Immsi S p A : 2020 Financial Statements

IMMSI Società per Azioni

Share capital €178,464,000 fully paid up

Registered office: Piazza Vilfredo Pareto, 3 - 46100 Mantova

Mantova Register of Companies - Tax code and VAT registration number

07918540019

Directors' Report

and Financial Statements

of the Immsi Group

As of 31 December 2020

This Annual Financial Report as of 31 December 2020 has 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 sole official document.

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Contents:

COMPANY BOARDS .......................................................................................................	page	4
DIRECTORS' REPORT ON OPERATIONS
- Health emergency - COVID-19 and Information on operations and activities of the
Immsi Group .......................................................................................................................	page	6
- Consolidated non-financial statement ..............................................................................	Page	49
- Report on Corporate Governance and Ownership of Immsi S.p.A. .................................	page	133
IMMSI GROUP
- Consolidated Financial Statements...................................................................................	page	185
- Notes to the Consolidated Financial Statements ..............................................................	page	191
- List of companies included in the consolidated financial statements and investments....	page	266
- Certification of the Consolidated Financial Statements pursuant to Article 154-bis of
Legislative Decree 58/98 ....................................................................................................	page	269
- Independent Auditor's Report on the audit of the Consolidated Financial Statements....	page	270
IMMSI S.p.A.
- Financial Statements.........................................................................................................	page	279
- Notes to the Financial Statements ....................................................................................	page	284
- Certification of the Financial Statements pursuant to Article 154-bis of Legislative
Decree 58/98 .......................................................................................................................	page	323
- Independent Auditor's Report on the audit of the Separate Financial Statements...........	page	324
BOARD OF STATUTORY AUDITORS' REPORT .........................................................	page 330

This document was approved by the Board of Directors of Immsi S.p.A. on 19 March 2021 and is available for the public to consult at the Registered Office of the Company, on the website of the Borsa Italiana S.p.A. www.borsaitaliana.it, in the centralised storage system www.emarketstorage.com and on the Issuer's website www.immsi.it (section: "Investors/Financial statements and reports/2021") according to legislation.

COMPANY BOARDS

The Board of Directors and the Board of Statutory Auditors of Immsi S.p.A. were appointed by shareholders' resolution of 10 May 2018 and will remain in office until the date the Shareholders' Meeting is convened to approve the financial statements for the year ending 31 December 2020.

BOARD

OF DIRECTORS

Roberto Colaninno	Chairman
Daniele Discepolo	Deputy Chairman
Michele Colaninno	Chief Executive Officer
Matteo Colaninno	Director
Ruggero Magnoni	Director
Livio Corghi	Director
Rita Ciccone	Director
Gianpiero Succi	Director
Patrizia De Pasquale	Director
Paola Mignani	Director
Devis Bono	Director

BOARD

OF STATUTORY AUDITORS

Alessandro Lai	Chairman
Giovanni Barbara	Statutory Auditor
Maria Luisa Castellini	Statutory Auditor
Gianmarco Losi	Alternate Auditor
Elena Fornara	Alternate Auditor

INDEPENDENT

AUDITORS

PricewaterhouseCoopers S.p.A.

2012 - 2020

GENERAL

MANAGER

Michele Colaninno

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Company Boards

In accordance with the principles of Corporate Governance recommended by the Self-Regulatory Code for Listed Companies, and pursuant to Legislative Decree 231/01, the Board of Directors has established the following bodies:

REMUNERATION COMMITTEE

Daniele Discepolo	Chairman
Paola Mignani
Rita Ciccone

INTERNAL CONTROL AND RISK MANAGEMENT COMMITTEE

Daniele Discepolo	Chairman
Paola Mignani
Rita Ciccone

RELATED-PARTY COMMITTEE

Rita Ciccone	Chairman
Paola Mignani
Patrizia De Pasquale

COMPLIANCE COMMITTEE

Marco Reboa	Chairman
Giovanni Barbara
Maurizio Strozzi

APPOINTMENT PROPOSAL COMMITTEE

Daniele Discepolo	Chairman
Paola Mignani
Rita Ciccone

LEAD INDEPENDENT DIRECTOR

Daniele Discepolo

CEO AND GENERAL MANAGER

Michele Colaninno

INTERNAL AUDIT MANAGER

Maurizio Strozzi

FINANCIAL REPORTING OFFICER

Andrea Paroli

INVESTOR RELATOR

Andrea Paroli

All information on powers reserved for the Board of Directors, the authority granted to the Chairman and CEO, as well as functions of various Committees of the Board of Directors, is available in the Governance section of the Issuer's website www.immsi.it.

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Company Boards