(Translation from the Italian original which remains the definitive version. This translation of the Annual Report 2022 constitutes a non-official version which is not compliantwith the provisions of the Commission Delegated Regulation (EU) 2019/815) (Translation from the Italian original which remains the definitive version. This translation of the Annual Report 2022 constitutes a non-official version which is not compliant with the provisions of the Commission Delegated Regulation (EU) 2019/815)

Openjobmetis S.p.A. - Employment Agency Auth. Prot. No. 1111-SG of 26/11/2004

Registered Office Via Assietta, 19 – 20161 Milan – Italy

Headquarters and Offices Via Marsala 40/C Centro Direzionale Le Torri, 21013 Gallarate (VA)

Legal Information Joint-stock company Approved and subscribed share capital EUR 13,712,000 Registered in the Milan Register of Companies under tax code 13343690155

Website www.openjobmetis.it

LETTER TO THE SHAREHOLDERS	5
CORPORATE BODIES	6
STRUCTURE OF THE GROUP	8
DIRECTORS' REPORT ON OPERATIONS Highlights (amounts in millions of EUR) Trends in key financial and operating indicators – alternative performance indicators General economic scenario The Openjobmetis Group and the labour market Operating performance and results of the Group Operating performance and results of the Parent Openjobmetis S.p.A. Risks related to operations Relations with subsidiaries and related parties Significant events in 2022 Main significant subsequent events Outlook	9 10 11 13 16 19 32 44 47 50 52 53
Information relating to employees Information on environmental matters Reconciliation between the Parent's financial statements and the consolidated financial statements Other information CONSOLIDATED FINANCIAL STATEMENTS Statement of Financial Position Statement of Comprehensive Income	54 55 56 57 61 62 63
Statement of Changes in Equity Statement of Cash Flows Notes to the Consolidated Financial Statements STATEMENT ON THE CONSOLIDATED FINANCIAL STATEMENTS IN ACCORDANCE WITH ARTICLE 154-BIS OF LEGISLATIVE DECREE 58/98 AS AMENDED AND SUPPLEMENTED INDEPENDENT AUDITORS' REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS	64 65 66 114 115
SEPARATE FINANCIAL STATEMENTS Statement of Financial Position Statement of Comprehensive Income Statement of Changes in Equity Statement of Cash Flows Notes to the Separate Financial Statements STATEMENT ON THE SEPARATE FINANCIAL STATEMENTS IN ACCORDANCE WITH ARTICLE 154-BIS OF LEGISLATIVE DECREE 58/98 AS AMENDED AND SUPPLEMENTED INDEPENDENT AUDITORS' REPORT ON THE SEPARATE FINANCIAL STATEMENTS REPORT OF THE BOARD OF STATUTORY AUDITORS	116 117 118 119 120 121 170 171 172

LETTER TO THE SHAREHOLDERS

Dear Shareholders,

the financial statements for 2022 ended a year marked by particular difficulties, which however did not prevent the achievement of more than satisfactory results. Despite rising energy costs, inflation and the complexity of the geopolitical system, the results of the Openjobmetis Group remained positive and growing, laying a solid foundation for the new year.

In fact, revenue amounted to EUR 768.4 million, marking the best year ever, while EBITDA amounted to EUR 29.4 million as at 31 December 2022 compared to EUR 23.5 million in 2021.

In the first few months of 2022, we successfully completed the process of integrating and perfecting the synergies deriving from the acquisition of the Quanta Group, which ended with the merger by incorporation of

Quanta S.p.A. into Openjobmetis S.p.A. and its subsidiary Quanta Risorse Umane S.p.A. into Openjob Consulting S.r.l..

The success of the transaction allows us to maintain a special focus on the opportunities that the market may hold, with the aim of dynamically continuing the growth path undertaken so far.

November featured the launch of a voluntary partial tender offer on treasury shares, through which the Group provided you with an additional tool for monetising your investment.

The Offer, which received much interest, was intended, together with the dividend policy, to reward your trust in the Openjobmetis Group.

In light of the goals achieved and letting ourselves be guided by the enthusiasm and dedication that distinguishes us, we are convinced that we will be, now as always, creators of value in everyday life for our people, for our investors and for the community.

The Chairman

Marco Vittorelli

CORPORATE BODIES

The Ordinary Shareholders' Meeting of 30 April 2021 appointed the Board of Directors and the Board of Statutory Auditors in office until the Shareholders' Meeting that will be called to approve the financial statements as at 31 December 2023.

Board of Directors

Chairman	Marco Vittorelli
Deputy Chairman	Biagio La Porta
Managing Director	Rosario Rasizza
Directors	Alberica Brivio Sforza 1
	Laura Guazzoni1
	Barbara Napolitano1
	Lucia Giancaspro1
	Alessandro Potestà1
	Alberto Rosati1
	Corrado Vittorelli
Board of Statutory Auditors
Chair	Chiara Segala
Standing Auditors	Manuela Paola Pagliarello
	Roberto Tribuno
Alternate Auditors	Alvise Deganello
	Marco Sironi

¹ Independent Director

Committees

Control, Risks and Sustainability Committee 2 Alberto Rosati (Chair)1

Laura Guazzoni1 Lucia Giancaspro1

Remuneration Committee Alberica Brivio Sforza (Chair)1 Barbara Napolitano1 Alberto Rosati1

* * *

Manager in charge of financial reporting

Alessandro Esposti

* * *

Independent Auditors 3 KPMG S.p.A.

² The Control, Risks and Sustainability Committee also acts as Related Parties Committee.

³ In office until 31/12/2023

STRUCTURE OF THE GROUP4

⁴Share capital structure and voting rights as at 31 December 2022 on the basis of the information received pursuant to articles 120 and 122 of the Consolidated Law on Finance (TUF). The above figures may not reflect the number of shares held by each of the parties after disclosure.

Subsidiaries of Openjobmetis S.p.A. as at 31 December 2022.

ON OPERATIONS

DIRECTORS' REPORT

Highlights (amounts in millions of EUR)

Notes: the adjusted values are calculated as indicated in the section "Trends in key financial and operating indicators – alternative performance indicators". Where not specified, the data are to be considered "Reported".

Trends in key financial and operating indicators – alternative performance indicators

	2022		2021		2020		Δ 22 vs. 21
Income Statement indicators	EUR	%	EUR	%	EUR	%	EUR	%
First contribution margin (millions/margin) (1)	95.2	12.4%	89.2	12.4%	63.7	12.3%	6.0	6.7%
EBITDA (millions/margin) (2)	29.4	3.8%	23.5	3.3%	14.9	2.9%	5.9	25.1%
Adjusted EBITDA (millions/margin) (3)	30.2	3.9%	26.0*	3.6%	15.3	3.0%	4.2	16.2%
EBITA (millions/margin) (4)	21.9	2.8%	15.6	2.2%	8.3	1.6%	6.3	40.4%
Adjusted EBITA (millions/margin) (5)	22.7	3.0%	18.0*	2.5%	8.7	1.7%	4.7	26.1%
Profit (loss) for the year (millions/margin)	14.3	1.9%	10.7	1.5%	23.6	4.6%	3.6	33.6%
Adjusted profit (loss) for the year (millions/margin) (6)	15.4	2.0%	12.8*	1.8%	6.0	1.2%	2.6	20.3%
Net earnings (loss) per share outstanding* (EUR)	1.10	-	0.80	-	1.81	-	0.30	37.5%
Adjusted earnings (loss) per share outstanding* (EUR)	1.18	-	0.95*	-	0.46	-	0.23	24.2%

* To facilitate the comparison, the comparative figure was modified to include the amount of the extraordinary bonus recognised in the financial statements as at 31 December 2021.

