Marzocchi Pompe

Investor Presentation • Oct 5, 2021

1H-2021 RESULTS PRESENTATION

Disclaimer

Disclaimer
Privacy	The document, drafted by the management of Marzocchi Pompe S.p.A., is strictly confidential, therefore none of its contents may be shared with third parties or used for purposes different from those specified in it. Furthermore, this Document shall not be copied or reproduced without the written consent of Marzocchi Pompe S.p.A., either wholly or partially. It is therefore explicitly agreed that, by accepting this presentation, the recipient implicitly gives his consent to be bound by the limitations it contains.
	If the recipient at any time disagreed with this constraint, he would kindly and immediately return the document to Marzocchi Pompe S.p.A
Information	The document does not represent in its entirety neither Marzocchi Pompe S.p.A. nor the project that Marzocchi Pompe S.p.A. aims to achieve and, therefore, there may be some omissions concerning information related to it. Marzocchi Pompe S.p.A. is not obliged to provide the recipient with any updates or additions to the document, even if it contains errors, omissions or inaccuracies.
	The document was produced with due care and diligence; nevertheless, Marzocchi Pompe S.p.A. gives no warranty as to both the completeness, accuracy and correctness of the information and the forecasts or opinions expressed therein. Some parts of the document contain statements which are long-term forecasts, which represent then estimates subject to risks and uncertainties and, therefore, may differ, even substantially, from any future results.
	Neither Marzocchi Pompe S.p.A. nor its employees assume responsibility for the content of the document, even in cases where the recipient may suffer, even implicitly, any damages or losses caused by the omission of information, data and analysis.
General terms &	The document has been prepared by the management of Marzocchi Pompe S.p.A
conditions	The document is not to be construed as an offer or solicitation to buy or subscribe shares issued by Marzocchi Pompe S.p.A. or the respective managers, directors, employees or agents. It is agreed that, if you were to make an offer or invitation to purchase or subscribe shares or related financial instruments issued by Marzocchi Pompe S.p.A., the same would be carried out in compliance with the applicable regulations and with the use, when applicable, of an admission document.

• Company at a Glance
• 1H 2021 Results & Outlook
• Achievements
• Market & Competitive Positioning
• Appendix
  • Business Overview

Marzocchi Pompe at a Glance: market leader on a global basis

	Marzocchi Pompe at a Glance: market leader on a global basis Marzocchi Pompe is a leading world player in the design,	production and marketing of high	performance external gear pumps and
Company	motors, which are used in sectors like: industrial (textile energy, etc.), mobile (agricultural machines, forklift trucks,	machines, machine tools, plastic injection etc.) and automotive (transmissions,	machines, medical equipment, power steering, attitude adjusters,).
Key Success Factors	MP boasts a wide range of products well known for needs in terms of displacements and interfacing. The particularly suitable for automotive applications. A key customer demand for high performance products. The production of the historical brand «Marzocchi Pompe» Predosa and Casalecchio di Reno, through an extremely	its high performance and great reliability, Company is focused on the production of feature is the continuous investment is entirely carried out in Italy, in two verticalized process that allows to keep the	covering most of the market very small displacement pumps, in R&D aimed at satisfying the locations nearby Bologna: Zola product quality under control.
Main Consolidated Financials	€/000 2018 2019 2020 1H 2021 Net Sales 42.719 39.171 34.143 19.928 EBITDA 7.516 5.422 4.129 3.877 EBITDA Margin 17,6% 14,4% 12,2% 17,6% Net Income 2.926 203 229 1.034 Net Equity 10.984 18.676 18.444 19.136 Net Financial Debt 19.217 12.535 9.252 8.452 • Nearly 1,0 mln pumps produced • More than 800 active clients 2020 KPI • Average employees number: 243	1H 2021 Revenues by Business Line 18% 35% 25% 22% Sales Network Automotive Industrial Mobile	1H 2021 Revenues by geographic area 0,3% 15,6% 29,5% 28,7% 26,0% AMERICA EUROPA ITALIA ASIA RoW
	Marzocchi Pompe aims to continue: • to upgrade the production plant in order to expand	its capacity and improve efficiency range, consolidating its position in the	reference market

