The Fedrigoni Group
Index
Annual Financial 
Report
Sustainability Report
Annual 
Report
2021

The Fedrigoni Group
Index
Annual Financial 
Report
Sustainability Report
Fedrigoni today
Founded in 1888
€1.6 Billion turnover 2021 
(+21.9% vs. 2020)
€214.8 Million EBITDA 2021 
(+29% vs. 2020)
More than 4.500 people  
in 27 countries
48 production, slitting and 
distribution centres
25.000 products
Distributing in 132 countries
Our strategy pillars
Our mission
We elevate the creativity of 
brands, designers, printers, 
converters, providing best-
in-class product offering and 
service in the world of specialty 
papers for luxury packaging and 
other creative solutions, as well 
as in self-adhesive materials.
We guarantee the same 
excellence at a global scale, 
thanks to the presence  
of offices and warehouses  
all over the world.
We are committed to  
the sustainable growth  
of the entire supply chain.
Highlights 2021
Fedrigoni is 
synonymous  
with excellence  
in specialty papers 
for luxury packaging 
and other creative 
solutions, as well as 
in premium labels 
and self-adhesive 
materials.
Providing premium and sustainable 
solutions, exploiting new adjacencies 
and mega-trends as Plastic to Paper 
and RFID.
Offering a superior experience and 
intimacy to our customers through a 
deep understanding of their needs and 
an excellent and personalized service.
Serving customer needs through 
best-in-class operations leveraging  
an agile, efficient and flexible 
production footprint.
Broadening our global presence and 
product portfolio, through organic 
growth and acquisitions, to ensure the 
availability of our solutions globally and 
foster growth opportunities in adjacent 
market segments.
Leading the industry by taking care  
of our people: attract, engage, develop, 
recognize and boost opportunities f 
or everyone to collectively make  
a difference.
Pursuing sustainable growth by 
valuing talent, implementing the best 
governance practices, innovating 
products adopting a circularity 
perspective, optimizing operations 
to reduce our carbon footprint, and 
managing waste and water responsibly.

The Fedrigoni Group
Index
Annual Financial 
Report
Sustainability Report
Our sustainability journey
Making Progress
At Fedrigoni, sustainability is 
about making progress every day. 
Our mission is to elevate brands 
and the creativity of designers, 
printers, converters. Our 
commitment is to elevate them 
sustainably, honestly sharing 
our daily progress, fostering 
circularity and partnership  
with the entire ecosystem.
2021 results
Our 2030 goals
Highlights 2021 
Environment
325 kt CO₂ emissions
97% clean water returned 
to the environment and zero 
cases of noncompliance
86% recovered waste
Social & 
Governance
14 Injury frequency rate 
(number of injuries per 
1,000,000 employee-hours 
worked)
25% women in managerial 
positions
17% people involved in 
individual development 
conversations 
Environment
-30% 240 kt CO₂ 
emissions (330 kt in 2019)
95% clean water returned 
to the environment  
(92% in 2019)
100% industrial waste 
recovery (80% in 2019)
Product 
Development
26% volume of special papers 
with advanced ESG features 
(13% in 2019)
70% volume of self-adhesive 
material with advanced  
ESG features (35% in 2019)
95% suppliers also assessed 
according to ESG criteria  
(50% in 2020)
Transparency and 
Endorsement
ESG among the KPIs of individual 
performance assessment 
Reporting according  
to GRI standards 
Joining the UN Global Compact 
and ScienceBased  
Targets Initiative
ESG ratings by accredited firms
Product 
Development
18% volume of special 
papers with advanced  
ESG features
37% volume of self-
adhesive material with 
advanced ESG features
81% suppliers also 
assessed according  
to ESG criteria
100% purchase  
of FSC® certified pulp
Transparency and 
Endorsement
Social & 
Governance
-67% Injuries with an Injury 
frequency rate of 7  
(21 in 2020)
30% women in managerial 
positions (22% in2020)
100% people involved 
in individual development 
conversations (9% in 2020)

4
The Fedrigoni Group
Index
Sustainability Report
Annual Financial  
Report
Dear Stakeholders,
I am particularly proud to share with you our results from 2021, 
which has just ended. It was a year of great intensity, which 
saw moving forward on our strategic plan with determination 
to guarantee the full continuity of the business. We honoured 
our commitments with all customers and coped with both 
the ongoing global health emergency and the profound 
disruptions of the market due to the shortage and increase in 
the price of raw materials. We remain optimistic for the future, 
particularly due to the very positive results from the first 
quarter of 2022 where, despite the serious global tensions 
because of the war in Ukraine, we are continuing to grow our 
global presence without delay.
Our strategic plan has been implemented effectively and 
this can be seen in the extremely positive results that we 
have achieved: a turnover of €1.6 billion, with a total growth 
in revenue of over 20% and an EBITDA of €214.8 million. This 
is a growth of 30% compared to 2020. We have continued 
with the plan to attract talent to strengthen our team, with 
over 377 new people joining the Fedrigoni family worldwide 
- 900 new recruits in the last 3 years. We have continued to 
invest in growth and development of our people. We have 
extended our global presence in Europe, Latin America, 
the USA and Asia with the opening of new offices and 
warehouses in the UK, Poland, China, Indonesia, Philippines. 
We have also acquired three new companies: the Mexican 
Ri-Mark, the North American Acucote, in addition to 70% of a 
Newco - in a joint venture with the Italian Tecnoform - for the 
production of innovative solutions for thermoformed cellulose 
packaging. Thanks to the path we have taken until now, in 
2021 we have become the first player at global level in both 
luxury packaging and premium labels for wines and the third 
worldwide player in self-adhesive solutions.
On the product portfolio side - one of the pillars of our 
strategy - an essential ingredient over the last three years 
has been the repositioning of both business units towards 
premium market sectors, where customers were able  
to absorb price increases to offset the overall increase  
in upstream costs. From the world of luxury packaging and 
other creative applications to labels for more sophisticated 
wines and more exclusive personal care products. The 
biggest challenge for our customers in the near future is 
undoubtedly sustainability, and Fedrigoni is at their side  
in this evolutionary path.
With a constant effort in research and development, we 
support our customers in the transition to replace plastic 
with ecological materials like paper; we are at their side from 
the creation of premium self-adhesive solutions realized with 
ever more recyclable raw materials to support the customers 
in managing their waste sustainably, according to a circular 
model, where waste is re-used as raw materials in new chains 
instead of being thrown away in disposal sites.  
Creating a distinctive and effective experience for our 
customers is another fundamental pillar for us. This year, we 
have accelerated our digitalization journey aiming at making 
the relationship between Fedrigoni and its 30,000 customers 
worldwide easier, faster, and instant. For example, we have 
worked on our customer portal that guarantees up-to-date 
information in real time in all stages of the relationship - 
from order to delivery and up to management of claims and 
collection of feedbacks. Our customer-centred approach, 
pervading all our actions and daily decisions, starts with 
listening. We have implemented the Net Promoter Score 
in all the world markets in 2021: thanks to this we can now 
constantly collect comments and suggestions, feeding 
our process of continuous improvement. We are just at the 
beginning, and we have a clear roadmap in front of us which 
we will pursue over the next few years.  
Excellence in the production process and procurement 
is another significant field for the solidity of our Group. The 
shortage of raw materials and the general increase in costs 
has put the world economy to a test, and many companies 
have interrupted production to limit damages. Gas price and 
electricity have respectively increased by 345% and 222%. 
Cellulose has undergone an increase of 49%, pallets 90%, 
product packaging 20%, chemical materials (adhesives, 
silicones, stabilizers) 20% and even transport and logistics 
have increased by between 15% and 20%. In this context, it 
was key for us to implement preventive operations to the 
whole supply chain, to make improvements in the planning 
of purchases and diversification of suppliers, to implement 
careful management of stocks and constant monitoring of 
transport to prevent slowdowns as much as possible. 
Such an ambitious path starts with people and the over 
4,500 Fedrigoni people, whose 65% work in production, 
are the most important resource for us. We have made 
consistent steps forward in health and safety. Thanks to a 
widespread awareness programme on correct behaviour and 
the risks to avoid, we reduced the injury frequency index by 
32%, getting closer to our goal of -67% in 10 years. We have 
worked to foster a culture increasingly based on excellence, 
internal collaboration, and partnership with customers. A 
culture that embraces transformation. We have introduced 
recurrent conversations between managers and employees, 
as well as trainings for people development. We have 
worked to create a diverse and equal environment, where 
every person can feel valued when expressing their talent 
and uniqueness, and we have involved all our managers in 
inclusive leadership development programmes.
With 8 acquisitions over the last 3 years, two of which in the 
first quarter of 2022, the M&A platform is a key accelerator 
in the Fedrigoni growth plan. Our strategy rests on three 
main directives: geographical expansion to strengthen our 
global position, increase the production capacity to meet 
a demand that is growing strongly and entry into adjacent 
and complementary markets to enrich our premium product 
portfolio. For us is fundamental to integrate all the companies 
that have become part of the Group, spreading the  
Fedrigoni culture and making new colleagues feel part of  
One Company.
Finally, the commitment to sustainability, which is part 
of our DNA and a goal for the whole Group, pervading our 
entire strategic plan, thanks to a widespread ESG strategy 
management model and a clear shared roadmap towards 
2030. In the dedicated section of this Annual Report, we 
will describe our path to reduce the environmental impact 
of the Group and the initiatives for our people and the local 
communities. The most complex area of improvement – never 
to be taken for granted given the high amounts of energy 
our company consumes – is our effective contribution to the 
global challenge of climate crisis. We are working to reduce 
CO₂ emissions by 30% over the next 10 years (starting from 
2020) and in 2021 we achieved a reduction of 1.5% in absolute 
CO₂ emissions against an increase in volumes of about 5%. 
We will continue to dedicate our work and investments in 
the effort towards the ecological transition, knowing that a 
collective intervention and an active role of the institutions 
are imperative for reaching the goal, all together.
On behalf of the management team, I would like to thank 
all my colleagues in Fedrigoni Group who, with passion, 
Marco Nespolo
CEO Fedrigoni Group
commitment, and professionalism, have brought forward 
all the initiatives started, making the achievement of such 
important results possible.
And I would like to thank our customers and stakeholders, 
for giving us the reason to progress everyday: they are our 
indispensable travel companions on this journey to creating 
an ever more sustainable chain.

5
The Fedrigoni Group
Index
Sustainability Report
Annual Financial  
Report
4
7
8
9
 
10
10
11
12
CEO’s letter 
Our Group
Corporate Bodies
2021 Group Turnover  
& Business Profile
Leading position
Where we are 
Self-Adhesives
Paper 
The Group Structure 
Methodological note
Our aim
Scenario 2021
Making Progress
The main initiatives 
planned and 
implemented in 2021
Our business
Our production processes
Our certifications
Governance
Sustainability governance: 
our widespread model
Code of Ethics
Sustainability Policy and 
Sustainability Charter
ESG targets by 2030
Risk management,  
including water and climate 
change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we 
are making a difference
The breakdown of 
generated and distributed 
value
14
17
18
20
24
27
28
29
31
31
32
36
36
37
38
36
38
39
40
40
The taxation
Sustainable procurement
Environment
Raw materials
Water
Energy
Carbon dioxide emissions 
Other atmospheric 
emissions
Waste
The advanced sustainability  
features of our products
The life cycle assessment 
(LCA) of our products
Biodiversity
Social
Human rights
Safety culture
The development  
of our people
Fedrigoni serving  
the community
List of products with 
advanced ESG features
Auditor’s Report on the 
Sustainability Report
Fedrigoni  
Group
Sustainability 
Report
Highlights 
2021
2
3
Fedrigoni today
Our Mission
Our strategy pillars
Our sustainability 
journey
2021 results
Our 2030 goals 
41
43
46
49
52
55
57
62
62
65
66
66
67
68
70
73
80
82
90
93
94
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101
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102
102
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102
103
103
104
105
106
108
108
109
125
127
128
128
129
130
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132
Management discussion  
and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking  
and Other Data
Presentation of Financial  
and Other Information
Pro Forma Financial 
Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
The specialty paper industry 
in 2021 
Label and Self-Adhesives 
industry in 2021
The Group
Annual 
Financial 
Report
Independent Auditor's 
Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income 
Statement
Consolidated Statement  
of Comprehensive Income
Consolidated Statement  
of Cash Flow
Consolidated Statement  
of Changes in Equity
Notes to the Consolidated 
Financial Statement
Annual Report 2021

HIGHLIGHTS 2021
6
CEO’s letter 
Our Group
Corporate Bodies
2021 Group Turnover & Business Profile
Leading position
Where we are 
Self-Adhesives
Paper 
The Group Structure
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SUSTAINABILITY REPORT
FEDRIGONI GROUP
ANNUAL FINANCIAL REPORT
Annual Report 2021
The Fedrigoni Group
Index
Sustainability Report
Annual Financial  
Report
Fedrigoni
Group
Annual Report 2021

HIGHLIGHTS 2021
7
SUSTAINABILITY REPORT
FEDRIGONI GROUP
ANNUAL FINANCIAL REPORT
Annual Report 2021
The Fedrigoni Group
Index
Sustainability Report
Annual Financial  
Report
—
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CEO’s letter 
Our Group
Corporate Bodies
2021 Group Turnover & Business Profile
Leading position
Where we are 
Self-Adhesives
Paper 
The Group Structure
Our Group
Fedrigoni is synonymous with excellence in specialty 
papers for luxury packaging and other creative 
applications, as well as premium self-adhesive 
materials. Our story of growth, started in 1888, has 
been further accelerated in the last year thanks to 
significant acquisitions. In June 2021 the RIMARK 
slitting centre in Mexico City and Acucote in North 
America; in August the acquisition of 70% of a 
Newco, a joint venture with Tecnoform, producing 
thermoformed cellulose solutions.
Our Group closes 2021 with a revenue of more than 
€1.6 billion and and EBITDA adjusted of €221 million.
Today we are the global leader in wine labels and 
specialty papers for luxury packaging and the 
third player in the world in self-adhesive materials. 
We count over 4,500 people worldwide, own 52 
production plants and slitting centres, produce more 
than 25,000 products - in addition to 10,000 papers 
produced exclusively for major fashion and luxury 
brands - and distribute in over 130 countries.
 
Despite the uncertain global context and deep 
disruptions in the market - first with the Covid 
emergency, then with shortages and unprecedented 
price increases on all raw materials - Fedrigoni has 
guaranteed the full continuity of the business. We 
have strengthened the long-term sustainability of our 
business also thanks to the strategic repositioning of 
the Group towards premium market sectors.
During 2021 we took preventive measures on the 
entire supply chain, planning purchases and stocking 
up to meet the commitments with our customers, 
also thanks to the proprietary distribution network 
with warehouses located all over the world. Moreover, 
with the help of the well-known London agency 
Pentagram we have created and consolidated 
our global image. Elegant in its essentiality, it has 
contributed to convey a unified identity both within 
the company and in the market. Fedrigoni Group 
today consists of the complementary worlds of 
Fedrigoni Self-Adhesives and Fedrigoni Paper. 
 
Thanks to a constant teamwork, in 2021 we reached 
all our strategic goals in terms of acquisitions, 
optimization of processes, development, and 
innovation of products with circularity features. 
Following our Making Progress motto we have 
accelerated on actions to achieve our commitment 
to become an increasingly sustainable business, 
and we have reached a number of important results. 
From the creation of a more inclusive environment 
and a solid culture of safety at work in the Social 
area, to a responsible water management as well 
as recovery and recycling of our industrial waste in 
the Environmental field. We have also implemented 
a stronger and more structured Governance, also 
thanks to the review of our work by internationally 
accredited third parties.
 
Fedrigoni has always supported the creators of 
innovative products based on paper and self-
adhesive materials, providing the best advice to 
bring to life any creative idea, in luxury packaging 
as well as in the most refined labels, or in art and 
publishing. Elevating Creativity is our mission: the 
staircase, symbol of the city of Verona, is our icon 
representing our desire to support our 30,000 
customers worldwide in improving and elevating their 
brands sustainably. The journey of transformation 
to consolidate our global Group continues, doing 
our bit every day, redesigning and innovating, with 
sustainability as our beacon. We start by recognizing 
that we must act responsibly, always raising the 
bar in our industry, sharing our daily progress with 
transparency, and fostering circular models and 
partnerships with our customers, suppliers, and the 
entire ecosystem.

HIGHLIGHTS 2021
8
SUSTAINABILITY REPORT
FEDRIGONI GROUP
ANNUAL FINANCIAL REPORT
Annual Report 2021
The Fedrigoni Group
Index
Sustainability Report
Annual Financial  
Report
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CEO’s letter 
Our Group
Corporate Bodies
2021 Group Turnover & Business Profile
Leading position
Where we are 
Self-Adhesives
Paper 
The Group Structure
Ivano  
Sessa
Chair of the Board
Giacomo  
Massetti
Board Member
Gilberto Ambrogio  
Arnaldo Comi
Chairman
Andrea  
Vagliè 
Standing Auditor
Antonio 
Ferragù 
Standing Auditor
Cristiana
Tironi  
Supply Auditor
Federico 
Ragazzini 
Supply Auditor
Deloitte  
& Touche S.P.A
Independent Auditors
Chiara Medioli 
Fedrigoni
Vice-chair of the Board  
and Chief Sustainability  
& Communication Officer
Halvor  
Meyer Horten
Board Member
Charles  
Héaulmé
Board Member
Marco  
Nespolo
Chief Executive Officer  
& Board Member
Board of Statutory Auditors of Fedrigoni S.p.A.
Board of Directors 
Reference is made to the board of directors of Fedrigoni Holding Limited, parent company of Fedrigoni S.p.A.
Corporate Bodies
Independent Auditors of Fedrigoni S.p.A.

HIGHLIGHTS 2021
9
SUSTAINABILITY REPORT
FEDRIGONI GROUP
ANNUAL FINANCIAL REPORT
Annual Report 2021
The Fedrigoni Group
Index
Sustainability Report
Annual Financial  
Report
CEO’s letter 
Our Group
Corporate Bodies
2021 Group Turnover & Business Profile
Leading position
Where we are 
Self-Adhesives
Paper 
The Group Structure
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Self-Adhesives/Labels
Source: market positions taken from a leading paper industry consulting firm report.
Leading position in attractive  
premium niche markets
Product offering targeted primarily to attractive end markets.
PRODUCT
MARKET POSITION
Luxury packaging
Specialty graphic paper for luxury packaging
Other creative applications
Premium coated and uncoated wood-free paper for 
graphics, school and office usage
Range of self-adhesive products for the production  
of labels for a wide range of consumer and industrial 
end markets
Europe 
Fine Paper
LatAm
Fine Paper
1
°
1
°
Global 
Drawing & Art
2
°
Global 
Wine1
°
Global 
Self-Adhesives
3
°
LatAm 
Self-Adhesives
3
°
END MARKET
Self-Adhesives
Speciality  
graphic paper
Drawing/Art
Wine and spirits, premium beers, food,  
cosmetics, pharma, chemicals
Luxury packaging, digital printing,  
fine stationary 
Students, Artists, Hobbyists
Europe 
except Italy
Rest of
the World
Italy
Adjusted Sales Revenues by geography
49%
25%
26%
Self-
Adhesives
Premium
fillers
Creative
Solution
Luxury
Packaging
Adjusted Sales Revenues by business
59%
10%
18%
13%
Adjusted EBITDA by segment
Self-Adhesives
Paper
53%
47%
Paper (LPCS)*
* Luxury Packaging and Creative Solutions
Global 
Luxury packaging
1
°

HIGHLIGHTS 2021
10
SUSTAINABILITY REPORT
FEDRIGONI GROUP
ANNUAL FINANCIAL REPORT
Annual Report 2021
The Fedrigoni Group
Index
Sustainability Report
Annual Financial  
Report
CEO’s letter 
Our Group
Corporate Bodies
2021 Group Turnover & Business Profile
Leading position
Where we are 
Self-Adhesives
Paper 
The Group Structure
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14
22
2
23
Production Sites
Slitting Centers
Distribution Centers
Offices
Where we are
USA
1 Production site
3 Slitting centers
1 Distribution center
2 Offices
MEXICO
1 Production site
2 Slitting centers
1 Offices
GUATEMALA
1 Distribution center
1 Office
COSTA RICA
1 Slitting center
1 Office
ECUADOR
1 Slitting center
1 Office
PERU
1 Slitting center
1 Office
DOMINICAN REPUBLIC
1 Slitting center
2 Offices
COLOMBIA
1 Slitting center
1 Office
BRASIL
1 Production site
2 Slitting centers
2 Offices
CHILE
1 Production site
1 Slitting center
1 Office
UK
1 Production site
1 Slitting center
1 Office
POLAND
1 Slitting center
1 Office
ITALY
4 Production 
sites
3 Slitting 
centers
3 Offices
SPAIN
3 Production 
sites
3 Slitting 
centers
2 Offices
FRANCE
1 Production site
1 Office
CHINA
1 Production site
1 Slitting center
2 Offices
Self-Adhesives/Labels

HIGHLIGHTS 2021
11
SUSTAINABILITY REPORT
FEDRIGONI GROUP
ANNUAL FINANCIAL REPORT
Annual Report 2021
The Fedrigoni Group
Index
Sustainability Report
Annual Financial  
Report
CEO’s letter 
Our Group
Corporate Bodies
2021 Group Turnover & Business Profile
Leading position
Where we are 
Self-Adhesives
Paper 
The Group Structure
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Where we are
9
20
8
1
27
Production Sites
Warehouses
Boutique
Distributor
Offices
USA
1 Distributor
EUROPE
UK
2 Offices 
1 Boutique
1 Warehouse
BENELUX
1 Office
1 Warehouse
GERMANY
5 Offices 
2 Warehouses
2 Boutiques
AUSTRIA
1 Office
FRANCE
1 Office
1 Warehouse
SPAIN
2 Offices 
2 Warehouses
PORTUGAL
1 Office
CHINA
3 Offices
6 Warehouses
HONG KONG
1 Office
1 Warehouse
FILIPPINE
1 Office
INDONESIA
2 Offices
2 Warehouses
BANGLADESH
2 Offices
2 Warehouses
ITALY
9 Production sites
5 Offices
2 Warehouses
5 Boutiques
Paper (LPCS)*
*Luxury Packaging and Creative Solutions

HIGHLIGHTS 2021
12
SUSTAINABILITY REPORT
FEDRIGONI GROUP
ANNUAL FINANCIAL REPORT
Annual Report 2021
The Fedrigoni Group
Index
Sustainability Report
Annual Financial  
Report
CEO’s letter 
Our Group
Corporate Bodies
2021 Group Turnover & Business Profile
Leading position
Where we are 
Self-Adhesives
Paper 
The Group Structure
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Paper/LPCS*
Self-Adhesives/Labels
Other
*Luxury Packaging and Creative Solutions
1 - 0.4% owned by Ritrama S.p.A.
2 - 0.003% owned by Ritrama S.p.A
3 - 0.001% owned by Arconvert SAU
4 - 0.02% owned by Ritrama S.p.A
5 - 0.00003% owned by Arconvert SAU
6 - 0.1% owned by Arconvert SAU
7 - 0.55% owned by Arconvert SAU
8 - 0.1% owned by Arconvert SAU
9 - 0.0002% owned by Ritrama S.p.A.
1
2
4
9
5
3
8
7
6
10%
59.5%
99.98%
99.45%
99.9%
100%
99.997%
99.6%
99.99997%
99.9999%
99%
89.9998%
99.998%
67%
Extra Port
Inc.
40,5%

SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making Progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
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13
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Sustainability
Report
Annual Report 2021

SUSTAINABILITY REPORT
14
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making Progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
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The Report can be viewed and downloaded in the 
Sustainability section of 
www.fedrigoni.com1
For further information, please contact: 
Isabella Bussi
Head of Group Sustainability
isabella.bussi@fedrigoni.com
1 In addition, the GRI content index is available in the website section. 
Methodological Note
This Sustainability Report has been prepared in 
accordance with the GRI Standards of the Global 
Reporting Initiative (GRI), core option, and describes 
the business model, identified risks, policies, 
targets and environmental, social, and governance 
performance. Relevant and reportable issues and 
indicators were identified using the Materiality 
Matrix, which was updated this year to include key 
stakeholder groups, including customers, investors, 
and our Executive and Leadership Team. In addition, 
the reporting is based on the principles of stakeholder 
Inclusivity and completeness and presents the 
sustainability context in which the material issues  
are included. 
For the first time, the document is subject to a limited 
assurance engagement (according to the criteria 
indicated in ISAE 3000 Revised) by Deloitte & Touche 
S.p.A. in accordance with the procedures indicated 
in the Independent Auditors’ Report included in this 
document. The list of indicators can be found in the 
GRI Content Index which is available on the website. 
During 2021, the acquisitions of Rimark SA DE CV 
in Mexico, Acucote Inc. in the USA, and Pulp JV S.r.l. in 
Italy (in which Fedrigoni holds a 70% stake) and the 
sale of the Paper plant in Salto, Brazil were finalised. 
In addition, the Bollate plant was sold, and with it the 
entire specialty banknote paper business of the Paper 
Business Unit. Finally, Fedrigoni Bangladesh LTD, PT 
Fedrigoni Indonesian Trading and Ritrama Poland were 
established, while Concept Couleurs Sàrl, CD Design 
GmbH and Ritrama A.G. were liquidated.
The data and information provided in this document 
refer to all companies in the Fedrigoni Group included 
in the Consolidated Financial Statements and are 
related to the period from 1 January 2021 to 31 
December 2021. 
Staff data is processed in the new Group HR 
database (implemented in 2021) and data from 
companies currently not included in this database 
(Ritrama Polonia, GPA, Acucote, IP Venus and Polifibra) 
are tracked in Excel files that are updated monthly 
and counted in the reported data. In our internal 
definitions, Leaders are employees who are part of 
the Group’s Executive Committee and/or Leadership 
Team, Managers are all employees in a leadership role 
managing a team, White collars are employees in an 
office position who do not manage people (individual 
contributors) and Blue collars are employees in a 
production position who do not manage people 
(individual contributors).
As far as qualitative information and quantitative data 
relating to environmental aspects are concerned, 
Group companies operating production sites are 
included, except for companies with only commercial 
activities and the slitting centres for the Self-Adhesive 
Business Unit, which have less impact than the rest 
of the Group’s activities. The data reported in the 
Environment chapter is presented with reference 
to each business unit (Paper and Self-Adhesives) 
because of the specific environmental impacts of the 
two production activities. 
Our aim
At Fedrigoni we have been producing high quality 
specialty papers and self-adhesive materials for 
years with the aim of being the best supplier for the 
best customers, producing responsibly and making 
products that meet our customers’ creative and 
technical needs and last over time. Sustainability is a 
living thing for us. It is the ability to progress on a daily 
basis, measurably and transparently, raising the bar in 
our industry and supply chain.
Our products
Founded back in 1717 with a small plot of land just 
outside Rovereto (Italy) purchased by Giuseppe 
Fedrigoni, we now directly operate in 25 countries with 
our own plants and sales networks and are distributed  
in 132 countries worldwide. We are a leading player 
in the production and sale of paper for packaging, 
printing, graphics and art, as well as premium  
self-adhesive materials.
The two core bodies of our Group, the Paper (LPCS)* 
Business Unit and the Self-Adhesive/Labels Business 
Unit, work together to provide our customers with the 
best products and the most extensive experience 
available on the market. The integration of speciality 
papers and self-adhesive materials means constant 
innovation between different industries and materials, 
enabling us to offer advanced, customised solutions 
to our customers.
*Luxury Packaging and Creative Solutions

SUSTAINABILITY REPORT
15
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making Progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
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Our 
business units
The Paper (LPCS)* Business 
Unit is the World leader 
in luxury packaging and 
the European leader in 
specialty papers with a 
range of products from 
specialty graphic papers 
for packaging and printing 
to art and design papers, to 
natural and coated papers.
The Self-Adhesives/Labels 
Business Unit is number one 
in the world for wine labels 
and the third largest player 
in the world for self-adhesive 
materials used in the food, 
pharmaceutical, automotive, 
chemical and cosmetics 
industries and beyond.
*Luxury Packaging and Creative Solutions

SUSTAINABILITY REPORT
16
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making Progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
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Specialty papers
Paper has always been special to Fedrigoni: we 
produce it in Italy in 10 paper mills in Verona, Arco, 
Varone, Scurelle, Buttapietra, Castelraimondo, 
Cordenons, Pioraco, Rocchetta, and Fabriano. Over 
time we have mastered the technique and care in 
processing that make it possible for us to offer our 
customers and partners the best quality and most 
unique, innovative products every day. We have 
approximately 3,000 products in our catalogue, high 
quality papers in all grammages and colours. Our job 
is to help our customers find the best solution for 
their creative project and, when necessary, develop it 
together with them.
• Luxury Packaging Paper
• Printing & Publishing Paper
• Technical Paper
• Tailor-Made Paper
Fabriano, the oldest paper manufacturer, is part of 
this business unit and still works according to the three 
historical processes: hand-made papers, mould-made 
papers, and Fourdrinier-made papers. We are the only 
company in the world that still produces paper in all 
these three ways. Our master papermakers are trained 
for five years to learn the art of papermaking. This is 
mastery that perpetuates a timeless craft, an all-Italian 
production, characterised by constant innovation.
Art and drawing
Stationery
• Office
Self-adhesive materials
The Fedrigoni Self-Adhesives/Labels business unit, 
involved in the design and production of self-adhesive 
materials, was created from the merger of some of 
the leading companies in the sector, such as Ritrama, 
Arconvert, Acucote and Manter. With 14 production 
plants (Italy, Spain, UK, Brazil, Chile, Mexico, USA, China) 
and 24 slitting and distribution centres (Italy, Spain, 
UK, Poland, China, USA, Dominican Republic, Brazil, 
Chile, Peru, Costa Rica, Guatemala, Colombia, Ecuador 
and Mexico)), we serve markets ranging from food 
labels to pharmaceuticals and visual communication. 
We provide our customers with the support in 
choosing the right type of paper or materials for their 
self-adhesive projects, including wine and spirits 
labels, gourmet food and premium cosmetics labels, 
designer labels, and special projects. A booming 
sector, where skills and creativity, communications, 
and technology converge.
• Self-adhesive labels
• Visual communication
Our customers
Fedrigoni is synonymous with excellence for brands, 
printers, designers and converters and works 
every day with the aim of accelerating innovation, 
guaranteeing the highest quality of its products and 
developing solutions with increasingly advanced 
sustainability features.

SUSTAINABILITY REPORT
17
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making Progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
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Scenario 2021
Environment, climate, circularity, people, ethics, 
transparency, equity, innovation, community: these 
are the words that resonate in the ecological and 
digital transition that the world is facing everywhere. 
The goals set by the 2030 Agenda can no longer be 
postponed and companies are playing an increasingly 
decisive role in the communities in which they operate 
through their actions and leadership.
Fedrigoni has responsibly embraced this 
commitment for a long time, which now is expressed 
in the acronym ESG. Environmental, Social, and 
Governance, the three key dimensions for verifying, 
measuring, monitoring, and supporting our 
sustainability commitment.
Through the Green Deal, the work on the European 
taxonomy and the new standards for drawing up 
sustainability reports, the European Union is pointing 
to a new economic policy approach that combines 
the objectives of competitiveness with those of 
sustainable development. In addition to this, the new 
Corporate Sustainability Reporting Directive will 
require companies to provide in-depth reporting on 
a broader range of data, including carbon emissions, 
which are key to addressing the climate crisis. 
Fedrigoni is ready to take on these challenges and has 
been voluntarily providing stakeholders with reports 
on these figures, alongside financial ones, for over 
twenty years.
Making Progress 
This concept leads us in a transformation process 
involving the entire ecosystem - brands, printers, 
converters, graphic designers, and suppliers - 
encouraging the circularity of our products and the 
creation of partnerships with players who, like us,  
feel a sense of responsibility to change.
Making Progress is a profound concept, involving 
awareness and measurability, two crucial aspects 
when it comes to impact, sustainability, business, and 
people. These two aspects are also key when it comes 
to the sustainability report, the most effective tool to 
describe what we have done and what we will do to 
become a better company. 
These last 12 months have required great efforts, 
during which we have expedited implementing the 
strategic lines of the 2030 plan. We aim to reduce 
CO₂ emissions by 30%, recover all waste without 
sending it to landfill, return 95% of clean water to the 
environment and have zero water pollution. We also 
aim to achieve 95% of suppliers who are also qualified 
according to ESG criteria and reduce injuries in the 
workplace by 67%. We want to raise the percentage 
of women in managerial positions to 30% compared 
with 2020 and to train 100% of our 4,000 employees on 
the Code of Ethics, which collects the principles that 
should influence our daily behavior.
We have worked on attracting talent, launched 
a new global image, stepped up our acquisition 
plan to expand our global presence and invested 
in increasingly sustainable and circular product 
innovation. We expect to achieve a 50% increase in 
the volume of products with advanced sustainability 
features: from 13% to 26% in the Paper Business Unit 
(where we already use only pulp from FSC certified 
forests and all products are recyclable) and from 35% 
to 70% in the Self-Adhesives Business Unit. 
We have officially joined the United Nations Global 
Compact, an initiative created to encourage 
companies around the world to adopt sustainable 
policies and publish the results of their actions.
One of the things we are proud of in 2021 is that 
we received a Gold rating from Ecovadis - the 
internationally recognised Platform for Assessing 
Corporate Social Responsibility and Sustainable 
Procurement - whose score is based on policies, 
actions, and achievements in four key sustainability 
areas: Environment, Work and Human Rights,  
Business Ethics, and Sustainable Procurement. This 
rating places Fedrigoni in the top 5% of companies 
with the best sustainability performance in the world. 
We have been making progress, but we will continue  
to make even more as we aspire to reach Platinum 
level by 2024.

SUSTAINABILITY REPORT
18
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making Progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
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2021 was a busy and intense year for Fedrigoni 
in which we carried out numerous initiatives that 
brought us closer to the ESG 2030 objectives, despite 
the delicate market context linked to the impact of 
Covid-19.
The company culture based on excellence, 
relationships and transformation, the strong drive to 
improve occupational safety, the acquisitions plan 
(some significant acquisitions being made in the 
area of replacing single-use plastics in packaging), 
product innovations to reduce the carbon footprint 
and encourage circularity, and the new global image. 
All these initiatives have contributed to achieving 
the first results compared with 2020 (described in 
detail in the relevant sections). Among the significant 
milestones, we reduced the injury frequency rate by 
32%, initiated in-depth discussions on how to expedite 
the green transition (achieving -1.5% of absolute CO₂ 
emissions compared to a volume increase of around 
5%, compared to base year 2019); accelerated R&D 
projects aimed at replacing single-use plastics with 
paper-based products for our packaging customers 
(launch of Paper Snap at the LuxePack trade fair  
in Munich).
Environment, People & Governance
Several initiatives were carried out in the three areas 
(environment, people, and governance). We drew up 
our Sustainability Charter and an initial mapping of 
climate change risks at our production sites around 
the world. Within the company, we put the safety of our 
employees and policies for an inclusive, stimulating 
working environment for everyone first. As one of the 
leading companies in our industry, we never forget 
to involve our supplier ecosystem in ESG strategies, 
through our Code of Conduct which is in line with the 
principles of our Code of Ethics, and our membership 
to the Ecovadis platform. Finally, we are proud to have 
had our carbon emissions reduction targets endorsed 
by the Science Based Target initiative (SBTi), the 
most authoritative scientific initiative on combating 
climate change, promoted by the partnership formed 
by the Carbon Disclosure Project (CDP), UN Global 
Compact (UNGC), World Resource Institute (WRI),  
and WWF.
Here is a list of the initiatives we have planned and 
implemented globally:
Laying the foundation for an 
inclusive work 
environment
inspiring for everyone through a policy based  
on diversity, equity, and inclusion.
Promoting the 
Sustainability Policy 
which outlines ‘how we work’ regarding issues that 
are material to the company and our stakeholders, 
such as quality, safety, environment, supply chain, 
people and local communities.
Our 
Sustainability Charter 
sets out simple, everyday rules for minimising 
possible risks in the workplace.
The first in a series of 
Sustainability Pills 
that will allow us to present our views on key issues 
for the company and our stakeholders, starting 
with the recyclability, biodegradability, and 
compostability of our speciality papers. 
The main initiatives planned 
and implemented in 2021

SUSTAINABILITY REPORT
19
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making Progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
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The main initiatives planned 
and implemented in 2021
Science Based Target 
initiative (SBTi)  
has endorsed our CO₂ reduction target: the 30% 
reduction in absolute carbon dioxide emissions 
(Scope 1+2) is therefore in line with the goal set 
in Paris in 2015 to limit the earth’s temperature 
increase to well below 2°C.
The first Group-wide 
ESG database 
with monthly aggregation by site of all 
environmental and social data, plus two  
new systems for human resources  
and purchasing data.
Impact
Eco-design Tool 
(Life Cycle Assessment tool), verified by a third 
party, to calculate the water and energy balances 
and the carbon footprint of our specialty paper 
and self-adhesive materials product families 
throughout their life cycle (from Cradle to gate).
The first 
Climate Change Risk 
Assessment  
at our production sites worldwide  
with third-party support.
Updating of the 
Materiality Matrix 
through the direct involvement of relevant 
stakeholders: brands and customers, 
shareholders and investors, and the Leadership 
Team (50 Group managers, including  
the Executive Team).
Updating of the 
Code of Ethics
 (which the Group has had in place since 1998). The 
Code sets out the principles and duties regarding 
conduct at Fedrigoni, covering the most relevant 
Human Rights. Employee training activities are 
underway, with sessions focused on specific 
examples, provided in person at the factories and 
online for management and employees.
New 
ESG package 
with Supplier 
Code of Conduct, 
Procurement 
Policy and General 
Purchasing 
Conditions
Membership to the 
Ecovadis 
platform for qualifying and managing suppliers.
Acquisition of 70% 
of Pulp JV S.r.l. 
Tecnoform  
to produce luxury packaging with innovative all-
cellulose solutions as an alternative to plastics.
We officially joined 
the United Nations 
Global Compact
an initiative created to encourage companies 
around the world to adopt sustainable policies  
and publish the results of their actions.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Our production processes
Our certifications
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Our 
business

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Our production processes
Our certifications
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
 
We rely on tradition to ensure the quality and technical 
performance of our speciality papers and self-
adhesive materials, and on our talents to deliver highly 
aesthetic, innovative content. We know how to meet 
the needs of our customers and designers in terms of:
• The quality and performance of our products.
• The sustainability of our supply chain.
• The sustainability of our production processes.
Fedrigoni’s history is the guiding light that motivates 
us to work ever harder to be known as an ‘Industry 
Champion’, a value that today translates into wanting 
to outdo ourselves in reducing the environmental 
impact of our products. We want to achieve this 
through ambitious industrial decisions focusing on 
the circular economy and eco-design; by using only 
raw materials from responsibly managed forests 
(FSC certified) and by making the most of our process 
waste, as well as by working with qualified suppliers 
to find solutions that are in line with our philosophy. 
All this is based on the ever-developing skills of our 
people and an increasingly inclusive environment  
that values talent. People are the driving force behind 
our transformation.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Our production processes
Our certifications
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Our production processes
Our certifications
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
The industries we serve
At Fedrigoni, every day we put 
all our efforts into being the 
first choice for so many brands, 
printers, designers and converters. 
We do this through innovation, 
quality and providing increasingly 
sustainable solutions  
for our customers.
Fashion &Luxury
Food & Beverage
Government Institution
Games & Playing Cards
Architecture & Design
Beauty & Personal Care 
Art & Drawings
Jewelry & Watches
Wine & Spirits
Hospitality
Museum
Publishing
Pharmaceutical
Industrial
Retail
Transport & Logistic
Advertising & Promotion
Automotive

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Our production processes
Our certifications
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
PAPERMAKING
2
Pulp 
Cotton
Recycled materials
Calcium carbonate 
Kaolin 
Talc
FIBRE
NATURAL GAS 
ENERGY 
WATER
WATER
Fresh 
and Recycled
Corn
Potato
Electricity 
from: 
 - the Grid 
- Hydroelectric (own)
- Solar (own)
STARCHES 
MINERALS
Transport 
and  
logistics  
paper
PAPER
SLUDGE
STEAM
Mix of fermented 
fibres/minerals/
re-circulated water  
Reused in building 
materials  
and as humus
80%
Is part 
of the 
process
reused as 
energy
14%
Returned clean to 
the environment
6% 
Stays  
in the paper
PACKAGING
PAPER MILL
INCOMING RAW  
MATERIALS
1
3
SHIPPING
Our production processes
The paper-making process
The paper-making process begins by combining the raw 
materials (pulp, fillers and additives) dispersed in water, 
which are used in different quantities depending on the 
type of paper produced. The mixture is then conveyed 
to a flat table where a machine (the headbox) distributes 
it evenly over the entire fabric, forming the structure of 
the paper. At Fedrigoni, this process is perfectly in tune 
with the emphasis we place on the environment, with 
100% of our pulp being FSC certified, the use of natural 
additives, and over 90% of the water we use being 
returned clean to the environment after being recycled 
several times. 
Through subsequent draining and drying actions, a strip 
of paper is obtained, wound on large reels, which can 
weigh several tons. After this, the paper can be further 
processed using machines for surface treatment, 
thermal treatment, mechanical treatment, coating, 
embossing or laminating.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Our production processes
Our certifications
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
FACE
ELECTRICITY
ELECTRICITY
PACKAGING MATERIALS
NATURAL GAS
ADHESIVES
SILICONE
LINER
CUSTOMISED ROLLS OF  
PAPER OR SELF-ADHESIVE FILM 
MASTER ROLL
MAINS WATER
SOLID WASTE
SOLID WASTE
COATING  
AND LAMINATION
SLITTING 
CENTRE
INCOMING 
MATERIALS
1
4
SHIPPING
SLITTING  
AND PACKING  
LINES3
LAMINATION  
PROCESS 2
Paper or film
Hot melt  
or acrylic
The self-adhesive materials  
production process
The self-adhesive materials production 
process, unlike the process for paper, uses 
paper reels and films (plastic and non-plastic) 
as raw materials, while the environmental 
impact in terms of water consumption is much 
lower than in paper production at around 2%. 
There are essentially the following two  
processing methods:
• Silicone coating, by applying an extremely 
thin layer of silicone or protective plastic 
film onto paper media. For over 20 years, 
all our production centres have applied a 
solventless silicone treatment that involves 
the exclusive use of toxic solvent-free  
raw materials. 
• Adhesivation, through the application  
of adhesive to the silicone-coated support  
and then transferring it to the frontal  
material (the label).

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Our production processes
Our certifications
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Our production processes
Our certifications
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Our certifications
Our path to sustainability began 30 
years ago and since then we have 
relied on tools that measure and 
verify our actions and progress. 
We got our first certification 
in 1993 and since then we have 
operated in accordance with 
existing international standards, 
several of which are voluntary.
FSC - For the protection and 
preservation of forest heritage
The Forest Stewardship Council 
(FSC) created an internationally 
recognised forestry certification 
system to ensure proper forest 
management and traceability of 
forest products. 100% of our pulp is 
FSC certified. 
Fabriano has been a supporter 
of FSC Italy since 2021: a sign of 
the ever-increasing collaboration 
between them.
EU Ecolabel - European  
Union Ecolabel
This label distinguishes 
products and services with high 
performance standards and low 
environmental impact throughout 
their life cycle. We have the Ecolabel 
for 13% of our Paper sites.
Re-made in Italy
Certification of the verification of 
recycled and by-product content 
in a material or product (even 
multi-material) is a traceability 
system which complies with the 
Procurement Code and CAM 
(Minimum Environmental Criteria). 
This is implemented at 7% of our 
Paper sites.
BRC – Global Standard for  
the safety of packaging  
in the food sector
Implemented at the Cordenons 
(Pordenone) paper mill and 
currently being implemented at the 
Arco (Trento) paper mill.
ISO 9001 - Quality  
Management Systems
100% of the Italian Paper sites are 
ISO 9001 certified.  
100% of the Self-Adhesives sites 
have product and process quality 
management procedures that 
are aligned to ISO 9001 principles, 
without external certification.
ISO 14001 - Environmental 
Management Systems
67% of the Italian Paper sites 
and 77% of the Self-Adhesives 
production sites are  
ISO 140001 certified.
ISO 45001 - Occupational  
Health and Safety  
Management Systems
100% of the Italian Paper sites 
and 62% of the Self-Adhesives 
production sites are  
ISO 45001 certified.
ISO 50001 - Energy  
Management Systems
13% of the Italian Paper sites are 
ISO 50001 certified. 100% of the 
Self-Adhesives sites have energy 
management procedures that are 
aligned with ISO 50001 principles, 
without external certification.
WWF Environmental Paper 
Company Index
Voluntary participant since 2013.
UNE 166002 Management system 
for technological research, 
development and innovation
ISO 22000 for the quality  
of products for food use.
ISCC PLUS - specific certification 
for plastic film products.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Governance

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Members Gender Age
Executive Independent
Member 
since
Charles 
Michel 
Henri 
Heaulme
M
>50
X
30/06/2021
Halvor 
Meyer 
Horten
M
30-50  
X
12/12/2017
Giacomo 
Massetti
M
30-50	  
X
14/10/2019
Chiara 
Medioli
F
>50
 X
 
16/04/2018
Marco 
Nespolo
M
30-50	  X
 
15/11/2018
Ivano 
Sessa
 M
30-50	  
X
12/12/2017
2 The company Fedrigoni Holding Ldt. is not consolidated at Group level but 
it is the controlling company of Fedrigoni S.p.A. 
Sustainability Governance:  
our widespread model
The Fedrigoni Group consists of the parent company 
Fedrigoni S.p.A. whose registered office is in Verona 
and 41 other companies in various countries around 
the world. Fedrigoni’s governance model is based 
on the traditional model consisting of the following 
corporate bodies: the Board of Directors and the 
Board of Statutory Auditors.
The Board of Directors is composed as follows 
Fedrigoni’s culture of sustainability translates into 
daily actions carried out with clarity, transparency, 
responsibility, and expertise. It requires the entire 
company being involved, at every level, and identifying 
a structure for sharing objectives, practices, critical 
issues and ideas. We have called our approach to 
sustainability governance the ‘widespread model’,  
as responsibilities are spread across all departments 
of our company.
Our Chief Executive Officer (CEO) is the prime 
sponsor of sustainability and through continuous 
teamwork, the Chief Sustainability and 
Communication Officer (CSO), who also serves 
as Vice-Chairman of the Board, reports to him. This 
combination ensures that ESG targets are always a 
top priority in the agendas of the Executive Committee 
and the Board of Directors.
In 2021, we added the position of Head of Group 
Sustainability, whose task is to support achieving 
the 2030 Goals and support building a long-term 
sustainability vision across all Group sites. CEOs, 
CSOs and Heads of Sustainability meet on a monthly 
basis at Sustainability Checkpoints to better integrate 
sustainability aspects into our daily business model. 
By constantly taking stock, it is possible to adapt 
sustainability policies to the ever-changing  
global needs.
The ‘widespread model’ of sustainability involves 
the Leadership Team and the Sustainability Team. 
The former is made up of some 50 Group managers, 
including the Executive Committee, selected to 
facilitate the implementation of our ESG strategy 
and the growth of our people in every business 
unit and sector of the company. The Sustainability 
Team, led by the Head of Group Sustainability, is 
more operational and broad-based, involving the 
key sustainability departments: health and safety, 
environment and energy, product development, 
reporting, purchasing, human resources and 
communications. The team meets once a month and 
is made up of 15 people chosen for their individual 
personality and the complementary nature of their 
skills and backgrounds. Together they are responsible 
for fostering a culture of sustainability and helping the 
Group to make progress towards achieving its ESG 
targets by 2030.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report

31
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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Code of Ethics 
Since 1998, the Code sets out the principles and 
requirements for conduct at Fedrigoni. In addition 
to rules on integrity, fairness and transparency 
in accounting and financial matters, it reiterates 
respect for Human Rights throughout the value chain. 
Issues such as child labour, forced labour, workplace 
harassment and discrimination of various kinds are 
social justice issues, and are deeply ingrained in our 
people-centred vision. 
Training on the Code of Ethics for all employees 
started in 2021 and we are committed to reaching 
100% of trained employees by 2022.
Since 2021, we have added a Code of Conduct to 
our Code of Ethics, because we want to ensure that 
human rights are also respected by all our suppliers 
and partners. 
Sustainability Policy  
and Sustainability Charter
The company’s Sustainability Policy aims to integrate 
and balance our traditional range of products with 
the best technical and aesthetic performance whilst 
paying attention to environmental and social impacts. 
This is achieved because of the people who work with 
us, whose skills are crucial to efficiently managing the 
systems and recipes of our products (see section “The 
ESG features of our products”). 
Our Sustainability Policy:
• applies to all Fedrigoni Group sites, laboratories, 
offices, and locations.
• applies to employees, contractors, and third parties 
when dealing with us.
• commits us to ESG performance reporting.
• complements the Code of Ethics, a reference point 
for all our behaviour.
• is inspired by the Universal Declaration of Human 
Rights, the Conventions of the International Labour 
Organisation and the 10 Principles of the United 
Nations Global Compact.
• is translated, distributed to everyone, and published 
on our websites.
At Fedrigoni, we also recently developed our first 
Group Sustainability Charter. In addition to simple, 
everyday rules based on an assessment of the 
risks we are exposed to, the Charter is based on the 
understanding that we are the leader in the world 
of specialty papers and self-adhesive materials in 
terms of performance and aesthetics. This is also 
reflected in a great attention to detail, especially in the 
production world. The Charter makes us aware that 
we are the main agents of our own and others’ safety 
and invites us to be open to change and learn from our 
own and others’ experiences.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Environment
Product 
Development
Social and 
Governance
Transparency  
and 
Endorsement
ESG targets by 2030
Our ESG strategy is divided into 
four action areas that represent 
our corporate identity and culture.
We want to be the leader in 
our industry for reducing 
environmental impacts. We 
monitor our environmental 
performance and aim for 
continuous improvement, 
including through an increasingly 
selected supplier base  
according to sustainable 
procurement criteria.
Our customers increasingly 
demand sustainable and 
circular products. In the Paper 
Business Unit, we intend to 
make a significant contribution 
to the global ‘Plastics to Paper’ 
challenge with solutions that are 
plastic-like in performance (but 
with renewable raw materials) 
and recyclable downstream 
(examples: Paper Snap and the 
Materia Viva paper collection).  
In the Self-Adhesives Business 
Unit we are expanding our range 
of environmentally friendly  
self-adhesive solutions, 
especially in the Wine & Spirits 
segment (e.g. Core linerless 
solutions® and RIMove).
We strive to attract, develop 
and retain the best talent, 
adopting best practices related 
to safety culture, diversity, 
equity and inclusion, active 
employee engagement, 
and personal development 
management. When it comes to 
Corporate Governance, we have 
implemented Group practices  
on issues such as anti-bribery, 
anti-trust, privacy and personal 
data management.
The more we are all involved,  
the more attainable our goals  
are. That is why sustainability  
is everyone’s responsibility and 
an essential part of individual 
performance assessments.  
We also ensure transparency to 
stakeholders by communicating 
measurable targets and results.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Environment 
Product Development 
ESG targets by 2030
-30% of absolute carbon 
dioxide emissions, Scope 1+2
100% of waste sent  
for recovery and not sent  
to landfill 
95% clean water returned  
to the environment
Zero cases of water pollution
95% of the supplier base  
also qualified according  
to ESG criteria
A
B
C
D
E
F
G
ESG targets by 2030
+50% volume of specialty 
papers with advanced ESG 
features (from 13% to 26%)
+50% volume of self-adhesive 
materials with advanced ESG 
features (from 35% to 70%)
TARGET BY 2030
95%
TARGET
BY 2030
100%
TARGET
BY 2030
70%
TARGET
BY 2030
95%
TARGET
BY 2030
~240kt
TARGET
BY 2030
26%
reference year
2019
~330kt
reference 
year
2019
13%
reference 
year
2019
35%
status in 
2021
325kt
status in 
2021
18%
status in 
2021
37%
100
0
500
0
0
50
unit of measurement kt
100
50
100
50
100
50
TARGET BY 2030
0
reference year 2020 
status in 2021
0
10
0
reference 
year
2019
80%
reference  
year
2020
92%
status in
2021
86%
status in
2021
97%
status in 
2021
81%
reference 
year
2020
50%
Our goals by 2030: four pillars.
unit of measurement %
unit of measurement %
unit of measurement number
unit of measurement %
unit of measurement %
unit of measurement %

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial 
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
TARGET
BY 2030
Social and Governance
Transparency and Endorsement
ESG targets by 2030
-67% drop in total injury
frequency rate
(from 21 to 7)
+50% more women in
managerial positions
(from 22% to 30%)
100% of our people 
involved in individual 
development-oriented 
performance interviews
100% training  
on the code of ethics
+50 of employee
NPS, i.e. the degree
of satisfaction and trust
of our people (employee
NPS from -100 to +100)
ESG targets by 2030
Inclusion of ESG aspects  
in individual assessments
Joining the United Nations 
Global Compact (UNGC))
EcoVadis sustainability rating
TARGET
BY 2030
7
TARGET
BY 2030
30%
TARGET
BY 2030
100%
TARGET
BY 2030
100%
50
Platinum
0
Bronze
0
no
50
yes
100
0
100
0
reference  
year
2020
21
reference 
year
2020
reference  
year
2020
22%
reference  
year
2020
0%
reference  
year
2020
9%
status in
2021
14
status in
2021
status in
2021
25%
status in
2021
1%
status in
2021
17%
TARGET
BY 2030
TARGET
BY 2030
Platinum
no
yes
reference 
year
2020
reference 
year 
2020
Bronze
status in 
2021
status in
2021
Gold
H
I
L
M
N
O
P
Q
unit of measurement %
unit of measurement %
unit of measurement number
unit of measurement number
+100
-100
status in
2021
+30
unit of measurement number NPS
TARGET BY 2030
+50
reference year
2020
+50

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Governance
Strategy 
Risk 
management
Metrics  
and targets
• Our CEO is the prime sponsor of the risks and opportunities associated 
with climate change and the need for an affordable energy transition. 
• The Executive Committee is responsible for developing and executing 
the ESG strategy by 2030, including the energy transition strategy with 
our contribution to reducing CO₂ emissions. Each quarter an in-depth 
section of the ExCo meeting is devoted to addressing ESG issues in 
greater depth.
• Monthly meetings (Sustainability Checkpoint) between the CEO, CSO, 
and Head of Group Sustainability. 
• Monthly meetings (Transformation Review) with the entire Leadership 
Team to track ESG performance.
• Monthly Sustainability Team meetings to ensure that the ESG initiatives 
are implemented effectively.
• In 2022, we will hold two meetings dedicated to analysing the results  
of the Materiality Matrix update and our CO₂ emissions strategy. 
TCFD  
requirements
Fedrigoni’s approach
• We have adopted a medium-term strategy by 2030 (-30% absolute CO₂ 
emissions Scope 1 + 2) and a long-term strategy by 2050  
(carbon neutrality). 
• Both strategies are aligned with the commitments made in the Paris 
Agreement in 2015 and the Sustainable Development Goals (SDGs). 
• We are working on our Scope 3 reduction target. 
• A new department to strengthen and manage compliance and audit 
issues: the Group Compliance Officer & Chief Internal Auditor, reporting 
directly to the CEO, contributes to supporting the Group’s ESG activities 
in coordination with the other corporate departments. 
• In 2021, we did our first Transition Risk mapping under the new 
Enterprise Risk Management. 
• We have developed the first Physical Risk mapping related to climate 
change (Climate Change Risk Assessment) for our production sites.
• Our medium-term strategy by 2030 calls for a 30% reduction  
in absolute CO₂ emissions, Scope 1 + 2. 
• Our long-term strategy by 2050 calls for carbon neutrality. 
• In the short term we are also developing the Scope 3 emission 
reduction target that is aligned to the Science Based Target 
methodology (as was done for Scope 1 + 2). 
• All metrics are reviewed every month (Transformation Review and 
Sustainability Checkpoint) with top management and the Board  
of Directors in order to most effectively monitor the projects and lines 
of action that will lead to the agreed reductions. 
• ESG objectives are part of all managers’ MBOs. The current weighting, 
between 5% and 10%, will be increased to 25% in 2022.
Risk management, including water 
and climate change (TCFD)
In 2021, we began the process of adopting a 
structured, integrated risk management system 
that also reflects the guidance of the Task Force 
on Climate-related Financial Disclosures (TCFD) 
promoted in 2015 by the Financial Stability Board (FSB) 
to monitor the impact of climate change on financial 
markets and became, for all intents and purposes, part 
of Enterprise Risk Management.
The TCFD is a framework for identifying, assessing, 
managing, and monitoring risks and related 
methodological tools, which allows us to map potential 
risks related to achieving our strategic objectives. 
Risks have been identified with the support of the 
Group Risk Model and assessed in terms of probability 
of occurrence, impact, and maturity of the risk 
management system. 
The main risks identified fall into the following four 
categories: Strategic Risks, Financial Risks, Legal and 
Compliance Risks, and Operational Risks.
The ESG issues were found to span across the above 
risk categories. The main sustainability challenges 
that emerged from the risk assessment relate  
to the following:
• Reducing CO₂ emissions
• Waste recovery
• Increasing customer focus on sustainable products
• Monitoring and adapting to regulatory changes  
in terms of ESG
• Managing extreme weather events  
and natural disasters
ERM governance model
The ERM governance model has been established in 
line with the best global benchmarks. It assigns the 
task of coordinating and facilitating the ERM process 
to the Internal Audit & Compliance department, the 
role of supporting the CEO in decisions related to the 
ERM system to the Executive Committee, and the task 
of supporting the Board in developing risk control 
activities to the Audit & Risk Committee.
For Fedrigoni, risk management is part of the broader 
scenario of Making Progress, since every risk 
identified and managed becomes an opportunity for 
growth and achieving results that create an impact.
The table below summarises what we are doing with 
regard to the TCFD requirements on governance, 
strategy, risks, and metrics:

