GVS S p A : Half-yearly Financial Report at 30 June 2022

Half-yearly Financial Report

at 30 June 2022

GVS Group

1

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 2022 .............................................................	7
Investments.............................................................................................................................................................................	16
Research and development....................................................................................................................................................	16
Additional information..........................................................................................................................................................	17
Principal risks and uncertainties ..........................................................................................................................................	17
Inter-groupand related party transactions .........................................................................................................................	18
Significant events occurring in the first half of 2022...........................................................................................................	18
Events subsequent to the close of the period........................................................................................................................	19
Business outlook.....................................................................................................................................................................	19
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AT 30 June 2022 ............................................	20
Consolidated statement of financial position * ....................................................................................................................	20
Consolidated income statement* ..........................................................................................................................................	21
Consolidated statement of comprehensive income .............................................................................................................	22
Consolidated statement of changes in equity ......................................................................................................................	23
Consolidated statement of cash flows*.................................................................................................................................	24
EXPLANATORY NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS AT 30 JUNE 2022 ......................................................................................................................................	25
1.	General information.....................................................................................................................................................	25
2.	Summary of the accounting standards adopted ........................................................................................................	25
3.	Recently issued accounting standards ........................................................................................................................	30
4.	Estimates and assumptions..........................................................................................................................................	31
5.	Management of financial risk......................................................................................................................................	31
6.	Information on operating segments ............................................................................................................................	36
7.	Business combinations .................................................................................................................................................	36
8.	Notes to the consolidated statement of assets and liabilities .....................................................................................	38
9.	Notes to the consolidated income statement...............................................................................................................	51
10.	Non-recurringrevenues and operating costs ........................................................................................................	56
11.	Hyperinflation .........................................................................................................................................................	56
12.	Transactions with related parties...........................................................................................................................	57
13.	Commitments and risks ..........................................................................................................................................	60
14.	Directors' and auditors' fees ..................................................................................................................................	60
15.	Independent auditor's fees......................................................................................................................................	61
16.	Research and development .....................................................................................................................................	61
17.	Positions or transactions resulting from atypical and/or unusual transactions .................................................	61
18.	Events of significance following the close of the financial period ........................................................................	61

19. Approval of the condensed interim consolidated financial statements and authorisation for

publication..............................................................................................................................................................................	61
ATTACHED TABLES ..........................................................................................................................................................	62

2

Consolidated statement of financial position, with indication of the amounts of positions with related parties............	62
Consolidated income statement, with indication of the amounts of positions with related parties.................................	63
Consolidated statement of cash flows, with indication of the amounts of positions with related parties........................	64
Consolidated income statement, with indication of the amounts deriving from non-recurring transactions. ...............	65
CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS PURSUANT TO ARTICLE
154 BIS OF LEGISLATIVE DECREE 58/98......................................................................................................................	66
AUDITING COMPANY REPORT......................................................................................................................................	67

3

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]

4

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.

5