1H 2021 Results

NET SALES UP 28% AT EURO 19.9 MLN MAINLY DRIVEN BY CORE BUSINESS +34.5%

THE CORE BUSINESS SALES REACHED EURO 15.6 MLN (+34.5%) BENEFITING FROM THE ECONOMIC RECOVERY TREND ALREADY VISIBLE IN 2H 2020, WHILE

THE AUTOMOTIVE SALES ROSE 8.4% TO EURO 4.3 MLN AS ORDERS WERE DELAYED BY THE CHIP SHORTAGE AT WORLDWIDE LEVEL. EBITDA MARGIN JUMPED TO ALL-TIME HIGH 17.6% (vs 7.9% in H1 2020) THANKS TO SALES GROWTH & CONSTANTLY IMPROVING OPERATING EFFICIENCY

THE RISING WEIGHT OF TOP-PERFORMING "ELIKA" PUMPS POWERFULLY DROVE MARGIN RECOVERY BACK TO MARZOCCHI'S ALL-TIME HIGHS.

NET FINANCIAL DEBT FURTHER DECREASED TO EURO 8.5 MLN (VS. 9.3 MLN AT END-2020) THANKS TO PERSISTENTLY HEALTHY CASH GENERATION

DESPITE WORKING CAPITAL REQUIREMENTS' PHYSIOLOGICAL GROWTH, MARZOCCHI POMPE BOASTS A VERY TIGHT CONTROL ON CASH MANAGEMENT.

MARZOCCHI POMPE'S "IN-HOUSE" MANAGEMENT OF KEY PRODUCTION PROCESSES TOGETHER WITH

ITS "MAKE" CHOICE REGARDING CORE COMPONENTS DO PREVENT ANY BUSINESS INTURRUPTION IN ADDITION TO THESE KEY STRATEGIC STRENGHTS, RELENTLESS PRODUCT INNOVATION & PARTNERSHIP WITH MAIN CLIENTS FOR TAILOR-MADE TOP-PERFORMING PRODUCTS FURTHER ENHANCE THE GROUP'S BRIGHT FUTURE PROSPECTS. IN THIS PROMISING SCENARIO THE "ELIKA" BUSINESS LINE RECENTLY ENLARGED REPRESENTS THE KEY DRIVER FOR GROWTH.

* EBITDA Margin based on Sales Revenue + WIP

Source: consolidated financial statements

- Revenues jumped to Euro 19.9 million in 1H-21, recording a healthy 28% growth thus fully recovering the pre-Covid levels • Growth was driven by the Core Business which topped Euro 15.6 million (+34.5%), while

Automotive sales were up 8.4% (Euro 4.3 million) • EBITDA more than tripled at Euro 3.88 million (vs. Euro 1.26 million in H1 2020), bringing the EBITDA margin to the all-time high levels reached by Marzocchi Pompe in the pre-Covid era: 17.6% vs. 7.9% as at 30 June 2020 • Aside the strong sales increase, the outstanding 3.88

growth in profitability benefited on the one hand from Marzocchi's relentless drive for operational efficiency, which gained even more momentum during the pandemic, and on the other hand from the growing importance of the Elika family, which is a major driver for sales acceleration

Core business topped 78% of revenues riding economic uprise

• Revenues by Core market segments (Sales Network, Industrial and Mobile), accounting for nearly three quarters of Total Revenues, reached Euro 15.6 million vs. Euro 11.6 million in 1H 2020 thanks to the economic recovery gaining pace on a global basis which strongly pushed industry demand • Weight of Automotive sales slid to 21.7% from 25.6% in 1H-20 due to the chip shortage mainly affecting the Asian suppliers that is slowing production in the automotive sector at worldwide level

Source: consolidated financial statements

EBIT & Net Result back to Profit witnessing business model solidity

* EBIT Adjusted is Net of depreciation from revaluation resulting from the merger from LBO

Source: consolidated financial statements

• compared to a loss of €1.0 million at 30 June 2020, even though impacted by depreciation and amortisation
• Adjusted EBIT, calculated net of revaluation depreciation and amortisation resulting from the merger from LBO, amounting to Euro 0.5 million in the halfyear, equalled Euro 1.9 million profit compared to Euro 0.3 million loss in the first half of 2020 • The first half of 2021 saw Marzocchi to close with a positive Net Result of Euro 1.0 million, compared to a loss of Euro 0.9 million at 30 June 2020

