Informazione Regolamentata n. 2251-3-2021		Data/Ora Ricezione 19 Marzo 2021 17:27:16
Societa'	:	GVS S.P.A.
Identificativo Informazione Regolamentata	:	143864
Nome utilizzatore	:	GVSN02 - Mario Saccone
Tipologia	:	REGEM
Data/Ora Ricezione	:	19 Marzo 2021 17:27:16
Data/Ora Inizio Diffusione presunta	:	19 Marzo 2021 17:27:18
Oggetto	:	Press release - GVS S.p.A._FY2020 results
Testo del comunicato

GVS S.p.A. - The BOD of GVS S.p.A. approves the 2020 financial statements

PRESS RELEASE

THE GVS BOARD OF DIRECTORS APPROVES THE 2020 FINANCIAL STATEMENT: REVENUES UP 60%, STRONG GROWTH IN GROUP PROFITABILITY AND SOLID INCREASE IN ALL KEY ECONOMIC AND FINANCIAL INDICATORS

The GVS Group's key performance indicators for the 2020 financial year, compared with the 2019 financial year results:

Revenues of 363.3 million Euro, up 59.8% compared to 227.4 million Euro for the 2019 financial year;
Normalised EBITDA1 of 144.06 million euro, up 131.4% from 62.3 million euro in the 2019 financial year, with a margin on revenue of 39.7%. EBITDA of 138.4 million euro, up 122.4% from 62.2 million euro in the 2019 financial year, with a margin on revenue of 38.1%;
Normalised EBIT² of 128.6 million euro, up 159.1% compared to 49.6 million euro in the 2019 financial year. EBIT of 119.0 million euro, an increase of 160.6% compared to 45.66 million euro in the 2019 financial year, representing 32.8% revenue;
Normalised Net Profit ³ of 87.2 million euro, up 138.6% from 36.6 million euro in the 2019 financial year. Net profit of 78.08 million euro, up 136.0% compared to 33.09 million euro in the 2019 financial year;
Positive Net Financial Position of 31.6 million euro, while at 31 December 2019 it was negative at 103.1 million euro;
Proposed dividend of 0.13 euro per share, amounting to a total of 22,750,000.00 euro;
Powers conferred on the Chairman to convene the ordinary general meeting on 27 April 2021

Zola Predosa (BO), 19 March 2021 - The Board of Directors of GVS SpA, a leading provider of advanced filtration solutions for highly critical applications, met today in Zola Pedrosa (BO) and approved the Draft Financial Statements and Consolidated Financial Statements for the year ended 31 December 2020, which have been prepared in accordance with IFRS international accounting standards.

"I believe that the numbers we are reporting here perfectly represent what our Group is capable of doing on a global scale. 2020 was our launch pad to prove the value of the team and the Group in order to start facing the future with even greater ambition." - commented Massimo Scagliarini, Managing Director of GVS - "The objectives for 2021 are, as always, very challenging, but I am confident that our team will successfully achieve them. To confirm and then accelerate the Group's growth, we will focus on a new ESG vision that takes us towards impact 0, further

future periods in 2020 mainly related to IPO-related expenses, and amortisation of intangible assets recognised under the PPA, both net of related tax effects

¹ Indicates the result for the period adjusted for operating income and expenses that, by their nature, are reasonably expected not to recur in future periods in 2020 mainly related to IPO-related expenses.

² Indicates the result for the period adjusted for operating income and expenses that, by their nature, are reasonably expected not to recur in future periods in 2020 mainly related to IPO-related expenses, and amortisation of intangible assets recognised under the PPA 3 Indicates the result for the period adjusted for operating income and expenses that, by their nature, are reasonably expected not to recur in

geographical expansion in particular in Asian markets, the launch of new product lines for each individual division and M&A activities that will allow us to seize new opportunities."

ANALYSIS OF THE GROUP'S ECONOMIC MANAGEMENT

In the financial year just ended, GVS achieved consolidated revenues of 363.3 million euro, an increase of 59.8% compared to 227.4 million euro in the same period last year.

This result is mainly attributable to the growth of the Health & Safety division and the Healthcare & Life sciences division, in both cases driven by the new needs arising from the spread of the Covid-19 pandemic, which more than offset the decline in revenues in the Energy & Mobility division, again due to the exceptional nature of the period.

In terms of performance and breakdown of revenues from contracts with customers at 31 December 2020:

the Healthcare & Life Sciences division, which accounts for 44% of the total, grew by 38.2% compared to the end of 2019;
the Energy & Mobility division, which accounts for 18% of the total, as a result of the overall slowdown in the sector, was down 26.2% compared to 2019;
the Health & Safety division reached a weight of 38% of the total, +479.4% compared to 31 December 2019, in view of significant growth related to the extraordinary increase in demand for personal protective equipment (FFP3) for the hospital sector.

Normalised EBITDA¹ is equal to 144.06 million euro +131.4% compared to 31 December 2019, when it was 62.3 million euro, with a margin on revenues of 39.7% compared to 27.4% in 2019. This increase is attributable to the procurement strategies developed over the last three years, which have enabled the cost of the relevant raw materials to be fixed with a horizon covering the entire year, to the variation of the mix of sales compared to 2019 together with the rapid implementation of 41 new production lines in the various Group plants around the world, which have increased the operational leverage and efficiency of individual processes. EBITDA amounted to 138.4 million euro +122.4% compared to 62.2 million euro at 31 December 2019, representing 38.1% of revenues.