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
% of our production sites exposed to the various climate risks mapped
Heat waves 
Floods
Water stress
Earthquakes
Fires 
Hurricanes  
and typhoons 
Sea level rise
59%
41%
35%
29%
18%
0%
0%
Mapping climate risks 
In 2021, we mapped our physical risks related to 
climate change for the first time. The analysis is 
based on climatology data and is in line with TCFD 
guidelines and conducted with the support of a third 
party (sources: IPCC, NASA, World Meteorological 
Organization), environmental risks (sources: World 
Resource Institute, Acqueduct) and global economic 
data (sources: The World Bank, World Economic 
Forum, Trucost). The criteria for this analysis include 
detailed projections of change in extreme events such 
as rainfall intensity and frequency, high temperatures, 
historical tropical cyclone activity, coastal flooding, 
drought and water stress, and forest fire potential. 
The analysis focuses on extreme weather impacts 
(e.g. tropical cyclones) which occur today and other 
medium-term climate impacts. For each climate 
change risk category, five risk levels were taken into 
account (from no exposure to existing risk). Below are 
the first exposure results for our production sites (time 
horizon 2030-2040).
We are doing further site-specific mapping at all 
exposed locations with the support of local experts. 
We will spend 2022 exploring how to reduce exposure 
levels at our sites and assessing further analyses.
European taxonomy
In 2020, the Technical Expert Group on Sustainable 
Finance (TEG) published the final report on the 
European Taxonomy, the new common EU-wide 
classification of economic activities that can be 
considered environmentally sustainable. At Fedrigoni, 
we are excluded from reporting which, for now, does 
not apply to companies that do not fall within the 
scope defined by Legislative Decree 254/2016.  
In the coming months, the progressive evolution  
of the European Regulation will be monitored  
for future reporting.
Cybersecurity
Cybersecurity is a risk element that companies  
in all sectors face. Our focus on this issue has 
intensified in recent years, partly in response  
to the increasing complexity and frequency  
with which cyberattacks are being waged against 
national and international companies.
Since 2019, we have established a cybersecurity 
strategy with the following aims:
• Creating an organisation-wide awareness 
of the importance of cybersecurity through 
communication campaigns on the main corporate 
channels (Workplace, email, monitors at plants).
• Identifying the main cybersecurity risks  
for the business.
• Assessing the maturity level of the cybersecurity 
control system in relation to the international 
framework (NIST).
• Identifying the areas of intervention and mitigation 
actions to reduce the risks of cyberattacks, drawing 
up a multi-year cybersecurity transformation plan.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
• Business climate surveys;
• Opportunities for development plans;
• Involvement in the Sustainability Team;
• Two-way communication on company 
social networks;
• Environmental initiatives during  
working hours;
• Showrooms in corporate spaces 
displaying the finished products  
of customers who use our papers  
and labels. 
Employees
Customers
Financial Community
Suppliers
Institutions and local 
communities
Internal
Initiatives with our stakeholders
External
Shareholders and the Board
• Regular meetings to boost our 
customers’ creativity;
• Involvement in updating  
the materiality matrix;
• Net Promoter Score Paper customers 
(61/100 in 2021), third-party verified;
• Net Promoter Score Self-Adhesives 
customers (67/100 in 2021),  
third-party verified;
• Fabriano Boutique;
• Fedrigoni Top Award, since 2005 our 
biggest celebration of craftsmanship 
and creativity. This is the only award 
in the world dedicated to graphic 
designers, printers, and brands who win 
as members of a single project team. 
• Quarterly disclosure of our key  
ESG performance;
• Involvement in updating  
the materiality matrix.
• Workshops with suppliers of energy, 
materials, and machinery to find 
solutions with lower CO₂ impact. 
• Quarterly disclosure of key  
ESG performance;
• Involvement in updating  
the materiality matrix.
• Environmental initiatives to support  
the community during working hours;
• Drawing Festival;
• All of the Fedrigoni Fabriano  
Foundation’s activities;
• Partnership with InspirinGirls 
International, an international NGO that 
connects girls with female role models 
from different backgrounds who can 
encourage them to follow their own 
inspirations, free from stereotypes;
• Support to ProInfants, a Spanish non-
profit organization for children active in 
India and South America.
In 2021, we further bolstered our ability as a Group 
to respond to cyberattacks and took out an insurance 
policy against cyber risks. 
At Fedrigoni, the Group IT Security Manager reports 
directly to the Group Chief Information Officer (who is 
a member of the Executive Committee). 
Cybersecurity issues are periodically shared  
with the Board of Directors.
In order to cope with ever-increasing cyber risks, 
the actions of our cybersecurity reinforcement 
programme are reviewed and adapted annually,  
and focus on four main areas of action:
• Culture: raising awareness and training  
all employees on cybersecurity issues.
• Organisation: increasing the supervision of 
cybersecurity issues from the point of view of the 
number of dedicated resources and skills required.
• Processes: defining and structuring the 
governance of activities, processes, and 
procedures in the cyber sphere (examples: 
vulnerability management, incident management, 
and patch management).
• Technologies: adopting integrated technological 
security solutions (examples: SIEM, Endpoint 
Detection and Response, WAF) and improving  
the effectiveness of existing ones.
Our stakeholders
At Fedrigoni we aim to facilitate interactions and 
relationships of trust with all our stakeholders. Below 
are our standard ways of engaging with each 
category of stakeholder. 
First of all, there are our employees - the true soul and 
driving force of the company and the ambassadors 
of the Fedrigoni brand around the world - who are 
involved in creating an ever-improving working 
environment. Then there are the shareholders and 
the Board, i.e. the private equity fund and the family 
shareholders. They are constantly at our side to 
help us achieve our ESG performance targets. Our 
customers are fundamental: we maintain constant 
contact with them as we are linked by a mutually 
stimulating relationship and partnership to achieve 
common goals. Another key factor is our relationship 
with the financial community and investors to whom 
we regularly communicate our ESG performance and 
the material issues on which we intend to act. Likewise, 
we must not forget the institutions and local 
communities in which we operate. Finally, there are 
the suppliers who are increasingly essential players 
in helping us achieve ESG targets, including the energy 
transition.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Materiality Matrix
The Materiality Matrix is a representation, on a 
Cartesian plane, of the sustainable development 
issues most significant to us and our stakeholders. 
Presented on a Cartesian plane. The first Matrix was 
published in 2020 and updated at the end of 2021, 
directly involving our most relevant stakeholders,  
with third-party support to ensure the integrity  
of the process.
The methodology used to collect relevant information 
was different for the three reference clusters: the 
Leadership Team, the group of Fedrigoni managers 
including the Executive Committee; a selection of 
brands and customers representing sustainability 
issues; a selection of shareholders and investors 
interested in the Group’s ESG progress.
In general, the input from the different groups was 
gathered through direct discussions during dedicated 
days or one-to-one meetings. 
The results obtained have enabled us to update our 
Materiality Matrix, which confirms our ESG policies 
and objectives by 2030 and makes clearer the four 
focus areas on which we are going to concentrate our 
efforts: energy from renewable sources, traceability of 
materials, biodiversity, and social inclusion.
Stakeholders
Ways of involving stakeholders
Purpose
Emerging priorities 
Leadership Team 
Around 50 Group managers, 
including the Executive Committee, 
selected to accelerate the 
implementation of the ESG strategy.
Discussions during two days  
of leadership training.
Measuring the level of internal 
knowledge about our strategies and 
their action priorities.
• Climate change
• Health and safety
• Product life cycle
• Water
• Sustainable procurement
Brand and customers 
Representative panel of brands 
and customers that are especially 
mature on sustainability issues.
Discussing our ESG 2030 strategy 
and initiatives in place to increase 
the advanced ESG features  
of our products.
Getting an insight into our strategy 
and confirming the challenges on 
which we need to accelerate.
• Climate change and electricity 
from renewable sources
• Water and biodiversity
• Traceability of materials  
and circularity
• Social inclusion
Shareholders and investors
Representative panel of 
shareholders interested in our  
ESG performance.
Comparing our ability to 
communicate our ESG 2030 
strategy to the market and the 
progress we have made. 
Receiving confirmation of short- and 
medium-term areas of interest for 
the world of finance.
• Absolute CO₂ emissions data
• Transparency and data quality
• Social inclusion 
MEDIUM
MEDIUM
HIGH
HIGH
Significance for stakeholders
Significance for Fedrigoni
Social  
& Governance
Social  
& Governance
Product Development
Environment
Governance & business ethics
Training and developing people
Community relations  
& social inclusion
CO2 & renewable  
energy sources
Water & Biodiversity
Waste reduction & recycling
Health and safety
Diversity & Inclusion
Working conditions  
& employee involvement
Materials, traceability  
& sustainable procurement
Product eco-design & circularity
Creating value

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
€
2020 
2021
Economic value generated
1,356,186
1,689,896
Economic value distributed
1,325,504 1,582,830
Value allotted to employees
1,011,684
1,239,874
Value allotted to capital providers
208,589
249,218
Value distributed to capital providers 
76,203
68,464
Value allotted to the public authorities
28,026
24,483
Value allotted to the shareholders
0
0
Value allotted to the community
1,002
791
Value retained in the company 
30,682
107,066
Global Compact: where we are 
making a difference
In 2021 Fedrigoni officially joined the United Nations 
Global Compact, the pact that put together  
the 2030 Agenda. 
As a result of this membership, the Group now uses 
the SDG Action Manager, the UN Global Compact’s 
tool for objectively measuring the company’s 
commitment to social and environmental issues, 
stakeholder engagement and governance, supply 
chain management, tax and government affairs 
practices and, of course, the integration of the 17 
Sustainable Development Goals (SDGs). The findings 
showed that Fedrigoni is positioned above the Italian 
average in its sector. The SDG Action Manager helped 
us to confirm the 6 SDGs, which also emerged from 
the Materiality Matrix update, where we want to make 
a difference through our direct contribution. We are 
committed to reporting regularly on the progress  
of all our initiatives.
For further information:  
www.unric.org/it/agenda-2030
The breakdown of generated  
and distributed value
The generated and distributed value is the direct 
economic value generated (revenues) and the 
distributed economic value (operating costs, 
employee salaries and benefits, payments to capital 
providers, payments to the government per country 
and community investments), as defined by the Global 
Reporting Initiative (GRI). It is, therefore, the wealth that 
the company generates and redistributes in various 
forms to stakeholders. In 2021, we generated and 
distributed €1,582,830, allotted among the different 
corporate stakeholders as follows:
No contributions were made to lobbies and/or  
political organisations.
3 Following a refinement of the calculation methodology, the figures for 
2020 have been restated with respect to those published in the previous 
Sustainability Report. It should be noted that costs of approximately 
€800,000 were incurred in 2021 for membership fees (approximately 
€200,00 in 2020). It should also be noted the following breakdown for 
corporate citizenship activities carried out in 2021: 75% commercial 
initiatives, 24% investments for the community and 1% donations.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The taxation
The Fedrigoni Group contributes through its activities 
to the tax revenues of various jurisdictions, thus 
promoting the economic and social development of 
these countries, operating in compliance with the 
principles of legitimacy in both form and substance 
with regard to fairness, compliance with the rules, 
transparency, clarity and truthfulness of accounting, 
production and management records, in accordance 
with the literal meaning and underlying rationale of 
the regulations in force and the company procedures 
designed to ensure their application and control over 
time, as well as the provisions of the Code of Ethics.
The Group ensures compliance with the principles 
of conduct aimed at guaranteeing (i) the integrity of 
the share capital, (ii) the protection of creditors and 
third parties who establish relations with the Group 
companies, (iii) the regular performance of the market, 
(iv) the exercise of the duties of public supervisory 
authorities and, in general, (v) the transparency and 
correctness of the activities carried out, both from an 
economic and financial point of view.
Fedrigoni pays careful attention to compliance 
with current tax regulations in order to adequately 
meet the expectations of its stakeholders, including 
the government, shareholders, employees, and the 
communities in which the Group operates.
Fedrigoni has adopted a tax strategy that illustrates 
all the approaches and objectives adopted by the 
Group to manage taxation, also aiming to ensure 
uniform tax management in all Group entities by 
issuing globally recognised principles. In addition, 
guidelines have been defined to ensure compliance 
with tax and fiscal regulations and to ensure the 
Group’s capital and reputational integrity over time.
Specifically, the tax strategy pursues  
the following objectives: 
• Managing the tax variable while protecting the 
interests of all stakeholders;
• Always operating in compliance with tax regulations 
with regard to both the literal meaning of the 
rules and the underlying rationale, monitoring and 
overseeing new legislation, including through regular 
consultations with tax consultants, as well as with 
the relevant institutions at national and international 
level, where necessary;
• Making decisions on tax matters in line with national 
and international best practices, as well as consistent 
with its strategic objectives and risk appetite;
• Promoting professional due diligence in handling 
tax-related activities and processes, as also set out 
in the Code of Ethics, and ensuring that the relevant 
procedures are appropriate;
• Providing appropriate technical training to all 
employees involved in handling tax-related 
obligations and activities;
• Establishing thorough, accurate information flows to 
management bodies and tax authorities;
• Encouraging the development of constructive, 
professional and transparent relations with the 
Tax Authorities based on the concepts of integrity, 
cooperation and mutual trust;
• Adopting a group transfer pricing policy based on the 
principles of normal value and free competition which 
is in line with the arm’s length principle defined by the 
OECD guidelines, preparing the appropriate transfer 
pricing documentation in accordance with the OECD 
• Transfer Pricing Guidelines (i.e. Master File, Local File, 
and Country-by-Country Report);
• Consistently and adequately assigning roles, 
responsibilities and powers to staff involved in 
processes that have tax implications so as to ensure 
proper management of tax risk and minimise the 
possibility of disputes;
• Not making investments in or through tax havens  
or low-tax jurisdictions for the sole purpose of 
obtaining undue tax advantages or structures 
designed for tax avoidance.
In the organisational model, the management of 
regulatory compliance and tax planning activities 
at local level is supervised and coordinated by the 
Parent Company’s Tax Management department. This 
department also monitors the development of tax 
legislation in the various countries the Group operates 
in so as to minimise any material impact in terms of tax 
risk in accordance with the Group’s Tax Strategy.
Finally, Fedrigoni is committed to maintaining a 
cooperative, transparent relationship with the tax 
authorities of the countries where it does business, 
ensuring that they have a full understanding of the 
facts underlying the interpretation/application of 
specific tax laws. The Board of Directors has approved 
the Group’s tax strategy, assuming responsibility for 
ensuring that it is known and applied, in conjunction 
with the specific task of disseminating the culture and 
values underlying it.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Country
Resident entity names
Main activities
No. of 
employees
Revenues from 
sales to third 
parties
Intra-group 
revenues
Pre-tax 
profit/loss
Tangible assets 
other than 
cash and cash 
equivalents
Income taxes 
paid (cash 
basis)
Income taxes 
accrued on 
gains/losses
Euro/1,000
Euro/1,000
Euro/1,000
Euro/1,000
Euro/1,000
Euro/1,000
Italy
Fedrigoni SpA;
Production and distribution of specialty graphic 
papers 
1,515
467,674
164,646
-3,475
687,327
9,886
1,194
Gruppo Cordenons SpA; 
Magnani 1404 Srl;
Pulp JV;
FASE Srl
Ritrama SpA;
Production and distribution of adhesive  
and anti-adhesive products
731
350,937
112,018
42,323
326,648
1,336
2,572
Polifibra 2011 SpA;
Arconvert SpA;
Miliani Immobiliare Srl;
Property management
0
0
0
-231
1,915
28
0
Spain
Arconvert SAU;
Production and distribution of adhesive  
and anti-adhesive productsi
414
261,749
37,057
36,267
103,208
8,837
8,424
Fedrigoni Espana SL
Distribution of specialty graphic papers
32
26,263
16
300
6,338
79
228
United 
Kingdom
Ritrama UK;
Production and distribution of adhesive  
and anti-adhesive products
78
55,092
5,869
2,719
25,055
499
720
Fedrigoni UK LTD
Distribution of adhesive  
and anti-adhesive products
39
28,349
161
437
7,064
115
299
USA
GPA Holding company INC;
Distribution of specialty graphic papers, adhesive 
and anti-adhesive products
127
90,894
0
875
56,283
190
646
GPA Acquisition company LLC;
Acucote INC.
Production and distribution of adhesive  
and anti-adhesive products
136
33,886
0
2,440
43,851
500
93
Extra Port INC.
Brazil
Arconvert-Ritrama do Brasil LTDA;
Production and sale of adhesive  
and anti-adhesive products
157
74,254
2,215
3,275
52,465
1,529
1,669
Ritrama Autodesivos LTDA
Chile
Ritrama SA Chile
Production and distribution of adhesive  
and anti-adhesive products
156
33,598
36,962
4,414
32,910
925
801
Mexico
Venus America SA de CV;
Production and distribution of adhesive  
and anti-adhesive products
167
27,122
2,215
2,444
36,383
723
140
Rimark SA de CV;
Servicios de Personal Rolosa;
Industrial Papelera Venus SA de CV.
Germany
Fedrigoni Deutschland GMBH;
Distribution of specialty graphic papers
51
31,980
1,431
378
9,072
82
255
Cartamano Deutschland GMBH.
France
Fedrigoni France Sarl
Distribution of specialty graphic papers
45
30,170
158
419
9,344
58
643
Austria
Fedrigoni Austria GMBH
Distribution of specialty graphic papers
2
0
41
39
22
2
2
Ecuador
Distribuidora Ritrama Ecuador 
Disritrec SA
Distribution of adhesive and anti-adhesive products
8
3,692
0
16
3,128
26
24
Peru
Ritrama Perù
Distribution of adhesive and anti-adhesive products
9
4,918
0
-83
4,581
157
0
Costa Rica
Ritrama Costa Rica
Distribution of adhesive and anti-adhesive products
13
2,486
201
17
1,905
-2
0
Colombia
Ritrama SAS
Distribution of adhesive and anti-adhesive products
15
5,660
0
-173
4,020
5
0
Guatemala
Ritrama Guatemala
Distribution of adhesive and anti-adhesive products
4
1,389
0
-23
783
0
0
Dominican 
Republic
Inversiones San Aurelio SRL;
Distribution of adhesive and anti-adhesive products
15
5,697
1,357
176
4,867
21
15
Ritrama CARIBE Srl
China
Ritrama (Hefei) Pressure Sensitive 
Coated Materials Co.Limited
Production and distribution of adhesive  
and anti-adhesive products
95
25,453
2,795
-1,420
20,688
-975
0
Fedrigoni ASIA LTD;
Distribution of specialty graphic papers
43
13,796
196
64
9,680
0
Fedrigoni Trading CO LTD
South Africa Ritrama Converting (PTY) LTD
Distribution of adhesive and anti-adhesive products
0
5,978
0
1,254
4,005
-94
0
Poland
Ritrama Poland
Distribution of adhesive and anti-adhesive products
24
13,048
0
77
6,582
23
106
Belgium
Fedrigoni Benelux BVBA
Distribution of specialty graphic papers
12
8,719
37
113
3,179
0
99
Bangladesh
Fedrigoni Bangladesh LTD
Distribution of specialty graphic papers
2
0
0
-5
0
0
0
Indonesia
PT Fedrigoni Indonesian Trading
Distribution of specialty graphic papers
3
55
0
-89
573
0
1
Total
3,893
1,602,857
367,375
92,547
1,461,876
23,951
17,932

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The SDGs where we’re making  
a difference
E
95% of the 
supplier base 
also qualified 
according to 
ESG criteria, 
starting at 50% 
(base year: 
2020)
Target 
ESG 2030
target E
Expenditure by type  
of supply*
2019
2020
2021
Chemicals
23%
24%
25%
Pulp
32%
20%
22%
Paper (face and liner)
27%
32%
30%
Film (face and liner)
4%
15%
16%
Packaging
5%
4%
4%
Other
10%
6%
2%
Total
100%
100%
100%
Expenditure by 
geographical 
area (consumer 
establishments)*
2019
2020
2021
Europe
100%
92%
88%
South America
- 
5%
9%
Northe America
- 
0%
0%
Asia
- 
3%
2%
Total
100%
100%
100%
Sustainable procurement
For us, sustainable procurement means ensuring that 
the products and services we buy have the lowest 
possible environmental impact and a positive social 
impact. At the heart of this we want a partnership 
relationship with our suppliers that is based on shared 
values and objectives and collaboration to develop 
shared areas for improvement based on specific, 
measurable initiatives.
We have dedicated our ESG 2030 target E to 
sustainable procurement, a theme that intersects  
with Governance and Environment.
The following tables show the expenditure trends  
for direct materials by type of supply  
and geographical area:
*The packaging category data for 2019 is a budget value, 2020 and 2021 
are actual data. The following scope of consolidation is specified: in the 
reporting of data for the three-year period, the company GPA Holding 
Company Inc. is always excluded. In 2019 and 2020, the companies 
Arconvert Brazil and Fedrigoni Brazil (sold in 2021) are excluded. In 2021, 
IP Venus and the Bollate plant are excluded for the Security segment. 
From 2020, Ritrama is included in the data reporting scope following its 
acquisition. The change in the weight of the Pulp category from 2019 to 
2020 and 2021 is attributable to the increase in total expenditures.
*The following scope of consolidation is noted: in 2019 the data for 
Arconvert Brazil and Fedrigoni Brazil are not reported. GPA Holding 
Company Inc. is always excluded from the reporting of data for the  
three-year period.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The main initiatives planned  
and mplemented in 2021  
for a sustainable supply chain
In terms of expenditure, in 2021 81% of expenditures 
have a sustainability score valid in the last 24 months 
(target of 95% in 2030).
In 2021, we introduced several changes in the steps 
of the procurement process. We report the most 
significant advances. 
New supplier code of conduct 
Supplier Code of Conduct: since 2021 we require 100% 
of our suppliers (through Purchase Orders) to adhere 
to the document that summarises our expectations in 
terms of conducting business and complying with the 
best regulations, policies, and sustainability initiatives. 
The Code takes into account the principles expressed 
by the UN Global Compact with a commitment by 
suppliers to:
• Adopt an environmental, social and governance 
performance management system.
• Respect human and workers’ rights.
• Respect environmental and worker safety 
conditions in the workplace.
• Minimise the environmental impact of the business.
• Conduct business in an ethical manner.
In 2022, business continues with the suppliers of the 
companies acquired in the second half of 2021.
In all Group companies
• Introduction of the Group Sourcing Policy with specific 
sustainability requirements within the procurement 
process that requires the use of certified (FSC) fibrous 
raw materials (pulp, paper and cotton), and the fulfilment 
of certain requirements to measure the sustainability of 
our supply chain.
In 2022, business continues with the suppliers of the 
companies acquired in the second half of 2021.
• Revision of the General Purchasing Conditions 
containing a direct reference to the Suppliers’ Code 
of Conduct and sustainability aspects in the way 
the supply is conducted. All orders and purchasing 
contracts are governed by the General Terms and 
Conditions.
In 2022, business continues with the suppliers of the 
companies acquired in the second half of 2021.
• New Strategic Sourcing Process with actions in 
the area of Business Requirements Analysis, Supply 
Base Assessment, Sourcing Strategy Development, 
Scouting & Benchmarking, Sourcing Execution, 
Negotiation & Business Award. ESG aspects such as 
volume allocation criteria, strategy evaluation criteria, 
and supplier evaluation criteria have been included in 
this document.
In 2022, business continues with the suppliers of the 
companies acquired in the second half of 2021.
• Implementation of the Ecovadis Platform: the 
“CSR ratings” enable a third-party assessment of 
a supplier’s “ESG merit” in order to jointly define 
improvement plans. In terms of expenditures in 2021, 
81% of expenditures have a valid sustainability score 
in the last 24 months. 
In 2022 we will also implement the second module of the 
Ecovadis Procurement Platform which is called ‘IQ’. This 
module allows us to assess the supplier’s ESG risk in 
relation to the country and specific industry  
and then define the overall risk, also taking into account 
the supplier’s strategic role within our company.  
These requirements will influence the choice of products 
and services to be purchased: all things being equal, the 
higher the ESG rating, the more likely Fedrigoni will choose 
that supplier.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Sustainability governance: our widespread model
Code of Ethics
Sustainability Policy and Sustainability Charter
ESG targets by 2030
Risk management, including water  
and climate change (TCFD)
ERM governance model
Mapping climate risks
European taxonomy
Cybersecurity
Our stakeholders
The Materiality Matrix
Global compact: where we are making a difference
The breakdown of generated and distributed value
The taxation
Sustainable procurement
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The main initiatives planned  
and mplemented in 2021  
for a sustainable supply chain
For all major product categories
• Implementation of a quarterly monitoring system 
of the ESG coverage indicator of expenditures, i.e. 
how many suppliers/associated expenditures have 
been covered by an ESG assessment. From 50% in 
2020, we ended 2021 with 81% of Fedrigoni suppliers 
also assessed according to ESG criteria (all scoring 
above the Ecovadis average).
In 2022, we will define the thresholds for assessing 
supplier scores.
Training & workshops
• Roundtables with more than 40 suppliers in order 
to encourage their participation in the initiative led 
by Ecovadis, telling them about the benefits of the 
project and using the platform
• Workshops with the main suppliers of raw materials, 
energy (methane gas and electricity), and machinery 
for producing paper and self-adhesive materials 
in order to stimulate technically feasible and 
economically affordable solutions (29 suppliers 
involved, 15 product categories, 580 people for a total 
of 4,640 hours invested).
• ESG training of the entire Procurement Team in 
order to have buyers aware, trained, and sensitised to 
ESG issues and related risks and opportunities
• 5% of MBO linked to the achievement of 
sustainability targets for the entire Procurement 
Team workforce with a Management by Objective 
(MBO) mechanism.
In 2022 we will continue with new workshops.
Supplier classification
• Since 2019, Fedrigoni Group suppliers are classified 
into 5 categories: Strategic, Preferred, Non 
Recurring, Commercial Supplier, and Intercompany. 
This provides visibility into the type of business 
relationship and its subsequent evolution.
• A second classification completes the picture from 
an expenditure point of view: 
CO= Commodity Supply. Easily replaced, numerous 
competitors, low value of supply. 
DU=Dual Sourced, several suppliers are qualified  
for the same supply, a change of supply can take 
effect immediately. 
SI=Single Sourced, there are several suppliers in 
the market for the same product, however, only one 
supplier is approved for that specific product, a 
change of supply can take between 1 and 6 months. 
SO= Sole Sourced, only one supplier is active and 
qualified, there are no alternatives available, a change 
of supply has a timeframe of more than 6 months.
At all Group sites
• Introduction of Impact, the Eco-Design Tool for 
calculating the water and energy balances and the 
carbon footprint of our product families throughout 
the life cycle (Life Cycle Assessment).
• Measurement of the Group’s Carbon Footprint 
detailing our direct emissions (Scope 1), indirect 
emissions from electricity use (Scope 2), and indirect 
emissions related to the transport of raw materials, 
fuels, products, and people (Scope 3).
In 2022, we will also activate Green Sourcing initiatives for 
purchasing energy produced from renewable sources to 
offset our Scope 2, i.e. indirect energy emissions (methane 
gas and electricity) and paper and self-adhesive materials 
production machines in order to push solutions that are 
technically feasible and affordable. 
Also in 2022, we will set up reward mechanisms and  
on-site audits of our suppliers to verify ESG compliance 
and define any necessary improvements.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Environment

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
A
-30% of 
absolute 
carbon 
dioxide 
emissions, 
Scope 1+2
B
100% of 
waste sent  
for recovery 
and not sent  
to landfill 
The SDGs where we’re making  
a difference
Target 
ESG 2030
target A, B, C, D
C
95% clean 
water 
returned  
to the 
environment 
compared 
to base year 
2019
D
Zero cases 
of water 
pollution
The paper industry is among the oldest in the world 
and has enabled ideas and knowledge to be spread 
which is the cornerstone of human progress. Even 
today, in the digital age, it continues to be an important 
multiuse material, which we have especially linked to 
the concept of creativity and exclusivity.  
It is also an industry that has an important 
environmental impact, particularly in relation to the 
use of primary resources. This is why environmental 
issues are at the heart of corporate and social 
responsibility for a company like Fedrigoni. The 
environment is our biggest challenge, a key aspect 
of our way of doing business, requiring us to 
make choices every day in which we reaffirm our 
commitment to manufacture in an increasingly circular 
and sustainable way. We have identified four specific, 
material issues to which we are committed with clear 
initiatives and measurable targets. They are:
− Raw materials
− Water
− Energy and emissions
− Waste
The environment is also the focus of our first four ESG 
targets by 2030, which cover water management and 
our carbon footprint.

48
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The main types, used in different mixes 
based on the final features of the 
paper, are softwoods such as European 
or Canadian softwoods, hardwoods 
(eucalyptus, maple, birch, poplar,  
and hardwoods), and mixed fibres. 
The raw materials also include  
a small percentage of cotton used  
for art paper.
Fedrigoni owns no forests and has no 
direct access to pulp but buys from 
controlled and certified plantations,  
and our procurement system is only 
through qualified, verified suppliers. 
For many years, the use of timber from 
forests has been subject to regulations 
and involves the reforestation of areas 
used for production. The production 
of paper is subject to certification 
showing that it comes from sources 
that are managed sustainably for the 
entire ecosystem, including animals  
and local communities. One of the  
most important certification systems  
is FSC (Forest Stewardship Council).
Currently, 100% of our pulp is  
FSC-certified. 
• Since 2014 100% of our pulp is 
certified by FSC according to two 
different standards:
− Chain of Custody (COC) is the 
certification that guarantees the 
traceability of materials from FSC-
certified forests and is essential for 
applying FSC labels on products.
− Controlled Wood (CW) is a material 
classified as Controlled Wood, which 
can be mixed with certified wood 
when making products labelled as 
FSC Mixed.
• In 2021 we used 87% COC and 13% CW. 
Our pulp comes from Brazil (about 50%) 
and the rest from Uruguay, Chile, Austria, 
Estonia, Finland, France, Canada, Spain 
and Sweden.
In 2022, we will further increase the 
percentage of pulp from COC, the most 
stringent certification compared to CW. 
Pulp
Paper
This is the “finished” paper purchased 
by the Self-Adhesives Business Unit that 
is not currently produced by the Paper 
Business Unit.
The two main sub-categories are:
• Glassine: These are the paper-based 
backings used as the backs to make 
the self-adhesive label material. It is the 
non-functional part that is subsequently 
removed and discarded by the end-
user. We have developed end-of-life 
glassine recovery solutions at our 
printer customers (details in the 
“Waste” section);
• Face papers: These are the paper-based 
facings used as the “front faces”  
to make the self-adhesive label material. 
It is the part that is subsequently printed 
and used by the end-customer. There are 
different types of face papers such as 
coated papers, thermal papers,  
and specialty papers which are used 
for high value-added labels in the wine 
industry (these are purchased from 
Fedrigoni Paper).
Raw materials
Producing high quality papers and self-adhesive 
materials means paying special attention at every 
stage of our processes, starting with the choice 
of the main raw materials, which are pulp, paper, 
chemicals and films. Nowadays, we believe that high 
quality cannot be achieved without reducing the 
environmental footprint in the production of all our 
products. The quantities used can be found in the 
section “Sustainable procurement” above.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Chemical 
products
Other
These are all the chemicals used by 
the Self-Adhesives Business Unit and 
the Paper Business Unit. The main sub-
categories are as follows:
• Adhesives: They represent the key 
know-how of the Self-Adhesives 
Business Unit. They can belong to 
different families (acrylic, hotmelt, 
solvent and UV-crosslinked) and be 
of different types (permanent, semi-
permanent, removable and ultra-
removable, including wash-off). They 
can be bought ‘ready-to-use’ or as 
raw materials to be ‘formulated’ at the 
Group’s plants according to specific 
coating technologies and product 
quality requirements;
• Silicones: These are inorganic 
polymers that can be from different 
families (solvent-free, water-based 
solvents and UV-crosslinked) and, 
depending on the latter, undergo the 
“curing” process (polymerisation).  
They are used to make the backing 
non-stick, thus allowing the label  
to be dispensed;
• Vegetable starches: These are used 
both in the pulp and on the surface as 
binders to make paper and surface 
coatings, mainly obtained from maize 
and potatoes;
• Dyes and pigments: These are used 
both in the pulp (the main body of 
the paper) and on the surface for 
specialty papers coatings. They are 
one of the characteristic elements of 
specialty papers and are used to give 
the various colour and pearlescent 
effects to the paper;
• Carbonates and kalins: These are 
used for the coatings. They are one 
of the key components to ensure the 
correct application of the coating on 
the paper. Carbonates come from 
Italy and Austria when needed (due to 
plant downtime). Kaolins come from 
Germany and the US. 
Used in the Self-Adhesives Business Unit 
both as facestock and liner materials.
• Liner films: These are the plastic-based 
liners used as the backs to make the 
self-adhesive material for labels, which 
is the non-functional part that is later 
removed and discarded by the end-user. 
It is usually either new or recycled PET;
• Face films: These are the plastic-based 
film faces used as the “front faces” to 
make the self-adhesive labels; it is the 
part that is later printed and used by the 
end-customer. They are mainly made 
of polypropylene and polyethylene and 
there are various types with different 
surface finishes (matt, glossy, metallic). 
Our product range also offers solutions 
with recycled polypropylene.
These are the different minor 
categories used by both the Paper and 
the Self-Adhesives Business Unit, the 
main sub-categories are:
• Security elements: These are the 
raw materials used to create the 
security features (both for paper and 
self-adhesive material), among the 
most relevant are pigments, inks and 
holograms;
• Packaging: These are the elements 
used to package the papers and self-
adhesive material, the main ones being 
pallets, boxes, crates and films.
Films

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
We returned 97% 
of the water we 
withdrawn (in 2021)
C
95% of water 
returned 
to the 
environment 
(compared 
to base year 
2019)
D
Zero cases 
of water 
pollution
The SDGs where we’re making  
a difference
Target 
ESG 2030
target C, D
Water
Our business would not exist without water. Paper 
production uses it at various stages and in various 
forms. 
Water
• Enables pulp fibres to be mixed, transported, and 
finally bonded to form the paper sheet.
• Provides process energy in the form of steam.
• Is used in sheet cooling and drying processes.
We approach managing this primary resource, which 
is important to us but also to the community and 
the environment, with the principles of circularity, 
innovation, and efficiency. 
At paper mills, for example, water abstraction is not 
the same as consumption because most of the water 
is returned to the environment. In fact, more than 
90% of the water abstracted is returned to the 
environment after being recycled several times in 
the production process and purified of the organic 
and inorganic substances it contains (because they 
are necessary for the process). A percentage of water 
remains in the sheet, about 6% of the total weight of 
the main body, and a small part evaporates.
Water consumption in the Self-Adhesives sector is 
far less important in terms of impact than in paper 
production. Water is mainly used in the washing 
stages of the cycles. 
To achieve these targets we try to reduce waste by 
minimising the input of fresh water into production 
cycles, and to use state-of-the-art techniques in water 
treatment before reintroducing it into nature. 
 
In order to achieve our targets:
• We optimise fibre recovery treatments at every 
stage of the process to maximise the amount of 
water that can be reused in the production cycle.
• We constantly monitor consumption and take 
action to prevent waste.
• We use techniques such as filtration, 
sedimentation, and flotation to treat water. 100% 
of our mills have chemical and physical water 
treatment and 71% also have biological treatment. 
• We manage risks related to regulatory changes 
(e.g. water rates, abstraction restrictions, discharge 
standards and discharge fees).
100%
of our paper 
mills have 
chemical-
physical water 
treatment
71%
of our paper 
mills also have 
biological water 
treatment

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
2019
2020
2021
% water 
returned to the 
environment 
%
92
100
97
Specific 
freshwater 
abstraction*
m3/
tons 
of 
paper
33.5
34.4
32.2
Total freshwater 
abstraction*
m3
16,356,000 14,243,000 15,615,000
Paper 
production 
tons
488,024
413,966
484,575
% of total 
abstracted
2019
2020
2021
Surface water 
body
32
32
33
Well
68
68
67
Public waterworks 
0
0
0
mg/l
kg/tons gross weight
Reference value  
(BAT no.50)
COD**
52.5
1.6
0.15-1.5 kg/tons gross weight
2019
2020
2021
Specific 
water 
abstraction 
m3/m2 
adhesive 
materials
0.141
0.127
0.128
Fresh water 
abstraction 
m3
240,441
225,557
249,652
In 2021, we made the different methodologies for 
accounting for water abstraction and consumption 
more efficient and standardised and now all our 
plants use the same procedure and metrics. We will 
monitor the indicator during 2022 and, if confirmed, we 
will re-set our target for 2030 next year.
67% of the Italian Paper sites 
and 77% of the Self-Adhesives 
production sites are certified 
to ISO 14001, the standard for 
environmental management 
systems, including water 
management.
In line with our 2030 ESG Goal, no water pollution was 
detected at our production sites in 2021 and there 
were no conflicts with local communities. In addition, 
there have been no water-related incidents with 
substantial impacts in the last four years (more than 
€10,000).
The table below shows the water abstraction for the 
Paper Business Unit:
* 100% fresh water 
The table below shows the details of water abstraction 
in the Paper Business Unit by source (surface water 
body, well, or public waterworks):
The table below shows the average value in 2021 
of the quality of water discharges* from the Paper 
Business Unit. This figure is in line with the values 
indicated by the Best Available Techniques (BAT):
* No absorbable organic halides (AOX) are generated or added via 
chemical additives and/or raw materials.
** Chemical Oxygen Demand represents the amount of oxygen required 
for the complete chemical oxidation of organic and inorganic compounds 
in a water sample; the absolute COD figure in 2021 was 793.1 tons. 
The last table shows the abstractions of the  
Self-Adhesives Business Unit, which are less 
significant than in the Paper Business Unit:

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The main initiatives planned 
and implemented in 2021
As part of our timetable for achieving our ESG 
targets set for 2030, in 2021 we took several actions 
to improve our water management capacity, some 
affecting all our sites and facilities, others specific 
sites.
At all production sites
• In addition to simple, everyday rules that prevent us 
from taking risks, the Sustainability Charter is based 
on our pride in being the leading name in the world 
of specialty self-adhesive papers and materials in 
terms of performance and aesthetics; a pride that 
translates into an obsession for detail, especially in 
production, where we create our products.
• First mapping of climate change risks.
• New internal tool to calculate the water balance of 
our product families throughout their life cycle (from 
cradle to gate), based on internationally recognised 
methodologies and reporting standards.
• Project for installing meters to measure water 
consumption at individual process stages with  
the aim of having increasingly precise monitoring  
of the various flows extended to all Paper Business 
Unit plants.
Verona site 
• The new biological purification plant supplements 
the purification capacity of the chemical-physical 
purification plant thus far, and considerably improves 
the water treatment of this plant. A project is being 
developed to build a plant for the treatment of paper 
broke i.e. paper from technical and quality waste 
in the various production stages, with the aim of 
reducing the levels of Chemical Oxygen Demand.
Arco site 
• An extension of the existing biological plant has 
been built, which will provide a better level of water 
treatment at the treatment plant.
Pioraco Site 
• Thanks to the new solid/liquid separator for fibres, 
which significantly reduces the proportion of fibres 
released in the process and then conveyed to the 
purification plant, both the pollutant load and the 
quantity of sludge produced in the purification stage 
have been reduced.
Fabriano Site
• This historically rich site is now also aiming to be a 
leader in sustainability: in 2021 the project to install a 
new headbox on the paper machine will improve fibre 
retention and thus reduce the load of pollutants on 
the process water.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Energy
Along with pulp and water, energy is the key element in 
our production processes. 
Our paper mills have sought to achieve the 
best possible efficiency by installing turbogas 
cogeneration machines with recovery boilers, 
where natural gas has so far been the industrial fuel 
with the lowest environmental impact. In addition, 
self-generated electricity enables zero-kilometre 
consumption, i.e. it is produced where it is consumed, 
saving the losses associated with transporting it by 
traditional power lines. The table below shows the 
consumption of thermal energy needed to produce 
our papers, which is currently obtained using methane 
gas in our cogenerators:
* Thermal energy net of natural gas combustion efficiencies  
(conversion rate *34.9272)
The following table shows the electricity consumption 
for the two business units:
2019
2020
2021
Thermal energy consumption*
Paper
GJ
4,899,399
4,292,489
5,017,677
Self-Adhesives 
GJ
442,405
445,638
513,860
2019
2020
2021
Paper 
Specific 
consumption  
of self-generated 
electricity
GJ/ton 
paper
2.36
2.44
2.36
Self-generated 
electricity 
consumption
GJ
1,152,780 1,010,566 1,145,847
Electricity 
consumption from 
the grid
GJ
68,208
78,716
43,142
Self-Adhesives
Specific electricity 
consumption 
GJ/ton 
adhesive 
material
0.68
0.67
0.64
Electricity 
consumption  
from the grid
GJ
183,140
190,965
183,094
The Group’s total energy consumption in 2021 was 
5,757,773 GJ (of which 1.1% was renewable energy).
13% of the Italian Paper sites are ISO 50001 certified, 
the internationally recognised standard for energy 
management. At 100% of the Self-Adhesives sites 
there are energy saving procedures in place without 
external certification.
Our contribution to the use of electricity from 
renewable sources amounted to approximately  
62 GJ through two action levels:
• Self-generated electricity from hydroelectric  
power plants for internal consumption in Fabriano 
(San Vittore and Balzette), Pioraco (Pianicella,  
San Sebastiano, Palazzo), and Varone and  
self-generated by solar power plant in Verona.
• Electricity purchased through certificates  
of origin (GO).
In addition, there is a small amount of self-generated 
electricity from hydroelectric plants that supply the 
Scurelle plant and the Camuzzoni canal consortium, 
which is now sold to the grid.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The main initiatives planned 
and implemented in 2021
In 2021, we took steps to improve our ability to optimise 
energy at different sites.
Arco Site
• A new, high-efficiency cogeneration plant with a more 
efficient energy performance that consumes less 
methane.
The Arco, Fabriano, Pioraco, Rocchetta, and 
Varone sites
• We have installed LED lighting technology in 70% of 
our Paper plants. It is only recently that the market 
has made reliable technology available for very 
hot and humid microclimatic environments such 
as paper mills. The remaining sites (30%) will be 
completed in 2022.
Cordenons site
• Optimisation of the cogeneration system which 
reduced annual emissions by about 3 ktons CO₂.
Fabriano Site
• Cogeneration plant modernisation project.
Verona site
• Cogeneration plant modernisation project.
All production sites 
• New internal tool to calculate the energy balance of 
our product families throughout their life cycle (from 
cradle to gate), based on internationally recognised 
methodologies and reporting standards.
• Fabriano pilot project for directly measuring CO₂ 
emissions. The measurement will support the calculation 
and will be useful for assessing changes in CO₂ 
emissions at an early stage as a result of our energy 
efficiency initiatives.
In 2022 we will complete all Paper sites.
The purchasing department is committed to purchasing 
energy from renewable sources in 2022 (Green Sourcing). 
This will allow us to bring our Scope 2 emissions to zero.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
A
-30% of 
absolute CO₂, 
emissions, 
Scope 1 + 2, 
from ~330 
kt to ~240 kt 
(compared  
to base  
year 2019)
18%
2%
80%
Scope 1
Scope 2
Scope 3
The SDGs where we’re making  
a difference
Target 
ESG 2030
target A
Carbon dioxide emissions
Carbon dioxide emissions (CO₂) are internationally 
classified into 3 components (Scope 1, 2 and 3):
For the first time, we are publishing our carbon 
footprint with reference to 2019, the most 
representative year before the Covid-19 period 
and the year taken as the baseline for our 30% 
reduction target by 2030 (Scope 1+2). As can 
be seen from the pie chart, 18% of the carbon 
footprint comes from Scope 1, 2% from Scope 2, 
and the remaining 80% from Scope 3.
CO₂ 
Components
Definition 
Scope 1
Direct emissions from the use of fossil 
fuels (in our case, natural gas).
Scope 2
Indirect emissions from the use of 
electricity produced from fossil fuels.
Scope 3
Other indirect emissions from the 
transport of raw materials, fuels,  
products, and people.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Ongoing
By 2030
Post 2030
Scope 1
• Energy efficiency pushed  
to its maximum.
• Discussions with institutions  
and regulators to access the  
Italian National Recovery and 
Resilience Plan for projects  
related to energy transition.
• Alternative sources gradually 
replacing natural gas  
in our cogenerators. 
• Electrification projects*  
powered by electricity  
from renewable sources.
Scope 2
• Workshops with suppliers  
to discuss the available options  
of electricity from renewable 
sources at affordable prices.
• Electricity from renewable 
sources at competitive  
economic conditions.
-
Scope 3
• Workshops with suppliers to 
discuss available raw materials 
and machinery with a lower 
environmental impact and equal  
or better performance. 
• Raw materials and machinery  
with a lower environmental impact. -
S1 Paper
16
2019 Baseline
(Kton CO₂)
2030 Target
6
26
282
S2 Paper
~240
~330
S1  
Self-Adhesives
S2 
Self-Adhesives
Target 
ESG 2030
-30% of absolute CO₂, emissions, 
Scope 1 + 2, from ~330 kt to ~240 kt 
(compared to base year 2019)
Exploring initiatives to achieve carbon neutrality
In 2020, we communicated a target to reduce carbon 
dioxide emissions (CO₂) scope 1 + 2 by 30% by 2030 
(from ~330 kt to ~240 kt). In 2021, this target was 
approved by the Science Based Target initiative 
(SBTi). This means that our target to reduce our 
absolute emissions by 30%, Scope 1+ 2, is in line with 
the objective set in Paris in 2015 to limit the increase in 
the earth’s temperature to well below 2°C. The Group 
now has two years to develop the Scope 3 target as 
well, as per SBTi rules. This objective is linked to our 
managers’ incentives (MBO).
The bar chart shows the emissions in 2019, the base 
year, and the SBTi target by 2030, highlighting the 
contributions of Scope 1 (S1 Paper) and Scope 2  
(S2 Paper) of the Paper Business Unit, and Scope 1 
(S1 SA) and Scope 2 (S2 SA) of the Self-Adhesives 
Business Unit:
The table below shows the levers we are exploring in 
order to reach the CO₂ reduction target (Scope 1+2) 
and contribute to the energy transition. All levers 
need strong, immediate collaboration with suppliers 
and regulators in order to facilitate technical solutions 
and the necessary financial support.
* Electrification for the paper industry is beginning to offer technological options on the market, but the business case is for a very substantial investment 
(capex) and additional operating costs (opex) that cannot be tackled without real, timely support for the energy transition.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Absolute CO₂ emissions, scope 1+2 (tons)
Scope
CO2 Emissions
Unit of 
measurement
2019
2020
2021
Group
Scope 1+2*
Absolute 
emissions 
tons 
330,000
288,300
325,000
Specific 
emissions
kg CO2/tons
427.0
418.2
410.3
Paper 
Scope 1 + 2
Absolute 
emissions 
tons
288,000
248,000
285,000
Specific 
emissions
kg CO2/t carta
590
599
588
Self-Adhesives
Scope 1 + 2
Absolute 
emissions 
tons
42,000
40,400
40,300
Specific 
emissions
kg CO2/t mat. 
adesivo
158.1
146.7
131.0
Absolute CO₂ emissions,  
to which our Science Based Target 
reduction is linked, decreased  
by 1.5% (base year: 2019) compared 
to an increase in production  
of around 5%.
2019
2020
2021
330,000
288,300
325,000
240,000 tons
-1.5%
Target 
ESG 2030
The new technological opportunities for energy 
efficiency and carbon neutrality (biomass, green 
hydrogen, and CO₂ capture) are currently difficult for 
the Italian paper industry to pursue. However, we are 
actively monitoring and contributing to the debate on 
innovation in this area with internal working groups 
dedicated to keeping technological, regulatory, and 
economic developments under review.
The improvement is most evident when looking at 
the CO2 emissions rate related to production and 
shown in the table below (calculated as absolute CO2 
emissions/tons produced): the rate improved by 3.9% 
at the Group level compared to 2019, the base year for 
our 2030 target (-0.4% in the Paper Business Unit and 
-7.2% in the Self-Adhesives Business Unit). We were 
able to reduce our emissions thanks to the energy 
efficiency contribution we are encouraging in the 
Paper Business Unit’s paper mills and the improved 
contribution of the new natural gas-fired cogenerator 
at the Self-Adhesives plant in Arco (Italy). 
As of this year, we have added a new pilot metric: CO2 
emissions intensity to turnover (calculated as absolute 
CO2 emissions/turnover). The new rate shows a Group-
wide improvement of 7.4% compared to 2019 and 6.5% 
compared to 2020. We will use this new metric in the 
coming months in order to assess its effectiveness, 
comparability in the market and alignment with any 
relevant regulatory changes. 
The table below shows the absolute and specific CO2 
emissions at the Group level and by the Paper and 
Self-Adhesives Business Units.
*For Scope 2 emissions, the market-based calculation method has been considered

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The main initiatives planned 
and implemented in 2021
In 2021, we carried out several actions to reduce our 
CO₂ emissions into the atmosphere at all production 
sites:
• Calculation of the Group’s Carbon Footprint 
detailing direct emissions (Scope 1), indirect 
emissions from electricity use (Scope 2), and 
other indirect emissions from the transport of raw 
materials, fuels, products, and people (Scope 3).
• Approval by the Science Based Target initiative (SBTi) 
of our target to reduce CO₂ emissions (Scope 1+2) by 
2030.
• Workshops with major suppliers of energy (natural gas 
and electricity) and of paper mill machinery and  
self-adhesive materials equipment, to drive affordable 
and technically feasible solutions to reduce  
our CO₂ emissions.
• New internal tool called Impact to calculate the water 
and energy balances and the carbon footprint of 
our product families throughout their life cycle (from 
cradle to gate), based on internationally recognised 
methodologies and reporting standards.
In 2022 we will move forward in exploring the drivers  
to achieve carbon neutrality by 2050.

61

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
B
100% of 
waste sent 
for recovery 
and not sent 
to landfill 
(compared  
to base  
year 2019)
The SDGs where we’re making  
a difference
Target 
ESG 2030
target B
Other atmospheric emissions
 
In addition to carbon dioxide (CO₂) emissions, we 
monitor other atmospheric emissions, including 
nitrogen oxides (NOx). The quantity and quality of the 
NOx mixture varies depending on the substance being 
burned and the conditions under which combustion 
takes place. In order to limit and control these 
emissions, it is important that carburisation takes 
place uniformly, avoiding temperature peaks.  
The table below shows NOx emissions over the three-
year period.
67% of the Paper production sites 
and 77% of the Self-Adhesives 
sites are ISO 14001 certified, 
the standard for environmental 
management systems, including 
atmospheric emissions.
During 2021, there were no instances of  
non-compliance with regulations  
on atmospheric emissions.
Waste
At the Paper Business Unit, the main waste is sludge 
from process water, which is purified through primary 
chemical-physical plants and secondary biological 
plants before being returned to the environment. In 
addition to this waste, there is also mixed packaging, 
wood, plastics, production waste containing silicones, 
solutions/dispersions/emulsions of substances 
derived from machine washing, waste oil, iron, and 
electrical equipment. Among these, hazardous 
waste represents a very small proportion of our total 
production, below 5%.
At the Self-Adhesives Business Unit, waste is the 
environmental aspect with the greatest impact. The 
main waste products are raw materials and semi-
finished products (mixed waste) and the washing 
water used to clean the coating heads (both with 
water and solvents). All waste is collected, separated 
and, increasingly, sent for energy or material recovery, 
with zero waste going to landfills.
2019
2020
2021
Paper 
NOx 
emissions
tons
284.1
248.9
291.0
Self-Adhesives
NOx 
emissions
tons
25.7
25.8
29.8

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
2019
2020
2021
Total waste 
recovered 
%
 80.1
 78.8
86.2
Paper Business Unit 
Total waste
tons
28,248
27,241
30,354
Resulting sludge
tons
15,813
15,699
16,327
Resulting sludge
%
56.0
57.4
53.8
Self-Adhesives Business Unit
Total waste
tons
28,397
28,750
30,395
Specific waste 
production
kg / tons
106,67
104,37
98,82
Mixed waste
tons
14,355
14,307
15,155
Specific mixed 
waste production
kg / tons
53.9
51.9
49.27
Liquid washing 
waste
tons
2,382
2,474
2,699
Specific producti 
on of liquid  
washing waste
kg / tons
8.9
9.0
8.8
By 2021, we have achieved 86% recovery of our 
waste thanks to targeted initiatives involving both our 
business units: 
‐ initiatives to reduce all packaging from procurement 
in conjunction with our suppliers.
‐ recovery of washing water at both the Paper and 
Self-Adhesives Business Units.
‐ new recoveries of sludge from paper mills, 
looking at other industrial sectors and improving 
their circularity (specifically agriculture and bio-
construction).
‐ recovery of solvents from washing water at the Self-
Adhesives Business Unit.
‐ circularity initiatives to offer customers a collection 
service for self-adhesive material waste with third-
party support (siliconised glassine).
‐ first efforts to find solutions also for the matrix (semi-
finished waste), which is currently an unused waste in 
the Self-Adhesives business unit.
67% of Italian Paper sites and 
77% of Self-Adhesives production 
sites are ISO 14001 certified, 
the standard for environmental 
management systems, including 
water management.
In 2021, no cases of violations of waste management 
regulations were found at our production sites. 
The table below shows the waste production for the 
two business units.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The main initiatives planned 
and implemented in 2021
In addition to the above, in 2021 we carried out  
specific actions inspired by the principles of circularity 
to optimise our waste management capacity at 
several sites.
At all production sites
The Sustainability Charter guides us with simple rules 
on how best to manage our waste. 
Verona site
• Innovative technology for drying sewage sludge with 
the aim of reducing the volume of sludge produced and 
making it available for recovery in other sectors.
In 2022, the project will be extended to the Arco and 
Fabriano plants.
At all Self-Adhesives sites
• Industry-wide circularity initiatives to use the self-
adhesive material waste (siliconised glassine) generated 
by our customers, thanks to our network of partners in 
the circular economy.
Sassoferrato and Girona sites (Self-Adhesives)
• In order to promote waste recovery in Italy and Spain, we 
have diverted mixed waste streams destined for landfills 
to energy recovery. We will continue to look for mass 
recovery solutions instead of energy recovery solutions.
In 2022, we will continue to look for mass recovery 
solutions instead of energy recovery solutions. 
Barberà and Basiano sites (Self-Adhesives)
• Reintroduction of the leftover film raw material generated 
by our production processes into our suppliers’ 
production processes, thus favouring an integral 
circularity of this type of waste.
Sassoferrato Site (Self-Adhesives)
• Circular economy project consisting in the recovery of 
siliconised PET backing and film materials to be used for 
producing plastic pallets by an external partner. They are 
then used for inter-company Self-Adhesives shipments, 
thus reducing the consumption of wooden pallets (about 
9,000 pallets/year).

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
F
+50% volume 
of specialty 
papers with 
ESG features, 
from 13% to 
26% (base  
year: 2019)
G
+50% volume 
of self-
adhesive 
materials with 
ESG features, 
from 35% to 
70% (base  
year: 2019)
The SDGs where we’re making  
a difference
Target 
ESG 2030
target F e G
The advanced sustainability 
features of our products
We asked ourselves what the sustainability of our 
products means at Fedrigoni. After months  
of discussion, we have drawn up a list of ESG features 
that we are confident we can work on effectively in 
order to offer the market an increasing number of 
solutions that respect the environment, preserve 
natural resources, and enable us to achieve  
our 2030 targets. 
In the Paper sector, all speciality paper families are 
recyclable. All of them are also biodegradable and 
compostable except for coated papers which we are 
still working on. With the support of the factories, 
our R&D team is developing alternatives to plastic in 
packaging for the food, cosmetics, and luxury sectors 
in general. Our studies aim to reduce or phase out 
hazardous substances classified as such under the 
Reach Regulation in our products, to improve their 
performance and environmental impacts, and to offer 
paper solutions as a lower-impact alternative to single-
use plastics.
In the Self-Adhesives sector sustainability means 
choosing to use paper where possible and plastic 
where necessary, avoiding what is called ‘single use’. It 
means working on our waste, creating an ecosystem 
that enables more and more corporate customers 
to choose linerless solutions. It means reducing 
thickness and working towards easy removal. Working 
on packaging made of recycled material with the aim 
of achieving 100% recyclable packaging. The Research 
and Development Team is constantly looking for 
solutions to increase the use of materials with 
recycled content or alternative elements.
Our paper-based products are, by their very nature, 
an environmentally friendly solution. At Fedrigoni, 
however, we have gone beyond the most common 
characteristics of sustainability, such as using pulp 
from FSC-certified forests, having a recycled content 
of less than 40% (pre/post-consumer) and containing 
by-products from other production processes. We 
have been striving to upgrade our products with more 
advanced ESG features, including: recycled content 
above 40% (pre/post-consumer), annual fibre content, 
alternative fibre content (cotton, linen), Ecolabel 
certified products and plastic-free packaging  
of our papers. 
For our Self-Adhesives materials, we have identified 
the most advanced ESG features such as: FSC 
certified products, recycled content, products with 
reduced thickness for equal performance, bio-based 
films, no liner in our self-adhesive labels, PVC-free 
films, PFAS-free films and papers, the ability  
to remove them from products during the washing 
process, recyclable, biodegradable and bio-based 
plastics (certified).
In 2021, we sold 18% of Paper products and 37% of 
Self-Adhesives products with advanced ESG features. 
In the coming years, we are committed to doubling 
these volumes to 26% for Paper products and 70% for 
Self-Adhesives products as stated in our 2030 targets.
For the list of products with advanced  
ESG feature, go to page 81

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Raw materials
Water
Energy
Carbon dioxide emissions
Other atmospheric emissions
Waste
The advanced sustainability features of our products
The Life Cycle Assessment (LCA) of our products
Biodiversity
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Life Cycle Assessment (LCA)  
of our products
The Life Cycle Assessment is the main operational 
tool of Life Cycle Thinking: it is an objective method for 
assessing and quantifying the environmental footprint 
associated with a product throughout its life cycle, a 
key issue for integrating the principles of the circular 
economy into production processes.
At European level, the strategic importance of 
adopting the LCA methodology is clearly expressed  
in the Green Paper on Integrated Product Policy  
and is also suggested in the European EMAS  
and Ecolabel Regulations.
In 2021, we developed Impact, a twin tool  
(Eco-design Tool) - third-party verified - to calculate 
the energy and water balances and the carbon 
footprint of our paper product families and self-
adhesive materials. The tools are aligned with 
internationally recognised best practice (ISO 14040 
series standards) and allow clear reporting of the 
three environmental indicators (energy, water, and 
CO₂ emissions) with a cradle-to-gate approach, i.e. 
from the extraction of raw materials until they leave 
our plants. For both tools, there is also the possibility 
of quantifying the end-of-life impact of the finished 
product as additional information.
Biodiversity
Biodiversity is such an important environmental issue 
that it has recently led to an amendment of the Italian 
Constitution, which now expressly provides for its 
protection. We are conscious, active players in the 
duty of protecting biodiversity: although we do not 
own any forests, we purchase 100% of our pulp from 
FSC certified forests. 
In concrete terms, our commitments take place 
directly in the territories where our production sites 
are located and along our supply chain:
• Since 2005, we have adopted the principles of the 
FSC forestry scheme, prohibiting the purchase of 
pulp from non-certified forest management. Since 
2014, 100% of our pulp has been FSC certified.
• In line with the Sustainability Policy and the European 
Union’s 2030 biodiversity strategy, the first Fedrigoni 
Urban Forest was planted in 2020 in Caponago 
(Milan) near one of our production facilities. In 2021, 
the first year of care, 40 employees were involved 
in its maintenance during working hours (section 
‘Creating value for the community’). Our aim is to take 
care of the forest until its fifth year. After that it will be 
entrusted to the local community, made up of many 
of our employees, who will continue to keep it thriving.
• Starting in 2020, we set a target of zero water 
pollution per year to protect local flora and fauna.
• In 2021, there were no conflicts with local 
communities over the management of biodiversity 
in the vicinity of our production facilities, and there 
were no instances of non-compliance with existing 
regulations on the protection and conservation of 
biodiversity.
• As of 2021, we started selecting our suppliers using 
the additional ESG lens, assessing the existence of 
biodiversity restoration and conservation projects in 
the forests we source from. Starting in 2022, we will also 
audit these suppliers. 
In 2022, we will evaluate a third party to conduct our first 
Biodiversity Impact Assessment to identify which sites 
are located adjacent to protected areas.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Social

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
With its own plants and sales networks, in 2021 
Fedrigoni operates directly in 25 countries and 
its products are distributed in 132 countries, 
including external distribution networks. We have 
approximately 4,000 employees. In our work we deal 
with and collaborate daily with hundreds of customers 
whom we advise and guide, along with designers 
whom we help to develop creative projects. 
We are a company that produces a highly technical, 
innovative material whose production process 
is partly automated, but our work is done  
for and with people. 
Our 2030 ESG target plan has identified a number 
of areas for action in the Social sphere: from safety 
to inclusion, from continuous listening to individual 
development. 
The issues to which we are committed with clear 
initiatives and measurable targets are:
– Safety culture
– Inclusion, the development of our people  
and their growth
– Creating value for the community
Human rights
 
On 10 December 2021, we celebrated the International 
Human Rights Day to commemorate the adoption of the 
Universal Declaration of Human Rights in 1948 by the 
United Nations General Assembly. 
The Fedrigoni ecosystem is made up of diverse, 
unique people: employees, members of the corporate 
bodies and management of the companies in our 
Group, external players such as representatives and 
collaborators. Our behaviour is strongly inspired 
by our Code of Ethics which is in line with the “UN 
Guiding Principles on Business and Human Rights” 
and defines the human rights we are committed to 
promoting among our people (details in the section 
“The development of our people”). The same rights 
have been set out in the new Code of Conduct, which 
we use to promote sustainability in our supply chain 
(details in the section “Sustainable procurement”). 
The updating of the Code of Ethics in 2021 also 
served to include references to the new Fedrigoni 
Behaviours and to our Sustainability and Diversity, 
Equity, and Inclusion Policies.
In 2021, there were no violations of the Code of 
Ethics received through the whistleblowing channel.
In 2022, we will evaluate a third party to conduct our first 
Human Rights Impact Assessment, although none of 
our projects have ever resulted in physical or economic 
resettlement of indigenous peoples in the regions where 
we operate, and none of our sites have ever required 
community consultation or resettlement programmes.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
H
-67% drop in 
total injury 
frequency 
rate from 
~21 to ~7 
(compared 
to base year 
2020)
The SDGs where we’re making  
a difference
Target 
ESG 2030
target H
Safety culture
For a company like ours, a sustainability policy also 
means making the workplace pleasant and safe. 
Our new Sustainability Policy guides us in promoting 
a culture of safety based on management and 
organisational choices aimed at ensuring safe 
equipment, facilities, and sites. It is only if our sites 
are safe that we can manage to reduce injuries and 
spread a safety culture among the people who work 
with us.
Starting in 2021, every steering committee of the 
Paper and Self-Adhesives Business Units and all 
monthly update meetings with top management start 
with a safety performance analysis.
Our approach is based on identifying risks in advance 
and involving the people and companies that work 
with us in order for everyone to take an active role in 
monitoring and reporting potential risks.
The Sustainability Charter, developed in 2021, 
helps us maintain the daily level of care and safety  
at our sites in accordance with our quality standards.
Thanks to the Near Misses procedure, each 
employee can report events that occurred that did not 
result in personal injury, but could potentially do so if 
they happened again. Near misses could result  
in an injury in the future and are signs of something 
that needs to be improved.
The Safety Reports allow each employee  
to make structured suggestions on aspects  
on which action should be taken in order to reduce  
and prevent injuries.
All events - injuries, safety reports and near misses - 
are analysed on a regular basis in order to:
a) ascertain the primary cause of the incident
b) identify and implement subsequent actions  
to prevent those events from reoccurring
c) improve processes and related procedures  
and controls
d) provide evidence to our people that reports have 
been addressed by site management

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
 
 
2019
2020
2021
Hours of training
number
-
-
18,287
Hours of training/
number of workers 
involved
rate
-
-
6.4
Near misses
number
-
-
673
which were “resolved” 
(85% of the total)
number
-
-
570
Safety reports
number
-
-
3,103
which were “resolved” 
(86% of the total)
number
-
-
2,676
Total injuries1
number
137
105
73
Total Injury Frequency 
Rate2 (TIFR)
rate
26.7
21.1
14.1
Injuries resulting in 
absence from work3
number
113
87
60
Injury frequency rate 
resulting in absence 
from work (LTI FR)
rate
22.0
17.4
11.6
Severity rate4
rate
0.6
0.6
0.5
85%
of the total injuries 
“resolved”
86%
of the total safety 
reports “resolved”
-32%
of the total injury 
frequency rate
Total injury frequency rate
Target 
ESG 2030
2019
2020
2021
26.7
21.1
14.1
-32%
-67%
100% of the Paper sites and 62% of the Self-Adhesives 
sites are ISO 45001 certified, the internationally 
recognised standard for occupational health and 
safety management systems.
In 2021, we recorded zero fatal injuries at our 
production sites, both among our own employees and 
among the staff of companies working with us on a 
daily basis. 
In addition, four of our production sites ended 2021 
without any injuries: the Fabriano paper mill and three 
Self-Adhesives sites in the USA (Acucote), Poland and 
the UK. 
In 2021, the Paper Business Unit improved by 43%, 
from 51 injuries in 2020 to 29. The Self-Adhesives 
Business Unit improved by 17%, from 54 injuries in 
2020 to 45.
This improvement is reflected in our total injury 
frequency rate, which decreased by 32% (14.3 
compared to 21.1 in 2020, the base year for our 2030 
target). Notably, serious injuries also decreased by 
30% (from 87 serious injuries in 2020 to 61 in 2021).
The table below shows the trends in all our data and 
indicators over the last three years.
1The number of total injuries does not include commuting injuries on the way to and from work, injuries involving less than 3 days’ absence and injuries 
involving external staff. These figures are expected to be added in future reports.
2Frequency rate calculated as the number of injuries divided by the hours worked and multiplied by one million. The hours worked in 2019, 2020, and 2021 
were respectively: 5,139,262, 4,985,912, 5,187,240.
3Number of injuries linked to violent causes during work resulting in more than 3 days’ absence.
4Severity rate calculated as the number of days lost divided by the hours worked and multiplied by one thousand.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The main initiatives planned 
and implemented in 2021
In 2021, we took steps to increase the safety culture at 
our sites by implementing the Sustainability Charter and 
setting up an integrated safety committee.
• At all production sites, the Sustainability Charter 
outlines simple, clear rules for all employees to follow 
in order to avoid risks, work to the best of their ability, 
know that they are part of a large company with a unique 
identity and make the working environment peaceful  
and engaging.
In addition, we have adopted the following  
at all production sites:
• The Integrated Health & Safety Committee – an 
integrated safety committee for the two business units 
(Paper & Self-Adhesives), with the aim of speeding up 
the dissemination of a shared safety culture and sharing 
good practices.
• The Crash Program - Adoption of the Near Misses  
and Safety Reporting procedures to collect reports  
of near misses.
• Internal visual communication with posters and 
monitors at production sites to promote virtuous 
behaviour to be adopted in order to avoid injuries and 
hazards: the rules and procedures were shared through 
images and videos and the same message, in different 
languages, was conveyed to all Group companies.
Initiatives in place at Paper sites only:
• Tech Assessment – A project for identifying and 
analysing risks related to machines and production 
facilities. The Project includes the creation of summary 
files for risk assessment, based on homogeneous 
assessment criteria applicable to all the production sites 
with the aim of defining action priorities.
The project will also be extended to all Self-Adhesives 
sites by 2023. 
 