Net Financial Debt further down thanks to healthy cash generation

Source: consolidated financial statements

• Net Financial Debt further improved to Euro 8.5 million at 30 June 2021, down from Euro 9.3 million at 31 December 2020, despite the physiological growth in working capital linked to the strong sales growth, further demonstrating the Group's proven equity and financial solidity, as well as its great capability to generate cash flow • In detail, the optimal management of Working Capital and the regular management of orders and payments allowed for a considerable cash generation of Euro 0.8 million, reflected in the Net Financial Position improvement • The increase in Shareholders' Equity in the
• first 6 months of 2021 is totally due to the Net Profitability's turnaround

Achievements

- 2021 SAW THE ACCELERATION OF ECONOMIC RECOVERY FROM THE COVID-19 PANDEMIA AT WORLD LEVEL, ALREADY STARTED IN 2H 2020: MARZOCCHI POMPE RECORDED VERY STRONG ORDERS IN ITS CORE BUSINESS, WHILE AUTOMOTIVE SALES GROWTH WAS PARTIALLY HALTED BY THE CHIP SHORTAGE COMING FROM THE ASIAN SUPPLIERS SUCH A BOUYANT MARKET SCENARIO ALLOWED MARZOCCHI TO RETURN TO PRE-COVID SALES LEVEL AND ALL-TIME HIGH PROFIT MARGINS, WITNESSING THE STRENGHT OF ITS BUSINESS MODEL

- MARZOCCHI POMPE'S TOP PERFORMING PRODUCT RANGE HAD BEEN RECENTLY EMPOWERED WITH THE LAUNCH OF THE NEW "FTP" ELIKA LINE IN SEPTEMBER, WHICH OPENED BRAND NEW MARKETS AND WHOSE BENEFICIARY EFFECTS WILL DISPLAY STARTING FROM THE SECOND HALF OF THE YEAR THE ROBUST ORDER BACKLOG TO DATE COUPLED WITH THE PRODUCTION FLEXIBILITY AND AN ENVIABLE FINANCIAL SOLIDITY WILL LIKELY ALLOW MARZOCCHI TO OUTPERFORM EXPECTATIONS IN FY 2021

• RELENTLESS EFFORTS TO DEVELOP NEW INNOVATIVE PRODUCTS AND PARTNERSHIP WITH KEY CLIENTS FOR CUSTOMIZED TOP-PERFORMING LINES ARE FURTHER STRENGTHENING MARZOCCHI'S REPUTATION AND LEADERSHIP POSITION ON THE INTERNATIONAL MARKETS

• IN 2019 THE NEW ELIKA DEPARTMENT HAD BEEN COMPLETED WITH AN INVESTMENT OF MORE THAN 1 MILLION EUROS IN THE PRODUCTION SITE OF CASALECCHIO (BO) COVERED BY TWO PATENTS, ELIKA IS MARZOCCHI POMPE'S FLAGSHIP PRODUCT CHARACTERIZED BY LOW NOISE & HIGH
• EFFICIENCY
• THE PLANNED RANGE EXTENSION WAS RECENTLY BOOSTED BY THE LAUNCH OF THE NEW "FTP FLUID TRANSMISSION PUMP", WHICH ALSO OPENS UP NEW MARKETS FOR MARZOCCHI, THAT WAS PRESENTED IN SEPTEMBER AT THE "IVT EXPO" IN 2020 A NEW IMPORTANT AWARD WAS ACHIEVED FROM A LEADING WORLD PLAYER O IN IN IN THE HEAVY AUTOMOTIVE INDUSTRY WITH PRODUCTION EXPECTED TO START IN 2023

"We are very pleased to have completed this first and important piece of our business plan. In 2019 we have already invested over 1 million euros, in a recently renovated area of the historic headquarters of Casalecchio (BO), a new department focused on the production of the ELIKA pump in its various versions. We want to focus on the product, with higher margins than traditional ones, which we believe may be one of our main drivers of growth for the coming years. Also thanks to the proceeds of the listing, in the second half of the year we will continue with further investments, for about half a million euros, aimed at launching new products and increasing the efficiency and productivity of our production sites." declared Gabriele Bonfiglioli, CEO of Marzocchi Pompe.

