EXEL Industries // 2020 Universal registration document

Chapter 3

3 Management report

3.1

Annual highlights

20

3.2

Events after the reporting period and outlook

20

3.3

Research and development 3.3.1 A culture of innovation 3.3.2 Trademarks and patents

21 21 23

3.4

Company operations, consolidated and parent company financial statements 3.4.1 Consolidated fi nancial statements – Main consolidated data

24

24 25 26 26 27 28 28 29

3.4.2 Separate fi nancial statements

3.4.3 Analysis of trade payables and trade receivables

3.5

Risk factors

3.5.1 Risks related to the business sector

3.5.2 Operational risks 3.5.3 Financial risks

3.5.4 Other risks

3.6

Insurance

30

3.7

Exceptional items and litigation

31

3.8

Current agreements entered into on an arm’s length basis and related-party agreements

31

3.9

Change in accounting method

31

3.10 Statement of fees for Statutory Auditors and auditing services

31

3.11 Parent company results and fi ve-year fi nancial summary 32

EXEL Industries group I 2020 Universal Registration Document

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