Eurotech S p A : Consolidate Interim financial report at 30 June 2021

This document has been translated into English for the convenience of readers outside Italy.

The original Italian document should be considered the authoritative version.

Date of issue: 3 September 2021 This report is available online in the "Investors" section of www.eurotech.com

EUROTECH S.p.A.

Registered offices: Via Fratelli Solari 3/A, Amaro (Udine), Italy

Share capital: €8,878,946 fully paid in Tax code and

Udine Company Register no.: 01791330309

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Consolidated Financial Report at 30 June 2021	Eurotech
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CONTENTS
Corporate Bodies..............................................................................................................................................................	5
Information for shareholders........................................................................................................................................	6
Management report .........................................................................................................................................................	7
Introduction.................................................................................................................................................................................	7
Performance highlights...........................................................................................................................................................	7
The Eurotech Group...............................................................................................................................................................	10
Statement of financial position..........................................................................................................................................	18
Investments and research and development..............................................................................................................	20
Competitive scenario, outlook and future growth strategy ...................................................................................	21
Treasury shares of the Parent Company owned by the Parent Company or subsidiaries .........................	21
Disclosure on sovereign exposure....................................................................................................................................	21
Regulatory simplification process based on Consob resolution no. 18079/2012..........................................	22
Corporate governance information ................................................................................................................................	22
Unusual and/or atypical transactions ............................................................................................................................	22
Events after the reporting period ....................................................................................................................................	22
Financial statements for the condensed consolidated half-year report at 30 June 2021 .....................	23
Consolidated statement of financial position .............................................................................................................	23
Consolidated income statement ......................................................................................................................................	24
Consolidated statement of comprehensive income.................................................................................................	25
Consolidated statement of changes in equity ............................................................................................................	26
Consolidated cash flow statement..................................................................................................................................	27
Explanatory notes to the financial statements.....................................................................................................	28
A - Corporate information..................................................................................................................................................	28
B - Reporting policies and IFRS compliance...............................................................................................................	28
C - Scope of consolidation .................................................................................................................................................	29
D - Segment reporting .........................................................................................................................................................	31
E - Breakdown of main items of the statement of financial position................................................................	32
1 - Intangible assets .....................................................................................................................................................	32
2 - Property, plant and equipment........................................................................................................................	34
3 - Equity investments in affiliates and other companies............................................................................	35
4 - Inventories and contracts in progress ..........................................................................................................	36
5 - Trade receivables ..................................................................................................................................................	37
6 - Tax receivables and payables ..........................................................................................................................	38
7 - Other current assets.............................................................................................................................................	38
8 - Other current financial assets...........................................................................................................................	38
9 - Cash and cash equivalents ................................................................................................................................	39
10 - Net financial position..........................................................................................................................................	39
11 - Equity........................................................................................................................................................................	40
12 - Basic and diluted earnings (losses) per share ...........................................................................................	41
13 - Financial liabilities ................................................................................................................................................	42
14 - Employee benefits...............................................................................................................................................	43
15 - Provisions for risks and charges.....................................................................................................................	44
16 - Trade payables......................................................................................................................................................	45
17 - Other current liabilities.......................................................................................................................................	45
F - Breakdown of the main income statement items..............................................................................................	47
18 - Costs of raw & auxiliary materials and consumables used..................................................................	47
19 - Other operating costs net of cost adjustments .......................................................................................	47
20 - Service costs.........................................................................................................................................................	48
21 - Payroll costs ...........................................................................................................................................................	48
22 - Cost adjustments for internally generated non-current assets........................................................	49
23 - Other income ........................................................................................................................................................	49
24 - Depreciation, amortisation and impairment ............................................................................................	49

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Consolidated Financial Report at 30 June 2021	Eurotech
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25 - Financial income and charges........................................................................................................................	50
26 - Income tax for the period................................................................................................................................	50
G - Other information ..........................................................................................................................................................	52
27 - Related-party transactions..............................................................................................................................	52
28 - Financial risk management: objectives and criteria ..............................................................................	52
29 - Derivatives.............................................................................................................................................................	54
30 - Share-based payments ....................................................................................................................................	55
31 - Events after the reporting period..................................................................................................................	56
32 - Seasonality of business activities .................................................................................................................	56
Certification of the Condensed Consolidated Half-Year Financial Statements ........................................	57
Independent Auditor's Report ..................................................................................................................................	59

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Consolidated Financial Report at 30 June 2021Eurotech

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Corporate Bodies

Board of Directors

Chairman	Patrizio Mapelli
Vice Chairman	Aldo Fumagalli 1
Director	Paul Chawla
Director	Marco Costaguta 1
Director	Susanna Curti 1 5
Director	Maria Grazia Filippini 12 3 4 5
Director	Antongiulio Marti 1 3
Director	Chiara Mio 1 2 3 4
Director	Laura Rovizzi 1 2 4 5

The Board of Directors currently in office was appointed by shareholders at the Annual General Meeting of 28 April 2020 and was supplemented at the Annual General Meeting of 11 June 2021; it will remain in office until approval of the 2022 financial statements.

Board of Statutory Auditors

	Chairman	Fabio Monti
	Statutory Auditor	Pietro Biagio Monterisi
	Statutory Auditor	Daniela Savi
	Substitute Statutory Auditor	Luigina Zocco

The Board of Statutory Auditors currently in office, with the exception of Monterisi, who took over on 23 June 2021 the auditor Rebecchini, who resigned, was appointed by shareholders at the Annual General Meeting of 28 April 2020, and will remain in office until approval of the 2022 financial statements.

Independent Auditor

PricewaterhouseCoopers S.p.A.

The independent auditor was appointed for the period 2014-2022 by shareholders at the Annual General Meeting of 24 April 2014.

Corporate name and registered offices of the Parent Company

Eurotech S.p.A.

Via Fratelli Solari 3/A

33020 Amaro (UD), Italy Udine Company

Register number 01791330309

1. Non-executiveDirectors.
2. Independent Directors pursuant to the Corporate Governance Code issued by the Italian Corporate Governance Committee for Listed Companies.
3. Member of the Control and Risks Committee.
4. Member of the Committee for transactions with related parties.
5. Member of the Remuneration and Appointments Committee.

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