2 RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.p.A. Company subject to management and co‐ordination by Rossini Luxembourg S.àr.l. Registered Office: 1, Via Matteo Civitali, Milan Fully paid up share capital: € 26,140,644.50 Tax identification number and Milan Company Registration No. 00748210150 The Company prepares the consolidated financial statements for the Recordati Group BOARD OF DIRECTORS 1 ANDREA RECORDATI 2 Chairman GUIDO GUIDI Vice Chairman ROBERT KOREMANS 3 Chief Executive Officer SILVIA CANDINI Independent MICHAELA CASTELLI Lead Independent Director GIORGIO DE PALMA JOANNA LE COUILLIARD Independent GIAMPIERO MAZZA PIERGIORGIO PELUSO Independent CATHRIN PETTY KIM STRATTON 4 FRITZ SQUINDO Group General Manager BOARD OF STATUTORY AUDITORS 5 ANTONIO SANTI Chairman EZIO SIMONELLI LIVIA AMIDANI ALIBERTI Statutory Auditors PATRIZIA PALEOLOGO ORIUNDI ANDREA BALELLI Alternate Auditors INDEPENDENT AUDITORS EY S.p.A. Engaged by a Shareholders’ Meeting of 29 th April 2020 for the financial years 2020‐2028 1 In office as at 31 st December 2021 (unchanged at the date of approval of this Annual Report) until the date of the Shareholders Meeting held to approve the financial statements as at and for the year ended 31 st December 2021. 2 Appointed Chairman on 1 st December 2021, following the resignation of dott. Alfredo Altavilla – from the positions of Chairman and Director – and his resignation from the position of Chief Executive Officer. 3 Appointed Chief Executive Officer by co‐option on 1 st December 2021, following the resignation of dott. Andrea Recordati from his position as Chief Executive Officer. 4 Appointed as a Director by co‐option on 16 th December 2021, to replace dott. Francesco Balestrieri who resigned with effect from 15 th October 2021. 5 Board of Statutory Auditors in office until the Shareholders' Meeting convened to approve the financial statements as at and for the year ended 31 st December 2022.
3 Review of operations To our Shareholders, The annual report of the Company for the year ended 31 st December 2021, which we submit to you for your approval, reports net income of € 219,109 thousand. The review of operations in the consolidated annual report may be consulted for further information on operations and growth strategies. The items in the reclassified income statement which shows costs by function are given below with the relative percentage of revenue(1) and the change compared with the previous year: € (thousands) 2021 % of revenue 2020 % of revenue Changes 2021/2020 % Net revenue (1) 464,719 100.0 449,421 100.0 15,298 3.4 Cost of sales (182,444) (39.3) (178,807) (39.8) (3,637) 2.0 Gross profit 282,275 60.7 270,614 60.2 11,661 4.3 Selling expenses (67,146) (14.4) (45,944) (10.2) (21,202) 46.1 R&D expenses (43,148) (9.3) (38,824) (8.6) (4,324) 11.1 G&A expenses (41,126) (8.8) (29,590) (6.6) (11,536) 39,0 Other income (expense), net (7,014) (1.5) (3,655) (0.8) (3,359) 91,9 Operating income 123,841 26.7 152,601 34.0 (28,760) (18.8) Dividends 123,854 26.6 132,785 29.5 (8,931) (6.7) Write‐down of investments 0 (0.0) (2,539) (0.5) 2,539 n.s. Financial income (expense), net (16,514) (3.6) (13,308) (3.0) (3,206) 24.1 Pre‐tax income 231,181 49.7 269,539 60.0 (38,358) (14.2) Income taxes (12,072) (2.6) (34,875) (7.8) 22,803 (65.4) Net income 219,109 47.1 234,664 52.2 (15,555) (6.6) (1) The net revenue in the reclassified income statement includes other income of € 68 thousand (€ 45 thousand in 2020), relating in particular to training grants and rents, which in the statutory balance sheet are classified under Note 4 as Other revenue and income. Net revenue came to € 464.7 million, up € 15.3 million compared with the previous year, thanks to the sales of Eligard © (leuprelin acetate) in January, following the licensing agreement with Tolmar International Ltd, which more than offset the reduction in sales of other products, partly due to the distorting effects on the market in the first half of 2020, coinciding with the start of the pandemic and the significant demand for medicines by the Company's customers, as well as to the subsequent policy of reducing the level of the stock carried out by the distribution channel. Marketing of Isocef® was suspended at the beginning of 2021 due to the temporary unavailability of the product on the market, with a negative impact of € 4.0 million compared with the previous year. We also report the reduction of € 4.4 million in sales of Urorec® due to the loss of exclusivity. Good performance was recorded by the self‐medication products Alovex®, Proctolyn®, Eumill® and Transact‐Lat®. Net revenue from pharmaceutical chemicals, consisting on sales of the active ingredients produced at the Campoverde di Aprilia plant, amounted to € 48.5 million, down 0.9% compared with 2020.
