GVS S p A : Half-yearly Financial Report

Half-yearly Financial Report at

30 June 2023

GVS Group

CONTENTS
INFORMATION ABOUT THE COMPANY AND INFORMATION FOR SHAREHOLDERS	.......4
GROUP STRUCTURE*	5
CORPORATE BODIES	6
DIRECTORS' REPORT ON OPERATIONS	7
Foreword	7
Group performance and analysis of the results for the first half of the year 2023	7
Investments	14
Research and development	14
Additional information	14
Principal risks and uncertainties	14
Intergroup and related party transactions	15
Significant events occurring in the first half of 2023	16
Events subsequent to the close of the period	16
Business outlook	16
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE
2023	.......................................................................................................................................................	17
Consolidated statement of assets and liabilities*	17
Consolidated income statement*	18
Comprehensive consolidated income statement	19
Prospectus of changes in consolidated shareholders' equity	20
Consolidated statement of cash flows*	21
EXPLANATORY NOTES TO THE CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS AT 30 JUNE 2023	22
1.	General information	22
2.	Summary of the accounting standards adopted	22
3.	Recently issued accounting standards	26
4.	Estimates and assumptions	28
5.	Management of financial risk	28
6.	Information on operating segments	32
7.	Notes to the consolidated statement of assets and liabilities	33
8.	Notes to the consolidated income statement	45
9.	Non-recurring revenues and operating costs	51
10.	Hyperinflation	51
11. Transactions with related parties	51
12.	Commitments and risks	55
13. Directors' and auditors' fees	55
14.	Independent auditor's fees	55
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15.	Research and development	55
16.	Positions or transactions resulting from atypical and/or unusual transactions	56
17.	Events of significance following the close of the financial period	56

18. Approval of the condensed interim consolidated financial statements and

authorisation for publication	56
ATTACHED TABLES	57
Consolidated statement of financial position, with indication of the amounts of positions
with related parties	57
Consolidated income statement, with indication of the amounts of positions with related
parties	58
Consolidated statement of cash flows, with indication of the amounts of positions with
related parties	59
Consolidated income statement, with indication of the amounts deriving from non-
recurring transactions	60
CERTIFICATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS PURSUANT TO ARTICLE 154 BIS OF LEGISLATIVE DECREE 58/98	61
AUDITING COMPANY REPORT	62

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INFORMATION ABOUT THE COMPANY AND INFORMATION FOR SHAREHOLDERS

REGISTERED OFFICE

GVS S.p.A.

Via Roma 50

40069 Zola Predosa

BOLOGNA, ITALY Phone [phone] Fax + 39 051 6176200 www.gvs.com

LEGAL INFORMATION

Share capital: Euro 1,750,000

Tax code 03636630372

VAT number 00644831208

REA of Bologna 0305386

Register of Companies of Bologna 45539

INVESTOR RELATIONS

[e-mail]

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GROUP STRUCTURE*

*For information on the company name, registered office, the currency in which the Company operates, share capital of the GVS Group companies and the stake held by GVS SpA, please see the Explanatory Notes.

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