Itway S p A : Separate financial Statements and Consolidated Financial Statements for fiscal year ending December 31, 2020.

Consolidated Financial Statements and Separate Financial Statements for the year ended December 31, 2020

Directors' Report on Operations for the fiscal year ended December 31, 2020

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Index:

• Directors' Report on operations for the fiscal period ended December 31, 2020…………….......pag. 1

∙	Consolidated Group Financial Statements..................................................................................	pag. 23
∙	Explanatory Notes to the consolidated Financial Statements .....................................................	pag. 29
∙	Separate Financial Statements Itway S.p.A.................................................................................	pag. 87
∙	Explanatory Notes to the Separate Financial Statements...........................................................	pag. 93

Attachments

• Report of Auditing Company

Directors' Report on Operations for the fiscal year ended December 31, 2020

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Directors' report on operations for

the

Fiscal year ended December 31, 2020

Directors' Report on Operations for the fiscal year ended December 31, 2020

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Social Bodies

Board of Directors

(Until the approval of the December 31, 2022 Financial Statements)

Name and last name	Position
Giovanni Andrea Farina	President and Chief Executive
Cesare Valenti	Managing Director
Valentino Bravi	Independent Director
Piera Magnatti	Independent Director
Annunziata Magnotti	Independent Director

Board of Statutory Auditors

(Until the approval of the December 31, 2022 Financial Statements)

Name and last name	Position
Daniele Chiari	President
Silvia Caporali	Member
Rita Santolini	Member

Manager mandated to draft corporate accounting documents

The board of directors named Sonia Passatempi (Administrative Manager of the Group) as the Manager in charge of drafting corporate accounting documents for the Itway Group.

Auditing company

Analisi S.p.A.

The General Meeting gave the mandate for the auditing on July 2, 2018 for a period of nine years until the approval of the financial statements for the year ending December 31, 2026 and, pursuant to the regulations in force, it cannot be renewed.

Directors' Report on Operations for the fiscal year ended December 31, 2020

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Report on the ownership and on corporate governance

In accordance to current laws, please note the Report on Ownership and Corporate Governance, approved by the Board of Directors of Itway S.p.A (hereinafter the "Company" or "Parent Company") is available for the public at the admini strative headquarters in Ravenna, via Braille 15, and can be consulted on the Internet site www.itway.com in the Investor Relation section.

Activities and structure of the Group

Following is the structure of the Itway Group at December 31, 2020:

ITWAY S.p.A.

Itway France S.A.S.		Business-e		4 Science S.r.l.		Itway RE S.r.l.
	Infrastrutture S.r.l.
100%			100%		100%
	30%
Itway Iberica S.L.		Itway MENA FZC		BE Innova S.r.l.		iNebula S.r.l. in
100%		17,1%		50%		liquidazione 75%
	Itway International					Idrolab S.r.l.
	S.r.l. 100%					10%
Itway Hellas S.A.		Itway Turkyie Ltd				Dexit S.r.l.
100%		100%				9%

The Company has its legal headquarters in Milan in Viale Achille Papa, 30 and the administrative headquarters in Ravenna in Via L. Braille, 15.

Directors' Report on Operations for the fiscal year ended December 31, 2020

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