Biesse : 20/05/2019 - APPROVATA LA RELAZIONE TRIMESTRALE AL 31 MARZO 2019 (ENGLISH VERSION)

QUARTERLY REPORT AT 31/03/2019

BIESSE S.p.A.

QUARTERLY REPORT

AT 31 MARCH 2019

CONTENTS

THE BIESSE GROUP

•	Group Structure	page 3
• Notes to the Financial Statements	page 4
• Parent Company Corporate Bodies	page 5
•	Financial Highlights	page 7

DIRECTORS' REPORT ON OPERATIONS

• Directors' report on operations	page 10
•	General economic overview	page 11
• Main events of the period	page 12
•	Financial statements	page 14
•	Annex	page 21

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GROUP STRUCTURE

The following companies belong to the Biesse Group and are included in the scope of consolidation:

Notes: the different colours represent the subgroups of the control chain

3

NOTES TO THE FINANCIAL STATEMENTS

The Biesse Group's consolidated quarterly report at 31 March 2019, unaudited, has been prepared pursuant to Article 154-ter, paragraph 2 of the Consolidated Law on Finance and in accordance with the recognition and measurement criteria established by the International Financial Reporting Standards (IFRS).

Accounting standards and recognition criteria are consistent with those of the 2018 Annual Report, to which reference should be made. Furthermore, it should be noted that:

•the quarterly financial statements have been prepared using the discrete approach, according to which the reference period is considered to be a discrete accounting period. In this respect, the income statement items for the period are recognised in the quarterly income statement on an accruals basis;

•the financial statements underlying the consolidation process are those prepared by subsidiaries with reference to the period ended 31/03/2019, adjusted, where necessary, to align them with the Group's accounting policies;

•some of the economic information contained in this report presents interim profitability indicators such as gross operating profit (EBITDA). This indicator is considered by management to be an important parameter for measuring and assessing the Group's operational performance, in that it is not affected by the various methodologies adopted to determine taxable income, by the amount and features of capital employed, or by depreciation and amortisation policies. We should point out, however, that this indicator is not identified as an accounting measure for IFRS purposes, meaning that the criterion used to determine taxable income might not be consistent with what is reported by other groups or companies.

Compared with the financial statements for the year ended 31 December 2018, the consolidation scope underwent no changes.

4

PARENT COMPANY CORPORATE BODIES

Board of Directors
Chairman	Giancarlo Selci
Managing Director	Roberto Selci
Executive Director	Alessandra Parpajola
Executive Director	Silvia Vanini
Executive Director and Group General Manager	Stefano Porcellini
Lead Independent Director	Elisabetta Righini
Independent Director	Giovanni Chiura
Independent Director	Federica Palazzi
Board of Statutory Auditors
Chairman	Paolo de Mitri
Standing Statutory Auditor	Claudio Sanchioni
Standing Statutory Auditor	Silvia Cecchini
Alternate Statutory Auditor	Silvia Muzi
Alternate Statutory Auditor	Dario de Rosa

Control and Risks Committee - Remuneration Committee - Related Party Committee Elisabetta Righini (Lead Independent Director)

Federica Palazzi

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