ASTM S p A : 2020 Financial Statements (Draft)

2020 Financial Statements

(Draft)

for approval by the Shareholders' Meeting

THE FINANCIAL STATEMENTS 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 DOCUMENT AND THE ENGLISH VERSION, THE ITALIAN VERSION SHALL PREVAIL.

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Contents

Introduction

Board of Directors and Board of Statutory Auditors	3
Alternative performance measures	5
ASTM S.p.A. Shareholder base	6
Main financial highlights	7

Management Report

Covid-19 pandemic	10
Significant transactions	15
Economic, equity and financial data	21
Financial income	26
Analysis of the Parent Company's Results in 2020	28
Group structure and business segments	31
Results of operations	32
Regulatory framework, relations with the granting body and toll rates	48
Risk factors and uncertainties	49
Segment information	50
Other specific information pursuant to current regulations	51
Consolidated non-financial disclosure	54
Significant subsequent events	54
Business outlook	56
Proposal for destination of Profit of the Parent Company	59

2020 Parent Company Financial Statements		2020 Consolidated Financial Statements
Parent Company Financial Statements:		Consolidated Financial Statements:
- Balance Sheet	62	- Balance Sheet	136
- Income Statement	63	- Income Statement	137
- Cash Flow Statement	64	- Cash Flow Statement	138
- Statement of changes in Shareholders' equity	65	- Statement of changes in Shareholders' equity	139
General information	67	General information	141
Valuation criteria and accounting standards	68	Principles and scope of consolidation	142
		Valuation criteria	148
Notes:		Notes:
- Information on the Balance sheet	79	- Operating segments	163
- Information on the Income statement	94	- Concessions	164
- Other information	100	- Information on the Balance sheet	166
		- Information on the Income statement	197
Certification of the Parent Company Financial		- Other information	209
Statements pursuant to Art. 154-bis of Italian	117	Certification of the Consolidated Financial
Legislative Decree 58/98		Statements pursuant to Art. 154-bis of Italian
Board of Statutory Auditors' Report	119	Legislative Decree 58/98	233
Independent Auditor's Report	129	Independent Auditor's Report	235

Introduction

1.Introduction

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Introduction

Board of Directors and Board of Statutory Auditors

	Public Limited Company
	Share capital € 70,257,447.50 fully paid-up
	Tax code and registration with the
	Turin Register of Companies no: 00488270018
	Registered Office in Turin - Corso Regina Margherita 165
	Website:http://www.astm.it
	e-mail: [e-mail]
	Management and coordination: Nuova Argo Finanziaria S.p.A.
MEMBERS OF THE BOARD	Chairman
OF DIRECTORS	Alberto Rubegni
	Vice Chairman
	Franco Moscetti (1)
	Chief Executive Officer
	Umberto Tosoni (2)
	Directors
	Caterina Bima (5)
	Giulio Gallazzi (1)
	Giuseppe Gatto (3)
	Patrizia Michela Giangualano (3)
	Venanzio Iacozzilli
	Fabiola Mascardi (4)
	Stefano Mion (6)
	Valentina Mele (4)
	Andrea Giovanni Francesco Pellegrini (3)
	Barbara Poggiali (4)
	Giovanni Quaglia
	Micaela Vescia (1)
BOARD OF STATUTORY AUDITORS	Chairman
	Andrea Bonelli (7)
	Statutory Auditors
	Piera Braja (5)
	Pellegrino Libroia
	Alternate Auditors
	Roberto Coda
	Gasparino Ferrari
	(1) Member of the Appointments and Remuneration Committee
	(2) Director responsible for the Internal Audit and Risk Management System
	(3) Member of the Audit and Risk Committee
	(4) Member of the Sustainability Committee
	(5) Member of theSupervisory Body
	(6) Dr. Stefano Mion was co-opted by the Board of Directors on 24 September 2020 following the resignation of the
	director Rosario Mazza
	(7) Andrea Bonelli was appointed Chairman of the Board on 22 December 2020, replacing Paola Camagni who tendered
	her resignation.
INDEPENDENT AUDITORS	PricewaterhouseCoopers S.p.A.
MANAGER IN CHARGE OF DRAWING UP	Alberto Gargioni
THE CORPORATE ACCOUNTING DOCUMENTS

TERM OF OFFICE

The Board of Directors were appointed for three financial years by the Ordinary Shareholders' Meeting on 12 February 2020 and its term of office will expire with the Shareholders' Meeting that will be held for the approval of the 2022 Financial Statements. The Board of Statutory Auditors were appointed for three financial years by the Ordinary Shareholders' Meeting on 25 May 2020 and its term of office will expire with the Shareholders' Meeting that will be held for the approval of the 2022 Financial Statements. The Independent Auditors were appointed by the Ordinary Shareholders' Meeting on 28 April 2017 and are in office for nine financial years. Their term of office will expire with the Shareholders' Meeting that will be held for the approval of the 2025 Financial Statements.

POWERS OF COMPANY OFFICERS

The Chairman, appointed by the Board of Directors on 18 February 2020, exercises the powers conferred on them on the same date. The Vice-Chairman (appointed by the Board of Directors on 18 February 2020) was granted powers to be exercised in case of absence or impediment of the Chairperson. The Chief Executive Officer was appointed by means of a Board resolution dated 18 February 2020 and exercises the management powers granted to them by law and the Articles of Association.

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