In 2022, we will further reinforce our occupational safety 
practices at all production sites, we will extend the good 
practice of reporting (in our injury monitoring system), and 
we will also report the injury data of external companies 
working at our premises.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
I
+50% more 
women in 
managerial 
positions from 
22% to 30% 
(compared to 
base year 2020) 
 
L
100% of people 
involved 
in regular 
performance 
and individual 
development 
conversations  
M 
100% of 
employees 
trained on the 
new Code of 
Ethics by 2030, 
ensuring that 
training is 
available  
to everyone  
by 2022  
 
The SDGs where we’re making  
a difference
Target 
ESG 2030
target I, L, M e N
N
+50 of 
employee NPS, 
i.e. the degree 
of satisfaction 
and trust of 
our people on 
an NPS scale 
from -100 to 
+ 100 (in line 
with base year 
2020)
The development of our people
 
 
We strive for excellence, we foster partnership, we 
embrace transformation. 
 
Since 2021, these are the three Behaviours that 
permeate everything we do, how we interact and how 
we navigate our transformation. This behavioural 
compass has become the guide to help us achieve our 
business and growth targets as a Group, promoting 
a working environment where everyone has the 
opportunity to grow and make a difference.  
 
To facilitate the dissemination of the new corporate 
culture, we decided to start by directly involving our 
Leadership Team: a team of almost 50 managers 
from different countries and businesses, including 
the Executive Committee, identified to facilitate the 
implementation of our business and ESG strategy. 
In 2021, the Leadership Team met on six occasions 
to strengthen inclusive leadership, questioning 
themselves and defining together how to build a high 
performing, engaged team, valuing each person’s 
talent and accountability.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Women in managerial positions*
Year
Women
Total 
employees  
in managerial 
positions
% women
2021
106
423
25.06%
2020
81
363
22.31%
Employees with at least one performance  
conversation during the year
Year
No.
Total Employees
%
2021
643
3,893
17%
2020
337
3,800
9%
Employees trained on the Group’s Code of Ethics during 
the year (pilot training*)
Year
No.
Total Employees
%
2021
40
 3,893
1%
Employee involvement (measured by a listening survey)
Year
Participation rate Involvement 
score
Employees’ 
internal 
NPS
2021
68%
7.7 /10
30
2020
62%
8.2 / 10
50
The following tables show all the data relating to ESG 
targets and people in our Group.
*Managerial positions refer to employees in a leadership position (ExCo and 
Leadership Team) and employees managing teams and people. The percentage 
of women reflects the year-end composition of the Fedrigoni Group.
In 2020, the individual performance conversation 
took place in connection with setting targets and 
communicating MBO results. In 2021, we launched a 
more inclusive, extensive performance management 
process in addition to the MBO, dedicated to part of the 
population based on role. This performance process 
is open to all employees (initially launched on the non-
productive staff) and is based on role. The process is 
based on regular, individual conversations between 
managers and employees focused on feedback, 
performance, and development actions, all mapped 
through the Workday platform. Counting only the 
eligible workforce to date (managerial and white-collar 
employees with Workday access), 43% of employees 
had at least one performance conversation during 2021.
The Group’s Code of Ethics was updated and 
approved by the Board of Directors of the Group in 
2021 companies in 2021. The revision project also 
included communication activities towards the entire 
corporate workforce. In addition, an online training 
course was developed with examples pertaining to the 
Group’s situation and tailored to the different levels of the 
organisation, to be launched in 2022. The course includes 
a series of videos introduced by top management in which 
some of our people talk about the proper behaviour to 
adopt and how to best handle unethical situations, by 
simulating scenes from everyday company life. During the 
year, pilot live training sessions were also carried out in 
different company contexts in order to raise awareness 
among the corporate workforce of the contents and 
internal regulations such as the Code of Ethics, Form 231 
and other global Group Policies. These activities involved 
the sales office in Florence, the operating committee of 
the Paper BU and the production site in Arco in Trentino. 
These sessions will continue in 2022 at our sales 
offices and also production sites and offices abroad in 
conjunction with online training.
Engagement is measured according to the 
methodology of our specialist partner Peakon, 
whereby the degree of employee engagement and 
satisfaction is expressed through a score (average  
of responses to engagement questions from 0 to 
10) and internal NPS or employee NPS, a metric that 
follows the standard calculation of NPS applied to 
customers (difference between % promoters and % 
detractors, expressed on a scale of -100 to +100). In 
2020, we conducted the Group’s first global survey 
exercise for our employees through a comprehensive 
engagement survey. In 2021, we conducted a Pulse 
Check, a survey focused on the priority areas 
that emerged in the previous year, with the aim of 
continuing to listen especially to the critical issues 
where our people express the most desire for change, 
as indicated by the overall internal NPS. In this sense, 
the results of the pulse check are helping us to 
understand in even greater detail and precision what 
to act on, as we are already doing.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
 
2021
Professional category
Men
Women
Total
Employees
3,141
752
3,893
External staff
259
31
290
Total
3,400
783 
4,183
Employment contract
Men
Women
Total
Fixed-term contract
86
52
138
Permanent contract
3,055
700
3,755
Total
3,141
752
3,893
Professional 
category employees
Men
Women
Total
Full-time
3,122
692
3,814
Part-time
19
60
79
Total
3,141
752
3,893
Professional category 
external staff
Men
Women
Total
Temporary staff
248
21
269
Interns/Trainees
5
4
9
Apprentices 
2
3
5
Italian continuous  
collaboration contract
2
 
2
Consultant
2
3
5
Total
259
31
290
2021
2020
Professional 
category  
and gender
Men
Women Total
Men
Women Total
Leadership
34 
(81%)
8 
(19%)
42
29
8
37
Manager
283 
(74%)
98 
(26%)
381
253
73
326
White collar
670 
(56%)
533 
(44%)
1,203 #N/A
#N/A
#N/A
Blue collar
2,154 
(95%)
113 
(5%)
2,267 #N/A
#N/A
#N/A
Total
3,141 
(81%)
752 
(19%)
3,893
282 
(w/o 
#N/A)
81 
(w/o 
#N/A)
363 
(w/o 
#N/A)
2021
Professional 
category  
and age group
<30
30 – 
50
>50
N/A
Total
Leadership
0%
55%
45%
0%
42
Manager
3%
49%
47%
2%
381
White collar
11%
55%
32%
2%
1,203
Blue collar
12%
52%
36%
1%
2,267
Total
11%
52%
36%
1%
3,893
Employees by nationality
Italy
Chile
Poland
Spain
China
Colombia
Brazil
Mexico
France
Other
2.187
278
160
144
93
48
31
27
18
907

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Group invested €1,228,928  
in optional training for its employees 
worldwide during 2021.
Number of new recruitments 2021 *
<30
30 – 50
>50
N/A
Total
Men
80
155
25
1
261
Women
38
71
5
2
116
Total
118
226
30
3
377
New recruitments rate (%)
28%
11%
2%
6%
10%
Number of employees leaving in 2021 *
<30
30 – 50
>50
N/A
Total
Men
82
167
114
4
367
Women
16
46
35
2
99
Total
98
213
149
6
466
Employee turnover rate (%)
23%
11%
11%
13%
12%
*net of acquisitions and demergers
Employees who filled an open position *
<30
30 – 50
>50
N/A
Total
Men
5
25
3
-
33
Women
4
5
1
-
10
Total
9
30
4
-
43
* Positions filled internally at all levels: 1 Leadership, 11 Manager, 17 White Collar, 15 Blue Collar.
 
Employees involved in 
training*:
Men
Women
Total
Number
%
Number
%
Number
%
Leadership 
36 (2)
100%
10 (2)
100%
46 (4)
100%
Manager
211 (7)
72%
68 (2)
67%
279 (9)
71%
White collar
121 (3)
18%
95 (3)
17%
216 (6)
17%
Blue collar
5
0%
1
0%
6
0%
Total
373 (12)
11%
174 (7)
22%
547 (19)
14%
This is optional training in addition to the mandatory training required by national laws. The number of employees involved in 
training programmes includes 19 who resigned during the year which is indicated in brackets. The percentage figure represents 
the number of people involved in training programmes during the year, compared to the total number of employees, taking into 
account people in the workforce at the end of 2021.
Number of employees 
involved in training by age *
<30
30 – 50
>50
N/A
Men
14
191
163
5
Women
17
122
35
0
Total
31
313
198
5
This is optional training in addition to the mandatory training required by national laws.
Average hours of annual 
training* per employee 
Men
Women
Total
No. of 
hours
Avg. hours
No. of 
hours
Avg. hours
No. of 
hours
Avg. hours
Leadership 
2,435
68
601
60
3,036
66
Manager
5,199.5
25
1,781.5
26
6,981
25
White collar
3,256.5
27
3,332.5
35
6,589
31
Blue collar
109
22
2
2
111
18.5
Total
11,000
29.5
5,717
33
16,717
30.5
Total training hours* per head 
across the organisation
3.5
7.6
4.3
This is optional training in addition to the mandatory training required by national laws. Per head training is intended for the entire 
workforce. Average hours of optional training is per employee involved in optional training.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Employees with new performance 
management process based  
on manager-employee  
performance conversations 
Men
Women
Total
Number %*
Number %*
Number %*
Leadership 
24
71%
6
75%
30
71%
Manager
123
43%
35
36%
158
41%
White collar
177
26%
193
36%
370
31%
Blue collar
82
4%
3
3%
85
4%
Total
406
13%
237
32%
643
17%
 
2021
2020
Employees with 
MBO objectives
Men
Women
Men
Women
Number %*
Number %*
Number %*
Number %*
Leadership 
34
100%
8
100%
27
100%
7
100%
Manager
157
55%
39
40%
109
43%
19
26%
White collar
117
17%
61
11%
137
N/A
38
N/A
Blue collar
-
-
-
-
-
-
-
-
Total by gender
308
10%
108
14%
273
N/A
64
N/A
Total
11%
9%
CEO
ExCo
Leadership Team and 
other management 
roles (excluding Sales)
Sales Roles
Target
Weight 
%
Target
Weight 
%
Target
Weight  
%
Target
Weight  
%
Group EBITDA
60%
Group / 
Business Unit 
EBITDA
55%
Group / 
Business Unit 
EBITDA
55%
Group / 
Business Unit 
EBITDA
35%
Group Cash 
Flow
15%
Group Cash 
Flow
15%
Group Cash 
Flow
15%
Group Cash 
Flow
10%
Individual/ESG 
targets*
25%
Individual 
targets
15%
Individual 
targets
15%
Individual 
targets
45%
 
 
ESG targets*
10%
ESG targets*
10%
ESG targets*
5%
 
 
Net Promoter 
Score
5%
Net Promoter 
Score
5%
Net Promoter 
Score
5%
MBO Targets 2021
MBO Targets 2022
CEO
ExCO  
and Leadership Team
Other management 
roles (excluding Sales)
Sales Roles
Target
Weight 
%
Target
Weight 
%
Target
Weight 
%
Target
Weight 
%
Group EBITDA
60%
Group / 
Business Unit 
EBITDA
55%
Group / 
Business Unit 
EBITDA
50%
Group / 
Business Unit 
EBITDA
30%
Group Cash 
Flow
15%
Group Cash 
Flow
20%
Group Cash 
Flow
20%
Group Cash 
Flow
15%
ESG targets*
25%
ESG targets*
25%
ESG targets*
20%
Individual 
targets
40%
 
 
 
 
Individual 
targets
10%
ESG targets*
15%
* Percentage in relation to the total number of employees.
* Percentage in relation to the total number of employees.
* ESG 2021 objectives: people-related aspects (diversity and inclusion, health and safety, compliance with Fedrigoni Behaviours), 
CO2 emissions, waste management, sale of products with advanced ESG features, suppliers also qualified according to ESG 
criteria. Beyond the annual MBO target, most of these targets have a medium- to long-term timeframe, tending to coincide with 
the 2030 time horizon.
* ESG 2022 targets: same as 2021 targets, with the addition of ESG ratings and a greater focus on the people aspect (diversity, 
equity, inclusion, development and employee involvement, as measured by periodic internal engagement surveys).

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
 
2021
2020
Number of ExCo 
members
<30
30 – 50
>50
Total
<30
30 – 50
>50
Total
Men
 
6
 
6 
 
6
 
6
Women
 
 
2
2
 
1
1
2
Total
 
6
2 
8
 
7
1
8
 
2021
2020
Percentage of 
ExCo members
<30
30 – 50
>50
Total
<30
30 – 50
>50
Total
Men
 
75%
 
75%
 
75%
 
75% 
Women
 
 
12.5%
25%
 
12.5%
12.5%
25%
Total
 
75%
25%
100% 
 
87.5%
12.5%
100%
Pay Mix by level*
Leadership 
Team
25,6%
74,4%
Other 
managerial 
roles
85,4%
14,6%
ExCo
68%
32%
CEO
50%
50%
Fixed 
remuneration
Short-term variable 
at target level
*The “Pay Mix” is the percentage of fixed remuneration and short-term variable incentive paid at 
target level. It is essential to monitor this figure to ensure an appropriate, balanced relationship 
between fixed and variable components at different levels of the organisation.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
Fedrigoni’s initiatives for its people 
planned and implemented in 2021
Being part of the Fedrigoni ecosystem means not only 
working for an international brand, but also feeling part of 
a transformation, to which everyone can contribute with 
their skills and talents. All this in a corporate environment 
that promotes opportunities for development and 
continuous growth. There are many initiatives carried out 
in this sense in 2021, part of the “Employee journey”  
we’ve designed. You can find them listed below.
Global Group Initiatives 
• New Web and LinkedIn pages to improve our 
presence and external communications, where we 
describe Fedrigoni’s culture, objectives, data and the 
improvements we have achieved in the ESG area.
• Clear, transparent communication of the recruiting 
process to candidates in published positions, and 
the same approach by our search and recruiting 
partners. We ensure a special focus on gender diversity, 
identifying where possible an equal number of male and 
female candidates during our interviews and requiring 
the same approach from our recruiting partners.
• The new Workday platform where we manage the main 
HR processes as well as all data related to our people for 
the entire Fedrigoni Group, but above all the tool we use 
to focus even more on our people and their growth.
• Fedrigoni survey in November 2021 to listen to our 
people and measure their engagement. We recorded 
around 70% participation globally. The survey revealed 
three priority areas for action that we are already  
working on.
We continue to listen to our people in 2022 through  
a new survey.
• Launch, communication and training on Fedrigoni 
Behaviours, the guide to our behaviour that inspires how 
we to act, relate and deal with change inside and outside 
the organisation.
• New performance management process between 
managers and employees, focusing on performance-
related feedback and development plans in line with the 
new Fedrigoni Behaviours.
• Setting ESG targets within the MBO, our target-based 
incentive system (between 5 and 10% depending on the 
workforce).
In 2022, we will increase the weighting (up to 25%) of the 
ESG component of our MBOs.
• New process for identifying, discussing and 
developing key talent at different levels within the 
organisation.
• Launch of INK, the digital space for internal mobility 
where open positions are published worldwide before 
being communicated to the market through the Website 
and LinkedIn.
• Management development programmes focusing on 
inclusive leadership
• Training programmes for language learning to foster 
collaboration within an international team, acquisition 
of technical and functional skills and prevention of 
harassment in the workplace. 
• Customer Academy, a global development programme 
to increase the customer orientation and core skills of 
our sales team, thus support our transformation towards 
a customer-focused organisation.
• Updating, integrating and communicating the Group 
Code of Ethics to our people as well as informing 
them about the new reporting system in place.
• Launch of an Equity, Diversity and Inclusion Policy 
with a reporting system associated with the new 
Whistleblowing Procedure.
• Activation of an e-mail account for all our employees 
- including our plant colleagues - to facilitate inclusive 
communication, digitalisation and access to initiatives 
and tools.
• Launch of Group-wide procedures and policies to 
promote fairness and transparent, shared guidelines at 
the global level, in addition to local regulations  
and customs.
 
Italy and Spain
• Protocol on Violence and Harassment in the Workplace 
to reinforce the Group’s commitment in Italy and Spain to 
create culture and awareness on the topic.
This will be extended to other Group countries in 2022.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The main initiatives planned  
and implemented in 2021
Fedrigoni serving the community
 
Our strategy includes a number of initiatives to 
give back to the communities where we operate, 
all over the world. To name a few, the creation of 
Fedrigoni Woods near our factories (one realised 
and other planned for the future), the promotion of 
art and culture with the activities by the Fedrigoni 
Fabriano Foundation, the activation of over 200 
guided activities accessible for free at the Festival 
del Disegno hold every year in September - our event 
to celebrate the art of drawing around Italy. Fedrigoni 
has also begun collaborating with universities, 
schools, and associations such as its partnership with 
Inspiring Girls International, whose mission is to help 
girls between the ages of 10 and 15 to dream big and 
pursue their talents, free from gender stereotypes. 
The Fedrigoni Group also encourages and supports 
its employees who promote voluntary initiatives  
in the area.
In 2022, we will work on creating a more 
comprehensive Corporate Social Responsibility Policy 
aimed at fostering a culture of social responsibility 
within the Group and actively involving all our people.
The Fabriano Fedrigoni Foundation (FFF) History, 
science and the art of paper
The Fedrigoni Fabriano Foundation’s (FFF) mission is to 
contribute to promoting studies in the history of paper, 
filigranology (the study of watermarks) and related 
disciplines as well as the art of paper in its various 
forms. Our aim is to provide information about the 
history, science and the art of paper and keep it alive 
as well as to pass on a precious heritage of knowledge 
and culture to future generations.
Our Foundation was set up in Fabriano on 8 March 
2011, dedicated to Gianfranco Fedrigoni, one of the 
most tenacious and enlightened entrepreneurs in 
the Italian and international paper industry, and is 
committed to enhancing the value of a priceless paper 
heritage, inherited in 2002 with the acquisition of the 
historic Cartiere Miliani Fabriano and enriched over 
the years with other important collections. 
A unique heritage in terms of the quantity of works in 
its collection - with over 500 square metres of archives 
and books belonging to the Cartiere Miliani Fabriano 
Archives - it is the first “business archive” in Italy to 
be declared of considerable historical interest, with 
documents dating back to 1782.
It also includes 2,213 “Fabriano antique papers”, a 
collection of papers dating from 1267 to 1798 by the 
filigranologist Augusto Zonghi (1840-1916), one of the 
most important in Europe, acquired by the Foundation 
in 2016; and 10,000 tools for hand and machine 
papermaking, commissioned by historical Made 
in Italy companies (e.g. FIAT, Liquore Strega, Fernet 
Branca and Stabilimento Ricordi). 
  
The projects and initiatives promoted by the 
Foundation stem from the wish to pass on an ancient 
and deep-rooted tradition by reviving and returning a 
historical papermaking heritage to the community that 
has given work, identity and culture to the territory for 
over seven hundred years. A tangible and intangible 
heritage to be protected and revived by giving new 
life to the “paper places” and experimenting with new 
ways of enjoying the tradition and culture of “paper”.
The Foundation’s main activities are as follows:
• Preserving and enhancing the historical paper 
heritage;
• Publishing the editorial series “Storia della Carta” 
(The History of Paper) and “L’Era del Segno” (The Era 
of the Sign) dedicated to paper;
• Organising conferences, seminars and research 
projects with experts of national and international 
prestige, which enable collaboration and cultural 
exchange with Italian and foreign institutions 
(universities, academies, museums, libraries, public 
and private historical archives);
• Providing historical, philological and filigranological 
opinions on Fabriano’s historical papers for 
scholars, restorers and auction houses.
 
The annual donation from Fedrigoni varies according 
to the activities included in the Foundation’s 
programme (in 2021, it amounted to around  
200,000 euros).

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
Human rights
Safety culture
The development of our people
Fedrigoni serving the community
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The main initiatives planned 
and implemented in partnership 
with the Foundation in 2021 
Through its involvement in the Foundation’s 
activities, the Fedrigoni Group also demonstrates its 
commitment to culture as a fundamental element in the 
development of communities and local identities. 
In 2021, we were able to carry out numerous projects 
in all four of the Foundation’s areas of activity: research, 
conservation, enhancement, and publishing. 
Research 
• The research “Uses and customs of watermarks” 
aimed at identifying and analysing the watermarks of 
Augusto Zonghi after 1599 and those of the Luigi Tosti 
Duca di Valminuta Collection, mostly dated from 1782 
to the present day.
• The research “Progetto Dante 1321-2021. La carta di 
Fabriano e l’opera dantesca” (Fabriano paper and 
Dante’s works), conducted to celebrate the 700th 
anniversary of Dante Alighieri’s death, has made it 
possible to trace and confirm the use of Fabriano 
paper in some of the most famous miniated works  
and incunabula of the Divine Comedy.
Conservation 
• Completion of the identification, cataloguing and 
digitisation of the maps of the “Augusto Zonghi 
Collection”, uploaded online in the Corpus Chartarum 
FABRIANO (3,465 records).
• Paper restoration of the Album of “I segni delle 
antiche cartiere fabrianesi” (Signs of the Ancient 
Cartiere Fabriano) (1882-1884) by Augusto Zonghi, 
authorised by the Soprintendenza Archivistica e 
Bibliografica dell’Umbria e delle Marche (the Archival 
and Bibliographic Superintendency of Umbra and the 
Marche).
• The reorganisation of the Verona Fedrigoni Archives 
(moulds, documents, etc.), now called “Casa Fedrigoni”, 
was completed. All the Scientific and Technological 
Heritage (moulds, dancing rollers, canvases, punches, 
printing plates) was photographed.
Enhancement 
• Renewal of the Foundation’s video presentation 
to mark the anniversary of the Fedrigoni Fabriano 
Foundation (2011-2021).
• The Corpus Chartarum Fabriano (CCF) has joined the 
international platform for watermark consultation for 
the Bernstein Project. The watermarks of the CCF are 
now available in “The Memory of Paper” database.
• Promotion of the international workshop “Paper 
Production and Trade - People in Motion” with the aim 
of exploring the movement of ideas, people, paper and 
goods across the Mediterranean from the late Middle 
Ages to the modern era.
• Support for the candidature of the “Fabriano paper and 
watermark” as a UNESCO intangible cultural heritage.
• The Fabriano Paper Pavilion was chosen by the Fondo 
Ambiente Italiano (FAI) (National Trust of Italy) and, in 
collaboration with the Foundation, opened for visits 
during the FAI Spring Days, becoming part of the 
association’s national programme.
• The “Hidden Treasures” format has been reintroduced 
in order to promote and make known the immense 
historical, cultural, and artistic heritage preserved by 
the Foundation through video interviews.
• The Corpus Chartarum Fabriano (CCF) was presented 
at the biennial International Paper Historians 
Congress, promoted by International Paper Historians 
(IPH) in collaboration with the Library of Congress, the 
National Gallery of Art and the National Archives and 
Record Administration in Washington (USA).
• Artist residency of the Spanish-born watercolourist 
Alberto Madrigal, promoted by the Fedrigoni Group 
in collaboration with the Foundation. Madrigal 
has produced a travel notebook containing the 
landscapes and emotions of those days, presented 
during the last edition of the Drawing Festival.
• Participation in the European Heritage Days 2021  
with the special opening to visitors of the Fabriano 
Paper Pavilion.
• Presentation of the restoration and of the 1st printed 
edition of the Album “I segni delle antiche cartiere 
fabrianesi” by Augusto Zonghi during the European 
Heritage Days 2021 with the event Ti Presento 
Augusto Zonghi broadcast live via streaming.
• Collaboration on the project “Nel tempo di una storia” 
promoted by Museimpresa and Assolombarda, 
aimed at conveying the industrial and cultural 
heritage preserved in the museums and archives 
of Italian companies, through the story of Simone 
Bramante, aka Brahmino, one of the most 
popular photographers and influencers among 
Instagrammers.
• “The Grand Tour of Paper. 8 centuries of paper 
history, 10 years of the Foundation”, an event 
promoted during the 20th Business Culture Week 
with the special opening of the Fabriano Paper 
Pavilion to the public. 
• Inauguration of “Casa Fedrigoni”, the Fedrigoni 
Group’s corporate archives, open to guided tours for 
scholars and paper enthusiasts and collaborations 
with graphics and design universities and schools.
Publishing 
• Publication of the inventory of the goods preserved in 
the Fedrigoni Archives in Verona (Casa Fedrigoni) in 
the series “Invenire” edited and directed by Giorgetta 
Bonfiglio Dosio (University of Padua) and published 
by Cleup.
• Publication of the book “Il senso di una comunità” 
(The sense of a community) five years after the 
earthquake of 26 October 2016, dedicated to the 
reconstruction of the Pioraco factory which was 
totally destroyed. The volume was printed in 700 
copies and distributed to the 550 employees of the 
Marche Area of the Fedrigoni Group.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
List of products  
with advanced  
ESG features
Annual Report 2021

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
PAPER (LPCS)* Business Unit
Fedrigoni
ARENA ECO 50
Uncoated, extra-white paper made with 50% recycled fibres. ECF Pulp 
guaranteed and FSC® certified, with a smooth finishing.
CENTURY COTTON LAID
Soft and refined wood-free laid and watermarked paper with 75% wood-free 
ECF pulp and 25% cotton content, FSC® certified. Versions available with  
watermark.
CENTURY COTTON WOVE
Premium Quality uncoated papers and boards, FSC® certified, with a velvety 
surface. Made with 75% ECF pulp and 25% cotton fibre. Versions available with 
watermark.
COTTAGE
Uncoated papers and boards, FSC® certified. Made with 75% ECF pulp and 25% 
cotton fibre. Felt-marked on both sides.
FREELIFE CENTO
High quality recycled papers with a smooth finish, made with 100% FSC® 
certified recycled fibre.
FREELIFE KENDO
High quality papers and boards, finely mottled, with 5% hemp fibre, 40% 
recycled material FSC® certified, and 55% pure environmentally friendly fibre 
certify FSC®. 
FREELIFE MERIDA
High quality recycled papers and boards, pulp coloured, with 55% pure 
environmentally friendly FSC® certified fibres, 40% recycled fibres, and 
5%cotton fibres. Felt-marked on both sides.
FREELIFE VELLUM
High quality recycled papers and boards, with 55% pure environmentally 
friendly FSC® certified fibres, 40% recycled fibres, and 5% cotton fibres.
FREELIFE OIKOS
High quality papers and boards with recycled content, finely mottled on both 
sides. Made with 50% pure environmentally friendly FSC® certified fibres and 
50% recycled fibres.
LIFE
High white recycled papers and boards FSC® certified. Made with 80 % 
recycled fibre and 20% pure environmentally friendly FSC® certified fibres.
LIFE ECO100 (FSC RECYCLED)
High white recycled papers and boards, with 100% recycled fibres,  
FSC® certified.
MATERICA
Natural papers and boards with a coarse finish, made from 25% ECF-
guaranteed pulp, 25% recovered fibre, 40% CTMP pulp and 10% FSC®  
certified cotton fibre.
OLD MILL ECO40
Uncoated papers and boards made with FSC® certified, environmentally 
friendly ECF pulp, with 40% of recycled content. Felt-marked on both sides.
SAVILE ROW PINSTRIPE
Pulp-coloured uncoated papers and boards with a fabric effect. It is made with: 
60% ECF woodfree pulp, 20% cotton fibres and 20% textile fibres and it is  
FSC® certified.
SAVILE ROW PLAIN
Pulped-coloured uncoated papers and boards with a fabric effect. It is made 
using 60% ECF wood-free pulp, 20% cotton fibres and 20% textile fibres, and it 
is FSC® certified.
SAVILE ROW TWEED
Pulped-coloured uncoated papers and boards with a fabric effect. It is made 
using 60% ECF wood-free pulp, 20% cotton fibres and 20% textile fibres, and it 
is FSC® certified.
SYMBOL FREELIFE E/E
Environmentally friendly ECF papers and boards FSC® certified. High content 
of selected recycled material (minimum quantity guaranteed 40%). Triple blade 
coated on both sides with a Satin finish. 
SYMBOL FREELIFE GLOSS
Environmentally friendly ECF papers and boards. FSC® certified. High content 
of selected recycled material (minimum quantity guaranteed 40%). Triple blade 
coated on both sides with a Gloss finish.
SYMBOL FREELIFE SATIN
Environmentally friendly ECF papers and boards, FSC® certified. High content 
of recycled material (minimum quantity guaranteed 40%). Triple blade coated 
on both sides with satin finish.
SYMBOL CARD ECO 100
Boards made with 100% recycled fibres, FSC® certified. Double blade coated 
on one side with a satin finishing.
SYMBOL CARD ECO 50
Boards made with 50% recycled fibres, FSC® certified. Double blade coated on 
one side with a satin finishing.
SYMBOL FREELIFE MATT PLUS
Environmentally friendly ECF papers and boards, FSC® certified. High content 
of recycled material (minimum quantity guaranteed 40%). Triple blade coated 
on both sides with matt finish.
SYMBOL FREELIFE PEARL
FSC® certified triple-coated papers and boards on both sides with pearlescent 
finish, composed of pure ECF cellulose and a high selected recycle content.
WOODSTOCK
Recycled uncoated papers and boards with 80% recycled fibres and 20% ECF 
virgin fibres, FSC® certified, smooth finishing. Pulp coloured.
*Luxury Packaging and Creative Solutions

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Cordenons
AROMATIQUE
Papers and boards made from cotton linters and pure ECF virgin pulp fibres. 
Recyclable or recoverable as energy. En71 safety of toys (migration of certain 
elements). 94/62/EC (below permitted heavy metal threshold)
BLU&GREEN ASTROPACK
Papers and boards with natural, uncoated surface, excellent stiffness and 
strength, high degree of whiteness, good light fastness, excellent surface 
sizing, with the added advantage of being an FSC® recycled product in varying 
percentages between pre-consumer and post-consumer.
CANALETTO
Papers and boards made from 20% cotton and 80% pure ECF virgin pulp fibres. 
It is a felt-marked paper on both sides. The percentage of cotton in the mix 
gives it an extremely natural appearance and a velvety smooth feel. 
It has very good strength, bulk and stiffness, excellent resistance to folding and 
creasing, good light fastness and high surface adhesion with natural gelatine. 
FSC® certified.
Canaletto envelopes are produced with the same features and are FSC® 
certified.
CANALETTO GRANA GROSSA
Papers and boards made from 20% cotton and 80% pure ECF virgin pulp fibres. 
It is a felt-marked paper on both sides.
It has a good percentage of cotton in the main body which gives it a natural 
appearance and an extremely velvety smooth feel.
It has very good strength, bulk and stiffness, excellent resistance to folding and 
creasing, good light fastness and high surface adhesion with natural gelatine. 
Recyclable or recoverable as energy. 
Canaletto Grana Grossa envelopes are produced with the same features.
FLORA
Partially recycled papers and boards featuring clearly visible “slivers” on the 
surface, made with 30% de-inked pure pulp secondary fibres, 60% pure ECF 
virgin pulp fibres and 10% cotton linters fibre. The Gardenia colour variant, unlike 
the others, is free of inclusions.
The use of cotton in the main body makes it particularly soft to the touch. FSC® 
certified. 
Flora envelopes are produced with the same features, FSC® certified
FORMOSA Recy 
Pulp-coloured papers and boards made from 100% recycled fibres in varying 
percentages between pre-consumer and post-consumer. It has a natural, even 
surface, which makes it suitable for papermaking and ensures good printability. 
FSC® certified recycled
FORMOSA RecyPack
Coloured papers and boards specifically designed for the packaging industry. 
Two pulp colours, the classic Havana and Black, a wide range of grammages 
up to 480 gsm, and it is produced with 100% recycled fibres in a variable 
percentage between pre-consumer and post-consumer. It has a natural 
surface which makes it suitable for papermaking and ensures good printability. 
FSC® certified recycled.
The black version is produced without the use of Carbon Black pigments.
KINGDOM LAID
+ WM
Papers and boards made from pure ECF virgin pulp fibres featuring a refined, 
classic pattern inspired by traditional writing paper. Contains 15% cotton 
fibres, various shades, FSC® certified mix (FSC-CO12975). Also available in a 
watermarked version in 100 gms. Kingdom Laid envelopes in five types, same 
features, FSC® certified.
KINGDOM LAID WM RECY
Papers made from pure ECF virgin pulp fibres and 100% recycled fibres in 
varying percentages of pre-consumer and post-consumer, featuring the 
refined classic pattern inspired by traditional writing paper, watermarked in 100 
gsm. Colour Recy White. FSC® certified recycled.
KINGDOM WOVE +WM
Papers and boards made from pure EFC virgin pulp fibres give it a pleasant feel 
like a soft fabric. Contains 15% cotton fibres, various shades, FSC® certified mix. 
Also available in a watermarked version in 100 gms.
Kingdom Wove envelopes in five types, same features, FSC® certified. 
KINGDOM WOVE RECY  
+ WM RECY
Papers made from pure ECF virgin pulp fibres and 100% recycled fibres in 
varying percentages of pre-consumer and post-consumer, featuring the 
pleasant feel of a soft fabric. Colour Recy White. FSC® certified recycled
Also available in a watermarked version in 100 gms.
Kingdom Wove envelopes in five types, same features, Recy White colour, FSC® 
certified recycled
KINGDOM XT-S  
+ WM
Papers and boards made from pure ECF virgin pulp fibres stand out for their 
particularly smooth surface. Contains 15% cotton fibres, various shades, FSC® 
certified mix. 
Also available in a watermarked version in 100 gms.
Kingdom XT-S envelopes in five types, same features, FSC® certified.
KINGDOM XT-S RECY + WM RECY
Papers made from pure ECF virgin pulp fibres and 100% recycled fibres 
in varying percentages of pre-consumer and post-consumer, featuring a 
particularly smooth surface. Colour Recy White. FSC® certified recycled
Also available in a watermarked version in 100 gms.
Kingdom XT-S envelopes in five types, same features, Recy White colour, FSC® 
certified recycled
NATURAL GREEN EVOLUTION
Papers and boards made from 100% recycled fibres in varying percentages 
between pre-consumer and post-consumer. Both surfaces are treated off-line 
with a special matt coating that allows high Ink Hold Out for brilliant images with 
high detail and contrast. Textured surface, very good strength, bulk greater 
than 1.4, very good opacity, very good resistance to creasing and folding
It has a natural surface and guarantees excellent offset printing results. FSC® 
certified recycled.
PAPERMILK
Papers and boards made from up to 10% milk fibres, 40% cotton linters and 
pure ECF virgin pulp fibres. FSC® certified

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
RECYCO
Premium white paper made from 100% recycled fibres in varying percentages 
of pre and post-consumer and pure virgin ECF pulp fibres. FSC® certified 
recycled It has a natural white colour and is available in a wide range of 
grammages.
SO...SILK
Papers and boards made from pure ECF pulp fibres and silk fibres. The special 
surface finish makes the paper extremely silky, smooth and soft to the touch. 
The colour is slightly iridescent. FSC® certified.
So...Silk envelopes are produced with the same features and are FSC® certified.
SO...WOOL
Papers and boards made from pure ECF virgin pulp fibres and fibres from 
recovered residues from wool and cotton textile production. 
FSC® certified.
So...Wool envelopes are produced with the same features and are FSC® 
certified (FSC-CO12975). 
STARDREAM 2.0
Papers and boards made from pure ECF virgin pulp fibres, consisting of 40% 
post-consumer fibres (PCW). The 110 g/m2 grammage is one-side coated, while 
200 g/m2 and 340 g/m2 are two-side coated.
FSC® certified.
TASTY
Luxury papers and boards suitable for food contact.
It complies with the most important Italian and international regulations.
It is produced in two versions:
Tasty Moist & Fatty undergoes a special treatment that makes it ideal for use in 
food packaging and wet-fat food applications. 
Available in the Wild and Modigliani ranges, it is particularly versatile and can 
also be used for applications created for dry foods.
Available in White, but also in three Wild colours: Sand, Brown, and Black. FSC® 
certified.
Tasty DRY has been formulated exclusively for direct contact with dry, non-wet-
fat foods. It is produced in the Astropack and Modigliani ranges in the colour 
White. FSC® certified.
TRES AROMATIQUE
Boards made from cotton fibres and pure ECF virgin pulp fibres, without fillers. 
Naturally coloured, they allow excellent absorption and evaporation of the liquid 
at the desired temperature. Contains cotton.
WILD
Papers and boards made from 35% cotton and 65% pure ECF virgin pulp fibres. 
A paper with an extraordinarily natural surface and a neutral, slightly  
changing colour.
A light surface treatment is applied to improve runnability and printability.  
FSC® certified.
WILD NATURAL
Boards made from 35% cotton and 65% pure ECF pulp fibres. It is a natural 
surface board, characterised by a high thickness (2,000 micron - 850 gsm).
FSC® certified

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Fabriano
COPY 1 
EU ECOLABEL certified white photocopy paper, made of 100% FSC® certified 
pure E.C.F. (Elemental Chlorine Free) pulp. Reams with plastic-free wrapping.
COPY BIO
White photocopy paper produced using hydroelectric power, EU ECOLABEL 
certified, made from 100% pure T.C.F. pulp. (Total Chlorine Free) FSC® certified. 
Reams with plastic-free wrapping.
COPY LIFE
White photocopy paper produced using hydroelectric power, EU ECOLABEL 
certified, made from 85% post-consumer recycled pulp and 15% pure 
E.C.F. pulp. (Elemental Chlorine Free) certified FSC®. Reams with plastic-free 
wrapping.
ESPORTAZIONE
Esportazione is a handmade paper for all drawing techniques (and especially 
for watercolour and tempera). Four uncut edges, 100% cotton, totally chlorine-
free (TCF).
ROMA
Roma is a handmade paper made from 100% cotton and is totally chlorine-free 
(TCF). This handmade laid and watermarked paper has all its edged deckled 
and is particularly suitable for deluxe editions, fine printing, bookbinding and 
drawing. 
ARTISTICO
Watercolour paper made from 100% TCF (Total Chlorine Free) cotton fibres 
that is mould-made. Vegan Friendly product due to its special double starch 
coating.
FABRIANO 5 
Mould-made watercolour paper made from a high-quality blend of 50% TCF 
(Total Chlorine Free) cotton and ECF (Elemental Chlorine Free) pulp fibres.
WATERCOLOUR 
Watercolour paper made using hydroelectric power, consisting of a high-
quality lignin-free blend of cotton and pulp: 25% cotton and 75% ECF (Elemental 
Chlorine Free) pulp, FSC® certified.
ACCADEMIA 
Fabriano Accademia drawing paper is produced using hydroelectric power 
and 100% ECF (Elemental Chlorine Free) pulp, FSC® certified.
DISEGNO ECOLOGICO PER 
ARTISTI 
Disegno Ecologico per Artisti paper is produced using hydroelectric power 
FSC® certified post-consumer recycled pulp. Slightly marked surface with a 
high degree of whiteness, higher than that of a standard recycled paper.
TONED PAPER 
Ideal paper for drawing using shading and highlighting techniques, made from 
15% cotton and 85% ECF (Elemental Chlorine Free) pulp.
TIZIANO 
This drawing paper contains cotton and is made from ECF (Elemental Chlorine 
Free) pulp, FSC® certified. Available in 40 highly lightfast colours.
AETERNUM COTTON PHOTO 
CONSERVATION 
100% cotton paper with TCF (Total Chlorine Free) fibres that is mould-made. 
Certified Long Life ISO 9706 and PAT ISO 18916, its absolute stability and 
durability makes it particularly suitable for making folders or cases for storing 
photographic documents.
DUREVOLE CONSERVATION 
COTTON 
Natural white mould-made storage cardboard from 100% totally chlorine-free 
cotton fibres (T.C.F.). The product is free of wood pulp and optical brightening 
agents and is acid free with an alkaline reserve and anti-fungus treatment to 
guarantee long shelf life. It is Long Life ISO 9706 and PAT ISO 18916 certified.
TIEPOLO
Mould-made paper made from 100% totally chlorine-free cotton (T.C.F.), this 
board is suitable for all art printing techniques. 
ROSASPINA 
Mould-made paper made from 40% totally chlorine-free cotton (T.C.F.) and 40% 
ECF (Elemental Chlorine Free) pulp. This board is suitable for all fine art printing 
techniques. 
FABRIANO UNICA 
Fabriano Unica paper is suitable for all art printing techniques. Paper produced 
using hydroelectric power from 50% TCF cotton and 50% ECF pulp. 
FABRIANO DISEGNO 2
Albums, pads or sheets for school. Paper produced using hydroelectric power 
using 100% ECF (Elemental Chlorine Free) pulp, FSC® certified.
FABRIANO DISEGNO 4
Albums, pads or sheets for school. Paper produced using hydroelectric power 
using 100% ECF (Elemental Chlorine Free) pulp, FSC® certified.
ELLE ERRE
Coloured boards produced using hydroelectric power, made of 100% ECF 
(Elemental Chlorine Free) pulp, FSC® certified.
FABRIANO COLORE
Coloured boards produced using hydroelectric power, made of 100% ECF 
(Elemental Chlorine Free) pulp, FSC® certified.
FABRIANO ISPIRA
Stitched binding notebooks produced in Italy using 100% pure T.C.F. pulp paper. 
(Total Chlorine Free) FSC® certified.
FABRIANO ECOQUA 
Collection of exercise books and notebooks entirely produced in Italy using 
100% pure T.C.F. pulp paper. (Total Chlorine Free) FSC® certified.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
SELF-ADHESIVES/LABELS Business Unit
BAGASSE MERINGUE  
ULTRA WS 
White wood-free paper with a smooth textured surface and with an 
Ultra WS treatment. Made exclusively from annual plants, 95% bagasse 
(by-product from the transformation of sugar cane) and 5% linen and 
hemp crops. 100% recyclable.
BEREBER SAND ULTRA  
WS FSC™ 
Premium quality recycled paper (30% post consumer fibers) with a 
smooth finish and an Ultra WS treatment. Due to the nature of the raw 
material used, there may be the small variations in colour and look.
COTONE BIANCO ULTRA WS 
Natural 100% cotton paper with an ULTRA WS and anti-fungus 
treatment. Due to the nature of the raw material used, there may be the 
small impurities and/or slight variations in tone and appearance which 
are normal in a natural product.
COTONE BIANCO WS BARRIER
Natural felt-textured white 100% cotton wet strenght paper.  
Barrier construction.
COTONE EXTRA WHITE  
ULTRA WS 
Natural 100% cotton paper with a high degree of whiteness, ULTRA WS 
and anti-fungus treatment. Due to the nature of the raw material used, 
there may be the small impurities and/or slight variations in tone and 
appearance which are normal in a natural product.
COTONE NERO FELT WS 
Tree-free uncoated felt-marked deep black pulp-coloured paper 
produced with 100% pure cotton fibbers.
COTONE NERO FELT 
WS BARRIER
Natural felt-textured black 100% cotton wet strenght paper. 
 Barrier contruction.
COTONE NERO INTENSE WS 
Tree-free uncoated deep black pulp-coloured paper produced  
with 100% pure cotton fibbers.
COTONE NERO INTENSE WS 
BARRIER
Natural 100% cotton wet strenght black paper. Barrier contruction.
COTTAGE IVORY FSC™ 
Natural, pure chlorine-free (ECF 75%) cellulose paper mixed with natural 
cotton fibers (25%), felt-marked on both sides.Due to the nature  
of the raw material used, there may be the small impurities and/or slight 
variations in tone and appearance which are normal  
in a natural product.
COTTAGE PREMIUM  
WHITE FSC™ 
Natural, pure chlorine-free (ECF 75%) cellulose paper mixed with natural 
cotton fibers (25%), felt-marked on both sides.Due to the nature  
of the raw material used, there may be the small impurities and/or slight 
variations in tone and appearance which are normal  
in a natural product.
COTTAGE PREMIUM WHITE 
ULTRA WS FSC™ 
Natural, pure chlorine-free (ECF 75%) cellulose paper mixed with 
natural cotton fibres (25%), felt marked on both sides and an Ultra WS 
treatment. Due to the nature of the raw material used, there may be the 
small impurities and/or slight variations in tone and appearance which 
are normal in a natural product.
COUTURE WHITE WS  
BARRIER FSC™ 
Uncoated embossed paper featuring a textile finish.  
Barrier Construction.
COUTURE WHITE WS FSC™ 
Uncoated embossed paper featuring a textile finish.
EDEN FSC™ 
Natural paper with grass fibers. FSC certified.
FREELIFE MERIDA CREAM FSC™ Premium quality uncoated recycled paper, felt-marked on both sides, 
made with pure ECF fibers (55%), cotton (5%) and recycled fiber (40%). 
Due to the nature of the raw material used, there may be the small 
impurities and/or slight variations in tone and appearance which are 
normal in a natural product.
FREELIFE MERIDA CREAM 
ULTRA WS FSC™ 
Premium quality uncoated recycled paper, felt-marked on both sides, 
made with pure ECF fibers (55%), cotton (5%) and recycled fiber (40%) 
and with an Ultra WS treatment. Due to the nature of the raw material 
used, there may be the small impurities and/or slight variations in tone 
and appearance which are normal in a natural product.
FREELIFE MERIDA KRAFT FSC™ 
Premium quality uncoated recycled paper, felt-marked on both sides, 
made with fibers ECF (55%), pure ECF fibers (55%), cotton (5%) and 
recycled fiber (40%). Due to the nature of the raw material used, 
there may be the small impurities and/or slight variations in tone and 
appearance which are normal in a natural product.
FREELIFE MERIDA WHITE FSC™ 
Premium quality uncoated recycled paper, felt-marked on both sides, 
made with pure ECF fibers (55%), cotton (5%) and recycled fiber (40%). 
Due to the nature of the raw material used, there may be the small 
impurities and/or slight variations in tone and appearance which are 
normal in a natural product.
FREELIFE MERIDA WHITE  
ULTRA WS FSC™ 
Premium quality uncoated recycled paper, felt-marked on both sides, 
made with pure ECF fibers (55%), cotton (5%) and recycled fiber (40%) 
and with an Ultra WS treatment. Due to the nature of the raw material 
used, there may be the small impurities and/or slight variations in tone 
and appearance which are normal in a natural product.
GREEN VALLEY CORK ULTRA 
WS FSC™ 
Layer of natural cork laminated with paper and ULTRA WS treatment. 
Due to the nature of the raw material used, there may be small 
impurities and/or slight variations in tone and appearance which are 
normal in a natural product.
KRAFT NATURAL PEFC
Long fibre laid Kraft paper. Due to the raw material nature, there may be 
small variations in colour and look.
MATERICA GESSO ULTRA  
WS FSC™ 
Natural paper, made with pure ECF fibers (25%), CTMP fibres (40%), 
cotton (15%), recycled fibre (20%) and pure cellulose with an Ultra WS 
treatment. Due to the nature of the raw material used, there may be the 
small impurities and/or slight variations in tone and appearance which 
are normal in a natural product.
MATERICA KRAFT ULTRA  
WS FSC™ 
Natural paper, made with pure ECF fibers (25%), CTMP fibres (40%), 
cotton (15%), recycled fibre (20%) and pure cellulose with an Ultra WS 
treatment. Due to the nature of the raw material used, there may be the 
small impurities and/or slight variations in tone and appearance which 
are normal in a natural product.
MATERICA LIMESTONE  
ULTRA WS FSC™
Natural paper, made with pure ECF fibers (25%), CTMP fibres (40%), 
cotton (15%), recycled fibre (20%) and pure cellulose with an Ultra WS 
treatment. Due to the nature of the raw material used, there may be the 
small impurities and/or slight variations in tone and appearance which 
are normal in a natural product.
MATERICA PITCH ULTRA  
WS FSC™
Natural paper, made with pure ECF fibers (25%), CTMP fibres (40%), 
cotton (15%), recycled fibre (20%) and pure cellulose with an Ultra WS 
treatment. Due to the nature of the raw material used, there may be the 
small impurities and/or slight variations in tone and appearance which 
are normal in a natural product.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
MATERICA VERDIGRIS ULTRA 
WS FSC™
Natural paper, made with pure ECF fibers (25%), CTMP fibres (40%), 
cotton (15%), recycled fibre (20%) and pure cellulose with an Ultra WS 
treatment. Due to the nature of the raw material used, there may be the 
small impurities and/or slight variations in tone and appearance which 
are normal in a natural product.
MINERAL PAPER
Paper made with a mixture of calcium carbonate  
and polyethylene, renewable and recyclable.
NATURAL CORK ULTRA  
WS FSC™
Layer of natural cork laminated with paper and ULTRA WS treatment. 
Due to the nature of the raw material used, there may be small 
impurities and/or slight variations in tone and appearance which  
are normal in a natural product.
NATURAL COTTON BARRIER
Natural felt-textured white 100% cotton wet strenght paper.
RED RIVER CORK ULTRA  
WS FSC™
Layer of natural cork laminated with paper and ULTRA WS treatment. 
Due to the nature of the raw material used, there may be small 
impurities and/or slight variations in tone and appearance which  
are normal in a natural product.
ROCK FOREST CORK ULTRA  
WS FSC™
Layer of natural cork laminated with paper and ULTRA WS treatment. 
Due to the nature of the raw material used, there may be small 
impurities and/or slight variations in tone and appearance which are 
normal in a natural product.
SAVILE ROW TWEED  
CAMEL FSC™
Pure cellulose paper embossed off-machine in a textile design, made 
from an ecological chlorine-free (ECF 60%), cotton fibres (20%), textile 
fibres (20%) and pulp coloured. Due to the nature of the raw material 
used, there may be small impurities and/or slight variations in tone and 
appearance which are normal in a natural product.
SAVILE ROW TWEED DARK 
GREY FSC™
Pure cellulose paper embossed off-machine in a textile design, made 
from an ecological chlorine-free (ECF 60%), cotton fibres (20%), textile 
fibres (20%) and pulp coloured. Due to the nature of the raw material 
used, there may be small impurities and/or slight variations in tone and 
appearance which are normal in a natural product.
SAVILE ROW TWEED  
EXTRA WHITE FSC™
Pure cellulose paper embossed off-machine in a textile design, made 
from an ecological chlorine-free (ECF 60%), cotton fibres (20%) and 
textile fibres (20%). Due to the nature of the raw material used, there 
may be the small impurities and/or slight variations in tone and 
appearance which are normal in a natural product.
SAVILE ROW TWEED  
WHITE FSC™
Pure cellulose paper embossed off-machine in a textile design, made 
from an ecological chlorine-free (ECF 60%), cotton fibres (20%) and 
textile fibres (20%). Due to the nature of the raw material used, there 
may be the small impurities and/or slight variations in tone and 
appearance which are normal in a natural product.
SAVILE ROW TWEED  
WHITE ULTRA WS EXT FSC™
Pure cellulose paper embossed off-machine in a textile design, made 
from an ecological chlorine-free (ECF 60%), cotton fibres (20%), textile 
fibres (20%) and with an ULTRA WS treatment. Due to the nature  
of the raw material used, there may be the small impurities and/or slight 
variations in tone and appearance which are normal  
in a natural product.
WHITE MOUNTAIN CORK  
ULTRA WS FSC™
Layer of natural cork laminated with paper and ULTRA WS treatment. 
Due to the nature of the raw material used, there may be small 
impurities and/or slight variations in tone and appearance which  
are normal in a natural product.
WILD ROOTS CORK ULTRA  
WS FSC™
Layer of natural cork and fennel laminated with paper and ULTRA WS 
treatment. Due to the nature of the raw material used, there may be 
small impurities and/or slight variations in tone and appearance which 
are normal in a natural product.
WOODSTOCK BETULLA FSC™
Finely mottled ecological paper made with a highly recycled fiber 
content (80%) . Due to the raw material nature, there may be small 
variations in color and look.
WOODSTOCK SUGHERO FSC™
Finely mottled ecological paper made with a highly recycled fiber 
content (80%) . Due to the raw material nature, there may be small 
variations in color and look.
BAGASSE MERINGUE  
ULTRA WS
White wood-free paper with a smooth textured surface and with an 
Ultra WS treatment. Made exclusively from annual plants, 95% bagasse 
(by-product from the transformation of sugar cane) and 5% linen and 
hemp crops. 100% recyclable.
BEREBER SAND ULTRA  
WS FSC™ 
Premium quality recycled paper (30% post consumer fibers) with a 
smooth finish and an Ultra WS treatment. Due to the nature of the raw 
material used, there may be the small variations in colour and look.
Facestock FSC™ certified according to chain of custody FSC Mix  
Credit AEN-COC-0000015 and license number FSC®-C104042. By 
choosing this product you are supporting the responsible forest 
management worldwide.
COTONE BIANCO ULTRA WS 
Natural 100% cotton paper with an ULTRA WS and anti-fungus 
treatment. Due to the nature of the raw material used, there may be the 
small impurities and/or slight variations in tone and appearance which 
are normal in a natural product.
COTONE BIANCO WS BARRIER
Natural felt-textured white 100% cotton wet strenght paper.  
Barrier construction.
COTONE EXTRA WHITE  
ULTRA WS 
Natural 100% cotton paper with a high degree of whiteness, ULTRA WS 
and anti-fungus treatment. Due to the nature of the raw material used, 
there may be the small impurities and/or slight variations in tone and 
appearance which are normal in a natural product.
COTONE NERO FELT WS 
Tree-free uncoated felt-marked deep black pulp-coloured paper 
produced with 100% pure cotton fibbers.
COTONE NERO FELT  
WS BARRIER
Tree-free uncoated felt-marked deep black pulp-coloured paper 
produced with 100% pure cotton fibbers. Barrier Construction.
COTONE NERO INTENSE WS 
Tree-free uncoated deep black pulp-coloured paper produced with 
100% pure cotton fibbers.
COTONE NERO INTENSE  
WS BARRIER
Natural 100% cotton wet strenght black paper. Barrier contruction.
COTTAGE IVORY FSC™ 
Natural, pure chlorine-free (ECF 75%) cellulose paper mixed with natural 
cotton fibers (25%), felt-marked on both sides.Due to the nature  
of the raw material used, there may be the small impurities and/or slight 
variations in tone and appearance which are normal  
in a natural product.
MODI WHITE RECYCLED  
WS FSC™
Natural, felt textured white paper, 100% recycled fibers from  
post-consumer waste (PCW). Wet strength.
SOROLLA RECYCLED H+O  
WS FSC™
100 % Recycled felt-textured white, high opacity, wet strength paper. 
FSC certified.