4 Gross profit, which came to € 282.3 million, was up € 11.7 million compared with 2020, amounting to 60.7%, of net revenue, an improvement compared with 60.2% of sales in the previous year, due to the favourable sales mix. Selling expenses increased by € 21.2 million (46.1%) due to both royalties payable to Tolmar International Ltd. on the new Eligard® product and to distribution expenses due to Astellas prior to the transfer of the Eligard® marketing authorisation to Recordati. In addition, expenses for advertising and “external operating efforts” increased compared with the previous year when greater restrictions caused by the Covid‐19 epidemic were in force and the Company benefited from subsidies during the most acute phase of the pandemic, with a consequent increase as a percentage of revenue. R&D expenses came to € 43.1 million accounting for 9.3% of net revenue, up 11.1% compared with the previous year, mainly due to the costs incurred while waiting for the transfer of marketing authorisations for Eligard® in various countries and due to an increase in amortisation for the rights on that same product acquired under licence from Tolmar International in January 2021. General and administrative expenses increased by 39.0% due to improvements to the general co‐ordination of operations designed to manage an increasingly complex portfolio and in particular to support the management of new corporate products. The increase is mainly attributable to personnel costs which, with higher average staff numbers, increased compared with 2020 when spending on incentive schemes was lower due to the reduction in activities caused by the COVID‐19 pandemic. Costs were also incurred for the selection of new managers. We also report costs charged by subsidiaries for adjustments to product transfer prices for compliance with the arm's length principle. Other income and expenses, net amounted to € 7.0 million and included the following: € 4.0 million incurred for the project to acquire EUSA Pharma (UK) Ltd (a global specialty pharmaceutical company focused on niche rare and oncological diseases); € 2.4 million for voluntary redundancy agreements; € 1.5 million of costs incurred for the COVID‐19 health emergency to improve workplace safety and for the purchase of personal protective equipment and for donations to associations that care for the less well‐off. Operating income amounted to € 123.8 million, accounting for 26.7% of net revenue, down notwithstanding the improvement in gross profit compared with 34.0% in the previous year, due to the increase in operating expenses described above. Dividends from subsidiaries came to € 123.9 million, down € 8.9 million compared with 2020. The write‐down of investments recognised in the previous year, amounting to € 2.5 million, related to the UK subsidiary Recordati Pharmaceuticals Ltd. Financial expenses amounted to € 16.5 million. The increase of € 3.2 million compared with the previous year was due primarily to the recognition in 2020 of the positive effects of the repayment of two intragroup loans and close down of the relative cross‐currency swap contracts. The reduction in taxes of € 22.8 million compared with the previous year was mainly due to the ACE (Aid to Economic Growth) tax benefit resulting from the merger of the Company’s parent companies into it, for which the company inherited a tax benefit of € 12.9 million from Rossini Investimenti S.p.A. It was also due to the impact of the reduction in pre‐tax income. Net income amounted to € 219.1 million.
