EL En S p A: Half-Year Financial Report 2021


Half-year condensed consolidated financial statements as of June 30e 2021

1.1. Adoption of international accounting principles

These half-yearly accounts for the half-year ended June 30e 2021, approved by the Board of Directors on September 10e 2021, established in consolidated form in accordance with art. 154-ter of February 24e 1998, Legislative Decree 58 (TUF) and its subsequent amendments and additions, was drafted in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB) and ratified by the European Union.

By IFRS, we also mean International Accounting Standards (IAS) which are still in effect, as well as all interpretation documents published by the International Financial Reporting Interpretations Committee (IFRIC).

In this report, drawn up in accordance with IAS 34, Interim reports, we have used the same accounting principles as those used for the consolidated financial statements of December 31.st 2020 with the exception of the accounting standards that came into force on January 1st 2021 described in the Explanatory Notes – paragraph relating to “Accounting Principles and Valuation Criteria”.

All amounts are expressed in thousands of euros unless otherwise indicated.

1.2. Description of the group’s activities

El.En was founded in 1981 and was born from the intuition of a university professor and one of his students. The company has grown over the years and has grown into a multifaceted and dynamic industrial group specializing in the manufacture, research and development, distribution and sale of laser systems.

The founders, Leonardo Masotti and his wife, Barbara Bazzocchi, and Ing. Gabriele Clementi, have always run the company as a member of senior management.

The laser, acronym of “Light amplification by stimulated emission of radiation“is a fascinating technology invented in 1960 and represents the backbone of the Group’s technology. This light emission with unique characteristics (monochromaticity, consistency, brilliance) has found and still finds a growing number of applications which have given birth to its own sectors industry and in others has radically changed their mode of operation. reliability of laser systems As pointed out by Professor Gérard Mourou – 2018 Nobel Prize in Physics for the invention of chirped pulse amplification or CPA, which was then used to create ultra-short laser pulses of high intensity (terawatt) – during his visit in January 2019 to the headquarters of Quanta System Spa in Samarate (VA), “the mei theirs is yet to come “! scientific research and applied industrial research will continue to find innovative applications for laser technology from which we can all benefit directly or indirectly.

Among the many types of laser sources and applications that have been developed, the Group has always specialized in systems for two particular sectors: laser systems for medicine and aesthetics that we call the medical sector and systems laser for manufacturing what we call the industrial sector. . Each of these sectors is divided into different segments which vary from each other due to the specific application of the laser system and, therefore, for the specific underlying technologies and type of user. For this reason, the Group’s activity which is defined generically as the manufacturing of laser sources and systems, actually has a wide variety of products which are used by many types of customers, also due to the global presence. of the Group which obliges us to adapt to the particular methods that each region of the world has in adopting our technologies.

Over time, the Group has acquired the structure it has today through the creation of new companies and the acquisition of control in others. The activities are carried out by this diverse group of companies which operate in the fields of manufacturing, research, development, distribution and sale of laser systems. Each company has been entrusted with a specific task which is sometimes based on its geographical location, sometimes on a specific market niche, and other times on a more extensive and transversal field of activity comprising different technologies, applications and geographic markets. . The activities of all the companies are coordinated by the Parent Company so that the available resources can be used in the best possible way on the markets and take advantage of the dynamism and flexibility of each business unit without losing the advantages of management. coordinate of certain resources.

In our market sectors, the wide range of products, the ability to segment part of the markets in order to maximize the overall share held by the Group, as well as the possibility of involving executives as minority shareholders are the basis of the Group’s social organization. The high number of different companies that


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