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—
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—
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
TINTORETTO GESSO 
RECYCLED H+O WS FSC™
Pure ECF pulp recycled paper, 100% recycled fibers from pre-consumer 
and post-consumer waste, with an special treatment that ensures a 
high opacity in wet conditions. Wet strength.
MODI WHITE RECYCLED NECK 
LABEL WS FSC™
Natural, felt textured white paper, 100% recycled fibers from post-
consumer waste (PCW). Wet strength.
FREELIFE MERIDA WHITE  
IDP FSC™
Felt-marked ecological paper, surface treated for INDIGO digital 
printing. Due to the nature of the raw material used, there may be the 
small impurities and/or slight variations in tone and appearance which 
are normal in a natural product.
FREELIFE MERIDA WHITE  
IDP ULTRA WS FSC™
Felt-marked ecological paper, surface treated for INDIGO digital printing 
and with an ULTRA WS treatment.Due to the nature of the raw material 
used, there may be the small impurities and/or slight variations in tone 
and appearance which are normal in a natural product.
COATED 80 RECYCLED FSC™
Semi-gloss coated paper with 100% of recycling fiber from post 
consumer. Due to the nature of the raw material used, there may be the 
small impurities and/or slight variations in tone and appearance which 
are normal in a recycled product.
VELLUM RECYCLED FSC™
   White calendered, 100 % post consumer recycled paper. FSC certified.
THIN MATERIALS
THERMAL ECO BPA FREE  
65 FSC™
A non top coated paper with a high sensitivity thermal coating 
produced without the use of bisphenol A (BPA).
LINERLESS 
ROLL DTL TOP PROTECTED
ROLL DTL PP WHITE
CORE LINERLESS CLEAR TC
CORE LINERLESS WHITE TC
CORE LINERLESS SILVER TC
CORE LINERLESS PP CAVITATED GLOSS WHITE TC
RI-MOVE RANGE
RI-MOVE PET/PP CLEAR  
GLOSS TC 50
 Gloss clear top coated polypropylene. Product designed for labelling 
recyclable polyester bottles. The material is removed from the ground 
polyester bottle without leaving adhesive residues on the polyester 
flakes under hot caustic conditions.
RI-MOVE PET/PP TC WHITE 
GLOSS CAV60
 Gloss white top coated cavitated polypropylene. Product designed for 
labelling recyclable polyester bottles. The material is removed from 
the ground polyester bottle without leaving adhesive residues on the 
polyester flakes under hot caustic conditions.
RI-MOVE PET/PP TCX CLEAR 
GLOSS 50
 Gloss clear top coated polypropylene. Product designed for labelling 
recyclable polyester bottles where a “no label look” is desired. The 
material is removed from the ground polyester bottle without leaving 
adhesive residues on the polyester flakes under hot caustic conditions.
RI-MOVE PET/CORE LINERLESS 
PP CAVITATED GLOSS  
WHITE TC
Gloss white top coated cavitated polypropylene. Thin construction 
allowing in a spcifyc pprocess to create a linerless construction using 
PET12my backing as overlamniate film. The material is removed from 
the ground polyester bottle without leaving adhesive residues on the 
polyester flakes under hot caustic conditions.
RI-MOVE GLASS/ PET TC8 
GLOSS CLEAR 45
Pet clear film top coated. The material is designed to detach from glass 
bottles without leaving any adhesive residue on the bottle or in the 
washing bath.
FILMS WITH RECYCLED CONTENT
rPE TC8 GLOSS WHITE 85
 Gloss white top coated polyethylene film with 30% of recycling from 
post-consumer and 55-60% of recycling from post-industrial. As 
recycled film it could contain gels. The quantity of gels is not subject to 
specification.
rPP ADVANCED TC8 GLOSS 
CLEAR 50
Gloss clear top coated polypropylene that includes high quality 
Recycled Post Consumer Waste (PCR-PP) in very high percentage 
(90%).
rPP ADVANCED TC8 GLOSS 
CLEAR 50 ISCC+
Gloss clear top coated polypropylene that includes high quality 
Recycled Post Consumer Waste (PCR-PP) in very high percentage 
(90%), certified according to the requirements of the International 
Sustainability and Carbon Certification (ISCC PLUS).
rPP ADVANCED TC8 GLOSS 
WHITE CAV 60
Gloss white top coated cavitated polypropylene that includes high 
quality Recycled Post Consumer Waste (PCR-PP) in very high 
percentage (85%).
rPP ADVANCED TC8 GLOSS 
WHITE CAV 60 ISCC+
Gloss white top coated cavitated polypropylene that includes high 
quality Recycled Post Consumer Waste (PCR-PP) in very high 
percentage (85%), certified according to the requirements of the 
International Sustainability and Carbon Certification (ISCC PLUS).
rPP TC8 GLOSS CLEAR  
50
Gloss clear top coated polypropylene that includes high quality 
Recycled Post Consumer Waste (30 % PCR-PP).
rPP TC8 GLOSS CLEAR  
50 ISCC+
Gloss clear top coated polypropylene that includes high quality 
Recycled Post Consumer Waste (30 % PCR-PP), certified according 
to the requirements of the International Sustainability and Carbon 
Certification (ISCC PLUS).
rPP TC8 GLOSS WHITE CAV  
60
Gloss white top coated cavitated polypropylene that includes high 
quality Recycled Post Consumer Waste (30% PCR-PP).
rPP TC8 GLOSS WHITE CAV  
60 ISCC+
Gloss white top coated cavitated polypropylene that includes high 
quality Recycled Post Consumer Waste (30% PCRPP), certified 
according to the requirements of the International Sustainability and 
Carbon Certification (ISCC PLUS).

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
 
Ancona Bari Bergamo Bologna Brescia Cagliari Firenze Genova Milano Napoli Padova Parma Roma Torino Treviso Udine Verona 
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www deloitte com/about. 
© Deloitte & Touche S.p.A. 
 
 
Deloitte & Touche S.p.A. 
Piazza Malpighi, 4/2 
40123 Bologna 
Italia 
Tel: +39 051 65811 
Fax: +39 051 230874 
www.deloitte.it 
 
INDEPENDENT AUDITOR’S REPORT 
ON THE SUSTAINABILITY REPORT 
 
 
TTo the Board of Directors of 
Fedrigoni S.p.A. 
 
 
We have carried out a limited assurance engagement on the Sustainability Report of Fedrigoni Group 
(hereinafter also “Group”) as of December 31, 2021. 
 
RResponsibility of the Directors for the Sustainability Report 
 
The Directors of Fedrigoni S.p.A. are responsible for the preparation of the Sustainability Report in 
accordance with the “Global Reporting Initiative Sustainability Reporting Standards” established by GRI - 
Global Reporting Initiative (hereinafter “GRI Standards”), as stated in the paragraph “Methodological 
note” of the Sustainability Report.  
 
The Directors are also responsible, for such internal control as they determine is necessary to enable the 
preparation of the Sustainability Report that is free from material misstatement, whether due to fraud or 
error. 
 
The Directors are also responsible for the definition of the Fedrigoni Group’s objectives in relation to the 
sustainability performance, for the identification of the stakeholders and the significant aspects to 
report. 
 
AAuditor’s Independence and quality control  
 
We have complied with the independence and other ethical requirements of the Code of Ethics for 
Professional Accountants issued by the International Ethics Standards Board for Accountants, which is 
founded on fundamental principles of integrity, objectivity, professional competence and due care, 
confidentiality and professional behaviour.  
 
Our auditing firm applies International Standard on Quality Control 1 (ISQC Italia 1) and, accordingly, 
maintains a comprehensive system of quality control including documented policies and procedures 
regarding compliance with ethical requirements, professional standards and applicable legal and 
regulatory requirements.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
Methodological note
Our aim
Scenario 2021
Making progress
The main initiatives planned and implemented in 2021
Our business
Governance
Environment
Social
List of products with advanced ESG features
Auditor’s Report on the Sustainability Report
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
2 
 
 
Auditor’s responsibility 
 
Our responsibility is to express our conclusion based on the procedures performed about the compliance 
of the Sustainability Report with the GRI Standards. We conducted our work in accordance with the 
criteria established in the “International Standard on Assurance Engagements ISAE 3000 (Revised) - 
Assurance Engagements Other than Audits or Reviews of Historical Financial Information” (hereinafter 
“ISAE 3000 Revised”), issued by the International Auditing and Assurance Standards Board (IAASB) for 
limited assurance engagements. The standard requires that we plan and perform the engagement to 
obtain limited assurance whether the Sustainability Report is free from material misstatement. 
 
Therefore, the procedures performed in a limited assurance engagement are less than those performed 
in a reasonable assurance engagement in accordance with ISAE 3000 Revised (“reasonable assurance 
engagement”), and, therefore, do not enable us to obtain assurance that we would become aware of all 
significant matters and events that might be identified in a reasonable assurance engagement. 
 
The procedures performed on the Sustainability Report are based on our professional judgement and 
included inquiries, primarily with Company personnel responsible for the preparation of information 
included in the Sustainability Report, analysis of documents, recalculations and other procedures aimed 
to obtain evidence as appropriate. 
 
Specifically we carried out the following procedures: 
 
1) analysis of the process relating to the definition of material aspects disclosed in the Sustainability 
Report, with reference to the methods used for the identification and prioritization of material 
aspects for stakeholders and to the internal validation of the process results; 
 
2) comparison between the economic and financial data and information included in the paragraph 
“Direct economic value generated and distributed” of the Sustainability Report with those included in 
the Group’s Financial Statements; 
 
3) understanding of the processes underlying the origination, recording and management of qualitative 
and quantitative material information included in the Sustainability Report. 
 
In particular, we carried out interviews and discussions with the management of Fedrigoni S.p.A. and 
with the personnel of Ritrama S.p.A. and we carried out limited documentary verifications, in order to 
gather information about the processes and procedures, which support the collection, aggregation, 
elaboration and transmittal of non-financial data and information to the department responsible for the 
preparation of the Sustainability Report. 
 
 
3 
 
 
In addition, for material information, taking into consideration the Group’s activities and characteristics: 
 
− at the parent company’s and subsidiaries’ level: 
 
a) with regards to qualitative information included in the Sustainability Report, we carried out 
interviews and gathered supporting documentation in order to verify its consistency with the 
available evidence; 
b) with regards to quantitative information, we carried out both analytical procedures and limited 
verifications in order to ensure, on a sample basis, the correct aggregation of data; 
 
− for the following companies and sites, Verona (VR) site and production plant for Fedrigoni S.p.A. and 
Caponago (MI) production plant for Ritrama S.p.A., which we selected based on their activities, their 
contribution to the performance indicators at the consolidated level and their location, we carried out 
site visits, during which we have met the management and have gathered supporting documentation 
on a sample basis with reference to the correct application of procedures and calculation methods 
used for the indicators. 
 
CConclusion 
 
Based on the work performed, nothing has come to our attention that causes us to believe that the 
Sustainability Report of the Fedrigoni Group as of December 31, 2021 is not prepared, in all material 
aspects, in accordance with the GRI Standards as stated in the paragraph “Methodological note” of the 
Sustainability Report. 
 
OOther matters 
 
The data for the years ended December 31, 2020 and December 31, 2019 presented for comparative 
purposes in the Sustainability Report have not been subject to a limited or to a reasonable assurance 
engagement. 
 
 
DELOITTE & TOUCHE S.p.A. 
  
Signed by 
SSilvia Dallai 
Partner 
 
 
Bologna, Italy 
May 6, 2022 
 
 
 
 
This report has been translated into the English language solely for the convenience of international readers.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Annual 
Financial 
Report

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management 
discussion  
and analysis

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
Introduction
We present in this annual financial report (this 
“Annual Financial Report”) certain financial and other 
information of Fedrigoni S.p.A. (the “Issuer” and, 
together with its subsidiaries, the “Group”). Capitalized 
terms not otherwise defined in this Annual Financial 
Report shall have the meanings assigned to such 
terms in the Listing Particulars (as defined herein).
COVID-19 Update 
The Group has implemented certain health and safety 
measures and activated business continuity and profit 
protection plans in reaction to the continuing COVID-19 
pandemic. All employees who can work remotely have 
been given appropriate IT equipment and are working 
remotely where necessary to ensure a safe working 
environment in our offices and factories.
Our FSA Segment recorded growing sales across 
all product lines despite a constricted supply chain 
leading to significantly higher material costs and 
challenges to fully satisfy demand. We recorded 
strong improvements in the volumes of industrial 
products during the year. Our Graphics business has 
levelled off as the business environment for this kind 
of products in many parts of the world is weaker than 
in the first half of the year. Our diversified portfolio in 
the FSA Segment exposes us to markets which are 
currently experiencing increased demand, such as 
the wine & spirits, food & beverage, home & personal 
care and healthcare markets as well as automotive 
and white good products. Almost all our production 
facilities in the FSA Segment have kept operating 
at full capacity in order to meet the strong demand 
for our products. We consider the current financial 
performance of our FSA Segment to be very good 
and continue to work on integrating our newest 
acquisitions with synergy achievement on track to 
exceed expectations.
In Italy, our Specialty Paper (LPCS)1 Segment recorded 
a recovery, partially offset by a reduction in the 
Security Business disposed at the end of 2021. In 
Europe and in the Rest of the World, we recorded a 
recovery in the Specialty Paper (LPCS) Segment. We 
recorded a recovery of volumes in our Specialty Paper 
(LPCS) Segment, particularly in the packaging sector 
that recorded a higher sales increase compared to 
the paper printing sector. The increase in Specialty 
papers for packaging was also due to (i) growing 
environmental sensitivity which has led to a reduction 
in the use of plastic products and (ii) the impact of the 
COVID-19 pandemic on supply chain reliability, which 
resulted in the relocation of part of the production 
from Asia to Europe. We experienced only a partial 
recovery in the Specialty papers for the printing 
sector since the complete recovery was delayed due 
to the adverse impact of the COVID-19 pandemic.  
We also continue to implement certain procurement 
and operational efficiency initiatives to further 
optimize our operations.
Finally, we consider our liquidity position to remain 
robust. See also “Listing Particulars—Risk Factors” 
as well as our annual report for the year ended 
December 31, 2021 and our interim reports. 
1 Luxury Packaging and Creative Solutions

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
Key Financial Information
The following table provides an overview of our key 
results for the year ended December 31, 2021 as well 
as for the year ended December 31, 2020, in each 
case giving effect to the Transactions (as defined in 
the Listing Particulars). This Annual Financial Report 
should be read in conjunction with the section titled 
“Listing Particulars—Summary Historical Financial 
and Other Information—Other Financial Information, 
Segment and Geographic and Operating Data” 
including the footnotes thereto. 
Year ended  
December 31,
(€ million)
2020
2021
Sales Revenues
1,315.2
1,602.9
Adjusted EBITDA(1)
166.4
214.8
Adjusted EBITDA Margin(2)
12.7%
13.4%
Normalized Capital Expenditures(3)
33.9
55.6
Adjusted Sales Revenues(4)
1,615.9
Pro Forma Adjusted EBITDA(1)
221.0
Pro Forma Adjusted EBITDA Margin(2)
13.7%
Pro Forma Net Financial Debt(5)
592.6
Pro Forma Cash Interest Expense(6)
33.3
Ratio of Pro Forma Net Financial Debt to Pro 
Forma Adjusted EBITDA
2.68x
Ratio of Pro Forma Adjusted EBITDA to Pro 
Forma Cash Interest Expense
6.64x
(1) We define Adjusted EBITDA as net profit before depreciation, 
amortization and impairment losses, income taxes, finance costs, finance 
income and certain income and costs that management does not 
consider to be representative of the underlying operations of the business 
because they either (a) relate to actions taken in relation to transformation 
projects in connection with certain acquisitions, (b) are not expected to 
recur within the next two years or (c) are costs associated with business 
combinations that are expensed as incurred. We define Pro Forma 
Adjusted EBITDA as Adjusted EBITDA, adjusted for certain specified items 
as set forth below.
Set forth below is a reconciliation of our net profit to Adjusted EBITDA and 
Pro Forma Adjusted EBITDA, respectively, for the year ended December 
31, 2020 and for the year ended December 31, 2021: 
(A) Represents adjustments related to (a) in respect of the year ended 
December 31, 2021, (i) €6.1 million of lay-off and reorganization costs, (ii) 
€21.5 million of costs related to transformation projects, (iii) €4.9 million 
of costs mainly incurred in relation to Acucote Acquisition and Rimark 
Acquisition (as defined below), (iv) €3.0 million related to an insurance 
reimbursement received by Ritrama Converting in relation to certain 
riots and raids in South Africa in 2021, (v) €2.4 million of other non-
recurring costs mainly related to the impairment of Ritrama Converting 
assets in relation to the 2021 riots and raids in South Africa, (vi) €0.2 
of losses on disposal of capital assets, (vii) €1.2 million deriving from 
the realignment in 2021 of the accounting method adopted by Ritrama 
S.p.A. for the allocation of the 2020 MBO (Management By Objectives) to 
the Group’s method and the bonuses due and allocated in connection 
with M&A transactions, (viii) €1.5 million of stock provision related to 
previous years and only accounted for in 2021, (ix) €1.9 million of gain 
in relation to the disposal of the remaining business concerning the 
production and distribution of special security products and (x) €0.1 
million of other non-recurring costs, and (b) in respect of the year ended 
December 31, 2020, (i) €6.1 million of lay-off and reorganization costs, 
(ii) €6.4 million of losses on disposal of an old cogeneration system, 
(iii) €22.0 million of costs related to transformation projects, (iv) €12.2 
million of costs mainly incurred in relation to the Ritrama Acquisition 
and the IP Venus Acquisition (as defined below), (v) €0.2 million related 
to an insurance reimbursement received by Miliani Immobiliare S.r.l. in 
relation to the 2016 earthquake in Castelraimondo, Italy and (vi) €0.8 
million of other non-recurring costs. 
Year ended  
December 31,
(€ million)
2020
2021
Net profit/(loss).
(7.9)
36.5
Net profit from discontinued operations
26.0
-
Depreciation, amortization and impairment losses
73.7
76.9
Income taxes
(26.7)
24.0
Finance costs
76.2
68.5
Income from equity-accounted investments in associates
0.0
(0.4)
Finance income
(22.2)
(23.7)
Non-recurring and certain M&A income and costs(A
47.3
33.0
Adjusted EBITDA
166.4
214.8
Fedrigoni accounting adjustments(B
(1.3)
Fedrigoni run rate cost savings(C
2.0
Pro Forma Adjusted EBITDA (Fedrigoni
215.5
Run rate cost savings related to the IP Venus Acquisition(D)
0.7
Acucote Acquisition and accounting adjustments(E
2.8
Run rate cost savings related to the Acucote Acquisition(F)
0.5
Rimark Acquisition and accounting adjustments(G
0.1
Divipa Acquisition and accounting adjustments(H
1.4
Pro Forma Adjusted EBITDA
221.0
(B) Represents accounting adjustments related to net realized operating 
losses in connection with fluctuations in exchange rates in an amount 
of €1.3 million in connection with commercial transactions. 
(C) Represents the estimated run-rate effect on Adjusted EBITDA of cost 
savings that we expect to realize from estimated annualized run-rate 
and consisting of (i) cost savings of approximately €11.3 million per year 
arising from procurement initiatives, (ii) cost savings of approximately 
€5.8 million per year arising from reorganization and efficiency projects 
in operations, (iii) estimated annualized run rate cost increases of 
approximately €10.4 million per year due to human capital investment 
such as new talent hiring and (iv) €4.7 million of negative impact on 
Adjusted EBITDA as consequence of the disposal of the remaining 
business concerning the production and distribution of special  
security products.
	
(D) Represents the estimated run-rate effect on Adjusted EBITDA of cost 
savings that we expect to realize from (i) estimated annualized run-
rate cost savings of approximately €0.1 million per year arising from 
technological improvements which will result in reduction in waste and 
increase in production efficiency, (ii) estimated annualized run-rate 
procurement savings of approximately €0.2 million per year arising 
from an alignment in the purchase of raw materials (e.g. pulp, film and 
liners) common to the Group and IP Venus and suppliers rationalization, 
(iii) estimated annualized run-rate cost savings of approximately 
€0.2 million per year arising from capacity optimization synergies 
across the Group, (iv) estimated annualized run-rate cost savings of 
approximately €0.1 million per year arising from cost savings related to

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
the rationalization of IP Venus’s internal functions, reducing personnel 
overlaps, (v) run-rate synergies of approximately €0.1 million per year 
arising from improved commercial practices and cross selling.
(E) On June 21, 2021, we acquired the entire share capital of Acucote Inc. 
and its subsidiary (including the real estate company Extra Port Inc.) 
(the “Acucote Acquisition”). The Acucote Acquisition and accounting 
adjustments related thereto represents €2.8 million run-rate Adjusted 
EBITDA contribution of the Acucote Acquisition, as if Acucote had been 
acquired on January 1, 2021.
(F) Represents the estimated run-rate effect on Adjusted EBITDA of cost 
savings that we expect to realize from estimated annualized run-rate 
procurement savings of approximately €0.5 million per year arising 
from an alignment in the purchase of raw materials (e.g. pulp, film and 
liners) common to the Group and Acucote and suppliers rationalization.
(G) On June 08, 2021, we acquired the entire share capital of Rimark S.A. 
de C.V. (the “Rimark Acquisition”). The Rimark Acquisition adjustments 
represents €0.1 million run-rate Adjusted EBITDA contribution of the 
Rimark Acquisition, as if Rimark had been acquired on January 1, 2021.
(H) On February 16, 2022 we acquired the entire share capital of 
Distribuidora Vizcaina de Papeles S.L. (the “Divipa Acquisition”). 
The Divipa Acquisition adjustments represents €1.4 million run-rate 
Adjusted EBITDA contribution of the Divipa Acquisition, as if Divipa had 
been acquired on January 1, 2021.
(2) Adjusted EBITDA Margin represents Adjusted EBITDA divided by sales 
revenues for the periods presented. Pro Forma Adjusted EBITDA Margin 
is defined as Pro Forma Adjusted EBITDA divided by Adjusted Sales 
Revenues for the periods presented. 
(3) Normalized Capital Expenditures is defined as investments in intangible 
assets and property, plant and equipment, net of disposals of property, 
plant and equipment and intangible assets and excluding Extraordinary 
Capital Expenditures, that are not incurred in the ordinary course  
of business.
The table below sets forth the calculation of Normalized Capital 
Expenditures for the years ended December 31, 2020 and 2021:
(€ million)
Year ended December 31,
2020
2021
Investments in intangible assets
9.6
15.5
Investments in property, plant  
and equipment
39.1
52.4
Disposals of property, plant and 
equipment and intangible assets
(1.7)
(1.3)
Extraordinary Capital  
Expenditures (A)
(13.1)
(11.0)
Normalized Capital Expenditures
33.9
55.6
(A) Represents capital expenditures that are not considered by 
management to have been incurred in the ordinary course of business 
related to the installation of a new cogeneration system, a business 
intelligence software and an HR management software.
(4) Adjusted Sales Revenues represents sales revenues adjusted to 
include estimated net sales for the twelve months ended December 31, 
2021 generated by (i) Acucote, in an amount of €26.9 million, (ii) Rimark, 
in an amount of €4.0 million, and (iii) Divipa, in an amount of €24.3 million 
and to exclude net sales for the twelve months ended December 31, 
2021 generated by the remaining business concerning the production 
and distribution of special security products disposed at the end of 
2021 in an amount of €42.2 million. Net sales of Rimark have been 
prepared in accordance with Mexican GAAP. Mexican GAAP differ 
in certain respects from IFRS, and so the adjustments representing 
the contribution of Rimark may differ if Rimark’s contributions had 
been calculated on the basis of IFRS. Net sales of Acucote have 
been prepared in accordance with US GAAP. US GAAP differ in 
certain respects from IFRS, and so the adjustments representing 
the contribution of Acucote may differ if Acucote’s contributions had 
been calculated on the basis of IFRS. Net sales of Divipa have been 
prepared in accordance with Spanish GAAP. Spanish GAAP differ in 
certain respects from IFRS, and so the adjustments representing the 
contribution of Divipa may differ if Divipa’s contributions had been 
calculated on the basis of IFRS.
(5) Pro Forma Net Financial Debt represents non-current liabilities due 
to banks and other lenders plus current liabilities due to banks and 
other lenders, minus €265.3 million of cash and cash equivalents, 
on an as adjusted basis after giving effect to the Transactions as if 
they had occurred on January 1, 2021. Pro Forma Net Financial Debt (i) 
includes €520.0 million of the issuance of the 2024 Notes outstanding 
as of December 31, 2021, (ii) includes €225.0 million of 2026 Notes 
outstanding as of December 31, 2021 and (iii) excludes the fair value of 
the interest rate swap at December 31, 2021. 
(6) Pro Forma Cash Interest Expense does not account for interest 
expense on Senior Notes redeemed during the period. Pro Forma Cash 
Interest Expense has been presented for illustrative purposes only and 
does not purport to represent what our interest expense would actually 
have been had the Transactions occurred on January 1, 2021, nor does 
it purport to project our interest expense for any future period or our 
financial position at any future date.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
Other Financial Information
The following operating and financial review is based 
on the audited condensed consolidated financial 
statements of the Issuer as of and for the year ended 
December 31, 2021 as well as of and for the year 
ended December 31, 2020 (the “Annual Financial 
Statements”), which are included elsewhere in this 
Annual Financial Report. 
Results of Operations
Financial Statements
The following table provides an overview of the 
results of operations of the Issuer for the years ended 
December 31, 2020 and 2021.
(€ million)
Year ended December 31,
2020
2021
Sales revenues
1,315.2
1,602.9
Other operating income
13.1
32.4
Cost of materials
(732.3)
(925.6)
Cost of services
(263.0)
(305.7)
Cost of personnel
(208.6)
(249.2)
Other costs
(11.0)
(3.6)
Depreciation, amortization  
and impairment losses
(73.7)
(76.9)
Change in inventories of work  
in progress, semi-finished goods 
and finished products
3.9
29.1
Cost of capitalized in-house work
1.7
1.5
Operating income
45.4
104.8
Financial income
22.2
23.7
Finance costs
(76.2)
(68.5)
Net financial income/(costs)
(54.0)
(44.7)
Share of profits of associates
0.0
0.3
(Loss)/Profit before tax
(8.6)
60.4
Income tax
26.7
(24.0)
Net profit/(loss) from continuing 
operations
18.1
36.5
Net profit/(loss) from 
discontinued operations
(26.0)
Net profit/(loss)
(7.9)
36.5
Net profit/(loss) attributable  
to owners of the parent
(7.6)
36.4
Net profit/(loss) attributable  
to minority interests
(0.3)
0.0
Discussion of the Group  
Results of Operations
Sales Revenues 
Sales Revenues by Reporting Segment  
and Business Line 
Sales revenues increased by €287.7 million, or 21.9%, to 
€1,602.9 million for the year ended December 31, 2021 
from €1,315.2 million for the year ended December 31, 
2020. Sales revenues increased in both the Specialty 
Paper (LPCS) Segment and the FSA Segment. The table 
below shows Group’s total sales by reporting segment 
for the years ended December 31, 2020 and 2021:
(€ million)
Year ended December 31,
2020
2021
Specialty Paper (LPCS) Segment
570.1
700.2
FSA Segment
776.9
937.6
Interdivision eliminations
(31.8)
(34.9)
Sales revenues
1,315.2
1,602.9
Sales revenues in the Specialty Paper (LPCS) Segment 
increased by €130.1 million, or 22.8%, to €700.2 million 
for the year ended December 31, 2021 from €570.1 
million for the year ended December 31, 2020, primarily 
due to an increase in sales revenues in the Specialty 
Paper (LPCS) Business partially offset by a decrease in 
the Security Business disposed at the end of 2021. 
The increase was primarily due to (i) an increase 
in sales revenues primarily in the Specialties sector 
during 2021 particularly for packaging products due 
to growing environmental sensitivity which has led to 
a reduction in the use of plastic products, and (ii) an 
increase of sales price due to a partial pass through 
of increasing raw materials costs. The comparative 
period was also impacted by the effect of the COVID-19 
pandemic on sales volumes that started negatively 
impacting the Specialty Paper (LPCS) Segment only 
from the second half of March 2020. This increase was 
partially offset by a decrease in the security products 
primarily due to the disposal, on October 29, 2021, of a 
company branch related to the security business unit.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
Sales revenues in the FSA Segment increased by 
€160.7 million, or 20.7%, to €937.6 million for the year 
ended December 31, 2021 from €776.9 million for the 
year ended December 31, 2020. This increase was 
primarily due to an increase in sales volumes as a 
result of (i) the consolidation of IP Venus Group and 
Acucote starting from 2021, (ii) an increased demand 
for wine & spirits products and (iii) a recovery of 
industrial products for white goods and automotive 
as well as of the graphics product ranges for outdoor 
advertising and signage for which the comparative 
period was negatively impacted by the effect of the 
COVID-19 pandemic. Sales prices had to be increased 
during 2021 to pass through large portions of the 
increases in raw materials, packaging material and 
freight costs.
Sales Revenues by Geographic Area 
The following tables show the Group’s sales by 
country and respective reporting segment for the 
years ended December 31, 2020 and 2021:
(€ million)
Year ended December 31,
2020
2021
Italy
325.6
393.5
Specialty Paper (LPCS) Segment
197.0
242.8
FSA Segment
137.5
164.3
Rest of Europe
645.3
752.2
Specialty Paper (LPCS) Segment
244.9
301.2
FSA Segment
423.3
471.9
Rest of World
344.3
457.2
Specialty Paper (LPCS) Segment
128.2
156.2
FSA Segment
216.1
301.4
Total
1,315.2
1,602.9
(*) Sales revenues by segment include interdivision sales. 
Sales revenues in Italy increased by €67.9 million, or 
20.9%, to €393.5 million for the year ended December 
31, 2021 from €325.6 million for the year ended 
December 31, 2020. This increase was primarily due 
to an increase in sales volumes in both the Specialty 
Paper (LPCS) Segment and the FSA Segment. During 
2021, we experienced a recovery in volumes of our 
sales revenues in Italy in the Specialty Paper (LPCS) 
Segment while the comparative period was negatively 
impacted by the COVID-19 pandemic. In the FSA 
Segment the increase was due particularly to the wine 
& spirits as well as the industrial and offset sheets 
sectors. The increase was partially offset by lower 
volumes of security products due to the disposal on 
October 29, 2021, of a company branch related to the 
security business unit.
	
Sales revenues in the Rest of Europe increased 
by €106.9 million, or 16.6%, to €752.2 million for the 
year ended December 31, 2021 from €645.3 million 
for the year ended December 31, 2020. This increase 
was primarily due to an increase in sales volumes in 
both the Specialty Paper (LPCS) Segment and the FSA 
Segment. During 2021, we experienced a recovery 
in volumes of our sales revenues in the Specialties 
Product Line in our Specialty Paper (LPCS) Segment 
compared to 2020 that was negatively impacted 
by the COVID-19 pandemic. In the FSA Segment we 
experienced increasing demand in the wine sector 
due to a recovery in the hospitality and leisure channel, 
higher demand for self-adhesive labels in the food & 
beverage and the home & personal care sectors and 
a recovery in the industrial sector. The increase was 
partially offset by lower volumes of security products 
due to the disposal on October 29, 2021, of a company 
branch related to the security business unit.
Sales revenues in the Rest of World increased by 
€112.9 million, or 32.8%, to €457.2 million for the year 
ended December 31, 2021 from €344.3 million for the 
year ended December 31, 2020.This increase was 
primarily due to (i) an increase in sales volumes in 
the FSA Segment due to higher demand in the wine & 
spirits, the food & beverage and the home & personal 
care sectors and the graphics product range as well 
as the contribution of the consolidation of IP Venus 
and Acucote and (ii) an increase in sales volumes in the 
Specialty Paper (LPCS) Segment. The increase was 
partially offset by lower banknote sales volumes and 
lower volumes of security elements due to the disposal 
on October 29, 2021, of a company branch related to the 
security business unit. 
Other Operating Income 
Other operating income increased by €19.3 million, or 
147.3%, to €32.4 million for the year ended December 
31, 2021 from €13.1 million for the year ended December 
31, 2020. This increase was mainly due to an increase 
in electrical energy assignments due to investments 
in energy efficiency in 2020 and to an indemnity 
generated from the natural gas demand-side 
management granted for the first time during 2021 as 
well as the insurance indemnity received for our slitting 
center in Durban (South Africa) that was attacked and 
heavily damaged in July 2021, including burning on the 
inside, following protests in South Africa, with riots and 
raids in many parts of the country.
Cost of Materials
Cost of materials increased by €193.3 million, or 26.4%, 
to €925.6 million for the year ended December 31, 2021 
from €732.3 million for the year ended December 31, 
2020. This increase was due to (i) an increase in sales 
volumes of finished products in both the Specialty 
Paper (LPCS) Segment and the FSA Segment, (ii) an 
increase in the raw materials costs, including packaging 
material costs, and (iii) an increase in the FSA Segment 
due to the consolidation of IP Venus entities, Rimark and 
Acucote. Cost of materials accounted for 57.7% of our 
sales revenues for the year ended December 31, 2021 
from 55.7% for the year ended December 31, 2020.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
Cost of Services
Cost of services increased by €42.7 million, or 16.2%, 
to €305.7 million for the year ended December 31, 2021 
from €263.0 million for the year ended December 31, 
2020. The increase was primarily due (i) an increase 
in transport costs, in both the Specialty Paper 
(LPCS) Segment and the FSA Segment, due to higher 
volumes, increased costs and the growth of sales in 
the Rest of the World, and (ii) an increase in the FSA 
Segment due to the consolidation of IP Venus entities, 
Rimark and Acucote. This increase was partially offset 
by (i) a decrease in costs for consulting services 
mainly related to transformation projects and to debt 
incurred in relation to the Ritrama Acquisition during 
the prior year, and (ii) a reduction in commissions paid. 
Cost of services accounted for 19.1% of our sales 
revenues for the year ended December 31, 2021 from 
20.0% for the year ended December 31, 2020.
Cost of Personnel
Cost of personnel increased by €40.6 million, or 19.5%, 
to €249.2 million for the year ended December 31, 2021 
from €208.6 million for the year ended December 
31, 2020. This increase was primarily due (i) to a 
new management team appointed to continue our 
transformation process and costs incurred in relation 
to personnel turnover, (ii) to an increase in production 
in both the Specialty Paper (LPCS) Segment and the 
FSA Segment, (iii) to the use during the year ended 
December 31, 2020 of the Italian Supplemental 
Unemployment Benefit Fund (also known as “Cassa 
Integrazione”), (iv) to higher bonuses accrued and 
(v) to an increase in the costs generated by the 
FSA Segment due to the consolidation of IP Venus, 
Ritrama Polonia Sp. zoo, Rimark and Acucote. Cost of 
personnel accounted for 15.5% of our sales revenues 
for the year ended December 31, 2021 from 15.9% for 
the year ended December 31, 2020.
Other Costs 
Other costs decreased by €7.4 million, or 67.3%, to 
€3.6 million for the year ended December 31, 2021 
from €11.0 million for the year ended December 31, 
2020. This decrease was primarily due the release 
of risks provisions related to warranties products 
partially offset by an increase in sundry risks 
allowances. Other costs accounted for 0.2% of the 
Group’s sales revenues for the year ended December 
31, 2021 from 0.8% for the year ended December 31, 
2020.
Depreciation, Amortization  
and Impairment Losses
Depreciation, amortization and impairment losses 
increased by €3.2 million, or 4.3%, to €76.9 million for 
the year ended December 31, 2021 from €73.7 million 
for the year ended December 31, 2020. The increase in 
the depreciation, amortization and impairment losses 
for the year ended December 31, 2021 was primarily 
due to (i) the consolidation of IP Venus, Ritrama 
Poland, Rimark and Acucote and (ii) the impact on the 
depreciation of our offices in Milan and Verona whose 
impact on the prior period started after the first three 
months 2020. 
Net Financial Income/(Costs)
Net financial costs decreased by €9.3 million, or 17.2%, 
to €44.7 million for the year ended December 31, 2021 
from €54.0 million for the year ended December 31, 
2020. This decrease was primarily due to exchange 
rate fluctuations, primarily between the Euro and the 
Brazilian real partially offset by an increase of interest 
costs related to the bond issued in February 2020.
Income Taxes
Income taxes increased by €50.7 million, or 189.9%, to 
€24.0 million of cost for the year ended December 31, 
2021 from €26.7 million of income for the year ended 
December 31, 2020. The increase of the income taxes 
for the twelve months ended December 31, 2021 
compared to the same period in 2020 was driven 
mainly by the increased profit before tax for the 
current period. 
Key Earning Figures
Operating Income
Operating income increased by €59.4 million, or 
130.8%, to €104.8 million for the year ended December 
31, 2021 from €45.4 million for the year ended 
December 31, 2020. This increase was primarily due to 
(i) an increase in sales volumes in both the Specialty 
Paper (LPCS) Segment and the FSA Segment, (ii) a 
better mix in products sold, (iii) higher sales price 
due to the partial pass through of increasing pulp 
and other raw material costs, (iv) an increased profit 
margin in the FSA Segment resulting in operational 
efficiency improvements and tight price control 
management, especially in the first half of the year 
as cost inflation headwinds have impacted the FSA 
Segment since then, and (v) an increase in other 
operating revenues. The increase was partially offset 
by higher raw material and service costs. 
Adjusted EBITDA
Adjusted EBITDA increased by €48.4 million, or 
29.1%, to €214.8 million for the year ended December 
31, 2021 from €166.4 million for the year ended 
December 31, 2020. This increase was primarily due 
to (i) an increase in sales revenues, (ii) an increase in 
other operating revenues and (iii) a reduction of the 
incidence of operating expenses on sales revenues, 
as a result of transformation projects which resulted 
in improvements in pass through of costs and 
optimization in procurement.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
Adjusted EBITDA in the Specialty Paper (LPCS) 
Segment increased by €14.7 million, or 18.2%, to €95.6 
million for the year ended December 31, 2021 from 
€80.9 million for the year ended December 31, 2020. 
This increase was primarily due to a recovery in sales 
volumes compared to the comparative period which 
was negatively impacted by the restrictions due to the 
COVID-19 pandemic.
Adjusted EBITDA in the FSA Segment increased by 
€37.3 million, or 42.5%, to €125.1 million for the year 
ended December 31, 2021 from €87.8 million for the 
year ended December 31, 2020. This increase was 
primarily due to (i) an increase in sales volumes, (ii) 
a better mix in products sold and higher demand in 
the wine sector as well as for graphics and industrial 
products, (iii) lower costs incidence primarily due 
to the impact of transformation projects, (iv) the 
consolidation of IP Venus, Ritrama Poland, Rimark 
and Acucote and, (v) following the changes in the 
consolidation perimeter and in the operating model, 
the adaptation of our transfer pricing policy Group-
wise in 2021. The increase was partially offset with 
higher raw materials, packaging materials  
and freight costs.
Liquidity and Capital Resources
Overview 
The principal sources of the Group’s liquidity are 
cash flows from operating activities, bank credit 
lines and other forms of indebtedness, including 
the Revolving Credit Facility. The primary needs for 
liquidity are to fund working capital, repay debt and 
make investments to develop our business. The Group 
believes that the current cash flow from operating 
activities and existing bank financing will provide  
it with sufficient liquidity to meet current working 
capital needs. 
Cash Flows 
The table below sets forth a summary of the Group’s 
condensed consolidated statements of cash flows for 
the years ended December 31, 2020 and 2021:
(€ million)
Year ended December 31,
2020
2021
Cash flow from operating activities
209.2
189.9
Cash flow used in investing activities
(185.2)
(104.5)
Cash flow (used in)
/from financing activities
106.2
(96.5)
Increase in cash and cash equivalents
130.2
(11.1)
Cash and cash equivalents at the 
beginning of the period
145.2
273.3
Effects of exchange rate changes on the 
balance of cash held in foreign currencies
(2.0)
3.0
Cash and cash equivalents  
at the end of the period
273.3
265.3
In the year ended December 31, 2021, operating 
activities generated a cash flow of €189.9 million, 
offset primarily by (i) €37.7 million used for the 
Acucote Acquisition, (ii) €4.4 million used for the Pulp 
Acquisition2 and (ii) €67.7 million used to acquire new 
tangible and intangible assets net of financial income 
received. Financing activities used a cash flow of 
€96.5 million mainly related to (i) €60.0 million for the 
redemption of €60.0 million in aggregate principal 
amount of our 2024 Notes and (ii) €32.1 million of 
interests paid on the Notes, with an overall cash 
generation of €265.3 million.
2 In November 2021, the Group completed the acquisition of 70%  
of Pulp JV S.r.l., a pulp luxury packaging company.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
Business
As of the date of this Annual Financial Report, there 
have been no material changes to our business as 
described in “Listing Particulars—Business” other 
than as disclosed in this Annual Financial Report, in 
the Annual Financial Statements and in the financial 
report for the year ended December 31, 2021. See also 
“—COVID-19 Update”.
Risk Factors
In March 2022, the Italian tax police reopened its 
investigation into transactions that occurred directly 
or indirectly with a longtime business partner 
operating in the Indian market of paper money and 
security items. After completing its investigation, in 
April 2022 the Italian tax police claimed additional 
unpaid taxes in an amount of €5.8 million, plus 
penalties and interest for the period from 2015 to 
2017. All ties with the business partner in question had 
already been severed in 2020, as a result of a similar 
investigation, and we suspended all payments to such 
business partner at that time. Related costs have 
not been deducted from 2018 onwards for prudential 
purposes. In March 2022, due to the said suspension 
of the relationship with the now former business 
partner, the latter initiated a civil lawsuit before the 
Italian judiciary demanding payment of Euro 18.7 
million in aggregate allegedly owed by us. We intend to 
challenge this claim and are preparing a response. For 
further details see Section 3.4.10 (Subsequent Events) 
of the report on operations annexed hereto, as well as 
the notes to our consolidated financial statements.
Other than as described above, as of the date of this 
Annual Financial Report, there have been no material 
changes to our risk factors as described in “Listing 
Particulars—Risk Factors,” in the financial report 
annexed hereto, our consolidated financial statements 
or in previous annual or interim financial reports  
or statements.
Management
As of the date of this Annual Financial Report, there 
have been no material changes to our management 
team as described in “Listing Particulars—
Management”.
Principal Shareholders
As of the date of this Annual Financial Report, there 
have been no material changes to our shareholding 
as described in “Listing Particulars—Principal 
Shareholders”.
Related Party Transactions
As of the date of this Annual Financial Report, there 
have been no material changes to our affiliate 
transactions as described in “Listing Particulars—
Certain Relationships and Related Party  
Transactions,” except as disclosed in the audited  
financial statements.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
Indebtedness
As of the date of this Annual Financial Report, our 
Revolving Credit Facility was undrawn. On July 19, 2021, 
we redeemed €60.0 million in aggregate principal 
amount of 2024 Notes. Other than in connection with 
such redemption, there have been no other material 
changes to our indebtedness as described in “Listing 
Particulars—Description of Other Indebtedness” or 
in our annual report for the year ended December 31, 
2021. Following the financial year-end, on February 
15, 2022, we redeemed €40.0 million in aggregate 
principal amount of 2024 Notes. We or an affiliate may, 
from time to time, depending on market conditions 
and other factors, repurchase or acquire an interest 
in our outstanding indebtedness, whether or not such 
indebtedness trades above or below its face amount, 
for cash and/or in exchange for other securities or 
other consideration, in each case in open market 
purchases and/or privately negotiated transactions  
or otherwise.
Certain Definitions
Unless expressly defined otherwise, all capitalized 
terms used in this Annual Financial Report have the 
meaning assigned to these terms in the section titled 
“Certain Definitions” of the Listing Particulars. 
Glossary of Selected Terms
For a glossary of certain selected terms related to the 
paper industry used in this Annual Financial Report, 
please refer to the Listing Particulars. 
Industry, Ranking and Other Data
For a discussion of the limitations applicable to the 
industry, ranking and other data included in this Annual 
Financial Report, please refer to the section titled 
“Industry and Market Data” in the Listing Particulars. 
Estimates, market-information and other data included 
in the Listing Particulars have been presented based 
on available information at the time of its formulation 
and prior to the outbreak of the COVID-19 pandemic, 
therefore, no consideration has been given to the 
social and economic impact of COVID-19 on the 
industry and its future landscape. As a result, the 
estimates, market-information and other data included 
in the Listing Particulars may not remain accurate.
Presentation of Financial  
and Other Information
This Annual Financial Report includes (i) the Annual 
Financial Statements, and (iii) certain pro forma 
financial information as of and for the year ended 
December 31, 2021, giving pro forma effect to certain 
accounting adjustments, run-rate cost savings 
relating to our existing operations, the run rate cost 
savings of the IP Venus Acquisition, the run rate effect 
of the Acucote Acquisition and the Rimark Acquisition. 
Unless otherwise stated, the financial information as 
of and for the year ended December 31, 2020 and 2021 
presented in this Annual Financial Report has been 
prepared in accordance with IFRS.
The Annual Financial Statements and various other 
numbers and percentages set forth in this Annual 
Financial Report are presented in Euro, rounded to the 
nearest hundred thousand, unless otherwise noted. 
Therefore, discrepancies in the tables between totals 
and the sums of the amounts listed may occur due to 
such rounding.
The income statements of the Group have been 
prepared using the “nature of expense” rather than 
the “cost of sales” method. In the nature of expense 
method, expenses are classified in the income 
statement according to their nature (for example, 
cost of materials and personnel expenses) and not 
among various functions within the entity. As a result, 
income statements presented in accordance with the 
nature of expense method do not show gross profit. 
Income statements presented in accordance with the 
cost of sales method, by contrast, classify expenses 
according to their function as part of cost of sales (for 
example, the costs of distribution or administrative 
activities). Profit, however, is unaffected regardless 
of whether the nature of expense or cost of sales 
method is chosen.

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
Pro Forma Financial Information 
In this Annual Financial Report, we present Pro Forma 
Adjusted EBITDA to give effect to certain accounting 
adjustments, run-rate effects of certain cost savings 
that we expect to realize, the run-rate contribution of 
the Ritrama Acquisition and the estimated run-rate 
effect of other cost savings that we expect to realize. 
The audited adjustments to our Adjusted EBITDA are 
based on currently available financial information and 
certain assumptions that we believe are reasonable 
and factually supportable.
Neither the pro forma financial information nor 
the Pro Forma Adjusted EBITDA included herein has 
been prepared in accordance with the requirements 
of Regulation S-X of the U.S. Securities Act or any 
generally accepted accounting standards. Neither 
the assumptions underlying the pro forma financial 
information nor the Pro Forma Adjusted EBITDA 
have been audited or reviewed in accordance with 
any generally accepted accounting standards. Any 
reliance you place on this information should fully take 
this into consideration.
Non-IFRS Financial Measures 
In this Annual Financial Report, we present certain 
financial measures that are not recognized by IFRS  
or any other generally accepted accounting principles 
and that may not be permitted to appear on the face 
of our financial statements or footnotes thereto. 
The primary non-IFRS financial measures (our “Non-
IFRS Measures”) used in this Annual Financial Report 
include Adjusted EBITDA, Adjusted EBITDA Margin, 
Pro Forma Cash Interest Expense, Pro Forma Net 
Financial Debt, Ratio of Pro Forma Net Financial Debt 
to Pro Forma Adjusted EBITDA, Ratio of Pro Forma 
Adjusted EBITDA to Pro Forma Cash Interest Expense, 
Pro Forma Adjusted EBITDA and Pro Forma Adjusted 
EBITDA Margin.
Our Non-IFRS Measures are defined as follows:
• “Adjusted EBITDA” is defined as net profit before 
depreciation, amortization and impairment losses, 
income taxes, finance costs, finance income and 
certain income and costs that management does 
not consider to be representative of the underlying 
operations of the business because they either (a) 
relate to actions taken in relation to transformation 
projects in connection with the Acquisitions, (b) are 
not expected to recur within the next two years or (c) 
are costs associated with business combinations 
that are expensed as incurred;
• “Adjusted EBITDA Margin” is defined as  
Adjusted EBITDA divided by sales revenues  
for the periods presented;
• “Adjusted Sales Revenues” is defined as sales 
revenues adjusted to include estimated net sales 
for the year ended December 31, 2021 generated by 
(i) Acucote, in an amount of €26.9 million, (ii) Rimark, 
in an amount of €4.0 million and (iii) Divipa, in an 
amount of €24.3 million and to exclude net sales 
for the twelve months ended December 31, 2021 
generated by the remaining business concerning 
the production and distribution of special security 
products disposed at the end of 2021 in an amount of 
€42.2 million.
• “Normalized Capital Expenditures” is defined as 
investments in intangible assets and property, plant 
and equipment, net of disposals of property, plant 
and equipment and intangible assets and excluding 
Extraordinary Capital Expenditures, that are not 
incurred in the ordinary course of business;
• “Pro Forma Adjusted EBITDA” is defined as Adjusted 
EBITDA, adjusted for certain specified items: 
accounting adjustments, run-rate cost savings and 
the run-rate effect on Adjusted EBITDA of the Ritrama 
Acquisition and the IP Venus Acquisition;
• “Pro Forma Adjusted EBITDA Margin” is defined as 
Pro Forma Adjusted EBITDA divided by Adjusted 
Sales Revenues for the periods presented;
• “Pro Forma Cash Interest Expense” is defined as the 
estimated cash interest expense of the Issuer on an 
as adjusted basis for the year ended December 31, 
2021, after giving pro forma effect to the Transactions 
as if they had occurred on January 1, 2021. Pro Forma 
Cash Interest Expense has been presented for 
illustrative purposes only and does not purport to 
represent what our interest expense would actually 
have been had the Transactions occurred on January 
1, 2021, nor does it purport to project our interest 
expense for any future period or our financial position 
at any future date;
• “Pro Forma Net Financial Debt” is defined as non-
current liabilities due to banks and other lenders plus 
current liabilities due to banks and other lenders, 
minus €265.3 million of cash and cash equivalents, 
on an as adjusted basis after giving effect to the 
Transactions as if they had occurred on January 1, 
2021. Pro Forma Net Financial Debt (i) includes €520.0

104
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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
million of 2024 Notes outstanding as of December 31, 
2021 (the “2024 Notes”), (ii) includes €225.0 million of 
2026 Notes outstanding as of December 31, 2021 (the 
“2026 Notes” and, together with the 2024 Notes, the 
“Notes”) and (iii) excludes the fair value of the interest 
rate swap at December 31, 2021;
• “Ratio of Pro Forma Adjusted EBITDA to Pro Forma 
Cash Interest Expense” is calculated by dividing Pro 
Forma Adjusted EBITDA by Pro Forma Cash Interest 
Expense;
• “Ratio of Pro Forma Net Financial Debt to Pro Forma 
Adjusted EBITDA” is calculated by dividing Pro Forma 
Net Financial Debt by Pro Forma Adjusted EBITDA.
By eliminating potential differences in results of 
operations between periods or companies caused 
by factors such as depreciation and amortization, 
historical cost and age of assets, financing and capital 
structures and taxation positions or regimes, we 
believe EBITDA-based measures and other Non-IFRS 
Measures can provide a useful additional basis for 
comparing the current performance of the underlying 
operations being evaluated. For these reasons, we 
believe EBITDA-based measures and other Non-
IFRS Measures are regularly used by the investment 
community as a means of comparison of companies 
in our industry.
Different companies and analysts may calculate 
EBITDA-based measures and other Non-IFRS 
Measures differently, so comparisons among 
companies on this basis should be done carefully. 
EBITDA-based measures and other Non-IFRS 
Measures are not measures of performance under 
IFRS and should not be considered in isolation or 
construed as substitutes for operating profit or net 
profit as an indicator of our operations in accordance 
with IFRS.
Our Non-IFRS Measures and ratios are not 
measurements of our performance or liquidity under 
IFRS and should not be considered as alternatives to 
performance measures derived in accordance with 
IFRS or any other generally accepted accounting 
principles. Each of our Non-IFRS Measures is 
defined and reconciled to its closest comparable 
IFRS measure. Our Non-IFRS Measures may not be 
comparable to other similarly titled measures of other 
companies and have limitations as analytical tools and 
should not be considered in isolation or as a substitute 
for analysis of our operating results as reported under 
IFRS. Some of the limitations of Non-IFRS Measures 
are that:
• they do not reflect our cash expenditures  
or future requirements for capital investments or 
contractual commitments;
• they do not reflect changes in, or cash requirements 
for, our working capital needs;
• they do not reflect the significant interest expense  
or cash requirements necessary to service interest 
or principal payments on our debt;
• they do not reflect any cash income taxes that  
we may be required to pay;
• they are not adjusted for all non-cash income  
or expense items that are reflected in our 
consolidated income statement;
• they do not reflect the impact of earnings or charges 
resulting from certain matters we consider not to be 
indicative of our ongoing operations;
• assets are depreciated or amortized over differing 
estimated useful lives and often have to be replaced 
in the future, and these measures do not reflect any 
cash requirements for such replacements; and
• other companies in our industry and analysts may 
calculate these measures differently than we do, 
limiting their usefulness as comparative measures.
Because of these limitations, our Non-IFRS 
Measures should not be considered as measures 
of discretionary cash available to us to invest in the 
growth of our business or as measures of cash that 
will be available to us to meet our obligations. You 
should compensate for these limitations by relying 
primarily on our Financial Statements and using these 
Non-IFRS Measures only as a supplement to evaluate 
our performance.
Certain key performance indicators and other non-
financial operating data included in this Annual 
Financial Report are derived from management 
estimates, are not part of our Financial Statements or 
our accounting records, and have not been audited or 
otherwise reviewed by outside auditors, consultants 
or experts. Our use or computation of these measures 
may not be comparable to the use or computation 
of similarly titled measures reported by other 
companies. Any or all of these measures should not be 
considered in isolation or as an alternative measure of 
performance under IFRS.
Forward-Looking Statements
This Annual Financial Report may contain and 
may refer to certain forwardlooking statements 
with respect to our financial condition, results of 
operations and business. Forwardlooking statements 
are statements of future expectations that are 
based on management’s current expectations and 
assumptions and involve known and unknown risks 
and uncertainties that could cause actual results, 
performance or events to differ materially from 
those expressed or implied in these statements. 
Forwardlooking statements include, among others, 
statements concerning the potential exposure 
to market risks and statements expressing 
management’s expectations, beliefs, plans, objectives, 
intentions, estimates, forecasts, projections and 
assumptions. All statements other than statements 
of historical fact are, or may be deemed to be, 
forwardlooking statements.

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FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
This Annual Financial Report contains forward-
looking statements, including statements about 
market consolidation and our strategy, investment 
program, future operations, industry forecasts, 
expected acquisitions, transactions and investments, 
and target levels of leverage and indebtedness. 
Forward-looking statements provide our current 
expectations, intentions or forecasts of future events. 
Forward-looking statements include statements 
about expectations, beliefs, plans, objectives, 
intentions, assumptions and other statements 
that are not statements of historical fact. Words or 
phrases such as “anticipate,” “believe,” “continue,” 
“estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” 
“potential,” “predict,” “project,” “seek,” “target” or 
similar words or phrases or the negatives of those 
words or phrases, may identify forward-looking 
statements, but the absence of these words does not 
necessarily mean that a statement is not forward-
looking. Forward-looking statements are subject to 
known and unknown risks and uncertainties and are 
based on potentially inaccurate assumptions that 
could cause actual results to differ materially from 
those expected or implied by the forward-looking 
statements. Any forward-looking statements are 
qualified in their entirety by reference to the factors 
discussed throughout this Annual Financial Report. 
There are important risks, uncertainties and other 
factors that could cause actual results or outcomes to 
differ materially from those expressed in any forward-
looking statements made in this Annual Financial 
Report by us or on our behalf. Therefore, you should 
not place undue reliance on any of these forward-
looking statements. 
Furthermore, any forward-looking statement speaks 
only as of the date on which it is made, and the 
Group does not undertake any obligation to update 
any forward-looking statement to reflect events or 
circumstances after the date on which the statement 
is made or to reflect the occurrence of unanticipated 
events. New factors will emerge in the future, and it 
is not possible for the Group to predict such factors. 
In addition, the Group cannot assess the impact of 
each factor on its business or the extent to which any 
factor, or combination of factors, may cause actual 
results to differ materially from those described in 
any forward-looking statements. All future written and 
oral forward-looking statements attributable to the 
Group, or any person acting on its behalf are expressly 
qualified in their entirety by the cautionary statements 
contained or referred to in this section and contained 
in the listing particulars dated as of February 11, 2020, 
relating to the issuance by the Issuer of the 2026 
Notes (the “Listing Particulars”, posted on the website 
of the Irish Stock Exchange), including the cautionary 
statements set forth under the sections “Risk Factors” 
and “Management’s Discussion and Analysis of 
Financial Condition and Results of Operations” thereof 
as well as the cautionary statements set forth in our 
prior financial reports. In light of these risks, the actual 
results of the Group could differ materially from any 
forward-looking statements contained in this Annual 
Financial Report. None of the information contained 
on the Group’s website is incorporated by reference 
into or otherwise deemed to be linked to this Annual 
Financial Report.
The risks described in this Annual Financial Report, 
in the section titled “Risk Factors” of the Listing 
Particulars and in our prior financial reports should 
not be construed as exhaustive. Other sections of 
the Listing Particulars, including the sections titled 
“Management’s Discussion and Analysis of Financial 
Condition and Results of Operations,” “Industry” and 
“Business” as well as the Issuer’s financial reports 
released from time to time may describe additional 
risk factors and you should review these discussions 
for a more complete view of the factors that could 
affect our future performance and the industry in 
which we operate. You should not place undue reliance 
on forward-looking statements. Each forward-looking 
statement speaks only as of the date of the particular 
statement. We undertake no obligation to publicly 
update or revise any forward-looking statement, 
whether as a result of new information, future events 
or otherwise. All forward-looking statements are 
expressly qualified in their entirety by the cautionary 
statements referred to in this section and contained 
elsewhere in this Annual Financial Report or the Listing 
Particulars, including those described under “Listing 
Particulars—Risk Factors”. In light of these risks, our 
results could differ materially from any forwardlooking 
statements contained in this Annual Financial Report.
Notice
This Annual Financial Report constitutes a public 
disclosure of inside information by the Group under 
Regulation (EU) 596/2014 (16 April 2014).
FEDRIGONI S.P.A.
Headquarters in Verona (VR), Italy
GROUP ANNUAL REPORT
Year ended
December 31, 2021

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FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Management discussion and analysis
Introduction	
COVID-19 Update	
Key Financial Information
Other Financial Information
Business
Risk Factors
Management
Principal Shareholders
Related Party Transactions
Indebtedness
Certain Definitions
Glossary of Selected Terms
Industry, Ranking and Other Data
Presentation of Financial and Other Information
Pro Forma Financial Information
Non-IFRS Financial Measures
Forward-Looking Statements
Notice
Report on Operations
Independent Auditor's Report
Consolidated Financials
Annual Financial  
Report
ANNUAL FINANCIAL REPORT
Sustainability Report
Report
on Operations

107
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
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Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
Introduction
The year ended December 31, 2021 was characterized 
by overall robust domestic and international economic 
recovery, with diverse trends for the various countries 
across the globe.  
The decline in industrial production caused by 
the pandemic and the spread of new variants of 
the Covid-19 virus led to, in the second half of the 
year, an economic scenario marked by uncertainty 
and inflationary pressures stemming mainly from 
raw material shortages and the consequent rise in 
commodity prices.
Notwithstanding the persisting global 
macroeconomic instability, the Fedrigoni Group 
(also referred to herein as the “Group”) confirmed 
its resilience, continuing to take over market share 
from its main competitors and pursuing its ambitious 
transformation and reorganization objectives.
The Group, whose parent is Fedrigoni S.p.A. (also 
referred to herein as the “Company”, incorporated 
and domiciled in Italy and organized under Italian law), 
produces and sells specialty paper (in the Specialty 
Paper (LPCS) Segment) and premium self-adhesive 
labels and materials (in the Fedrigoni Self-Adhesives/
Labels or “FSA” Segment, formerly known as the 
Pressure Sensitive Label or “PSL” Segment). 
Specifically, the Group produces, converts and 
distributes worldwide specialty paper with a high 
added value, including coated and uncoated graphic 
paper for the luxury packaging sector in particular and 
for other creative applications for commercial and 
personal use, technical and industrial use, office use, 
and artistic and scholastic use. Its primary brands in 
this Segment are Fedrigoni, Fabriano and Cordenons.
In 2021 the Group completed the sale of the business 
unit that included the Bollate plant, a producer of 
security items (security threads and holograms), and 
opted to sell some plant and equipment (present at the 
Fabriano plant) used principally to make banknotes; 
the sale of these should conclude in 2022.
The Group also produces, converts and distributes 
worldwide premium self-adhesive labels and 
materials. The Group’s primary brands in this Segment 
are Arconvert, Ritrama, Manter and Acucote (the last 
one acquired in June 2021).