5 A brief summary is given below of the net financial position, while further details are given in item 43 of the notes to the financial statements. € (thousands) 31.12.2021 31.12.2020 Change 2021/2020 Cash and cash equivalents and other short term receivables 188,521 160,526 27,995 Current debt (1) (723,404) (651,056) (72,348) Net current financial position (534,883) (490,530) (44,353) Loans and receivables ‐ due after one year 131,711 150,693 (18,982) Borrowings – due after one year (2) (709,364) (707,078) (2,286) Net financial position (1,112,536) (1,046,915) (65,621) (1) Current debt includes borrowings due within one year, amounts due to banks and other short‐term liabilities. (2) Inclusive of the fair value of derivatives to hedge foreign exchange rate risk (cash flow hedges), classified within asset item 23 and liability item 35 with an overall net positive impact of € 443 thousand as at 31 st December 2021. The net financial position as at 31 st December 2021 was debt of € 1,112.5 million compared with debt of € 1,046.9 million as at 31 st December 2020. During the year € 35.0 million was paid to Tolmar International Ltd. for the license agreement for Eligard®. Furthermore, treasury stock totalling € 59.3 million was purchased, net of sales due to the exercise of stock options, and dividends totalling € 216.6 million were paid. The change in the financial position gross of the impacts mentioned above, confirms the Company’s solid generation of cash flows which stood at approximately € 245.3 million. Expenditure on property, plant and equipment came to € 17.4 million and related to investments made at the Milan headquarters (€ 6.9 million), which included investments in the plant and in pharmaceutical research, as well as in the Campoverde plant (€ 10.5 million). R&D The arrival of new pharmaceuticals both through in‐house research programmes and through opportunities to carry out research in collaboration with research companies and institutions outside the Group again represented an important factor in 2021 for enriching the pipeline and ensuring future growth for the Group. At the same time huge efforts were made on the regulatory front aimed at obtaining important authorisations to sell Recordati pharmaceuticals on markets in new geographical areas. During the year, the Group's R&D activities were mainly concentrated in the field of rare diseases. New acquisitions and licences have enriched the product portfolio in the rare disease and specialty care areas. The product pipeline was enhanced by Eligard® in the Specialty & Primary Care field. Maintenance activities to support pharmaceuticals already on the market continued, as did pre‐trial work on new pharmaceuticals. PRODUCTS UNDER DEVELOPMENT Name Origin Indication Development stage REAGILA® Gedeon Richter Schizophrenia Post‐authorisation paediatric plan ELIGARD® Tolmar Hormone‐dependent prostate cancer Post‐authorisation activities for the development of a new device
6 The main R&D activities carried out in 2021 are summarised in the paragraphs below. Eligard® (leuprorelin acetato) Following the completion of the license and supply agreement with Tolmar International Ltd in January 2021, intense regulatory activity began for the transfer of marketing authorisations for Eligard® (leuprorelin acetate), a medicine indicated for the treatment of advanced‐stage hormone‐dependent prostate cancer and for the treatment of localised and locally advanced‐stage high‐risk hormone‐dependent prostate cancer in combination with radiotherapy. The active ingredient in Eligard®, leuprorelin acetate, is in the form of a powder that is solubilised with a solvent for subcutaneous injection. The product is available in three different dosages (for 1 month, 3 months and 6 months of treatment respectively) in a single kit containing two syringes. In 2021, numerous activities (implemented by Tolmar) were carried out to develop a new device consisting of two pre‐connected syringes, to facilitate the administration of the pharmaceutical by healthcare professionals as required by the EMA. A large prospective observational “real‐life” clinical trial also started in France to assess the efficacy and tolerability of the leuprorelin acetate formulation of 22.5 mg (for the 3‐month treatment) and 45 mg (for the 6‐month treatment) under conditions of normal daily medical practice. Seloken® / Seloken ZOK® (metoprolol) Logimax® (metoprolol + felodipine) A new manufacturer responsible for secondary packaging and batch release for vials was added in 2021. Furthermore, updated product information has been submitted in most countries to comply with the European guidelines on excipients for medicines containing metoprolol and metoprolol + felodipine. Reagila® (cariprazine) Studies are continuing aimed at demonstrating the efficacy and safety of cariprazine treatment in adolescents (13‐17 years), where patient recruitment has slowed due to the effects of the COVID‐19 pandemic. The timetable for the completion of the paediatric plan is currently under discussion with the European Paediatric Committee. The pharmaceutical is also now currently being registered in Tunisia and Turkey. LOMEXIN® (fenticonazole) Fenticonazole is an antimycotic product for topical use, developed by Recordati. Various projects have been carried out to support development of the product, in consideration of the growth in its sales and the potential arising from its transition to a medicine for which medical prescriptions are not required in a number of European countries and from the publication of scientific evidence to support the efficacy of the molecule fenticonazol for the treatment of vaginal infections with different aetiologies. A change in the supply regime from prescription to non‐prescription for vaginal capsules has been obtained in Slovakia, Estonia, Serbia, Portugal and the Czech Republic. Furthermore, a change in worksharing is underway to include Recordati Ilaç as an alternative production site for the finished product for European national cream registrations. The environmental risk assessment of fenticonazol required by the Danish regulatory authority was completed in 2021. The final report of this activity will be available in the first quarter of 2022. Activities involving pharmaceuticals for the treatment of rare diseases The Company carries out support activities for research carried out by other Group companies which is charged back to them on the basis of service agreements. In fact the Group is increasingly more committed to R&D for the development of treatments for rare diseases and it has many pharmaceuticals in its pipeline for treating these illnesses at different stages of development.