Market & Competitive Positioning

Hydraulic market – geographic breakdown Hydraulic end - use markets' forecasts The Fluid Power market is made up by the hydraulic segment and the pneumatic segment. In Asia, Europe and USA the Fluid Power home1 market went from Euro 25,7 billions in 2000, to around Euro 43,6 billions in 2017, of which Euro 31,2 billion (72%) stemming from the hydraulic sector, and Euro 12,3 billion (28%) from the pneumatic sector (Source: ISC2 – World Fluid Power Summit 2017 e Statistics Results 2017). In Italy, the Fluid Power market in 2017 was estimated to be around Euro 2,2 billion, of which Euro 1,4 billion (63%) stemming from the hydraulic sector, and Euro 0,8 billion (37%) from the pneumatic sector .(Source: Assofluid – Il Fluid Power in Italia, Rapporto di settore 2017). Below is given a geographic breakdown of the home hydraulic market, estimated by ISC, and the weighted growth forecast for the hydraulic end-use markets, published by Oxford Economics. Annual percentage changes 2017 2018f 2019f 2020f 2021f 2022f Average '18-'22 North America 7,6% 5,2% 3,8% 2,3% 1,9% 2,2% 3,1% South America 3,8% 11,4% 3,3% 2,7% 2,6% 2,8% 4,6% Europe 7,3% 5,3% 2,1% 1,6% 1,2% 1,0% 2,2% Asia 8,3% 3,5% 3,1% 2,3% 2,8% 2,8% 2,9% Middle East & Africa 6,0% 1,7% 3,6% 3,0% 3,4% 3,4% 3,0% World 8,2% 4,6% 3,1% 2,2% 2,2% 2,3% 2,9%

Weighted growth forecasts for hydraulic end-use markets

covered by companies which are part of the organization. For statistic's sake, the country where the product was built is irrelevant, while the country where the product was sold is considered.

most of the times.

Focus on hydraulic pumps' market

Within the Hydraulic home1 market, the pumps' segment is estimated by ISC to be around Euro 5,4 billion in 2017 (17%), of which Euro 3,2 billion (10%) coming from the reciprocating pumps' segment (axial and radial piston pumps) and Euro 2,2 billion (7%) from the rotary pumps' segment (gear, vane, orbital, screw and other types of pumps). Focusing on the rotary pumps sector, in which MP operates, Asia stands out as the main marketplace with around Euro 1 billion (46%) activity, followed by USA, with Euro 0,8 billion (36%), and Europe with Euro 0,4 billion (18%).

other types

covered by companies which are part of the organization. For statistic's sake, the country where the product was built is irrelevant, while the country where the product was sold is considered.

most of the times.

Competitive positioning

Competitive positioning
Characteristic Company	Quality & Performance	Customer service	Gear Pumps Range	Fluid Power Range	Customization	Competitiveness vs Price	Quality vs Price
Marzocchi Pompe
Bosch Rexroth
Bucher
Casappa
Concentric
Galtech/Interpump
Hema / DB
HPI / JTech
Parker
Roquet
Salami
Turolla/Sauer Danfoss
Settima
Vivoil
Source: Marzocchi Pompe SpA	management estimates		Legend:	High	Medium - high	Medium	Low

Leadership in external gear pumps market

Appendix

MP core business: manufacturing of external gear pumps and motors

- The pumps have the function of transferring the fluid from a tank to an actuator within an oil-hydraulic circuit. (for example a cylinder that drives the shovel of an excavator). This transfer from the suction circuit to the delivery circuit occurs through the rotation of the two toothed wheels (the so-called "gears") inserted in the pump body, which is realized through the coupling with an endothermic motor or an electric motor. The oil that is transferred is located between the teeth compartments of the gear wheels and the pump body. The pressure that is created in the flow circuit downstream of the pump is proportional to the load determined by use. • MP produces external gear pumps with straight teeth with an involute profile and helical rotor pumps with a conjugate profile. Both are part of the group of pumps called "volumetric", to which vane pumps, internal gear pumps and screw pumps also belong. The piston pumps also belong to the same category, which differ from the previous ones for the alternative movement instead of the rotary one. • The gear motor is the actuator that transforms the hydraulic energy supplied by the pump into mechanical energy, creating a rotary motion with a defined number of revolutions and supplying a certain torque to the shaft on which mechanical systems such as fans and pulleys are connected.

