GVS S p A : Half-yearly Financial Report at 30 June 2021

Half-yearly Financial Report at

30 June 2021

Half-yearly Financial Report at

30 June 2021

CONTENTS

	INFORMATION ABOUT THE COMPANY AND	4
	INFORMATION FOR SHAREHOLDERS
	GROUP STRUCTURE	5
	CORPORATE BODIES	6
		7
	DIRECTORS' REPORT ON
	OPERATIONS	7
	Foreword
	Group performance and analysis of the results for the first half of the	7
	year 2021
	Investments	13
	Research and development	13
	Additional information	13
	Principal risks and uncertainties	14
	Inter-group and related party transactions	14
	Significant events occurring in the first half of 2021	15
	Events subsequent to the close of the period	15
	Business outlook	15
	CONDENSEDCONSOLIDATEDINTERIMFINANCIALSTATEMENTSAT30JUNE2021	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 2021	22
	1.	General information	22
	2.	Summary of the accounting standards adopted	22

Half-yearly Financial Report at 30 June 2021

3.	Recently issued accounting standards	26
4.	Estimates and assumptions	27
5.	Management of financial risk	27
6.	Information on operating segments	31
7.	Business combinations	31
8.	Notes to the consolidated statement of assets and liabilities	32
9.	Notes to the consolidated income statement	42
10.	Non-recurring revenues and operating costs	47
11.	Hyperinflation	47
12.	Transactions with related parties	47
13.	Commitments and risks	51
14.	Directors' and auditors' fees	51
15.	Independent auditor's fees	51
16.	Research and development	52
17.	Positions or transactions resulting from atypical and/or unusual transactions	52
18.	Events of significance following the close of the financial period	52

19. Approval of the condensed interim consolidated financial

statements and authorisation for publication	53
ATTACHED TABLES	54
Consolidated statement of financial position, with indication of the
amounts of positions with related parties.	54
Consolidated statement of cash flows, with indication of the amounts of
positions with related parties.	55
Consolidated income statement, with indication of the amounts deriving
from non-recurring transactions	56
CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
PURSUANT TO ARTICLE 154 BIS OF LEGISLATIVE DECREE 58/98	57
AUDITING COMPANY REPORT	58

INFORMATION ABOUT THE COMPANY AND INFORMATION FOR SHAREHOLDERS

REGISTERED OFFICE

GVS S.P.A

Via Roma 50

40069 Zola Predosa

BOLOGNA - ITALIA Tel. [phone] Fax + 39 051 6176200 www.gvs.com

LEGAL INFORMATION

Capitale sociale: Euro 1.750.000

Codice fiscale 03636630372

Partita Iva 00644831208

REA di Bologna 0305386

R.I di Bologna 45539

INVESTOR RELATIONS

E-mail: [e-mail]

Half-yearly Financial Report at 30 June 2021

GROUP STRUCTURE*

GVS JAPAN

GVS SUD

GVS ARGENTINA

GVS KOREA

GVS RUSSIA

GVS DO BRASIL

GVS

GVS FORTUNEGVS PUERTORICO

MICROFILTRAZIONE

GVS INDIA	GVS PATRIMONIO	GVS MEXICO

GVS SUZHOU	GVS MALESIA	GVS THAILAND

GVS SUZHOU	FENCHURCH	GVS NA HOLDINGS
ENVIRONMENTAL
TRADING

YIBO MEDICAL	GVS UK	GVS NORTH
DEVICE		AMERICA

GVS TURKEY	GVS FILTRATION

*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.

Half-yearly Financial Report at 30 June 2021

CORPORATE BODIES

Board of Directors
Chair	Grazia Valentini (2)
Chief Executive Officer	Massimo Scagliarini
Amministratori esecutivi	Marco Scagliarini
	Mario Saccone
	Matteo Viola
Executive Directors	Nadia Buttignol (1)
	Arabella Caporello (1)
	Alessandro Nasi (2)
	Michela Schizzi (1) (2)
Board of Statutory Auditors
Presidente	Patrizia Lucia Maria Riva
Standing auditors	Francesca Sandrolini
	Stefania Grazia
Substitute auditors	Daniela Baesi
	Mario Difino
Manager responsible for the preparation
of the Company's accounting documents	Emanuele Stanco
Independent auditors	PricewaterhouseCoopers SpA

1. (Member of the Control, Risk and Sustainability Committee
2. Member of the Nominations and Remuneration Committee