22 23 SUSTAINABILITY IN OUR DNA 2022 Sustainability Report Shared value: the role of the company in society Guardini has calculated the value generated and distributed according to the GRI Standard 201-1 'Economic Performance', defining the scale of the economic value generated (revenue) and the economic value distributed (operating costs, salaries and benefits, remuneration of capital providers, remuneration of the public administration, investments in the community). The economic value retained by the company has been calculated as the difference between the economic value generated and distributed. The data on the economic value generated and distributed were calculated by reclassifying the items in the income statement of the annual financial statements. In 2022, the company generated an economic value of EUR 23,687k (-37.1% YoY), consisting of income from core operations (sales of products and services), financial operations and ancillary operations. The decrease is mainly attributable to lower recurring revenues, although a clarification must be made here: 2021 revenues were exceptionally high due to a large promotion of the loyalty channel, which is therefore not to be regarded as standard, and this can be seen in a 2022 revenue trend returning to pre-2021 levels. On one hand, turnover in 2022 was affected by a general slowdown in the consumption of kitchen products, which led to a reduction in revenues in the established markets, offset, however, by a significant demand for stock from the company's main customer. Of the economic value generated, 94% was distributed among stakeholders with whom Guardini had economically significant relationships and who contributed resources such as labour, investments, loans, services for the public benefit, social benefit programmes, etc., thus contributing to the company's economic wealth. Specifically, the economic value distributed totalled EUR 22,259k (-30.9% YoY) and is broken down as follows: • 70% for operating expenses totalling EUR 16,620k (-29.4% YoY). The decrease is directly correlated with the reduction in the economic value generated. It should be noted that, in line with GRI provisions, the item also includes remuneration to directors and contractors. • 22% for salaries and benefits totalling EUR 5,146k (-22.9% YoY). Note that this item also includes fringe benefits (company cars, fuel, motorway tolls, etc.). • 0.5% for payments to capital suppliers totalling EUR 114k (+2.5% YoY), the increase being driven by a rise in the interest rates payable on bank loans and charges paid on the new loan received from Simest. • 2% for payments to the public authorities totalling EUR 592k (-71.3% YoY). This item includes current taxes and indirect taxes. The economic value resulting from the difference between the value generated and that distributed is retained by the company and consists of value adjustments, deferred tax assets and liabilities, allocations to provisions and profit/loss for the year. In 2022, the economic value retained corresponds to 6% of the economic value generated and totals EUR 1,428k (-73.9% YoY). This share relates to depreciation and amortisation, profit for the year, prepaid and deferred income tax (IRES, Italian corporate income tax) and contributions received. The continuous improvement approach is exemplified by the policies implemented in the different areas: • Quality policy: our efforts are aimed at promoting a culture of quality, meaning the ability to satisfy customer needs at both product and service level and to protect the health and safety of end consumers by gearing our procurement policy to ensure it is fully compliant for food preparation and favouring suppliers which are highly reliable. • Social Responsibility policy: we conduct ourselves in a socially responsible manner in accordance with the principles agreed in the UN Declaration and the ILO conventions and recommendations, and are committed to ensuring the protection of human rights for employees, contractors and suppliers. • Product safety policy: as an Authorised Economic Operator (AEO), we ensure that goods are safe throughout the international supply chain by assuring that documentation is correctly transmitted and by verifying that during all stages of the supply chain, in all business processes and in transport to the customer, the requirements of the regulations are met. • Environmental policy: we do not simply limit ourselves to regulatory compliance; we define an annual improvement plan in order to check which corrective actions are the most appropriate to apply in order to minimise our environmental impact. The commitment to achieving a balance between the economic, social and environmental aspects is reaffirmed in the Code of Ethics, the Code of Business Conduct and the Code of Conduct for Commercial Partners. The Senior Management provides suitable communication tools and oversees compliance with these documents, which are a guide and support for all those who, directly or indirectly, permanently or occasionally, work with or for Guardini, enabling them to pursue the Company's mission in the most effective manner.
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