7 OTHER INFORMATION Company is subject to management and co‐ordination by Rossini Luxembourg S.àr.l, in accordance with Art. 2497 and following of the Italian Civil Code. Key figures from the financial statements for the year ended 31 st December 2020 approved by the company that exercises management and co‐ordination are reported in Attachment 6. No decisions were taken by the Board of Directors that were deemed “decisions influenced by management and co‐ordination activities” during the course of 2021. A merger deed was drawn up in April for the merger of Rossini Investimenti S.p.A. and FIMEI S.p.A. into Recordati S.p.A., which was subsequently filed with the Company Registrar which finalised the operation with effect for accounting and tax purposes from 1 st April 2021. The merger, which was approved by a Shareholders’ Meeting on 17 th December 2020, did not determine any change in the share capital of the merging company, nor did it result in the payment of any cash settlement. Furthermore, Recordati S.p.A.’s post merger balance sheet and income statement remained substantially unchanged compared with the position prior to the transaction and, more specifically, the merger did not alter Recordati’s net financial position and therefore its investment capacity, nor did it alter its capital allocation strategy or policy. On 16 th July 2021, the Board of Directors approved Recordati's new corporate governance structure with the appointment of Rob Koremans as the new Chief Executive Officer (CEO) from 1 st December 2021. Consequently, on 1 st December 2021 the Board of Directors appointed Andrea Recordati, previously Chief Executive Officer (CEO), as Chairman and Robert Koremans as Chief Executive Officer (CEO). The Company confirmed that Recordati will continue to consolidate its current strategy under the leadership of Rob Koremans, as set out in the recent three year plan, by combining organic growth in the current portfolio’s volume of business with the creation of value through business development transactions and M&A. As future Chairman, Andrea Recordati will continue to participate in the development of the Group's strategy, supporting the new CEO and the senior management team. In light of other important appointments conferred on him by the Italian Government and having completed the process of transition towards a new corporate governance structure, the Chairman Alfredo Altavilla tendered his resignation on 16 th July 2021, again with effect from 1 st December 2021. Treasury stock consisting of 2,135,498 shares was purchased during the year, for consideration of € 101.8 million and 1,750,500 shares were sold for consideration of € 42.5 million, following the exercise of options under the 2014‐2018 and 2018‐2022 stock option plans by Group employees. As at 31 st December 2021, the Company held 3,214,300 treasury shares in portfolio accounting for 1.54 % of the share capital, with a nominal value of € 0.125 each. The section “Principal risks and uncertainties” in the review of operations in the consolidated annual report may be consulted for an analysis and description of the principal risks and uncertainties to which the Company is exposed pursuant to paragraphs 1 and 2 of article 2428 of the Italian Civil Code. The information required under point 6‐bis of Art. 2428 of the Italian Civil Code concerning the Company’s objectives and policies in respect of financial risk management is reported in note 40 to the financial statements. In compliance with the requirements contained in Art. 4, paragraph 7 of the Regulation on related‐party transactions adopted with Consob Resolution 17221 of 12 th March 2010 and subsequent amendments and also in Art. 2391‐bis, paragraph 1 of the Italian Civil Code, the Company reports that it has adopted “Regulations for related‐party transactions”, the full text of which is available on the Company website at www.recordati.it (in the “Corporate Governance” section), as last updated on 17 th June 2021.
