Financial Statements 2017 PDF

General information about the company
Company information
Company name: INTERPOLIMERI SPA
Headquarters: VIA CAPITANO GUIDO NEGRI NO. 11 LIMENA PD
Share capital: 10,000,000.00
Fully paid-in share capital: Yes
Chamber of Commerce ID code: PD
VAT number: 01830880280
Tax code: 01830880280
EAR number: 183448
Legal form: SOCIETA' PER AZIONI (JOINT-STOCK COMPANY)
Main sector of activity (ATECO): 467620
Company in liquidation: no
Company with sole shareholder: no
Company subject to third-party management and no
coordination:
Name of the company or institution that carries out
management and coordination activities:
Belonging to a group: no
Name of the parent company:
Country of the parent company:
Cooperative company registration number:
Financial Statements at 31/12/2017
Balance sheet
31/12/2017 31/12/2016
Assets
B) Fixed assets
I - Intangible fixed assets - -
3) industrial patents and intellectual property rights 31,648 52,519
7) others 47,792 36,747
Total intangible fixed assets 79,440 89,266
II - Tangible fixed assets - -
1) lands and buildings 372 3,718
Financial Statements in XBRL format 1

INTERPOLIMERI SPA Financial Statements at 31/12/2017
31/12/2017 31/12/2016
2) plants and machinery 10,224 11,856
3) industrial and commercial equipment 33,058 16,778
4) other assets 395,680 403,146
Total tangible fixed assets 439,334 435,498
III - Financial fixed assets - -
1) equity investments in - -
a) controlled companies 1,988,569 1,925,986
d-bis) other companies 940 940
Total equity investments 1,989,509 1,926,926
2) receivables - -
a) from controlled companies 2,981,507 1,626,918
due during the following year 751,635 872,580
due after the following year 2,229,872 754,338
Total receivables 2,981,507 1,626,918
Total financial fixed assets 4,971,016 3,553,844
Total fixed assets (B) 5,489,790 4,078,608
C) Current assets
I - Inventories - -
4) finished products and goods 21,791,786 17,381,337
Total inventories 21,791,786 17,381,337
II - Receivables - -
1) trade receivables 47,368,816 43,597,657
due during the following year 47,368,816 43,597,657
2) due from controlled companies 9,919,336 8,958,906
5-bis) tax credits 73,734 20,703
5-ter) prepaid taxes 72,662 72,543
5-quater) due from others 333,054 313,471
due after the following year 15,730 14,932
Total receivables 57,767,602 52,963,280
IV - Cash and cash equivalents - -
1) bank and post office deposits 1,220,122 417,026

31/12/2017 31/12/2016
3) cash and equivalents on hand 5,491 2,756
Total cash and cash equivalents 1,225,613 419,782
Total current assets (C) 80,785,001 70,764,399
D) Accruals and prepayments 277,750 185,169
Total assets 86,552,541 75,028,176
Liabilities
A) Shareholders' equity 21,059,523 19,728,439
I - Share capital 10,000,000 10,000,000
IV - Legal reserve 842,885 772,835
VI - Other reserves (with corresponding details) - -
Extraordinary reserve 8,885,557 7,554,611
Miscellaneous other reserves - (3)
Total other reserves 8,885,557 7,554,608
IX- Profit (loss) for the year 1,331,081 1,400,996
Total shareholders' equity 21,059,523 19,728,439
B) Provisions for liabilities and charges
1) for severance & pension liabilities and similar obligations 165,675 77,136
Total provisions for liabilities and charges 165,675 77,136
C) Staff severance indemnity 575,788 473,876
D) Payables
4) payables due to banks 43,412,531 36,406,799
due after the following year 2,059,233 4,321,689
6) advances 8,598 -
due during the following year 8,598 -
7) trade payables 18,787,422 16,400,603
9) payables due to controlled companies 707,802 232,606
12) tax payables 512,938 591,198
13) payables due to pension and social security institutions 149,589 151,776
14) other payables 1,172,675 965,743

31/12/2017 31/12/2016
due during the following year 1,077,675 695,743
due after the following year 95,000 270,000
Total payables 64,751,555 54,748,725
Total liabilities 86,552,541 75,028,176
Income statement
31/12/2017 31/12/2016
A) Value of production
1) sales and services revenues 162,290,029 148,297,406
5) other revenues and income - -
grants for current expenses - 4,570
others 269,695 365,748
Total other revenues and income 269,695 370,318
Total value of production 162,559,724 148,667,724
B) Production costs
6) for raw, ancillary and consumable materials and goods 150,803,673 133,949,614
7) for services 9,322,380 8,364,831
8) for use of third-party assets 1,464,283 1,463,295
9) for personnel - -
a) salaries and wages 2,047,795 1,744,458
b) social security contributions 566,986 477,844
c) staff severance indemnity 146,235 123,979
e) other costs 13,793 9,893
Total personnel costs 2,774,809 2,356,174
10) amortisation, depreciation and write-downs - -
a) amortisation of intangible fixed assets 66,552 71,395
b) depreciation of tangible fixed assets 163,105 137,060
d) write-downs of current receivables and of cash and cash equivalents 100,784 83,037
Total amortisation, depreciation and write-downs 330,441 291,492
11) changes in inventories of raw and ancillary materials, consumables and goods (4,410,449) (140,060)
14) sundry operating expenses 171,081 221,645
Total production costs 160,456,218 146,506,991

31/12/2017 31/12/2016
Difference between value and costs of production (A - B) 2,103,506 2,160,733
C) Financial income and charges
16) other financial income - -
a) from non-current receivables - -
from controlled companies 22,883 4,889
Total financial income from non-current receivables 22,883 4,889
d) other income - -
others 3,648 282
Total other income 3,648 282
Total other financial income 26,531 5,171
17) interest and other financial charges - -
others 182,368 169,376
Total interest and other financial charges 182,368 169,376
17-bis) exchange rate gains and losses (8) (27)
Total financial income and charges (15+16-17+-17-bis) (155,845) (164,232)
Profit (loss) before taxes (A-B+-C+-D) 1,947,661 1,996,501
20) Current, deferred and prepaid income tax for the year
current taxes 616,699 585,816
deferred and prepaid taxes (119) 9,689
Total current, deferred and prepaid income tax for the year 616,580 595,505
21) Profit (loss) for the year 1,331,081 1,400,996

Cash Flow Statement - indirect method
Amount as of Amount as of
31/12/2017 31/12/2016
A) Cash flow from operating activities (indirect method)
Profit (loss) for the year 1,331,081 1,400,996
Income taxes 616,580 595,505
Interest payable/(interest receivable) 155,837 164,205
(Gains)/Losses from the sale of assets (3,697) (16,292)
1) Profit (loss) for the year before income taxes, interest, dividends and gains/losses from disposals 2,099,801 2,144,414
Adjustments for non-monetary items without an offsetting counterpart in net working capital
Allocations to provisions 202,846 165,099
Amortisation and depreciation of fixed assets 229,657 208,455
Write-downs due to value impairments 100,784 83,037
Other increases/(decreases) for non-monetary items (447) 751
Total adjustments for non-monetary items without an offsetting counterpart in net working capital 532,840 457,342
2) Cash flow before changes to net working capital 2,632,641 2,601,756
Changes to net working capital
Decrease/(increase) in inventories (4,410,449) (140,060)
Decrease/(increase) in trade receivables (3,871,943) 460,829
Increase/(decrease) in trade payables 2,386,819 (2,207,309)
Decrease/(increase) in accrued income and prepaid expenses (92,581) (49,247)
Increase/(decrease) in accrued liabilities and deferred income (700)
Other decreases/(Other increases) to net working capital (352,902) (3,437,811)
Total changes to net working capital (6,341,056) (5,374,298)
3) Cash flow after changes to net working capital (3,708,415) (2,772,542)
Other adjustments
Collected/(paid) interest (155,837) (164,205)
(Income taxes duly paid) (686,562) (1,074,543)
(Use of provisions) (61,961)
Other proceeds/(payments) (11,945)
Total other adjustments (854,344) (1,300,709)
Cash flow from operating activities (A) (4,562,759) (4,073,251)

