PERIODIC
FINANCIAL INFORMATION
at March 31, 2024
Index | |
GOVERNANCE OF PIOVAN S.P.A | 3 |
PIOVAN GROUP | 8 |
GROUP PERFORMANCE | 13 |
General economic overview | 14 |
Significant events in the period | 16 |
Group performance overview | 19 |
Events after March 31, 2024 | 28 |
Outlook | 30 |
Other information | 32 |
CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES AT MARCH 31, 2024.... | 33 |
Consolidated Financial Statements at March 31, 2024 | 34 |
Notes to the consolidated financial information | 39 |
Notes to the consolidated statement of financial position | 46 |
Notes to the Consolidated Statement of Profit and Loss | 59 |
Other information | 65 |
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Piovan Group - Periodic Financial Information at March 31, 2024
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.piovan.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 Group - Periodic Financial Information at March 31, 2024
3
GOVERNANCE OF PIOVAN S.P.A.
Piovan Group - Periodic Financial Information at March 31, 2024
Piovan S.p.a. ("the Company" or "the Parent Company") is the parent company of the group of the same name and headquartered in Via delle Industrie 16, Santa Maria di Sala (Venice), Italy. The Company's Board of Directors and Board of Statutory Auditors are as follows.
Board of Directors
In office until April 29, 2024, date of the Shareholders' AGM for the approval of the 2023 Annual Financial Statements.
Name | In charge |
Nicola Piovan | Executive Chairman |
Filippo Zuppichin | Chief Executive Officer |
Marco Maria Fumagalli (*) (**) | Independent Director |
Manuela Grattoni (*) | Independent Director |
Mario Cesari (*) | Independent Director |
Antonella Lillo (*) | Independent Director |
Maurizio Bazzo (*) | Independent Director |
- Independent Director pursuant to Article 147-ter, paragraph 4 of the CFA and recommendation No. 7 of the Corporate Governance Code.
(**) Director appointed Lead Independent Director as per recommendation No. 13 of the Corporate Governance Code.
In office since April 29, 2024 until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.
Name | In charge |
Nicola Piovan | Executive Chairman |
Filippo Zuppichin | Chief Executive Officer |
Marco Maria Fumagalli (*) (**) | Independent Director |
Manuela Grattoni (*) | Independent Director |
Alessandra Bianchi (*) | Independent Director |
Mario Cesari (*) | Independent Director |
Antonella Lillo (*) | Independent Director |
- Independent Director pursuant to Article 147-ter, paragraph 4 of the CFA and recommendation No. 7 of the Corporate Governance Code.
(**) Director appointed Lead Independent Director as per recommendation No. 13 of the Corporate Governance Code.
Board of Statutory Auditors
In office until April 29, 2024, date of the Shareholders' AGM for the approval of the 2023 Annual Financial Statements.
Name | In charge |
Carmen Pezzuto | Chairman |
Luca Bassan | Statutory Auditor |
Patrizia Santonocito | Statutory Auditor |
Kristian Sartor | Alternate Auditor |
Stefania Targa | Alternate Auditor |
In office since April 29, 2024 until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.
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Piovan Group - Periodic Financial Information at March 31, 2024
Name | In charge |
Carmen Pezzuto | Chairman |
Luca Bassan | Statutory Auditor |
Diletta Selvaggia Elena Stendardi | Statutory Auditor |
Stefania Targa | Alternate Auditor |
Federica De Pieri | Alternate Auditor |
Control, Risks and Sustainability Committee
In office until April 29, 2024, date of the Shareholders' AGM for the approval of the 2023 Annual Financial Statements.
Name
In charge
Antonella Lillo | Chairman |
Marco Maria Fumagalli | |
Mario Cesari |
In office since April 29, 2024 until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.
Name
In charge
Marco Maria Fumagalli | Chairman |
Mario Cesari | |
Manuela Grattoni |
Nomination and Remuneration Committee
In office until April 29, 2024, date of the Shareholders' AGM for the approval of the 2023 Annual Financial Statements.
Name
In charge
Manuela Grattoni | Chairman |
Marco Maria Fumagalli | |
Antonella Lillo |
In office since April 29, 2024 until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.
Name
Manuela Grattoni
Alessandra Bianchi
Antonella Lillo
In charge
Chairman
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Piovan Group - Periodic Financial Information at March 31, 2024
Related Parties Committee
In office until April 29, 2024, date of the Shareholders' AGM for the approval of the 2023 Annual Financial Statements.
Name
In charge
Marco Maria Fumagalli | Chairman |
Manuela Grattoni | |
Mario Cesari |
In office since April 29, 2024 until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.
