Rai Way S p A : Draft financial statement at 31 December 2022

Annual Financial Report

2022

Annual Financial Report

2022

Index

Company name, share capital and registered office	5
Corporate Bodies and Committees	5
Letter to Shareholders	6
Rai Way's activities	8
Main alternative performance measures	9
Summarised economic and financial data	10
Report on 2022 operations	14
Indications and the overall performance of the economy	14
The Company's reference market	15
Rai Way on the financial markets	16
Shareholding structure	18
Trading performance	19
Significant events	20
Results for the year	21
Human Resources and Organization	24
Safety and the environment	25
Disclosures on the main risks and uncertainties faced by the Company	26
Requirements in relation to privacy	33
Research and development	33
Relationships with Rai Group Companies	34
Related party transactions	34
Treasury shares	34
Events subsequent to 31 December 2022 (note 39)	34
Business outlook	34
Management and coordination	35
Corporate Governance and Ownership Structure Report	38
Non-financial disclosure	38
Financial statements	42
Notes to the Financial Statements	48
Introduction (note 1)	48
General Information (note 2)	49
Summary of Accounting Principles (note 3)	50
Financial risk management (note 4)	62
Estimates and Assumptions (note 5)	65
Revenues (note 6)	65
Other revenues and income (note 7)	66
Purchase of consumables and goods (note 8)	67
Cost of services (note 9)	67
Personnel costs (note 10)	69

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Annual Financial Report 2022

Other costs (note 11)	70
Write-downs of financial assets (note 12)	70
Amortisation, depreciation and other write-downs (note 13)	71
Provisions (note 14)	72
Financial Income and Expenses (note 15)	72
Income Tax (note 16)	73
Property, plant and equipment (note 17)	74
Lease rights of use (note 18)	75
Intangible assets (note 19)	76
Current and non-current financial assets and liabilities (note 20)	77
Deferred tax assets and liabilities (note 21)	79
Other non-current assets (note 22)	80
Inventory (note 23)	81
Trade receivables (note 24)	81
Other current receivables and assets (note 25)	82
Cash and cash equivalents (note 26)	82
Current income tax assets (note 27)	83
Shareholders' Equity (note 28)	83
Earnings per Share (note 29)	84
Current and non-current lease liabilities (note 30)	85
Employee benefits (note 31)	85
Provisions for risks and charges (note 32)	87
Trade payables (note 33)	88
Other current and non-current payables and liabilities (note 34)	88
Current income tax liabilities (note 35)	89
Commitments and guarantees (note 36)	89
Other Information (note 37)	89
Remuneration for Directors and Statutory Auditors (note 38)	90
Events subsequent to 31 December 2022 (note 39)	91
Related party transactions (note 40)	91
Information relating to the provisions of Italian Law no. 124/2017 -
Transparency on the system for the issue of public funds (note 41)	96
Climate change (note 42)	96
Direct financial effects of the Russian-Ukrainian conflict (note 43)	97
Declaration on the annual financial statements pursuant to art. 81-ter
of Consob Regulation no. 11971 of 14 May 1999 and subsequent amendments	100
Proposals to the Shareholders' Meeting	101
Report of the Independent Auditors	103
Report of the Board of Statutory Auditors	111

Annual Financial Report 2022

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