Orsero S p A : Annual Financial Report 2021 (PDF)

2021 FINANCIAL REPORT

2019 FINANCIAL REPORT

Contents

Contents ...................................................................................................................... 2

Key economic, equity and financial data ......................................................... 6

Orsero S.p.A. corporate information ................................................................... 8

Composition of Orsero S.p.A. corporate bodies ................................................ 9

Group Structure ................................................................................................... 10

Alternative performance indicators .................................................................. 10

Directors' Report on Operations .............................................................................. 12

Significant events during the year ..................................................................... 13

Analysis of the economic and financial situation of Orsero Group ................ 17

Commentary on performance of the business sectors ................................... 22 Analysis of the economic and financial situation of the Parent Company

Orsero ................................................................................................................... 26

Risk profiles of the business, control systems, environment .............................. 27

Other information ................................................................................................ 32 Financial Statements as at December 31, 2021 of Orsero S.p.A. - Proposed

resolution .............................................................................................................. 38

Consolidated Financial Statements as at December 31, 2021 ............................ 39

Consolidated Financial Statements .................................................................. 40

Certification of the Consolidated Financial Statements pursuant to Article 81-

ter of Consob Regulation no. 11971 of May 14, 1999, as amended .............. 46

Notes to the Consolidated Financial Statements as at December 31, 2021 . 47

Valuation criteria ................................................................................................. 55

Other information ................................................................................................ 69 Accounting standards, amendments and IFRS interpretations applied from

January 1, 2021 ................................................................................................... 74 Accounting standards, IFRS and IFRIC amendments and interpretations

published, but not yet adopted by the European Union at December 31,

2021 ...................................................................................................................... 75 Notes - disclosures on the statement of financial position and the income

statement ............................................................................................................ 76

Independent Auditor's Report ............................................................................... 122

Financial Statements as of December 31, 2021 ................................................... 130

Parent Company Financial Statements .......................................................... 131 Certification of the Separate Financial Statements pursuant to Art. 81-ter of Consob Regulation no. 11971 of May 14, 1999, as subsequently amended

and supplemented ........................................................................................... 135

Notes to the Financial Statements as at December 31, 2021 ....................... 136

Valuation criteria ............................................................................................... 137 Notes - disclosures on the statement of financial position and the income

statement .......................................................................................................... 151

Independent Auditor's Report ............................................................................... 186

Board of Statutory Auditors' Report ....................................................................... 194

Dear readers,

In 2021, our Group decided to define a Strategic Sustainability Plan, with the aim of combining corporate growth with social and environmental sustainability.

We are convinced that it is necessary to continue to grow and create value, but according to criteria of greater responsibility, reducing the environmental and social impacts of our activities to seek to guarantee better living conditions for people today, but also and above all for future generations.

Ethical business conduct and value creation in the medium and long term are the basis on which we have defined our strategy.

We selected four macro-areas to work on that we feel are most relevant to what we do and where we think we can really take concrete action:

• • Developing responsible supply chains

• • Reducing our impact on the planet

• • Promoting healthy and sustainable nutrition

• • Recognizing the value of people

Based on these areas, we have developed 11 concrete objectives we will strive to reach.

All of the objectives will be reported on annually taking into account the results progressively achieved, and the strategy will be updated according to new demands emerging from the external and internal context of the Group, in order to always meet the needs of our stakeholders.

The Strategic Plan has been approved by the Board of Directors of Orsero S.p.A. and is available in the Sustainability section of our websitewww.orserogroup.it.

Raffaella Orsero and Matteo Colombini

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