Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
3
Attachment 1 - Transactions with Related Parties ...................................................................... 152
Attachment 2 - List of companies included in the consolidation and other investments ............ 158
Attachment 3 - Disclosure pursuant to Article 149 of the Consob Issuer’s Regulation ............. 159
Transactions relating to Atypical and/or Unusual Operations ........................................................ 160
Declaration of the Executive Responsible and Corporate Boards .................................................. 161
Auditors’ Report pursuant to Article 14 of Legislative Decree No. 39 of January 27, 2010 .......... 162
IV - Separate Financial Statements of F.I.L.A. S.p.A. at December 31, 2016 ............................. 163
Separate Financial Statements ........................................................................................................ 163
Statement of Financial Position .................................................................................................. 163
Statement of Comprehensive Income ......................................................................................... 164
Statement of changes in Equity ................................................................................................... 165
Statement of Cash Flows............................................................................................................. 166
Statement of Financial Position pursuant to CONSOB motion No. 15519 of July 27, 2006 ..... 168
Income Statement pursuant to CONSOB motion No. 15519 of July 27, 2006 ........................... 169
Notes to the Separate Financial Statements of F.I.L.A. S.p.A. ....................................................... 170
Subsequent events ........................................................................................................................... 230
Transactions relating to Atypical and/or Unusual Operations ........................................................ 230
Final Considerations ....................................................................................................................... 231
Declaration of the Executive Responsible and Corporate Boards .................................................. 232
Board of Statutory Auditors’ Report on the Financial Statements at December 31, 2016
prepared as
per Article 2429 of the Civil Code. ................................................................................................. 233
Auditors’ Report pursuant to Article 14 of Legislative Decree No. 39 of January 27, 2010 .......... 239
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
4
I - General Information
Corporate Boards
Board of Directors
Chairman
Gianni Mion
Chief Executive Officer
Massimo Candela
Executive
Director
Luca Pelosin
Director & Honorary Chairman
Alberto Candela
Director (**)
Fabio Zucchetti
Director (**)
Annalisa Barbera
Director (*)
Sergio Ravagli
Director (*)(***)
Gerolamo Caccia Dominioni
Director (*)
Francesca Prandstraller
(*) Independent director in accordance with Article 148 of the CFA and Article 3 of the Self-
Governance Code.
(**) Non-Executive Director.
(***) Lead Independent Director.
Control and Risks Committee
Gerolamo Caccia Dominioni
Fabio Zucchetti
Sergio Ravagli
Board of Statutory Auditors
Chairman
Claudia Mezzabotta
Standing Auditor
Stefano Amoroso
Standing Auditor
Rosalba Casiraghi
Alternate Auditor
Pietro Villa
Alternate Auditor
Sonia Ferrero
Independent Audit Firm
KPMG S.p.A.
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
5
Overview of the F.I.L.A. Group
The F.I.L.A. Group operates in the creativity tools market, producing colouring, design, modelling,
writing and painting objects, such as pencils, crayons, modelling clay, chalk, oil colours, acrylics,
watercolours, paints
and paper for the fine arts, school and leisure.
The F.I.L.A. Group at December 31, 2016 operates through 21 production facilities and 39
subsidiaries across the globe and employs approx. 7,000, becoming a pinnacle for creative solutions in
many countries with brands such as GIOTTO, DAS, LYRA, Canson, Maimeri, Daler & Rowney
Lukas and Ticonderoga.
Founded in Florence in 1920, F.I.L.A. has achieved strong growth over the last twenty years,
supported by a series of strategic acquisitions: the Italian Company Adica Pongo in 1994, the US
Group Dixon Ticonderoga in 2005, the German Group LYRA in 2008, the Mexican Company
Lapiceria Mexicana in 2010, the Brazilian Company Lycin in 2012 and the Maimeri business unit in
2014. In addition to these operations, on the conclusion of an initiative which began with the
acquisition of a minority stake in 2011, control was acquired in 2015 of the Indian company Writefine
Products Private Limited.
In 2016, the F.I.L.A. Group has focused upon development on strategic art & craft sector acquisitions,
seeking to become the leading market player.
On February 3, 2016, F.I.L.A. S.p.A. acquired control
of the Daler-Rowney Lukas Group, an illustrious brand producing and distributing since 1783
materials and accessories on the arts & crafts market, with a direct presence in the United Kingdom,
the Dominican Republic, Germany and the USA.
In September 2016, the F.I.L.A. Group acquired St. Cuthberts, a highly-renowned English paper mill,
founded in 1907, located in the south-east of England and involved in the production of high quality
artist’s papers.
In October 2016, F.I.L.A. S.p.A. acquired the Canson Group, founded in 1557 by the Montgolfier
family, with headquarters in Annonay in France, production facilities in France and conversion and
distribution centres in Italy, France, the USA, China, Australia and Brazil. Canson products are
available in over 120 countries and the brand is the most respected globally involved
in the production
and distribution of high added value paper for the fine arts, design, leisure and schools, but also for
artists’ editions and technical and digital drawing materials.