	2022		2020	Δ 22 vs. 21
Other indicators		2021		Value	%
Net financial indebtedness (EUR million) (7)	26.2	44.5	17.4	(18.3)	(41.1%)
Net financial indebtedness/EBITDA	0.9	1.9	1.2	(1.0)	(52.6%)
Number of shares (thousand)	13,712	13,712	13,712	-	-
ROE – Net profit (loss)/average equity (%)	10.4%	8.3%	21.0%	2.1%	24.9%
Average no. of days to collect trade receivables (days) (8)	68	69**	76	1	1.4%

* The number of shares is calculated net of treasury shares purchased following the buyback programme and the voluntary partial public tender offer, as described in more detail in point 19 of the Notes to the consolidated financial statements, to which reference is made. ** Net of the effects of the consolidation of "Quanta".

(1) The first contribution margin is calculated as the difference between Revenue and Personnel expense for contract workers and outsourcing.

(2) EBITDA is calculated as Profit (loss) for the period before income taxes, net financial expense, amortisation, provisions and impairment losses on trade and other receivables.

(3) Adjusted EBITDA is calculated as EBITDA before charges mainly relating to costs for personnel reorganisation, extraordinary bonuses and due diligence in relation to acquisitions and costs for professional services for extraordinary transactions on the regulated market (as indicated in the following pages of this report).

(4) EBITA is calculated as Profit (loss) for the period before income taxes, net financial expense and amortisation of the intangible assets included in the balance of Intangible assets and goodwill (amortisation of customer relations and non-compete agreement signed as part of the acquisition of "Quanta").

(5) Adjusted EBITA is calculated as EBITA before charges mainly relating to costs for personnel reorganisation, extraordinary bonuses and due diligence in relation to acquisitions and costs for professional services for extraordinary transactions on the regulated market (as indicated in the following pages of this report).

(6) Adjusted Profit (loss) for the period is calculated as Profit (loss) for the period before charges mainly relating to costs for personnel reorganisation, extraordinary bonus and due diligence in relation to acquisitions and costs

for professional services for extraordinary transactions in the regulated market, as well as the amortisation of the intangible assets included in the balance of Intangible assets and goodwill (amortisation of customer relations and the non-compete agreement signed as part of the acquisition of "Quanta") and net of the related tax effect (as indicated in the following pages of this report).

(7) Net financial indebtedness shows the company's financial exposure to lenders and is the difference between financial assets and the sum of current and non-current financial liabilities (see the section on "Operating performance and results of the Group" for its detail).

(8) Average no. of days to collect trade receivables: I) as at 31 December, trade receivables / revenue from sales x 360. (for 2021 it should be noted that trade receivables and revenue from sales have been considered net of the amounts included in the consolidated financial statements relating to Quanta S.p.A. and Quanta Risorse Umane S.p.A.).

The costs subject to adjustment as part of the aforementioned alternative performance indicators (costs for personnel reorganisation, extraordinary bonus and due diligence in relation to acquisitions, and costs for professional services for extraordinary transactions on the regulated market as well as amortisation of the intangible assets included in the balance of Intangible assets and goodwill) with the related reconciliations to the financial statements data are provided in the "Analysis of the operating performance of the Openjobmetis Group" section of this report.

The aforementioned alternative performance indicators facilitate analysis of business performance, ensuring better comparability of results over time.

The above indicators are not identified as accounting measures under IFRS, therefore the quantitative determination thereof may not be unique. The determination criteria applied by the Group for these indicators may not be consistent and comparable with those determined by other operators.

General economic scenario5

Political, economic and financial market trends

In the first quarter of 2022, according to ISTAT's "Quarterly Economic Accounts" there was timid GDP growth of 0.1% in economic terms, year-on-year, in line with the European scenario. Despite the spread of the Omicron variant and especially Russia's invasion of Ukraine, a recovery in domestic demand and investment in plant, machinery and construction has been witnessed. Tensions related to the Russia-Ukraine war have led to price rises relative to energy sources, for which Russia is also Italy's main supplier, and raw materials, leading to a rise in inflation to 7% in March. In the face of this inflationary dynamic, there has been, on the one hand, a shift in monetary policy, not only in Europe - aimed at counteracting the inflationary phenomenon by raising rates - and, on the other hand, a worsening in the assessment of country-risk, with an increase in the spread (understood as the difference between the yield offered by the 10-year BTP and its German counterpart) compared to other European countries.

According to the Bank of Italy, GDP accelerated by approximately +1.1% in the second quarter compared to the first quarter of 2022, thanks in part to the contribution of the service sector. In fact, the improved health situation has allowed for the almost complete elimination of measures to contain the epidemic and, as a result, the resumption of tourism/leisure and transportation activities. At the same time, the manufacturing sector (+1.5% from the previous quarter) proved resilient in the face of supply difficulties and rising prices of energy goods.

The third quarter of 2022 saw a 0.5% increase in GDP compared to the previous quarter and 2.6% compared to the third quarter of 2021. This positive trend was possible thanks to the growth in the added value of services, in particular trade, transport, accommodation and catering. 6

With the end of the third quarter, annual GDP growth stood at 3.9% overall, despite the -0.1% recorded in the last three months, exceeding the trend estimates in the November version of the Economic and Financial Document. Inflation reached 12.3% on an annual basis, supported by the impact of the energy component on the prices of goods and services. The measures put in place by the Government to reduce the impact of energy costs and to support household income mitigated the impact of the inflationary shock on purchasing power. 7

In fact, in December, consumer confidence increased, highlighting positive expectations for the country's economic situation.

The performance of the Italian economy during the year was affected by the development of the European macroeconomic scenario, much like the growth outlook for 2023.

Projections assume that the tensions associated with the war will continue to be elevated for the first part of the year, before gradually easing with a consequent tentative but effective recovery of economic activity beginning in late spring. In this case, GDP would return to expand in the second half of 2023 in parallel with the

⁵ Sources: ISTAT, Bank of Italy and Euronext

⁶ ISTAT, "Quarterly Economic Accounts, 3rd quarter", 30 November 2022

⁷ Bank of Italy, "Economic Bulletin", 20 January 2023

easing of inflationary pressures and uncertainty related to the conflict in Ukraine and the manifestation of the effects of fiscal policy measures, including in relation to the National Recovery and Resilience Plan (NRRP). 8

The previously described uncertain macroeconomic scenario did not cause any particular negative impact on the results that the Openjobmetis Group achieved in 2022, as evidenced by the economic, financial, and management indicators described in the previous section.

To date, there are no particular risk situations reported regarding the solvency of Openjobmetis Group's customers, including in relation to possible effects of the war. This is demonstrated by the average collection times (DSO - Days Sales Outstanding) which as at 31 December 2022 amounted to 68 days, the incidence of losses on receivables (0.2% as at 31 December 2022 compared to 0.3% as at 31 December 2021) and financial indebtedness down compared to the end of the previous year (from EUR 44.5 million as at 31 December 2021 to EUR 26.2 million as at 31 December 2022).