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FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
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ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
1. The specialty paper industry  
in 2021
In 2021 the global economy rebounded from the public 
health and socio-economic crisis caused by the 
Covid-19 pandemic. 
In this scenario, the paper industry demonstrated 
the positive role of its products both in managing the 
pandemic and limiting the environmental impact of 
plastic.
These two factors magnified the divergence of the 
production trends for graphic paper and packaging 
paper.
According to preliminary data currently available, 
the total consumption of paper and cardboard in 
Confederation of European Paper Industries (CEPI) 
countries increased by 5% compared with 2020. 
The pandemic has accelerated consumption 
patterns changes and has led to more demand for 
packaging grades of paper and cardboard.
Packaging paper has benefited from demand 
relating to the substitution of fossil-based materials, 
the relocation of some production from Asia to Europe, 
and e-commerce growth.
The 2021 production of packaging grades, still 
reported as an estimate in the leading industry 
reports, increased by 7.1% compared with 2020 (2.1% 
compared to 2019).
The demand for newsprint was adversely affected 
in 2021 by the decline in demand for printing and 
publishing products. 
The Group operates mainly in the graphic part of the 
packaging sector, and especially in the niche market of 
specialty paper designated for premium printing and 
luxury packaging.
The growth of this market, where the Group is top-
ranked in Europe, has outpaced that of the global 
paper industry and is expected to continue to do so.
2. Label and Self-Adhesives industry 
in 2021
“The current challenge that pressure-sensitive label 
markets are facing is a shortage in supply of raw 
materials, which has led to significant price increases. 
Additionally, disruptions in supply chains, high freight 
costs, and unanticipated high demand in some 
segments have all led to challenges in supplying 
demand. At the start of 2021, companies remained 
optimistic that supply issues would be resolved within 
the year. However, the most optimistic projections put 
things stabilizing some time by mid-2022”.3 
In its latest report, AWA, a firm specialized in paper, 
label and packaging sector studies, projects a post-
Covid-19 2020-2023 compound annual growth rate 
(CAGR) of 3.7% for the global pressure-sensitive  
label market.4
The pressure-sensitive markets in which Fedrigoni is 
present include self-adhesive labels, self-adhesive 
graphic materials and specialty tape products. The 
markets for self-adhesive labels span a number of 
industries ranging from food and beverage, wine & 
spirits, home and personal care, retail & advertising, 
logistics and pharmaceutics. Self-adhesive graphic 
materials are used for indoor/outdoor advertising, 
vehicle graphics, architectural graphics and general 
signage. The specialty tapes products are used in 
automotive, durables, industrial and chemical industries.
For this reason, global GDP is the most important 
growth driver of volumes in the industry along  
with the increase in per capita consumption.
The second most important driver is the technological 
replacement of traditional labels with self-adhesive 
ones, which enable faster application, better print 
effects and a wider range of manageable supports.
The third driver is niche marketing (e.g. premium food  
vs food), which enables to operate with a different  
logic from that of mass markets (commodities).
3 AWA Pressure-Sensitive Market Data Transcripts – Fourth Quarter 2021 
4 AWAreness™ Report Global Pressure-Sensitive Label Market 2021

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
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Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
3. The Group
3.1 The Business
Entities owned
City or Foreign State
Currency
Share capital
Net profit/(loss) for the 
period
Equity
%
Owner entity
Acucote Inc.
Graham, North Carolina - U.S.A.
Euro
4,874,683
1,873,251
18,360,041
100 Fedrigoni S.p.A.
Arconvert-Ritrama do Brasil Ltda
S.Paolo - Brasil
Euro
4,589,849
2,427,220
6,678,593
100 Fedrigoni S.p.A.
Arconvert S.p.A.
Arco (TN) - Italy
Euro
4,000,000
12,285,312
82,254,835
100 Fedrigoni S.p.A.
Cartamano Deutschland Gmbh
Munich - Germany
Euro
100,000
(37,004)
379,117
100 Fedrigoni S.p.A.
Gruppo Cordenons S.p.A.
Milan (MI) - Italy
Euro
15,000,000
4,107,848
64,406,897
100 Fedrigoni S.p.A.
Distribuidora Ritrama Ecuador Disritrec S.A..
Quito - Ecuador
Euro
22,254
(8,188)
9,927
100 Ritrama S.A. Chile
Extra Port Inc.
Graham, North Carolina - U.S.A.
Euro
2,094
108,322
(616)
100 Acucote Inc.
Fedrigoni Asia Ltd
Hong-Kong
Euro
48,824
208,242
(309,804)
100 Fedrigoni S.p.A.
Fedrigoni Austria GmbH
Vienna - Austria
Euro
35,000
36,795
33,377
100 Fedrigoni S.p.A.
Fedrigoni Bangladesh
Dhaka
Euro
149,983
(5,119)
147,835
90 Fedrigoni S.p.A.
Fedrigoni Benelux B.V.
Bruxelles - Belgium
Euro
500,000
113,120
404,406
100 Fedrigoni S.p.A.
Fedrigoni Trading (Shanghai) Company Limited
Shanghai – China
Euro
515,640
(144,309)
(551,686)
100 Fedrigoni Asia Ltd
Fedrigoni Deutschland Gmbh
Oberhaching Munich - Germany
Euro
600,000
333,335
8,801,805
100 Fedrigoni S.p.A.
Fedrigoni Espana SL
Madrid – Spain
Euro
1,000,000
222,252
2,674,925
100 Fedrigoni S.p.A.
Fedrigoni France Sarl
Ivry sur Sein - France
Euro
500,000
371,748
13,652,020
100 Fedrigoni S.p.A.
Fedrigoni Indonesia
Jakarta - Indonesia
Euro
210,710
(89,704)
129,451
67 Fedrigoni S.p.A.
Fedrigoni UK Ltd
Northampton – United Kingdom
Euro
10,969,235
329,680
9,107,149
100 Fedrigoni S.p.A.
Giano 1264 S.r.l.
Verona (VR) - Italy
Euro
3,000
-
3,000
100 Fedrigoni S.p.A.
GPA Holding Company Inc
McCook – Illinois
Euro
48,162,543
692,462
45,472,233
100 Fedrigoni S.p.A.
Inversiones San Aurelio Srl
Santo Domingo – Dominican Republic
Euro
79,681
51,529
224,167
100 Ritrama S.A. Chile
Venus America S.A. de C.V.
Tlalnepantla - Mexico
Euro
5,139,166
(319)
6,510,163
90 Arconvert S.A.U.
Servicios de Personal Rolosa S.A. de C.V.
Tlalnepantla - Mexico
Euro
2,048
110,865
15,931
99 Venus America S.A. de C.V.
Industrial Papelera Venus S.A. de C.V.
Tlalnepantla - Mexico
Euro
3,061,591
1,432,618
4,307,875
100 Venus America S.A. de C.V.
Magnani 1404 S.r.l.
Massa e Cozzile (PT) - Italy
Euro
80,000
(76,631)
(19,389)
100 Fedrigoni S.p.A.
Arconvert S.A.U.
Sant Gregori Girona - Spain
Euro
1,250,000
27,164,569
175,605,584
100 Ritrama S.p.A.
Miliani Immobiliare S.r.l.
Verona (VR) - Italy
Euro
2,080,000
(88,329)
1,538,556
100 Fedrigoni S.p.A.
Polifibra 2011 S.p.A.
Agrate Brianza (MB) - Italy
Euro
120,000
1,217,421
4,262,095
100 Ritrama S.p.A.
PULP JV S.r.l.
Parma - Italy
Euro
400,000
(55,605)
1,014,754
70 Fedrigoni S.p.A.
Ritrama Autoadesivos Ltda
Jundiaí - Brasil
Euro
10,700,483
(745,857)
(160,124)
100 Ritrama S.A. Chile
Ritrama Caribe Srl
Santo Domingo - Dominican Republic
Euro
871,668
103,704
112,361
100 Ritrama S.A. Chile
Ritrama S.A. Chile
Curauma, Valparaíso - Chile
Euro
21,212,004
3,342,599
29,749,808
100 Arconvert S.A.U.
Ritrama (Hefei) Pressure Sensitive Coated Materials Co. Limited
Hefei - China
Euro
30,014,336
(453,023)
10,300,833
100 Ritrama S.p.A.
Ritrama S.A.S
La Estrella, Antioquia - Colombia
Euro
1,646,426
(177,810)
697,715
100 Ritrama S.A. Chile
Ritrama Costa Rica S.A.
Heredia - Costa Rica
Euro
170,769
16,774
923,912
100 Ritrama S.A. Chile
Ritrama Guatemala S.A.
Ofibodega - Guatemala
Euro
237,835
(22,564)
(150,417)
60 Ritrama S.p.A.
Rimark S.A. de C.V.
Ciudad de México -Mexico
Euro
2,230,961
50,153
2,749,364
100 Venus America S.A. de C.V.
Ritrama Perù SAC
Lima - Perù
Euro
890,416
(243,997)
177,316
100 Ritrama S.A. Chile
Ritrama Poland Sp. Z.o.o.
Dobroszyce - Poland
Euro
99,730
54,625
152,141
100 Ritrama S.p.A.
Ritrama Converting (PTY) LTD
Durban – South Africa
Euro
1,999,316
1,345,509
3,000,914
100 Ritrama S.p.A.
Ritrama S.p.A.
Caponago (MB) - Italy
Euro
9,000,000
22,013,682
102,858,035
100 Fedrigoni S.p.A.
Ritrama UK Ltd
Dukinfield – United Kingdom
Euro
364,363
2,246,743
15,494,842
60 Arconvert S.A.U.

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FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
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Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
The Group currently operates in the following business 
sectors:
Production, conversion and distribution of graphic 
paper, both coated and uncoated, for the packaging 
(especially premium packaging) sector, the premium 
press sector, and the converting applications for 
commercial and personal use, technical and industrial 
use, office use, artistic use and scholastic use.
The companies operating in this sector are: 
Fedrigoni S.p.A., Gruppo Cordenons S.p.A., Pulp JV 
S.r.l., Magnani 1404 S.r.l. and the distribution companies 
Fedrigoni Deutschland GmbH, Fedrigoni Austria 
GmbH, Fedrigoni Benelux B.V., Fedrigoni Espana SL, 
Fedrigoni France S.a.r.l., Fedrigoni UK Ltd, Fedrigoni 
Trading Company, Fedrigoni Asia Ltd, Fedrigoni 
Bangladesh Ltd, Fedrigoni Indonesia Trading, Giano 
1264 S.r.l. and GPA Holding Company Inc.
Production and distribution of self-adhesive labels and 
materials at Acucote Inc., Arconvert S.p.A., Arconvert 
S.A.U., Arconvert-Ritrama do Brasil Ltda, Extra Port 
Inc., Ritrama S.p.A., Ritrama UK Ltd, Ritrama Poland Sp. 
Z.o.o., Ritrama S.A. (Chile), Ritrama (Hefei) PSCM Col 
Ltd, Ritrama Converting PTY Ltd, Ritrama Autoadesivos 
Ltda, Ritrama S.A.S. (Colombia), Ritrama Costa Rica 
S.A., Ritrama Guatemala S.A., Ritrama Caribe Srl, 
Inversiones San Aurelio Srl, Distribuidora Ritrama 
ED S.A., Ritrama Peru SAC, Industrial Papelera Venus 
S.A. de C.V., Venus America S.A. de C.V., Servicios De 
Personal Rolosa S.A. de C.V., Rimark S.A. de C.V. and 
GPA Holding Company Inc.
Production and distribution of electrical insulators, 
technical materials for the construction and 
photovoltaic sectors and technical applications at 
Polifibra 2011 S.p.A.
Distribution of gift and office items, through the points 
of sale of Fedrigoni S.p.A., Fedrigoni UK Ltd, Fedrigoni 
France S.a.r.l. and Cartamano Deutschland GmbH.
In the final quarter of the year, Fedrigoni sold its 
remaining business concerning the production 
and distribution of special security products, i.e. 
the business unit that included the Bollate plant, a 
producer of security items (security threads and 
holograms). Moreover, in December Fedrigoni opted to 
sell the remaining plant and equipment present at the 
Fabriano plant used for banknote production. The sale 
of such assets should conclude in 2022.
In addition, a property management company is part 
of the Group: Miliani Immobiliare S.r.l., based in Verona.

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SUSTAINABILITY REPORT
The Fedrigoni Group
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Annual Financial  
Report
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Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
3.2 The Organization
Production, marketing and administrative activities 
are performed at the plants, distribution centers and 
offices listed in the following table
Production and conversion of graphic paper 
Fedrigoni S.p.A.
Headquarters:
Verona
Milan
Plants:
Arco
Trento
Riva del Garda
Trento
Verona
Fabriano
Ancona
Pioraco
Macerata
Castelraimondo
Macerata
Ospiate di 
Bollate
Milan
Gruppo Cordenons S.p.A.
Headquarters:
Milan
Plants:
Cordenons
Pordenone
Scurelle
Trento
Magnani 1404 S.r.l.
Headquarter and Plant
Chiesina 
Uzzanese
Pistoia
Production of pressure sensitive labels
Arconvert S.p.A.
Headquarter and Plant
Arco
Trento
Ritrama S.p.A.
Headquarter and Plant
Caponago
Monza and Brianza
Plants:
Sassoferrato
Ancona
Basiano
Milan
Polifibra 2011 S.p.A.
Headquarter and Plant
Agrate Brianza
Monza and Brianza
Arconvert S.A.U.
Headquarter and Plant
Gerona
Spain
Headquarter and Plant
Barberá del 
Vallés
Spain
Ritrama UK Ltd
Headquarter and Plant
Dukinfield
United Kingdom
Ritrama Poland Sp. Z.o.o.
Plant
Dobroszyce
Poland
Arconvert-Ritrama do Brasil Ltda
Headquarter and Plant
Jundiaí
Brasil
Ritrama Autoadesivos Ltda
Plant
Jundiaí
Brasil
Ritrama S.A. Chile
Headquarter and Plant
Valparaiso
Chile
Industrial Papelera Venus S.A. de C.V.
Headquarter and Plant
Tlalnepantla
Mexico
Rimark S.A. de C.V.
Plant
Mexico, DF
Mexico
Ritrama (Hefei) Pressure Sensitive Coated 
Materials Co.Limited
Headquarter and Plant
Hefei
China
Ritrama Converting (PTY) Ltd
Plant
Durban
South Africa
Distribuidora Ritrama Ecuador Disritrec S.A.
Plant
Quito
Ecuador
Ritrama Peru SAC
Plant
Lima
Peru
Ritrama Caribe Srl
Plant
Santo Domingo
Dominican Republic
Ritrama S.A.S. (Colombia)
Plant
La Estrella. 
Medellin
Colombia
Ritrama Costa Rica S.A.
Plant
Heredia
Costa Rica
Acucote Inc.
Headquarter and Plant
Graham
North Carolina
GPA Holding Company Inc
Plant
Los Cerritos
California
Graphic and packaging paper distribution in Italy
Fedrigoni S.p.A.
Logistics Center
Buttapietra
Verona
Rocchetta
Ancona
Branches with warehouses:
Veneto and Trentino A.A.
Verona
Friuli Est
Muggia
Trieste
Campania, Molise, Sicily 
and Calabria
Melito
Naples
Branches:
Emilia Romagna
Bologna
Lombardy
Milan
Lazio
Rome
Tuscany
Scandicci
Florence
Umbria, Marche and 
Abruzzo
Corciano
Perugia
International graphic and packaging paper distribution
Companies with warehouses
Germany: Fedrigoni Deutschland GmbH
Headquarters and branch Oberhaching
Munich
Warehouses:
Dortmund
Dresden
Cologne
Stuttagart
Berlin
Hamburg
Sales offices:
Dusseldorf
Nuremberg
Berlin
Hamburg
Austria: Fedrigoni Austria GmbH
Headquarters and branch Vienna

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HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
Spain: Fedrigoni Espana SL
Headquarters and branch Getafe
Madrid
Branch
Barcelona
France: Fedrigoni France S.a.r.l.
Headquarters and branch Choisy Le Roi
Paris
Belgium: Fedrigoni Benelux B.V.
Headquarters and branch Overjse
United Kingdom: Fedrigoni UK Ltd
Headquarters and branch Northampton
Sales offices:
London
China: Fedrigoni Asia Ltd
Headquarters and branch Hong Kong
Fedrigoni Trading Ltd
Headquarters and branch Shangai
Bangladesh: Fedrigoni Bangladesh Ltd
Headquarters and branch Dhaka
Indonesia: Fedrigoni Indonesian Trading
Headquarters and branch Jakarta
USA: GPA Ltd
Headquarters and branch McCook
Illinois
Los Angeles
California
Hartford
Connecticut
Atlanta
Georgia
International pressure sensitive label distribution
Companies with warehouses
USA: Acucote Inc.
Warehouse
Ontario
Canada
Warehouse
Garland
Texas
Warehouse
Fairfield
Ohio
Warehouse
Montgomeryville Pennsylvania
Warehouse
Middleton
Wisconsin
USA: GPA Ltd
Headquarters and branch McCook
Illinois
Los Angeles
California
Hartford
Connecticut
Atlanta
Georgia
Inversiones San Aurelio Srl
Headquarter
Santo Domingo
Dominican Republic
RITRAMA Guatemala S.A.
Headquarter
Ofibodega
Guatemala
Distribution of gift items and stationery
Fedrigoni S.p.A.
Headquarter
Rome
Warehouse
Rocchetta
Ancona
Stores:
Rome
Milan
Florence
Venice
Verona
Cartamano Deutschland GmbH
Headquarters and Store
Munich Airport
Stores
Berlin Airport
Fedrigoni UK Ltd
Store
London

113
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
3.3 Group Situation
3.3.1 General Information
3.3.1.1 - Production and conversion of graphic paper 
and paper for luxury packaging
During the year, the Group companies operating in this 
business line reported substantial growth thanks to 
a recovery in volumes produced and sold compared 
with those of 2020, which had been severely impacted 
by the Covid-19 pandemic.
The segment benefited from market share gained 
from the main competitors in the specialty paper 
business as well as higher demand for packaging 
paper, especially in the luxury packaging niche. The 
excellent performance of the latter stemmed from the 
growing tendency to replace fossil-based materials 
(such as plastic) with more environmentally friendly 
products, like paper.
This trend enabled the Group to improve its sales 
mix substantially, with specialty paper, particularly for 
packaging, constituting a much larger proportion  
of it. In this scenario, the Group was able to keep  
up its margins despite the higher raw material prices, 
thanks in part to determined efforts to manage the 
selling prices. 
3.3.1.2 - Production and distribution of security 
products
In the last quarter of the year, Fedrigoni sold its 
remaining business in this segment, i.e. the business 
unit that included the Bollate plant, a producer of 
security items (security threads and holograms). 
Moreover, in December Fedrigoni opted to sell 
the remaining plant and equipment present at the 
Fabriano plant that had been used for banknote 
production. The sale of such assets should conclude 
in 2022.
3.3.1.3 - Production of self-adhesive-free labels and 
materials (Fedrigoni Self-Adhesives/Labels: “FSA”)
On a comparable consolidation basis, the FSA 
segment had higher volumes and a different sales mix, 
influenced by the effects of the pandemic.
In this segment, the Group has benefited from strong 
demand across all product categories but has had to 
manage the difficulties of a very constricted supply 
chain to satisfy the demand. Additionally, significant 
raw material, packaging material and freight cost 
increases have forced the Group to pass through large 
portions with higher prices. Despite these challenges 
and the ongoing disruptions from the Covid-19 
pandemic, the Group was able to grow more than  
the industry.          
Thanks to all such actions and strong efforts to 
enhance the manufacturing and procurement 
operations, the results of this segment improved  
in 2021.
3.3.2 Results Of Operations
In 2021 the Fedrigoni Group finalized three important 
acquisitions in the luxury packaging specialty paper 
and self-adhesive material sectors.
In June 2021, the Group purchased Acucote Inc. and 
its subsidiary Extra Port Inc. in the United States, a 
specialty producer of self-adhesive materials. In the 
same month, it purchased 70% of Rimark S.A. de C.V., 
a self-adhesive material distributor based in Mexico in 
which it had previously owned a 30% stake.
In November, it purchased 70% of Pulp JV S.r.l., a pulp 
luxury packaging company.
The effect of these acquisitions limits the 
comparability of the 2021 results with those of 2020.
During the year, the sale of the residual security 
business unit that includes the Bollate plant dedicated 
to the production of security items was completed.
Income Statement highlights
The Group reports the following results for 2021:
• sales revenues of Euro 1,602.9 million, compared with 
the Euro 1,315.2 million of 2020;
• adjusted EBITDA of Euro 214.8 million (13.4% of sales), 
compared with the Euro 166.4 million of 2020  
(12.7% of sales);
• operating income of Euro 104.8 million (6.5% of sales), 
compared with the Euro 45.4 million of 2020  
(3.5% of sales);
• a net profit of Euro 36.5 million (2.3% of sales), 
compared with the Euro 7.9 million net loss of 2020 
(-0.6% of sales).

114
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
The Consolidated Income Statement is set  
forth below:
(In million of Euros)
Year ended December 
31,
2021
2020
Sales revenues
1,602.9
1,315.2
Other operating income
32.4
13.1
Cost of materials
(925.6)
(732.3)
Cost of services
(305.7)
(263.0)
Cost of personnel
(249.2)
(208.6)
Other costs
(3.6)
(11.0)
Depreciation, amortization  
and impairment losses
(76.9)
(73.7)
Change in inventories of work in progress, 
semi-finished goods and finished products
29.1
3.9
Cost of capitalized in-house work
1.5
1.7
Operating income
104.8
45.4
Financial income
23.7
22.2
Finance costs
(68.5)
(76.2)
Net financial income/(costs)
(44.7)
(54.0)
Share of profits of associates
0.3
0.0
(Loss)/Profit before tax
60.4
(8.6)
Income tax
(24.0)
26.7
Net profit/(loss) from continuing operations
36.5
18.1
Net profit/(loss) from discontinued 
operations
(26.0)
Net profit/(loss)
36.5
(7.9)
Net profit/(loss) attributable to owners of the 
parent
36.5
(7.6)
Net profit/(loss) attributable to minority 
interests
0.0
(0.3)
The consolidated revenues increased by Euro 287.7 
million to Euro 1,602.9 million in 2021, from the Euro 
1,315.2 million of 2020. The sales performance reflects 
an overall increase in sales revenues offset in part by 
a decrease in revenues from the Security Segment. In 
the Specialty Paper (LPCS) Segment, the revenue gain is 
attributable to higher packaging paper sales, in a market 
characterized by growing awareness of environmental 
sustainability and thus focused on reducing the use 
of plastics. Moreover, the increase in revenues is 
attributable to the marking up of selling prices due to the 
higher cost of sales. 
The increase in FSA revenues is primarily the result of 
the higher sales volumes, especially in the wine & spirits, 
automobile, and signage and advertising graphics 
industries. The consolidation of the IP Venus Group and 
Acucote contributed to the revenue boost.
Costs of materials rose by Euro 193.3 million to 
Euro 925.6 million in 2021, from the Euro 732.3 million 
of 2020. The increase in these costs is attributable 
mainly to greater production volumes in the Specialty 
Paper (LPCS) and FSA Segments and to much higher 
raw material prices in 2021. It is also due in part to the 
consolidation of the IP Venus Group, Rimark  
and Acucote.
The cost of services rose from Euro 263.0 million in 
2020 to Euro 305.7 million in 2021. The increase refers 
largely to greater freight costs in both the Specialty 
Paper (LPCS) and FSA Segments due to higher  
volumes, higher costs, and sales growth in the  
Rest-of-World market.
The increase in the FSA Segment is attributable in 
part to the consolidation of the IP Venus Group, Rimark 
and Acucote. It was offset in part by a decrease in the 
costs of consulting services, regarding mainly Group 
transformation plans and costs incurred in the prior 
year for the Ritrama acquisition, and by a reduction in 
commission expense.
The cost of personnel rose by Euro 40.6 million, 
from Euro 208.6 million to Euro 249.2 million. The 
difference refers to the increase in costs to bolster the 
Group’s middle management in order to usher in new 
competencies as per the new strategic objectives, the 
assignment of bonuses to employees for achieving 
significantly better production results than in the 
previous year (which had been adversely affected 
by the pandemic), the increase in production in both 
the Specialty Paper (LPCS) and the FSA Segments, 
additional costs deriving from the consolidation 
of the IP Venus Group, Acucote, Rimark and the 
establishment of the new company in Poland, Ritrama 
Poland Sp. Z.o.o. It should also be considered that 
in 2020 the Group had used the Italian “Cassa 
Integrazione” system  
(wage supplements).
The extremely good performance in both Segments 
made the Group’s Adjusted EBITDA (defined as net 
profit before tax, financial income and costs, the 
share of income from equity-accounted investments, 
depreciation, amortization, impairment losses, and 
any non-recurring income and costs) rise considerably 
from the 2020 amount, despite the increase in all the 
lines of cost.
Depreciation, amortization and impairment losses 
rose from Euro 73.7 million to Euro 76.9 million. The 
increase is attributable primarily to the consolidation 
of the IP Venus Group, Ritrama Poland Sp. Zo.o., Rimark 
and Acucote, and to the depreciation of the Milan 
and Verona offices, which in 2020 had affected the 
accounts only from the second quarter of the year. 
Net finance costs fell from Euro 54.0 million for 2020 
to Euro 44.7 million for 2021; the difference relates 
mainly to the exchange rate fluctuations of 2020, 
particularly between the Euro and the Brazilian Real.

115
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
The finance costs for the Notes remained unchanged, 
because the cost reduction of the prior year deriving 
from a shorter period of interest accrual for the 2026 
Notes was matched by a cost reduction caused by 
the July 19, 2021 redemption of 2024 Notes for an 
aggregate principal amount of Euro 60.0 million.
The 2021 income taxes represent an expense of 
Euro 24.0 million, versus income of Euro 26.7 million 
for 2020. The difference originates primarily from the 
decision to use from 2020 for the Italian companies 
Gruppo Cordenons S.p.A., Arconvert S.p.A. and 
Ritrama S.p.A. the possibility of realigning the tax 
bases to the higher values of the assets recognized in 
the financial statements, under Decree Law 104/2020, 
Article 110, paragraphs 8 and 8-bis. 
In addition, parent Fedrigoni S.p.A. opted to apply 
tax relief in 2020, under Decree Law 185/2008, to 
the excess accounting values emerging from the 
downstream merger with Fabric (BC) S.p.A. and to 
some values regarding intangible assets recognized in 
the consolidated financial statements.
All the deductions deriving from such transactions 
generated corporate income tax (IRES) and regional 
business tax (IRAP) benefits, recognized at December 
31, 2020 as accruals of Euro 10.8 million of deferred tax 
assets and as releases of Euro 38.7 million of deferred 
tax liabilities, for a total amount of Euro 49.5 million. 
Moreover, the income taxes include Euro 4.2 million 
regarding the accrual of previous period taxes, as 
explained in the comments in the section on current 
tax liabilities in the Notes to the Consolidated  
Financial Statements.
Segment reporting
The criteria used to identify Segments are consistent 
with the way in which the Group is managed. The 
division into Segments for reporting purposes 
corresponds to the structure of the reports 
periodically examined by management. The following 
tables present the 2020 and 2021 Income Statements, 
showing the adjusted EBITDA by Segment, reconciled 
with the Group net profit.
2021:
(in thousands of Euros)
Year ended December 31, 2021
Specialty Paper (LPCS)
FSA
I/C Eliminations
Other
Total
Revenues from sales
to third Parties
667,760
935,097
-
-
1,602,857
to other Group companies
32,409
2,493
(34,902)
-
-
Total sales revenues
700,169
937,590
(34,902)
-
1,602,857
Other operating income
28,738
7,921
(4,304)
-
32,355
Operating expenses
(632,287)
(821,889)
39,168
(38,470)
(1,453,478)
Transformation costs
-
-
-
32,543
32,543
Other non-recurring expenses / income
(1,066)
1,527
18
-
479
Adjusted EBITDA (*)
95,554
125,149
(20)
(5,927)
214,756
Other non-recurring expenses / income
1,066
(1,527)
(18)
-
(479)
Transformation costs
-
-
-
(32,543)
(32,543)
Depreciation, amortization and impairment losses
(76,906)
Operating income
104,828
Income from equity-accounted investments in associates
349
Financial income
23,724
Finance costs
(68,464)
Profit/(loss) before tax
60,437
Income taxes
(23,950)
Net profit from continuing operations
36,487
Net profit/(loss)
36,487

116
HIGHLIGHTS 2021
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Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
2020:
(in thousands of Euros)
Year ended December 31, 2020
Specialty Paper (LPCS)
FSA
I/C Eliminations
Other
Total
Revenues from sales
to third Parties
540,465
774,777
-
-
1,315,242
to other Group companies
29,610
2,183
(31,793)
-
-
Total sales revenues
570,075
776,960
(31,793)
1,315,242
Other operating income
11,823
2,370
(1,048)
-
13,145
Operating expenses
(507,214)
(692,320)
32,844
(42,680)
(1,209,370)
Transformation costs
-
-
-
40,306
40,306
Other non-recurring expenses / income
6,206
822
-
-
7,028
Adjusted EBITDA (*)
80,890
87,832
3
(2,374)
166,351
Other non-recurring expenses / income
(6,206)
(822)
-
-
(7,028)
Transformation costs
-
-
-
(40,306)
(40,306)
Depreciation and amortization
(73,661)
Operating income
45,356
Income from equity-accounted investments in associates
39
Financial income
22,188
Finance costs
(76,203)
Profit/(loss) before tax
(8,620)
Income taxes
26,721
Net profit from continuing operations
18,101
Net loss from discontinued operations
(25,992)
Net loss
(7,891)
(*) Adjusted EBITDA is defined by the Group as net profit before net profit/(loss) from discontinued operations, income taxes, financial income and costs, the share of income from equity-accounted investments, 
depreciation, amortization, impairment losses, and any non-recurring income and costs. Adjusted EBITDA is not identified as an accounting measurement in IFRS and should therefore not be considered as alternative to 
the disclosures provided in the financial statements for the purpose of assessing the Group’s performance. The Company believes that Adjusted EBITDA is an important variable for evaluating the Group’s performance, 
allowing it to be monitored in a more analytical fashion. Because this information is not a measurement governed by the accounting standards followed in the Group’s financial statements, the criteria used to determine 
it may not be consistent with those used by other groups and it should therefore not be compared with similar figures presented by such groups.

117
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
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—
—
—
—
Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
Shared unallocated costs (“Other”) are a marginal 
amount referring to the Group’s operating structure. 
Each Segment has a complete and independent 
structure, able to fulfill its own functions. Most 
eliminations (“intercompany eliminations” in the tables 
above) refer to inter-Segment margins eliminated 
during the aggregation phase. Transactions between 
the Segments are conducted at arm’s length. 
“Other non-recurring expenses/income” include 
costs of Euro 1,207 thousand deriving from the 
realignment in 2021 of the accounting method adopted 
by Ritrama S.p.A. for the allocation of the 2020 MBO 
(Management By Objectives) to the Group’s method 
and the bonuses due and allocated in connection 
with M&A transactions, Euro 3,035 thousands related 
to an insurance reimbursement received by Ritrama 
Converting in relation to certain riots and raids in 
South Africa in 2021, Euro 2,400 thousand of other 
non-recurring costs mainly related to the impairment 
of Ritrama Converting assets in relation to the 2021 
riots and raids in South Africa, Euro 261 thousands 
of losses on disposal of capital assets, Euro 1,502 
thousands of stock provision related to previous years 
and only accounted for in 2021, Euro 1,972 thousands 
of gain in relation to the disposal of the remaining 
business concerning the production and distribution 
of special security products and Euro 116 thousands of 
other non-recurring costs.
“Transformation costs” refer to the total costs 
incurred for consulting services and other clearly 
identified costs fundamentally instrumental in 
transforming the new Group. Such costs regard 
specifically the continuance of projects intended 
to create a new organizational structure capable of 
attracting new talent and optimizing the pre-existing 
departments (financial, operations, purchasing, sales) 
or are attributable to the extraordinary merger and 
acquisition transactions aimed to define the Group’s 
structure. The new organization aims to accelerate 
long-lasting and sustainable growth for the Group and 
create efficiencies.
3.3.3 Financial Position
The following table summarizes the Group’s 
Consolidated Statement of Financial Position  
as at December 31, 2021 and December 31, 2020,  
with presentation of the invested capital  
and net financial debt.
(In million of Euros)
At December 31,
2021
2020
Intangible assets
369.9
337.0
Investment property, Property, plant and 
equipment
416.7
404.5
Other net non-current assets (liabilities)
22.2
16.1
Non current assets
808.8
757.6
Net working capital
80.5
146.3
Other net current assets (liabilities)
(36.2)
(64.1)
Invested Capital
853.1
839.8
Total equity
231.3
182.6
Provisions for risks and charges and 
benefits to employees
44.1
55.0
Net financial position
577.7
602.2
Invested Capital
853.1
839.8
The figures above were obtained from the financial 
statements. Some items have been modified and/or 
aggregated as follows:
The net working capital is the sum of “inventories” 
and “trade receivables” less “trade payables”.
The net financial debt is the sum of “cash and cash 
equivalents” and “current financial assets”, less 
“current and non-current payables and other financial 
liabilities” and “non-current trade and other payables”, 
which includes interest-free debt with a material 
component of implicit or explicit financial debt.
The Group’s net financial debt is Euro 577.7 million at 
the end of 2021, versus Euro 602.2 million at the end of 
2020, and includes Euro 507.6 million relating to Euro 
520.0 million in aggregate principal amount of 2024 
Notes outstanding as of December 31, 2021, and Euro 
218.0 million relating to Euro 225.0 million in aggregate 
principal amount of 2026 Notes outstanding as of 
December 31, 2021.
According to the Listing Particulars distributed 
at issuance of the Notes, the pro-forma financial 
indebtedness disclosed in the “Annual Financial 
Report” is defined as the sum of “cash and cash 
equivalents” and “current financial assets”, less the 
“current and non-current payables and other financial 
liabilities”, in which the note debt is included at its 
nominal amount excluding the effects of applying the 
amortized cost method.
The pro-forma financial indebtedness amounted to 
Euro 592.6 million at the end of 2021, versus Euro 626.6 
million at the end of 2020.

118
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Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
3.4 Business Trends
3.4.1 Rawmaterial and energy trends
In 2021 pulp prices, like those of other major raw 
materials, were heavily affected by high demand 
after the long pandemic period. The demand was 
not adequately met by the supply chain or by the 
production system in general, which had been based 
on expectations of much less growth, with inventory 
and production capacity well below the demand levels, 
straining the market and causing prices to surge from 
the initial months of the year. Moreover, the rising 
number of Covid-19 infections and the inadequate 
vaccination response led to the postponement of 
new production capacity in South America, stressing 
the market and causing prices to soar relentlessly 
from the initial months of the year. In merely eight 
months, prices for short fibers rose from 680 $/ton 
in December 2020 to 1,140 $/ton in August 2021 (+460 
$/ton), and prices for long fibers rose from 875 $/
ton to 1,340 $/ton (+465 $/ton) in the same period. 
The tension lasted for the entire year, due in part to 
exceptional demand (still present) for pulp from the 
printing and writing industry. 
The Fedrigoni Group succeeded in mitigating all the 
potential supply risks thanks to long-term contracts 
and constant monitoring by the business risk 
management system. 
In general, the prices of the main chemical raw 
materials used by the Group rose substantially in 
2021. The strong recovery following the pandemic 
generated a massive disruption in logistics that 
aggravated, at a global level, the instability in all major 
markets and led to raw material scarcity.
In 2021, the natural gas at the Title Transfer Facility 
(TTF) in the Netherlands, Europe’s natural gas trading 
hub, reported a record high value with a year-on-year 
increase of approximately 400%. The Italian Virtual 
Trading Point (PSV) reported a similar increase. 
The post-pandemic economic recovery has caused 
demand to rise across the European markets, where 
however supply has fallen largely as a result  
of reduced Russian exports, especially  
in the fourth quarter.
Forecasts predict additional price hikes for 2022, at 
least in the first half of the year, due to the widening 
gap between supply and demand, with geopolitical 
tensions on the border between Russia and Ukraine 
likely to cause additional price and supply shocks.
The economic effects of inflation in the markets 
were mitigated by transfer pricing policies.
3.4.2 Investments
In 2021 the most significant investments regarded:
• a new headbox for the F3 continuous machine at the 
Fabriano plant for Euro 2.7 million;
• work on the biological wastewater treatment plants 
at Arco and Verona for Euro 3.7 million;
• energy efficiency projects for Euro 4.8 million; 
• a new embosser and a new broke handling system at 
the Verona plant for Euro 2.8 million;
• a new cutting line and a coating machine at the Arco 
plant for Euro 1.9 million;
• specific investments in research and development 
for the industry 4.0 technology investment program 
for Euro 0.8 million;
• the implementation of new Business Intelligence 
systems for Euro 2.1 million;
• the purchase of two new slitters and revamping of 
several slitters already in use for Euro 1.5 million;
• investment in off-line top coating production in Italy 
allowing to increase capacity and to optimize the 
production footprint for Euro 1.3 million;
• the installation of a dehumidifier for one of the 
coaters and PVC gloss improvements in another 
coater for Euro 1.0 million;
• Health & Safety improvements across our self-
adhesives plants for Euro 1.4 million;
• the acquisition of a patent to produce semi-rigid 
labels for mono-material packaging.  
Moreover, plans to improve the flexibility and efficiency 
of existing plants and machines and to maintain and 
improve safety levels were developed at all the facilities.
3.4.3 Personnel
The Group’s personnel headcount at the end of 2021 was 
3,893 units. 
We believe that our most important strengths lie in our 
employees, who contribute to our success every day with 
their talent, passion and ethics. 
To achieve our goals, in 2021 we invested in recruiting 
and developing our people. We welcomed 377 new 
employees to the Fedrigoni Group at our factories and 
offices throughout the world. The new hires reflect our 
diversity, inclusion and merit objectives. 
In terms of development, we launched the three 
Fedrigoni Behaviors, which permeate everything we 
do, how we relate to each other and how we navigate 
our transformation: 1. We strive for excellence; 2. We 
accelerate relationships; 3. We make change our own. 
This behavioral compass has become a guide to help 
us attain our business and growth targets as a Group, 
by promoting a work environment where everyone has 
the opportunity to thrive and make a difference. It is a 
performance culture centered on the individual.
We have also introduced a more inclusive and extensive 
performance management process, accessible to all 
employees. The process is based on one-on-one, regular 
dialogue between the manager and the worker, focusing 
on performance feedback and development plans to 
improve everyone’s job, in line with the new Fedrigoni 
Behaviors (mapped with the Workday platform).
We came up with a new process to identify, discuss 
and develop key talents at various levels within the 
organization and we continued with the programs aimed 
to hone leadership and managerial skills.
We introduced the Customer Academy, a global career 
program that will enhance the customer orientation

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Management discussion and analysis
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The Group 
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Sustainability Report
and key competencies of our sales force in order 
to accelerate our shift to a customer centric 
organization. 
We also continued with safety and environmental 
training, ad hoc individual technical and functional 
training, and on-the-job training for factory workers 
and technicians, providing 18,287 training hours.
We continued to give all our employees a voice 
in 2021 through a Global Engagement Survey, from 
which we could collect feedback and opinions that 
can help us to constantly improve the organization 
and formulate effective initiatives geared toward the 
engagement and satisfaction of our employees.
To assist all these activities and our transformation 
process, we continued to structure the HR 
organization with stronger and new competencies 
while harmonizing and simplifying the practices and 
processes at a Group level.
3.4.4 Quality, safety and the environment
All the Group’s manufacturing companies ensure the 
constant monitoring of plant and machinery operation, 
and their continuous upgrading in order to assure full 
compliance with safety and environmental laws. Many 
training and informational initiatives regarding safety 
and environmental protection were implemented 
for staff. The main quality, safety and environmental 
protection certifications held by the Group companies 
are listed below:
For Fedrigoni S.p.A.:
• Maintenance of the following certifications 
comprising the Integrated Management System:
• ISO 9001/2015 (quality management system);
• ISO 14001:2015 (environmental management system);
• FSC-STD-40-003/V2-1 (Chain of Custody Certification 
of Multiple Sites),
• FSC-STD-40-004/V3-0 (Chain of Custody 
Certification),
• FSC-STD-40-007/V2-0 (Sourcing reclaimed  
material for use in FSC Product Groups or FSC 
Certified Projects);
• Three-year renewal of the ISO 45001:2018 
certification of the occupational health  
and safety management system;
• Maintenance of the ECOLABEL for some series  
of office paper produced at the Fabriano  
and Pioraco plants;
• Maintenance of Authorised Economic Operators 
(AEOF) certification;     
• Obtainment of REMADE IN ITALY mark for some  
types of paper of the Pioraco plant.
For the Gruppo Cordenons S.p.A.:
• Maintenance of certification of the Quality 
Management System under the UNI EN ISO 
9001/2015 standard;
• Renewal of the Certification of Environmental 
Management System under the UNI EN ISO 
14001:2015 standard;
• Renewal of certification of the Occupational Health 
and Safety Management System under the ISO 
45001:2018 standard;
• Certification of the Energy Management System 
under the ISO 50001:2011 standard; 
• One-year renewal of SC-STD-40-004 v3-0 and FSC-
STD-40-007 V2-0 certifications;
• Renewal of the BRCGS Packaging Materials Global 
Standard certification (Ed.6) with Grade A (for the 
Cordenons plant).
For Arconvert Ritrama do Brasil Ltda:
• Certification of the Quality Management System 
under the UNI EN ISO 9001/2015 standard;
• Certification of FSC® CoC according to FSC-
STD-40-004.
For Arconvert S.p.A.:
• Certification of the Quality Management System 
under the UNI EN ISO 9001/2015 standard;
• Certification of the Environmental Management 
System under the UNI EN ISO 14001/2015 standard;
• certification of the Occupational Health and  
Safety Management System under the UNI ISO 
45001:2018 standard;
• Certification of FSC® CoC according to FSC-
STD-40-004.
For Arconvert S.A.U.:
• Certification of the Quality Management System 
under the UNI EN ISO 9001/2015 standard;
• Certification of the Environmental Management 
System under the UNI EN ISO 14001/2015 standard 
for the Basiano and Sassoferrato sites;
• Certification of the Occupational Health and 
Safety Management System under the UNI EN ISO 
45001/2018 standard;
• Certification of FSC® CoC according to FSC-
STD-40-004 and FSC-STD-40-003;
• Certification of PEFC® CoC ST 2002;
• ISCC PLUS certification (for the Girona  
and Barberà plants).
For Ritrama S.p.A.:
• Certification of the Quality Management System 
under the UNI EN ISO 9001/2015 standard;
• Certification of the Quality Management System 
under the IATF 16949/2016 standard;
• Certification of the Environmental Management 
System under the UNI EN ISO 14001/2015 standard;
• Certification of the Occupational Health and 
Safety Management System under the UNI EN ISO 
45001/2018 standard;
• Certification of FSC® CoC according to FSC-
STD-40-004 and FSC-STD-40-003;
• ISCC PLUS certification (Sassoferrato plant).

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Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
For Ritrama Poland Sp. Z.o.o.:
• Certification of FSC® CoC according to FSC-
STD-40-004 and FSC-STD-40-003.
For Ritrama UK Ltd:
• Certification of the Quality Management System 
under the UNI EN ISO 9001/2015 standard;
• Certification of the Environmental Management 
System under the UNI EN ISO 14001/2015 standard;
• Certification of FSC® CoC according to FSC-
STD-40-004 and FSC-STD-40-003.
For Ritrama (Hefei) PSCM Co Ltd:
• Certification of the Quality Management System 
under the UNI EN ISO 9001/2015 standard;
• Certification of the Environmental Management 
System under the UNI EN ISO 14001/2015 standard;
• Certification of the Occupational Health and 
Safety Management System under the UNI EN ISO 
45001/2018 standard;
• Certification of FSC® CoC according to FSC-
STD-40-004 and FSC-STD-40-003.
For Ritrama S.A. (Chile):
• Certification of the Quality Management System 
under the UNI EN ISO 9001/2015 standard;
• Certification of FSC® CoC according to FSC-
STD-40-004 and FSC-STD-40-003.
For Industrial Papelera Venus S.A. de C.V.:
• Certification of the Quality Management System 
under the UNI EN ISO 9001/2015 standard;
• Certification of the Environmental Management 
System under the UNI EN ISO 14001/2015 standard;
• Certification of the Occupational Health and 
Safety Management System under the UNI EN ISO 
45001/2018 standard.
For Acucote Inc.:
• Certification of FSC® CoC according to FSC-
STD-40-004.
Additional information is provided in the  
Sustainability Report.
3.4.5 Research and development
In 2021 the Group’s manufacturing companies 
continued to carry out their research and 
development activities in pursuit of creating new 
products, improving existing products and coming  
up with new, more efficient production and 
organizational processes.
3.4.6 Other business initiatives
During the year, the Specialty Paper (LPCS) business 
unit (“BU”) participated in:
• Luxepack Paris;
• Luxepack Shanghai;
• Luxepack Montecarlo;
• Packaging Premiere – Milan;
• Packaging Innovation – UK;
• Torino Graphic Days;
• Big Buyer Bologna;
• Paperworld Dubai;
• Shanghai Stationery Fair.
To surmount the limitations imposed by the pandemic, 
the Specialty Paper (LPCS) BU organized some digital 
events such as:
• Packaging Premier digital edition;
• Torino Graphic Days;
• The Paper Box Experience online event in October; 
• Sirio Color & Digital online launch.
During the year, the FSA BU participated in: 
• Packaging Premiere, Milan – tradeshow - Italy;
• Luxepack Montecarlo - tradeshow - France;
• Identity week London - tradeshow - U.K.;
• Top Award Milan - Italy;
• Packaging Innovation - U.K.;
• Go Wipes - digital event;
• WOW Conference - U.S.A.;
• Sitevinitech - Argentina;
• Olio Officina - Italy;
• Best Beer Label - Italy;
• Insuperlabel event - Italy;
• Beer Convention - online - Italy;
• FLAG Annual Meeting & Sponsorship - U.S.A.;
• PSDA CEO Summit - U.S.A.;
• P2P Annual Convention - U.S.A.;
• TLMI Annual Meeting & Sponsorship - U.S.A.;
• WIN Expo - U.S.A.;
• ADI (American Distilling Institute) - U.S.A.;
• Unified Wine & Grape Symposium - U.S.A.

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Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
3.4.7 – Risk management objectives and policies
The risk management objectives and policies are 
described hereunder.
• Raw material and energy risks: The Group companies 
buy raw materials (fibrous raw materials in particular) 
on international markets whose prices are affected 
by global demand, and thus the prices are the same 
for all businesses in the industry. In previous periods 
the Group started up a project aimed to equip 
the sales structure with systems and the proper 
tools for maintaining margins where price tension 
exists for raw materials. It is uncertain whether 
raw material price increases are fully recoverable 
though product price increases. In 2021 the Group 
decided to stipulate two swap transactions to 
cover the risk of pulp price fluctuations. In order 
to reduce the risk deriving from price increases 
of natural gas, an important raw material for the 
paper industry, significant investments were made 
to cut consumption, business relationships were 
developed with major suppliers and long-term supply 
agreements were stipulated.
• Cash flow risk: The Group’s credit lines are more than 
adequate for its cash flow needs. The cash flows 
generated by the companies, rigorous treasury 
management, and the Parent company’s monitoring 
activities ensure effective, efficient  
cash management.
• Foreign exchange risk: All the Group companies 
exposed to significant foreign exchange risk, deriving 
from raw material purchases and product sales in 
U.S. dollars and British pounds sterling, have applied 
hedges through currency forwards.
• Credit risk: All the main companies are covered by 
specific insurance policies on domestic and foreign 
trade receivables and have implemented systematic 
credit management procedures.
• Interest rate risk: The Group’s bank indebtedness 
exposes it to the risk of fluctuating interest rates. 
The variable-rate loans are exposed to the risk of 
fluctuating cash flows. The Group assesses regularly 
its exposure to interest rate risk and in 2018 decided 
to stipulate two interest rate swaps (IRS) to hedge 
part of the risk on the notes issued. The Notes to the 
Consolidated Financial Statements provide more 
detailed information. 
• Cybersecurity risk: the risk of cyber attacks is a 
growing threat globally and as such requires the 
Group to constantly protect its information assets, 
both the internal information and the client database.
The Group mitigates this risk through plans that 
require prevention and monitoring activities and 
verification of the effective implementation.
• Climate change risks: climate change risks are 
an important current issue. Nearly all industries 
are facing the impacts of this phenomenon, with 
varying degrees of severity. In recent years the 
Group has implemented measures to help limit 
global warming, such as energy efficiency at the 
mills and conscientious electricity use. The Group 
is monitoring carefully the evolving situation and its 
considerations are reflected in the planning of the 
expected results.
3.4.8 Related-party transactions
The Company’s transactions with Group companies 
and with the Parent company, and the Group’s 
transactions with related parties, are primarily of a 
trade and financial nature and are conducted at arm’s 
length. Such transactions are described in the Notes 
to the Consolidated Financial Statements.
3.4.9 Treasury shares
At the end of the year the Company did not own, either 
directly or indirectly through third parties, any of its 
own shares or the Parent company’s shares, and no 
transactions were initiated to purchase such shares.
3.4.10 Subsequent events
On February 15, 2022, Fedrigoni redeemed Euro 40.0 
million in aggregate principal amount of its 2018 
Notes (the “February 2022 Redeemed Notes”). The 
redemption price for the February 2022 Redeemed 
Notes consisted of (i) 100.00% of the aggregate 
nominal amount of the February 2022 Redeemed 
Notes and (ii) accrued unpaid interest on the February 
2022 Redeemed Notes up to but not including the 
redemption date.
Subsidiary Ritrama Autoadesivos Ltda is currently a 
party to an administrative dispute initiated pursuant 
to a tax audit notified to the company on October 18, 
2021 by the Brazilian tax authorities regarding some 
imports originating from our subsidiary Ritrama 
S.A. Chile, during the period from January 2017 to 
December 2020 (the “Tax Audit”). The Fedrigoni Group 
routinely exports products from Chile to Brazil through 
these subsidiaries and these exports generally 
benefit from special tax treatment under the Southern 
Common Market (Mercosur) Free Trade Agreement - 
Economic Complementation Agreement (ACE) n. 35

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(“Mercosur FTA Special Tax Regime”). The special tax 
regime applies to exported products containing at 
least 60% of raw materials originating from countries 
participating in the Mercosur free trade agreement 
(“Mercosur Origin Requirement”) and that content 
percentage is demonstrated by certificates of origin 
issued by the Chilean authorities. Within the scope 
of the Tax Audit, the Brazilian tax authorities claimed 
that our subsidiary, Ritrama Brazil, had inappropriately 
benefited from the Mercosur FTA Special Tax Regime 
from January 2017 to December 2020 because 
some certificates of origin indicated that certain 
products exported from Ritrama S.A. Chile to Ritrama 
Autoadesivos Ltda did not comply with the Mercosur 
Origin Requirement.
In this regard, pursuant to the Share Purchase 
Agreement signed on October 29, 2019, as 
subsequently amended, by Rink Holding S.r.l. (the 
“Seller”), Tomas Federico Rink, Ricardo Rink, Ronald 
Rink and Gianmario Forzatti as one party, and Fabric 
(BC) S.p.A. (now Fedrigoni S.p.A.), the Buyer, as the 
other party (the “Share Purchase Agreement”), under 
which on January 30, 2020 we purchased the entire 
share capital of Ritrama S.p.A. and its subsidiaries 
(“Subsidiaries”), the Seller (i) issued a series of 
representations and warranties (“Representations 
and Warranties”) undertaking to indemnify and hold 
harmless us and/or the Subsidiaries from any loss 
resulting from untruths and/or inaccuracies in the 
Representations and Warranties and (ii) gave a bank 
guarantee (“Bank Guarantee”) to Fedrigoni S.p.A. 
guaranteeing the punctual and precise fulfillment  
of all the Seller’s obligations under the Share  
Purchase Agreement. 
Considering that the underlying circumstances 
of the Tax Audit constitute a breach of the 
Representations and Warranties and that, therefore, 
Fedrigoni S.p.A. could be entitled to indemnification 
from the Seller for a material portion of the liabilities 
that might be incurred in connection with the Tax Audit 
and the related administrative dispute, on November 
10, 2021 we sent to the Seller a claim for damages in 
accordance with the Share Purchase Agreement (the 
“Brazil Claim for Tax Damages”) that was followed by 
a procedure initiated between Fedrigoni S.p.A. and 
the Seller to reach an agreement on the matter. In 
this context, on February 10, 2022 Fedrigoni S.p.A. and 
the Seller stipulated an Escrow Agreement, which will 
remain in effect until the Brazil Claim for Tax Damages 
is definitively settled, and, concurrently, they set up 
an escrow account in which Euro 5,000,000.00 was 
deposited, which could be released to Fedrigoni S.p.A. 
if it should be established unequivocally that all or part 
of that amount is due by the Seller.
In March 2022 the Italian Tax Police (Guardia di 
Finanza) resumed its inspection activities at Fedrigoni 
S.p.A. relating to the tax audit initiated in 2019, focusing 
its attention on the transactions occurring from 2015 
to 2017 between Fedrigoni S.p.A. and some foreign 
entities directly or indirectly linked to a longtime 
business partner of Fedrigoni S.p.A. operating in the 
Indian market of paper money and security items. 
More specifically, the Guardia di Finanza focused its 
attention on certain consulting services and licensing 
agreements stipulated between Fedrigoni S.p.A. and 
the aforementioned foreign entities, which provided 
for the payment by Fedrigoni S.p.A. of royalties for the 
exclusive use of a specific method patent regarding 
a security item registered in the name of and used by 
Fedrigoni S.p.A. and the related intellectual property 
rights. The audit was concluded in early April 2022 with 
the notification of a new Tax Audit Report (Processo 
Verbale di Constatazione or “PVC”), by which the 
Guardia di Finanza - reporting in substance the 
alleged impossibility of identifying evidence of the 
inventive contribution given by the aforementioned 
foreign companies to the patent in the name of and 
used by Fedrigoni S.p.A. – alleged that there were 
some substantial violations regarding direct taxes 
and regional business tax (IRAP) which, in terms 
of additional taxes, would result in a claim of Euro 
5,752 thousand, plus penalties and interest against 
Fedrigoni S.p.A.. With respect to such matter, pending 
the said tax audit, in 2020 Fedrigoni S.p.A.’s directors 
severed all ties with the contractual counterparties 
and effectively suspended all royalty payments, 
while accounting for - in accordance with correct 
accounting principles - trade payables due on invoices 
to be received. Such costs were prudently made non-
deductible from the 2018 tax year, for the purpose of 
not exposing Fedrigoni S.p.A. to the risk of additional 
claims from the Italian tax authorities, until the 
proceedings in progress have ended. In this manner, 
the corporate boards intended to freeze the existing 
situation, on one hand accounting for the costs 
relating to the royalties without however providing for 
their payment, and on the other hand not deducting 
the related costs for tax purposes. In March 2022, due 
to the suspension of relations as referred to above, the 
aforementioned companies linked to Fedrigoni S.p.A.’s 
business partner initiated a civil lawsuit before the 
Italian Civil Court requesting the payment by Fedrigoni 
S.p.A. of the royalties allegedly due under the said 
licensing agreements, which were quantified in Euro 
18.2 million, plus general expenses and damages 
apparently incurred due to the non-payment of such 
royalties, bringing the total amount requested to 
Euro 18.7 million. Based on preliminary assessments, 
Fedrigoni S.p.A. intends to oppose such civil claim 
including by grounding its defense on the evidences 
that emerged from the said tax investigation. If the 
Civil Court should confirm that Fedrigoni S.p.A. 
owes the said royalties payment to the mentioned 
companies, the amount claimed in such civil lawsuit 
would not meet the calculation criteria adopted by 
Fedrigoni S.p.A. in the years concerned which are 
based on the sales data regarding the marketing of

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Consolidated Financials
ANNUAL FINANCIAL REPORT
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the patented products at issue as per underlying 
contracts; such criteria would result in a considerably 
lower amount due if compared to the one claimed in 
the said civil lawsuit against Fedrigoni S.p.A., and such 
lower amount has been recognized prudently among 
the trade payables until the Civil Court establishes 
whether or not the amounts are due.  
Therefore, on one hand Fedrigoni S.p.A. has received 
the Tax Audit Report disputing the contribution given 
by the aforementioned companies to the development 
of the patent stated (supporting the claim with various 
factual elements and testimonies given), and on the 
other hand it is being sued by those companies which, 
in contrast, are demanding payment of royalties for 
the contribution given in the development of the 
patent (using as evidence, among others, a testimony 
having the opposite contents compared to those 
obtained by the Guardia di Finanza). In light of such 
contradictory historical reconstructions, Fedrigoni 
S.p.A.’s management, which is completely new 
compared with the one present in the organization 
when the patent was being developed and thus is not 
in a position to factually reconstruct what happened 
at the time of the events, considered it necessary, 
pending the tax audit, to carry out in-depth internal 
and external investigations to verify which and how 
many activities were performed by the contractual 
counterparties with regard to the patented idea to 
which the licensing agreements refer. However, at the 
date of these financial statements, also considering 
the contents of the Tax Audit Report, Fedrigoni 
S.p.A. does not believe that such investigations have 
currently revealed certain and decisive facts on the 
matter (save what should emerge during additional 
analyses that might be conducted in view of the 
evidence enclosed with the Tax Audit Report). For 
the reasons explained, Fedrigoni S.p.A. has decided 
to adopt the most prudent approach possible, 
maintaining unchanged the amount of the payables 
due to the suppliers referred to, considering that if 
the counterparties should win the civil lawsuit, the 
related amount recognized in the financial statements 
would be adequate, whereas a contingent gain 
would emerge if Fedrigoni S.p.A. should win the case. 
Meanwhile, Fedrigoni S.p.A. has decided to increase 
the risk provision regarding tax liabilities in light of the 
recently notified Tax Audit Report, bringing the total 
amount of the tax liabilities for the period from 2014 
to 2017 to Euro 8,828 thousand. Such amount was 
determined on the basis of a preliminary assessment 
of the potential outcomes of the discussions during 
the proceedings currently underway with the Italian 
Revenue Agency, and also taking into account the 
indemnification obligations undertaken by Fedrigoni 
S.p.A.’s previous majority shareholder pursuant to the 
contractual agreements entered into in connection 
with this matter.
On February 16, 2022, Fedrigoni S.p.A. completed 
the acquisition of Distribuidora Vizcaina de Papeles 
S.L., a Spanish company that develops, manufactures 
and distributes self-adhesive materials. The purchase 
price is Euro 12,746 thousand.
On March 25, 2022, Fedrigoni S.p.A. stipulated an 
agreement regulating the acquisition of a controlling 
(50.1%) interest in Eonys SAS, a French company 
that owns the entire share capital of Tageos SAS, a 
company operating in the design, manufacturing and 
distribution of radio-frequency identification (RFID) 
inlays and tags (with the possibility of later purchasing 
the entire share capital of Eonys SAS through put 
and call options). The acquisition is expected to be 
completed in the second quarter of 2022.
The Russo-Ukrainian conflict that began at the end 
of February 2022 has provoked a humanitarian crisis 
unprecedented in Europe since World War II and is 
inflicting an additional shock to a global economy still 
coping with supply chain problems and a widespread 
rapid increase in prices.  
According to the most updated authoritative 
economic surveys, the effects of the conflict could 
generate additional imbalances in manufacturing 
activity in the upcoming months, worsening the 
scarcity of some commodities and risking to 
undermine the growth and benefits expected from the 
economic and manufacturing recovery.
While these events have brought economic 
uncertainty to the global environment in which the 
Fedrigoni Group operates, the Group is not materially 
exposed to the countries directly involved  
in the conflict.

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Management discussion and analysis
Report on Operations
The specialty paper industry in 2021 
Label and Self-Adhesives industry in 2021
The Group 
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
3.4.11 - Business outlook
In the initial months of 2022, the paper sales mix 
continued to improve thanks to booming demand, 
greater penetration in the packaging market and 
expansion of the specialty paper market share.
To date, this market situation has enabled the 
Group to sustain its margins by transferring the cost 
impacts to our selling prices.
We are convinced that the results of the specialty 
paper product line are achievable through 
continuous expansion of market share gained from 
our main competitors and growth in demand from 
luxury packaging producers, which are ever more 
inclined to replace plastic materials with paper.
The promising sector of self-adhesive labels and 
materials, which is showing remarkable resilience 
even during challenging economic times such as 
those of the pandemic, will be able to benefit from 
the positive effects of the strategic acquisitions 
carried out, which will not only increase the product 
range with attractive segments and expand the 
global presence, but will also make it possible 
to increase the production capacity to meet the 
growing demand and create numerous production 
and procurement synergies.
The Group is confronting the uncertainty and new 
economic shocks generated by the current conflict at 
the European Union border with moderate optimism, 
in view of the capacity demonstrated over recent 
months to deal with situations characterized by 
inflationary tensions and supply chain strains.
In addition to recovering volumes and managing 
some contingent restrictions in the supply chain, the 
Group faces the challenge of considerably higher 
raw material prices, particularly of pulp and energy, 
which at least in the short and medium term could be 
exacerbated by a possible escalation of the conflict  
in Ukraine.
These developments require the entire business 
structure to make important and necessary efforts 
to maintain margins through careful management of 
pricing policies.
Verona; April 28, 2022
on behalf of the Board of Directors
Chairman
Marco Nespolo

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Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
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—
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Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
 
 
Ancona Bari Bergamo Bologna Brescia Cagliari Firenze Genova Milano Napoli Padova Parma Roma Torino Treviso Udine Verona 
Sede Legale: Via Tortona, 25 - 20144 Milano | Capitale Sociale: Euro 10.328.220,00 i.v. 
Codice Fiscale/Registro delle Imprese di Milano Monza Brianza Lodi n. 03049560166 - R.E.A. n. MI-1720239 | Partita IVA: IT 03049560166 
Il nome Deloitte si riferisce a una o più delle seguenti entità: Deloitte Touche Tohmatsu Limited, una società inglese a responsabilità limitata (“DTTL”), le member firm aderenti al suo network e  
le entità a esse correlate. DTTL e ciascuna delle sue member firm sono entità giuridicamente separate e indipendenti tra loro. DTTL (denominata anche “Deloitte Global”) non fornisce servizi ai  
clienti. Si invita a leggere l’informativa completa relativa alla descrizione della struttura legale di Deloitte Touche Tohmatsu Limited e delle sue member firm all’indirizzo  
www deloitte com/about. 
© Deloitte & Touche S.p.A. 
 