Name
In charge
Antonella Lillo | Chairman |
Marco Maria Fumagalli | |
Mario Cesari |
Supervisory Board (Organismo di Vigilanza)
In office from August 2, 2021, to August 1, 2024
Name
Patrizia Santonocito
Giovanni Boldrin
Chiara Zilio
In charge
Chairman
Ms. Santonocito resigned as the Chair of the Supervisory Board, effective April 30, 2024, for personal reasons. The Board of Directors - noting this decision - on May 14, 2024 will appoint Ms. Diletta Stendardi to replace Ms. Santonocito. Following this appointment, the composition of the Supervisory Board changes, as presented in the table below.
In Office until August 1, 2024
Name
In charge
Diletta Selvaggia Elena Stendardi | Chairman |
Giovanni Boldrin | |
Chiara Zilio |
Corporate Financial Reporting Officer
Giovanni Rigodanza, in office until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.
Independent Audit Firm
Deloitte & Touche S.p.A., in office until the Shareholders' AGM for the approval of the 2026 Annual Financial Statements.
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Piovan Group - Periodic Financial Information at March 31, 2024
Significant shareholders
Based on the shareholders' register, through communications received in accordance with Article 120 of Legislative Decree No. 58/98 and other information available to the company, the shareholders of Piovan S.p.A. with holdings of greater than 5% at the approval date of the Interim Report at March 31, 2024 were:
% of ordinary | % of voting | % of ordinary | % of voting | ||||||||
Declarant | Direct shareholder | share capital | share capital | share capital | share capital | ||||||
(*) | (**) | (***) | (****) | ||||||||
Nicola Piovan | Pentafin S.p.A | 58.350 | 68.962 | 61.174 | 71.419 | ||||||
7INDUSTRIES HOLDING BV | 7INDUSTRIES HOLDING | 9.205 | 6.859 | 9.650 | 7.104 | ||||||
BV | |||||||||||
(*) Total No. ordinary shares: 53,600,000, including Piovan S.p.A. treasury shares equal to 2,474,475.
-
Share capital expressed as number of votes as per Article 120, paragraph 1 of Legislative Decree No. 58 of February 24, 1998 ("CFA") including Piovan S.p.A. treasury shares.
(***) Total No. ordinary shares: 51,125,525, excluding the Piovan S.p.A. treasury shares.
(****) Share capital expressed as number of votes as per Article 120, paragraph 1 of Legislative Decree No. 58 of February 24, 1998 ("CFA"), excluding Piovan S.p.A. treasury shares.
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Piovan Group - Periodic Financial Information at March 31, 2024
PIOVAN GROUP
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Piovan Group - Periodic Financial Information at March 31, 2024
The Piovan Group operates in Italy and internationally in the production of systems for the automation of production processes for the storage, transport and treatment of polymers, recycled plastics and bio-resins ("Technical Polymers"), automation systems for the storage and transport of food fluids and food and non-food powders ("Food Systems & Industrial Applications"), and technical assistance and marketing of spare parts and services ("Services"). The Group is a global leader in the Technical Polymers market in the design and production of plants and control systems for the automation of all phases of the polymers, recycled plastics and bio-resins production cycle. In particular, over recent years the Group has been particularly engaged in developing and producing systems to automate production processes for the circular economy for recycling and reusing plastic and for the production of plastics which are naturally compostable.
History
The Group began operating in the early 1930's, when Costante Piovan founded a small workshop in Padua specializing in precision mechanics and molds for the manufacture of metal sheets.
In 1964, Luigi Piovan began a process of market diversification, and the Group moved into auxiliary machinery for the plastics industry. It introduced the first granulator to the Italian market, and this was followed by the Convair dryer and the Convector feeder for injection molding machines. The Group increasingly specialized in the design and production of automation systems for the storage, transport and treatment of plastics, and in 1969 moved its main production plant to Santa Maria di Sala (Venice).
Between 1970 and 1980, the Group expanded gradually in both geographical distribution - establishing its first foreign subsidiary Piovan Germania in 1974 - and its range of products and technologies. This came to include a complete range of machines used in the automation process for the storage, transport and processing of plastics, laying the foundations for future worldwide leadership. During the same period, the Company also launched its first line of refrigerators, and introduced the market's first centralized system for granule feeding, dosing and dehumidification.
This was also a time of significant production growth within the Group, which, from a generalist foundation, soon began to develop specific expertise in the application of plastics to the packaging, automotive, consumer and construction markets. This laid the groundwork for future specializations in customer industrial processes, and the consequent ability to offer innovative solutions. Anticipating future market trends, the Company also developed its first plant supervision and control software, which guarantees constant monitoring of machine operativity.
During the 1990's, the Group continued to grow globally and to improve its technological and qualitative expertise, gaining ISO 9001 certification and expanding its commercial and production capacities in overseas markets by opening new subsidiaries.
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Piovan Group - Periodic Financial Information at March 31, 2024
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Piovan S.p.A. published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 15:47:02 UTC.