Group Management continues to monitor the effects of the Russia-Ukraine conflict on the real economy, in particular in relation to any impact on turnover performance and items recorded in the financial statements.

As for the financial markets, in 2022 the Euronext markets totalled 83 listings, for an aggregate capitalisation of 23 billion. In its year-end press release, Euronext highlighted its commitment to the Capital Market Union project, which involves the creation of a single integrated capital market for the European Union.

Euronext also confirms its position as the largest stock exchange operator for 2022, making it the most attractive platform for IPOs. In March 2023, the Italian markets are expected to migrate to the proprietary trading platform Optiq, which will further strengthen the liquidity pool and Euronext's position as a leader in Europe.

Since March 2022, also the stock market has been shaken by instability due to the outbreak of the Russia/Ukraine conflict. The increase in the price of raw materials, the geopolitical tensions on a global scale, rising interest rates, inflation and the spectre of recession have had a negative impact on the main global indexes, including FTSE Mib and FTSE Italia Star to which Openjobmetis S.p.A. belongs. Stabilisation in the stock market is expected for the second part of 2023, accompanied by a slow recovery of the economy. On 2 January 2023, Openjobmetis shares (OJM.MI) opened at EUR 8.17 per share, while on 30 December 2022, the last trading day for the year, they closed at EUR 8.29 per share.

⁸ Bank of Italy, "Macroeconomic projections for the Italian economy (Exercise coordinated by the Eurosystem)", 16 December 2022

Table 1: Italian GDP trend by quarter (Source ISTAT)

The Openjobmetis Group and the labour market

Performance of the labour market 9

Despite the political and economic scenario characterised by high uncertainty, the Italian labour market has shown positive signs, demonstrating a certain vitality.

According to ISTAT publications, 120 thousand more people were employed in the first months of 2022 than in the last quarter of 2021. Recruitment was particularly strong for fixed-term contracts (+2.4% in the first quarter of 2022) compared to permanent contracts (+0.2% in the first quarter of 2022). Hours worked increased by 1.5% from the previous period, returning for the first time to the levels observed at the end of 2019.

After a first quarter of strong growth, substantial stability was achieved in April, still registering the highest employment rate since 2004 at 59.9%. Of the 22.9 million employed, about 3.17 million are workers on fixedterm contracts. In the first part of the year, this category accounted for more than half of the trend increase in employment with an overall growth of about 8.8% and ten times the pace of permanent employment 10.

The second quarter saw a natural, albeit limited, decline in employment due to the summer months. The number of contract workers reached 482 thousand units, presenting a new trend increase (+ 3% in the year), albeit at a slower pace than in previous quarters.

The third quarter opened with significant signs of recovery. In particular, October was characterised by a jump in the employment rate to 60.5%, the highest value recorded since 1977, involving both genders and all age groups. Overall, the number of employed people in the month stood at 23.2 million, surpassing the pre-pandemic record of June 2019 for the first time.

After two consecutive months of growth, the labour market in November recorded a slight slowdown (-0.1%), albeit remaining at record values. The number of employees with fixed-term contracts started to rise again (around +60 thousand people) also due to the seasonality component linked to the arrival of the Christmas period.

2022 ended with a December characterised by growth in employment compared to both the previous month and the same period of 2021, in particular due to permanent and self-employed workers. According to ISTAT figures, the employment rate at the end of the year stood at 60.5%.

In general terms, the 2022 labour market was characterised by the mismatch between labour supply and demand (estimated at around 38.6% 11), the main reason for which was the lack of applicants, in particular for the skilled workers category.

For the first quarter of 2023, the Excelsior Information System Bulletin prepared by Unioncamere and Anpal expects +1.3 million recruitments, particularly in the manufacturing sector, a comforting sign also for the economy in absolute terms.

⁹ Source: ISTAT

¹⁰ Source "Sole 24 Ore - Work: Istat, in May employment drops Inactive persons increase, record fixed-term employees", 30 June 2022

¹¹ Unioncamere, Press release, "Employment: 504 thousand recruitments expected by companies in January", 3 January 2023

Main regulatory aspects

With reference to the regulatory framework, it should be noted that as at 1 January 2022, the special 'cause' exemption framework provided by the "Support" Law Decree for the renewal of fixed-term contracts lapsed. On the other hand, what remained was the possibility for the company to identify causes additional to those provided for in the "Dignity Decree" according to the specific needs covered by national, territorial and company collective agreements, as introduced by Article 41-bis inserted into Law Decree 73/2021 "Support bis" by conversion law 106/2021. Generally speaking, the causes that have been identified by the labour agreement to provide greater flexibility for companies include: - peaks of higher-intensity activity resulting from market demands that cannot be met with the normal production regime; - exceptional orders that require increased production activity, product packaging and shipments; - the need to market new types of products not currently existing in normal production to adjust to demand. The option of affixing a duration of more than 12 months, but not exceeding 24 months, to the fixed-term contract in the event of specific needs up to 30 September 2022, also remains. Furthermore, up to the same date, periods of fixed-term missions carried out by workers hired by employment agencies on a permanent basis will not be counted in the maximum 24-month period.

On 8 June 2022, an agreement was reached between the EU Council, the European Parliament and the Commission as regards the directive - non-binding - on setting parameters to ensure a minimum wage with periodic adjustment system in EU countries. The aim is to ensure the protection of the dignity of the individual where states will be required to verify whether the existing legal minimum wage is sufficient to ensure an adequate standard of living based on purchasing power, cost of living, level and rate of wage growth, and productivity. Italy does not appear to be obliged to act because labour agreements have a coverage rate above 80%, which is the threshold set by EU rules. However, this initiative provides an opportunity for dialogue and indepth analysis of the issue, including in relation to labour market access tools.

On 25 October, Directive no. 2022/2041 on the minimum wage, was published in the Official Gazette of the European Union, which gives each Member State the option of applying its own national labour agreements if more favourable than the pre-established thresholds.

The new Government, which took office in October 2022 and led by President Meloni, immediately raised the need to re-examine the Citizens' Income, in order to provide for the creation of a suitable and effective tool for the reintegration into work of the unemployed.

This urgency has also emerged in light of the latest Anpal report (national agency of Active Policies), which shows that, of the 1.1 million income earners, 660 thousand are potentially employable. Of the latter, 73% had no work experience in the last three years and in 36% of cases this was less than three months. 12

On 29 December 2022, the 2023 Budget Law was published in the Official Gazette no. 3030 (Law no. 197 of 29 December 2022), which redefined the regulations on Citizens' Income, also providing for its repeal starting from 1 January 2024.

For 2023, citizens defined as "employable" will be paid economic support for a reduced period of 7 months, instead of the previous 18 months, renewable.

¹² Source: Sole 24 Ore "Citizens' income, the squeeze starts with 660 thousand employable beneficiaries", 31 October 2022

At the same time, the same recipients will be required to subscribe to a pathway aimed at job placement and to attend a training or/and vocational retraining course, failing which the benefit will be forfeited for the entire household.

For persons aged between 18 and 29 who have not completed the compulsory pathway, the payment of the subsidy will be subject to attendance at first-level education courses.

Lastly, the regulations envisaged the forfeiture of the benefit if one of the household members does not accept their first job offer, also abolishing the definition of "appropriate" work.

