Duro Felguera S A : Shareholders of Duro Felguera approve company management and ratify board members

Annual General Shareholders' Meeting 2020 held today

Shareholders of Duro Felguera approve company management and ratify board members

Thursday 29 October 2020. Duro Felguera, a Spanish company specializing in the delivery of turnkey projects and the provision of specialized services in the energy, mining & handling and oil & gas sectors, today held the Annual General Meeting 2020 online, in which the shareholders present and represented approved the company management and ratified the appointment of the independent board members.

The Board of Directors obtained the approval of its management for FY 2019 with a total of 12,894,861 votes in favour, accounting for 98.15%of the shareholders present and represented.

Likewise, the appointments by co-optation of the independent shareholders were approved by over 98% of the votes:

• Mrs. Rosa Isabel Aza Conejo
• Mr. José Julián Massa Gutiérrez del Álamo
• Mr. Valeriano Gómez Sánchez
• Mr. Jordi Sevilla Segura

During the meeting, the company's non-executive chairwoman, Rosa Isabel Aza Conejo, and the chief executive officer, José María Orihuela, presented shareholders with the feasibility plan for Duro Felguera, consisting of four phases:

1. The approval of temporary public aid as requested from the Strategic Company Solvency Support Fund.

2. The refinancing of the syndicated debt and new financing lines.

3. Bringing in new investors.

4. Updating the Industrial Plan 2020-2025.

In addition, they presented the updated industrial plan, which is focused on strengthening Duro Felguera's traditional businesses, which have been historically stable and profitable, and growing in the green and digital intelligence sectors. By 2025, the plan envisages that the turnover of the new Renewables and Smart Systems businesses will account for approximately 25% of the total forecast for that year.