The National Securities Market Commission (CNMV) will lift the precautionary suspension that weighs on the price of Duro Felguera with effect from 8:30 a.m. this Friday after having been made available to it «sufficient information«of the circumstances that advised the adoption of the suspension agreement.
The supervisory body decided to suspend the trading of the Asturian company on November 25, after the Algerian energy company Sonelgaz present before the Chamber of Commerce and Industry of Algeria a arbitration request against Duro Felguera for the suspension of Djelfa’s contract in Algeria. In said request, Sonelgaz asked to lift the suspension of the contract and resume work, as well as compensation of some 413 million euros.
This Thursday, Duro Felguera has sent a letter to the CNMV in which it has explained the impacts recorded in relation to the Djelfa project in Algeria in the interim financial statements as of June 30, 2024 and which have required the restatement of the comparative figures for the 2023 financial year, which include losses of 48.8 million euros between January and June of last year, compared to the profits of 1.6 million that it had initially reported.
According to its interim income statement, the result in the first half of 2023 was 1.6 millionalthough with the negative impact of the Djelfa project, of 50.4 million, the company registered losses of 48.8 million euros in restated figures.
As a result of the accounting record carried out, the liabilities as of January 1 and December 31, 2023 increased by 49 and 99 million euros, respectively, while the net worth As of January 1 and December 31, 2023, it was reduced by 49 and 99 million euros, respectively.
For its part, the new accounting treatment of the Algerian project is based on the scenario of execution of the entire constructionwhich considers the updating of costs of the initial budget without any type of economic rebalancing by Sonelgaz – the client – and the maximum amount of penalty that has been in dispute since the 2021 financial year, entails the provision of a provision of 99 million euros.
In this way, the Asturian company, which set a last price of 0.5040 euros on its last day of trading on the Continuous Market, will return to the stock market two days after announcing that it has requested pre-bankruptcy before the Commercial Courts. of Gijón with the purpose of starting a negotiation for the approval of a restructuring planwhich allows its future viability and the conservation of the greatest number of jobs possible in the company.
This request for communication of negotiation with the creditors will allow Duro Felguera to carry out the appropriate actions to search for a solution to disputes that affect youamong others and particularly, those related to the Djelfa project in Algeria.
Likewise, Duro Felguera has assured that it will continue with its normal activity executing ongoing projects.
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