Gruppo MutuiOnline S p A : Consolidated half year financial report six months ended June 30, 2021

CONSOLIDATED HALF YEAR FINANCIAL REPORT

SIX MONTHS ENDED JUNE 30, 2021

(FIRST HALF 2021)

Prepared according to IAS 34

Gruppo MutuiOnline S.p.A. (in breve Gruppo MOL S.p.A. o MOL Holding S.p.A.)

Sede Legale: Via F. Casati, 1/A - 20124 Milano, Italy Sede Operativa: Via Desenzano, 2 - 20146 Milano, Italy

Tel [phone] - Fax [phone] - internet: www.gruppomol.it C.F. e P.I. 05072190969 - REA 1794425 - CCIAA 05072190969

Capitale Sociale Euro 1.012.354,01 Interamente Versato

		INDEX
1. GOVERNING BODIES AND OFFICERS......................................................................................	3
2.	INTERIM DIRECTORS' REPORT ON OPERATIONS ..............................................................	4
2.1.	Introduction...............................................................................................................................................	4
2.2.	Organizational structure...........................................................................................................................	4
2.3. Information about the profitability of the Group................................................................................	8
2.3.1.	Revenues ................................................................................................................................................	10
2.3.2.	EBITDA .............................................................................................................................................	10
2.3.3.	Operating income (EBIT) ......................................................................................................................	11
2.3.4.	Financial Revenues/Expenses................................................................................................................	11
2.3.5.	Taxes.....................................................................................................................................................	12
2.3.6. Net income of the period .........................................................................................................................	12
2.4. Information about financial resources of the Group .......................................................................	12
2.4.1. Current and non-currentindebtedness......................................................................................................	12
2.4.2. Capital resources, investments and description of the cash flows.................................................................	14
2.4.3. Changes in net working capital ...............................................................................................................	15
2.5. Report on foreseeable evolution..........................................................................................................	15
2.5.1. Evolution of the Italian residential mortgage market................................................................................	15
2.5.2.	Broking Division....................................................................................................................................	16
2.5.3.	BPO Division........................................................................................................................................	16
2.6. Other information..................................................................................................................................	17

3. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF AND

FOR THE SIX MONTHS ENDED JUNE 30, 2021..............................................................................	19
3.1. Consolidated statement of financial position as of June 30, 2021 and December 31, 2020.......	19
3.2. Consolidated statement of income for the six months ended June 30, 2021 and 2020 ..............	20

3.3. Consolidated statement of comprehensive income for the six months ended June 30, 2021 and

202021

3.4. Consolidated statement of cash flows for the six months ended June 30, 2021 and 2020.........	22
3.5. Consolidated statement of changes in equity as of and for the six months ended June 30, 2021
and 2020 ...........................................................................................................................................................	23
3.6. Explanatory notes ..................................................................................................................................	24
4. DECLARATION PURSUANT TO ART. 154-BIS PAR. 5 OF LAW DECREE 58/1998....	53

5. AUDITORS' REPORT ON THE REVIEW OF CONSOLIDATED CONDENSED

INTERIM FINANCIAL STATEMENTS.................................................................................................

54

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1. GOVERNING BODIES AND OFFICERS

BOARD OF DIRECTORS
Chairman	Marco Pescarmona (1) (3) (5) (7)
Chief Executive Officer	Alessandro Fracassi (2) (3) (5)
Directors	Anna Maria Artoni (4)
	Fausto Boni
	Chiara Burberi (4)
	Matteo De Brabant
	Giulia Bianchi Frangipane (4)
	Klaus Gummerer (4) (6)
	Valeria Lattuada (4)
	Marco Zampetti
BOARD OF STATUTORY AUDITORS
Chairman	Stefano Gnocchi
Active Statutory Auditors	Paolo Burlando
	Francesca Masotti
Substitute Statutory Auditors	Filippo Colonna
	Barbara Premoli
INDEPENDENT AUDITORS	EY S.p.A.
COMMITTEES OF THE BOARD OF DIRECTORS
Audit and Risk Committee
Chairman	Chiara Burberi
	Giulia Bianchi Frangipane
	Marco Zampetti
Remuneration and Share Incentive Committee
Chairman	Anna Maria Artoni
	Valeria Lattuada
	Matteo De Brabant
Committee for Transactions with Related Parties
Chairman	Valeria Lattuada
	Anna Maria Artoni
	Klaus Gummerer

1. The Chairman is the Company's legal representative.
2. The Chief Executive Officer legally represents the Company, dis-jointly from the Chairman, within the limits of the delegated powers.
3. Executive Director.
4. Independent non-executive Director.
5. Holds executive offices in some Group companies.
6. Lead Independent Director.
7. Executive Director in charge of overseeing the Internal Control System.

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1. INTERIM DIRECTORS' REPORT ON OPERATIONS

1. Introduction

Gruppo MutuiOnline S.p.A. (the "Company" or the "Issuer") is the holding company of a group of firms (the "Group") with an important position in the Italian market for the online comparison, promotion and intermediation of products provided by financial institutions, e-commerce operators and utilities providers (main websites: www.mutuionline.it, www.prestitionline.it, www.segugio.it, www.trovaprezzi.itand www.sostariffe.it) and in the Italian market for the provision of complex business process outsourcing services for the financial sector.

