Aeffe S p A : Consolidated and statutory financial statements at 31 December 2020

CONSOLIDATED AND STATUTORY FINANCIALSTATEMENTS

AT31 DECEMBER2020

Disclaimer

The consolidated and statutory financial statements at 31 December 2020 have been translated into English solely for the convenience of the International reader. In the event of conflict or inconsistency between the terms used in the Italian Version of the report and the English version, the Italian version shall prevail, as the Italian version constitutes the official document.

CHAIRMAN'S LETTER

In such a challenging economic context as that determined by the profound impact of the pandemic caused by Covid-19, the Group has demonstrated strong resilience and prompt managerial responsiveness. The flexibility of its business model, combined with the creativity, strength and distinctiveness of its brands, made it possible to face the new complicated situation with determination and effectiveness and to emerge even more strengthened by the crisis.

The Group has demonstrated effective management capacity, both financially and in terms of marketing. In 2020, significant new initiatives were launched to integrate with the future development strategy, from investments in remote showroom optimization to growth on e-commerce platforms, together with successful travel retail projects in Greater China. We are confident in massive vaccination campaigns in all reference markets and in an upcoming and rediscovered normality for a new phase of recovery, leveraging the positioning of our brands and the excellent response to the fall / winter 2021-22 collections.

From a perspective perspective, the Group will continue to use all its resources and energy to strengthen its brands, its position on the markets deemed strategic and on the further development of the online business.

The Chairman of the Board of Directors

Massimo Ferretti

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INDEX
CORPORATE BOARDS OF THE PARENT COMPANY	4
ORGANISATION CHART	5
BRANDS PORTFOLIO	6
HEADQUARTERS	7
SHOWROOMS	8
MAIN FLAGSHIPSTORE LOCATIONS UNDER DIRECT MANAGEMENT	9
MAIN ECONOMIC-FINANCIAL DATA	10
CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2020	11
REPORT ON OPERATIONS	12
CONSOLIDATED NON-FINANCIAL DECLARATION	27
REPORT OF THE AUDITING COMPANY TO THE DNF	71
FINANCIAL STATEMENTS	74
REPORT OF THE AUDITING COMPANY	78
EXPLANATORY NOTES	84
ATTACHMENTS TO THE EXPLANATORY NOTES	126
STATUTORY FINANCIAL STATEMENTS AT 31 DECEMBER 2020	132
REPORT ON OPERATIONS	133
FINANCIAL STATEMENTS	142
REPORT OF THE BOARD OF STATUTORY AUDITORS	146
REPORT OF THE AUDITING COMPANY	153
EXPLANATORY NOTES	157
ATTACHMENTS TO THE EXPLANATORY NOTES	194

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Corporate boards of the Parent Company

Board of Directors

Board of Statutory

Board of Risk and Sustainability Board of Compensation Control CommitteeCommittee

Chairman

Massimo Ferretti

Deputy Chairman

Alberta Ferretti

Chief Executive Officer

Simone Badioli

Directors

Marcello Tassinari - Managing Director

Roberto Lugano

Daniela Saitta

Bettina Campedelli

Michela Zeme

Marco Francesco Mazzù

President

Stefano Morri

Statutory Auditors

Fernando Ciotti

Carla Trotti

Alternate Auditors

Nevio Dalla Valle

Daniela Elvira Bruno

President

Daniela Saitta

Members

Roberto Lugano

Michela Zeme

President

Bettina Campedelli

Members

Roberto Lugano

Daniela Saitta

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Organisation chart

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