In February 2023, with an amendment to the Milleproroghe Decree, the option of using contract workers for periods of more than 24 months was extended by one year, from 30 June 2024 to 30 June 2025 without the need to establish a permanent employment contract, even if the employment contract between the employment agency and the contract worker is open-ended.

Analysis of the operating performance of the Openjobmetis Group for the year 2022

It should be noted that following the acquisition of 100% of Quanta S.p.A and of 100% of its subsidiary Quanta Risorse Umane S.p.A., completed on 26 May 2021, the consolidation scope of this report includes the aforementioned Companies from June 2021.

Revenue from sales for 2022 came to EUR 768.4 million, compared to EUR 720.8 million in the previous year. In 2022, operating profit (or EBIT, earnings before interest and tax) amounted to EUR 21.2 million (EUR 15.2 million in 2021). Net profit was EUR 14.3 million compared to EUR 10.7 million in 2021. The Group's consolidated financial figures for the years ended 31 December 2022, 2021 and 2020 are shown in the table below.

(amounts in thousands of EUR)			Financial statements for the year ended 31 December			Change 2022/2021
	2022	% of Revenue	2021	% of Revenue	2020	Value	%
Revenue	768,373	100.0%	720,789	100.0%	516,985	47,584	6.6%
Cost of contract work and outsourcing	(673,211)	(87.6%)	(631,557)	(87.6%)	(453,274)	(41,654)	6.6%
First contribution margin	95,162	12.4%	89,232	12.4%	63,711	5,930	6.6%
Other income	15,306	2.0%	15,586	2.2%	8,649	(280)	(1.8%)
Employee costs	(42,546)	(5.5%)	(42,458)	(5.9%)	(32,270)	(88)	0.2%
Cost of raw materials and consumables	(199)	(0.0%)	(202)	(0.0%)	(174)	3	(1.5%)
Costs for services	(37,493)	(4.9%)	(37,569)	(5.2%)	(24,410)	76	(0.2%)
Other operating expenses	(862)	(0.1%)	(1,046)	(0.1%)	(636)	184	(17.6%)
EBITDA	29,368	3.8%	23,543	3.3%	14,870	5,825	24.7%
Provisions and impairment losses	(1,685)	(0.2%)	(2,178)	(0.3%)	(1,631)	493	(22.6%)
Amortisation/depreciation	(5,820)	(0.8%)	(5,785)	(0.8%)	(4,927)	(35)	0.6%
EBITA	21,863	2.8%	15,580	2.2%	8,312	6,283	40.3%
Amortisation of intangible assets 13	(667)	(0.1%)	(403)	(0.1%)	(46)	(264)	65.5%
EBIT	21,196	2.8%	15,177	2.1%	8,266	6,019	39.7%
Financial income	36	0.0%	40	0.0%	235	(4)	(9.9%)
Financial expense	(693)	(0.1%)	(719)	(0.1%)	(536)	26	(3.6%)
Profit (loss) before taxes	20,539	2.7%	14,499	2.0%	7,965	6,040	41.7%
Income taxes	(6,225)	(0.8%)	(3,786)	(0.5%)	15,677	(2,439)	64.4%
Profit (loss) for the year	14,314	1.9%	10,713	1.5%	23,642	3,601	33.6%

¹³ Amortisation of intangible assets included in the balance of "Intangible assets and goodwill" (amortisation of customer relations, non-compete agreement signed as part of the acquisition of "Quanta" and other sundry assets) has been represented separately from the total of "Amortisation".

The table below provides a breakdown of the costs that have been adjusted for the purposes of determining the

Alternative Performance Indicators (APIs).

(In thousands of EUR)		2022	2021
Costs for services	Charges mainly relating to costs for consultancy and due diligence in relation to acquisitions and costs for professional services for transactions on the regulated market	145	1,146
Employee costs	Costs for personnel reorganisation and extraordinary bonus for the achievement of specific results relating to the acquisition of Quanta	709	1,033
Other operating expenses	Taxes (Tobin Tax) and charges relating to the capital loss on the sale of the property in Rodengo Saiano	-	280
Total		854	2,459
Amortisation/depreciation	Amortisation of customer relations and non compete agreements included in intangible assets and goodwill	667	403
Total costs		1,521	2,862
Tax effect		(424)	(787)
Total impact on the Income Statement		1,097	2,075

In 2022, charges relating to costs for personnel reorganisation and extraordinary bonuses amounted to EUR 709 thousand, while costs for consultancy and professional services in relation to extraordinary transactions on the regulated market amounted to EUR 145 thousand. Amortisation of intangible assets includes the amortisation of the non-compete agreement for EUR 300 thousand and the amortisation of customer relations for EUR 367 thousand recorded in the financial statements following the "Quanta" transaction in 2021. The above resulted in an adjusted net profit of EUR 15,411 thousand, taking into account a negative tax effect of EUR 424 thousand.

Revenue

Revenue in 2022 amounted to EUR 768,373 thousand compared to EUR 720,789 thousand in 2021.

Despite the complex conditions of the macroeconomic environment due to the international geopolitical scenario, revenue increased by 6.6% (substantially constant on a like-for-like basis). 14

The positive performance of the subsidiaries Seltis Hub S.r.l., specialising in recruitment and selection (approx. +36% compared to 2021), and Family Care S.r.l. - Employment Agency, specialising in providing family assistants dedicated to the elderly (approx. +18% compared to 2021) was confirmed.

The following table provides a breakdown of revenue by type of service:

¹⁴The companies Quanta S.p.A. and Quanta Risorse Umane S.p.A. were included in the consolidation scope starting from June 2021.

(In thousands of EUR)	2022	2021	Change
Revenue from contract work	746,273	704,198	42,075
Revenue from personnel recruitment and selection	6,827	5,807	1,020
Revenue from outsourced services	6,310	2,733	3,577
Revenue from other activities	8,963	8,051	912
Total Revenue	768,373	720,789	47,584

Cost of contract work and outsourcing

Personnel expense relating to contract workers and for outsourced services amounted to EUR 673,211 thousand in 2022, compared to EUR 631,557 thousand in 2021, equal to 87.6% of revenue, in line with the previous year. Please refer to the comments for the item "Revenue" for the difference in the 2021 consolidation scope.

The table below shows details of costs of contract work:

(In thousands of EUR)	2022	2021	Change
Wages and salaries of contract workers	478,180	452,071	26,109
Social security charges of contract workers	137,972	129,439	8,533
Post-employment benefits of contract workers	26,789	25,422	1,367
Forma.Temp contributions for contract workers	18,497	17,167	1,330
Other costs of contract workers	6,225	5,420	805
Other costs for outsourced and other services	5,548	2,038	3,510
Total cost of contract work and outsourcing	673,211	631,557	41,654

First contribution margin

In 2022, the Group's first contribution margin amounted to EUR 95,162 thousand, compared with EUR 89,232 thousand in 2021. As a percentage of revenue, it was 12.4%, in line with the figure recorded in the previous year.

Other income

Other income for 2022 amounted to EUR 15,306 thousand, compared to EUR 15,586 thousand in 2021.