Overview of pump composition and application examples

The pumps are composed of the following main parts: body, flange, cover and bushings in aluminium, and gears (driving and driven wheel) in steel. For some types of products, the flange and the cover can be made out of cast iron. Further components can also be integrated (for example valves), which vary depending on the type of product and customization requirements by the customer.

Product applications

Medical equipment Actuators for surgical tables, diagnostic equipment, latestgeneration stretchers, dental chairs: in general, for small medical equipment, where reliability and silence are necessary. Fixed applications (eg presses, machine tools, etc.) that require hydraulic power units with high performance levels. This sector was among the first that the company positioned itself in. Agricultural machinery Even in agricultural machinery there is an important evolution in terms of hydraulic systems. Increasingly high performance and low noise levels are required. MP is specialized in the production of very low displacement pumps, which require a high technological level to obtain high efficiency standards.

Industrial

Micro-hydraulics

There are many pump applications in the nautical sector: movable bulkheads, thrusters, opening and closing valves, flap drives, boarding and disembarking ladders, piloting systems. Machinery and equipment for material handling Even for these type of machines, very often used inside production facilities, low noise levels are increasingly required in addition to high efficiency standard.

Marine

Construction machinery Extreme flexibility in terms of interface versions (shafts, ports, flanges, etc.) and very high reliability are the features required Gardening machines In this type of application it is essential that oil-hydraulic pumps and motors guarantee the complete absence of contamination.

by this market. Means of transport Brake systems for trams and city trains as well as for airport vehicles. In a world that makes mobility an irreplaceable necessity, products that guarantee the highest level of reliability and safety are in high demand. Municipality issues require a very wide range of products, all with maximum reliability. New energy sources In these applications, such as wind and solar, the compatibility with the environment is of fundamental importance. Even in electric cars, small displacements gear pumps are increasingly used in many applications such as: powertrain, power steering, attitude regulators (with PPM of defectiveness tending to zero).

Municipality

Automotive

Technological innovation and quality standards

The Group's business model is focused on the design, production and marketing of high performance external gear pumps and motors. The Company manufactures almost all the main components within its own production sites and uses the historical brand "Marzocchi Pompe", which is highly recognizable

The Group's business	Technological innovation and quality standards model is focused on the design, production and marketing of high performance external gear pumps and motors. The Company
manufactures almost all in the sector.	the main components within its own production sites and uses the historical brand "Marzocchi Pompe", which is highly recognizable
Automated and highly innovative production process	• Technologically advanced production process with a high degree of automation • Strategic phases of the production process entirely managed in house • Internal department dedicated to the design and production of equipment and machinery for the internal production needs • Application of the concepts of lean production, with the aim of maximizing efficiency while minimizing stocks
Continuous product and process innovation	• Continuous product development to meet the increasing market requirements, in terms of silence and efficiency In particular, the R&D activity has allowed Marzocchi Pompe to stand out for: − its wide range of products' cubic capacities (from 0.12 cc to 200 cc) − the high performances of its products, with particular reference to the micro hydraulics field (displacements starting from 0.12 cc) − the patented ELIKA product, low noise pump, high efficiency even at low speed and flow rate regularity due to low pulsations
Focus on quality and excellence	• Made in Italy product • High quality standards • IATF 16949 (formerly ISO TS) certifications (required for the supply of Automotive customers) and ISO 14001 for the plant in Zola Predosa (BO), and ISO 9001 for the plant in Casalecchio di Reno • 100% qualified product ensured by a test carried out on specifically designed test benches

Target markets

(*) The industrial and mobile machines sectors are served by MP both directly, through direct sales, and indirectly, through a distributors' channel/external sales network; the share of sales registered from the sales network can't be attributed to either sector, industrial or mobile machines