Amount as of Amount as of
31/12/2017 31/12/2016
B. Cash flows from investment activity
Tangible fixed assets
(Investments) (168,168) (278,609)
Divestments 4,924 22,791
Intangible fixed assets
(Investments) (56,726) (78,330)
Financial fixed assets
(Investments) (1,417,172) (2,085,419)
Divestments 11,850
Cash flow from investment activity (B) (1,637,142) (2,407,717)
C. Cash flows from financing activity
Third-party financing
Increase/(decrease) in short-term payables due to banks 9,099,781 3,052,447
Raising finance 3,000,000 6,500,000
(Repayment of loans) (5,094,049) (3,415,853)
Cash flow from financing activity (C) 7,005,732 6,136,594
Increase (decrease) of cash and cash equivalents (A ± B ± C) 805,831 (344,374)
Cash and cash equivalents at the beginning of the year
Bank and post office deposits 417,026 758,510
Cash and equivalents on hand 2,756 5,646
Total cash and cash equivalents at the beginning of the year 419,782 764,156
Cash and cash equivalents at the end of the year
Bank and post office deposits 1,220,122 417,026
Cash and equivalents on hand 5,491 2,756
Total cash and cash equivalents at the end of the year 1,225,613 419,782
Balancing difference
Explanatory notes - Initial part

Dear Shareholders,
these Explanatory Notes, together with the Balance Sheet, Income Statement and Cash Flow Statement, form
an integral part of the financial statements at 31/12/2017. The financial statements are compliant with the
provisions of art. 2423 et seq. of the (Italian) Civil Code and the national accounting principles as issued by the

‘Organismo Italiano di Contabilità’ (‘Italian Accounting Board’). They provide a true and correct representation
of the company’s balance sheet and financial position, as well as the result for the year.
The content of the Balance Sheet and Income Statement is that envisaged by arts. 2424 and 2425 of the
(Italian)Civil Code, while the Cash Flow Statement has been drawn up pursuant to art. 2425-ter).
The purpose of these Explanatory Notes, drawn up pursuant to art. 2427 of the (Italian) Civil Code, is to
illustrate, analyse and, in certain cases, integrate financial statement data. They also contain all necessary or
useful information to provide a true and correct representation of the company’s balance sheet and financial
position, as well as its result for the year, even though such information is not specifically required by specific
legal provisions.
It is to be noted that the publication of (Italian) Legislative Decree no.139 dated 18th August 2016 in the Italian
Official Journal of 4th September 2015 (Italian Legislative Decree no. 139/2015), completed implementation of
the Directive 2013/34/EU. As a result, the provisions of the (Italian) Civil Code regarding financial statements
were duly updated.
It also hereby specified that, when drawing up these financial statements, the Italian accounting standards
referred to by art. 9 bis, paragraph 1, letter a) of (Italian) Legislative Decree no. 38 dated 28/02/2015 were
applied, as updated by the Organismo Italiano di Contabilità (OIC - the Italian Accounting Board) based on the
provisions included in the same Decree and amended by the document issued on 29th December 2017.
With regard to the preparation of support documents to the financial statements, please be informed that the
Directors' Report has been drawn up as per art. 2428 of the (Italian) Civil Code.
These Explanatory Notes do not provide the information referred to by article 2427-bis, second paragraph, of
the (Italian) Civil Code, as the conditions stated therein do not apply.
Company activities
As you know, your company operates in the plastics distribution sector, in particular as a distributor of
thermoplastic granules.
Accounting principles
The principles used to prepare the financial statements are the same as those provided for by art. 2423-bis of
the (Italian) Civil Code; in particular:
 individual items were assessed with due caution and with the prospect of normal company activity
continuing;
 income and expenses were recorded on an accrual basis regardless of when the associated cash
movements took place;
 any risks and losses for the year were taken into consideration, even if they became known after the close
of the financial year;
 only profits actually made during the year were taken into account;
 different elements making up the single items under assets and liabilities were indicated separately, in
order to avoid any item compensation;
 items were reported and presented taking into account the scope of the transaction or the scope of the
contract;
 during the previous year and in the months prior to the approval of the financial statements, there were no
exceptional circumstances requiring recourse to the exceptions provided for by art. 2423 of the (Italian)
Civil Code in order to provide a true and correct representation of the financial statements.
Pursuant to article 2423, paragraph 5, of the (Italian) Civil Code, amounts stated in the financial statements and
the explanatory notes are expressed in EURO.
Structure and contents of the financial statements
The Balance Sheet, Income Statement and Cash Flow Statement and accounting information contained in the
present Explanatory Notes are directly taken from the duly kept accounting records.
No items preceded by Arabic numerals were grouped together in the Balance Sheet and Income Statement, as
is optionally provided for by art. 2423 ter of the (Italian) Civil Code.

Pursuant to art. 2424 of the (Italian) Civil Code, it is hereby confirmed that there are no assets or liabilities that
fall under more than one financial statement item.
Accounting criteria
The criteria used to assess financial statement items and value adjustments comply with the provisions of the
(Italian) Civil Code and the accounting principles issued by the ‘Organismo Italiano di Contabilità’ (‘Italian
Accounting Board’).
In particular, the accounting criteria used to assess each individual item comply with the provisions of art. 2426
of the (Italian) Civil Code, as integrated and amended with the implementation of EEC Directive no.
2013/34/EU. The criteria applied were the same as those used to draw up the financial statements for the
previous year.
The information contained in this document is presented in the order in which the relevant items are listed in the
Balance Sheet and Income Statement. The accounting criteria adopted are specifically commented upon for
each individual item.
Explanatory notes - Assets

In relation to the information provisions required by art. 2427, no. 6 and 6-ter, of the (Italian) Civil Code, with
respect to all receivable items preliminarily recorded under assets, it is to be noted that:
- there are no receivables due after five years;
- there are no receivables relating to transactions involving repurchase agreement obligations for the buyer.
The items recorded under ‘assets’ in the balance sheet are presented below.
Fixed assets
Intangible fixed assets

Intangible fixed assets are recorded at acquisition cost, including the relative ancillary costs, with separate
presentation of the provisions that cover the amortisation that is systematically calculated and accrued over the
assets’ remaining useful life.
Amortisation of intangible fixed assets is carried out using constant rates in relation to the remaining useful
future economic life of each individual asset or expense.
Expenses incurred for the acquisition of software and applications needed to manage the company are
amortised over three years.
Improvements to third-party assets are amortised at rates based on the duration of the contract.
Pursuant to art. 10 of (Italian) law no. 72 dated 19th March 1983, and as also drawn from subsequent monetary
revaluation laws, it should be noted that, as far as existing intangible fixed assets are concerned, there has
never been any monetary revaluation.
It should be noted that there was no need to make any write-downs on said non-current expenses, as per art.
2426, paragraph 1, no. 3 of the (Italian) Civil Code, since there were no indicators of potential impairment to the
value of intangible fixed assets, as provided for by accounting standard OIC 9 (issued by the Italian Accounting
Board).

