Piovan S p A : 30.03.2021 - Annual financial report 31.12.2020

ANNUAL

FINANCIAL

REPORT

at December 31, 2020

INDICE
Chairman's letter ..........................................................................................................................	6
Shareholders' AGM call notice......................................................................................................	7
Directors' report ...........................................................................................................................	9
Board of directors' of the parent company piovan s.p.a. ...........................................................	10
Presentation and group structure ..............................................................................................	12
Group overview...........................................................................................................................	15
Parent company operating performance ...............................................................................	34
Other information ..................................................................................................................	38
Outlook ...................................................................................................................................	45
Consolidated financial statements at december 31, 2020 .........................................................	48
Consolidated Statement of Financial Position........................................................................	48
Consolidated Statement of Profit and Loss ............................................................................	50
Consolidated Statement of Comprehensive Income..............................................................	51
Consolidated Statement of Cash Flows ..................................................................................	52
Statement of changes in consolidated shareholders' equity .................................................	53
Notes to the consolidated financial statements.........................................................................	54
Content and form of the consolidated financial statements .................................................	54
Basis of preparation................................................................................................................	54
COVID-19 impacts...................................................................................................................	55
Main accounting standards applied .......................................................................................	61
Subsequent events after December 31, 2020 ......................................................................	119
Declaration of the consolidated annual financial statements as per article 154-bis of leg. Decree
no. 58 ........................................................................................................................................	122
Separate independent auditors' report of the consolidated financial statements..................	123
Separate financial statements ..................................................................................................	125
Notes to the separate financial statements .............................................................................	131
Content and form of the separate financial statements......................................................	132
Basis of preparation..............................................................................................................	132
COVID-19 impacts.................................................................................................................	133
Financial statements .................................................................................................................	134
Balance sheet........................................................................................................................	134
Statement of Profit and Loss ................................................................................................	134
Statement of Comprehensive Income..................................................................................	134

Statement of Cash Flow........................................................................................................	134
Statement of Changes in Shareholders' Equity ....................................................................	134
Business combinations .........................................................................................................	135
Main accounting standards applied .....................................................................................	136
NOTES TO THE STATEMENT OF FINANCIAL POSITION..............................................................	152
NOTES TO THE STATEMENT OF PROFIT AND LOSS ...................................................................	170
DECLARATION OF THE SEPARATE ANNUAL FINANCIAL STATEMENTS AS PER ARTICLE 154-BIS OF
LEG. DECREE NO. 58..................................................................................................................	184
INDEPENDENT AUDITORS' REPORT ON THE SEPARATE FINANCIAL STATEMENTS...................	185
BOARD OF STATUTORY AUDITORS' REPORT ON THE SEPARATE FINANCIAL STATEMENTS.....	186

4 Piovan Group - 2020 Annual Financial Report

Company information of the parent company Piovan S.p.A.

Registered Office: Via delle Industrie 16 - 30036 S. Maria di Sala (Venice) Italy

Telephone: [phone]

Certified e-mail: [e-mail]

E-mail: [e-mail]

Website: www.piovangroup.com

Share capital: Euro 6,000,000 fully paid-in

Tax No.: 02307730289 VAT No.: 02700490275

Venice Economic & Administrative Registration No. 235320