Neodecortech S p A : Review report on interim condensed consolidated financial statements as at September 30, 2022

Neodecortech S.p.A.

Review report on interim condensed consolidated financial statements as at September 30, 2022

This report has been translated into English from the original, which was prepared in Italian and represents the only authentic copy, solely for the convenience of international readers.

LBG/MLN/git - RC003122022BD0511

Tel: [phone]	Viale Abruzzi, 94
www.bdo.it	20131 Milano

Review report on interim condensed consolidated financial statements as at November 30, 2022

To the shareholders of

Neodecortech S.p.A.

Introduction

We have reviewed the accompanying interim condensed consolidated financial statements as of November 30, 2022, and the related consolidated income statement, consolidated income statement of comprehensive income, consolidated statement of financial position, consolidated statement of change in equity and consolidated cash flows for the three-month period then ended, and related notes, of Neodecortech S.p.A. and its subsidiaries (Neodecortech Group).

Management is responsible for the preparation of this interim condensed consolidated financial statements in accordance with the International Financial Accounting Standards applicable to interim financial reporting (IAS 34) as adopted by the European Union. Our responsibility is to express a conclusion on this interim condensed consolidated financial reporting based on our review.

Scope of review

We conducted our review in accordance with review standard recommended by Consob (the Italian Stock Exchange Regulatory Agency) in its Resolution no. 10867 of July 31, 1997. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA Italia) and, consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the interim condensed consolidated financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements of Neodecortech Group as of November 30, 2022, are not prepared, in all material respects, in accordance with the International Financial Accounting Standards applicable to interim financial reporting (IAS 34) as adopted by the European Union.

Milan, November 4, 2022

BDO Italia S.p.A.

Signed by

Lelio Bigogno

Partner

Bari, Bologna, Brescia, Cagliari, Firenze, Genova, Milano, Napoli, Padova, Palermo, Roma, Torino, Verona

BDO Italia S.p.A. - Sede Legale: Viale Abruzzi, 94 - 20131 Milano - Capitale Sociale Euro 1.000.000 i.v. Codice Fiscale, Partita IVA e Registro Imprese di Milano n. 07722780967 - R.E.A. Milano 1977842 Iscritta al Registro dei Revisori Legali al n. 167911 con D.M. del 15/03/2013 G.U. n. 26 del 02/04/2013

BDO Italia S.p.A., società per azioni italiana, è membro di BDO International Limited, società di diritto inglese (company limited by guarantee), e fa partePage 1 of 1 della rete internazionale BDO, network di società indipendenti.

Interim Management Statement at 30 September 2022

Financial Statements prepared in accordance with IAS/IFRS

Amounts in Euro

Neodecortech S.p.A.

Via Provinciale, 2

24040 Filago, Bergamo

Tel [phone] Fax [phone] [e-mail]

Tax Code and Company Register 00725270151

VAT CODE IT 02833670165

R.E.A. BG - 193331

Share Capital

• 18,804,209.37 fully paid up www.neodecortech.it

Neodecortech Group | Interim Management Statement at 30 September 2022

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SummaryInterim Management Statement _____________________________________________________ 1

at 30 September 2022 _____________________________________________________________________ 1

________________________________________________________________________________________ 1

The Neodecortech Group __________________________________________________________________ 4

________________________________________________________________________________________ 4

Corporate bodies ________________________________________________________________________ 5

Group structure __________________________________________________________________________ 7

Financial highlights of the Neodecortech Group _________________________________________________ 8

Directors' Comments_____________________________________________________________________ 12

_______________________________________________________________________________________ 12

Significant events during the period _________________________________________________________ 13

Business and market outlook ______________________________________________________________ 15

Consolidated statement of financial position at 30 September 2022_________________________________ 21

Consolidated statement of cash flows at 30 September 2022 _____________________________________ 23

Notes __________________________________________________________________________________ 26

_______________________________________________________________________________________ 26

Accounting standards and preparation criteria _________________________________________________ 27

Scope of consolidation ___________________________________________________________________ 27

Main Alternative Performance Measures (APMs) _______________________________________________ 27

Notes on the main changes in the consolidated financial statements ________________________________ 28

Revenue by division, type of business and geographical area _____________________________________ 30

Related party transactions ________________________________________________________________ 33

Other supplementary information __________________________________________________________ 35

Atypical and/or unusual transactions during the period___________________________________________ 35

Compliance with the simplified system under Articles 70 and 71 of the Issuer Regulation ________________ 35

Significant events after 30 September 2022 ___________________________________________________ 35

Treasury shares and shares of the Parent Company ____________________________________________ 35

Neodecortech Group | Interim Management Statement at 30 September 2022

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