Changes in intangible fixed assets

The breakdown of and changes to intangible fixed asset costs and relative accumulated amortisation are
reported in the following table.
Industrial patents and

Other intangible fixed assets Total intangible fixed assets
intellectual property rights
Value at the beginning of the

year
Cost 228,160 756,689 984,849
Amortisation (accumulated
175,641 719,942 895,583
amortisation)
Book value 52,519 36,747 89,266
Changes during the year
Increases for acquisitions 15,226 41,500 56,726
Amortisation for the year 36,097 30,455 66,552
Total changes (20,871) 11,045 (9,826)
Value at the end of the year
Cost 243,386 798,189 1,041,575
Amortisation (accumulated
211,738 750,397 962,135
amortisation)
Book value 31,648 47,792 79,440
Industrial patents and intellectual property rights

This item includes the expenses incurred for the purchase of software and applications necessary for the
company’s IT management.
Other intangible fixed assets
Other intangible fixed assets refer to expenses incurred for the improvement of leased property.
Tangible fixed assets
Changes in tangible fixed assets

Tangible fixed assets are recorded at purchase cost or at internal production cost, including direct ancillary
costs.
Pursuant to the information obligations provided for by art. 10 of (Italian) law no. 72/83 and by arts. 2423 and
2423-bis of the (Italian) Civil Code, it is hereby specified that, as far as existing assets are concerned, there
have been no monetary or economic revaluations, nor has there ever been the basis for any exceptions to
standard accounting criteria.
Depreciation recorded in the income statement is calculated systematically and constantly on the basis of rates
that are representative of the estimated economic-technical useful life of the assets in question.
The depreciation rates representing residual useful life are as follows:
- lightweight constructions: 10%
- communication systems: 20%

- equipment: 15%
- vehicles: 25%
- furniture: 12%
- heavy trucks: 20%
- electronic office equipment: 20%
- furnishings: 15%
- anti-theft system: 30%
- neon sign: 10%
- company transport: 20%
- data processor: 20%
All goods with a unit cost not exceeding € 516.46 are fully depreciated over the year, since their value of use is
not significant. Moreover, this criterion complies with the relevant tax provision (article 102, paragraph 5, of the
TUIR - Italian Income Tax Consolidation Act).
It should be noted that there was no need to make any write-downs as per art. 2426, paragraph 1, no. 3, of the
(Italian) Civil Code since there were no indicators of potential impairment to the value of tangible assets, as
provided for by accounting standard OIC 9 (issued by the Italian Accounting Board)
The residual value of assets, taking into account the depreciation applied, is in fact proportionate to their
remaining useful life.
Industrial and
Plants and Other tangible fixed Total tangible fixed
Lands and buildings commercial
machinery assets assets
equipment
Value at the
beginning of the
year
Cost 33,463 103,639 53,013 1,249,215 1,439,330
Depreciation
(accumulated 29,745 91,783 36,235 846,069 1,003,832
depreciation)
Book value 3,718 11,856 16,778 403,146 435,498
Changes during the

year
Increases for
- 2,090 21,894 144,184 168,168
acquisitions
Decreases for
disposals (of book - - - 29,248 29,248
value)
Depreciation for the

3,346 3,722 5,615 150,422 163,105
year
Other changes - - - 28,020 28,020
Total changes (3,346) (1,632) 16,279 (7,466) 3,835
Value at the end of

the year
Cost 33,463 105,729 74,908 1,364,151 1,578,251
Depreciation 33,091 95,505 41,850 968,471 1,138,917

Industrial and
Plants and Other tangible fixed Total tangible fixed
Lands and buildings commercial
machinery assets assets
equipment
(accumulated
depreciation)
Book value 372 10,224 33,058 395,680 439,334
Financial fixed assets

Equity investments in controlled companies and other companies
Investments in controlled companies and other companies, representing strategic and long-term investments
for the company, are accounted for using the method based on the acquisition or subscription cost, including
any ancillary investment costs.
Where applicable, said cost is increased for subsequent capital contributions or for the purchase of new shares
or stocks or in order to cover losses, even in the case of renouncing previous financing.
The book value of each equity investment is monitored every year so as to determine whether there is a need
for a write-down. A write-down is necessary in the event that the shareholders’ equity of the investee company
records a long-term loss in value (i.e. an ongoing tendency to record values below the book value, taking into
account the investee company’s developments and future prospects).
Receivables from controlled companies
Receivables recorded under financial fixed assets - made up of loans to controlled companies - are shown at
nominal value.
Changes in equity investments, other securities and non-current derivative financial instruments
The breakdown of and changes to financial fixed asset costs are reported in the following table.
Equity investments in Equity investments in other

Total equity investments
controlled companies companies

year
Cost 1,925,986 940 1,926,926
Book value 1,925,986 940 1,926,926
Increases for acquisitions 62,583 - 62,583
Total changes 62,583 - 62,583
Value at the end of the year
Cost 1,988,569 940 1,989,509
Book value 1,988,569 940 1,989,509
Over the course of 2017, the company acquired an additional 1% of the share capital of INTERPOLIMERI
SPAIN (SPE), giving it a shareholding equal to 73.5% of the company.

On 30/10/2017, INTERPOLIMERI HUNGARY was established, a company incorporated under Hungarian law,
with headquarters in Budapest, Andrássy út 100. The share capital of the newly-established subsidiary is HUF
15,000,000, of which Interpolimeri holds an 85% stake (HUF 12,750,000), equal to Euro 41,083.
Changes and due date of non-current receivables

All items related to the financial investments made by the company and/or directly attributable to the equity
investments held are recorded under non-current receivables.
The following table shows the breakdown of and changes to the item in question.
Value at the
Changes during Value at the end Amount due Amount due after
beginning of the
the year of the year during the year the year
year
Receivables from controlled

1,626,918 1,354,589 2,981,507 751,635 2,229,872
companies
Total 1,626,918 1,354,589 2,981,507 751,635 2,229,872
The company has interest-bearing/non-interest bearing loans in place granted to controlled companies, in order
to allow them to carry out their planned investments. Since the aforementioned loans are intended to serve the
financial needs of the controlled companies over the long term, they have been considered, in part, due after
the financial year.
In particular, the company granted an interest-bearing loan to the controlled company IP Portugal SA for Euro
750,000, and a new interest-bearing loan to the controlled company Interpolimeri Spain for Euro 1,100,000.
Changes to the loans granted to controlled companies are shown below:
Net value at Net value at
Description Increase Decrease Moving items
31/12/2016 31/12/2017
Interpolimeri Spain S.L. 1,376,918 1,100,000 (495,411) - 1,981,507
IP Interpolimeri Portugal S.A. 250,000 750,000 - - 1,000,000
TOTAL 1,626,918 1,850,000 (495,411) - 2,981,507
Information on equity investments in controlled companies recorded under fixed assets

Pursuant to art. 2427, no. 5), of the (Italian) Civil Code, the main figures for controlled companies, as of the
closing date of the financial year at 31/12/2017, as reported in the last approved financial statements, are
presented below:
City, if in Italy, Profit (loss) for Book value or

Company Shareholders’ Shareholding %
or foreign Capital in Euro the last year in corresponding
name equity in Euro in Euro Shareholding
country Euro receivable
Interpolimeri
Spain 2,000,000 438,356 2,576,938 1,894,049 73.500 1,914,486
Spain SL

City, if in Italy, Profit (loss) for Book value or

Company Shareholders’ Shareholding %
or foreign Capital in Euro the last year in corresponding
name equity in Euro in Euro Shareholding
country Euro receivable
IP Portugal SA Portugal 50,000 99,199 90,453 59,699 66.000 33,000
Interpolimeri
Hungary 48,336 (16,602) 31,734 26,974 85.000 41,083
Hungary
Total 1,988,569
Interpolimeri Spain S.L. markets, imports, exports and distributes processed plastics and raw materials.
The equity investment has been recorded at a higher purchase cost than the corresponding share of
Shareholders’ Equity at 31/12/2017 due to the expected cash flows resulting from the various initiatives.
IP Interpolimeri Portugal S.A. markets, imports, exports and distributes processed plastics and raw materials.
Interpolimeri Hungary markets, imports, exports and distributes processed plastics and raw materials.
The equity investment has been recorded at a higher purchase cost than the corresponding share of
Shareholders’ Equity at 31/12/2017 due to the expected cash flows resulting from the various initiatives.
There are no share availability restrictions for the investor company and there are no option rights or other
privileges, without prejudice to the pre-emption right in favour of other shareholders as provided for by the
articles of association.
Breakdown of non-current receivables by geographic area

The breakdown of non-current receivables at 31/12/2017 by geographic area is shown in the following table
(article 2427, paragraph 1, no. 6 of the Italian Civil Code).
Non-current receivables due from