 
Deloitte & Touche S.p.A. 
Via Enrico Fermi, 11/A 
37135 Verona 
Italia 
Tel: +39 02 83327045 
Fax: +39 02 83322593 
www.deloitte.it 
INDEPENDENT AUDITOR’S REPORT  
PURSUANT TO ARTICLE 14 OF LEGISLATIVE DECREE No. 39 OF JANUARY 27, 2010  
 
 
 
TTo the Shareholders of  
Fedrigoni S.p.A. 
 
 
RREPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS 
 
Opinion  
 
We have audited the consolidated financial statements of Fedrigoni S.p.A. and its subsidiaries (the 
“Fedrigoni Group”), which comprise the consolidated statement of financial position as at December 31, 
2021, and the consolidated income statement, the consolidated statement of comprehensive income, 
the consolidated statement of changes in equity and the consolidated statement of cash flows for the 
year then ended, and notes to the consolidated financial statements, including a summary of significant 
accounting policies. 
 
In our opinion, the accompanying consolidated financial statements give a true and fair view of the 
consolidated financial position of the Fedrigoni Group as at December 31, 2021, and of its consolidated 
financial performance and its consolidated cash flows for the year then ended in accordance with 
International Financial Reporting Standards as adopted by the European Union. 
  
Basis for Opinion  
 
We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our 
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit 
of the Consolidated Financial Statements section of our report. We are independent of Fedrigoni S.p.A. in 
accordance with the ethical requirements applicable under Italian law to the audit of the financial 
statements. We believe that the audit evidence we have obtained is sufficient and appropriate to 
provide a basis for our opinion. 
  
Responsibilities of the Directors and the Board of Statutory Auditors for the Consolidated Financial 
Statements 
 
The Directors are responsible for the preparation of consolidated financial statements that give a true 
and fair view in accordance with International Financial Reporting Standards as adopted by the European 
Union, and, within the terms established by law, for such internal control as the Directors determine is 
necessary to enable the preparation of consolidated financial statements that are free from material 
misstatement, whether due to fraud or error. 
 
In preparing the consolidated financial statements, the Directors are responsible for assessing the 
Fedrigoni Group’s ability to continue as a going concern, disclosing, as applicable, matters related to

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Report on Operations
Independent Auditor's Report
Consolidated Financials
ANNUAL FINANCIAL REPORT
Sustainability Report
2 
 
going concern and using the going concern basis of accounting unless they have identified the existence 
of the conditions for the liquidation of Fedrigoni S.p.A. or the termination of the business or have no 
realistic alternatives to such choices. 
 
The Board of Statutory Auditors is responsible for overseeing, within the terms established by law, the 
Fedrigoni Group’s financial reporting process. 
 
AAuditor’s Responsibilities for the Audit of the Consolidated Financial Statements  
 
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements 
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with International Standards on Auditing (ISA Italia) will 
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and 
are considered material if, individually or in the aggregate, they could reasonably be expected to 
influence the economic decisions of users taken on the basis of these consolidated financial statements. 
 
As part of an audit in accordance with International Standards on Auditing (ISA Italia), we exercise 
professional judgment and maintain professional skepticism throughout the audit. We also:  
 
• Identify and assess the risks of material misstatement of the consolidated financial statements, 
whether due to fraud or error, design and perform audit procedures responsive to those risks, and 
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of 
not detecting a material misstatement resulting from fraud is higher than for one resulting from 
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the 
override of internal control. 
 
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures 
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the 
effectiveness of the Fedrigoni Group’s internal control. 
 
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by the Directors. 
 
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, 
based on the audit evidence obtained, whether a material uncertainty exists related to events or 
conditions that may cast significant doubt on the Fedrigoni Group’s ability to continue as a going 
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our 
auditor’s report to the related disclosures in the consolidated financial statements or, if such 
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence 
obtained up to the date of our auditor’s report. However, future events or conditions may cause the 
Fedrigoni Group to cease to continue as a going concern. 
 
• Evaluate the overall presentation, structure and content of the consolidated financial statements, 
including the disclosures, and whether the consolidated financial statements represent the underlying 
transactions and events in a manner that achieves fair presentation. 
 
3 
 
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Fedrigoni Group to express an opinion on the consolidated financial 
statements. We are responsible for the direction, supervision and performance of the Fedrigoni 
Group audit. We remain solely responsible for our audit opinion. 
 
We communicate with those charged with governance, identified at an appropriate level as required by 
ISA Italia, regarding, among other matters, the planned scope and timing of the audit and significant 
audit findings, including any significant deficiencies in internal control that we identify during our audit. 
 
 
RREPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS  
 
OOpinion pursuant to art. 14 paragraph 2 (e) of Legislative Decree 39/2010 
 
The Directors of Fedrigoni S.p.A. are responsible for the preparation of the report on operations of the 
Fedrigoni Group as at December 31, 2021, including its consistency with the related consolidated 
financial statements and its compliance with the law. 
 
We have carried out the procedures set forth in the Auditing Standard (SA Italia) n. 720B in order to 
express an opinion on the consistency of the report on operations, with the consolidated financial 
statements of the Fedrigoni Group as at December 31, 2021 and on its compliance with the law, as well 
as to make a statement about any material misstatement. 
 
In our opinion, the above-mentioned report on operations is consistent with the consolidated financial 
statements of the Fedrigoni Group as at December 31, 2021 and is prepared in accordance with the law. 
 
With reference to the statement referred to in art. 14, paragraph 2 (e), of Legislative Decree 39/2010, 
made on the basis of the knowledge and understanding of the Fedrigoni Group and of the related 
context acquired during the audit, we have nothing to report. 
 
 
DELOITTE & TOUCHE S.p.A. 
 
Signed by 
PPier Valter Azzoni 
Partner 
 
 
Verona, Italy  
April 29, 2022 
 
 
This independent auditor’s report has been translated into the English language solely for the convenience of 
international readers. Accordingly, only the original text in Italian language is authoritative.

127
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FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
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—
—
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Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Consolidated
Financials

128
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
Consolidated Balance Sheet
(in thousands of Euros)
At December 31,
Note
2021
Restated 2020 (*)
Non-current assets
Property, plant and equipment
6
416,404
404,179
Intangible assets
7
369,949
336,970
Investment property
8
250
283
Equity-accounted investments in associates
9
2,096
2,854
Tax credits
10
12,348
11,826
Deferred tax assets
11
45,029
43,324
Other non-current assets
13
5,280
1,369
Total non-current assets
851,356
800,805
Current assets
Inventories
12
371,191
291,588
Trade receivables
14
177,473
165,772
Tax credits
10
6,011
7,696
Other current assets
13
47,554
25,873
Cash and cash equivalents
15
265,272
273,342
Derivatives
16
5,806
1,604
Total current assets
873,307
765,875
Non-current assets held for sale
6
2,484
Total assets
1,727,147
1,566,680
Share capital
40,000
40,000
Reserves and retained earnings/losses
187,632
142,241
Equity attributable to owners of the parent
17
227,633
182,241
Non-controlling interests 
3,645
311
Total equity
231,278
182,552
Non-current liabilities
Due to banks and other lenders
18
769,414
818,487
Employee benefits
19
19,432
21,595
Provisions for risks and charges
20
24,672
33,504
Deferred tax liabilities
11
40,581
38,560
Other non-current liabilities
21
2,001
3,263
Derivatives
16
1,467
Total non-current liabilities
856,100
916,876
Current Liabilities
Due to banks and other lenders
18
73,510
56,992
Trade payables
21
468,191
311,033
Tax liabilities
22
15,474
34,570
Other current liabilities
21
81,822
63,125
Derivatives
16
772
1,532
Total current liabilities
639,769
467,252
Total liabilities
1,495,869
1,384,128
Total equity and liabilities
1,727,147
1,566,680
(*)The amounts of 2020 were restated pursuant to IFRS 3 as described in “Significant events of the year”.
Consolidated Income Statement 
(in thousands of Euros)
Year ended December 31,
Note
2021
2020
Sales revenues
23
1,602,857
1,315,242
Other operating income
24
32,355
13,145
Cost of materials
25
(925,563)
(732,346)
Cost of services
26
(305,663)
(263,036)
Cost of personnel
27
(249,218)
(208,589)
Other costs
28
(3,645)
(10,971)
Depreciation, amortization and impairment losses
29
(76,906)
(73,661)
Change in inventories of work in progress, semi-finished goods and 
finished products
29,118
3,898
Cost of capitalized in-house work
1,493
1,674
Operating income
104,828
45,356
Financial income
23,724
22,188
Finance costs
(68,464)
(76,203)
Net financial income/(costs)
30
(44,740)
(54,015)
Share of profits of associates
349
39
Profit/(loss) before tax
60,437
(8,620)
Income tax
31
(23,950)
26,721
Net profit/(loss) from continuing operations
36,487
18,101
    - attributable to owners of the Parent
36,445
18,392
    - attributable to non-controlling interests
42
(291)
Net profit/(loss) from discontinued operations
32
(25,992)
    - attributable to owners of the Parent
(25,992)
    - attributable to non-controlling interests
Net profit/(loss)
36,487
(7,891)
Attributable to:
    - owners of the Parent
36,445
(7,600)
    - non-controlling interests
42
(291)
Earnings/(loss) per share (in Euros): - basic and diluted
33
0.46
(0.09)
Earnings/(loss) per share (in Euros): - basic and diluted from continuing 
operations 
0.46
0.23
Earnings/(loss) per share (in Euros): - basic and diluted from 
discontinued operations 
(0.32)

129
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
Consolidated Statement of Comprehensive Income 
(in thousands of Euros)
Year ended December 31,
2021
2020
Net profit/(loss) for the year
36,487
(7,891)
Other comprehensive income
Items that will not be reclassified subsequently  
to profit or loss:
Actuarial gains/(losses) on defined benefit plans
597
(909)
Income tax relating to actuarial losses
(162)
140
435
(769)
Items that will be reclassified subsequently  
to profit or loss:
Exchange differences on translating foreign operations
7,652
(20,089)
Effective portion of gains/(losses) on hedging instruments 
(cash flow hedge)
5,040
735
Income tax relating to cash flow hedge
(1,451)
(217)
11,241
(19,571)
Other comprehensive income/(loss) for the period,  
net of income tax
11,676
(20,340)
Comprehensive income/(loss) for the year
48,163
(28,231)
Income/(loss) attributable to owners of the Parent
48,096
(27,859)
Income/(loss) attributable to non-controlling interests
67
(372)

130
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
Consolidated Statement of Cash Flows 
(in thousands of Euros)
At December 31
2021
2020
Profit/(loss) before tax
60,437
(8,620)
Adjustment for:
-
-
Depreciation of property, plant and equipment
54,515
54,485
Amortization of intangible assets
19,703
19,138
Depreciation of investment property
33
38
Impairment losses on tangible and intangible assets
2,655
Charge to provision for severance indemnities
316
152
(Releases from)/charges to risk provisions
(4,069)
(3,271)
(Gains)/Losses on disposals of property, plant and equipment
(1,972)
6,433
Charges to provision for doubtful debts
1,347
1,507
Income from equity-accounted investments in associates
(349)
(39)
Net financial costs/(income)
45,502
54,015
Derivatives fair value adjustment
(762)
(94)
Cash flow from operating activities before movements in working capital and income taxes 
paid - discontinued operations
6,888
Cash flow from operating activities before movements in working capital and income 
taxes paid
177,356
130,632
Change in trade receivables
(11,594)
118,466
Change in trade payables
150,532
(7,002)
Change in inventories
(79,552)
(1,833)
Use of provisions for risks
(4,637)
(4,423)
Use of provisions for personnel
(2,246)
(2,359)
Change in other assets / liabilities
(22,041)
756
Cash generated by/(used in) operations before income taxes paid - discontinued operations
(14,464)
Cash generated by operations before income taxes paid
207,818
219,773
Income taxes paid
(17,932)
(10,585)
Net cash generated by operating activities
189,886
209,188
(in thousands of Euros)
At December 31
2021
2020
Investments in intangible assets
(15,519)
(9,604)
Investments in property, plant and equipment
(52,384)
(39,136)
Disposals of property, plant and equipment and intangible assets
1,314
1,675
Acquisition of subsidiaries or business units net of cash and cash equivalents
(41,520)
(148,286)
Sale of subsidiaries or business units net of cash and cash equivalents
5,637
10,359
New loans to Parent Company
(2,198)
Financial income received
173
508
Net cash generated by/(used in) investing activities - discontinued operations
(713)
Net cash generated by/(used in) investing activities
(104,497)
(185,197)
Dividends paid
(4,500)
Finance costs paid
(41,271)
(41,039)
Increase in securities/notes
215,619
New short-term bank loans raised
36,084
173,372
Repayment of securities/notes
(60,000)
Repayment of short-term bank loans
(19,240)
(227,933)
Repayment of financing from leasing companies
(12,046)
(9,281)
Net cash generated by/(used in) financing activities from discontinued operations
(52)
Net cash generated by/(used in) financing activities
(96,473)
106,186
Net increase/(decrease) in cash and cash equivalents for the period
(11,084)
130,177
Cash and cash equivalents at the beginning of the period
273,342
145,186
Effects of exchange rate changes on the balance of cash held in foreign currencies
3,014
(2,021)
Cash and cash equivalents at the end of the period
265,272
273,342

131
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
ANNUAL FINANCIAL REPORT
Sustainability Report
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
Consolidated Statement of Changes In Equity
(in thousands of Euros)
Share 
capital
Share premium 
reserve
Other 
reserves
Profit/(loss)  
of the year
Equity attributable to 
owners of the Parent
Capital and reserves attributable  
to non-controlling interests
Consolidated  
Net Equity
Balance at January 1, 2020
1,000
194,461
4,577
14,658
214,696
39
214,735
Net result of the period
(7,600)
(7,600)
(291)
(7,891)
Actuarial gains/(losses)
(769)
(769)
(769)
Cash Flow Hedge net of the tax effect
518
518
518
Exchange rate difference
(20,008)
(20,008)
(81)
(20,089)
Other items of Comprehensive income
(20,259)
(7,600)
(27,859)
(372)
(28,231)
 Dividends distributed
(4,500)
(4,500)
(4,500)
Other changes
(61)
(61)
(61)
Allocation of profit
14,658
(14,658)
Area Changes
39,000
(129,719)
90,684
(35)
644
609
Balance at December 31, 2020
40,000
60,242
89,599
(7,600)
182,241
311
182,552
Balance at January 1, 2021
40,000
60,242
89,599
(7,600)
182,241
311
182,552
Net result of the period
36,445
36,445
42
36,487
Actuarial gains/(losses)
435
435
435
Cash Flow Hedge net of the tax effect
3,589
3,589
3,589
Exchange rate difference
7,627
7,627
25
7,652
Other items of Comprehensive income
11,651
36,445
48,096
67
48,163
Increases
(156)
(156)
737
581
Other changes
(26)
(26)
(26)
Allocation of profit
(7,600)
7,600
Area Changes
(2,522)
(2,522)
2,530
8
Balance at December 31, 2021
40,000
60,242
90,946
36,445
227,633
3,645
231,278

132
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Notes to the Consolidated  
Financial Statement
Introduction
On April 16, 2018, Fabric (BC) S.p.A. purchased the 
entire share capital of Fedrigoni S.p.A. (the “Company” 
or “Fedrigoni”), a leading international company in the 
production and sale of various types of paper, security 
products and self-adhesive items. Fedrigoni S.p.A. 
is the Parent Company of Fedrigoni Group, whom 
included subsidiary entities operating in both the 
Specialty Paper (LPCS) Segment and the  
Self-Adhesive/Labels Segment (“Fedrigoni Group”  
or “Group”). 
On July 11, 2018, Fabric (BC) S.p.A., with a view toward 
strategic consolidation in the Paper and Security 
Segment, purchased the entire share capital of the 
Gruppo Cordenons S.p.A. (“Cordenons”) through 
Bianco (BC) S.p.A (“Bianco”), which was then absorbed 
by Cordenons.
On January 31, 2020, pursuant to Fedrigoni’s 
business plan, the Company purchased the entire 
share capital of Ritrama S.p.A. and the subsidiaries 
thereof (excluding Ritrama Holdings, Inc. and Ritrama 
Inc.), Eurotac S.p.A. and Coating Ricofin S.p.A. (the 
“Ritrama Group”). On March 13, 2020, the absorption 
merger of Eurotac S.p.A. and Coating Ricofin S.p.A. 
into Ritrama S.p.A. was approved. The Ritrama 
Group produces and distributes at a worldwide level 
adhesive and adhesive-free paper and materials  
and is a top-ranked producer of labels for the  
industrial market.
The acquisition was in part financed through the 
issuance by Fabric (BC) S.p.A. (now Fedrigoni S.p.A.) 
of senior secured floating rate notes for an aggregate 
principal amount of Euro 225,000 thousand.
During 2020, the downstream merger of parent 
Fabric (BC) S.p.A. into Fedrigoni S.p.A. took place with 
a notarial deed dated December 10, 2020 drawn up 
by Notary Public Mariella of Milan, rep. 44,544, conn. 
14,634 registered on December 11, 2020. Pursuant to 
such operation, the Company’s direct parent is the 
English company, Fedrigoni Holding Ltd.
The merger, intended to simplify the organizational 
and administrative structure of the “Fedrigoni Group”, 
was carried out with the unanimous approval of all 
the shareholders through the direct redistribution to 
the shareholders of the acquiree, Fabric (BC) S.p.A., 
of the shares of the acquirer, Fedrigoni S.p.A., and the 
issuance of 846 new Fedrigoni S.p.A. shares to non-
controlling shareholders (other than those of Fabric), 
without involving any capital increases of the acquirer 
and without any adjusting cash consideration. The 
merger deed states expressly that the accounting 
and financial effects, with the acquiree’s transactions 
incorporated into the acquirer’s financial statements, 
shall take effect on January 1, 2020, with the tax 
effects of the merger backdated to the same date.
On December 1, 2020 the Company purchased on 
its own and through its subsidiary, Arconvert S.A.U., 
the entire share capital of Venus America S.A. de C.V. 
and the subsidiaries thereof (“IP Venus Group”). The 
IP Venus Group, established in Mexico, produces and 
distributes adhesive and adhesive-free materials.
On October 28, 2020 the Brazilian subsidiary, 
Fedrigoni Brasil Papeis Ltda, was divested through a 
carve-out of the self-adhesive product business unit 
remaining among the Group’s operations.
Significant events of the year
In 2021 the Fedrigoni Group finalized three important 
acquisitions in the segment of premium self-adhesive 
labels and materials (the “FSA - Fedrigoni Self-
Adhesives/Labels” Segment, formerly known as the 
“Pressure Sensitive Labels” Segment and renamed 
in 2021) and in the segment of specialty paper (the 
“Specialty Paper (LPCS)5” Segment, formerly known as 
the “Paper and Security” Segment and renamed  
 in 2021).
On June 21, 2021, the Company purchased Acucote 
Inc. and its subsidiary Extra Port Inc., a producer and 
seller of adhesive materials, in the United States.
In the same month, it purchased 70% of Rimark S.A. 
de C.V., a self-adhesive material distributor in Mexico 
of which it had previously owned a 30% stake. The 
purchase price of Rimark was fully offset by the 
subscription price of the new shares issued by Venus 
America SA to Rimark. The new shares owned by the 
Rimark sellers represent 10% of Venus America SA’s 
share capital.
In November 2021, Pulp JV S.r.l., a pulp packaging 
company, was purchased.
During the year Fase S.r.l. was established, into 
which the business unit that included the Bollate 
plant dedicated to the production of security items 
(security threads and holograms) was transferred. On 
November 2, 2021 the Group finalized the sale of its 
investments in Fase S.r.l. and also opted to sell some 
plant and equipment (present at the Fabriano plant) 
used principally to make banknotes; the sale of these 
should conclude in 2022.
In addition, the consolidated information of the 
prior year has been restated to recognize the 
definitive amounts of the IP Venus Group purchase 
price allocation. In accordance with IFRS 3, the 2020 
consolidated statement of financial position has been 
restated by reclassifying Euro 2,933 thousands from 
provisions for risks and charges to inventories for Euro 
1,666 thousands and to trade receivables for Euro 
1,267 thousands; the restatement has been recorded 
in order to adjust the amount of the inventories and 
the trade receivables to their fair value.
On July 19, 2021, Fedrigoni redeemed Euro 60.0 
million in aggregate principal amount of 2018 Notes. 
The aggregate redemption price of the Redeemed 
Notes consisted of 100.00% of the aggregate nominal 
amount of the Redeemed Notes and accrued unpaid 
interest on the Redeemed Notes up to but not 
including the Redemption Date.
5 Luxury Packaging and Creative Solutions

133
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
1. General information
Fedrigoni S.p.A. is a company incorporated and 
domiciled in Italy and organized under Italian law.
The Company, whose registered office is located 
at Via Enrico Fermi, 13/F – Verona, was incorporated 
on August 5, 1999 under the name Papelco S.r.l. It 
changed its name to Fedrigoni Cartiere S.p.A. on 
December 18, 1999 and then to Fedrigoni S.p.A. on 
January 1, 2011. 
Fedrigoni Holding Ltd. (the “Parent company”), an 
English company whose registered office is located 
in London at 1 Bartholomew Lane, has a controlling 
interest in Company, with 99.99% of the voting rights.
The Fedrigoni Group (the “Group”) produces and sells 
specialty paper with a high added value (“Specialty 
Paper (LPCS)”) and premium self-adhesive labels and 
materials (“FSA – Fedrigoni Self-Adhesives/Labels”). 
Specifically, it produces, converts and distributes 
worldwide coated and uncoated graphic papers for 
the general and specialized press and for publishing, 
bookbinding, packaging, finishing and converting 
applications for commercial and personal use, 
technical and industrial use, office use, and artistic 
and scholastic use. In addition, the Group produces, 
converts and distributes worldwide premium self-
adhesive labels and materials. The Group’s main 
brands are Fedrigoni, Fabriano and Cordenons  
in the Specialty Paper (LPCS) Segment, and Arconvert, 
Ritrama, Manter and IP Venus in the Fedrigoni  
Self-Adhesives/Labels Segment.
The consolidated financial statements were 
approved by the Company’s Board of Directors  
on April 28, 2022. 
2. Summary of accounting 
standards
Provided below are the main accounting standards 
and principles applied in the preparation of the 
Group’s consolidated financial reports.
2.1 Basis of preparation
The Consolidated Financial Statements have been 
prepared in accordance with the International 
Financial Reporting Standards issued by the 
International Accounting Standards Board and 
adopted by the European Union, and with the 
provisions issued in enactment of Italian Legislative 
Decree n. 38/2005, Article 9. The term “EU-IFRS” 
means the International Financial Reporting Standards 
(IFRS), all International Accounting Standards (IAS), 
and all Interpretations of the International Financial 
Reporting Interpretations Committee (IFRIC, 
previously known as the Standing Interpretations 
Committee, or SIC) which, as of the date of approval 
of the Consolidated Financial Statements, have been 
endorsed by the European Union in accordance with 
the procedures established by Regulation (EC) no. 
1606/2002 of the European Parliament and of the 
Council of July 19, 2002. The Consolidated Financial 
Statements have been prepared according to the 
best knowledge of the EU-IFRS and taking into 
consideration the best doctrine applicable. Any 
future changes in interpretation or orientation will be 
reflected in subsequent periods as established at the 
time by applicable accounting standards.
The Consolidated Financial Statements have been 
prepared on a going concern basis, as the Directors 
have verified the Group’s ability to meet its obligations 
in the foreseeable future and specifically in the next  
12 months.
A description of how the Group manages financial 
risk, including both liquidity and equity risk, is provided 
in Note 3 regarding the management of financial risks.
The Consolidated Financial Statements are 
presented in Euros, the currency used in the 
economies in which the Group primarily operates; 
the figures are rounded off to the thousands, except 
where stated otherwise. The rounding off could 
cause discrepancies in the tables between the total 
amounts and the sums presented.
Below is a description of the financial statements 
and related classification criteria adopted by the 
Group as envisaged in IAS 1 – Presentation of 
Financial Statements:
• The consolidated statement of financial position 
has been prepared by classifying assets and 
liabilities as either current or non-current; 
• The consolidated income statement has been 
prepared by classifying operating costs by  
their nature;
• The consolidated statement of comprehensive 
income includes both the net profit for the period 
as shown in the consolidated income statement 
and the other changes in equity resulting from 
transactions not entered into with shareholders of 
the Company;
• The consolidated statement of cash flows has been 
prepared by showing the cash flows resulting from 
operations by way of the “indirect approach”.
The Consolidated Financial Statements have been 
prepared under the historical cost convention, 
except for financial assets measured at fair value 
through other comprehensive income, financial 
assets measured at fair value through profit and 
loss, and derivative financial instruments, which have 
been measured at fair value. The carrying amounts 
of hedged assets and liabilities have been adjusted 
to reflect the fair value changes for the hedged risks 
(fair value hedge).

134
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
2.2 Basis and method of consolidation
Described below are the criteria adopted by the Group 
in determining the companies to be consolidated 
in terms of subsidiaries and associates and their 
respective consolidation methods.
Consolidated companies
Subsidiaries
The Consolidated Financial Statements include 
those of the Company and companies over which, in 
accordance with IFRS 10, Fedrigoni S.p.A. exercises 
control either directly or indirectly by virtue of direct 
or indirect ownership of the majority of voting rights 
or the exercise of dominant influence in terms of 
the power to make decisions about the financial 
and operating policies of the companies/entities, 
obtaining the related benefits, regardless of the 
ownership interest. All subsidiaries are included in the 
consolidation perimeter from the date on which they 
are acquired until the date on which control over the 
subsidiary ceases. 
Subsidiaries are consolidated on a line-item basis  
as described below:
• the assets and liabilities, income and expenses are 
consolidated line by line, with non-controlling interests 
allocated their share of equity and net profits as shown 
separately in the statement of changes in equity, 
consolidated income statement, and consolidated 
statement of comprehensive income;
• business combinations which, during the period 
under review, result in acquiring control over an entity 
are recognized using the acquisition method under 
IFRS 3. The acquisition cost is the fair value, at the 
control transfer date, of assets acquired, liabilities 
assumed, and equity instruments issued. Transaction 
costs are recognized through profit or loss on the 
date on which the related services are provided. The 
assets, liabilities and contingent liabilities acquired 
are recognized at their fair value at the acquisition 
date. The difference between the acquisition cost 
and the fair value of the assets and liabilities acquired 
is recognized, if positive, among intangible assets as 
goodwill or, if negative and after verifying the proper 
measurement of the fair value of the assets and 
liabilities acquired and their acquisition cost, through 
profit or loss. If the fair value of the identifiable assets 
and liabilities acquired can be determined only 
provisionally, the business combination is recognized 
using the provisional values. Any adjustments 
resulting from the measurement process are 
recognized within twelve months from the acquisition 
date, and the comparative figures are remeasured;
• the acquisition of non-controlling interests related to 
entities in which there is already control, or the sale 
of non-controlling interests that do not result in a 
loss of control, are considered equity transactions. 
This means that, in the event of acquisition or sale of 
non-controlling interests that result in control being 
maintained, any difference between the acquisition/
sale cost and the related share of equity acquired/
sold is recognized in equity; 
• receivables, payables, income and expenses 
between the consolidated companies as well as 
significant profits and losses and related tax effects 
resulting from transactions conducted between 
companies and not yet realized with other parties are 
eliminated, with the exception of unrealized losses, 
which are not eliminated if the transaction provides 
evidence of an impairment loss of the business 
transferred. Also eliminated, if material, are reciprocal 
receivables and payables, revenues and expenses, 
financial income and finance costs;
• profits or losses resulting from the sale of equity 
interests in consolidated companies that results 
in a loss of control over that entity are recognized 
through profit or loss in an amount equal to the 
difference between the selling price and the 
corresponding share of the equity sold.
The financial statements of subsidiaries are prepared 
with reporting periods ending on December 31, which 
is the same reporting date for the Consolidated 
Financial Statements, and have been prepared and 
approved by the boards of directors of the respective 
entities and adjusted, as necessary, to ensure 
uniformity in the accounting standards adopted within 
the Group.

135
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Associates 
Associates are companies over which the Group 
exercises significant influence, which is the power to 
contribute to determining the financial and operating 
policies of the entity without having either control 
or joint control. Significant influence is assumed to 
exist when at least 20% of the exercisable voting 
rights is held either directly or indirectly through 
subsidiaries. When determining the existence of 
significant influence, potential voting rights that are 
actually exercisable or convertible are also taken into 
account. Investments in associates are measured 
using the equity method and initially recognized at the 
cost incurred for their acquisition. A description of the 
equity method is provided hereunder:
• the carrying value of these investments is aligned 
with the equity held and adjusted, as necessary, 
in application of the EU-IFRS; this includes the 
recognition of the greater value attributed to the 
assets and liabilities and any goodwill established at 
the time of acquisition; 
• profit or loss attributable to owners of the parent 
company is recognized from the date on which 
significant influence began until the date on which it 
ceases; if realized losses of a company measured at 
equity should result in negative equity, the carrying 
value of the investment is eliminated, and any excess 
attributable to the owners of the parent is recognized 
in a specific reserve if the parent has undertaken 
to meet the associate’s legal or other constructive 
obligations; changes in equity for companies 
measured at equity that are not related to  
net profits are recognized as a direct adjustment  
to equity reserves;
• significant unrealized profits and losses generated 
on transactions between the Company, its 
subsidiaries and equity-accounted associates are 
eliminated based on the value of the equity interest 
that the Group owns in the associate; unrealized 
losses are eliminated, with the exception of cases in 
which such losses represent an impairment loss.
A list of subsidiaries and associates, which includes 
information on their headquarters and the respective 
ownership interests, is provided in Annex 1. 
Translation of foreign currency balances
The financial statements of subsidiaries and 
associates are prepared using the currency of the 
primary economy in which they operate (i.e. the 
“functional currency”). The rules for translating 
financial statements expressed in a currency other 
than the Euro are as follows:
• assets and liabilities are translated using  
the exchange rates in effect at the end  
of the reporting period;
• income and expenses are translated at the average 
exchange rate for the reporting period;
• the translation reserve shown in the statement of 
comprehensive income includes both the exchange 
rate differences generated by the translation of 
balances at a different rate from that of the closing 
date and those generated by the translation of 
opening equity balances at a different rate from that 
of the reporting date; 
• the goodwill and fair-value adjustments relating to the 
acquisition of foreign entities are treated as assets 
and liabilities of the foreign entity and translated at 
the end-of-period exchange rate.
The companies in the consolidation perimeter at 
December 31, 2021 whose functional currency differs 
from the Euro are Fedrigoni UK Ltd (GBP), Fedrigoni 
Asia Ltd (HKD), Arconvert-Ritrama do Brasil Ltda (BRL), 
GPA Holding Company Inc. (USD), Fedrigoni Trading 
(Shanghai) Company Limited (CNY), Concept Couleurs 
Sàrl(*) (CHF), Ritrama A.G.(*) (CHF), Distribuidora 
Ritrama Ecuador Disritrec S.A. (USD), Inversiones San 
Aurelio Srl (DOP), Ritrama Autoadesivos Ltda (BRL), 
Ritrama Caribe Srl (DOP), Ritrama S.A. Chile (USD), 
Ritrama (Hefei) Pressure Sensitive Coated Materials 
Co.Limited (CNY), Ritrama S.A.S. (COP), Ritrama 
Costa Rica S.A. (CRC), Ritrama Guatemala S.A. (GTQ), 
Ritrama Perù SAC (USD), Ritrama Converting (PTY) 
LTD (ZAR), Ritrama UK Ltd (GBP), Venus America, S.A. 
de C.V. (MXN), Industrial Papelera Venus, S.A. de C.V. 
(MXN), Servicios De Personal Rolosa, S.A. de C.V. 
(MXN), Ritrama Poland Sp. Z.o.o. (PLN), Rimark S.A. de 
CV (MXN), Acucote Inc. (USD), Extra Port Inc. (USD) 
Fedrigoni Indonesian Trading (IDR) and Fedrigoni 
Bangladesh (BDT).

136
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
The exchange rates used to translate the financial 
statements of companies with a different functional 
currency from the Euro are reported in the  
following table:
Average for 12 months 
ended December 31,
At December 31,
Currency
2021
2020
2021
2020
BDT
100.6313
96.9355
97.1771
104.0605
BRL
6.3779
5.8943
6.3101
6.3735
CHF
1.0811
1.0750
1.0331
1.0802
CNY
7.6282
7.8747
7.1947
8.0225
COP
4,429.4793
4,217.0600
4,598.6800
4,202.3400
CRC
734.9250
668.7550
727.1065
750.5557
DOP
67.5229
64.6052
64.9469
71.4411
GBP
0.8596
0.8897
0.8403
0.8990
GTQ
9.1517
8.8227
8.7414
9.5650
HKD
9.1932
8.8587
8.8333
9.5142
IDR
16,920.7162
16,627.3687
16,100.4200
17,240.7600
MXN
23.9852
24.5194
23.1438
24.4160
PLN
4.5652
4.4430
4.5969
4.5597
USD
1.1827
1.1422
1.1326
1.2271
ZAR
17.4766
18.7655
18.0625
18.0219
(*) Concept Couleurs Sàrl and Ritrama A.G. were closed during 2021.
Translation of foreign currency items
Transactions in a currency other than the functional 
currency are recognized at the exchange rate in effect 
on the date of the transaction. Monetary assets and 
liabilities denominated in a currency other than the 
Euro are subsequently adjusted at the exchange 
rate in effect at the end of the reporting period. 
Non-monetary assets and liabilities denominated 
in a currency other than the Euro are recognized 
at historical cost using the exchange rate in effect 
when the transaction was initially recognized. Any 
currency differences arising from such translation are 
recognized in the consolidated income statement.
2.3 Accounting policies
Property, plant and equipment
Property, plant and equipment are measured at 
purchase or production cost net of accumulated 
depreciation and any impairment losses. The 
purchase or production cost includes any charges 
incurred directly to bring the assets to working 
condition for their intended use, as well as any charges 
for disposal and removal that should be incurred as a 
result of contractual obligations that require restoring 
the asset to its original condition. Finance costs 
directly attributable to the purchase or construction of 
qualified assets are capitalized and depreciated over 
the useful life of the related asset.
Expenditure incurred for routine and/or cyclical 
maintenance and repairs is fully recognized directly 
in the income statement of the period in which 
they are incurred. Costs related to the expansion, 
modernization or improvement of structural 
components of owned assets are capitalized when 
such components meet the requirements for 
separate classification as assets or part of an asset 
in application of the component approach, which 
establishes that each component subject to separate 
determination of its useful life and related value must 
be treated individually.
Depreciation is recognized monthly on a straight-line 
basis based on rates that enable the asset to be fully 
depreciated by the end of its useful life.
The useful lives estimated by the Group for the 
main categories of fixed assets are reflected in the 
following depreciation rates:
Land
Not depreciated
Buildings
2.5%
Plant and machinery
5-10%
Equipment
7-12.5%
Other tangible assets
7-20%
The useful lives of property, plant and equipment and 
the residual value of such assets are reviewed and 
updated as necessary at the end of each year. Land is 
not depreciated. 
Leases
At the inception of a contract, the Group assesses 
whether the contract is, or contains, a lease, i.e., 
whether the contract conveys the right to control 
the use of an identified asset for a period of time in 
exchange for consideration. The Group adopts a single 
recognition and measurement model for all leases, 
excluding short-term leases and leases of low-value 
assets. The Group recognizes the liabilities referring 
to lease payments and the right-of-use asset, which 
represents the right to use the underlying asset  
in the lease.
Right-of-use asset
The Group recognizes the right-of-use assets at the 
commencement date of the lease (the date on which 
the underlying asset is available for use). The right-
of-use asset is measured at cost less accumulated 
depreciation and accumulated impairment losses, 
adjusted by any remeasurements of lease liabilities. 
The cost of the right-of-use asset comprises the 
amount of lease liability recognized, the initial direct 
costs incurred, and any lease payments made 
at or before the commencement date, less any 
lease incentives received. The right-of-use asset 
is depreciated on a straight-line basis from the 
commencement date to the end of the useful life of 
the underlying asset or, if earlier, to the end of the 
lease term.
If the lease transfers ownership of the underlying 
asset to the lessee by the end of the lease term, 
or if the cost of the right-of-use asset reflects that 
the lessee will exercise a purchase option, the

137
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
lessee depreciates the right-of-use asset from the 
commencement date to the end of the useful life of 
the underlying asset. 
The right-of-use assets are subject to impairment 
testing. More information is provided in the section on 
impairment testing.
Lease liability
At the commencement date of the lease, the Group 
measures the lease liability at the present value of 
the lease payments that are not paid at that date. 
The lease payments due include fixed payments 
less any lease incentives receivable, variable lease 
payments that depend on an index or a rate, and 
amounts expected to be payable under residual 
value guarantees. The lease payments also include 
the exercise price of a purchase option if the Group 
is reasonably certain to exercise that option and the 
payments of penalties for terminating the lease, if the 
lease term reflects the Group exercising an option to 
terminate the lease.
Variable lease payments that do not depend on an 
index or a rate are recognized as costs in the period 
in which the event or condition that generated the 
payment occurs.
In calculating the present value of the lease 
payments due, the Group uses the incremental 
borrowing rate at the commencement date if the 
implicit interest rate cannot be determined easily. 
After the commencement date, the lease liability 
is increased to reflect interest on the lease liability 
and reduced to reflect the lease payments made. 
Moreover, the carrying amount of the lease liability 
is remeasured to reflect any lease modifications or 
revised contractual terms for payment modifications; 
it is also remeasured to reflect any changes in the 
assessment of whether the option to purchase the 
underlying asset is reasonably certain to be exercised 
or modifications in future payments deriving  
from a change in the index or rate used to determine 
such payments.
Short-term leases and leases of low-value assets
The Group applies the exemption for recognizing 
short-term leases (those that, at the commencement 
date, have a term of 12 months or less and do not 
contain a purchase option). The Group also applies the 
exemption for leases with low-value assets mainly to 
leases for office equipment considered to have a low 
value. The payments on short-term leases and low-
value leases are recognized as costs on a straight-line 
basis over the lease term.
Intangible assets
Intangible assets are identifiable, non-monetary 
items without physical substance, which generate 
future economic benefits. Goodwill is included when 
acquired for valuable consideration. Intangible assets 
are recognized at purchase and/or production cost 
including any directly attributable expenses incurred 
to prepare the asset for use and net of accumulated 
amortization and any impairment losses. Any interest 
expense accrued during and for the development 
of intangible assets is considered part of the 
purchase cost. 
Amortization begins when the asset is available for 
use and is recognized systematically in relation to the 
remaining useful life of the asset.
Intangible assets with a finite useful life are 
amortized on a straight-line basis over their useful 
life, i.e. the estimated period in which such assets 
will be used by the Group. Intangible assets with a 
finite useful life are tested for impairment in order 
to determine whether those assets have suffered a 
loss in value (impairment loss) whenever there is any 
indication thereof.
Intangible assets with an indefinite useful life are 
not depreciated, but they are tested for impairment at 
least annually). The impairment test is described in the 
section on “impairment losses”.
When part or all of a previously acquired business is 
sold, and goodwill had emerged on the acquisition, the 
corresponding residual value of goodwill is taken into 
account in determining the capital gain or capital loss 
on the sale.

138
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
(a) Industrial patents and intellectual property rights
Patents and intellectual property rights are amortized 
on a straight-line basis over their useful life. 
(b) Concessions, licenses and trademarks
Concessions, licenses and trademarks are amortized 
on a straight-line basis over their respective term 
except for the Fedrigoni, Fabriano and Cordenons 
brands, emerging when accounting for the Fedrigoni 
Group and Cordenons Group acquisitions, which 
are measured using the royalty method and are not 
amortized because they have indefinite useful lives, 
but are tested annually for impairment.
Costs for software licenses, including expenses 
incurred in order to make the software ready for use, 
are amortized on a straight-line basis over a period of 
3 years.
Costs related to software maintenance are 
expensed as incurred. 
(c) Customer relationships
“Customer relationships” (emerging when accounting 
for the Fedrigoni Group, Gruppo Cordenons S.p.A., 
Ritrama Group, IP Venus Group and Acucote Inc. 
acquisitions), included among the “other intangible 
assets”, represents the total contractual relationships 
(supply agreements, service agreements, etc.) and 
non-contractual relationships with customers, and 
is measured with the discounted cash flow method 
(under the income approach). The assets are 
amortized over their useful life, estimated as six years 
for the Fedrigoni Group, twelve years for the Gruppo 
Cordenons S.p.A., eighteen years for the Ritrama 
Group, sixteen years for the IP Venus Group and 
nineteen years for Acucote Inc. 
With respect to the allocation regarding the recent 
acquisition of Acucote Inc., the Group considers the 
process of identification of the fair value of the assets 
acquired and of the related useful lives to be complete.
(d) Research and development costs
Research costs are expensed as incurred, whereas 
development costs are recognized as intangible 
assets when all the following conditions are met: 
• the project is clearly identified and the related costs 
can be reliably identified and measured;
• the technical feasibility of the project has been 
demonstrated;
• the intention to complete the project and to sell the 
intangible assets generated has been demonstrated;
• a potential market exists or, in the event of internal 
use, the utility of the intangible asset to produce  
the intangibles generated by the project  
has been demonstrated;
• the technical and financial resources needed to 
complete the project are available.
The amortization of any development costs 
recognized as intangible assets begins on the date on 
which the project becomes marketable.
In an identified internal project for the creation 
of an intangible asset, if the research stage is 
indistinguishable from the development stage, the 
cost of this project is fully recognized through profit or 
loss as if there had only been a research stage.
Impairment of property, plant, equipment  
and intangible assets
At each reporting date, a review is performed to 
determine whether there is any indication that assets 
have suffered an impairment loss. Both internal and 
external sources of information are taken into account 
for the impairment testing. Internal sources include: 
the obsolescence or physical deterioration of the 
asset, any significant changes in the use of the asset, 
and the financial performance of the asset compared 
to expectations. External sources of information 
include: trends in the market price of the asset; any 
technological, market or legislative changes; trends in 
market interest rates or in the cost of capital used to 
measure the value of the investment.
If any such indication exists, the recoverable value 
of the asset is estimated, and any impairment loss 
compared to the current carrying value is recognized 
in the income statement. The recoverable value of 
an asset is its fair value less any costs to sell or its 
value in use (i.e. the present value of estimated future 
cash flows generated by the asset), whichever is 
greater. To determine value in use, the present value 
of expected future cash flows is calculated using a 
pre-tax discount rate that reflects the current market 
values of the cost of money based on the investment 
period and the risks specific to the asset. For an asset 
that does not generate sufficiently independent cash 
flows, the recoverable value is determined for the 
cash-generating unit to which the asset belongs. 
An impairment loss is recognized when the carrying 
value of the asset or of the related cash-generating 
unit exceeds its recoverable value. Impairment 
of cash-generating units is initially recognized as 
a reduction of the carrying value of any goodwill 
attributed to it and subsequently as a reduction of the 
other assets proportionate to their carrying values 
and to the extent of their respective recoverable 
values. If the conditions for a previous impairment loss 
should cease to exist, the carrying value of the asset 
is reinstated and recognized in the income statement 
to the extent of the net carrying value that the asset 
would have had if it had not been written down  
and all related depreciation or amortization  
had been recognized.

139
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Investment property
Investment property is property owned for the 
purpose of receiving rent payments, realizing a capital 
gain on the investment, or both, which generates cash 
flows that are largely independent of the other assets. 
Investment property follows the same measurement, 
recognition and depreciation criteria applied for 
property, plant and equipment.
Trade receivables and other financial assets
Trade receivables and other financial assets are 
initially recognized at fair value and subsequently 
at amortized cost in accordance with the effective 
interest rate approach, net of any write-downs. Trade 
receivables and other financial assets are included 
among current assets, excluding those contractually 
due after twelve months from the reporting date, in 
which case they are classified as non-current assets. 
Impairment losses on receivables are recognized 
when there is objective evidence that the Group 
will not be able to collect the amount from the 
counterparty based on the terms of the related 
agreement. 
Objective evidence includes events such as: 
• significant financial difficulty of the issuer or debtor; 
• pending legal disputes with the debtor concerning 
the receivables; 
• likelihood that the debtor will declare bankruptcy 
or will initiate other such financial restructuring 
procedures.
The amount of the writedown is measured as the 
difference between the carrying value of the asset 
and the present value of the future cash flows and 
is recognized in the income statement under “other 
costs”. Uncollected receivables are eliminated from 
the statement of financial position and recognized 
in a provision for doubtful debts. If the reasons for a 
previous writedown should cease to exist in future 
periods, the value of the asset is reinstated at the 
value of its amortized cost without the writedown.
Financial assets are written off when the right to 
receive cash flows from them ceases or is transferred, 
or when the Group has substantially transferred 
all risks, rewards and control associated with the 
financial instrument to a third party.
Derivatives and hedge accounting
The Group uses derivatives to hedge against risks  
of variability in:
• interest rates with respect to the note issuance 
through Interest Rate Swaps;
• the price of greenhouse gas emission permits 
(referred to hereinafter as CO2 permits) on the 
European Union Allowances (EUA) market through 
Call Options;
• the price of pulp through Swap contracts;
• foreign exchange rates through forward contracts.
The use of derivatives is regulated by the Group’s 
policies approved by the management bodies, 
which lay down precise written procedures on the 
use of derivatives in keeping with the Group’s risk 
management strategies. Derivative agreements 
were stipulated with some of the most financially 
solid counterparties in order to reduce to a minimum 
the risk of contractual breach. The Group does not 
use derivatives for trading purposes, but to hedge 
against identified financial risks. A description of the 
criteria and methods used to manage financial risks is 
contained in the “Financial risk management” section.
Derivatives are initially measured at their fair value, 
in accordance with IFRS 13, and the attributable 
transaction costs are recognized in profit and loss 
as incurred. Subsequent to initial recognition, the 
changes in fair value are recognized in profit and loss 
if the derivatives do not qualify for hedge accounting 
due either to their type or to the Group’s decision 
not to perform effectiveness testing. Derivatives 
are designated as hedging instruments when formal 
documentation of the hedging relationship exists and 
the hedge effectiveness, tested periodically, is high, 
under IFRS 9.
Hedge accounting differs according to the purpose 
of the hedge: hedging of the exposure to variability in 
future cash flows (cash flow hedge) or of changes in 
fair value (fair value hedge):
• Cash flow hedge: the changes in the fair value of 
the derivatives that are designated, or are effective, 
for hedging future cash flows regarding probable 
transactions are recognized directly in other 
comprehensive income and other reserves, while the 
ineffective portion is recognized immediately in profit 
or loss. The amounts, which had been recognized 
directly in the Statement of Comprehensive Income 
and accumulated in equity, are included in profit  
or loss when the hedged transactions affect profit  
or loss.
• Fair value hedge: for effective hedging of exposure to 
changes in fair value, the hedged item is adjusted by 
the fair value changes attributable to the risk hedged 
with a balancing item in the income statement. 
Gains and losses deriving from measurement of the 
derivative are also recognized in profit or loss. Fair 
value changes of derivatives that do not qualify for 
hedge accounting are recognized in profit or loss as 
they occur.
In the absence of quoted prices on active markets, 
the fair value is the amount resulting from appropriate 
valuation techniques that take into account all factors 
adopted by market participants and the prices 
obtained in an actual market transaction. The fair 
value of the interest rate swaps is determined  
by discounting the future cash flows to their  
present value.

140
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Derivatives qualified as trading instruments
Derivative instruments are used for strategic and 
financial hedging purposes. However, since some 
derivatives do not meet conditions set by EU-IFRS for 
hedge accounting, those derivatives are recognized 
as trading instruments. Accordingly, the derivatives 
are initially recognized at fair value, and subsequent 
changes in fair value are recognized as components 
of financial income and finance costs for the period.
The fair value of financial instruments not listed 
on an active market is determined using valuation 
approaches based on a series of methods and 
assumptions related to the market conditions at the 
reporting date.
The fair value classification of financial instruments 
is set forth below based on the following  
hierarchical levels: 
• Level 1: fair value determined based on quoted 
(non-adjusted) prices in active markets for identical 
financial instruments; 
• Level 2: fair value determined using valuation 
techniques based on inputs that are observable in 
active markets; 
• Level 3: fair value determined using valuation 
techniques based on unobservable inputs in active 
markets.
Given the short-term nature of trade receivables and 
payables, we believe that the carrying value is a good 
approximation of their fair value.
For more information on the valuation of financial 
instruments at Fair Value based on this hierarchy,  
see Note 3.5.
Inventories
Inventories are recognized at the lower of purchase 
or production cost and net realizable value, i.e. the 
amount that the Group expects to receive on their sale 
under normal business conditions, less costs to sell. 
The cost of inventories of raw and ancillary materials, 
consumables and finished products is determined by 
using the weighted average cost method.  
The cost of finished products and semi-finished 
goods includes the costs of raw materials, direct 
labor and other production costs (based on normal 
operating capacity). Finance costs are not included 
in the measurement of inventories because the 
conditions for their capitalization are not present.
Cash and cash equivalents
Cash and cash equivalents include available bank 
deposits and other forms of short-term investment 
with a maturity not exceeding three months. At 
the reporting date, bank overdrafts are classified 
as current financial liabilities in the statement of 
financial position. The items included in cash and 
cash equivalents are measured at fair value, and 
subsequent changes are recognized through profit  
or loss.
Trade payables and other liabilities
Trade payables and other liabilities are initially 
recognized at fair value net of directly attributable 
costs and are subsequently measured at amortized 
cost using the effective interest rate method.
Financial liabilities
Financial liabilities, which relate to loans, leases and 
other payment obligations, are initially recognized 
at fair value net of transaction costs and are 
subsequently recognized at amortized cost using 
the effective interest rate method. In the event of 
changes in the expected cash flows, the value of the 
liability is recalculated in order to reflect such change 
based on the present value of the new expected cash 
flows and using the initially determined internal rate 
of return. Financial liabilities are classified among 
current liabilities, excluding those with a contractual 
maturity of twelve months after the reporting date 
and excluding those for which the Group has the 
unconditional right to defer payment for at least 
twelve months from such date.
Purchases and sales of financial liabilities are 
recognized on the transaction settlement date.
Financial liabilities are eliminated from the statement 
of financial condition when paid in full and/or when the 
Group has transferred all risks and charges related to 
the instrument.

141
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Employee benefits
Short-term benefits include wages, salaries, related 
social security charges, compensation for unused 
vacation time, and incentives and bonuses payable 
within twelve months of the reporting date. These 
benefits are recognized as components of the cost of 
personnel during the period of service. 
Pension funds
The companies of the Group have both defined-
contribution and defined-benefit plans. 
The defined-contribution plans are managed by 
external fund managers in relation to which there 
are no legal or other obligations to pay further 
contributions if the fund should have insufficient 
assets to meet the obligations toward employees. 
For those defined-contribution plans, the Group gives 
voluntary or contractually set contributions to both 
public and private pension funds. The contributions 
are recognized as costs of personnel on an accruals 
basis. Advance contributions are recognized as an 
asset to be reimbursed or used to offset any future 
payments due.
A defined-benefit plan is one that cannot be 
classified as a defined-contribution plan. In defined-
benefit plans, the amount of the benefit to be paid to 
the employee is quantifiable solely upon termination 
of employment and is tied to one or more factors, 
such as age, seniority, and salary level. As such, the 
obligations of a defined-benefit plan are determined 
by an independent actuary using the projected unit 
credit method. The present value of a defined-benefit 
plan is determined by discounting the future cash 
flows at an interest rate that is equal to that of high-
quality corporate bonds issued in the currency in 
which the liability is to be settled and which takes into 
account the term of the related pension plan. Actuarial 
gains or losses resulting from these adjustments are 
shown in the statement of comprehensive income as 
a component of such income. The Group manages 
solely one defined-benefit plan, which is the fund 
for employee severance indemnities (or “TFR”). This 
fund, which is a form of deferred remuneration, is 
mandatory for Italian companies in accordance with 
Article 2120 of the Italian Civil Code and is correlated 
to the length of employment and the salary received 
throughout the period of service. On January 1, 2007, 
Italian law no. 296 of December 27, 2006 (“2007 
Financial Law”), and subsequent law decrees and 
regulations introduced significant changes as to 
how this fund is to be handled, including the right 
for employees to choose whether their benefit is 
accumulated in a supplemental pension fund or in 
the “treasury fund” managed by INPS. As a result, 
the obligation toward INPS and the contributions to 
supplementary pension funds have, in accordance 
with IAS 19 – Employee Benefits, become defined-
contribution plans, whereas the amounts contributed 
to the TFR fund as at January 1, 2007 maintain their 
status as defined-benefit plans.
Provisions for risks and charges
Provisions for risks and charges are recognized for 
certain or probable losses and other charges of a 
given nature, but for which the amount and/or timing 
cannot be determined. The provision for agency 
termination represents amounts that could be due as 
a result of the termination of agency relationships in 
effect at the reporting date. 
Provisions are recognized only when there is a 
present obligation (legal or constructive) for a future 
outflow of economic resources that has arisen as a 
result of past events and when it is probable that such 
outflow will be required to settle the obligation. The 
amount allocated represents the best estimate of the 
amount required to settle the obligation. The discount 
rate used to determine the present value of the liability 
reflects current market values and takes into account 
the specific risk associated with each liability.
Where the effect of the time value of money is material 
and the payment dates of the obligations can be 
estimated reliably, the provisions are measured at the 
present value of the outflow expected using a rate 
that reflects current market conditions, the change 
in the time value of money, and the risks specific to 
the liability. Any increases in value of the provision 
attributable to changes in the time value of money are 
recognized as interest expense. 
Risks for which a liability is only possible are 
disclosed in the section on contingent liabilities, and 
no provision is allocated for them
Recognition of revenues 
Sales revenues
Sales revenues are recognized when the control 
over the good is transferred to the customer, which 
normally coincides with the sending or delivery of the 
good and receipt of it by the customer. The good has 
been transferred when the customer obtains control 
over it, i.e. when the customer has the capacity to 
make decisions about the use of the asset and to 
obtain benefits from it.
Within this framework, sales revenues and the costs 
for purchasing goods are measured at the fair value  
of the consideration received or due, taking into 
account any returns, rebates, sales discounts  
and quantity premiums.
The Group grants discounts to some customers 
when the product quantities they purchase during 
the period exceed the threshold established in the 
contract. Only when the threshold is exceeded, the 
discount is granted and accounted for as a reduction 
of the revenues.
In accordance with IFRS 15, the Group checks 
whether there are any contractual terms that 
represent separate performance obligations to which 
the transaction price must be allocated (such as

142
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
guarantees), and effects deriving from the presence 
of variable consideration, significant financing 
components or non-monetary exchanges that must 
be paid to the customer.
Interest income
Interest income is recognized in the consolidated 
income statement based on the effective rate of 
return. It refers primarily to interest earned on bank 
accounts
Government grants
When formally authorized and when the right to 
their disbursement is deemed definitive based on 
reasonable certainty that the Group will meet the 
underlying conditions and that the grants will be 
received, government grants are recognized based on 
the matching concept of income and expenses.
Grants relating to assets
Government grants relating to fixed assets are 
recognized as deferred income among “other 
liabilities”, either current for short-term portions or 
non-current for long-term portions. Deferred income 
is recognized in the income statement as “other 
operating income” on a straight-line basis over the 
useful life of the asset for which the grant is received.
Grants for operating expenses
Grants other than those relating to assets are 
recognized on the income statement under “other 
operating income”.
Recognition of expenses
Expenses are recognized when relating to goods or 
services acquired or consumed during the period or 
when systematically allocated.
Income taxes
Current income taxes are calculated based on the 
taxable income for the period at the tax rates in effect 
on the reporting date.
Deferred taxes are calculated for differences 
emerging between the tax base of an asset or liability 
and its related carrying value, with the exception of 
goodwill and differences related to investments in 
subsidiaries when the timing of such differences is 
subject to control by the Group and it is probable that 
they will not be recovered in a reasonably foreseeable 
time frame. Deferred tax assets, including those 
concerning accumulated tax losses, for the portion 
not offset by deferred tax liabilities, are recognized 
to the extent to which it is probable that there will 
be sufficient future taxable earnings to recover the 
deferred taxes. Deferred tax assets and liabilities are 
measured based on the tax rates expected to apply in 
the period in which the differences will be realized or 
settled.
Current and deferred taxes are recognized in the 
income statement under “income taxes”, excluding 
those related to items shown in the consolidated 
statement of comprehensive income other than 
net profits and items recognized directly in equity. 
In the latter cases, deferred taxes are recognized 
under “income taxes related to other comprehensive 
income” in the consolidated statement of 
comprehensive income and directly in equity. Income 
taxes are offset when they are assessed by the same 
fiscal authority, there is a legal right to such offsetting, 
and the net balance is expected to be settled.
Other taxes unrelated to income, such as indirect 
taxes and other duties, are included with “other costs”.
Earnings per share 
Earnings per share – basic
Basic earnings per share is calculated by dividing the 
Group’s net profit (from continuing operations and 
discontinued operations) by the weighted-average 
number of ordinary shares in circulation during the 
year, excluding treasury shares.
Earnings per share – diluted
Diluted earnings per share is calculated by dividing 
the Group’s net profit (from continuing operations and 
discontinued operations) by the weighted-average 
number of ordinary shares in circulation during the 
year, excluding treasury shares. To calculate diluted 
earnings per share, the weighted-average number 
of shares in circulation is adjusted by assuming the 
exercising of all rights that could potentially have a 
dilutive effect, and the Group’s net profit is adjusted to 
take into account any effect, net of taxes, of exercising 
such rights.