Main client composition

- The company benefits from a diversified client base for the Industrial and Mobile machine sectors, having their top 3 clients making up only 11,3% of sales and the top 10 representing 26,9%. The Automotive sector, on the other hand, has fewer clients making up for most of its' sales. In total, the company counts more than 800 active clients • The following table reports the weight on consolidated revenues of the top 3 and 10 clients for both sectors (Industrial & Mobile and Automotive, accounting for 70,1% and 29,9% of total sales, respectively) according to the financial year's consolidated data of Dec. 31st 2020

	Overview weight %	clients1 top
	Industrial & Mobile2		Automotive
	Revenues 2020	%	Revenues 2020	%
Top 3	2,73 mln	11,3%	10,20 mln	100,0%
Top 10	6,44 mln	26,9%	10,20 mln	100,0%
Total	23,95 mln	100,0%	10,20 mln	100,0%

% 97% of automotive' s revenues are made from sales to only one client, with whom MP subscribed, on October 2014, a multi-year contract that will expire on December 31st 2022. The contract guarantees the supply of micro-pumps by MP, with the following clauses: - Minimum order volume, with penalties for violation of amount - Pre-established price, mainly based on volumes ordered - Price-adjustment according to previously established mechanisms, based on current raw materials' prices

• 100,0%
• 100,0%

Marzocchi Pompe relies on an international distribution network present in over 50 countries. Products are distributed through various channels, such as direct sales, distributors' sales1 , American branch operations and Chinese branch operations

• a network of 7 salesmen
  -
  -
  -
  -

Nota (1): the term "distributors" describes those subjects that purchase MP's products and then re-sell them, establishing a prolonged business relationship with the company

Investment highlights
Large target market	• The Hydraulic market is large, estimated to be around Euro 8.8 billions in 2016 in Europe (Source: CETOP) and Euro 2.6 billion in 2017 in Italy (Source: Assofluid)
experiencing growth	• Evidence of upward trend of Italian hydraulic market in the 2009-2017 period, with an increase of 14,2% in production from 2016 to 2017
Wide range of product	• Countless possibilities in terms of MP's pumps' and motors' applications, thanks to the company's versatility and product personalization options
applications
	• Production process relies on high-tech machinery and extensive use of automation
Business model geared	• Internalization of strategic production process, guaranteeing constant monitoring and high-quality standards
towards innovation	• Continuous product innovation, as it can be seen with ELIKA, one of MP's pumps covered by two patents, which stands out for its outstanding technological level that allows it to have low noise emissions and low pulsations, but high efficiency
High profitability and	• EBITDA margin at 12,2% in 2020, with the H2 2020 at 16.1% in line with 16,9% for the period 2016-2018
	• High operating cash flow (5.8M€ in 2020 vs. 3.9M€ in 2019)
cash flow generation
Esteemed execution capabilities	• Renowned production ability for customized products • High standards on quality, reliability and product performance

Organizational structure and production sites

- Marzocchi Pompe can count on a team of professionals with consolidated experience. As of 1st January 2021 the workforce consists of 243 resources (of which 241 are permanent employees), with an heterogeneous background of professional skills that strengthens the efficiency of the work team. The

History

Consolidated Profit & Loss

30-Jun-21	30-Jun-20
100%	15.584	100%
	397
	528
	16.509
(24,2%)	(3.845)	(24,1%)
(27,7%)	(4.756)	(29,8%)
(0,7%)	(153)	(1,0%)
(1,1%)	(131)	(0,8%)
50,05%	7.624	47,71%
(32,4%)	(6.363)	(39,8%)
17,64%	1.261	7,89%
(11,2%)	(2.224)	(13,9%)
6,43%	(963)	(6,0%)
(0,3%)	(175)	(1,1%)
(0,5%)	(120)	(0,8%)
5,63%	(1.258)	(7,9%)
		2,09%
4,71%	(923)	(5,8%)
		(0,9%) 335