The item mostly includes contributions from Forma.Temp (EUR 13,430 thousand in 2022, compared with EUR 12,945 thousand in 2021) for costs incurred by the Group to deliver training courses for contract workers through qualified trainers. These contributions are issued by Forma.Temp on the basis of the specific cost reports of equal amounts - recorded for the organisation and performance of training activities – carried out for each individual initiative. Furthermore, the item includes other sundry income of EUR 1,876 thousand in 2022, compared to EUR 1,198 thousand in 2021. The figure for 2021 included a contribution recognised by Anpal for training activities for upgrading the skills of contract workers for EUR 1,443 thousand.

Employee costs

The average number of employees in 2022 was 769, compared to 729 in 2021, and includes staff employed at the headquarters and at the Group's subsidiaries and staff at branches located throughout the country. Employee costs amounted to EUR 42,546 thousand in 2022, in line with 2021 (EUR 42,458 thousand).

Costs for services

In 2022, costs for services amounted to EUR 37,493 thousand, compared to EUR 37,569 thousand in 2021.

Costs for services include the costs incurred for the organisation of training courses for contract workers, amounting to EUR 13,453 thousand for 2022, compared to EUR 12,430 thousand in 2021. The Group receives contributions from Forma.Temp to fully cover the costs incurred for training, following accurate and timely reporting of said costs.

The 2021 figure included charges primarily related to consultancy and due diligence costs in connection with the acquisition of Quanta amounting to EUR 1,146 thousand, while as at 31 December 2022, charges related to consultancy and professional services for extraordinary transactions on the regulated market amounted to EUR 145 thousand. These charges are subject to disclosure for the purposes of calculating Adjusted EBITDA, as described below.

The following table shows the breakdown of the item costs for services:

(In thousands of EUR)	2022	2021	Change
Costs for organising courses for contract workers	13,453	12,340	1,113
Costs for updating skills of contract workers	-	1,371	(1,371)
Costs for tax, legal, IT, business consultancy	7,277	6,754	523
Costs for marketing consultancy	2,309	2,444	(135)
Fees to sourcers and professional advisors	4,814	4,800	14
Costs for advertising and sponsorships	2,377	2,410	(33)
Costs for utilities	1,431	1,217	214
Remuneration to the Board of Statutory Auditors	114	119	(5)
Costs for due diligence and consultancy services	145	1,146	(1,001)
Other	5,573	4,968	605
Total costs for services	37,493	37,569	(76)

Net of costs for the organisation of courses for contract workers and non-recurring costs, the incidence on revenue of remaining costs for services, which refer mainly to the costs for tax, legal, IT, commercial and business consultancy, and fees to sourcers and professional advisors, stands at 3.1% (3.2% in 2021).

In 2021, the item included costs for the upgrading of contract worker skills that were related to a specific professional upgrading programme promoted by the National Agency for Active Labour Market Policies.

EBITDA, EBITA and the respective adjusted values

In 2022, EBITDA amounted to EUR 29,368 thousand, compared to EUR 23,543 thousand in 2021. Adjusted EBITDA 15 was EUR 30,222 thousand in 2022, compared to EUR 26,002 thousand in 2021.

EBITA 16 in 2022 amounted to EUR 21,863 thousand compared to EUR 15,580 thousand in 2021 and Adjusted EBITA 17 amounted to EUR 22,717 thousand compared to EUR 18,039 thousand in 2021.

¹⁵ Adjusted EBITDA is calculated as EBITDA before charges mainly relating to costs for personnel reorganisation, extraordinary bonuses and due diligence incurred in relation to acquisitions and costs for professional services for extraordinary transactions on the regulated market.

¹⁶ EBITA is calculated as Profit (loss) for the period before income taxes, net financial expense and amortisation of the intangible assets included in the balance of Intangible assets and goodwill (amortisation of customer relations and noncompete agreement signed as part of the acquisition of "Quanta").

¹⁷ Adjusted EBITA is calculated as EBITA before charges mainly relating to costs for personnel reorganisation, extraordinary bonuses and due diligence incurred in relation to acquisitions and costs for professional services for extraordinary transactions on the regulated market.

It should be noted that the consolidation scope for 2021 included Quanta S.p.A. and Quanta Risorse Umane S.p.A. starting from June. The improvement in the results for 2022 is impacted by the realisation of the synergies deriving from the acquisition of these companies.

Amortisation/depreciation

Amortisation/depreciation amounted to EUR 6,487 thousand in 2022, compared to EUR 6,188 thousand in 2021. The amortisation charge for intangible assets was EUR 667 thousand in 2022 (EUR 403 thousand in 2021). In particular, it includes the amortisation of the intangible asset recorded in relation to the non-compete agreement with the seller for the "Quanta" transaction amounting to EUR 300 thousand and the amortisation charge for customer relations amounting to EUR 367 thousand.

Impairment loss on trade and other receivables

Impairment losses on trade and other receivables in 2022 totalled EUR 1,685 thousand, compared to EUR 2,178 thousand in the same period of 2021. The incidence of impairment losses on turnover was around 0.2%, slightly down compared to 2021 (0.3%), despite the complex economic context.

EBIT

As a result of the above, the Group's operating profit for 2022 was EUR 21,196 thousand, compared to EUR 15,177 thousand in 2021. It should be noted that the consolidation scope for 2021 included Quanta S.p.A. and Quanta Risorse Umane S.p.A. starting from June. The improvement in the results for 2022 is impacted by the realisation of the synergies deriving from the acquisition of these companies.

Financial income and financial expense

Net financial income and expense showed a net negative balance of EUR 657 thousand in 2022, compared to EUR 678 thousand in 2021. It should be noted that the figure includes the accounting of financial expense relating to lease liabilities (for EUR 167 thousand).

Income taxes

Income taxes of negative EUR 6,225 thousand were recorded in 2022, compared to negative EUR 3,786 thousand in 2021. The item mainly consists of current taxes of EUR 5,670 thousand, which refer to EUR 1,556 thousand for IRAP and EUR 4,114 thousand for IRES charges, compared to EUR 4,279 thousand in the previous year, which referred to EUR 1,086 thousand for IRAP and EUR 3,193 thousand for IRES charges. For further details, please refer to point 28 of the Notes to the consolidated financial statements.

Net Profit/(Loss) for the year and adjusted Net Profit/(Loss) for the year

As a result of the above, the result for the year showed a net profit of EUR 14,314 thousand in 2022, compared to a net profit of EUR 10,713 thousand in the previous year.

Adjusted net profit for the year, as reported in the following table, amounted to EUR 15,411 thousand in 2022, compared to an adjusted net profit of EUR 12,788 thousand in 2021.

Adjusted Profit (In thousands of EUR)	2022	2021
Profit for the period	14,314	10,713
Costs for services (Charges mainly relating to costs for consultancy and due diligence in relation to acquisitions and costs for professional services for extraordinary transactions on the regulated market)	145	1,146
Employee costs (Personnel reorganisation and extraordinary bonus for the achievement of specific results relating to the acquisition of Quanta)	709	1,033
Other operating expenses (Taxes and capital losses on property sales)	-	280
Amortisation of intangible assets	667	403
Tax effect	(424)	(787)
Adjusted profit for the period	15,411	12,788

Statement of Financial Position

The table below shows the Group's consolidated statement of financial position reclassified on a financial basis as at 31 December 2022, 2021, and 2020.