143
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Recently issued accounting standards
Adoption of the following accounting standards and 
amendments to accounting standards issued by the 
International Accounting Standards Board (“IASB”) 
and endorsed by the European Union has become 
mandatory for annual periods beginning on or after 
January 1, 2021:
Amendments to IFRS 16 - Leases: Covid-19-Related 
Rent Concessions 
On March 31, 2021, the IASB published an amendment 
called “Covid-19-Related Rent Concessions beyond 30 
June 2021 (Amendment to IFRS 16)”, which extended 
by one year the applicability of the amendment to IFRS 
16 issued in 2020, which had provided lessees with an 
exemption from assessing whether a Covid-19-related 
rent concession is a lease modification as defined by 
IFRS 16. Lessees that used such exemption in 2020 
accounted for the effects of rent concessions in the 
profit or loss of the period in which the concession 
became effective. The 2021 amendment, available only 
for entities that had adopted the 2020 amendment, is 
effective for annual reporting periods beginning on or 
after April 1, 2021 and earlier application is permitted.
The adoption of the amendment did not affect the 
Group’s consolidated financial statements because 
the exemption was not applied in 2020.
Interest Rate Benchmark Reform
On August 27, 2020, after the reform of an interest 
rate benchmark (IBOR), the IAS published “Interest 
Rate Benchmark Reform—Phase 2”, which contains 
amendments to the following standards:
• IFRS 9 Financial Instruments;
• IFRS 39 Financial Instruments: Recognition  
and Measurement;
• IFRS 7 Financial Instruments: Disclosures;
• IFRS 4 Insurance Contracts; and
• IFRS 16 Leases.
All the amendments took effect on January 1, 2021. The 
adoption of the amendments did not have any effect 
on the Group’s consolidated financial statements.
Accounting standards, amendments, and 
interpretations endorsed by the European Union, 
not effective yet and not applied in advance by the 
Group
At the reporting date, adoption of the following 
accounting standards and amendments to accounting 
standards endorsed by the European Union had not 
become mandatory yet and were not adopted early by 
the Group.
Amendments to IFRS 3, Business Combinations, 
IAS 16, Property, Plant and Equipment, IAS 37, 
Provisions, Contingent Liabilities and Contingent 
Assets, and Annual Improvements 2018-2020
On May 14, 2020 the IASB published the following 
amendments:
• Amendments to IFRS 3 Business Combinations: 
the amendments update a reference in IFRS 3 to 
the Conceptual Framework for Financial Reporting 
without changing the accounting requirements  
of IFRS 3.
• Amendments to IAS 16 Property, Plant and 
Equipment: the amendments prohibit a company 
from deducting from the cost of property, plant and 
equipment amounts received from selling items 
produced during the testing phase of the asset. 
Instead, such sales proceeds and related costs  
are to be recognized in profit or loss.
• Amendments to IAS 37 - Provisions, Contingent 
Liabilities and Contingent Assets: the amendment 
clarifies that the estimated cost of fulfilling a 
contract must comprise all costs that relate directly 
to the contract. Therefore, the estimated cost of 
fulfilling a contract includes not only incremental 
costs (for example, the cost of materials directly 
used in processing), but also all other costs that 
cannot be avoided due to the stipulation of the 
contract (for example the share of the depreciation 
charge of the machines used in fulfilling 
 the contract).
• Annual Improvements 2018-2020: amendments 
have been made to IFRS 1 First-time Adoption of 
International Financial Reporting Standards, IFRS 
9 Financial Instruments, IAS 41 Agriculture, and the 
Illustrative Examples accompanying IFRS 16 Leases.
All the amendments will become effective  
on January 1, 2022. The Directors are currently 
evaluating the possible effects of the introduction 
of the amendments on the Group’s consolidated 
financial statements.

144
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
IFRS 17, Insurance Contracts
On May 18, 2017, the IASB published IFRS 17 – 
Insurance Contracts , which shall supersede 
IFRS 4 – Insurance Contracts. The objective of the 
new standard is to ensure that an entity provides 
relevant information that faithfully represents the 
rights and obligations deriving from insurance 
contracts issued. IASB developed the standard to 
eliminate inconsistencies and weaknesses of existing 
practices through a single principle-based framework 
to account for all insurance contracts, including 
reinsurance contracts. 
The new standard also has presentation and 
disclosure requirements to improve comparability 
among insurance entities.
The standard is effective for annual periods 
beginning on or after January 1, 2023 but earlier 
application is permitted if IFRS 9 “Financial 
Instruments” and IFRS 15 “Revenue from Contracts 
with Customers” have also been applied.
The Directors do not expect the adoption of this 
standard to materially affect the Group’s consolidated 
financial statements.
IFRS Accounting standards, amendments,  
and interpretations not yet endorsed by the 
European Union
As of this writing, the European Union authorities have 
not yet completed the endorsement process needed 
for the adoption of the following amendments and 
standards.
• On January 23, 2020, the IASB issued “Amendments 
to IAS 1 Presentation of Financial Statements: 
Classification of Liabilities as Current or Non-
current”. The document intends to clarify whether 
to classify payables and other liabilities as current 
or non-current. The amendments are effective for 
annual periods beginning on or after January 1, 2023; 
earlier application is permitted. 
The Directors are currently evaluating the potential 
effects of adopting this amendment on the Group’s 
consolidated financial statements.
• On February 12, 2021 the IASB published two 
amendments: “Disclosure of Accounting Policies—
Amendments to IAS 1 and IFRS Practice Statement 
2” and “Definition of Accounting Estimates—
Amendments to IAS 8”. The amendments aim to 
improve accounting policy disclosures to provide 
more useful information to investors and to other 
primary users of financial statements, and to help 
companies to distinguish between changes in 
accounting estimates and changes in accounting 
policies. The amendments are effective for annual 
periods beginning on or after January 1, 2023; earlier 
application is permitted. 
The Directors are currently evaluating the potential 
effects of adopting this amendment on the Group’s 
consolidated financial statements.
• On May 7, 2021, the IASB published “Amendments to 
IAS 12 Income Taxes: Deferred Tax related to Assets 
and Liabilities Arising from a Single Transaction”. The 
amendments clarify how to account for deferred 
tax on some transactions that can give rise to equal 
amounts of assets and liabilities, such as leases and 
decommissioning obligations. The amendments are 
effective for annual periods beginning on or after 
January 1, 2023; earlier application is permitted. 
The Directors are currently evaluating the potential 
effects of adopting this amendment on the Group’s 
consolidated financial statements.
• On December 9, 2021, the IASB published 
“Amendments to IFRS 17 Insurance Contracts: Initial 
Application of IFRS 17 and IFRS 9 – Comparative 
Information”. The amendment is a transition option 
regarding the comparative information about the 
financial assets presented when applying IFRS 17 
for the first time. The amendment aims to avoid 
temporary accounting mismatches between 
financial assets and insurance contract liabilities 
and, therefore, will improve the usefulness of 
comparative information for the financial statement 
readers. The amendments are effective for annual 
periods beginning on or after January 1, 2023; earlier 
application is permitted. 
The Directors do not expect the adoption of the 
amendment to have a material impact on the Group’s 
consolidated financial statements.

145
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
3. Financial risk management
The Group’s business is exposed to various types 
of risk: market risk, credit risk and liquidity risk. The 
Group’s risk management strategy focuses on market 
unpredictability and aims to minimize the potential 
adverse effects on the Group’s financial performance. 
Some types of risk are mitigated through the use of 
derivatives. 
Risk management is centralized with the Treasury 
Management function, which identifies, assesses 
and hedges financial risks by working closely with the 
Group’s business units. The Treasury Management 
function provides policies and guidelines for 
monitoring risk management particularly with respect 
to foreign exchange risk, interest rate risk, credit risk, 
the use of derivative and non-derivative financial 
instruments and ways to invest excess cash.
3.1 Market risk
In performing its business activity, the Group is 
exposed to various market risks, particularly the risk  
of fluctuations of interest rates, foreign exchange 
rates, the price of CO2 permits, and pulp  
and natural gas prices.
To contain such risks within the risk management 
limits set at the start of the year, derivatives are 
stipulated for risks on interest rates, the price of CO2 
permits, pulp prices and foreign exchange.  
Interest rate risk
As a result of the debt refinancing transaction 
concluded in May and July 2018, whereby two previous 
bridge facilities were repaid, and the acquisition of the 
Ritrama Group, the Group’s financial structure uses 
variable borrowing rates based on the issuance of 
“Floating Rate Notes”, subscribed for a total nominal 
amount of Euro 805 million and redeemed in 2021 for 
a nominal amount of Euro 60 million. The yield of the 
Notes is linked to the three-month Euribor rate (with a 
0.00% floor), plus a 4.125% contractually set spread.
For the purpose of reducing the market interest rate 
risk on the Floating Rate Notes, the Group stipulated 
Interest Rate Swaps (for a nominal amount of Euro 305 
million) maturing on August 31, 2022, applying a partial 
term hedge.
To demonstrate the effects of changes in interest 
rates on the consolidated income statement and 
equity, below are the results of a sensitivity analysis, 
in line with IFRS 7, applying positive and parallel shifts 
to the zero curve of market interest rates. The shifts of 
the zero curve were equal to +/- 50 basis points.
(in thousands  
of Euros)
December 31
December 31
2021
2020
-0.50%
+0.50%
-0.50%
+0.50%
Changes to Income 
Statement
-
-
-
(122)
Changes to Equity
(2)
136
(10)
937
Foreign exchange risk
The Group conducts business on an international level, 
so it is exposed to the foreign exchange risk deriving 
from the different currencies in which it operates 
(prevalently the U.S. Dollar, British Pound Sterling and 
Brazilian Real). 
The foreign exchange risk originates from sales 
transactions that have not occurred yet and from 
assets and liabilities that are already recognized in the 
financial statements in different currencies from the 
functional currency of the individual entities. To hedge 
against risks associated with assets and liabilities 
already recognized in the financial statements in 
currencies other than the Company’s functional 
currency, in some instances currency forwards are 
used. The currency forward contracts usually have a 
maximum term of twelve months.
Price risk 
The Group is exposed to price risk primarily on its 
cellulose and energy procurement, whose costs are 
subject to market volatility. 
The Group controls the exposure to raw material 
and energy commodity price changes by monitoring 
the costs incurred against the budget, with activities 
aimed to reduce costs and volatility risk through 
negotiations with suppliers, whenever possible.
To reduce the risk of changes in pulp prices, the 
Group stipulated Swaps (for a total volume of 7,880 
tons) maturing on July 31, 2022. 
In addition, to reduce the risk of changes in CO2 
permit prices, the Group stipulated Call Options (for 
43,000 permits) maturing on March 24, 2022 and (for 
50,000 permits) on December 14, 2022.

146
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
To demonstrate the effects of price changes on the 
consolidated income statement and consolidated 
equity, below are the results of sensitivity analysis, 
as required by IFRS 7, applying positive and negative 
parallel shifts to the market price of CO2 permits  
and pulp. The price shifts were equal to +/- 1,000  
basis points.
(in thousands of Euros)
December 31
December 31
2021
2020
-10%
+10%
-10%
+10%
Changes to Equity
(720)
726
(420)
421
Accounting for derivatives
The Group holds derivatives exclusively  
for hedging purposes. 
However, although some derivatives are designated 
to hedge interest rate risk and foreign exchange risk, 
they are embedded with optional components that 
make them ineligible for hedge accounting: therefore, 
the changes in fair value of these derivatives follow 
the general rule observed for trading derivatives, i.e. 
they are recognized directly in profit and loss and 
affect the result for the period. 
The tables below set forth the notional amounts of 
the derivatives at December 31, 2021 and December 
31, 2020, according to their type. 
The tables below set forth the fair values of the 
derivatives according to their type.
(in thousands of Euros)
At December 31,
2021
2020
COP forward purchase
172,559
GBP forward sale
415
5,200
USD forward purchase
29,082
29,800
USD forward sale
7,019
5,500
(in thousands  
of Euros)
At December 31,
At December 31,
2021
2020
Negative 
Fair Value
Positive 
Fair Value
Negative 
Fair Value
Positive 
Fair Value
Commodity 
Derivatives
27
5,399
614
Interest Rate 
Derivatives
668
1,467
Currency 
Derivatives
77
407
1,532
990
Total
772
5,806
2,999
1,604

147
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Sensitivity analysis
A sensitivity analysis is set forth below, in which  
the impact of an increase/decrease in the exchange 
rates of the currencies in which the Group primarily 
operates on the profit or loss for the period  
is presented:
(in thousands  
of Euro)
Year ended December 31, 2021
USD
GBP
JPY
CNY
BRL
OTHER
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Trade receivables
11,629
(14,213)
2,636
(3,222)
768
(939)
1,002
(1,225)
2,319
(2,835)
Trade payables
(13,273)
16,223
(1,090)
1,332
(40)
49
(514)
628
(615)
751
(2,811)
3,435
Financial receivables
2,270
(2,775)
1,184
(1,447)
700
(856)
Financial payables
(4,619)
5,645
(1,524)
1,863
(508)
621
(729)
891
Cash and cash 
equivalents
4,587
(5,606)
2,362
(2,887)
201
(246)
57
(70)
386
(472)
Currency derivatives
(2,887)
3,560
(42)
58
Total
(2,293)
2,834
3,526
(4,303)
(40)
49
(53)
64
444
(544)
(135)
163
3.2 Credit risk
The credit risk essentially coincides with the amount 
of trade receivables recognized at the reporting dates. 
The Group has no significant concentration of credit 
risk and no customers that alone account for more 
than 1.10% of the Group’s sales revenues. 
All the same, procedures are in place to ensure that 
the sales of products and services are conducted 
with customers that have shown to be reliable in the 
past; moreover, insurance policies are stipulated to 
cover any unexpected losses. The Group also checks 
constantly its outstanding receivables, and monitors 
their collection within the established time limits.
The parties that handle cash and financial resource 
management are restricted to high-profile, reliable 
partners. There are two stages for recognizing 
expected credit losses (“ECLs”):
• Where the credit risk has not increased significantly 
since initial recognition, the expected credit losses 
are recognized on the basis of the estimated risk of 
default over the next twelve months (“12-month ECL”).
• Where the credit risk has increased significantly 
since initial recognition, the expected credit losses 
are recognized on the basis of the remaining life of 
the past-due receivable regardless of the time at 
which default is expected to occur (“Lifetime ECL”). 
For trade receivables and contract assets, the Group 
uses a simplified approach to calculate expected 
losses; the Group monitors changes in credit risk 
using a simplified approach based on brackets of 
shared credit risk characteristics and past-due 
days. Therefore, the Group discloses the full amount 
of expected credit losses at each reporting date. 
The Group has defined a provision matrix based on 
historical experience, adjusted for forward-looking 
information about specific types of debtors and their 
economic environment, as a tool for determining 
expected credit losses.
(in thousands of Euro)
Year ended December 31, 2020
USD
GBP
JPY
CNY
BRL
OTHER
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Trade receivables
2,947
(3,601)
922
(1,127)
-
-
683
(835)
1,146
(1,400)
1,304
(1,594)
Trade payables
(4,023)
4,918
(236)
288
(22)
27
(367)
449
(606)
741
(641)
784
Financial receivables
-
-
6
(7)
-
-
-
-
-
-
-
-
Financial payables
(144)
176
-
-
-
-
(320)
391
-
-
(99)
121
Cash and cash 
equivalents
3,423
(4,184)
1,259
(1,538)
13
(16)
151
(185)
291
(356)
110
(135)
Currency derivatives
(3,640)
2,173
(521)
649
-
-
-
-
-
-
-
-
Total
(1,437)
(518)
1,430
(1,735)
(9)
11
147
(180)
831
(1,015)
674
(824)

148
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
The Group uses non-recourse assignments of trade 
receivables. As a result of such assignments, which 
provide for the substantially total and unconditional 
transfer to the purchaser of the risks and rewards of 
the receivables transferred, such receivables  
are derecognized.
The following table sets forth an aging analysis 
of the trade receivables at December 31, 2021 and 
December 31, 2020, stating separately the provision 
for doubtful debts:
(in thousands of Euros)
At December 31, 2021
Expiring
Expired
Provision for 
doubtful debts
Total
0-30
31-60
61-90
more than 90
 
Trade receivables
151,546
26,182
4,598
1,765
5,723
(12,341)
177,473
Total
151,546
26,182
4,598
1,765
5,723
(12,341)
177,473
(in thousands of Euros)
At December 31, 2020
Expiring
Expired
Provision 
for doubtful 
debts
Total
0-30
31-60
61-90
more than 90
 
Trade receivables
128,045
21,024
10,548
6,234
12,124
(12,203)
165,772
Total
128,045
21,024
10,548
6,234
12,124
(12,203)
165,772

149
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
3.3 Liquidity risk
Liquidity risk concerns the ability to meet obligations 
arising on financial liabilities. Prudent management of 
the liquidity risk stemming from the Group’s ordinary 
operating activities entails keeping up sufficient 
levels of cash holdings, short-term securities and 
funding available through adequate credit lines. The 
Group must have adequate stand-by credit lines in 
order to finalize contracts and collect invoices, to an 
extent that ensures financial flexibility. Management 
monitors the projections of cash turnover, including 
undrawn credit lines, and available cash and cash 
equivalents, on the basis of expected cash flows. 
At December 31, 2021, the Group had stipulated 
committed credit lines of Euro 234,194 thousand, of 
which Euro 226,726 thousand was undrawn. 
The following tables set forth a maturity analysis 
of the financial liabilities at December 31, 2021 and 
December 31, 2020. The maturities are based on the 
period from the reporting date to the contractual 
maturity date of the obligations.
(in thousands  
of Euros)
At December 31, 2021
On Demand
Within 1 year
In 1 to 5 years
 Due after 5 years
Total
Total recognized
Interest rate 
derivatives  
– net balance
(668)
(668)
(668)
Currency 
derivatives – net 
balance
(1)
(1)
(1)
Leasing liabilities
(13,078)
(33,548)
(7,980)
(54,606)
(54,606)
Other financing
(57,821)
(2,270)
(60,091)
(60,091)
Bond
(2,610)
(507,578)
(218,039)
(728,227)
(728,227)
Trade payables
(468,175)
(16)
(468,191)
(468,191)
Total
(542,353)
(543,396)
(226,035)
(1,311,784)
(1,311,784)
(in thousands of 
Euros)
At December 31, 2020
On Demand
Within 1 year
In 1 to 5 years
 Due after 5 years
Total
Total recognized
Interest rate 
derivatives – net 
balance
(1,467)
(1,467)
(1,467)
Currency 
derivatives – net 
balance
(542)
(542)
(542)
Leasing liabilities
(10,891)
(27,133)
(10,722)
(48,746)
(48,746)
Other financing
(43,281)
(140)
(43,421)
(43,421)
Bond
(2,820)
(563,757)
(216,735)
(783,312)
(783,312)
Trade payables
(311,033)
(311,033)
(311,033)
Total
(368,567)
(592,497)
(227,457)
(1,188,521)
(1,188,521)

150
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
3.4 Equity risk
The Group’s objective in the area of equity risk 
management is primarily to maintain the going 
concern status in order to assure returns to 
shareholders and benefits to other stakeholders. The 
Group also has the objective of maintaining an optimal 
capital structure in order to reduce the cost of debt.
Net invested capital is calculated as the sum of 
equity attributable to the shareholders and net 
financial debt. 
Below is the breakdown of the Group’s net financial 
debt at December 31, 2021, determined in accordance 
with Committee of European Securities Regulators 
(CESR) Recommendation n. 05/054b, Paragraph 127, 
for implementation of EC Regulation n. 809/2004, and 
the gearing ratios at December 31, 2021:
(in thousands 
of Euros)
At December 31,
2021
2020
A
Cash
144
235
B
Cash equivalents
264,903
273,077
C
Other current financial assets
225
30
D
Liquidity (A+B+C)
265,272
273,342
E
Current financial debt (including 
debt instruments, but excluding 
current portion of non-current 
financial debt)
17,311
6,875
F
Current portion of non-current 
financial debt
56,199
50,117
G
Current financial indebtedness 
(E+F)
73,510
56,992
H
Net current financial 
indebtedness (G-D)
(191,762)
(216,350)
I
Non-current financial debt 
(excluding current portion and 
debt instruments)
43,797
37,995
J
Debt instruments
725,617
780,492
K
Non-current trade and other 
payables
L
Non-current financial 
indebtedness (I+J+K)
769,414
818,487
M
Total financial  
indebtedness (H+L)
577,652
602,137
Net operating invested capital
805,285
784,378
Gear ratio
71.73%
76.77%
3.5 Financial assets and financial  
liabilities by category
The following table presents the financial assets  
and liabilities aggregated by category with their fair 
values stated.
(in thousands of Euros)
At December 31, 2021
Fair value 
through 
profit or loss
Fair value 
through 
comprehensive 
income
Amortized 
Cost
Financial assets
Non current assets
Trade receivables
177,473
Other assets
26,837
Financial assets
Cash and cash 
equivalents
265,272
Current derivatives
5,806
Current assets
5,806
469,582
Non-current amounts 
due to banks and other 
lenders
769,414
Non current derivatives
Non current liabilities
769,414
Trade payables
468,191
Other liabilities
64,858
Current amounts due to 
banks and other lenders
73,510
Current derivatives
772
Current liabilities
772
606,559
(in thousands of Euros)
At December 31, 2020
Profit and 
loss fair 
value
Fair value 
through 
comprehensive 
income
Amortized 
Cost
Financial assets
Non current assets
Trade receivables
165,772
Other assets
11,289
Financial assets
Cash and cash 
equivalents
273,342
Current derivatives
1,604
Current assets
1,604
450,403
Non-current amounts 
due to banks and other 
lenders
818,487
Non current derivatives
1,467
Non current liabilities
1,467
818,487
Trade payables
311,033
Other liabilities
49,708
Current amounts due to 
banks and other lenders
56,992
Current derivatives
1,532
Current liabilities
1,532
417,733
The fair value of the derivatives was determined using 
valuation techniques based on observable inputs in 
active markets (Level 2).

151
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
4. Use of estimates  
and assumptions
The preparation of financial statements requires 
management to apply accounting policies and 
methodologies that, in some cases, depend 
upon difficult or subjective assessments and 
estimates based on experience and assumptions 
deemed reasonable and realistic given the specific 
circumstances involved. Application of such estimates 
and assumptions affects the figures reported in the 
Consolidated Financial Statements, including the 
consolidated statement of financial position, the 
consolidated income statement, the consolidated 
statement of comprehensive income, the consolidated 
statement of cash flows, and the related explanatory 
notes. The final results of the items for which such 
estimates and assumptions have been made may 
vary from those reported in the financial statements 
that show the effects of the occurrence of the event 
subject to the estimate, due to the uncertainty that 
characterizes the assumptions and the conditions on 
which the estimates were based.
The following is a brief description of the accounting 
policies that entail the greatest extent of management 
subjectivity in calculating estimates, and for which a 
change in the underlying conditions and assumptions 
could have a significant impact on the consolidated 
financial information.
(a)	
Provision for inventory obsolescence
The provision for inventory obsolescence reflects 
management’s best prudent estimate of the losses 
expected by the Group, determined on the basis  
of past experience, past trends and expected  
market trends.
Slow-moving raw materials and finished products 
are analyzed regularly on the basis of past statistics 
and the possibility to sell them at a lower price than 
that in a normal market transaction. If the analysis 
results in the need to write down the inventory value, 
an inventory provision is recognized.
(b)	
Provision for warranty claims
The provision recognized for product warranty 
claims represents management’s best estimate 
at the reporting date. The estimate entails making 
assumptions that depend on factors that may 
vary over time and may have a significant impact 
with respect to the current estimates made by 
management for the preparation of the Group’s 
financial statements.
(c)	
Goodwill and fixed assets
Goodwill and fixed assets recognized in the 
Consolidated Financial Statements are tested for 
impairment by calculating the value in use of the cash 
generating units (“CGU”) to which goodwill has been 
allocated. Using different methods for the different 
business segments, the Group conducted testing in 
which goodwill was allocated to a group of CGU that 
benefit from the synergies of the specific business 
combination (in accordance with IAS 36,  
paragraph 80).
The CGU/groups of CGU were identified, consistently 
with the Group’s organizational and business 
structure, as uniform combinations able to generate 
cash flows independently from the continuing use 
of the assets allocated to them; the structures were 
grouped together at a regional level to identify the 
benefits deriving from the synergies. 
Value in use was measured as the present value of 
the estimated future cash flows for each CGU in its 
current condition, excluding estimated future cash 
flows that could derive from future restructuring plans 
or other structural changes.
The Discounted Cash Flow (DCF) model was used, 
which requires future cash flows to be discounted with 
a risk-adjusted discount rate.
More information on the methodology used is 
reported in Note 7.
The business plan prepared by the Group’s 
management on the basis of projections of the 2021 
financial performance prepared by the subsidiaries’ 
management and approved by the Group’s 
management, used for the impairment testing, 
is based on variables controllable by the Group’s 
management and theoretical changes in exogenous 
variables not directly controllable or manageable by 
the Group’s management.  
If the main estimates and assumptions used to 
prepare the business plans should change, the value 
in use and the calculation of the recoverable value 
of the assets could change. Therefore, the Group is 
not able to assure that the assets disclosed in the 
financial statements at December 31, 2021 will not 
suffer an impairment loss in the future.

152
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
5. Segment reporting
The criteria used to identify Segments are consistent 
with the way in which the Group is managed. The 
division into Segments for reporting purposes 
corresponds to the structure of the reports 
periodically examined by the key management as 
defined in Note 36 who is considered the chief 
operating decision maker. 
The Group’s operations are split into two dedicated 
segments: the Specialty Paper (LPCS) Segment and 
the Fedrigoni Self-Adhesives/Labels (FSA) Segment. 
The Group’s management evaluates the performance 
these Segments, using the following as indicators:
• Adjusted EBITDA;
• revenues by Segment, on the basis of where the 
products are sold, not where the billing company’s 
head office is located;
• investments in property, plant and equipment.
The following tables break down Adjusted EBITDA by 
Segment, reconciled with the Group net profit.
2021:
(in thousands of Euros)
Year ended December 31, 2021
Specialty Paper (LPCS)
FSA
I/C Eliminations
Other
Total
Revenues from sales
to third Parties
667,760
935,097
-
-
1,602,857
to other Group companies
32,409
2,493
(34,902)
-
-
Total sales revenues
700,169
937,590
(34,902)
-
1,602,857
Other operating income
28,738
7,921
(4,304)
-
32,355
Operating expenses
(632,287)
(821,889)
39,168
(38,470)
(1,453,478)
Transformation costs
-
-
32,543
32,543
Other non-recurring expenses / income
(1,066)
1,527
18
-
479
Adjusted EBITDA (*)
95,554
125,149
(20)
(5,927)
214,756
Other non-recurring expenses / income
1,066
(1,527)
(18)
-
(479)
Transformation costs
-
-
(32,543)
(32,543)
Depreciation, amortization and impairment losses
(76,906)
Operating income
104,828
Income from equity-accounted investments in associates
349
Financial income
23,724
Finance costs
(68,464)
Profit/(loss) before tax
60,437
Income taxes
(23,950)
Net profit from continuing operations
36,487
Net profit/(loss)
36,487
2020:
(in thousands of Euros)
Year ended December 31, 2020
Specialty Paper (LPCS)
FSA
I/C Eliminations
Other
Total
Revenues from sales
to third Parties
540,465
774,777
-
-
1,315,242
to other Group companies
29,610
2,183
(31,793)
-
-
Total sales revenues
570,075
776,960
(31,793)
1,315,242
Other operating income
11,823
2,370
(1,048)
-
13,145
Operating expenses
(507,214)
(692,320)
32,844
(42,680)
(1,209,370)
Transformation costs
-
-
-
40,306
40,306
Other non-recurring expenses / income
6,206
822
-
-
7,028
Adjusted EBITDA (*)
80,890
87,832
3
(2,374)
166,351
Other non-recurring expenses / income
(6,206)
(822)
-
-
(7,028)
Transformation costs
-
-
-
(40,306)
(40,306)
Depreciation, amortization and impairment losses
(73,661)
Operating income
45,356
Income from equity-accounted investments in associates
39
Financial income
22,188
Finance costs
(76,203)
Profit/(loss) before tax
(8,620)
Income taxes
26,721
Net profit from continuing operations
18,101
Net loss from discontinued operations
(25,992)
Net profit/(loss)
(7,891)
(*) Adjusted EBITDA is defined by the Group as net profit before the net 
result from discontinued operations, income taxes, financial income 
and costs, the share of income from equity-accounted investments, 
depreciation, amortization, impairment losses, and any non-recurring 
income and costs. The Company believes that Adjusted EBITDA is an 
important variable for evaluating the Group’s performance, allowing it to 
be monitored in a more analytical fashion. Because this information is not 
a measurement governed by the accounting standards followed in the 
Group’s financial statements, the criteria used to determine it may not be 
consistent with those used by other groups and it should therefore not be 
compared with similar figures presented by such groups.

153
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
The shared unallocated costs (“other” in the tables 
above) are referred to the Group’s operation and 
they relate largely to corporate activities. Each 
Segment has a complete and independent structure, 
able to fulfill its own functions. Most eliminations 
(“intercompany eliminations” in the tables above) 
refer to inter-Segment margins eliminated during 
the aggregation phase. Transactions between the 
Segments are conducted at arm’s length.
“Other non-recurring expenses/income” include 
costs of Euro 1,207 thousand deriving from the 
realignment in 2021 of the accounting method adopted 
by Ritrama S.p.A. for the allocation of the 2020 MBO 
(Management By Objectives) to the Group’s method 
and the bonuses due and allocated in connection 
with M&A transactions, Euro 3,035 thousands related 
to an insurance reimbursement received by Ritrama 
Converting in relation to certain riots and raids in 
South Africa in 2021, Euro 2,400 thousand of other 
non-recurring costs mainly related to the impairment 
of Ritrama Converting assets in relation to the 2021 
riots and raids in South Africa, Euro 261 thousands 
of losses on disposal of capital assets, Euro 1,502 
thousands of stock provision related to previous years 
and only accounted for in 2021, Euro 1,972 thousands 
of gain in relation to the disposal of the remaining 
business concerning the production and distribution 
of special security products and Euro 116 thousands of 
other non-recurring costs.
“Transformation costs” refer to the total costs 
incurred for consulting services and other clearly 
identified costs primarily instrumental in transforming 
the new Group. Such costs regard the continuance 
of projects intended to create a new organizational 
structure capable of attracting new talent and 
optimizing the pre-existing departments (financial, 
operational, purchasing, sales) or are attributable to 
extraordinary merger and acquisition transactions 
aimed to define the Group’s structure. The new 
organization aims to accelerate the Group’s growth 
and create operating efficiency. 
Below is the breakdown by Segment of the 
investments in property, plant and equipment:
(in thousands of Euros)
Year ended December 31,
2021
2020
Specialty Paper (LPCS) Segment
44,881
44,463
Fedrigoni Self-Adhesive/Labels 
Segment
25,223
11,615
Total
70,104
56,078
Revenues are broken down below by  
geographical area:
(in thousands of Euros)
Year ended December 31,
2021
2020
Italy
393,494
325,596
Rest of Europe
752,220
645,365
Rest of World
457,143
344,281
Total
1,602,857
1,315,242
No single customer accounts for more than 10% of 
total revenues, and no single country besides Italy 
accounts for more than 10% of total revenues.
The non-current assets (excluding deferred tax 
assets) are broken down below by geographical area:
(in thousands of Euros)
Year ended December 31,
2021
2020
Italy
647,686
653,235
Rest of Europe
49,775
44,126
Rest of World
108,866
60,120
Total
806,327
757,481

154
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
6. Property, plant and equipment
The changes in this item are detailed below. 
(in thousands of Euros)
 Land and buildings
 Plant and machinery
 Equipment
 Other fixed assets
 Work in progress and 
advances
Rights of use
 Total
Balance at January 1, 
2020
Historical cost
266,929
797,749
20,899
22,156
20,407
38,822
1,166,962
Accumulated depreciation
(116,346)
(620,333)
(17,125)
(18,909)
(8,181)
(780,894)
Net value  
150,583
177,416
3,774
3,247
20,407
30,641
386,068
Business Combination
17,758
17,873
4,136
1,821
495
22,363
64,446
Investments
4,619
26,777
591
821
6,328
16,942
56,078
Disposals
(110)
(5,701)
14
(114)
(2,180)
(2,064)
(10,155)
Depreciation
(8,726)
(30,089)
(2,120)
(1,124)
(12,426)
(54,485)
Exchange rate difference
(4,085)
(7,969)
(283)
(266)
(639)
(1,293)
(14,535)
Reclassifications
4,233
13,717
140
113
(14,296)
(4,197)
(290)
Other changes
(408)
(11)
(25)
95
(349)
Area Changes
(5,418)
(15,417)
(28)
(324)
(1,256)
(156)
(22,599)
Balance at December 31, 
2020
158,854
176,199
6,213
4,149
8,859
49,905
404,179
Of which:
Historical cost
290,142
832,067
32,663
24,655
8,859
113,243
1,301,629
Accumulated depreciation
(131,288)
(655,868)
(26,450)
(20,506)
(63,338)
(897,450)
Balance at January 1, 
2021
Historical cost
290,142
832,067
32,663
24,655
8,859
113,243
1,301,629
Accumulated depreciation
(131,288)
(655,868)
(26,450)
(20,506)
(63,338)
(897,450)
Net value  
158,854
176,199
6,213
4,149
8,859
49,905
404,179
Business Combination
305
2,620
2,690
205
5,820
Investments
4,908
26,296
912
822
19,446
17,720
70,104
Disposals
(65)
(1,123)
(1)
(16)
(1,042)
(2,247)
Depreciation
(8,376)
(29,926)
(2,403)
(1,280)
(12,530)
(54,515)
Impairment
(2,598)
(57)
(2,655)
Exchange rate difference
699
632
323
103
19
977
2,753
Reclassifications
759
14,015
936
1,449
(10,716)
142
6,585
Other changes
(594)
297
(109)
9
(397)
Area Changes
(5,256)
(5,835)
(24)
(25)
(2,083)
(13,223)
Balance at December 31, 
2021
151,828
179,686
8,886
5,298
15,525
55,181
416,404
Of which:
Historical cost
288,210
805,053
48,856
29,180
15,525
126,910
1,313,734
Accumulated depreciation
(136,382)
(625,367)
(39,970)
(23,882)
(71,729)
(897,330)

155
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
The following table presents the changes in the  
right-of-use asset in leases at the respective  
reporting dates:
(in thousands of Euros)
 Right of use Land and buildings
 Right of use Plant and machinery
 Right of use Equipment
 Right of use Other fixed assets
 Total
Balance at January 1, 2020
Historical cost
31,998
6,824
38,822
Accumulated depreciation
(6,097)
(2,084)
(8,181)
Net value  
25,902
4,740
30,641
Business Combination
16,911
3,038
2,414
22,363
Investments
10,985
7
242
5,708
16,942
Disposals
(1,041)
(977)
(46)
(2,064)
Depreciation
(8,005)
(534)
(78)
(3,809)
(12,426)
Exchange rate difference
(1,224)
5
(74)
(1,293)
Reclassifications
(4,197)
(4,197)
Other changes
(42)
137
95
Area Changes
(156)
(156)
Balance at December 31, 2020
39,288
1,534
169
8,914
49,905
Of which:
Historical cost
66,539
32,013
242
14,449
113,243
Accumulated depreciation
(27,251)
(30,479)
(73)
(5,535)
(63,338)
Balance at January 1, 2021
Historical cost
66,539
32,013
242
14,449
113,243
Accumulated depreciation
(27,251)
(30,479)
(73)
(5,535)
(63,338)
Net value  
39,288
1,534
169
8,914
49,905
Investments
13,493
100
4,127
17,720
Disposals
(944)
(98)
(1,042)
Depreciation
(7,993)
(363)
(136)
(4,038)
(12,530)
Exchange rate difference
936
7
34
977
Reclassifications
(2)
144
142
Other changes
9
9
Balance at December 31, 2021
44,780
1,169
284
8,948
55,181
Of which:
Historical cost
78,023
32,013
481
16,393
126,910
Accumulated depreciation
(33,243)
(30,844)
(197)
(7,445)
(71,729)

156
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
With respect to the main items comprising the 
change in property, plant and equipment, “business 
combinations” reflects increases in tangible assets, 
due to the 2021 acquisitions, of Euro 3,235 thousand 
for Acucote, Euro 2,042 thousand for Pulp JV and Euro 
543 thousand for Rimark. “Area changes” reports 
the decrease in tangible assets resulting from the 
October 29, 2021 sale of the business unit that 
included the Bollate plant dedicated to the production 
of security items, and a consequent reclassification 
to “assets held for sale” of assets under an options 
contract exercised in December 2021 for the sale of 
some plant and machinery for banknote and passport 
paper production at the Fabriano plant (Euro 2,484 
thousand).
The investments of Euro 70,104 thousand for the 
year ended December 31, 2021 refer largely to the 
completion of energy efficiency projects such as work 
on the biological wastewater treatment plants in Arco 
and Verona, the new headbox for the F3 continuous 
machine at the Fabriano plant, the new embosser and 
a new broke handling system at the Verona plant, the 
new cutting line and the coating machine at the Arco 
plant, and other minor projects aimed at improving 
energy efficiency at the various plants. The right-of-
use asset includes the investments made in relation 
to the new business offices in a Milan, the Specialty 
Paper (LPCS) Segment sales branches in Florence 
and Naples, and new warehouses managed by our 
subsidiaries abroad. 
Moreover, the plans intended to maintain and 
improve the flexibility and efficiency of existing plant 
and equipment and to maintain and improve safety 
continued to be implemented at all the facilities. 
At December 31, 2021, excluding the assets under 
leases, no property, plant or equipment was put up as 
collateral on loans received by the Group. 
7. Intangible assets
The changes in this item are detailed below.
(in thousands  
of Euros)
Development costs
Patent and 
intellectual 
property rights
Concessions, 
licenses and 
trademarks
Other intangible 
assets
Goodwill
Work in progress 
and advances
Total
Balance at January 
1, 2020
53
5,762
77,356
56,270
72,608
228
212,277
Business 
Combination
443
9,463
80,521
47,930
44
138,401
Investments
707
1,912
218
(2)
122
6,647
9,604
Disposals
(18)
1
(17)
Amortization
(429)
(2,192)
(2,748)
(13,767)
(2)
(19,138)
Writedowns
(18)
18
Exchange rate 
difference
(14)
(752)
(1,172)
(1)
(1,938)
Reclassifications
290
129
68
69
(266)
290
Area Changes
59
(981)
(1,587)
(2,509)
Balance at 
December 31, 2020
621
6,081
82,625
120,332
120,660
6,651
336,970
Balance at January 
1, 2021
621
6,081
82,625
120,332
120,660
6,651
336,970
Business 
Combination
13
158
21,482
14,964
36,617
Investments
970
6,571
341
93
7,544
15,519
Disposals
(74)
(35)
(109)
Amortization
(1,066)
(2,370)
(1,692)
(14,575)
(19,703)
Exchange rate 
difference
2
4
277
628
1
912
Reclassifications
1,491
3,857
369
6
(5,356)
367
Area Changes
(213)
(318)
(93)
(624)
Balance at 
December 31, 2021
2,018
13,943
82,078
127,892
135,306
8,712
369,949

157
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Similarly to what is described above in Note 6, 
“business combinations” reflects increases in 
intangible assets, due to the 2021 acquisitions, of Euro 
21,099 thousand for Acucote, Euro 9 thousand for 
Pulp JV and Euro 545 thousand for Rimark. The item 
also includes the result of the related purchase price 
allocation (“PPA”) process.
“Area changes” reports the decrease in intangible 
assets resulting from the October 29, 2021 sale of the 
business unit that included the Bollate plant dedicated 
to the production of security items. The investments 
in intangible assets made during the year ended 
December 31, 2021 amount to Euro 15,519 thousand 
and regard primarily the cost of implementing new 
business intelligence systems and external costs 
incurred to purchase and customize software.
The goodwill allocated is set forth below  
by business segment:
(in thousands of Euros)
Year ended December 31.
2021
2020
Cash Generating Unit (CGU)
Europe Specialty  
Paper (LPCS)
16,436
12,783
Cordenons Specialty  
Paper (LPCS)
27,889
27,889
USA Specialty Paper (LPCS)
741
741
Total Specialty Paper (LPCS)
45,066
33%
41,413
34%
Italy Fedrigoni  
Self-Adhesive/Labels
6,772
6,772
Spain Fedrigoni  
Self-Adhesive/Labels
23,183
23,183
USA Fedrigoni  
Self-Adhesive/Labels
11,990
1,362
Ritrama Europe  
and other countries  
Fedrigoni  
Self-Adhesive/Labels
35,208
35,236
Ritrama Americas  
Fedrigoni  
Self-Adhesive/Labels
13,087
12,694
Total Fedrigoni  
Self-Adhesive/Labels
90,240
67%
79,247
66%
Total
135,306
100%
120,660
100%
Impairment testing
As required by IAS 36, the Fedrigoni Group tested the 
carrying amounts of the tangible and intangible assets 
recognized in its Consolidated Financial Statements 
at December 31, 2021 with respect to their recoverable 
amounts. Goodwill and trademarks with an indefinite 
useful life are tested for impairment at least annually, 
even when no indications of impairment losses  
are present.
In accordance with IAS 36, the Fedrigoni Group 
identified the CGU representing the smallest 
identifiable group of assets able to generate largely 
independent cash inflows within the Consolidated 
Financial Statements. CGU were identified by taking 
into account the organizational structure, the type 
of business and the methods with which control is 
exercised over the operation of the CGU.
The CGU identified by the Group to monitor goodwill 
operate and/or coincide with the legal entities to which 
the goodwill was allocated upon acquisition.
The CGU in which goodwill is recognized/allocated, 
on which the impairment testing was based,  
are as follows:
• Fedrigoni S.p.A. and distribution companies, Pulp JV 
S.r.l. - Europe Specialty Paper (LPCS) CGU;
• Gruppo Cordenons S.p.A. – Cordenons Specialty 
Paper (LPCS) CGU;
• Arconvert S.p,A. – Italy FSA CGU;
• Arconvert S.A.U. – Spain FSA CGU;
• GPA Holding Inc. – USA Specialty Paper (LPCS) CGU;
• GPA Holding Inc. and Acucote Inc. – USA FSA CGU;
• Ritrama Europe and Asia companies – Ritrama 
Europe and other countries FSA CGU;
• Ritrama in the Americas, IP Venus Group and Rimark 
S.A. de CV – Ritrama Americas FSA CGU.
The assets were tested for impairment by comparing 
the carrying amount attributed to the CGU, including 
goodwill, with its recoverable amount (value in use). 
The value in use is the present value of the estimated 
future cash flows to be derived from continuing use 
of the assets referring to the cash generating units 
and the terminal value allocated to them. 
In conducting the impairment test, the Fedrigoni 
Group used the most recent forecasts for the 
financial and business performance envisioned for 
2022 (as described in the section on “estimates and 
assumptions”), presuming that the assumptions and 
targets would be met. In preparing its projections, 
management made assumptions based on 
past experience and expectations about the 
developments in the business segments in which  
the Group operates.
The terminal value was calculated by using a 
growth (G) rate in line with the average inflation 
expected in the long term (2026) for the main 
countries where the CGU operate, weighted with the 
respective revenues (2021). The discount rate used 
(WACC) reflects current market assessments of 
the time value of money and the risks specific to the 
asset. Below are the details:
CGU
G rate
Pre-tax 
WACC
Post-tax 
WACC
Europe Specialty  
Paper (LPCS)
2.2%
7.5%
7.2%
Cordenons Specialty  
Paper (LPCS)
1.9%
7.5%
7.2%
FSA Italy
1.9%
7.5%
7.2%
FSA Spain
1.9%
6.8%
6.4%
USA Specialty Paper (LPCS)
2.3%
7.2%
6.8%
USA Fedrigoni  
Self-Adhesive/Labels
2.3%
7.2%
6.8%
FSA Ritrama Europe  
and other countries
2.1%
7.3%
7.0%
FSA Ritrama Americas
2.9%
11.4%
11.0%
No impairment loss emerged from the impairment 
test, which was approved by the Board of Directors on 
April 21, 2022.

158
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Since the recoverable amount is determined on the 
basis of estimates, the Group is not able to assure  
that goodwill will not suffer an impairment loss in 
future periods. 
The operating cash flow estimate was taken from the 
2022-2024 Business Plan. The estimated cash flows 
are based on the Directors’ assumptions, which are 
cohesive with the Group’s strategy in each business 
and market where it operates, and they depend on 
exogenous variables beyond management’s control, 
such as the performance of currency exchange 
and interest rates, the infrastructural investments 
of the countries where the Group operates, and 
macro-policy or social factors having a local or global 
impact. In accordance with IAS 36, such exogenous 
variables were estimated on the basis of information 
known when the business plans were drawn up and 
examined, and consider the effects of the global 
duration of the Covid-19 pandemic, which however  
are currently hard to quantify. 
In addition, the Group performed a first-scenario 
sensitivity analysis using deteriorated variables of 
the impairment test, WACC and G rate. The discount 
rate was raised by one percent, and the g rate of 
the terminal value was reduced by one percent. No 
impairment loss emerged, even in deteriorating 
market conditions, from the sensitivity analysis 
conducted for the CGU tested except for the “FSA 
USA” CGU, which would suffer impairment in the 
event of a 0.5% worsening of the WACC or G rate. The 
post-tax WACC of indifference, i.e. the discount rate 
that reduces the headroom to zero for each CGU, is 
reported in the following table:
CGU
Post-tax WACC of 
indifference
Europe Specialty Paper (LPCS)
11.4%
Cordenons Specialty Paper (LPCS)
14.3%
FSA Italy
26.9%
FSA Spain
36.9%
USA Specialty Paper (LPCS)
17.9%
USA Fedrigoni Self-Adhesive/Labels
7.3%
FSA Ritrama Europe and other countries
n/m
FSA Ritrama Americas
24.2%
In a second scenario, sensitivity analysis was carried 
out on the margins of each CGU with respect to the 
2022-2024 Business Plan, to identify the decrease rate 
that would cause a substantial correlation between 
the carrying amount of each CGU and the recoverable 
amount. In this case, with reference to the CGU with 
less headroom, a decrease in the Adjusted EBITDA 
(as defined in Note 5) exceeding 3.2%, for all the years 
of the Business Plan would lead to a substantial 
alignment of the carrying amount with the recoverable 
amount of the assets for some CGU.
Allocation of goodwill from business acquisitions
As noted, in June 2021 the Fedrigoni Group 
completed the acquisitions of Rimark S.A. de CV 
and Acucote Inc., respectively, and in November 
2021 the Group completed the acquisition of 70% 
of Pulp JV S.r.l.; these are presented as business 
combinations in accordance with IFRS 3 – “Business 
Combinations”.
The revenues and net result for 2021 of the entities 
acquired after the acquisition date, which are 
included in the consolidated statement of income for 
the year ended December 31, 2021, are shown in the 
table below.
(in thousands  
of Euros)
Year ended December 31, 2021
Acucote Inc.
Rimark SA de 
C.V.
Pulp JV S.r.l.
Revenues
33,886
4,557
233
Net income/
(loss)
1,873
50
(56)
The revenue and net result for the year 2021 of the 
target entities assuming that the acquisitions had 
occurred on January 1, 2021 (pro forma information) 
are detailed in the table below.
(in thousands  
of Euros)
Pro forma revenues and net result for the year 
ended December 31, 2021
Acucote Inc.
Rimark SA de 
C.V.
Pulp JV S.r.l. (*)
Revenues
63,192
8,033
n/a
Net income/
(loss)
4,886
104
n/a
(*) Pulp JV S.r.l. was established and acquired in November 2021.

159
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
The excess of the purchase price over the fair value 
of the net assets and liabilities acquired of Rimark 
S.A. and Pulp JV S.r.l. was recognized as goodwill and 
was quantified as Euro 685 thousand and Euro 3,652 
thousand, respectively. During the PPA process, the 
non-controlling interests were measured as a pro-
quota fair value of the net assets acquired.  
As mentioned in Note 2.3, with respect to the 
acquisition of Acucote Inc., the purchase price 
allocation was provisionally determined with the 
assistance of independent advisers in order to 
identify the fair value of the assets acquired, liabilities 
assumed and goodwill. The excess of the purchase 
price over the fair value of the net assets and liabilities 
acquired was recognized as goodwill and was 
quantified as Euro 10,627 thousand.
Under IFRS 3, if the initial accounting for a business 
combination cannot be definitively determined by 
the end of the first reporting period, because the fair 
values to be assigned to the assets and liabilities 
acquired can be determined only provisionally, the 
accounting must use provisional amounts, and within 
12 months from the acquisition date the adjustments 
to the provisional amounts must be recognized, 
effective retrospectively, thus determining the 
definitive balances of the acquisition.
The fair value measurement of the assets and 
liabilities acquired (excluding the deferred tax assets 
and liabilities, employee benefits and non-current 
assets held for sale, recognized in accordance with 
the applicable accounting standards) and the price 
paid are set forth below:
(in thousands of Euro)
Acucote Inc.
Rimark SA de CV
Pulp JV 
Total
Non-current assets
Property, plant and 
equipment
3,235
543
2,042
5,820
Intangible assets
21,099
545
9
21,653
Deferred tax assets
1,437
1,437
Other non-current assets
24
24
Total non-current assets
25,771
1,112
2,051
28,934
Current assets
Inventories
3,379
1,756
249
5,384
Trade receivables
4,166
1,780
779
6,725
Tax credits
33
33
Other current assets
212
41
253
Cash and cash equivalents
33
409
120
562
Total current assets
7,790
4,019
1,148
12,957
 
Total assets (A)
33,561
5,131
3,199
41,891
 
Non-current liabilities
Due to banks and other 
lenders
1,261
1,261
Employee benefits
13
13
Provisions for risks and 
charges
832
19
851
Deferred tax liabilities
164
164
Total non-current liabilities
832
183
1,274
2,289
Current Liabilities
Due to banks and other 
lenders
2,035
467
598
3,100
Trade payables
3,086
1,172
232
4,490
Tax liabilities
5
5
Other current liabilities
555
282
24
861
Total current liabilities
5,676
1,926
854
8,456
 
Total liabilities (B)
6,508
2,109
2,128
10,745
Price paid for the acquisition 
(C)
37,680
3,707
4,402
45,789
 
Fair value of net assets 
acquired (D=A-B)
27,053
3,022
1,071
31,146
 
 
Non-controlling interests (E)
321
321
Goodwill (C-D+E)
10,627
685
3,652
14,964

160
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
8. Investment property
The changes in this item are detailed below:
(in thousands of Euros)
Land and buildings
Balance at January 1, 2020
Historical cost
1,014
Accumulated depreciation
(693)
Net value  
321
Depreciation
(38)
Balance at December 31, 2020
283
Of which:
Historical cost
1,014
Accumulated depreciation
(731)
Balance at January 1, 2021
Historical cost
1,014
Accumulated depreciation
(731)
Net value  
283
Depreciation
(33)
Balance at December 31, 2021
250
Of which:
Historical cost
1,014
Accumulated depreciation
(764)
9. Equity-accounted investments  
in associates 
This item, amounting to Euro 2,096 thousand (Euro 
2,043 thousand in 2020), represents the investment in 
Consorzio Canale Industriale G. Camuzzoni S.c.ar.l. in 
Verona, an entity that produces hydroelectric power, in 
which the Group owns a 25% stake. In 2021, the Group 
acquired a 100% stake in Rimark S.A. de CV, in which 
it had previously owned a 30% stake; accordingly, the 
consolidation method for such company was changed. 
At the time of preparation of the Consolidated 
Financial Statements, the financial statements of 
Consorzio Canale Industriale G. Camuzzoni S.c.a.r.l. for 
the year ended December 31, 2021 had not yet been 
approved at its General Meeting.
The key data of the approved financial statements at 
December 31, 2020 is set forth below:
10. Tax credits	
This item is detailed below:
Consorzio Canale Camuzzoni S.c.a.r.l.
(in thousands of Euros)
December 31,
2020
2019
Assets
14,753
14,094
Equity
13,004
10,521
Liabilities
1,749
3,573
Revenues 
3,046
3,317
Net profit
57
35
(in 
thousands 
of Euros)
At December 31, 2021
At December 31, 2020
Non 
current Current
Total
Non 
current Current
Total
Tax Credits
12,348
6,011
18,359
11,826
7,696
19,522
Total
12,348
6,011
18,359
11,826
7,696
19,522
The non-current tax credits of Euro 12,348 thousand 
refer mainly to the recognition in Fedrigoni S.p.A.’s 
separate financial statements of tax credits arising 
on the tax relief, under Decree Law 185/2008, for the 
excess values regarding intangible assets (goodwill 
and customer list) recognized in the consolidated 
financial statements.
The current tax credits result primarily from the 
advance tax payments of the year ended December 
31, 2021.

161
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
11. Deferred tax assets  
and liabilities
This item is detailed below:
(in thousands of Euros)
Year ended December 31,
2021
2020
Deferred tax assets
45,029
43,324
Total deferred tax assets
45,029
43,324
Deferred tax liabilities
(40,581)
(38,560)
Total deferred tax liabilities
(40,581)
(38,560)
Total net deferred tax assets/
(liabilities)
4,448
4,764
The composition of these balances is shown below:
(in thousands of Euros)
December 31 
2020
Effect on Income 
Statement
Exchange of 
rate difference
Business 
combination
Variation 
on area
Effect on statement of 
comprehensive income Reclassifications
December 31 
2021
Elimination of capital gains 
on intercompany sales of 
trademarks and land
1,464
(382)
689
1,771
Inventory valuation
8,307
1,671
9
(339)
(243)
9,405
Valuation of trade 
receivables
2,363
(523)
16
(374)
1,482
Writedown of property, 
plant and equipment
1,356
708
2,064
Provisions for risks
6,692
(1,834)
42
1,483
6,383
Difference between fiscal 
and statutory values of 
tangible and intangible 
assets
7,681
477
32
(121)
(73)
7,996
PPA allocation
8,788
(1,377)
1,437
8,848
Derivative fair values
435
(285)
(2)
148
Foreign exchange and other 
differences
712
(689)
14
37
Actualization of employee 
benefits
944
84
4
(162)
(277)
593
Tax losses
2,907
766
225
318
4,216
Other
1,675
(356)
94
40
633
2,086
Total deferred tax assets
43,324
(1,455)
422
1,477
(460)
(447)
2,168
45,029
(in thousands of Euros)
December 31 
2020
Effect on 
Income 
Statement
Exchange of 
rates difference
Business 
combination
Variation 
of area
Effect on statement of 
comprehensive income
Reclassifications
December 31 
2021
Valuation of tangible and 
intangible assets
(5,291)
(1,161)
(382)
(1,044)
(7,878)
Effect of leaseback 
transaction
(8,175)
381
(96)
20
(7,870)
Provisions for risks
(140)
(28)
(288)
(456)
Recognition of leases
(2,440)
(17)
(2,457)
Actualization of social 
security liabilities
(30)
(67)
(97)
Foreign exchange and other 
differences
(111)
(13)
(124)
Derivative fair values
2
(1,166)
(33)
(1,197)
IFRS 16
(123)
(398)
(4)
(3)
(528)
PPA allocation
(22,391)
3,406
(164)
(645)
(19,794)
Other
(58)
(5)
(117)
(180)
Total deferred tax 
liabilities
(38,560)
1,986
(487)
(164)
(1,166)
(2,190)
(40,581)

162
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
12. Inventories
This item is detailed below:
(in thousands  
of Euros)
Year ended December 31,
2021
2020
Raw materials
158,037
111,483
Work in progress and 
semi-finished goods
91,188
65,651
Finished products
121,966
114,454
Total
371,191
291,588
The increase in inventories is primarily the result 
of higher prices of raw materials and consumables 
and of stocking up at the end of the year in view of 
the current difficulties in obtaining materials in the 
market. Secondarily, the inclusion in the consolidation 
scope of the companies acquired during the year 
contributed to the increase.
Inventories are shown net of the provision for 
inventory obsolescence as detailed below:
(in thousands  
of Euros)
Provision for 
raw material 
obsolescence
Provision for obsolescence 
of finished and work in 
progress products
Total
Balance at 
January 1, 2020
6,119
15,753 21,872
Business 
Combination
327
6,109
6,436
Charge
462
3,662
4,124
Use
(820)
(2,592)
(3,412)
Exchange rate 
difference
(157)
(445)
(602)
Other changes
(27)
(27)
Area Changes
(163)
(416)
(579)
Balance at 
December 31, 
2020
5,768
22,044
27,812
Balance at 
January 1, 2021
5,768
22,044
27,812
Business 
Combination
1,988
1,988
Charge
370
7,028
7,398
Use
(930)
(3,660) (4,590)
Exchange rate 
difference
5
261
266
Other changes
(82)
(230)
(312)
Balance at 
December 31, 
2021
5,131
27,431 32,562
No inventories were put up as collateral to guarantee 
loans received by the Group.
13. Other assets
The other assets are stated in the financial statements 
net of the related provisions:
(in thousands of Euros)
At December 31, 
2021
2020
Other assets-gross
54,813
28,303
Provision for other doubtful debts
(1,979)
(1,061)
Other assets-net
52,834
27,242
The item is detailed below:
(in thousands of Euros)
At December 31, 
2021
2020
- Sundry receivables
18,645
4,927
- Sundry tax credits
4,105
3,465
- Prepaid expenses and 
accrued income
5,984
5,372
- VAT credit
15,908
7,116
- Credits for contributions to 
be received
5,693
3,989
- Security deposits
1,688
1,056
- Due from social security 
entities
442
491
- Due from employees
369
826
Total other assets
52,834
27,242
Of which: non-current
5,280
1,369
The most significant amounts comprising the 
sundry receivables include Euro 6,059 thousand 
due for Fedrigoni S.p.A.’s white certificates and the 
remaining receivable due from the buyer on the sale 
of the business unit that included the Bollate plant 
dedicated to the production of security items. White 
certificates are awarded by the respective authorities 
for the achievement of energy savings through the 
use of energy-efficient technology and systems. 
White certificates are tradable instruments giving 
proof of the achievement of specific energy savings 
percentages.
The increase in VAT credit is attributable mainly 
to the Imposto sobre Circulaçao de Mercadorias e 
Serviços (“ICMS” or Tax on Commerce and Services) 
receivables due to Arconvert-Ritrama do Brazil Ltda 
(Euro 9,720 thousand at December 31, 2021), for 
which that company applied for use of the tax credit 
offsetting regime. To date, the company is still awaiting 
the outcome of the related authorization process. 
The amount due from employees consists largely of 
loans and advances given to employees and agents. 
The table below presents the changes in the provision 
for other doubtful debts:
(in thousands of Euros)
Provision for obsolescence 
of other receivables
Balance at January 1, 2020
2,428
Business Combination
198
Exchange rate difference
(456)
Area Changes
(1,109)
Balance at December 31, 2020
1,061
Balance at January 1, 2021
1,061
Other changes
918
Balance at December 31, 2021
1,979

163
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
14. Trade receivables
(in thousands of Euros)
At December 
31, 
2021
2020
Gross trade receivables
189,814
177,975
Provision for doubtful debts
(12,341)
(12,203)
Net trade receivables
177,473
165,772
The increase in trade receivables is due mainly to 
the growth in sales and higher selling prices, as 
well as to the inclusion of Acucote and Rimark in 
the consolidation scope. It was offset in part by the 
reduction of trade payables obtained from a project 
intended to optimize trade working capital.
The table below presents the changes in the 
provision for doubtful debts:
(in thousands of Euros)
Provision for doubtful debts
Balance at January 1, 2020
11,777
Business Combination
4,069
Charge
1,507
Use
(1,946)
Exchange rate difference
(603)
Other changes
(2,251)
Area Changes
(350)
Balance at December 31, 2020
12,203
Balance at January 1, 2021
12,203
Business Combination
3,623
Charge
1,347
Use
(3,994)
Exchange rate difference
116
Other changes
(954)
Balance at December 31, 2021
12,341
As explained in Notes 6 and 7, “business combinations” 
reflects the effects of the 2021 acquisitions of 
Acucote and Rimark.
The other changes refer primarily to the release of 
provisions of Euro 954 thousand deemed in excess 
given the situation of the receivables analyzed for 
the purpose of these financial statements and the 
expected developments thereof.
15. Cash and cash equivalents
This item is detailed below:
(in thousands of Euros)
At December 31, 
2021
2020
Bank deposits
264,903
273,077
Checks outstanding
225
30
Cash and cash equivalents  
on hand
144
235
Total
265,272
273,342
At December 31, 2021, the payment obligations 
deriving from the Original Note Issue, Tap Note Issue, 
New Note Issue, Revolving Credit Facility and Hedging 
Arrangements, among others, were secured by a 
pledge over some of Fedrigoni S.p.A.’s bank accounts.
16. Derivatives
The balance derives from the fair value measurement 
of Interest Rate Swaps (IRS) stipulated by the Group to 
manage interest rate risk on part of the notes issued 
and from hedging derivatives on exchange rates. 
In August 2018 the Company entered into two fixed-
for-floating IRS with HSBC Bank PLC and BNP Paribas, 
for a total notional value of Euro 305 million and with a 
maturity date of August 31, 2022.
At December 31, 2021 the net receivable regarding 
the derivatives traded by the Company was Euro 
5,034 thousand (net debt of Euro 1,395 thousand at 
December 31, 2020), attributable to: 
• Euro 5,806 thousand allocated to current assets 
(Euro 1,604 thousand at December 31, 2020), 
referring to the fair value change of foreign exchange 
derivatives recognized directly in profit or loss; 
• Euro 772 thousand allocated to current liabilities (Euro 
1,532 thousand at December 31, 2020), referring to 
the fair value change of foreign exchange derivatives 
recognized directly in profit or loss;
• There were no derivatives classified as non-current 
liabilities (Euro 1,467 thousand at December 31, 2020) 
referring to the fair value change recognized directly 
in equity in “other reserves” and presented in the 
statement of comprehensive income among items 
that will be reclassified subsequently to profit  
and loss.

