Defence Tech S p A : Financial Statements 2020

	General Information about the Company
	Company Details
	Company Name:	DEFENCE TECH HOLDING S.P.A.
	Registered Office:	VIA GIACOMO PERONI 452 - ROME (RM) - ITALY
	Share capital:	1,840,000.00
	Share capital fully paid up:	yes
	Chamber of Commerce, Industry, Craft Trade and	RM
	Agriculture Code:
	VAT Number:	11065701002
	Tax ID Number:	11065701002
	Economic and Administrative Register Number:	1276114
	Legal form:	JOINT-STOCK COMPANY
	Main business sector (ATECO):	642000
	Company in liquidation:	no
	Single-member company:	no
	Company subject to management and coordination by	no
	another entity:
	Name of the company or entity exercising management
	and coordination:
	Part of a group:	yes
	Name of the parent company:	Defence Tech Holding S.p.A.
	Country of the parent:	Rome
	Cooperative Register Number:
	Financial Statements as at 31/12/2020
Condensed Statement of Financial Position
			31/12/2020	31/12/2019
	Assets
	B) Non-current assets
	I - Intangible assets	710	1,420
	III - Non-current financial assets	922,948	922,948
	Total non-current assets		923,658	924,368
	C) Current assets
	II - Receivables	1,165,756	1,150,340
	due within the following year	1,165,756	-
	XBRL Financial Statements			1

	DEFENCE TECH HOLDING S.P.A.		Financial Statements as at 31/12/2020
				31/12/2020			31/12/2019
	IV - Cash	11,312	13,123
	Total current assets (C)			1,177,068			1,163,463
	D) Prepayments and accrued income			3,706			12
	Total assets			2,104,432			2,087,843
	Liabilities
	A) Equity
	I - Capital	1,840,000	1,840,000
	IV - Legal reserve	903	903
	VI - Other reserves	1	-
	VIII - Retained earnings (accumulated losses)	(43,374)	(14,831)
	IX - Profit (loss) for the period	(5,251)	(28,543)
	Total equity			1,792,279			1,797,529
	D) Payables			311,950			282,187
	due within the following year	311,950	-
	E) Accrued expenses and deferred income			203			8,127
	Total liabilities			2,104,432			2,087,843

Condensed Income Statement

	31/12/2020	31/12/2019
A) Value of Production
1) Revenues from sales and services	50,000	-
5) other revenues and income	-	-
Other	2,111	-
Total other revenues and income	2,111	-
Total value of production	52,111	-
B) Costs of production
7) for services	47,797	31,797
10) depreciation, amortisation and impairment	-	-
a/b/c) amortisation and depreciation, other impairment of non-current assets	710	710
a) amortisation	710	710
Total depreciation, amortisation and impairment	710	710
14) sundry operating expenses	3,105	5,331
XBRL Financial Statements		2

	DEFENCE TECH HOLDING S.P.A.		Financial Statements as at 31/12/2020
				31/12/2020			31/12/2019
	Total costs of production			51,612			37,838
	Difference between value and costs of production (A - B)			499			(37,838)
	C) Finance income and costs
	17) interest expense and other finance costs	-	-
	Other	5,750	5,750
	Total interest expense and other finance costs			5,750			5,750
	Total finance income and costs (15+16-17+-17-bis)			(5,750)			(5,750)
	Profit (Loss) before tax (A-B+-C+-D)			(5,251)			(43,588)
	20) income taxes for the period, current and deferred taxes
	Income (expense) from tax consolidation scheme / pass-through taxation	-	15,045
	Total income taxes for the period, current and deferred taxes			-			(15,045)
	21) Profit (Loss) for the period			(5,251)			(28,543)

XBRL Financial Statements

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DEFENCE TECH HOLDING S.P.A.

Financial Statements as at 31/12/2020

Notes to the Financial Statements, introduction

Dear Shareholders, these notes are an integral part of the financial statements as at 31/12/2020.

The financial statements are prepared in condensed form, as the limits under Article 2435-bis of the Italian Civil Code were not exceeded for two consecutive years.

The financial statements meet the requirements of Articles 2423 and following of the Italian Civil Code and the Italian accounting standards issued by Organismo Italiano di Contabilità (the Italian Standard Setter); therefore, they give a clear, true and fair view of the financial position of the company and its financial performance for the year.