Geographic area Total non-current receivables
controlled companies
EU 2,981,507 2,981,507
Current assets
Current assets refer to the items stated below.
Inventories
Inventories relating to finished products and goods are valued at either their acquisition or production cost or at
their net realizable value based on market conditions, whichever is lower, applying the moving weighted
average method.
Should the cost, as determined above, be higher than the market value at the end of the year, then inventories
are valued at said lower value.
The market value, which is compared with the cost, refers to the average repurchase price as determined by
ICIS LOR lists.
Value at the beginning of Value at the end of the

the year year


the year year
finished products and goods 17,381,337 4,410,449 21,791,786
Total 17,381,337 4,410,449 21,791,786
Receivables recorded under current assets

Receivables recorded under current assets have been recorded at their estimated realizable value and
therefore at their nominal value adjusted for probable losses based on conservative estimates. As far as the
‘receivables’ item is concerned, pursuant to art. 2423 paragraph 4 of the (Italian) Civil Code, it has been
established that the application of the amortised cost and/or discounted cash flow method is irrelevant for the
purpose of providing a true and correct representation of the company’s balance sheet and financial position as
well as its result for the year.
Adjustment to their estimated realizable value has been carried out using a specific bad debt provision.
Changes and due date of current receivables

The table below provides information on changes to receivables recorded under current assets and, if relevant,
information on their due date.
Value at the
beginning of the
year
Trade receivables 43,597,657 3,771,159 47,368,816 47,368,816 -
Receivables from controlled

8,958,906 960,430 9,919,336 9,919,336 -
companies
Tax credits 20,703 53,031 73,734 73,734 -
Prepaid taxes 72,543 119 72,662 - -
Other accounts receivable 313,471 19,583 333,054 317,324 15,730
Total 52,963,280 4,804,322 57,767,602 57,679,210 15,730
As far as the single items are concerned, the following should be noted.
Trade receivables
The breakdown of trade receivables is illustrated with the aid of the following tables, which also document the
changes in the bad debt provision.
Total Variation
Details 2017 2016
variations %
Invoices to be issued to third-party clients 210,415 191,087 19,328 10
Credit notes to be issued to third-party clients - (23,163) 23,163 (100)
Third-party clients in Italy 15,208,615 5,070,362 10,138,253 200
Entitlements 32,892,662 39,290,934 (6,398,272) (16)
Bad debt provision for trade receivables (942,876) (931,563) (11,313) 1

Total Variation
Details 2017 2016
variations %
Total 47,368,816 43,597,657 3,771,159
The nominal value of receivables was adjusted to their estimated realizable value using a specific bad debt
provision, which underwent the following changes over the course of the financial year:
Description Balance at 31/12/2016 (Uses) Provisions Balance at

31/12/2017
Taxable bad debt provision 455,216 - - 455,216
Deducted bad debt provision 476,347 (89,471) 100,784 487,660
Total 931,563 (89,471) 100,784 942,876
Receivables from controlled companies

The following table shows the positive balance at 31/12/2017 for commercial supplies and interest on the
interest-bearing loans granted to controlled companies.
Total Variation
Details 2017 2016
variations %
Controlled companies as clients 9,919,336 8,958,906 960,430 11
Total 9,919,336 8,958,906 960,430
Tax credits
Total Variation
Details 2017 2016
variations %
Recovery of sums paid L.D. 66/2014 3,822 867 2,955 341
IRES (corporate income tax) 69,912 6,461 63,451 982
IRAP (regional income tax) - 13,375 (13,375) (100)
Total 73,734 20,703 53,031
As shown in the table above, tax credits at the closing date of these financial statements relate to:
• the tax credit in place at the end of the financial year with regard to the so-called “Renzi Bonus”;
• the tax credit related to the balance of income taxes for the year, made up of the IRES surplus, the
composition of which can be found in the table below:
Description Values
IRAP (regional income tax) for the year:
current IRAP 147,903

(Credit carried forward from the previous year) -
(Advances paid) (133,605)
Balance of IRAP payable 14,298
IRES (corporate income tax) for the year:
current IRES 468,796
(Credit carried forward from the previous year) -
(Advances paid) (552,957)
(Withholding tax applied) (49)
(Tax credits for energy saving) -
Balance of IRES receivable (84,210)
IRES-IRAP compensation
Total net balance receivable (69,912)
Receivables for prepaid taxes

The receivable for prepaid taxes is estimated in relation to the temporary downward changes - considered net
of temporary upward changes - to be made in following tax years.
In particular, the amount recorded in the balance sheet at year end was calculated taking as a basis, with
respect to each individual set-off tax period, the negative income components which contributed to the final
statutory net result for the year - and that will be deductible for tax purposes in a different tax year (next) - net of
income items for the same financial year that will be taxed in following tax years.
Total Variation
Details 2017 2016
variations %
IRES credits for prepaid taxes 68,000 67,363 637 1
IRAP credits for prepaid taxes 4,662 5,180 (518) (10)
Total 72,662 72,543 119
Pursuant to art. 2427 no. 14 of the (Italian) Civil Code, the following table provides details of the temporary
differences leading to deferred and prepaid taxes. The tax rate used was equal to 24% for IRES (corporate
income tax) and 3.9% for IRAP (regional income tax).
Description Amount for the 2017 Tax effect Amount for the 2016 Tax effect
financial year financial year
PREPAID TAXES
Maintenance in excess 64,204 15,409 36,351 8,724
Bad debt provision 99,514 28,545 99,514 23,883
Amounts of goodwill tax depreciation 119,616 28,708 132,907 37,078
Supplementary provisions for agents - - 11,910 2,858
Total prepaid taxes 283,334 72,662 280,682 72,543

Other accounts receivable

This item contains all receivable items that cannot be classified differently under current assets.
The balance is broken down as follows:
Total Variation
Details 2017 2016
variations %
Advances to third-party suppliers 233,972 35,520 198,452 559
Deposits for utilities 3,774 2,976 798 27
Miscellaneous deposits 11,956 11,956 - -
Miscellaneous receivables from third parties 70,886 109,840 (38,954) (35)
Invoices to be received from third-party suppliers - 153,179 (153,179) (100)
Advances to INAIL 12,466 - 12,466 -
Total 333,054 313,471 19,583
Breakdown of current receivables by geographic area

The breakdown of receivables at 31/12/2017 by geographic area is shown in the following table (article 2427,
paragraph 1, no. 6 of the Italian Civil Code).
Current Receivables for Other accounts

Current trade receivables due Current tax prepaid taxes receivable Total current
Geographic area
receivables from controlled credits recorded under recorded under receivables
companies current assets current assets
Italy 46,436,524 - 73,734 72,662 333,054 46,915,974
EU 790,679 9,919,336 - - - 10,710,015
Non-EU 141,613 - - - - 141,613
Total 47,368,816 9,919,336 73,734 72,662 333,054 57,767,602
Cash and cash equivalents

Cash on hand and available bank liquidity are recorded at nominal value.

the year year
bank and post office deposits 417,026 803,096 1,220,122
cash and equivalents on hand 2,756 2,735 5,491
Total 419,782 805,831 1,225,613
The amount of cash and other equivalents is limited to immediate liquidity needs.
Other cash and cash equivalents correspond to the accounting of temporary positive balances relating to
ordinary bank accounts, including interest receivable accrued during the year.

Accrued income and prepaid expenses

These are calculated on an accrual basis, applying the principle of matching expenses and revenues.

Changes during the year Value at the end of the year
year
Accrued income - 71 71
Prepaid expenses 185,169 92,510 277,679
Total accrued income and

185,169 92,581 277,750
prepaid expenses
Details of the breakdown of this item are as follows (art. 2427, first paragraph, no. 7, of the Italian Civil Code).
Description Value
Pre-paid expenses - telephone bills 7,534
Pre-paid expenses - insurance 28,386
Pre-paid expenses - vehicle tax 2,319
Pre-paid expenses - commercial information 42,432
Pre-paid expenses - vehicle rental 9,475
Pre-paid expenses - vehicle maintenance 3,483
Pre-paid expenses - hardware/software assistance 12,764
Pre-paid expenses - entertainment expenses 7,260
Pre-paid expenses - surety guarantee fees 118,453
Pre-paid expenses - assistance with miscellaneous equipment 504
Pre-paid expenses - magazine and journal subscriptions 4,578
Pre-paid expenses - other fees and taxes 135
Pre-paid expenses - bank fees 1,026
Pre-paid expenses - advertising 15,263
Pre-paid expenses - financing fees 24,067
Total 277.679
Explanatory notes - Liabilities and shareholders' equity

Please see below the items included under shareholders' equity and balance sheet liabilities.