164
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
17. Equity
The equity of the Group at December 31, 2021  
and December 31, 2020 is set forth below:
(in thousands of Euros)
At December 31, 
2021
2020
Share capital
40,000
40,000
Share premium reserve
60,242
60,242
Legal reserve
8,000
8,000
Other reserves
82,946
81,599
Profit/ (loss) for the year
36,445
(7,600)
Equity
227,633
182,241
The share capital at December 31, 2021 was Euro 
40,000 thousand and consisted of 80,001,286 ordinary 
shares with a par value of Euro 0.50 per share. 
18. Due to banks and other lenders
This item is detailed below:
(in thousands of Euros)
At December 31, 2021
Interest Rate
Current 
portion
Portion with due after 12 months
Total
2023
2024
2025
2026
Afterward
Current financial debt
Variable
57,320
57,320
Non Current financial 
debt
Variable
6
3
9
Lease liability
Variable
13,078
10,760
9,192
7,625
5,972
7,979
54,606
Notes issued - principal 
portion
Variable
507,578
218,039
725,617
Notes issued - interest 
portion
Variable
2,610
2,610
Other financing
Variable
502
535
598
600
527
2,762
Total
73,510
11,301
9,793
515,803
6,499
226,018
842,924
(in thousands of Euros)
At December 31, 2020
Interest Rate
Current 
portion
Portion with due after 12 months
Total
2023
2024
2025
2026
Afterward
Current financial debt
Variable
43,281
43,281
Non Current financial 
debt
Variable
11
11
Lease liability
Variable
10,891
9,431
7,100
5,763
4,839
10,722
48,746
Notes issued - principal 
portion
Variable
563,757
216,735
780,492
Notes issued - interest 
portion
Variable
2,820
2,820
Other financing
Variable
129
129
Total
56,992
9,571
7,100
569,520
4,839
227,457
875,479

165
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Current financial debt
The “current financial debt” of Euro 57,320 thousand at 
December 31, 2021 refers primarily to the recognition 
of the recourse portion regarding a plan to optimize 
trade working capital. It also includes bank overdrafts, 
financial instruments used by Group companies to 
manage short-term working capital requirements, 
and the interest expense accrued on Interest Rate 
Swaps (IRS) at the reporting date of these financial 
statements.
Lease liability 
The Euro 54,606 thousand at December 31, 2021  
is the remaining balance on leases stipulated  
by the Group. 
Note issuance
“Notes issued - principal portion” at December 31, 2021 
has a balance of Euro 725,617 thousand and refers to 
the Company’s issuance of senior secured floating 
rate notes. 
On May 11, 2018 the Company issued Euro 455,000 
thousand in aggregate principal amount of senior 
secured floating rate notes due 2024 (the ”Initial 
2018 Notes”), which, among other uses, provided 
the funding needed to repay the short-term bridge 
financing drawn to finance a portion of the purchase 
price of the acquisition of Fedrigoni S.p.A.. On July 
25, 2018, the Company issued an additional Euro 
125,000 thousand in aggregate principal amount of 
senior secured floating rate notes under the same 
indenture pursuant to which the Initial 2018 Notes 
were issued (the “Additional 2018 Notes” and, together 
with the Initial 2018 Notes, the “2018 Notes”), which, 
among other uses, enabled the repayment of a short-
term bridge facility drawn to indirectly finance the 
acquisition of the Gruppo Cordenons S.p.A. The 2018 
Notes are listed on the multilateral trading facility of 
the Irish Stock Exchange and have a maturity date 
of November 30, 2024 and a variable interest rate 
calculated on the three-month Euribor (subject to a 0% 
floor) plus a spread of 412.5 basis points, with quarterly 
interest payments.
On February 12, 2020, the Company issued Euro 
225,000 thousand in aggregate principal amount of 
senior secured floating rate notes due 2026 (the “2020 
Notes” and, together with the 2018 Notes, the “Notes”) 
which, among other uses, provided the Company with 
the funding needed to repay the bridge financing used 
to acquire the Ritrama Group.
The 2020 Notes are listed on the multilateral trading 
facility of the Irish Stock Exchange and have a maturity 
date of August 26, 2026 and a variable interest rate 
calculated on the three-month Euribor (subject to a 0% 
floor) plus a spread of 412.5 basis points, with quarterly 
interest payments.
The Notes were subscribed only by “qualified 
institutional buyers”, thus excluding placement with 
the general public and in exemption from the relevant 
European Union and Italian rules for public offerings in 
each country.
The costs incurred for issuing the Notes are 
accounted for as Financing Fees deducted from the 
nominal debt, under the amortized cost method.
On July 19, 2021, Fedrigoni redeemed Euro 60.0 
million in aggregate principal amount of 2018 Notes 
(the “Redeemed Notes”). The aggregate redemption 
price of the Redeemed Notes consisted of 100.00% 
of the aggregate nominal amount of the Redeemed 
Notes and accrued unpaid interest on the Redeemed 
Notes up to but not including the Redemption Date.
“Notes issued - interest portion” at December 31, 
2021 has a balance of Euro 2,610 thousand and refers 
to the interest expense accrued on the Notes, paid in 
February 2022.
19. Employee benefits
The changes in this item are presented below:
(in thousands of Euros)
Employee benefits
Balance at January 1, 2020
17,343
Business Combination
5,663
Finance costs
132
Actuarial gains/(losses)
909
Use
(2,359)
Charge
12
Exchange rate difference
(145)
Other changes
40
Balance at December 31, 2020
21,595
Balance at January 1, 2021
21,595
Business Combination
13
Finance costs
93
Actuarial gains/(losses)
(597)
Use
(2,246)
Charge
218
Exchange rate difference
258
Other changes
98
Balance at December 31, 2021
19,432
The actuarial assumptions used to determine the 
obligation for employee benefits are detailed below:
December 31,
2021
2020
Economic assumptions
Inflation rate
1.8%
1.0%
Discount rate
0.7%
0.2%
Salary increment
1.4%
1.3%
“TFR” (provision for severance 
indemnities) rate of increase
2.8%
2.3%
Demographic assumptions
Probability of resignations/dismissals
7.7%
6.6%
Probability of advance payouts
2.7%
3.0%

166
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
20. Provisions for risks  
and charges
This item is detailed below:
(in thousands of Euros)
At December 31,
2021
2020
Provision for agency 
termination
3,541
3,815
Provision for environmental risk
4,083
3,694
Provision for sundry risks
17,048
25,995
Total
24,672
33,504
The changes in this item are presented below:
(in thousands of Euros)
At December 31,
2021
2020
Opening Balance
33,504
38,444
Business Combination
851
6,215
Increases
6,469
3,295
Use
(4,637)
(4,423)
Exchange differences and other 
changes
(11,474)
(7,727)
Area Changes
(41)
(2,300)
Closing balance
24,672
33,504
(in thousands  
of Euros)
Provision 
for agency 
termination
Provision for 
environmental 
risk
Provision for 
litigation risks
Provisions for 
warranty claims
Provisions for 
exit incentives
Other 
provisions
Total
Balance at 
January 1, 2020
3,722
3,038
3,502
21,564
1,450
5,168
38,444
Business 
Combination
293
1,355
100
67
4,400
6,215
Charge
321
1,649
169
1,156
3,295
Use
(489)
(149)
(675)
(1,459)
(1,651)
(4,423)
Exchange rate 
difference
(6)
(1,116)
(1,122)
Other changes
(32)
(699)
(5,865)
16
(25)
(6,605)
Area Changes
(2,300)
(2,300)
Balance at 
December 31, 
2020
3,815
3,694
5,102
15,024
237
5,632
33,504
Balance at 
January 1, 2021
3,815
3,694
5,102
15,024
237
5,632
33,504
Business 
Combination
42
809
851
Charge
348
404
4,220
1,256
241
6,469
Use
(385)
(15)
(1,492)
(952)
(172)
(1,621)
(4,637)
Exchange rate 
difference
2
6
44
52
Other changes
(237)
(668)
(9,816)
(71)
(734)
(11,526)
Area Changes
(41)
(41)
Balance at 
December 31, 
2021
3,541
4,083
7,162
5,556
-
4,330
24,672

167
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
The provision for agency termination is the estimated 
liability due for agency severance benefits. 
The provision for environmental risks refers to 
outlays that the Group estimates could be incurred to 
clean up some of the land it owns. The 2021 increase 
is attributable to provisions allocated for the Gruppo 
Cordenons S.p.A. use of excess CO2 permits over 
those available. 
The decrease in provisions for sundry risks is 
attributable largely to the release of part of the 
provision for product warranty claims, offset only 
in part by the fair value recognition of the liabilities 
measured in the purchase price allocation process for 
the acquisition of Acucote Inc.
The provision for sundry risks consists  
of the following:	
• The provision for warranty claims (Euro 5,556 
thousand) consists of costs that could be incurred 
in the event of claims regarding the supply of 
banknotes, security products (concerning sales 
occurring before the transfer of the security 
business to Fase S.r.l.) and other paper products. 
During the year Euro 9,816 thousand was released as 
a result of the calculation of the difference between 
new risks and the cessation of previous period 
risks, especially in the security segment, so that the 
provision could represent the presumable amount of 
risk. Risky situations relate particularly to the sales 
volume of security products realized in recent years, 
whose segment features greater product complexity 
and warranty terms that are longer than those 
for normal paper products. In addition to covering 
specific situations, for which negotiations to settle 
claims are in progress, the provision serves to cover 
costs that are reasonably expected to be incurred,  
on the basis of past experience, to satisfy the 
warranty obligations. 
• The provision for litigation risks (Euro 7,162 thousand) 
and other provisions (Euro 4,330 thousand) refer to 
liabilities that could ensue from pending lawsuits, 
disputes, business arrangements entered into by the 
Group, the purchase price allocation process and 
risks relating to the refund of the amount collected 
from the sale of white certificates in previous 
periods. Even though the white certificates, which 
are recognized for an innovative investment program 
from which energy savings may derive, are initially 
considered qualified to produce such savings and 
are accounted for with inclusion of the energy 
efficiency title (“TEE”) payments, they are subject to 
review while they are in effect. The related provision 
accounts for the risk on those projects for which the 
relevant authorities have reconsidered the previously 
assigned qualification. The 2021 decrease in “other 
provisions” includes Euro 800 thousand for the use 
of risk provisions allocated during the purchase price 
allocation process for the acquisition of the Fedrigoni 
Group, regarding the dispute between Fedrigoni 
S.p.A. and the Italian tax authorities concerning the 
payment of electricity consumption taxes, Euro 362 
thousand for the use of risk provisions allocated 
during the purchase price allocation process for 
the acquisition of the Ritrama Group, regarding a 
tax dispute of the Chinese subsidiary, and Euro 456 
thousand for the use of risk provisions allocated 
during the purchase price allocation process for 
the acquisition of the Ritrama Group, regarding a 
dispute involving defects in products sold by the 
British subsidiary. During the year, the “provision for 
litigation risks” was increased by Euro 4,220 thousand 
due to Fedrigoni S.p.A.’s allocation for risks mainly 
on uncontracted distributors abroad and disputes 
with suppliers. In the previous year a request for 
compensation was submitted by a distributor abroad 
for an alleged breach of a distribution agreement, so 
a provision was allocated to cover such situation of 
probable risk. That provision was increased in 2021 
to take into account the developments of the case 
and to include additional situations of probable risk 
concerning other distributors abroad. The increase 
was offset in part by the use of Euro 1,492 thousand 
for the settlement of previous litigation, whereas Euro 
668 thousand was released due to the elimination of 
some sources of risk. 
• The provision allocated at December 31, 2020 
had included the risk for probable legal actions 
contemplated by Legislative Decree 268/2005, 
Article 7 that could be initiated by subcontracted 
carriers against Fedrigoni S.p.A., as the purchaser, 
due to the difficult financial situation in which the 
main freight service provider found itself because 
the Company, as a co-obligor, allegedly should 
have met the provider’s obligations given the 
persisting situation of insolvency. In 2021 Euro 918 
thousand was paid in a co-obligor capacity to the 
subcontracted carriers, so the provision allocated 
was reclassified as a reduction of the receivable due 
from the bankrupt supplier following the payment 
in a co-obligor capacity of its debts. The provision 
originally allocated, net of the amount reclassified 
as a direct reduction of the receivable due from 
the bankrupt supplier, and increased by the part of 
the allocation for the year, represents an additional 
probable cost of the Company deriving from the 
supplier’s bankruptcy.
Fedrigoni S.p.A. stipulated an 8-year lease for the 
new headquarters at via Fermi 13/F in Verona with 
a right of withdrawal, after the initial period, upon 
payment of compensation of Euro 200 thousand. The 
compensation refers to customization costs incurred 
by the owner and acknowledged by the Company. The 
amount of any compensation to be paid is reflected in 
the provision for litigation risks.

168
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Fedrigoni has a long-standing dispute pending  
with the Italian tax authorities concerning diverging 
application and payment criteria for electricity 
consumption taxes. 
With respect to the dispute regarding years 1993 to 
1997, since Fedrigoni S.p.A. considers the tax claims to 
be unjustified both on their merits and by law, it filed 
an appeal with the Italian Supreme Court to overturn 
the Ancona Appellate Court’s decision with which 
the lower court denied the previous appeal. Pursuant 
to that decision, the contested amount of Euro 511 
thousand was paid. On February 28, 2019 the Italian 
Supreme Court rebutted the appeal, ruling in favor of 
the Ministry of Finance Customs Department and the 
Ancona technical office for direct taxes.
The Italian tax authorities, which by then considered 
the tax payment criteria to be definite, served a 
notice of payment for years 2008 to 2013 regarding 
electricity consumption at the Rocchetta plant, 
and another notice of payment for years 2008 
to 2012 regarding electricity consumption at the 
Castelraimondo plant. Fedrigoni, which continues to 
maintain its position based on the groundlessness and 
illegitimacy of the claims, filed appeals at the Ancona 
and Macerata Provincial Tax Commissions. The 
Commissions met with each other, and although the 
Macerata Provincial Tax Commission fully accepted 
the appeal, the Ancona Provincial Tax Commission 
accepted only part of it and reduced the penalties 
imposed considerably, but denied the grounds 
regarding the calculation of the taxes. Fedrigoni 
filed for appeal and opposed the demands of the 
other party. The Italian tax authorities, encouraged 
by the new ruling, served notices of payment for 
2014, 2015 and 2016 limited however to the portion 
of electricity consumption of the plant located in 
the Province of Ancona. Fedrigoni lodged appeals 
against these claims as well at the Ancona Provincial 
Tax Commission. With respect to the 2014 and 2015 
disputes, the Commissions were joined with results 
clearly similar to the previous ones. In 2019, in view of 
a possible statute of limitations for issuing measures, 
the authorities served payment notices for the 2013 
electricity consumption at the Castelraimondo plant. 
Payment notices have not been served yet for the 
years 2017, 2018 and 2019. Fedrigoni, conscious of the 
validity of its arguments, which are also backed up by 
opinions of external consultants, will lodge appeals 
and oppose the demands of the other party. On March 
9, 2014 the Italian tax authorities filed an appeal at the 
Italian Supreme Court restricted to a residual part 
of the decision issued by the Marche Regional Tax 
Commission, which had fully accepted the appeal filed 
regarding direct taxes of 2000 and 2001. Nevertheless, 
the Company decided to oppose it and notified a 
counterclaim at the Attorney General’s Office. 
In 2021, Euro 800 thousand was added to the 
provision following the Marche Regional Tax 
Commission’s adverse ruling notified in  
January 2022. The probable cost of the dispute is 
included in the provision. 
A request for compensation was submitted by a 
distributor outside Europe for an alleged breach of 
a distribution agreement. The proceedings are at 
the preliminary stage. The risk of compensation of 
damages is reflected in the provision.
The provision covers costs that could be incurred 
by Fedrigoni S.p.A. pursuant to an agreement reached 
with the trade unions for the voluntary, incentivized 
termination of employment contracts, under 
agreements stipulated with the workers involved by 
the presentation date of the draft  
financial statements. 
The provision also covers other marginal situations 
of risk.

169
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
21. Trade payables  
and other liabilities
This item is detailed below:
(in thousands of Euros)
At December 31, 
2021
2020
Trade payables
468,191
311,033
Other liabilities:
- Due to employees
39,429
25,878
- Accrued expenses and deferred 
income
4,901
4,293
- Social security
12,463
10,769
- Withholding taxes
5,773
6,229
- Sundry payables
9,589
10,067
- Due to supplementary pension fund
1,963
1,816
- Advances
1,330
1,068
- VAT due
5,975
4,194
- Due to Directors and Statutory 
Auditors
84
110
- Sundry tax liabilities
2,316
1,964
Other liabilities
83,823
66,388
Total
552,014
377,421
Of which non-current
2,001
3,263
The increase in “trade payables” relates primarily 
to increases in raw material prices and other costs 
associated with production and to the stocking up 
of raw materials at the end of 2021 to manage the 
procurement difficulties characterizing the market. 
Secondarily, the increase is attributable to the 
consolidation of Acucote and Ritrama.
The trade payables include the allocation of invoices 
to be received in an amount of Euro 12.6 million from 
some foreign entities directly or indirectly associated 
with a longtime business partner of Fedrigoni S.p.A. 
operating in the Indian market of paper money 
and security items, with which Fedrigoni S.p.A. had 
stipulated licensing agreements for the use of a 
specific method patent regarding a security item 
registered in the name of and used by Fedrigoni S.p.A. 
and the related intellectual property rights.
As explained in the section on “Subsequent events”, 
due to the audit initiated by the Guardia di Finanza 
in 2019, Fedrigoni S.p.A.’s directors severed all ties 
with the contractual counterparties and effectively 
suspended all royalty payments, while accounting for 
-- in accordance with correct accounting principles 
-- trade payables due on invoices to be received. In 
this manner, the corporate boards intended to freeze 
the existing situation, on one hand accounting for 
the costs relating to the royalties without however 
providing for their payment, and on the other hand not 
deducting the related costs for tax purposes. In March 
2022, due to the suspension of relations as referred 
to above, the aforementioned companies linked to 
Fedrigoni S.p.A.’s business partner initiated a civil 
lawsuit before the Italian Civil Court demanding the 
payment by Fedrigoni S.p.A. of the royalties allegedly 
due under the licensing agreements, which were 
quantified in Euro 18.2 million, plus general expenses 
and damages apparently incurred due to the non-
payment of such royalties, bringing the total amount to 
Euro 18.7 million. Based on preliminary assessments, 
Fedrigoni S.p.A. intends to oppose the action, arguing 
its case by including evidence that emerged from the 
Guardia di Finanza’s investigation. If the Civil Court 
should confirm that Fedrigoni S.p.A. owes the royalties 
to those companies, the amount claimed in the lawsuit 
would not meet the calculation criteria adopted by 
Fedrigoni S.p.A. in the years concerned and based on 
the sales data regarding the marketing of the patented 
products in question as per underlying contracts; such 
criteria would result in a considerably lower amount 
due than the one claimed in the civil lawsuit, and such 
lower amount has been recognized prudently among 
the trade payables until the civil court establishes 
whether or not the amounts are due.  
Therefore, on one hand Fedrigoni S.p.A. has received 
the Tax Audit Report disputing the contribution given 
by the aforementioned companies to the development 
of the patent stated (supporting the claim with various 
factual elements and testimonies given), and on the 
other hand it is being sued by those companies which, 
in contrast, are demanding royalty payments for the 
contribution given in the development of the patent 
(using as evidence, among others, a testimony having 
opposite contents compared to those obtained by 
the Guardia di Finanza). In light of such contradictory 
historical reconstructions, Fedrigoni S.p.A.’s 
management, which is completely new compared with 
the one present in the organization when the patent 
was being developed and thus is not in a position 
to factually reconstruct what happened at the time 
of the events, considered it necessary, pending the 
tax audit, to carry out in-depth internal and external 
investigations to verify which and how many activities 
were performed by the contractual counterparties 
with regard to the patented idea to which the licensing 
agreements refer. However, at the date of these 
financial statements, given the contents of the Tax 
Audit Report, Fedrigoni S.p.A. does not believe that 
the investigations have currently revealed certain 
and decisive facts on the matter (save what should 
emerge during additional analyses that might be 
conducted in view of the evidence enclosed with the 
Tax Audit Report). For the reasons explained, Fedrigoni 
S.p.A. has decided to adopt the most prudent 
approach possible, maintaining unchanged the 
amount of the payables due to the suppliers referred 
to, considering that if the counterparties should win 
the civil lawsuit, the related amount recognized in the 
financial statements would be adequate, whereas 
a contingent gain would emerge if Fedrigoni S.p.A. 
should win the case.
The increase in “other liabilities” refers largely to the 
increase in the amount due to employees for bonuses 
and performance-related pay. The Directors consider 
that the carrying amount of the trade payables is 
approximately their fair value.

170
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
22. Current tax liabilities
On June 12, 2019 the Guardia di Finanza, Verona 
Finance Unit began an audit at the offices of Fedrigoni 
S.p.A. regarding tax years 2014, 2015, 2016 and 2017. 
The audit focused on the relationships between 
Fedrigoni S.p.A. and some foreign entities directly 
or indirectly linked to a longtime business partner 
of Fedrigoni S.p.A. operating in the Indian market 
of paper money and security items. On October 19, 
2019 the Guardia di Finanza notified a dated Tax Audit 
Report reporting solely violations identified for the 
year 2014 and postponed the inspections regarding 
the years from 2015 to 2017. As a consequence, on 
December 31, 2019, the Italian Revenue Agency – 
Veneto Regional Directorate notified the assessment 
notices for the 2014 corporate income tax (IRES) and 
regional business tax (IRAP), confirming the Guardia 
di Finanza’s findings and claiming additional IRES 
and IRAP due totaling Euro 6,247 thousand (including 
penalties). On February 17, 2020, Fedrigoni S.p.A., 
assisted by qualified tax advisers, presented a tax 
settlement proposal. The proposal was not accepted 
by the tax authorities, so on August 27 and 28 
Fedrigoni S.p.A. lodged an appeal against the IRES and 
IRAP assessment notices and formally initiated the 
proceedings. Both appeals are currently pending at 
the Venice Provincial Tax Commission.
In March 2022 the Guardia di Finanza resumed its 
inspection activities mentioned above. The Guardia 
di Finanza evaluated certain consulting services and 
licensing agreements stipulated between Fedrigoni 
S.p.A. and the aforementioned foreign entities, which 
provided for the payment by Fedrigoni S.p.A. of 
royalties for the exclusive use of a specific method 
patent regarding a security item registered in the 
name of and used by Fedrigoni S.p.A. and the related 
intellectual property rights. The audit concluded in 
early April 2022 with the notification of a new Tax Audit 
Report by which the Guardia di Finanza - reporting 
in substance the alleged impossibility of identifying 
evidence of the inventive contribution given by the 
aforementioned foreign companies to the patent 
used by Fedrigoni S.p.A. – alleged that there were 
some substantial violations regarding direct taxes 
and regional business tax (IRAP) which, in terms of 
additional taxes, would translate into a claim of Euro 
5,752 thousand, plus penalties and interest. Therefore, 
Fedrigoni S.p.A. decided to increase the tax liabilities 
in light of the recently notified Tax Audit Report, 
bringing the total amount of the tax liabilities for the 
period from 2014 to 2017 to Euro 8,828 thousand. 
Such amount was determined on the basis of a 
preliminary assessment of the potential outcomes 
of the discussions during the proceedings currently 
underway with the Italian Revenue Agency, and taking 
into account also the indemnification obligations 
undertaken by Fedrigoni S.p.A.’s previous majority 
shareholder pursuant to the contractual agreements 
entered into in connection with the matter at hand.
With respect to such matter, pending the tax audit, 
in 2020 Fedrigoni S.p.A.’s directors severed all ties 
with the contractual counterparties and effectively 
suspended all royalty payments, while accounting for 
– in accordance with correct accounting principles – 
trade payables due on invoices to be received. Such 
costs were prudently made non-deductible from 
the 2018 tax year, for the purpose of not exposing 
Fedrigoni S.p.A. to the risk of additional disputes from 
the tax authorities, until the proceedings in progress 
have ended.
Additional details on the actions taken and the civil 
lawsuit in progress are contained in the sections on 
“Trade and other liabilities” and “Subsequent events”.

171
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Notes to the Income Statement 
23. Sales revenues
This item is detailed below:
(in thousands of Euros)
Year ended December 31,
2021
2020
Revenues from sales of product
1,610,171
1,320,292
Awards for customers
(12,508)
(8,887)
Other sales revenues
5,194
3,837
Total
1,602,857
1,315,242
The consolidated revenues increased by Euro 287.7 
million to Euro 1,602.9 million in 2021, from the Euro 
1,315.2 million of 2020. 
The sales performance reflects an overall increase 
in sales revenues offset in part by a decrease in 
revenues from the Security segment. In the Specialty 
Paper (LPCS) segment, the revenue gain is attributable 
to higher sales with the packaging industry, which 
is characterized by a growing awareness of 
environmental sustainability and thus is focused on 
reducing the use of plastics. Moreover, the increase in 
revenues is attributable to higher selling prices as a 
result of the higher cost of sales. 
The increase in revenues from the FSA Segment 
is primarily the result of the higher sales volumes, 
especially in the wine & spirits, automobile, and 
signage and advertising graphics industries. The 
consolidation of the IP Venus Group and Acucote 
contributed to the revenue boost.
24. Other operating income
This item is detailed below:
(in thousands of Euros)
Year ended December 31,
2021
2020
Other revenues
22,057
8,705
Sundry non-financial income
6,603
3,263
Contingent gains  
and unrealized costs
373
468
Grants for operating expenses
757
429
Other revenues  
and operating income
2,565
280
Total
32,355
13,145
“Other revenues” derive primarily from the sale of 
electricity by the manufacturing companies and the 
sale of white certificates (Euro 19,057 thousand in 
2021 and Euro 7,624 thousand in 2020). The increase 
compared with the previous year is attributable to 
the compensation for the gas system’s interruptible 
service which was received for the first time in 
2021, and the insurance compensation received for 
the cutting center in Durban (South Africa), whose 
interiors were damaged by fire in July 2021 during the 
escalation of protests in South Africa, with riots and 
raids in many areas of the county.
25. Cost of materials
This item is detailed below:
(in thousands of Euros)
Year ended December 31,
2021
2020
Raw materials purchases
973,915
735,262
Purchases of ancillary materials 
and consumables
9,855
6,928
Change in raw material 
inventories
(58,207)
(9,844)
Total
925,563
732,346
The 2021 “raw material purchases” show a higher 
amount due to the considerable increase in the prices 
of raw materials and materials used in production, as 
well as the increase in sales over those of the prior 
year. The increase is also partly attributable to the 
inclusion in the consolidation scope of the companies 
acquired during 2021 and of the IP Venus Group, which 
fully contributed to the income statement from the 
beginning of 2021.

172
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
26. Cost of services
This item is detailed below:
(in thousands of Euros)
Year ended December 31,
2021
2020
Freight
119,423
87,898
Natural gas
36,447
33,831
Passive commissions
17,418
18,431
Maintenance
15,699
13,606
Use of third-party assets
9,493
6,392
Electricity
9,524
9,966
Consulting services 
(administrative, legal, tax, 
technical)
38,998
39,614
Advertising and publicity
5,284
4,015
Outsourced production
9,221
5,888
Insurance
6,945
6,211
Travel expenses
4,113
2,789
Waste disposal
5,871
6,032
Outsourced labor
7,328
6,729
Telephone expenses
1,189
1,289
Water
374
335
Directors and Statutory 
Auditors
2,413
1,929
Other services
15,923
18,081
Total
305,663
263,036
The costs for services rose mainly as a result of the 
increase in freight costs caused by increases both 
in the unit costs and in sales. The “third-party assets” 
include payments under short-term and low-value 
leases, which rose from Euro 3,578 thousand in 2020 
to Euro 7,598 thousand in 2021. The increase was 
offset in part by a reduction of royalties, accounted 
for as “use of third-party assets” under an agreement 
of Fedrigoni S.p.A. regarding the rights to use security 
threads. More information on royalties is provided 
in the sections on trade and other liabilities and 
subsequent events.
The costs for services also rose as a result of the 
increase in costs for participating in trade fairs 
and similar promotional events and an increase in 
business travel expenses, which had previously 
fallen due to the restrictions to contain the Covid-19 
pandemic.
27. Cost of personnel
This item is detailed below:
(in thousands of Euros)
Year ended December 
31,
2021
2020
Wage and salaries
186,326
154,605
Social security contributions
46,330
41,068
Accrual for defined contribution  
and defined benefit plans
9,756
8,751
Other personnel costs
6,806
4,165
Total
249,218
208,589
The increase in the cost of personnel relates largely 
to the increase in costs to bolster the Group’s 
management with new competencies in keeping 
with the new strategic objectives, the consolidation 
of Acucote, Rimark and the IP Venus Group, the 
production increase in 2021 and the increase in 
bonuses assigned to employees.
The increase in these costs was also affected  
by the use in 2020 of the Italian “Cassa Integrazione” 
system (wage supplements) and other initiatives 
intended to contain the financial effects of the 
pandemic, such as the planning of some production 
shutdowns at some factories.
The Group’s employee headcount numbers at the 
reporting date are shown below:
Year ended December 31,
2021
2020
Management
166
132
White-collar employees
1,413
1,375
Blue-collar employees
2,314
2,243
Total
3,893
3,750
28. Other costs
This item is detailed below:
(in thousands of Euros)
Year ended December 31,
2021
2020
Writedowns of receivables and other 
assets
848
74
Contingent losses and unrealized 
income
48
1,687
Indirect taxes
3,543
4,115
Membership dues
734
887
Allowances/(releases) of provisions
(5,794)
(6,333)
Other costs
4,266
10,541
Total
3,645
10,971

173
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
“Indirect taxes” include Euro 2,863 thousand in 
property taxes on buildings owned (Euro 2,739 
thousand in 2020).
“Allowances/(releases) of provisions” comprise 
mainly amounts charged net of the amounts released 
from risk provisions during the period. The item refers 
primarily to the release of risk provisions (for Euro 
9,033 thousand) as a result of the calculation of the 
difference between new risks and the cessation 
of previous period risks, especially in the security 
segment, partially offset by the allowances for the 
provision for litigation risks largely relating to Fedrigoni 
S.p.A. (Euro 4,252 thousand).
The decrease in “other costs” is prevalently due to 
the loss generated in 2020 by the sale of cogeneration 
turbines (Euro 6,433 thousand), recognized previously 
among property, plant and equipment and sold after 
the new equipment was installed.
29. Depreciation and amortization
This item is detailed below:
(in thousands of Euros)
Year ended December 31,
2021
2020
Depreciation of property,  
plant and equipment
54,515
54,485
Amortization  
of intangible assets
19,703
19,138
Depreciation  
of investment property
33
38
Impairment of tangible  
and intangible assets
2,655
Total
76,906
73,661
Depreciation and amortization include the additional 
amounts originating from the new, higher values 
allocated to assets in the purchase price allocation 
process, of Euro 2,771 thousand and Euro 14,861 
thousand, respectively (Euro 2,826 thousand and 
Euro 13,793 thousand in 2020), and the Euro 12,530 
thousand depreciation of the right-of-use assets 
under leases pursuant to IFRS 16. 
The impairment of Euro 2,655 thousand refers to the 
impairment of fixed assets reclassified as non-current 
assets held for sale. 
30. Net financial income/(costs)
This item is detailed below:
(in thousands of Euros)
Year ended December 31,
2021
2020
Interest income
164
531
Foreign exchange gains
22,698
20,789
Fair value measurement of 
derivatives
833
796
Other financial income
29
72
Total financial income
23,724
22,188
Bank interest expense
(568)
(2,330)
Interest expense on leases
(2,365)
(2,519)
Foreign exchange losses
(21,910)
(29,490)
Fair value measurement of 
derivatives
(71)
(702)
Interest costs on employee 
benefits
(93)
(132)
Other finance costs
(43,457)
(41,030)
Total finance costs
(68,464)
(76,203)
Total
(44,740)
(54,015)
“Other finance costs” include Euro 32,087 thousand 
(Euro 32,204 thousand in 2020) in interest expense on 
the bond notes and Euro 5,125 thousand (Euro 4,807 
thousand in 2020) for the amortized cost related to the 
bond notes.

174
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
31. Income taxes
This item is detailed below:
(in thousands of Euros)
Year ended December 31,
2021
2020
Current taxes
24,481
28,026
Deferred taxes
(531)
(54,747)
Total
23,950
(26,721)
The table below presents the reconciliation of the 
theoretical tax rate (the tax rate in effect in the 
countries of the Group companies) and the effective 
tax rate:
(in thousands of Euros)
Year ended December 31
2021
2020
Profit before tax
60,437
(8,620)
Theoretical tax rate
24.00%
24.00%
Theoretical income taxes
14,505
(2,069)
Profits not subject to taxes
(3,340)
(2,041)
Use of tax losses carried forward
(26)
Non-deductible taxes
3,535
1,864
Non-deductible interests expenses
12,190
16,061
Other decreases
(14,537)
(40,087)
IRAP allocated by Italian companies
2,440
1,389
Tax effects of foreign subsidiaries  
and other
9,157
(1,812)
Effective income taxes
23,950
(26,721)
The increase relates mainly to the tax relief of 2020, 
under Decree Law 185/2008, applied to the excess 
accounting values emerging from the Ritrama Group 
acquisition and the realignment of the tax bases to the 
higher values of the assets recognized in the financial 
statements, under Decree Law 104/2020, Article 110, 
paragraphs 8 and 8 bis, which had generated benefits 
in terms of the release of deferred tax liabilities and 
the recognition of deferred tax assets.
The item also includes the accrual of additional tax 
liabilities of Euro 4,168 thousand for possible costs 
resulting from the notification in April 2022 of a Tax 
Audit Report regarding the tax years from 2015 to 2017. 
More information is provided in the section on current 
tax liabilities.
32. Net loss from  
discontinued operations
Within the context of an increasing focus on the 
production of special paper and products pertaining 
to the Fedrigoni Self-Adhesive/Labels Segment, in 
September 2020 the Group decided to discontinue 
the Paper business unit operated by Fedrigoni Brasil 
Papéis Ltda.
The loss recognized includes a loss on disposal of 
Euro 19,050 thousand. 
The net loss from discontinued operations included 
in the Consolidated Income Statement for the year 
ended December 31, 2020 is detailed below:
(in thousands of Euros)
December, 31 2020
Sales revenues
34,922
Other operating income
54
Cost of materials
(16,839)
Cost of services
(6,385)
Cost of personnel
(6,207)
Other costs
(397)
Depreciation, amortization and 
impairment losses
(3,586)
Change in inventories of work  
in progress, semi-finished goods  
and finished products
1,740
 
 
Operating income
3,302
 
 
Financial income
2,034
Finance costs
(11,811)
Net financial income/(costs)
(9,777)
 
 
Loss before taxes
(6,475)
 
 
Income taxes
(467)
 
 
Net loss
(6,942)
 
 
Loss on disposals of assets
(19,050)
 
 
Net loss from discontinued 
operations
(25,992)

175
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
33. Earnings per share 
Earnings per share was calculated by dividing: i) the 
profit or loss attributable to ordinary equity holders 
by ii) the number of ordinary shares. There are no anti-
dilutive shares, so the diluted earnings per share is the 
same as the basic earnings per share.
(in thousands of Euros)
Year ended December 31
2021
2020
Net profit attributable to owners  
of the Parent
36,445
(7,600)
Weighted average of shares  
(in thousand)
80,001
80,001
Basic earnings per share (in Euros)
0.46
(0.09)
Diluted earnings per share (in Euros)
0.46
(0.09)
34. Contingent liabilities
Various legal and tax proceedings originating over 
time in the normal course of the Group’s business 
operations are pending. According to management, 
none of these proceedings are likely to result in 
significant liabilities for which provisions do not 
already exist in the Consolidated Financial Statements.
35. Commitments 
(a) Commitments to purchase property, plant  
and equipment
The contractual commitments undertaken with third 
parties at December 31, 2021 regarding investments  
in property, plant and machinery not yet recognized  
in the financial statements amount to  
Euro 10,325 thousand. 
(b) Other commitments
The following collateral has been put up:
• pledge over Fedrigoni S.p.A. shares granted originally 
by Fabric (BC) S.p.A. (now absorbed by Fedrigoni 
S.p.A.) on April 16, 2018, as subsequently confirmed 
and last extended on January 11, 2021 by Fedrigoni 
Holding Limited, to secure the payment obligations 
deriving from the Original Note Issue, Tap Note 
Issue, New Note Issue, Revolving Credit Facility and 
Hedging Arrangements, among others;
• security assignment over the receivables originating 
from an intercompany loan stipulated originally by 
Fabric (BC) S.p.A. (now absorbed by Fedrigoni S.p.A.), 
as lender, and Bianco (BC) S.p.A. (now absorbed by 
the Gruppo Cordenons S.p.A.), as borrower, granted 
originally by Fabric (BC) S.p.A. on July 10, 2018, as 
subsequently confirmed and last extended on 
January 11, 2021 by Fedrigoni S.p.A., to secure the 
payment obligations deriving from the Original Note 
Issue, Tap Note Issue, New Note Issue, Revolving 
Credit Facility and Hedging Arrangements,  
among others;
• pledge over Gruppo Cordenons S.p.A. shares granted 
originally by Fabric (BC) S.p.A. (now absorbed by 
Fedrigoni S.p.A.) on July 11, 2018, as subsequently 
confirmed and last extended on January 11, 2021 by 
Fedrigoni S.p.A., to secure the payment obligations 
deriving from the Original Note Issue, Tap Note 
Issue, New Note Issue, Revolving Credit Facility and 
Hedging Arrangements, among others; 
• pledge over the material bank accounts of the 
Gruppo Cordenons S.p.A. granted by the Gruppo 
Cordenons S.p.A. on May 10, 2019, to secure the 
payment obligations deriving from the Original 
Note Issue, Tap Note Issue, Revolving Credit 
Facility subscribed on April 11, 2018 and Hedging 
Arrangements, among others; 
• pledge over Arconvert S.p.A. shares granted 
by Fedrigoni S.p.A. on December 16, 2019, as 
subsequently confirmed and extended on January 
11, 2021, to secure the payment obligations deriving 
from the Original Note Issue, Tap Note Issue, New 
Note Issue, Revolving Credit Facility and Hedging 
Arrangements, among others;
• pledge over Arconvert S.A.U.’s share capital granted 
originally by Fedrigoni S.p.A. and Arconvert S.p.A. on 
December 16, 2019, as subsequently confirmed and 
extended on January 11, 2021, by Ritrama S.p.A., to 
secure the payment obligations deriving from the 
Original Note Issue, Tap Note Issue, New Note Issue, 
Revolving Credit Facility and Hedging Arrangements, 
among others;
• pledge over the material bank accounts of Fedrigoni 
S.p.A. granted by Fedrigoni S.p.A. on December 16, 
2019, as subsequently confirmed and extended on 
January 11, 2021, to secure the payment obligations 
deriving from the Original Note Issue, Tap Note 
Issue, New Note Issue, Revolving Credit Facility and 
Hedging Arrangements, among others;
• pledge over the receivables originating from an 
intercompany loan stipulated by Fedrigoni S.p.A., 
as lender, and Ritrama S.p.A., as borrower, granted 
by Fedrigoni S.p.A. on February 21, 2020, as 
subsequently confirmed and extended on January 
11, 2021, to secure the payment obligations deriving 
from the Original Note Issue, Tap Note Issue, New 
Note Issue, Revolving Credit Facility and Hedging 
Arrangements, among others;

176
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
• pledge over Ritrama S.p.A. shares granted 
by Fedrigoni S.p.A. on February 21, 2020, as 
subsequently confirmed and extended on January 
11, 2021, to secure the payment obligations deriving 
from the Original Note Issue, Tap Note Issue, New 
Note Issue, Revolving Credit Facility and Hedging 
Arrangements, among others;
• pledge over the material bank accounts of Arconvert 
S.A.U. granted by Arconvert S.A.U. on March 10, 2020, 
to secure the payment obligations deriving from the 
Original Note Issue, Tap Note Issue, New Note Issue, 
Revolving Credit Facility and Hedging Arrangements, 
among others;
• pledge over the material bank accounts of Arconvert 
S.p.A. granted by Arconvert S.p.A. on March 10, 2020, 
to secure the payment obligations deriving from the 
Revolving Credit Facility, among others; 
• pledge over the material bank accounts of Ritrama 
S.p.A. granted by Ritrama S.p.A. on March 10, 2020, 
to secure the payment obligations deriving from the 
Revolving Credit Facility, among others; and
special lien granted by Fedrigoni S.p.A. on January 11, 
2021, to secure the payment obligations deriving from 
the Revolving Credit Facility, among others.
36. Related-party transactions
The following tables set forth the transactions and 
balances of the Group with related parties for the 
years ended December 31, 2021 and December  
31, 2020. 
Statement of Financial Position balances
(in thousands of Euros)
At December 31, 2021
Assets
Liabilities
Financial 
receivables
Trade receivables
Tax receivables
Tax liabilities
Commercial 
payables
Financial payables
Bain Capital Private Equity, LP
40
Fedrigoni Holding Ltd 
2,348
63
Consorzio Canale Industriale G. 
Camuzzoni S.c.ar.l.
695
663
Fabric (BC) Investor S.a.r.l 
Nerea S.p.A.
1
Rimark S.A. de C.V.
Total
2,348
696
766
As a % of F/S item
52.69%
0.00%
3.79%
0.00%
0.16%
0.00%
(in thousands of Euros)
At December 31, 2020
Assets
Liabilities
Financial 
receivables
Trade receivables
Tax receivables
Tax liabilities
Commercial 
payables
Financial payables
Bain Capital Private Equity, LP
24
Fedrigoni Holding Ltd 
150
62
Consorzio Canale Industriale G. 
Camuzzoni S.c.ar.l.
1,294
Fabric (BC) Investor S.a.r.l 
Nerea S.p.A.
Rimark S.A. de C.V.
Total
150
1,294
86
As a % of F/S item
0.6%
0.78%
0.00%
0.00%
0.03%
0.00%

177
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Income Statement transactions
(in thousands of Euros)
At December 31, 2021
Income
Expenses
Sales revenues
Other revenues
Interest income
Costs for services
Interest expense
Bain Capital Private Equity, LP
3,185
Fedrigoni Holding Ltd 
58
240
Consorzio Canale Industriale 
G. Camuzzoni S.c.ar.l.
633
Fabric (BC) Investor S.a.r.l 
Nerea S.p.A.
4
Rimark S.A. de C.V.
Total
58
4,062
As a % of F/S item
0.00%
0.00%
35.16%
1.33%
0.00%
(in thousands of Euros)
At December 31, 2020
Income
Expenses
Sales revenues
Other revenues
Interest income
Costs for services
Interest expense
Bain Capital Private Equity, LP
1,683
Fedrigoni Holding Ltd 
391
Consorzio Canale Industriale 
G. Camuzzoni S.c.ar.l.
214
Fabric (BC) Investor S.a.r.l 
Nerea S.p.A.
Rimark S.A. de C.V.
Total
2,288
As a % of F/S item
0.00%
0.00%
0.00%
0.87%
0.00%

178
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
Description of the Group’s related parties 
Bain Capital Private Equity LP 
The Group has a Consulting Service Agreement in 
effect with Bain Capital Private Equity LP, stipulated on 
April 16, 2018 by Fabric, Fedrigoni Holding Ltd and Bain 
Capital Private Equity LP.
Fedrigoni Holding Ltd
The Group incurred some costs with Fedrigoni 
Holding Ltd, Fedrigoni S.p.A.’s parent company, for the 
recharging of some marketing costs.
Nerea S.p.A.
Nerea S.p.A. is a real estate agency considered a 
related party because it is controlled by a shareholder 
of the parent company. The Group had a lease in effect 
with Nerea S.p.A. for the building in Verona in which 
the parent company’s headquarters were previously 
located and the adjoining parking lot.
Consorzio Canale Industriale G. Camuzzoni di Verona 
S.c.ar.l.
Consorzio Canale Industriale G. Camuzzoni S.c.ar.l. 
in Verona is a 25%-owned company, and thus an 
associate, which operates in the power generation 
industry.
Rimark S.A. de C.V.
Rimark S.A. de C.V. is a company based in Mexico, 
30%-owned in 2020 and thus an associate, which 
operates in the Fedrigoni Self-Adhesives/Labels 
segment. As previously reported, the entire company 
was purchased in 2021.
Key management personnel compensation
The following positions are considered to comprise 
the Group’s key management personnel: i) Group Chief 
Executive Officer; ii) General Manager of Fedrigoni 
Self-Adhesives/Labels  division; iii) Group Chief 
Procurement Officer; iv) Corporate Development 
Director; v) Group Chief Human Resources Officer; 
vi) Group Chief Financial Officer; vii) Group Chief 
Sustainability and Communication Officer; viii) Group 
Technology Infrastructure Director.
The gross compensation paid to the key 
management personnel in 2021 totaled  
Euro 3,600 thousand.
37. Subsequent events
On February 15, 2022, Fedrigoni redeemed Euro 40.0 
million in aggregate principal amount of its 2018 
Notes (the “February 2022 Redeemed Notes”). The 
redemption price for the February 2022 Redeemed 
Notes consisted of (i) 100.00% of the aggregate 
nominal amount of the February 2022 Redeemed 
Notes and (ii) accrued unpaid interest on the February 
2022 Redeemed Notes up to but not including the 
redemption date.
Brazilian subsidiary Ritrama Autoadesivos 
Ltda (Ritrama Brazil) is currently a party to an 
administrative dispute initiated pursuant to a tax 
audit notified to the company on October 18, 2021 by 
the Brazilian tax authorities regarding some imports 
originating from our subsidiary Ritrama S.A. Chile, 
during the period from January 2017 to December 
2020 (the “Tax Audit”). The Fedrigoni Group routinely 
exports products from Chile to Brazil through these 
subsidiaries and these exports generally benefit 
from special tax treatment under the Southern 
Common Market (Mercosur) Free Trade Agreement - 
Economic Complementation Agreement (ACE) n. 35 
(“Mercosur FTA Special Tax Regime”). The special tax 
regime applies to exported products containing at 
least 60% of raw materials originating from countries 
participating in the Mercosur Free Trade Agreement 
(“Mercosur Origin Requirement”) and that content 
percentage is demonstrated by certificates of origin 
issued by the Chilean authorities. Within the scope 
of the Tax Audit, the Brazilian tax authorities claimed 
that our subsidiary, Ritrama Brazil, had inappropriately 
benefited from the Mercosur FTA Special Tax Regime 
from January 2017 to December 2020 because 
some certificates of origin indicated that certain 
products exported from Ritrama S.A. Chile to Ritrama 
Autoadesivos Ltda did not comply with the Mercosur 
Origin Requirement.

179
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
In this regard, pursuant to the Share Purchase 
Agreement signed on October 29, 2019, as 
subsequently amended, by Rink Holding S.r.l. (the 
“Seller”), Tomas Federico Rink, Ricardo Rink, Ronald 
Rink and Gianmario Forzatti as one party, and Fabric 
(BC) S.p.A. (now Fedrigoni S.p.A.), the Buyer, as the 
other party (the “Share Purchase Agreement”), under 
which on January 30, 2020 we purchased the entire 
share capital of Ritrama S.p.A. and its subsidiaries 
(“Subsidiaries”), the Seller (i) issued a series of 
representations and warranties (“Representations 
and Warranties”) undertaking to indemnify and hold 
harmless us and/or the Subsidiaries from any loss 
resulting from untruths and/or inaccuracies in the 
Representations and Warranties and (ii) gave a bank 
guarantee (“Bank Guarantee”) to Fedrigoni S.p.A. 
guaranteeing the punctual and precise fulfillment  
of all the Seller’s obligations under the Share 
Purchase Agreement. 
Considering that the underlying circumstances 
of the Tax Audit constitute a breach of the 
Representations and Warranties and that, therefore, 
Fedrigoni S.p.A. could be entitled to indemnification 
from the Seller for a material portion of the liabilities 
that might be incurred in connection with the Tax Audit 
and the related administrative dispute, on November 
10, 2021 we sent to the Seller a claim for damages in 
accordance with the Share Purchase Agreement (the 
“Brazil Claim for Tax Damages”) that was followed by 
a procedure initiated between Fedrigoni S.p.A. and 
the Seller to reach an agreement on the matter. In 
this context, on February 10, 2022 Fedrigoni S.p.A. and 
the Seller stipulated an Escrow Agreement, which will 
remain in effect until the Brazil Claim for Tax Damages 
is definitively settled, and, concurrently, they set up 
an escrow account into which Euro 5,000,000.00 was 
deposited, which could be released to Fedrigoni S.p.A. 
if it should be established unequivocally that all or part 
of that amount is due by the Seller.
In March 2022 the Guardia di Finanza resumed its 
inspection activities at Fedrigoni S.p.A. relating to the 
tax audit initiated in 2019, focusing its attention on the 
transactions occurring from 2015 to 2017 between 
Fedrigoni S.p.A. and some foreign entities directly 
or indirectly linked to a longtime business partner of 
the Parent company operating in the Indian market of 
paper money and security items. More specifically, 
the Guardia di Finanza evaluated certain consulting 
services and licensing agreements stipulated 
between Fedrigoni S.p.A. and the aforementioned 
foreign entities, which provided for Fedrigoni S.p.A.’s 
payment of royalties for the exclusive use of a specific 
method patent regarding a security item in the 
name of and used by Fedrigoni S.p.A. and the related 
intellectual property rights. The audit concluded 
in early April 2022 with the notification of the Tax 
Audit Report (Processo Verbale di Constatazione 
or “PVC”), in which the Guardia di Finanza - reporting 
in substance the alleged impossibility of identifying 
evidence of the inventive contribution given by the 
aforementioned foreign companies to the patent 
used by Fedrigoni S.p.A. – alleged that there were 
some substantial violations regarding direct taxes 
and regional business tax (IRAP) which, in terms 
of additional taxes, would translate into a claim of 
Euro 5,752 thousand, plus penalties and interest. 
With respect to such matter, pending the tax audit, 
in 2020 Fedrigoni S.p.A.’s directors severed all ties 
with the contractual counterparties and effectively 
suspended all royalty payments, while accounting for 
-- in accordance with correct accounting principles 
-- trade payables due on invoices to be received. Such 
costs were prudently made non-deductible from 
the 2018 tax year, for the purpose of not exposing 
Fedrigoni S.p.A. to the risk of additional disputes 
from the tax authorities, until the proceedings in 
progress have ended. In this manner, the corporate 
boards intended to freeze the existing situation, 
on one hand accounting for the costs relating to 
the royalties without however providing for their 
payment, and on the other hand not deducting the 
related costs for tax purposes. In March 2022, due 
to the suspension of relations as referred to above, 
the aforementioned companies linked to Fedrigoni 
S.p.A.’s business partner initiated a civil lawsuit before 
the Italian judiciary demanding Fedrigoni S.p.A.’s 
payment of the royalties allegedly due under the 
licensing agreements, which were quantified as Euro 
18.2 million, plus general expenses and damages 
apparently incurred due to the non-payment of such 
royalties, bringing the total amount to Euro 18.7 million. 
Based on preliminary assessments, Fedrigoni S.p.A. 
intends to oppose the action, arguing its case by 
including evidence that emerged from the Guardia di 
Finanza’s investigation. If the civil court should confirm 
that Fedrigoni S.p.A. owes the royalties to those 
companies, the amount claimed in the lawsuit would 
not meet the calculation criteria adopted by Fedrigoni 
S.p.A. in the years concerned and based on the sales 
data regarding the marketing of the patented products 
in question as per underlying contracts; the criteria 
would result in a considerably lower amount due than 
the one claimed in the civil lawsuit, whose amount has 
been recognized prudently among the trade payables 
until the civil court establishes whether or not the 
amounts are due.  
Therefore, on one hand Fedrigoni S.p.A. has received 
the Tax Audit Report disputing the contribution given 
by the aforementioned companies to the patent 
stated (supporting the claim with various factual 
elements and testimonies given), and on the other 
hand it is being sued by those companies which, in 
contrast, are demanding royalty payments for the 
contribution given in the development of the patent 
(using as evidence, among others, testimony from 
the opposite side of those obtained by the Guardia 
di Finanza). In light of such contradictory historical

180
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
reconstructions, Fedrigoni S.p.A.’s management, 
which is completely new compared with the one 
present in the organization when the patent was 
being developed and thus is not in a position to 
factually reconstruct what happened at the time of 
the events, considered it necessary, pending the 
tax audit, to carry out in-depth internal and external 
investigations to verify which and how many activities 
were performed by the contractual counterparties 
with regard to the patented idea to which the licensing 
agreements refer. However, at the date of these 
financial statements, and given the contents of the 
Tax Audit Report, Fedrigoni S.p.A. does not believe 
that the investigations have currently revealed certain 
and decisive facts on the matter (save what should 
emerge during additional analyses that might be 
conducted in view of the evidence enclosed with 
the Tax Audit Report). For the reasons explained, 
the Group has decided to adopt the most prudent 
approach possible, maintaining unchanged the 
amount of the payables due to the suppliers referred 
to, considering that if the counterparties should win 
the civil lawsuit, the related amount recognized in the 
financial statements would be adequate, whereas 
a contingent gain would emerge if Fedrigoni S.p.A. 
should win the case. Meanwhile, Fedrigoni S.p.A. has 
decided to increase the accrual regarding tax liabilities 
in light of the recently notified Tax Audit Report, 
bringing the total amount of the tax liabilities for the 
period from 2014 to 2017 to Euro 8,828 thousand. 
Such amount was determined on the basis of a 
preliminary assessment of the potential outcomes 
of the discussions during the proceedings currently 
underway with the Italian Revenue Agency, and on 
the basis of the indemnification obligations of the 
Fedrigoni S.p.A.’s previous shareholder of reference 
in view of the contractual agreements entered into 
regarding the matter.
On February 16, 2022, Fedrigoni S.p.A. completed 
the acquisition of Distribuidora Vizcaina de Papeles 
S.L., a Spanish company that develops, manufactures 
and distributes self-adhesive materials. The purchase 
price is Euro 12,746 thousands.
On March 25, 2022, Fedrigoni S.p.A. stipulated an 
agreement regulating the acquisition of a controlling 
(50.1%) interest in Eonys SAS, a French company 
that owns the entire share capital of Tageos SAS, a 
company operating in the design, manufacturing and 
distribution of radio-frequency identification (RFID) 
inlays and tags (with the possibility of later purchasing 
the entire share capital of Eonys SAS through put 
and call options). The acquisition is expected to be 
completed in the second quarter of 2022.
On February 24, 2022 the conflict between Russia 
and Ukraine escalated into an act of war that has 
led to the imposition of heavy sanctions, especially 
economic ones, and a general scenario of uncertainty 
at a global level. From an accounting standpoint, 
the conflict is considered a non-adjusting event as 
defined by IAS 10, so it was not taken into account 
in the valuation of the items reported in the Group’s 
consolidated financial statements for the year ended 
December 31, 2021.
The Russo-Ukrainian conflict that began at the end 
of February 2022 has provoked a humanitarian crisis 
unprecedented in Europe since World War II and is 
inflicting an additional shock to a global economy still 
coping with supply chain problems and a widespread 
rapid increase in prices.  
According to the most updated authoritative 
economic surveys, the effects of the conflict could 
generate additional imbalances in manufacturing 
activity in the upcoming months, worsening the 
scarcity of some commodities and risking to 
undermine the growth and benefits expected from the 
economic and manufacturing recovery.
While these events have brought economic 
uncertainty to the global environment in which the 
Fedrigoni Group operates, the Group is not materially 
exposed to the countries directly involved in the 
conflict, which are not significant target markets or 
supply markets for the Group.
The Fedrigoni Group is monitoring the developments 
of the situation day by day and will continue to 
assess the risks and consequences on its business 
operations, so that it can act promptly with the 
actions deemed most appropriate when the situation 
becomes clearer.

181
HIGHLIGHTS 2021
FEDRIGONI GROUP
Annual Report 2021
SUSTAINABILITY REPORT
The Fedrigoni Group
Index
Annual Financial  
Report
—
—
—
—
Management discussion and analysis
Report on Operations
Independent Auditor's Report
Consolidated Financials
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Cash Flow
Consolidated Statement of Changes in Equity 
Notes to the Consolidated Financial Statement
ANNUAL FINANCIAL REPORT
Sustainability Report
ANNEX 1 - List of Subsidiaries and Associates
Name
Headquarters
Group’s ownership
Directly controlled subsidiaries
At December 31, 2021
Arconvert-Ritrama do Brasil Ltda
Jundiaí - Brazil
100.00%
Gruppo Cordenons S.p.A.
Milan (MI) - Italy
100.00%
RITRAMA S.p.A.
Caponago (MB) - Italy
100.00%
Arconvert S.p.A.
Arco (TN) - Italy
100.00%
Fedrigoni Deutschland Gmbh
Munich - Germany
100.00%
Fedrigoni Espana SL
Madrid - Spain
100.00%
Fedrigoni France Sarl
Paris - France
100.00%
Fedrigoni UK Ltd
Northampton - United Kingdom
100.00%
Cartamano Deutschland Gmbh
Munich - Germany
100.00%
Miliani Immobiliare S.r.l.
Verona (VR) - Italy
100.00%
Fedrigoni Austria GmbH
Vienna - Austria
100.00%
Fedrigoni Benelux B.V.
Brussels - Belgium
100.00%
Fedrigoni Asia Ltd
Hong Kong - China
100.00%
GPA Holding Company Inc
McCook, Illinois - U.S.A.
100.00%
Magnani 1404 S.r.l.
Massa e Cozzile (PT) - Italy
100.00%
Acucote Inc.
Graham, North Carolina - U.S.A.
100.00%
Fedrigoni Bangladesh
Dhaka - Bangladesh
100.00%
Giano 1264 S.r.l.
Verona (VR) - Italy
100.00%
Fedrigoni Indonesian Trading
Jakarta - Indonesia
70.00%
Name
Headquarters
Group’s ownership
Indirectly controlled subsidiaries
Arconvert S.A.U.
Sarrià del Ter Gerona - Spain
100.00%
Fedrigoni Trading (Shanghai)  
Company Limited
Shanghai - China
100.00%
POLIFIBRA 2011 S.p.A.
Agrate Brianza (MB) - Italy
100.00%
Ritrama (Hefei) Pressure Sensitive 
Coated Materials Co.Limited
Hefei - China
100.00%
RITRAMA UK Ltd
Dukinfield - United Kingdom
100.00%
INVERSIONES SAN AURELIO Srl
Santo Domingo - Dominican Republic
100.00%
RITRAMA CONVERTING (PTY) LTD
Durban - South Africa
100.00%
RITRAMA S.A. CHILE
Curauma, Valparaíso - Chile
100.00%
RITRAMA AUTOADESIVOS Ltda
Jundiaí - Brazil
100.00%
DISTRIBUIDORA RITRAMA  
ECUADOR DISRITREC S.A.
Quito - Ecuador
100.00%
RITRAMA POLAND Sp. Z.o.o.
Dobroszyce - Poland
100.00%
RITRAMA PERU’ SAC
Lima - Peru
100.00%
RITRAMA Caribe Srl
Santo Domingo - Dominican Republic
100.00%
RITRAMA S.A.S
La Estrella, Antioquia - Colombia
100.00%
RITRAMA Costa Rica S.A.
Heredia - Costa Rica
100.00%
RITRAMA Guatemala S.A.
Ofibodega - Guatemala
60.00%
Venus America S.A. de C.V.
Tlalnepantla - Mexico
90.00%
Servicios de Personal Rolosa S.A.  
de C.V.
Tlalnepantla - Mexico
90.00%
Industrial Papelera Venus S.A. de C.V.
Tlalnepantla - Mexico
90.00%
Rimark S.A. de C.V.
Mexico City - Mexico
90.00%
Extra Port Inc.
Graham, North Carolina - U.S.A.
100.00%
Associates
Consorzio Canale Industriale G. 
Camuzzoni S.c.ar.l.
Verona (VR) - Italy
25.00%

The Fedrigoni Group
Index
Annual Financial 
Report
Sustainability Report
Are part of the Fedrigoni Group:

The Fedrigoni Group
Index
Annual Financial 
Report
Sustainability Report