Balance Sheet

Current Liabilities	212.8m
Accounts Payable	71.7m
Accrued Liabilities	19.9m
Short-Term Debt	666k
Other Current Liabilities	120.6m
Non-Current Liabilities	123.2m
Long-Term Debt	94.1m
Other Non-Current Liabilities	29m

Currency: EUR

	Dec-2016	Dec-2017	Dec-2018	Dec-2019	Dec-2020	Dec-2021	Dec-2022	Dec-2023
Assets
Cash & Cash Equivalents	23	38	39	59	87	119	94	93
Cash	23	38	39	59	87	119	74	79
Cash Equivalents	0	0	0	0	0	0	20	14
Short-Term Investments	0	0	0	6	5	2	7	7
Total Receivables	49	64	56	57	46	61	97	88
Accounts Receivables	44	61	51	53	42	55	90	80
Other Receivables	5	3	6	5	4	5	7	8
Inventory	22	24	32	33	43	49	97	94
Other Current Assets	2	2	2	3	3	5	11	12
Total Current Assets	96	128	129	159	185	234	306	293
PP&E Net	23	28	35	52	52	53	65	68
PP&E Gross	23	28	35	52	52	53	65	68
Accumulated Depreciation	24	25	26	30	35	40	68	63
Intangible Assets	1	0	1	1	5	4	65	58
Goodwill	6	5	5	7	22	22	64	62
Long-Term Investments	1	1	0	0	0	0	11	11
Other Long-Term Assets	5	4	5	5	5	7	13	12
Other Assets	6	5	5	7	22	22	64	62
Total Assets	130 N/A	166 +27%	175 +5%	224 +28%	270 +21%	320 +19%	523 +63%	505 -3%
Liabilities
Accounts Payable	28	34	40	41	40	50	77	72
Accrued Liabilities	10	14	13	24	6	9	16	20
Short-Term Debt	8	9	13	25	21	29	7	1
Current Portion of Long-Term Debt	5	7	6	14	20	23	36	60
Other Current Liabilities	26	34	21	15	46	57	76	61
Total Current Liabilities	77	99	93	119	133	168	213	213
Long-Term Debt	12	20	11	27	47	42	143	94
Deferred Income Tax	2	2	4	2	3	1	16	13
Minority Interest	4	5	4	4	2	1	2	3
Other Liabilities	8	9	10	11	12	12	17	14
Total Liabilities	104 N/A	134 +29%	122 -9%	162 +33%	198 +22%	223 +13%	390 +75%	336 -14%
Equity
Common Stock	6	6	6	6	6	6	6	6
Retained Earnings	28	35	51	59	72	94	125	165
Treasury Stock	8	8	2	2	2	2	2	2
Other Equity	0	2	2	1	4	1	4	0
Total Equity	26 N/A	32 +21%	53 +67%	61 +16%	72 +18%	97 +34%	133 +37%	169 +27%
Total Liabilities & Equity	130 N/A	166 +27%	175 +5%	224 +28%	270 +21%	320 +19%	523 +63%	505 -3%
Shares Outstanding
Common Shares Outstanding	51	51	51	51	51	51	51	51

Piovan SpA
MIL:PVN