(In thousands of EUR)		Financial statements for the year ended 31 December				Change 2022/2021
	2022	% on NIC* or Total sources	2021	% on NIC* or Total sources	2020	Value	%
Intangible assets and goodwill	102,842	60.8%	103,854	57.4%	76,191	(1,012)	(1.0%)
Property, plant and equipment	3,493	2.1%	3,412	1.9%	2,585	81	2.4%
Right of use for leases	13,838	8.2%	14,818	8.2%	12,851	(980)	(6.6%)
Other net non-current assets and liabilities	20,654	12.2%	20,611	11.4%	21,144	43	0.2%
Total non-current assets/liabilities	140,827	83.3%	142,696	78.9%	112,770	(1,869)	(1.3%)
Trade receivables	144,584	85.5%	153,040	84.6%	108,911	(8,456)	(5.5%)
Other receivables	8,423	5.0%	13,073	7.2%	7,751	(4,650)	(35.6%)
Current tax assets	81	0.0%	354	0.2%	280	(273)	(77.1%)
Trade payables	(14,752)	(8.7%)	(14,779)	(8.2%)	(10,456)	27	(0.2%)
Current employee benefits	(62,861)	(37.2%)	(63,865)	(35.3%)	(42,962)	1,004	(1.6%)
Other payables	(40,879)	(24.2%)	(43,591)	(24.1%)	(32,840)	2,712	(6.2%)
Current tax liabilities	(2,512)	(1.5%)	(1,519)	(0.8%)	(726)	(993)	65.4%
Provisions for current risks and charges	(3,757)	(2.2%)	(4,544)	(2.5%)	(1,929)	787	(17.3%)
Net working capital	28,327	16.7%	38,168	21.1%	28,029	(9,841)	(25.8%)
Total loans – net invested capital	169,154	100.0%	180,864	100.0%	140,799	(11,710)	(6.5%)
Equity	141,521	83.7%	134,722	74.5%	122,086	6,799	5.0%
Net Financial Indebtedness (NFI)	26,216	15.5%	44,464	24.6%	17,375	(18,248)	(41.0%)
Non-current employee benefits	1,417	0.8%	1,678	0.9%	1,339	(261)	(15.6%)
Total sources	169,154	100.0%	180,864	100.0%	140,799	(11,710)	(6.5%)

* Net Invested Capital

Intangible assets and goodwill

Intangible assets and goodwill totalled EUR 102,842 thousand as at 31 December 2022, compared to EUR 103,854 thousand as at 31 December 2021, and consist primarily of goodwill, customer relations, software and other intangible assets under development and payments on account.

Goodwill, amounting to EUR 99,228 thousand as at 31 December 2022, unchanged from the previous year, is attributable for EUR 45,999 thousand to acquisitions carried out before 2011 and the merger with WM S.r.l. carried out in 2007, for EUR 27,164 thousand to the acquisition and subsequent merger of Metis S.p.A. carried out in 2011, and for EUR 383 thousand to the acquisition of the subsidiary Corium S.r.l. carried out in 2013. Subsequently, the goodwill value increased in relation to the acquisitions of Meritocracy S.r.l. and HC S.r.l., respectively for amounts equal to EUR 288 thousand and EUR 604 thousand. The acquisition of Jobdisabili S.r.l. in January 2020 led to an increase of EUR 169 thousand, and the acquisition of 50.66% of Lyve S.r.l. in November 2020 resulted in an increase of EUR 519 thousand. Finally, following the acquisition of Quanta S.p.A. and its subsidiary Quanta Risorse Umane S.p.A., which took place on 26 May 2021, and consolidated from the financial statements as at 30 June 2021, the value of goodwill increased by EUR 24,100 thousand.

Other non-current assets and liabilities

The item, amounting to EUR 20,645 thousand, mainly includes the net effect deriving from the realignment of the tax value of the goodwill of the Parent, as provided for by Law Decree 104/2020, Article 110, paragraphs 8 and 8-bis, for which EUR 19,351 thousand has been recorded for deferred tax assets as at 31 December 2022 (EUR 19,755 thousand as at 31 December 2021). Also included are payables for non-compete agreements of EUR 600 thousand (EUR 900 thousand as at 31 December 2021).

Trade receivables

As at 31 December 2022, trade receivables amounted to EUR 144,584 thousand, compared to EUR 153,040 thousand as at 31 December 2021. The item is recorded in the consolidated financial statements net of a loss allowance of EUR 7,598 thousand (EUR 6,699 thousand as at 31 December 2021).

As a result of the acquisition of Quanta, trade receivables at fair value were recorded in the financial statements and totally written down by EUR 88 thousand as at 31 December 2022 (EUR 4,099 thousand as at 31 December 2021).

In 2022, trade receivables were assigned for a total amount of EUR 57,753 thousand, compared to EUR 34,689 thousand in 2021.

The days sales outstanding (DSO) granted to customers is 68, compared to 69 18 reported as at 31 December 2021.

There are no trade receivables with insurance coverage.

There are no credit risk profiles for related parties.

There are no particular concentrations of trade receivables in specific sectors. Exposure to the top ten customers' accounts for approximately 16% of total trade receivables as at 31 December 2022.

¹⁸ As "Quanta" has only been included in the consolidated financial statements since June 2021, it was not possible to correctly calculate the DSO using the revenue and trade receivables data from the financial statements as at 31 December 2021. DSO was therefore calculated net of Quanta Group's trade receivables and revenue.

Financial assets (current)

The item includes receivables from factoring companies for the amount of EUR 3,095 thousand referring to trade receivables assigned as at 31 December 2022, for which the Group has not requested early settlement.

Other receivables

As at December 2022, other receivables amounted to a total of EUR 8,423 thousand, compared to EUR 13,073 thousand as at 31 December 2021, and relate to receivables from Forma.Temp for EUR 2,724 thousand (EUR 5,040 thousand as at 31 December 2021), mainly referring to the reimbursement of the salary supplement (Trattamento di Integrazione Salariale - TIS) paid in advance to contract workers, receivables from the INPS treasury funds for post-employment benefits for EUR 1,574 thousand (EUR 1,732 thousand as at 31 December 2021), prepayments for EUR 1,242 thousand (EUR 1,066 thousand as at 31 December 2021), other disputed receivables for EUR 1,095 thousand relating to a receivable from a former director of Metis S.p.A. for unjustified expenses (unchanged compared to 31 December 2021), receivables from the tax authorities for reimbursements for EUR 152 thousand (EUR 104 thousand as at 31 December 2021) and other sundry receivables for EUR 236 thousand (EUR 217 thousand as at 31 December 2021).

The change in the amount due from the INPS treasury fund for post-employment benefits is mainly due to the seasonal nature of contract work, the contracts of which generally terminate prior to the customer companies' closure for the holidays.

Prepayments mainly refer to advance costs entirely recognised during the current year, relating to sponsorships, bank fees and sundry rentals not related to lease agreements.

As at 31 December 2021, there was a receivable of approximately EUR 2,419 thousand in relation to the selling party of Quanta S.p.A. for positions secured as part of the acquisition transaction which were settled during the first six months of the year. On the other hand, as at 31 December 2022, there remain receivables of EUR 1,400 thousand related to other liabilities also covered by a guarantee from the selling party, for which there is a provision for risks of the same amount, unchanged from 31 December 2021.

Trade payables

As at 31 December 2022, trade payables amounted to EUR 14,752 thousand, compared to EUR 14,779 thousand as at 31 December 2021. The main suppliers of the Group are implementing bodies for the organisation of courses for contract workers.