8 For all information on corporate governance, reference is made to the Report on Corporate Governance and Ownership Structure prepared in accordance with Art. 123‐bis of the Consolidated Finance Law, approved by the Board of Directors at the same time as it approved the Annual Report. Information pursuant to paragraphs 1 and 2 of Art. 123 bis of Legislative Decree No. 58/1998 is contained in the separate “Report on Corporate Governance and Ownership Structure”, the full text of which is available on the company’s website www.recordati.it (in the “Corporate governance” section). Reference is made for “information concerning the environment and personnel” to the Consolidated Non‐ Financial Statement. The Company has a secondary headquarters at 4, Via Mediana Cisterna, Campoverde di Aprilia (Latina). Shares held by directors, statutory auditors, general managers and other key management personnel are reported in the Report on remuneration policies and wages published in accordance with Art. 123‐ter of the Consolidated Finance Law. Reference is made to the information given in the Non‐Financial Statement for details of the principles governing conduct adopted by the Company. Reference is made to note 45 to the financial statements for information required by the Consob (Italian securities market authority) communication dated 28 th July 2006 on “atypical and/or unusual transactions”. RELATED‐PARTY TRANSACTIONS As at 31 st December 2021, intercompany accounts with companies that form the Recordati Group showed payables of € 529,235 thousand and receivables of € 306,380 thousand. The most significant items were as follows: receivables of € 230,604 thousand for loans granted to Group companies; payables of € 15,650 thousand for loans received from Group companies; trade receivables of € 46,217 thousand from subsidiaries; trade payables to subsidiaries of € 8,722 thousand; receivables from subsidiaries for the management of the centralised cash pooling treasury system amounting to € 29,181 thousand; payables to subsidiaries for the management of the centralised cash pooling treasury system amounting to € 504,618 thousand. Sales, services and royalties supplied to Group companies in 2021 amounted to € 233,389 thousand. Dividends were received during the year as follows: € 3,168 thousand from Innova Pharma S.p.A., € 3,000 thousand from Natural Point S.r.l., € 6,117 thousand from Italchimici S.p.A., € 5,407 thousand from Recordati Pharma GmbH, € 10,500 thousand from Bouchara Recordati S.a.s, € 65,000 thousand from Recordati Ireland Ltd, € 1,626 thousand from Recordati Romania SRL, € 26,286 thousand from Casen Recordati S.L., € 1,804 thousand from Tonipharm S.A.S. and € 946 thousand from Opalia Pharma S.A.. Other current payables include a debt of € 215 thousand payable to Italchimici S.p.A. in relation to a tax credit estimated in 2021 by the subsidiary and transferred to the Company as part of the tax consolidation.
9 The following summary is set out in the table below in compliance with Consob Resolution No. 15519 of 27 th July 2006: Percentage of transactions with related parties € (thousands) Total Related parties Amount % Percentage of transactions or positions in the balance sheet with related parties Trade receivables and other 109,372 46,594 42.60 Long‐term financial assets 131,711 131,620 99.96 Short‐term financial assets 128,165 128,165 100.00 Trade payables and other 94,808 8,966 9.46 Short‐term financial liabilities 721,299 520,268 72.13 Percentage of transactions or positions in the income statement with related parties Revenue 469,120 233,434 49.76 Income from investments 123,854 123,854 100.00 Costs of purchases and service provision 230,938 22,509 9.75 Financial income (expense), net (16,514) 1,436 (8.70) Transactions and positions with related parties as a percentage of cash flows is basically the same as that for the income statement items because the transactions are conducted under normal market conditions. It is underlined that no direct business was conducted during the year with the company that carries out management and co‐ordination activities. With regard to direct relations during the year with the company that exercises management and co‐ ordination, we report that the CEO and some employees of the Recordati Group have been designated as beneficiaries of an incentive scheme, with a vesting period of five years, under which they have purchased shares of Rossini Luxembourg S.àr.l. at face value, an indirect shareholder of Recordati S.p.A., and they will receive a return at the end of the life of the scheme. NON‐EUROPEAN UNION SUBSIDIARIES In relation to the provisions of articles 15 and 18 of the Markets Regulations concerning the conditions for the listing of the parent companies of companies formed and regulated under the laws of countries that do not belong to the EU and which are of significant importance for the purposes of consolidated financial statements, since 31 st December 2021 the regulatory provisions of Art. 15 of the Markets Regulations have applied to the subsidiaries Recordati Ilaç, Sanayi Ve Ticaret A.Ş., Recordati Rare Diseases Inc., Rusfic LLC and Recordati AG and the conditions laid down in the aforementioned Art. 15 in relation to which the certification is required from the management body, have been satisfied. SIGNIFICANT TRANSACTIONS, EXCEPTION TO DISCLOSURE OBLIGATIONS The Company decided to take advantage, with effect from 20 th December 2012, of the right not to comply with obligations to publish the reports required when significant extraordinary operations are performed consisting of mergers, demergers, share capital increases through contributions in kind, acquisitions and disposals, in accordance with Art. 70, paragraph 8 and with Art. 71, paragraph 1‐bis of the Issuers’ Regulations issued by Consob with Resolution No. 11971/1999 and subsequent amendments.