The content of the statement of financial position and the income statement is that required under Articles 2424 and 2425 of the Italian Civil Code.

The notes to the financial statements, prepared pursuant to Article 2427 of the Italian Civil Code, also include all information necessary for a proper interpretation of the financial statements.

In addition, this document will provide the information required under numbers 3 and 4 of Article 2428 of the Italian Civil Code, since, as allowed under Article 2435-bis of the Italian Civil Code, the report on operations was not prepared.

These financial statements for the year ended 31/12/2020 show a Euro (5,251) loss for the year.

One of the events occurred during 2020 that warrant a mention is the Covid-19(so-called Coronavirus) epidemic, which has had a strong impact on Italy's economy, financial markets, and society since late February 2020. In particular, the measures taken by the Italian government to curb the spread of the virus and the uncertainty over the evolution of the pandemic as well as the relevant repercussions on the ordinary course of business have inevitably slowed down operations across the board. However, please note that there were no repercussions on these financial statements.

Basis of preparation

Preparation of the financial statements

The information in this document is presented in the order in which the relevant line items are listed in the statement of financial position and the income statement.

With respect to the introduction of these notes to the financial statements, pursuant to Article 2423, paragraph 3 of the Italian Civil Code, where the information required under specific laws is not enough to give a true and fair view of the company's situation, management provides additional information as it determines is necessary for this purpose.

The financial statements, as well as these notes, are prepared in units of Euro.

Preparation policies

Line items in the financial statements are measured in accordance with the principle of prudence, of materiality, and on a going concern basis. In accordance with Article 2423-bis para. 1 point 1-bis of the Italian Civil Code, the line items are recognised and presented considering the substance of the transaction or the contract. In preparing the separate financial statements, income and expenses were recognised on an accrual basis irrespective of when payments are made or received, and only the gains realised at the end of the reporting period were reported. Management also considered the risks and losses attributable to the reporting period, even if these became known after the latter's end.

The components of each asset or liability were measured separately, so as to avoid offsetting the positive values of certain components against the negative values of others.

Structure and content of the financial statements

The statement of financial position, the income statement, and the accounting information in these notes to the financial statements are consistent with the accounting records, from which they were drawn directly.

In presenting the statement of financial position and the income statement, management did not use groupings of line items preceded by Arabic numerals, which is allowed under Article 2423 of the Italian Civil Code.

XBRL Financial Statements

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DEFENCE TECH HOLDING S.P.A.

Financial Statements as at 31/12/2020

In accordance with Article 2424 of the Italian Civil Code, management confirms that there are no assets or liabilities falling within the scope of multiple line items.

Exceptional circumstances under Article 2423, paragraph 5, of the Italian Civil Code

No exceptional circumstances occurred that required making departures under Article 2423, paragraphs 4 and 5 of the Italian Civil Code.

Changes in accounting policies

No exceptional circumstances occurred that required making departures under Article 2423-bis para. 2 of the Italian Civil Code.

Comparability and adaptation issues

In accordance with Article 2423-ter of the Italian Civil Code, please note that all line items were comparable with the prior year; therefore, it was not necessary to adapt any line item from the prior year.

Measurement bases

The bases used to measure line items and make adjustments meet the requirements of the Italian Civil Code and the accounting standards issued by Organismo Italiano di Contabilità . In addition, these were unchanged compared to the prior year.

Under Article 2427 para. 1 no. 1 of the Italian Civil Code, management presents the most significant measurement bases adopted in accordance with Article 2426 of the Italian Civil Code, and specifically with respect to the line items for which lawmakers allow different measurement and adjustment bases or for which no specific bases are required.

At the end of the reporting period, the company had no foreign currency receivables or payables.

Intangible assets

When the requirements of the accounting standards are met, intangible assets are recognised as assets in the statement of financial position at the cost of purchase and/or production, and amortised using a straight-line method based on their useful life.

The assets are carried net of accumulated amortisation and impairment.

The assets were amortised in accordance with the following schedule, which is considered to ensure the cost incurred is properly allocated over the useful life of the assets concerned:

Intangible assets	Period
Start-up and expansion costs	5 years

Any disposals of intangible assets occurred during the year resulted in the derecognition of their residual value.

Intangible assets are amortised on a systematic basis and in every period, in relation to the remaining useful life of each individual asset or cost.

XBRL Financial Statements

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