Employee benefits

As at 31 December 2022, payables for current employee benefits amounted to EUR 62,861 thousand, compared with EUR 63,865 thousand as at 31 December 2021. The item mainly refers to payables for salaries and compensation due to contract workers and company employees, in addition to the payable for post-employment benefits due to contract workers.

Given the nature of business carried out by the Group and the average duration of employment contracts with contract workers, employee benefits represented by the post-employment benefits of contract workers are paid periodically and were consequently regarded as current liabilities. Therefore, there was no need to make any actuarial valuation and the liability corresponds to the amount due to contract workers at the end of the contract.

Current tax liabilities

Current tax liabilities as at 31 December 2022 amounted to EUR 2,512 thousand and referred to EUR 717 thousand for the third instalment of the substitute tax pursuant to Law Decree 104/2020, Article 110, paragraphs 8 and 8-bis, EUR 1,253 thousand to the tax authorities for IRES tax consolidation and EUR 533 thousand to the tax authorities for IRAP. The rest, amounting to EUR 9 thousand, refers to the IRAP payable for the subsidiary Lyve S.r.l. For further details, please refer to point 28 of the Notes to the consolidated financial statements. Current tax liabilities as at 31 December 2021 amounted to EUR 1,519 thousand and mainly referred to EUR 717 thousand for the second instalment of the substitute tax pursuant to Law Decree 104/2020, Article 110, paragraphs 8 and 8-bis and EUR 554 thousand to the tax authorities for IRES tax consolidation and EUR 181 thousand to the tax authorities for IRAP.

Other current payables

As at 31 December 2022, other payables amounted to EUR 40,879 thousand, compared to EUR 43,591 thousand as at 31 December 2021. The item mainly relates to social security charges payable for EUR 25,872 thousand (EUR 24,899 thousand as at 31 December 2021) and tax payables mainly in respect of employee withholding taxes for the amount of EUR 11,408 thousand (EUR 15,543 thousand as at 31 December 2021). In addition, the item includes payables to Forma.Temp for EUR 1,117 thousand (EUR 732 thousand as at 31 December 2021) and other payables for a total amount of EUR 2,482 thousand (EUR 2,417 thousand as at 31 December 2021), mainly including the valorisation of put-options provided for in the agreements for the purchase of the remaining shares of the subsidiaries.

Equity

As at 31 December 2022, equity amounted to EUR 141,521 thousand, compared to EUR 134,722 thousand as at 31 December 2021. The change in equity recorded between 31 December 2021 and 31 December 2022 is mainly attributable to the distribution of dividends for EUR 4,140 thousand and to the change in the reserve for the purchase of treasury shares for EUR 3,839 thousand, in addition to the profit for the period.

Net Financial Indebtedness (NFI)

Net financial indebtedness shows a negative balance of EUR 26,216 thousand as at 31 December 2022, compared to a negative balance of EUR 44,464 thousand as at 31 December 2021.

Below is the net financial indebtedness of the Group as at 31 December 2022, 2021 and 2020, calculated in accordance with the Guidelines on disclosure requirements published by ESMA on 4 March 2021 and CONSOB Call to attention no. 5/21 of 29 April 2021.

	(In thousands of EUR)	Financial statements for the year ended 31 December			2022 vs 2021 Change
		2022	2021	2020	Value	%
A	Cash	46	38	29	8	21.1%
B	Cash and cash equivalents	10,244	16,830	16,973	(6,586)	(39.1%)
C	Other current financial assets	3,095	-	-	3,095	100%
D	Cash and cash equivalents (A+B+C)	13,385	16,868	17,002	(3,483)	(20.6%)
E	Current financial debt	(22,831)	(37,025)	(14,240)	14,194	(38.3%)
F	Current portion of non-current financial debt	(4,025)	(4,311)	(3,665)	286	(6.6%)
G	Current financial indebtedness (E+F)	(26,856)	(41,336)	(17,905)	14,480	(35.0%)
	H Net current financial indebtedness (G+D)	(13,471)	(24,468)	(903)	10,997	(44.9%)
I	Non-current financial debt	(12,745)	(19,997)	(16,472)	7,252	(36.3%)
J	Debt instruments	-	-	-	-	-
K	Trade payables and other non-current payables	-	-	-	-	-
L	Non-current financial indebtedness (I+J+K)	(12,745)	(19,997)	(16,472)	7,252	(36.3%)
	M Total financial indebtedness (H+L)	(26,216)	(44,464)	(17,375)	18,248	(41.0%)

Net financial indebtedness showed a negative balance of EUR 26,216 thousand as at 31 December 2022. Net of lease liabilities, the net financial indebtedness would have been a negative EUR 12,363 thousand.

The adoption of the Guidelines on disclosure requirements published by ESMA on 4 March 2021 and Consob Call to attention no. 5/21 of 29 April 2021 did not entail significant impacts on the determination of the net financial position of the Group as at 31 December 2022 and 31 December 2021.

Contingent liabilities

The Group is a party to pending disputes and lawsuits. Based on the opinion of legal and tax advisors, the Directors do not expect that the outcome of these ongoing actions will have a significant effect on the financial position of the Group, in addition to that already allocated in the financial statements. Specifically:

The subsidiary Openjob Consulting S.r.l., at an event held in Perugia, underwent a tax inspection by the competent Local Labour Office that led to the preparation of a report which alleged violations concerning forms of contract used on this occasion with consequent possible administrative sanctions. In September 2018, an order was issued by the Local Labour Inspectorate of Perugia, which in June 2019 was the subject of a settlement agreement following which approximately EUR 29 thousand was paid in settlement of any claims. Following the aforementioned report, the INPS also issued a charge notice, which was subsequently effectively suspended by the Labour Court of Perugia, declaring its lack of local jurisdiction in favour of the Court of Varese, and is to date still pending an outcome; a possible

settlement agreement in terms similar to that concluded with the Labour Inspectorate of Perugia is not excluded.

Also in light of the above, the Group believes that it has adequate grounds for its actions and therefore it is not expected that the outcome of such actions will have any effect on the Group's financial position beyond that which is already reflected in the financial statements.

• During 2020, Quanta S.p.A., now merged by incorporation into Openjobmetis S.p.A. as of 1 January 2022, received a questionnaire from the Italian Tax Authorities concerning the VAT treatment of the financed professional training activities, intended for contract workers in 2015, 2016 and 2017. On 30 November 2020, the Italian Tax Authorities communicated assessment notice no. TMB067O00388/2020, concerning the alleged non-deductibility of VAT for the year 2015, equal to EUR 592,801.18, on training services financed through the Forma.Temp fund, which, based on their reconstruction, would instead be subject to the application of the VAT exemption pursuant to Article 10, paragraph 1, no. 20 of Presidential Decree 633/72, in addition to penalties and interest.

On 28 April 2021, Quanta S.p.A. filed an appeal with a petition for discussion at a public hearing, which was discussed in the Tax Commission on 15 March 2022, who, in a decision handed down on 18 October 2022, acknowledged the merits of the Company's reasons set forth and granted its appeal.

