TraWell S p A : Annual financial report as of 31/12/2021 of the Trawell co Group

FINANCIAL STATEMENTS OF THE TRAWELL CO GROUP AS OF 31 DECEMBER 2021

The Trawell Co Group

TABLE OF CONTENTS

1. TRAWELL CO GROUP

1.	Presentation of the Group ..........................................................................................................	3
2.	Shareholding structure..............................................................................................................	10
3. Company bodies........................................................................................................................	11
4.	TraWell Co S.p.A. in the stock exchange ...................................................................................	12

1. REPORT ON OPERATIONS

1.	Operational performance, business outlook and continuity for the TraWell Co Group ............	14
2. Economic and financial performance of the TraWell Co Group ................................................	20
3.	Economic and financial performance of the parent company TraWell Co S.p.A. ...................... 24
4.	Other information .....................................................................................................................	26
5.	Proposal for approval of the financial statements of the year of TraWell Co S.p.A. and
allocation of the 2021 result .........................................................................................................	32

1. CONSOLIDATED FINANCIAL STATEMENTS OF THE TRAWELL CO GROUP AS OF 31 December 2021

1.	Consolidated financial statements ............................................................................................	34
2.	Explanatory notes to the consolidated financial statements ....................................................	38
3.	Report of the Auditing Company on the Consolidated financial statements ............................	75

1. FINANCIAL STATEMENTS OF THE YEAR OF TRAWELL CO S.p.A. AS OF 31 DECEMBER 2021

1.	Financial statements of the year ...............................................................................................	80
2.	Explanatory notes to the financial statements of the year........................................................	85
3.	Report of the Board of Statutory Auditors on the financial statements of the year ...............	113
4.	Report of the auditing company on the financial statements of the year...............................	117

1

The Trawell Co Group

A. TRAWELL CO GROUP

2

The Trawell Co Group

1. Presentation of the Group

The TraWell Co (henceforth also the "Group") is a multinational company with operates in the airport retail market; the latter currently includes almost 4 billion travellers across the world and is constantly increasing if one excludes the "Covid 19" contingent period.

The market for luggage protection is a niche within the more extensive airport retail market. Implementation of the service is concentrated within the landside area, prior to check‐in, given that it targets passengers who must check in their bags prior to departure.

Founded in 1997 by Rudolph Gentile, a manager of extensive experience in the airline industry, TraWell Co S.p.A. (hereinafter also, "TraWell Co", "Company", or "Parent Company") is a pioneer in the baggage wrapping service.

The Safe Bag Group is currently the European leader and reference model for all companies of the sector, both in terms of quality of the service as well as innovation. The strategic vision - along with the significant investments in technology, infrastructures and training - have allowed the company to rapidly and significantly increase its presence in primary global airports as well as the quality standards of the service and the professionalism of its personnel.

In the near future, TraWell Co S.p.A. continue to invest in innovation and development with the aim of expanding and further consolidating its leadership in the sector.

International oversight

In the first half of 2021, Safe Bag operated in circa 145 sales points located in 44 airports and one bus station.

3

The Trawell Co Group

Of the 44 airports, 22 are in Europe (of which five in Italy), 17 in Asia and 5 in America.

The airports in which the Group has operated during the course of 2021 are listed below:

• EUROPE (22 airports)

1. Italy (through Safe Bag S.p.A) - Venice, Bologna, Genoa, Olbia, Cagliari, Rome;

1. France (through FSB Service Sarl) ‐ Paris Charles De Gaulle, Paris Orly (until September 2021), Nice, Lyon, Marseille, Toulouse and Bordeaux;

• 1. Portugal (through Flysafeb Unipessoal Lda) ‐ Lisbon, Porto, Faro, Ponta Delgada and Madeira;
  1. Switzerland (through Safe Bag Sagl) ‐ Geneva and Zurich;
  1. Greece (through Care4Bag) - Athena;
  1. Poland (through Safe Bag Polska SP. Z O.O.) - Warsaw & Krakow (until October 2021);
  1. Estonia (through Pack & Fly Group OU) ‐ Tallinn;
• ASIA (17 airports and one bus station)
• 1. Russia (through Wrapping Service LLC and Fly Pack LLC) - Sheremetyevo, Saint Petersburg (bus station), Sochi, Krasnodar, Kazan, Anapa, Naberezhniye Chelni, Murmansk, Ufa, Yuzhno‐ Sakhalinsk e Vladivostok, Krasnoyarsk, Nizhny Novgorod, Orenburg, Jakutsk;

1. Kyrgyzstan (through Pack&Fly Group OU) - Bishkek;

• 1. Philippines (through Pack&Fly Group OU) - Mactan Cebu;
• AMERICA (5 airports)
• 1. United States (through Safe Bag USA LLC) - Miami;

1. Canada (through Safe Bag Canada Inc.) - Montreal, Vancouver, Calgary; o Peru (through Safe Bag Latam Peru S.A.C.) ‐ Lima

TraWell Co S.p.A. is listed on the Euronext Growth Milan market, organized and managed by Borsa Italiana S.p.A.

It is the only global company of the sector that is listed in a stock exchange.

Offered services

The service portfolio of TraWell Co. is the most extensive and innovative within both the industry and at a global level.

4