GVS S p A : Interim report on operations at 31 March 2023

Interim report on operations at

31 March 2023

GVS Group

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CONTENTS
INFORMATION ABOUT THE COMPANY AND INFORMATION FOR SHAREHOLDERS	3
GROUP STRUCTURE*	4
CORPORATE BODIES	5
DIRECTORS' REPORT ON OPERATIONS	6
Foreword	6
Group performance and analysis of the results for the period ending on 31 March 2023	6
Investments	12
Research and development	13
Additional information	13
Principal risks and uncertainties	13
Intergroup and related party transactions	14
Significant events occurring during the period	14
Events subsequent to the close of the period	15
Business outlook	15
FINANCIAL STATEMENTS AT 31 March 2023	16
Consolidated statement of assets and liabilities*	16
Consolidated income statement*	17
Comprehensive consolidated income statement	18
Prospectus of changes in consolidated shareholders' equity	19
Consolidated financial report*	20
EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AT 31
MARCH 2023	21
1.	General information	21
2. Structure and content of the consolidated financial statements	21
3.	Valuation criteria	24
4.	Estimates and assumptions	24
5. Explanatory Notes to the main consolidated income statement items	25
6. Non-recurring revenues and operating costs	29
Additional information	30
ATTACHED TABLES	31
Consolidated statement of financial position, with indication of the amounts of positions with
related parties	31
Consolidated income statement, with indication of the amounts of positions with related parties	32
Consolidated statement of cash flows, with indication of the amounts of positions with related
parties	33
Consolidated income statement, with indication of the amounts deriving from non-recurring
transactions	34
DECLARATION OF THE MANAGER RESPONSIBLE FOR THE PREPARATION OF THE
COMPANY'S ACCOUNTING DOCUMENTS PURSUANT TO ARTICLE 154-BIS
PARAGRAPH 2 OF LEGISLATIVE DECREE 58/98	35

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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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CORPORATE BODIES

Board of Directors
Chairman (independent)	Alessandro Nasi
Chief Executive Officer	Massimo Scagliarini
Executive Directors	Marco Pacini
Non-executive directors	Grazia Valentini
	Marco Scagliarini
Independent directors	Simona Scarpaleggia (1) (2)
	Anna Tanganelli (1)
	Pietro Cordova (1) (2)
	Michela Schizzi (2)
Board of Auditors
Chairwoman	Maria Federica Izzo
Standing auditors	Francesca Sandrolini
	Giuseppe Farchione
Alternate Auditors	Alessia Fulgeri
	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 and Related Party Transactions Committee
2. Member of the Nominations and Remuneration Committee

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