Consolidated Balance Sheet

Eur 000	30 -giu -21
A) NET FIXED ASSETS	20.695
Intangible fixed assets	1.403
Tangible fixed assets	17.906
Financial Fixed assets	1.386
B) NET WORKING CAPITAL	8.474
Inventories	10.308
Advances from customers	(63)
Trade receivables	7.608
Other receivables	1.611
Trade payables	(6.055)
Other payables	(3.304)
Provisions for risks and charges	(1.491)
Other assets/liabilities	(141)
C) GROSS INVESTED CAPITAL	29.169
D) EMPLOYEE SEVERANCE PAY	(1.581)
E) NET INVESTED CAPITAL	27.588
Covered by
F) NET EQUITY	(19.136)
G) NET FINANCIAL POSITION	(8.452)
Medium/long -term financial payables	(9.852)
Short -term financial payables	(5.189)
Cash and cash equivalents	6.589
H) TOTAL HEDGES	(27.588)
(National accounting standards + IFRS 16 - Leases)

Consolidated Cash Flow Statement

		30-Jun
	30-Jun-21	20
	€/000	€/000
		(963)
		335
		220
		2.224
		1.816
		(813)
		2.402
		(460)
		(185)
		(174)
		769
		2.585
		(726)
		120
		(120)
		(725)
		(175)
		0
		(352)
		(527)
		1.333
Start-of-period cash or (exposure)	(9.252)	(12.535)
End-of-period cash or (exposure) Net cash increase (decrease)	(8.452) 801	(11.202) 1.333
	Operating profit [EBIT] Tax effect Change in funds Provisions and write-downs Income cash-flow Changes in working capital Inventories Trade receivables Other receivables Trade payables Other payables Changes in working capital Operating cash flow (Free cash flow) Net tangible & intangible investments Change other fixed assets Financial value adjustments Cash flow from investing activity Financial charges/income Share capital increases/(decreases) Other equity changes Cash flow from financial activities Net cash flow	1.413 (204) (85) 2.464 3.588 (2.635) (1.197) 687 1.197 409 (1.538) 2.050 (559) (174) (106) (839) (68) 0 (343) (411) 800

Focus on LBO

During 2018 the company underwent a restructuring procedure that modified the shareholding structure. As of today, the company is owned by Paolo Marzocchi.

Disclaimer

Disclaimer
Privacy	The document, drafted by the management of Marzocchi Pompe S.p.A., is strictly confidential, therefore none of its contents may be shared with third parties or used for purposes different from those specified in it. Furthermore, this Document shall not be copied or reproduced without the written consent of Marzocchi Pompe S.p.A., either wholly or partially. It is therefore explicitly agreed that, by accepting this presentation, the recipient implicitly gives his consent to be bound by the limitations it contains.
	If the recipient at any time disagreed with this constraint, he would kindly and immediately return the document to Marzocchi Pompe S.p.A
Information	The document does not represent in its entirety neither Marzocchi Pompe S.p.A. nor the project that Marzocchi Pompe S.p.A. aims to achieve and, therefore, there may be some omissions concerning information related to it. Marzocchi Pompe S.p.A. is not obliged to provide the recipient with any updates or additions to the document, even if it contains errors, omissions or inaccuracies.
	The document was produced with due care and diligence; nevertheless, Marzocchi Pompe S.p.A. gives no warranty as to both the completeness, accuracy and correctness of the information and the forecasts or opinions expressed therein. Some parts of the document contain statements which are long-term forecasts, which represent then estimates subject to risks and uncertainties and, therefore, may differ, even substantially, from any future results.
	Neither Marzocchi Pompe S.p.A. nor its employees assume responsibility for the content of the document, even in cases where the recipient may suffer, even implicitly, any damages or losses caused by the omission of information, data and analysis.
General terms &	The document has been prepared by the management of Marzocchi Pompe S.p.A
Conditions	The document is not to be construed as an offer or solicitation to buy or subscribe shares issued by Marzocchi Pompe S.p.A. or the respective managers, directors, employees or agents. It is agreed that, if you were to make an offer or invitation to purchase or subscribe shares or related financial instruments issued by Marzocchi Pompe S.p.A., the same would be carried out in compliance with the applicable regulations and with the use, when applicable, of an admission document.
	35

CONTACTS

Marzocchi Pompe S.p.A.

ir@marzocchipompe.com

Integrae SIM S.p.A. – Nominated Adviser Francesco D'Antonio francesco.dantonio@integraesim.it

Luca Comi luca.comi@integraesim.it

CDR Communication - Investor & Media Relations Paola Buratti, Investor Relations paola.buratti@cdr-communication.it Martina Zuccherini, Media Relations martina.zuccherini@cdr-communication.it