ANNUAL FINANCIAL REPORT

at December 31, 2021

CONTENTS

Chairman's letter ...................................................................................................................... 6

Call notice ................................................................................................................................ 7

Directors' report ...................................................................................................................... 9

Corporate boards ................................................................................................................... 10

Presentation and Group structure ......................................................................................... 14

Group performance ............................................................................................................... 17

Group operating performance ......................................................................................... 22

Parent company key financial highlights and performance of Piovan S.p.A . ................... 39

Parent company operating performance ......................................................................... 39

Other information ............................................................................................................. 48

Outlook ............................................................................................................................. 51

Consolidated financial statements at December 31, 2021 .................................................... 55

Consolidated statement of financial position ................................................................... 55

Consolidated statement of profit and loss ....................................................................... 57

Consolidated statement of comprehensive income ........................................................ 59

Consolidated statement of cash flows ............................................................................. 60

Statement of changes in consolidated shareholders' equity ........................................... 61

Explanatory notes to the consolidated financial statements ................................................ 62

Content and form of the consolidated financial statements ........................................... 62

Declaration and basis of preparation ............................................................................... 62

Covid-19 impacts .............................................................................................................. 63

Consolidation scope .......................................................................................................... 66

Basis of consolidation ....................................................................................................... 66

Main accounting policies applied ..................................................................................... 69

Accounting policies ........................................................................................................... 72

Subsequent events after December 31, 2021 ................................................................ 127

Declaration of the consolidated annual financial statements as per Article 154-bis of leg.

Decree no. 58 of 24.02.1998 and article 81-ter of Consob regulation no. 11971 of may 14,

1999 and subsequent amendments and supplements ....................................................... 130

Auditors' report of the consolidated financial statements ................................................. 131

Separate financial statements ............................................................................................. 133

Notes to the separate financial statements ........................................................................ 139

General information ....................................................................................................... 139

Content and form of the separate financial statements ................................................ 140

Declaration and basis of preparation ............................................................................. 140

Business combinations ................................................................................................... 144

Main accounting policies applied ................................................................................... 145

Accounting policies ......................................................................................................... 147

Notes to the statement of financial position .................................................................. 162

Notes to the income statement ..................................................................................... 182

Declaration of the separate annual financial statements as per Article 154-bis of leg. Decree no. 58 of 24.02.1998 and article 81-ter of consob regulation no. 11971 of may 14, 1999 and

subsequent amendments and supplements ............................................................................ 196

Independent auditors' report on the separate financial statements ....................................... 198

Board of statutory auditors' report on the separate financial statements .............................. 199

Piovan Group - 2021 Annual Financial Report.

4This document is an English language translation of the official Italian version and is not provided in the European Single Electronic Format (ESEF) and hence it is not compliant with the provisions of the Commission Delegated Regulation (EU) 2019/815. The legally required ESEF-format is filed in Italian language on the Borsa Italiana storage system as well as on Company Piovan's website.

COMPANY INFORMATION OF THE PARENT COMPANY PIOVAN S.P.A.

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

Telephone: +39 041 5799111

Certified e-mail:piovanspa@legalmail.it

E-mail:info@piovan.com

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

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Piovan S.p.A. published this content on 30 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2022 17:34:01 UTC.