10 BUSINESS OUTLOOK At the date of preparing the financial statements no corporate events had occurred after the end of the year which might require modifications to be made to the value of assets and liabilities and the amounts in the income statement. In December 2021, the Company announced the signing of a share purchase agreement to acquire EUSA Pharma (UK) Ltd, a global specialty pharmaceutical company with headquarters in the United Kingdom, focused on rare and niche oncology diseases, for an enterprise value of €750 million. The acquisition of EUSA Pharma represents another step forward in delivering on the Group’s strategy. In the face of the Russia‐Ukraine crisis, the Recordati Group has given immediate priority to the safety of its people and is implementing all possible measures and initiatives to guarantee the supply of medicines to patients in territories involved. In spite of the resilience of the pharmaceutical sector, recent operating performance and the diversification of the Group, it is difficult to quantify at this stage the potential future impacts from this crisis, given the complex and constantly evolving situation. Except for the above no significant events occurred after the end of the year. The implementation of company policies, operations at the beginning of the current year, the potential of our products, the financial strength of the company and the managerial capacities of our personnel lead us to forecast a positive result again in 2022. Milan, 17 th March 2022. For the Board of Directors The Chairman Andrea Recordati
11 RECORDATI S.p.A. INCOME STATEMENTS FOR THE YEARS ENDED 31 ST DECEMBER 2021 AND 31 ST DECEMBER 2020 Income statement Amounts in euro Notes 2021 2020 Net revenue 3 464,718,992 449,375,943 Other income 4 4,401,262 2,678,247 Total income 469,120,254 452,054,190 Raw materials costs 5 (119,556,680) (120,252,649) Personnel costs 6 (88,774,171) (80,710,726) Depreciation and amortisation 7 (26,245,866) (25,245,221) Other operating expenses 8 (111,381,140) (80,040,475) Changes in inventories 9 679,226 6,795,537 Operating income 123,841,623 152,600,656 Income from investments 10 123,853,746 132,785,267 Write‐down of investments 11 0 (2,539,000) Financial income (expense), net 12 (16,513,669) (13,308,427) Pre‐tax income 231,181,700 269,538,496 Income taxes 13 (12,072,354) (34,874,582) Net income 219,109,346 234,663,914 Earnings per share (in euro) Basic 1.064 1.140 Diluted 1.048 1.122 Basic earnings per share is calculated on average shares outstanding in the relative periods, consisting of 206,011,089 shares in 2021 and 205,758,125 in 2020. The figures are calculated net of average treasury stock held, which amounted to an average of 3,114,067 shares in 2021 and 3,367,031 shares in 2020. Diluted earnings per share is calculated taking into account stock options granted to employees. The explanatory notes form an integral part of these financial statements.
12 RECORDATI S.p.A. BALANCE SHEETS AS AT 31 ST DECEMBER 2021 AND 31 ST DECEMBER 2020 Assets Amounts in euro Notes 31 st December 2021 31 st December 2020 Non‐current assets Property, plant and equipment 14 75,828,587 67,070,471 Intangible assets 15 250,296,891 226,414,210 Investments 16 1,086,514,035 1,092,270,697 Other non‐current financial assets 17 131,710,603 150,691,686 Deferred tax assets 18 20,472,262 21,500,975 Total non‐current assets 1,564,822,378 1,557,948,039 Current assets Inventories 19 82,368,189 81,688,962 Trade receivables 20 86,552,137 85,205,885 Other receivables 21 22,819,739 17,005,280 other current assets 22 2,875,782 2,054,164 Derivatives measured at fair value 23 11,149,360 7,004,443 Other short‐term financial receivables 24 128,165,448 75,553,565 Cash and cash equivalents 25 60,356,039 84,972,264 Total current assets 394,286,694 353,484,563 Total assets 1,959,109,072 1,911,432,602 The explanatory notes form an integral part of these financial statements.
13 RECORDATI S.p.A. BALANCE SHEETS AS AT 31 ST DECEMBER 2021 AND 31 ST DECEMBER 2020 Equity and Liabilities Amounts in euro Notes 31 st December 2021 31 st December 2020 Equity