On 28 October 2021, the Italian Tax Authorities communicated an assessment notice no. TMB067O00227/2021 for 2016 with the same requirements as the previous one, for EUR 595,569.72. On 22 December 2021, Quanta S.p.A. served an appeal with a petition for discussion at a public hearing, which was discussed in the Tax Commission on 21 June 2022, who in a decision handed down on 18 October 2022, acknowledged the merits of the Company's reasons set forth and granted its appeal. It cannot be ruled out that, for both of the aforementioned years for which the Company has seen its arguments recognised, the Italian Tax Authorities may appeal against the first instance Tax Commission's rulings.

On 12 April 2022, the Italian Tax Authorities served an additional assessment notice no. TMB061T00096/2022 for 2017 to Openjobmetis S.p.A., as the incorporator of Quanta S.p.A., with the same requirements as the previous ones, for EUR 572,322.77. On 9 June 2022, the Company filed an appeal with a petition for discussion at a public hearing held on 17 January 2023; the outcome of the ruling is currently pending.

Pursuant to the contractual agreements in place, the seller of Quanta S.p.A., FDQ S.r.l., has issued a specific guarantee to cover any liability that may arise in relation to assessment notices concerning the undue deduction of VAT for the year 2015 and onward until 2020.

In 2021, the Italian Tax Authorities - Regional Lombardy Division - Office of Major Taxpayers, initiated a tax audit activity against the Parent, Openjobmetis S.p.A., with reference to the 2016 and 2017 tax periods.

The audit concerned the VAT treatment of financed professional training received by the Company in its capacity as client, aimed at contract workers.

the Company filed an appeal with a petition for discussion at a public hearing held subsequently on 29 November 2022, following which the Tax Commission handed down a favourable ruling on 3 January 2023, acknowledging the merits of the reasons set out in the appeal.

On 13 October 2022, the Italian Tax Authorities communicated assessment notice no. TMB061T00552/2021, concerning the alleged non-deductibility of VAT for the year 2016, amounting to EUR 2,072,364.00 with the same assumptions applied with reference to the year 2017.

Openjobmetis S.p.A., after consulting its advisors, believes that it has various reasons to support its actions and the actions of Quanta, for which it has taken over all legal relations and obligations following the merger by incorporation carried out on 1 January 2022 and stresses its firm opposition to the objections raised by the Italian Tax Authorities and its willingness to proceed with litigation to the extent necessary for the recognition of its reasons.

The objections raised by the Italian Tax Authorities are part of a line of argument that has, to date, involved various Employment Agencies; consequently, the publication of new case law potentially favourable to the Company's defence cannot be ruled out in the coming months. To protect the interests of the category, associations representing Employment Agencies intervened, supporting initiatives directed at the competent institutional venues, including the complaint before the European Commission. Therefore, a favourable legislative intervention should not be excluded.

Operating performance and results of the Parent Openjobmetis S.p.A.

Analysis of the operating performance of Openjobmetis S.p.A. for the year 2022

On 1 January 2022, the merger by incorporation of the subsidiary Quanta S.p.A. into Openjobmetis S.p.A. was carried out. Therefore, the comparative figures for the year 2021 are not homogeneous. The main economic and financial impacts of such transaction will be described below in the Annual Report.

Revenue from sales for 2022 came to EUR 727.1 million, compared to EUR 624.9 million in the previous year. In 2022, operating profit (or EBIT, earnings before interest and tax) amounted to EUR 11.7 million (EUR 13.0 million in 2021). Net profit was EUR 11.7 million compared to EUR 10.5 million in 2021. The parent's income statements for the years 2022 and 2021 are shown in the table below.

(Amounts in EUR)			Financial statements for the year ended 31 December		Change 2022/2021
	2022	% of Revenue	2021	% of Revenue	Value	%
Revenue	727,095,252	100.0%	624,939,861	100.0%	102,155,391	16.3%
Cost of contract work and outsourcing	(648,081,722)	(89.1%)	(555,337,887)	(88.9%)	(92,743,835)	16.7%
First contribution margin	79,013,530	10.9%	69,601,974	11.1%	9,411,556	13.5%
Other income	14,483,983	2.0%	12,562,564	2.0%	1,921,419	15.3%
Employee costs	(35,375,447)	(4.9%)	(31,216,828)	(5.0%)	(4,158,619)	13.3%
Cost of raw materials and consumables	(176,158)	(0.0%)	(144,564)	(0.0%)	(31,594)	21.9%
Costs for services	(35,027,072)	(4.8%)	(31,203,014)	(5.0%)	(3,824,058)	12.3%
Other operating expenses	(734,672)	(0.1%)	(804,424)	(0.1%)	69,752	(8.7%)
EBITDA	22,184,164	3.1%	18,795,708	3.0%	3,388,456	18.0%
Provisions and impairment losses	(1,585,000)	(0.2%)	(1,554,315)	(0.2%)	(30,685)	2.0%
Amortisation, depreciation and impairment losses	(8,229,710)	(1.1%)	(4,086,668)	(0.7%)	(4,143,042)	101.4%
EBITA	12,369,454	1.7%	13,154,725	2.1%	(785,271)	(6.0%)
Amortisation of intangible assets 19	(651,812)	(0.1%)	(182,437)	(0.0%)	(469,375)	257.3%
EBIT	11,717,642	1.6%	12,972,288	2.1%	(1,254,646)	(9.7%)
Financial income	4,944,673	0.7%	1,132,588	0.2%	3,812,085	336.6%
Financial expense	(627,894)	(0.1%)	(579,405)	(0.1%)	(48,489)	8.4%
Profit (loss) before taxes	16,034,421	2.2%	13,525,471	2.2%	2,508,950	18.5%
Income taxes	(4,328,010)	(0.6%)	(2,984,961)	(0.5%)	(1,343,049)	45.0%
Profit (loss) for the year	11,706,411	1.6%	10,540,510	1.7%	1,165,901	11.1%

¹⁹ Amortisation of intangible assets included in the balance of "Intangible assets and goodwill" (amortisation of customer relations, non-compete agreement signed as part of the acquisition of "Quanta" and other sundry assets) has been represented separately from the total of "Amortisation".

The table below provides a breakdown of the costs that have been adjusted for the purposes of determining the Alternative Performance Indicators (APIs).

(In EUR)		2022	2021
Costs for services	Charges mainly relating to costs for consultancy and due diligence in relation to acquisitions and costs for professional services for transactions on the regulated market	141,559	846,690
Employee costs	Costs for personnel reorganisation and extraordinary bonus for the achievement of specific results relating to the acquisition of Quanta	709,000	500,000
Other operating expenses	Taxes (Tobin Tax) and charges relating to the capital loss on the sale of the property in Rodengo Saiano	-	280,187
Total		850,559	1,626,877
Amortisation/depreciation	Amortisation of customer relations and non compete agreements included in intangible assets and goodwill	651,812	182,437
Total costs		1,502,371	1,809,314
Tax effect		(419,162)	(493,639)
Total impact on the Income Statement		1,083,209	1,315,675

In 2022, charges relating to costs for personnel reorganisation and extraordinary bonuses amounted to EUR 709 thousand, while costs for consultancy and professional services in relation to extraordinary transactions on the regulated market amounted to EUR 141,559 thousand. Amortisation of intangible assets includes the amortisation of the non-compete agreement for EUR 300,000 thousand and the amortisation of customer relations for EUR 351,812 thousand recorded in the financial statements following the "Quanta" transaction in 2021. This resulted in an adjusted net profit of EUR 12,789,620, taking into account a negative tax effect of EUR 419,162 thousand.