General information
The Council of Ministers, at its meeting held on 9 March 2021, agreed to authorise the temporary public financial support operation requested under the Solvency Support Fund for Strategic Companies (hereinafter the Fund), whose dossier was favourably resolved by its Management Board on 3 March 2021.
This temporary public financial support has been divided into two phases. The first phase, consisting of the disbursement of a participative loan of 20 million euros and an ordinary loan of 20 million euros, both received in May 2021, and a second phase, completed on 29 November 2021, which involved the disbursement of an additional 80 million euros through a participative loan.
The Duro Felguera Group companies benefiting from this aid are: Duro Felguera, S.A., DF Mompresa, S.A. Unipersonal, DF Operaciones y Montajes, S.A. Unipersonal, DFOM Biomasa Huelva, S.L. Unipersonal, Duro Felguera Calderería Pesada, S.A. Unipersonal and Duro Felguera Energy Storage, S.A. Unipersonal.
This Fund was approved by the Government with the aim of providing temporary public support to strengthen the solvency of non-financial companies affected by the COVID-19 pandemic that are considered strategic for the national or regional productive fabric. The companies benefiting from this temporary public support will have a maximum period of seven years to repay in full the participating loans they receive and six years for ordinary loans. The interest rates set for the participating loans are those contemplated in the annex to the agreement of the Council of Ministers of 21 July and in the Temporary Framework of the European Commission.
Importance of Duro Felguera
The worldwide prestige of Duro Felguera, with the development of large projects in very diverse geographical locations, accrediting quality of execution, good know-how and a high degree of contractual compliance, projects the image of Asturias, and in particular its industrial sector, at international level, providing references for the regional industrial fabric.
Its importance in the economy of the Principality of Asturias is key, where in 2019 it represented 1.18% of the Gross Value Added of the region, 1.02% of total employment and 3.8% of R&D&I expenditure in Asturias. In the 2011-2016 period, it reached contracting levels of an average of 850 M€ and generated some 5,200 direct, indirect and induced jobs.
In addition to all of the above, Duro Felguera’s contribution to the objectives of the energy transition must be added. On the one hand, the company incorporates the most advanced environmental preservation and energy efficiency measures into its projects; and on the other, Duro Felguera has set up the renewables business unit, DF Green Tech, with the aim of centralising strategic development in Renewable Energies. Therefore, DF Green Tech focuses on solar, wind and offshore technologies, and emphasises new technologies, especially everything related to green hydrogen and storage technologies. DF Green Tech addresses the complete value chain of renewables, development, construction and operation, with a special focus on EPC generation.
Likewise, Duro Felguera is committed to digitalisation, a procedure to group EPICOM, DF Digital Security (design and implementation of communications and security engineering solutions to protect critical infrastructures), Felguera IT (with a focus on cybersecurity and digitalisation) and Logistics Systems in a single Business Unit called Digital Intelligent Systems, designed to offer a comprehensive range of products and services in the segments in which it operates. It also aims to promote new growth areas such as automation solutions, digitalisation, cybersecurity, energy efficiency and smart energy storage.
Destination of the aid
The funds have been used to prioritise the continuity of the company’s activity by boosting the growth plan in terms of hiring and project execution, aligning it with the energy transition and digital transformation.
The following table shows the relative weight of each item in the total.
| Concept | In % |
|---|---|
| Costs deriving from operations | 71 % |
| Non-operational payments* | 29 % |
*This includes, among others, reimbursements, tax, social security, green and digital transition, financial, etc.
The key investors, Prodi Group and Mota-Engil Mexico, have today disbursed 30 million euros, one third of the total amount of the loans granted to the Company, signed on 28 February 2023.
Duro Felguera has published its results for the first half of 2023, a period with a very positive evolution of the main figures, which reflects the new stage of growth that the company is going through.
Duro Felguera continues to move forward. Yesterday, the company held its Ordinary General Meeting, in which the shareholders approved the management of the Board of Directors, the annual accounts, the Management Report and the remuneration policy of the Board for the next three years.
Duro Felguera has become the first company in northern Spain to obtain the Good Corporate Governance Index certification, with the highest rating (G++), awarded by AENOR.