Shareholders' equity
Items are presented in the balance sheet at their book value according to accounting standard OIC 28 (issued
by the Italian Accounting Board).
Changes in shareholders' equity

The table below highlights the changes to the single items making up shareholders’ equity over the course of
the financial year.
Value at 31/12/2015
Analysis of changes in shareholders' equity items
Allocation of
Value at the
previous year's Other changes - Other changes - Profit (loss) for Value at the end
beginning of the
profit - Other Increases Decreases the year of the year
year
allocations
Share capital 5,000,000 - 5,000,000 - - 10,000,000
Legal reserve 605,266 56,824 - - - 662,090
Extraordinary
8,870,810 1,079,651 - 4,500,000 - 5,450,461
reserve
Miscellaneous
1 - - - - 1
other reserves
Total other
8,870,811 1,079,651 - 4,500,000 - 5,450,462
reserves
Profit (loss) for the

1,136,475 (1,136,475) - - 2,214,894 2,214,894
year
Total 15,612,552 - 5,000,000 4,500,000 2,214,894 18,327,446
Value at 31/12/2016
Allocation of
Value at the
previous year's Other changes - Other changes - Profit (loss) for Value at the end
beginning of the
profit - Other Increases Decreases the year of the year
year
allocations
Share capital 10,000,000 - - - - 10,000,000
Legal reserve 662,090 110,745 - - - 772,835
Extraordinary
5,450,461 2,104,149 1 - - 7,554,611
reserve
Miscellaneous
1 - - 4 - (3)
other reserves
Total other
5,450,462 2,104,149 1 4 - 7,554,608
reserves

2,214,894 (2,214,894) - - 1,400,996 1,400,996
year
Total 18,327,446 - 1 4 1,400,996 19,728,439

Value at 31/12/2017
Allocation of
Value at the
previous year's Other changes - Profit (loss) for the Value at the end of
beginning of the
profit - Other Increases year the year
year
allocations
Share capital 10,000,000 - - - 10,000,000
Legal reserve 772,835 70,050 - - 842,885
Extraordinary reserve 7,554,611 1,330,946 - - 8,885,557
Miscellaneous other
(3) - 3 - -
reserves
Total other reserves 7,554,608 1,330,946 3 - 8,885,557

1,400,996 (1,400,996) - 1,331,081 1,331,081
year
Total 19,728,439 - 3 1,331,081 21,059,523
Share capital
The share capital as of 31/12/2017, fully issued and paid-up, is equal to Euro 10,000,000.00, made up of
10,000,000.00 ordinary shares each with a nominal value of Euro 1.00.
Legal reserve
Pursuant to art. 2430, paragraph 1, of the (Italian) Civil Code, the reserve has been increased by 1/20 of the
profit made in the previous financial year.
Other reserves
As of 31st December 2017, this item was made up of the "Extraordinary reserve", which was increased using
the profit from the 2016 financial year for a sum of
Euro 1,330,946, as per the resolution passed to approve the corresponding annual financial statements.
Availability and use of shareholders’ equity

Pursuant to art. 2427, no. 7-bis) of the (Italian) Civil Code, the table below provides details of the potential uses
of shareholders’ equity for share capital increases, loss coverage, distributions to shareholders and other uses,
as well as showing the uses from the previous years.
Summary of uses in
the three previous
Description Amount Origin/Nature Possible use Available share
years - for other
reasons
Share capital 10,000,000 Capital - -
Legal reserve 842,885 Profits B - -
Extraordinary reserve 8,885,557 Profits A;B;C 8,885,557 4,500,000
Total other reserves 8,885,557 Profits - -
Total 19,728,442 8,885,557 4,500,000

Summary of uses in
the three previous
Description Amount Origin/Nature Possible use Available share
years - for other
reasons
Non-distributable
-
amount
Residual distributable
8,885,557
amount
Key: A: for capital increase; B: to cover losses; C: for distribution to shareholders; D: for other statutory constraints; E: other
The use of the Extraordinary Reserve for Euro 4,500,000 refers to the free share capital increase carried out
over the course of the 2015.
Provisions for liabilities and charges

In compliance with the principle of prudence and accrual basis accounting, provisions for liabilities and charges
include provisions made to cover losses or payables of a specific nature and whose existence is certain or
probable, but for which it was not possible to determine either the actual amount or date of occurrence. When
assessing the liabilities and charges whose actual occurrence is subject to future events, all information made
available since the end of the year, and until the date of preparation of these financial statements, have been
taken into consideration.
Contingent liabilities have been recorded in the balance sheet and in the provisions as they are considered
likely to happen, and their amount may be reasonably estimated.
Value at the Changes during

Changes during Changes during Value at the end
beginning of the the year -
the year - Others the year - Total of the year
year Provision
Severance & pension liabilities

77,136 88,989 (450) 88,539 165,675
and similar obligations
Total 77,136 88,989 (450) 88,539 165,675
The following table provides a breakdown and details of the changes to this item:
Total Variation
Details 2017 2016
variations %
Provision for supplementary customer allowances 19,173 10,336 8,837 85
Provision for directors' TFM (end of mandate indemnity) 146,502 66,800 79,702 119
Total 165,675 77,136 88,539
Staff severance indemnity

This represents the actual amount due to employees in accordance with laws, labour contracts and company
agreements currently in force.

The table below shows the changes to this item during the financial year.
Value at the Changes during
Changes during Changes during Value at the end
beginning of the the year -
the year - Use the year - Total of the year
year Provision
STAFF SEVERANCE
473,876 113,857 11,945 101,912 575,788
INDEMNITY
Total 473,876 113,857 11,945 101,912 575,788
The provision for staff severance indemnity has been calculated by taking into account the existing rules on
severance indemnities in accordance with art . 2120 of the (Italian) Civil Code and covers the amounts accrued
for employees at 31/12/2017 in relation to existing contractual obligations and applicable legislation.
Any amounts paid out to employees who terminated their employment during the year, amounts optionally
allocated to pension funds and, where appropriate, amounts paid as an advance on the liquidation, were
deducted from the provision. The provision includes the allocations made for employees of the Company at
31/12/2017, net of the substitute tax of 17%.
Payables
Payables are recorded under liabilities at their nominal value, considered equal to their estimated realizable
value; they have not been recorded in the financial statements according to the amortised cost method since,
pursuant to art. 2423, paragraph 4 of the (Italian) Civil Code, it has been established that the application of said
method is irrelevant for the purpose of providing a true and correct representation of the company’s balance
sheet and financial position as well as its result for the year.
Payables originating from the acquisition of assets are recorded when the relative risks, charges and benefits
are transferred; payables for services are recorded when the service is carried out; financial payables and other
payables are recorded when the payable amount is due.
Pursuant to paragraph 6 and 6-ter of art. 2427 of the (Italian) Civil Code, it is hereby specified that:
 there are no payables due after five years;
 there are no payables secured by real guarantees on company assets;
 there are no payables relating to transactions involving repurchase agreement obligations for the buyer.
Changes and due date of payables

The below table highlights the changes to the single posts making up this item over the course of the financial
year.
Value at the
beginning of the
year
Payables due to banks 36,406,799 7,005,732 43,412,531 41,353,298 2,059,233
Advances - 8,598 8,598 8,598 -
Trade payables 16,400,603 2,386,819 18,787,422 18,787,422 -
Payables due to controlled

232,606 475,196 707,802 707,802 -
companies

Value at the
beginning of the
year
Tax payables 591,198 (78,260) 512,938 512,938 -
Payables due to pension and

