The restructuring that was finalized in March 2017 had a great impact on different levels:

• Reduced financial risk due to the significant decrease in financial debt.
• Increased liquidity used for old debt repayment and restructuring costs.
• Reorienting the business model, with the focus on EPC activities for third parties, without the need for investment.
• Reduction of the size of the organization, adapting it to the new business strategy, with the consequent reduction of the overhead costs.

However, the normalization of the activity after the financial restructuring process concluded in March 2017 has been slower than expected and, therefore, to ensure the viability of the group in the short and medium term and to continue its activity in a competitive and sustainable manner in the future, it becomes necessary:

• To have a stable platform that allows the access to the capital markets to finance its working capital.
• Access to new bonding lines to continue growing the engineering and construction business.
• Maintain an adequate financial structure for the size and business model going forward.

In order to achieve these objectives, the company has been working on additional actions, specifically in a new 10-year viability plan (published in January 2019), as well as a new financial restructuring process.