments in Group companies.
• Assessing the documentation supporting the indications of impairment analysis performed by the Company.
• Cross-checkingthe Company's performance in 2022, and that of the other companies in which it holds an interest, with the budgets for the same period.
• Moreover, we assessed whether the disclosures in the annual accounts meet the requirements of the applicable financial reporting framework.

Other Information: Directors' Report _______________________________________

Other information solely comprises the 2022 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 annual 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.