151,776 (2,187) 149,589 149,589 -
social security institutions
Other payables 965,743 206,932 1,172,675 1,077,675 95,000
Total 54,748,725 10,002,830 64,751,555 62,597,322 2,154,233
As far as the single items are concerned, the following should be noted.
Payables due to banks
Total Variation
Details 2017 2016
variations %
Bank accounts 39,344 19,058 20,286 106
Banks - advances 5,741,198 3,557,403 2,183,795 61
Short-term bank loans 11,553,802 2,604,760 8,949,042 344
Medium/long-term bank loans 6,885,745 8,979,796 (2,094,051) (23)
Bank receipts - subject to collection 19,192,442 21,245,783 (2,053,341) (10)
Total 43,412,531 36,406,800 7,005,731
The balance of payables due to banks at 31/12/2017 expresses the actual payable amount due for capital,
interest and matured ancillary costs.
With reference to art. 2427, point no. 6 of the (Italian) Civil Code, it should be noted that the Company has no
payables in place that are backed by company assets.
Advances
The table below shows the advances received from clients with reference to commercial transactions.
Total Variation
Details 2017 2016
variations %
Advances from third-party clients and expense accounts 8,598 - 8,598 100
Total 8,598 - 8,598
Trade payables
Trade payables are recorded net of trade discounts and are rectified on the basis of rebates and returns
(invoicing adjustments) according to the amount defined with the counterpart; details are as follows:
Total Variation
Details 2017 2016
variations %
Invoices to be received from third-party suppliers 358,851 393,646 (34,795) (9)
Third-party suppliers Italy 18,428,571 16,006,957 2,421,614 15

Total Variation
Details 2017 2016
variations %
Total 18,787,422 16,400,603 2,386,819
Payables due to controlled companies

The following table shows the debit balance at 31/12/2017 for commercial supplies received from controlled
companies.
Total Variation
Details 2017 2016
variations %
Controlled companies as suppliers 707,802 232,606 475,196 204
Total 707,802 232,606 475,196
Tax payables
Tax payables are represented by liabilities for certain and specific taxes.
Total Variation
Details 2017 2016
variations %
VAT 151,068 280,860 (129,792) (46)
Withholding tax on employment income 361,488 297,871 63,617 21
Withholding tax on self-employment income - 12,174 (12,174) (100)
Substitute taxes on staff severance indemnity 382 293 89 30
Total 512,938 591,198 (78,260)
As shown in the table, Tax Payables at the closing date of these financial statements relate to:
 the payable in place at the end of the year in relation to the deductions made on self-employment income
and employees’ income, paid in the first months of the following year;
 the payable relating to the VAT balance for the month of December 2017;
 the payable relating to the substitute tax on matured staff severance indemnity.
Payables due to pension and social security institutions

This item classifies payables due to pension and social security institutions. Payables include the amounts due
from both service providers and the company.
Total Variation
Details 2017 2016
variations %
INPS - employees 116,858 115,982 876 1
INPS - contract staff 24,165 27,293 (3,128) (11)
INAIL - employees/contract staff 4,132 3,366 766 23
ENASARCO 4,434 5,135 (701) (14)

Total Variation
Details 2017 2016
variations %
Total 149,589 151,776 (2,187)
Other payables
The “Other payables” item is made up of the following:
Total Variation
Details 2017 2016
variations %
Payables due to supplementary pension funds 11,254 10,363 891 9
Payables due to directors 259,761 - 259,761 -
Payables due to contract staff 3,050 - 3,050 -
Payables for third-party deductions 370 - 370 -
Payables due to credit card suppliers 11,668 12,235 (567) (5)
Sundry payables due to third parties 416,642 523,716 (107,074) (20)
Staff salaries 155,591 188,597 (33,006) (18)
Expense reimbursements to staff 1,031 1,974 (943) (48)
Deferred salary payments to employees 313,308 208,079 105,229 51
Invoices to be issued to third-party clients - 1,855 (1,855) (100)
Clients with advances in the name and on behalf of - 18,924 (18,924) (100)
Total 1,172,675 965,743 206,932
Sundry payables to third parties also include payables due to the previous shareholders of the controlled
companies CHEMITEC PLASTICOS SLU and Interpolimeri Spain SA for Euro 270,000, following the
acquisition of shares in said companies completed in 2014.
Breakdown of payables by geographic area

The breakdown of Payables at 31/12/2017 by geographic area is shown in the table below (article 2427, first
paragraph, no. 6, of the Italian Civil Code).
Payables due
Payables due to pension
Geographic Payables due Trade Other
Advances to controlled Tax payables and social Payables
area to banks payables payables
companies security
institutions
Italy 43,412,531 8,598 6,929,608 - 512,938 149,589 902,675 51,915,939
EU - - 8,364,549 707,802 - - 270,000 9,342,351
Non-EU - - 3,493,265 - - - - 3,493,265
Total 43,412,531 8,598 18,787,422 707,802 512,938 149,589 1,172,675 64,751,555

Explanatory notes - Income statement

Expenses and revenues are recorded in the financial statements in accordance with the principle of prudence
and accrual basis accounting, recognising the relative accruals and deferrals.
Pursuant to art. 2425-bis of the (Italian) Civil Code, it is hereby stated that:
 revenues and income, costs and charges are recorded net of any returns, discounts, allowances and
bonuses;
 there are no expenses and revenues relating to transactions with a repurchase obligation;
 there are no capital gains arising from transactions with financial leasing.
Value of production
Revenues from sales of products are recognized upon transfer of ownership, normally coinciding with the
delivery or shipment of goods.
Revenues from services are recognized upon obtaining the right to their perception and therefore on a legal
and accrual basis.
Breakdown of sales and services revenues by geographic area

Sales revenues are divided by geographic area as follows:
Geographic area Current year value
Italy 148,816,154
EU 11,927,776
Non-EU 1,546,099
Total 162,290,029
The value of production can be broken down as follows.
Total Variation
Item Description Details 2017 2016
variations %
1) Sales and services revenues
Sale of goods 162,290,029 148,297,406 13,992,623 9
Total 162,290,029 148,297,406 13,992,623
5 a) Grants for current expenses
Grants for current expenses - 4,570 (4,570) (100)
Total - 4,570 (4,570)
Miscellaneous revenues and

5 b)
income

Total Variation
variations %
Reimbursement of various costs 64,200 101,100 (36,900) (36)
Compensation for loss of

400 5,544 (5,144) (93)
products/accidents
Non-recurring income 2,181 67,173 (64,992) (97)
Expense reimbursements - 791 (791) (100)
Other revenues and income 198,795 169,311 29,484 17
Capital gains from the sale of assets 4,119 21,828 (17,709) (81)
Total 269,695 365,747 (96,052)
Production costs
Costs and expenses are recognized on an accrual basis, respecting the principle of matching them with
revenues, and are recorded under the relative items in accordance with accounting standard OIC 12 (issued by
the Italian Accounting Board).
Costs for the purchase of goods and services are recorded in the income statement net of adjustments for
returns, discounts, allowances and rebates.
It is to be noted that the company has set up fixed-term contracts to hedge the exchange rate risk (for the
dollar) with regard to specific purchase contract commitments; the differences in exchange rates, due to their
business nature, directly rectify the cost of raw materials.
The following tables provide a breakdown of their composition:
Costs for raw and ancillary materials, consumables and goods
Total Variation
Details 2017 2016
variations %
Purchase of consumables 23,883 18,846 5,037 27
Purchase of goods for resale 150,434,304 133,070,373 17,363,931 13
Ancillary costs for purchases 748,399 1,186,307 (437,908) (37)
Discounts on purchases (406,962) (326,466) (80,496) 25
Allowances and rounding on purchases 4,049 554 3,495 631
Total 150,803,673 133,949,614 16,854,059
Costs for services

A breakdown of costs for services at 31/12/2017 is provided below:
Total Variation
Details 2017 2016
variations %
Other production services 32,507 - 32,507 100
Transport of sold/purchased items 5,250,475 4,615,483 634,992 14