Please refer to the interim financial report as of and for the six months ended June 30, 2021.

In the following sections, we illustrate the main facts regarding the operations during the past half year and the current financial and economic structure of the Group.

2.2. Organizational structure

The Issuer controls, also indirectly, the following subsidiaries:

• MutuiOnline S.p.A., Money360.it S.p.A, PrestitiOnline S.p.A., CercAssicurazioni.it S.r.l., Segugio.it S.r.l., 7Pixel S.r.l., Zoorate S.r.l., Klikkapromo S.r.l., Innovazione Finanziaria SIM S.p.A. and SOS Tariffe S.r.l.: companies operating in the market for the online comparison, promotion and intermediation of consumer products provided by financial institutions, e-commerce operators and utilities providers; together they represent the "Broking Division" of the Group;
• Centro Istruttorie S.p.A., Centro Finanziamenti S.p.A., Quinservizi S.p.A., CESAM S.r.l., Mikono S.r.l., Centro Processi Assicurativi S.r.l., EuroServizi per i Notai S.r.l., MOL BPO S.r.l., Agenzia Italia S.p.A., 65Plus S.r.l., Eagle & Wise Service S.r.l., Eagle Agency S.r.l., Gruppo Lercari S.r.l. (and its subsidiaries) and Finprom S.r.l. (a company with registered office in Romania): companies operating in the Italian market for the provision of complex business process outsourcing services for the financial sector; together they represent the "BPO (i.e. Business Process Outsourcing) Division" of the Group;
• PP&E S.r.l.: a company providing real estate renting and support services to the other Italian subsidiaries of the Issuer.

It should be noted that Gruppo Lercari S.r.l. controls the following subsidiaries: Lercari S.r.l., Service Lercari S.r.l., Sircus S.r.l., San Filippo S.r.l., Global Care S.r.l., Lercari International Ltd (a company with registered office in UK), Forensic Experts S.r.l., and Lercari Motor S.r.l. (together, the "Lercari Group").

In addition, the Issuer owns 40% of the share capital of Generale Servizi Amministrativi S.r.l., 50% of the share capital of the joint venture PrestiPro S.r.l., 40% of the share capital of Generale Fiduciaria S.p.A., 70% of the share capital of Fin.it S.r.l. (non-controlled company) through subsidiary Agenzia Italia S.p.A. and 40% of the share capital of LC Servizi S.r.l. and 50% of the share capital of Sircus Gandino S.r.l., through the subsidiary Gruppo Lercari S.r.l..

On February 1, 2021, following the registration of the merger act, the process of merging Segugio Servizi S.r.l., SOS Consulting S.r.l. and SOS Dev S.r.l. into SOS Tariffe S.r.l. was completed, with accounting effect from January 1, 2021.

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On February 28, 2021, the Group acquired the remaining 50% stake of Agenzia Italia S.p.A. from Gruppo Finanziaria Internazionale, object of reciprocal put/call obligations, for a price of Euro 35,000 thousand, substantially in line with the estimated liability previously recorded in the financial statements. At the same time, the Group sold a 15.50% stake to the management of the subsidiary (which previously held a similar indirect shareholding) at the same price per share. On such stake, the parties agreed on reciprocal put/call agreements with a maturity of 5 years, at terms and conditions similar those of the previous options.

On May 26, 2021 the Group acquired, through the subsidiary 7Pixel S.r.l., the remaining 60% stake of the share capital of Zoorate S.r.l., for a price of Euro 4,585 thousand, in line with the current liability previously recorded in the financial statements, in execution of the forward purchase agreement already in place between the parties. In addition, a deferred price component of Euro 1,052 thousand is provided, subject to the occurrence of certain events, which may be paid by April 2022. The higher price paid with respect to the portion of net equity acquired was provisionally allocated, as of June 30, 2021, for Euro 4,587 thousand to the proprietary software (a platform that enables the provision of all services offered by the company, including the integration and recording of the flow of purchases from e-commerce platforms, and the management of opinions) and for Euro 746 thousand as goodwill. Further details are described in paragraph 6 of the notes to the financial statements.

On June 22, 2021 the Group acquired, through the subsidiary Cesam S.r.l., the remaining 24% stake of the share capital of Mikono S.r.l. for a price of Euro 2 thousand, in line with the estimated liability previously recorded in the financial statements due to the existence of reciprocal put/call options. In the same date, Cesam S.r.l. acquired from the Issuer a 51% stake of share capital of Mikono S.r.l., thus reaching 100% ownership of share capital of the entity.

On June 29, 2021, following the registration of the merger act, the process of merging JPL S.r.l., GSA S.r.l. and Centro Servizi Integrati S.r.l. into Gruppo Lercari S.r.l. was completed, with accounting effect from January 1, 2021.

Therefore, the consolidation area as of June 30, 2021 is the following:

Broking Division

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