Aeroporto Guglielmo Marconi di Bologna S p A : Consolidated Financial Statements at 31 December 2021 (PDF Courtesy version)

Consolidated Financial Statements of

Aeroporto Guglielmo Marconi di Bologna Group and

Financial Statements of

Aeroporto G. Marconi di Bologna S.p.A.

At December 31, 2021

"This financial statements constitute a non-official version which is not compliant with the provisions of the

Commission Delegated Regulation (EU) 2019/815"

This document is a courtesy translation from Italian into English.

In case of any inconsistency between the two versions, the Italian original version - complaint with the

European Single Electronic Format and the Transparency Directive - shall prevail"

CONTENTS

Letter from the Chairperson 4

Ownership of the Parent Company Aeroporto Guglielmo Marconi di Bologna S.p.A. 6

Board of Directors 7

Board of Statutory Auditors 8

Auditing Firm 8

Directors' Report at December 31, 2021 9

Consolidated Financial Statements at December 31, 2021 68

• • Statement of Consolidated Financial Position 69

• • Consolidated Income Statement 70

• • Consolidated Statement of Comprehensive Income 71

• • Consolidated Cash Flow Statement 72

• • Statement of Changes in Consolidated Shareholders' Equity 73

  Notes to the Consolidated Financial Statements at December 31, 2021 74

Statement of the Consolidated Financial Statements pursuant to Article 154 bis of the CFA 142

Auditing firm report 143

Aeroporto G. Marconi di Bologna S.p.A. Financial Statements at December 31, 2021 150

• • Statement of Financial Position 151

• • Income Statement 152

• • Comprehensive Income Statement 153

• • Cash Flow Statement 154

• • Statement of Changes in Shareholders' Equity 155

  Notes to the Financial Statements at December 31, 2021 156

Statement of the Financial Statements pursuant to Article 154 bis of the CFA 225

Report of the Board of Statutory Auditors 226

Auditors' Report 233

Aeroporto Guglielmo Marconi di Bologna S.p.A. 3

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version - complaint with the European Single Electronic Format and the Transparency Directive - shall prevail"

Dear Shareholders,

after a 2020 which was as an "annus horribilis" for our airport and our sector, 2021 was the year in which we began to emerge from the pandemic - even if the recovery was slow and disjointed and, particularly, was not sufficiently strong to fully regain the Group's previous profit levels.

Two years from the outbreak of the pandemic and at a time at which it seemed that we could again look to the future with a certain degree of optimism, a new, tragic emergency faces Europe in the form of the violent attack on Ukraine beginning on the night of February 24.

We will begin to understand the fallout from this war over the coming weeks, although the world's geopolitical landscape has been severely shaken and the consequences will materialise over time.

In this setting today however, we focus on the traffic and operating results for 2021 and on the equity-financial structure of the company and of the AdB Group at December 31, 2021, within the framework of recovering air traffic in Europe (+36.9% on 2020), although significantly down on pre-COVID levels (-59% on 2019).

with 4,103,816 passengers, Bologna's traffic in 2021 significantly outperformed the European average (+63,7%) in comparison with 2020, although declining 56.4% on 2019.

The Cargo traffic performance was significantly better (+15.5% on 2020 and +2.6% on 2019); this segment over two years has recovered pre-pandemic traffic volumes, thanks to the significant development of the couriers.

Service quality performances - in a still "anomalous" year in view of the pandemic emergency and even amid certain normalisations - made any comparison with the previous year, or in terms of the target indicators, of little significance. So much so, that for the second consecutive year ENAC ordered that the Service Charter not be published. Nonetheless, customer satisfaction surveys have confirmed that passengers' expectations have also changed somewhat following the pandemic, with greater attention being paid to hygiene, sanitation, distancing and compliance with infection prevention regulations. The Group has made every effort to comply with measures to protect the health and safety of employees and passengers and to inform passengers promptly and effectively of the latest updates on the anti-COVID-19 measures and their impact on air travel.

Although amid a traffic volume recovery, the Group - although reporting a loss of Euro 6.7 million - saw an improvement on the 2020 result (loss of Euro 13.6 million). Consolidated revenues overall declined 13.3%, from Euro 67.5 million to Euro 58.5 million, although considering revenues adjusted for revenues from construction services (which were impacted by the reduced investment), growth of 33.6% is reported, from Euro 37.8 million in 2020 to Euro 50.4 million in 2021.

Consolidated EBITDA returned to positive territory (from a loss of Euro 3.9 million in 2020 to a profit of Euro 3.5 million in 2021), while the result for the year (although still a loss) significantly improved on 2020 (loss of Euro 6.7 million in 2021, compared to Euro 13.6 million in 2020).

From an equity and financial viewpoint, the Group undertook principally infrastructural investments and cyclical maintenance actions for approximately Euro 9 million and reacted to the significant pressure on liquidity from the drop in incoming cash by completing the sourcing of additional funding to the drawdown in 2020 of two SACE-backed loans for Euro 58.9 million; AdB in fact at the end of 2021 agreed with the European Investment

Bank (EIB) a long-term loan up to a maximum Euro 90 million to support the infrastructural development plan.

The Group also focused on utilising sector support measures through the introduction first of the Extraordinary Temporary Lay-off Scheme, and subsequently of the Exceptional

Temporary Lay-off Scheme until December 2021, in addition to presenting an application to access the airport sector support fund set up under the 2021 Budget Law which should

ensure, once the approval phase is completed, the offsetting of the losses caused by COVID-19 in the March 1 - June 30, 2020 period.

Dear Shareholders, in thanking all of the Group's stakeholders for their utmost commitment and responsibility in supporting the Bologna airport's operations over these two years of crisis, I wish to particularly thank on their conclusion of mandate the Board of Directors and the Board of Statutory Auditors.

A particular thanks goes finally to all the Group's personnel for contributing to keeping our airport, in this very particular period, fully efficient and operating in safe conditions against this pandemic risk.

To conclude, the financial statements of the company Aeroporto Guglielmo Marconi di Bologna Spa, which we present for your approval, report a loss of Euro 7,542,353.77, which the Board of Directors proposes to carrying forward to 2022.

The Chairperson of the Board of Directors

(Enrico Postacchini)