Total Variation
Details 2017 2016
variations %
Warehouse charges for purchases 274,954 264,915 10,039 4
Commission payable 505,902 394,977 110,925 28
Fees for agents and sales representatives 61,935 15,144 46,791 309
Utilities 147,394 140,654 6,740 5
Maintenance and repairs 169,195 150,807 18,388 12
Vehicle handling fees 326,422 298,677 27,745 9
Professional consulting 381,030 388,813 (7,783) (2)
Contract staff fees 40,644 74,048 (33,404) (45)
Remuneration to company bodies 967,444 839,974 127,470 15
Costs for commercial services 183,425 191,997 (8,572) (4)
Cleaning and surveillance 66,377 65,755 622 1
Insurance premiums 290,802 272,667 18,135 7
Employees’ expense reimbursements 264,452 288,307 (23,855) (8)
Miscellaneous expenses 78,457 80,484 (2,027) (3)
Software assistance 107,011 135,762 (28,751) (21)
Bank commissions and fees 173,954 146,367 27,587 19
Total 9,322,380 8,364,831 957,549
Costs for the use of third-party assets

The table below better explains the distinction between rents payable and rental charges.
Total Variation
Details 2017 2016
variations %
Property lease rents 1,339,574 1,337,784 1,790 -
Rents and ancillary costs for vehicle rental 109,116 114,316 (5,200) (5)
Equipment rental fees 15,593 11,195 4,398 39
Total 1,464,283 1,463,295 988
Personnel costs
Total costs for employees are detailed below:
Total Variation
variations %
9.a) Salaries and wages
Gross salaries for employees 2,047,795 1,744,008 303,787 17

Total Variation
variations %
Gross salaries - 450 (450) (100)
Total 2,047,795 1,744,458 303,337
Pension and social security

9 b)
contributions
INPS contributions for employees 533,069 446,559 86,510 19
INPS contributions - 78 (78) (100)
Contributions to other pension and

social security bodies for ordinary 5,473 3,130 2,343 75
employees
INAIL premiums 28,444 28,077 367 1
Total 566,986 477,844 89,142
9 c) Staff severance indemnity
Share of staff severance indemnity for

113,857 93,574 20,283 22
employees (held in the company)
Share of staff severance indemnity for

employees (supplementary pension 32,378 30,405 1,973 6
funds)
Total 146,235 123,979 22,256
9 e) Other personnel costs
Other costs for employees 13,793 9,893 3,900 39
Total 13,793 9,893 3,900
Amortisation, depreciation and write-downs

The following tables show a summary of amortisation and depreciation and provisions of current receivables
and of cash and cash equivalents made during the year.
Total Variation
variations %
Amortisation of intangible fixed

10 a)
assets
Amortisation of industrial patents and

36,096 37,036 (940) (3)
intellectual property rights
Amortisation of maintenance fees on

30,456 34,358 (3,902) (11)
third-party assets
Total 66,552 71,394 (4,842)
Depreciation of tangible fixed

10 b)
assets
Depreciation of specific equipment 3,722 5,596 (1,874) (33)
Depreciation of miscellaneous and

5,615 3,349 2,266 68
minor equipment

Total Variation
variations %
Depreciation of furniture and

13,618 14,079 (461) (3)
furnishings
Depreciation of electronic office

303 397 (94) (24)
equipment
Depreciation of lightweight
3,346 3,346 - -
constructions
Depreciation of vehicles 97,560 78,712 18,848 24
Depreciation of mobile phones 2,237 3,688 (1,451) (39)
Depreciation of company transport 13,673 13,693 (20) -
Depreciation of other material assets 23,031 14,200 8,831 62
Total 163,105 137,060 26,045
Write-downs of current
10 d) receivables and of cash and
cash equivalents
Provision for bad and doubtful trade

100,784 83,037 17,747 21
receivables
Total 100,784 83,037 17,747
Changes in inventories of raw and ancillary materials, consumables and goods
Total Variation
Details 2017 2016
variations %
Final goods inventories (21,791,786) (17,381,337) (4,410,449) 25
Initial goods inventories 17,381,337 17,241,277 140,060 1
Total (4,410,449) (140,060) (4,270,389)
Sundry operating expenses

Sundry operating expenses include cost items that are unable to be classified elsewhere under production
costs. The below table provides details of their composition:
Total Variation
Details 2017 2016
variations %
Taxes on company-owned vehicles 15,913 14,311 1,602 11
Gifts - 2,412 (2,412) (100)
Stamp duties 12,373 12,479 (106) (1)
Non-deductible VAT 1,572 - 1,572 -
Chamber of commerce fees 2,734 - 2,734 -
Registration fee and licence tax 7,198 8,223 (1,025) (12)

Total Variation
Details 2017 2016
variations %
Waste collection and disposal tax 7,090 5,985 1,105 18
TASI (Italian council tax) 1,624 1,624 - -
Other indirect taxes 12,988 14,763 (1,775) (12)
Expenses, losses and contingent liabilities 16,076 27,938 (11,862) (42)
Sanctions, penalties and fines 6,958 5,526 1,432 26
Contributions to associations 930 480 450 94
Miscellaneous stationary 24,947 28,615 (3,668) (13)
Subscriptions, books and publications 16,754 14,190 2,564 18
Miscellaneous negative roundings 3 1 2 200
Donations 20,000 35,000 (15,000) (43)
Sanctions and compensation payable 23,499 44,562 (21,063) (47)
Capital losses on sale/disposal of assets 422 5,536 (5,114) (92)
Total 171,081 221,645 (50,564)
Financial income and charges

Financial income and charges are recognized on an accrual basis in relation to the amount accrued in the year.
All interest and other financial charges were paid in full during the year. Pursuant to art. 2427, paragraph 1, no.
8 of the (Italian) Civil Code, it is hereby stated that there are no capitalized financial charges.
The table below shows the interest received and the financial charges incurred during the year, broken down
pursuant to article 2427, point 12), of the (Italian) Civil Code.
Total Variation
variations %
Other financial income from non-

16.a) current receivables from
controlled companies
Interest income on non-current

receivables from controlled 22,883 4,889 17,994 368
companies
Total 22,883 4,889 17,994
Other income from other

16 d)
companies
Interest receivable on bank accounts 182 282 (100) (35)
Miscellaneous interest receivable 3,466 - 3,466 100
Total 3,648 282 3,366
17) Interest and other financial

Total Variation
variations %
charges due to other companies
Interest payable to banks 35,053 36,216 (1,163) (3)
Interest payable on third-party

78,014 80,036 (2,022) (3)
financing
Miscellaneous financial charges 69,301 53,124 16,177 30
Total 182,368 169,376 12,992
Exchange rate gains and losses

Any gains and losses on exchange rates are fully realized during the year. Details of currency management are
as follows:
Total Variation
Details 2017 2016
variations %
Exchange rate losses (8) (27) 19 (70)
Total (8) (27) 19
Amount and nature of individual revenue/cost items of exceptional size or incidence

No revenue/cost items or other income/expense items of exceptional size or incidence were reported during the
year.
Current, deferred and prepaid income taxes for the year

Taxes are set aside according to current tax rates and regulations and are recorded under item 22) of the
income statement - Income taxes for the year; in compliance with accounting standard OIC no. 25 (issued by
the Italian Accounting Board), taxes were recorded on an accrual basis by recording and presenting shares of
deferred or prepaid taxes in order to take into account the timing differences between statutory income and
taxable income, whose readjustment in future years is certain.
With that in mind, please see below the financial burden represented by IRES (corporate income tax) and IRAP
(regional income tax) for the year (current, deferred and prepaid):
Total Variation
variations %
20) Current income tax for the year
current IRES 468,796 452,211 16,585 4
current IRAP 147,903 133,605 14,298 11
Total 616,699 585,816 30,883
Deferred and prepaid income

tax for the year

Total Variation
variations %
Prepaid IRES for the period (637) - (637) 100
Prepaid IRAP from previous financial

518 518 - -
years
Prepaid IRES from previous financial

- 9,171 (9,171) (100)
years
Total (119) 9,689 (9,808)
Explanatory notes - Other information

Please see below the other information required by art. 2427, 2427-bis and 2428 no. 3 and 4 of the (Italian)
Civil Code, if and insofar as they are relevant to the case in question.
Employment figures
The average company headcount, broken down by category, is detailed below.
Executives White-collar workers Blue-collar workers Total employees
Average number 1 40 12 53
Compared to 2016, the average headcount increased by an average of 5 units.

The national labour contract in force is the one for the TRADE AND SERVICES industry.
Fees, advances and credits granted to directors and statutory auditors and commitments
made on their behalf
Pursuant to the law, the total remuneration due to directors and statutory auditors is provided below (article
2427, first paragraph, no. 16 of the Italian Civil Code).
Directors Statutory auditors
Remuneration 783,000 18,200
Remuneration to the external auditor or audit firm

The annual remuneration paid to the external audit firm for their services in the year 2017 amounts to Euro
13,470.

Total remuneration due to the external

External audit of annual accounts
auditor or audit firm
Value 13,470 13,470
Category of shares issued by the company

All shares issued by the company are ordinary, each with a nominal value equal to Euro 1.00.
Initial worth, nominal Final worth, nominal

Initial worth, number Final worth, number
value value
10,000,000 1 10,000,000 1
Total 10,000,000 1 10,000,000 1
Securities issued by the company

In accordance with article 2427, no. 18 of the (Italian) Civil Code, it is hereby stated that the company has not
issued any securities or similar value falling under legal provisions.
Information on other financial instruments issued by the company

In accordance with article 2427, no. 19 of the (Italian) Civil Code, it is hereby stated that the company has not
issued any financial instruments falling under legal provisions.
Commitments, guarantees and contingent liabilities not disclosed in the balance sheet
The memorandum accounts show the risks, commitments and guarantees issued by the company in favour of
third parties, which are not already included in the balance sheet.
As of the closing date of the financial year, surety guarantees had been received from Unicredit Banca in favour
of lessors for Euro 26,100.
It should be noted that the company has also received the following guarantees:
- Stand-by credit letter issued by Unicredit Banca in favour of a foreign supplier for Euro 4,000,000;
- Stand-by credit letter issued by Cariveneto in favour of a foreign supplier for Euro 5,000,000;
- Stand-by credit letter issued by Intesa San Paolo in favour of a foreign supplier for Euro 2,000,000;
- 2 surety guarantees issued by Atradius Insurance in favour of the (Italian) Customs Agency for the payment
of customs duties for Euro 950,000.
- 2 stand-by credit letters issued by BPM and BNL in favour of the controlled company Interpolimeri Spain
SA, for Euro 1,100,000 and Euro 1,000,000, respectively;
- 2 stand-by credit letters issued by Unicredit Banca in favour of the controlled company IP Portugal SL, for
Euro 2,000,000 and Euro 1,000,000, respectively;
As of 31/12/2017, the company also held third-party goods on its premises for a value of Euro 76,277.

Other than the above, there are no memorandum accounts recorded in the financial statements, nor any other
commitments that are not recorded in the Balance Sheet, which would otherwise require mention in the
Explanatory Notes as they would be useful in order to assess the balance sheet and financial position of the
company as of 31/12/2017.
Information on assets and funds for the purposes of a specific business transaction
In relation to the information requirements provided for by art. 2427, no. 21 of the (Italian) Civil Code, it is
hereby stated that, as at the closing date of the financial statements, there were no loans in place for a specific
transaction.
Information on transactions with related parties

In relation to the information requirements provided for by art. 2427, no. 22-bis of the (Italian) Civil Code, it is
hereby stated that, during the year, the company was not involved in any related-party transactions that could
be considered significant or that were not concluded under normal market conditions, the terms and conditions
of which (nature, amount, execution mode) may otherwise influence understanding of the company’s balance
sheet, financial position and result from operations.
Information on agreements not disclosed in the balance sheet

In relation to the information requirements provided for by article 2427, no. 22-ter of the (Italian) Civil Code, it is
hereby stated that, during the year, the company did not make any agreements that weren't disclosed in the
balance sheet and that are not yet subject to being included in the balance sheet categories or in the
memorandum accounts at the bottom of accounting statement, whose risks and benefits are significant and
whose disclosure is necessary in order to assess the company’s balance sheet, financial position and result
from operations.
Significant events after the reporting date

With reference to paragraph 22-quater of art. 2427 of the (Italian) Civil Code, there are no significant events to
report after the end of the financial year which have had a significant impact on the balance sheet, financial
position and result from operations.
Information on derivative financial instruments pursuant to art. 2427-bis of the Italian

Civil Code
In relation to the information requirements provided for by art. 2427-bis of the (Italian) Civil Code, it is hereby
stated that the company does not hold derivative financial instruments, therefore making it exempt from
providing the information required therein.

Explanatory notes - Final part

Dear Shareholders, on the basis of the considerations presented above, we hereby invite you to approve the
Financial Statements for the year ending 31/12/2017, made up of the Balance Sheet, Income Statement and
Explanatory notes, together with the accompanying Directors’ Report.
The Board of Directors hereby proposes to the Shareholders’ Meeting to distribute the profit for the year, equal
to Euro 1,331,080.86, as follows:
Profit for the year at 31/12/2017 Euro
5% to the Legal reserve 66,554.04

to the Extraordinary reserve 1,264,526.82
as dividends -
Total 1.331.080,86
The financial statements are true and real and correspond to accounting entries.
Limena (PD), 30th March 2018
The Chairman of the Board of Directors

(Claudio Gallo)

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General information about the company

Financial Statements at 31/12/2017

I - Intangible fixed assets - -

3) industrial patents and intellectual property rights 31,648 52,519

7) others 47,792 36,747

Total intangible fixed assets 79,440 89,266

II - Tangible fixed assets - -

1) lands and buildings 372 3,718

Financial Statements in XBRL format 1

2) plants and machinery 10,224 11,856

3) industrial and commercial equipment 33,058 16,778

4) other assets 395,680 403,146

Total tangible fixed assets 439,334 435,498

III - Financial fixed assets - -

a) controlled companies 1,988,569 1,925,986

d-bis) other companies 940 940

Total equity investments 1,989,509 1,926,926

a) from controlled companies 2,981,507 1,626,918

due during the following year 751,635 872,580

due after the following year 2,229,872 754,338

Total receivables 2,981,507 1,626,918

Total financial fixed assets 4,971,016 3,553,844

Total fixed assets (B) 5,489,790 4,078,608

4) finished products and goods 21,791,786 17,381,337

Total inventories 21,791,786 17,381,337

1) trade receivables 47,368,816 43,597,657

due during the following year 47,368,816 43,597,657

2) due from controlled companies 9,919,336 8,958,906

due during the following year 9,919,336 8,958,906

5-bis) tax credits 73,734 20,703

due during the following year 73,734 20,703

5-ter) prepaid taxes 72,662 72,543

5-quater) due from others 333,054 313,471

due during the following year 317,324 298,539

due after the following year 15,730 14,932

Total receivables 57,767,602 52,963,280

IV - Cash and cash equivalents - -

1) bank and post office deposits 1,220,122 417,026

Financial Statements in XBRL format 2

3) cash and equivalents on hand 5,491 2,756

Total cash and cash equivalents 1,225,613 419,782

Total current assets (C) 80,785,001 70,764,399

D) Accruals and prepayments 277,750 185,169

Total assets 86,552,541 75,028,176

A) Shareholders' equity 21,059,523 19,728,439

I - Share capital 10,000,000 10,000,000

IV - Legal reserve 842,885 772,835

VI - Other reserves (with corresponding details) - -

Extraordinary reserve 8,885,557 7,554,611

Miscellaneous other reserves - (3)

Total other reserves 8,885,557 7,554,608

IX- Profit (loss) for the year 1,331,081 1,400,996

Total shareholders' equity 21,059,523 19,728,439

B) Provisions for liabilities and charges

Total provisions for liabilities and charges 165,675 77,136

C) Staff severance indemnity 575,788 473,876

4) payables due to banks 43,412,531 36,406,799

due during the following year 41,353,298 32,085,110

due after the following year 2,059,233 4,321,689

due during the following year 8,598 -

7) trade payables 18,787,422 16,400,603

due during the following year 18,787,422 16,400,603

9) payables due to controlled companies 707,802 232,606