Normalised EBIT2 was 128.6 million euro +159.1% compared to the end of 2019 when it was 49.6 million euro. EBIT amounted to 119.0 million euro +160.6% compared to 45.66 million euro, with 32.8% of revenues.

The Normalised Net Profit³ amounted to 87.2 million euro, up from 36.6 million euro in 2019, and was affected by negative exchange rate differences of 9.5 million euro prevalently unrealized and connected and connected to intragroup financing. The Net Profit was 78.08 million euro +136% compared to 33.09 million euro in 2019.

The Net Financial Position at 31 December 2020 was positive for 31.6 million euro, compared to 31 December 2019 when it was negative by 103.1 million euro. In addition to the performance of current operations and acquisitions made, this result also reflects the proceeds generated by the capital increase linked to the IPO of 81.5 million euro (gross of expenses incurred)

BUSINESS OUTLOOK

For 2021, the GVS group will work on an organic consolidation of the results obtained in the previous year through a rebalancing of the product portfolio, which will allow it to consolidate the extraordinary growth of 2020, while maintaining a keen eye on the promptness of responding to the market demand and its clients' requests with an increasing awareness of the active handling of ESG issues. 2021 has started with a positive trend and depending on the amount of revenues from contracts with clients already realised and the order portfolio acquired to date, GVS expects to close the year, without considering the contribution of any new acquisitions, with a turnover of around 345/370 million euro, thus consolidating the growth results achieved in 2020.

The EBITDA margin for 2021 is expected to show a stronger trend in the first part of the year and then tend to a normalization in the second semester, with an overall result expected in a range between 32 and 35%.

GVS confirm the commitment to constantly monitor the market so as to be able to identify and implement M&A opportunity to contribute to a new acquisition aimed at accelerating the Group's growth trends.

The forecasts above are linked to orders already in the portfolio and contracts under negotiation in the Healthcare & Life Sciences and Health & Safety divisions, in a scenario of progressive normalisation of the effects of the pandemic and the positive impact of the vaccination policies of the various countries, while order forecasts for customers in the Energy & Mobility sector are estimated to progressively recover pre-pandemic levels until the end of 2021.

As a result, the expected level of revenues is supported by all of the Group's Healthcare & Life Sciences, Health & Safety and Energy & Mobility divisions.

Due to the uncertainty connected with the occurrence of any future event, it cannot be excluded that there may be differences, even significant, between actual values and the values mentioned above. Business development in the coming months will depend on (i) the evolution of the pandemic and possible new lockdowns in the various countries, (ii) the resumption of operating activities, at full capacity, of customers in the various countries and sectors in which the Group operates and (iii) the measures that the various governments will implement to support the economy and its recovery.

GVS SpA's draft separate financial statements for the 2020 financial year

In the financial year just ended, GVS SpA achieved revenues of 124.2 million euro, an increase of 65.9% compared to 74.8 million euro in the same period last year.

EBITDA amounted to 34.6 million euro +110% compared to 16.5 million euro at 31 December 2019, representing 27.9% of revenues.

EBIT amounted to 30 million euro +142% compared to 12.5 million euro, with 24.2% of revenues.

The Net Profit was 27.3 million euro +80.7% compared to 15.1 million euro in the 2019 financial year. The Net Financial Position at 31 December 2020 was 1.8 million euro (negative), compared to 31 December 2019 when it was 108.5 million euro (also negative).

PROPOSAL FOR THE ALLOCATION OF PROFITS

In consideration of the economic result resulting from the draft financial statements for 2020, amounting to 27,308,128.00 euro, the Board of Directors proposed the distribution of a dividend of 0.13 euro per ordinary share, for a total of 22,750,000.00 euro.

The dividend is expected to be paid on 23 June 2021, with an ex-dividend date of 21 June 2021 and a record date of 22 June 2021.

OTHER RESOLUTIONS

The Board of Directors has:

(i) approved, subject to the favourable opinion of the Nominations and Compensation Committee, certain amendments to the Remuneration Policy, which will be submitted to the Shareholders' Meeting for approval;
(ii) verified, subject to the opinion of the Nominations and Compensation Committee, the achievement of the short-term objectives assigned for 2020 and attributed the relevant shortterm annual incentives (MBO), in accordance with the Remuneration Policy in force for 2020 and in line with the announcement made at the time of listing.

In particular, the Board resolved to pay a total of 2,982,500.00 euro to executive directors and strategic managers. More details will be communicated to the market in accordance with the law;

(iii) approved the Report on Corporate Governance and Ownership Structure pursuant to Article 123-bis of Legislative Decree 58 of 24 February 1998;
(iv) approved the 2021-2024 Business Plan;
(v) approved Impairment test at 31/12/20;
(vi) verified Directors' Independence Requirements;
(vii) resolved to carry forward to the Shareholders' Meeting a proposal to adjust the compensation of the Board of Statutory Auditors;
(viii) conferred to the Chairman of the Board of Directors the powers to convene the Annual General Shareholders' Meeting with single call on 27 April 2021.

In this regard, in addition to the approval of the Financial Statements for the year ended 31 December 2020 and the proposal for the allocation of the profit for the year, the Board of Directors resolved to submit the following to the Ordinary Shareholders' Meeting:

The Report on remuneration policy and compensation paid pursuant to Article 123-ter of Legislative Decree 58 of 24 February 1998 and Article 84-ter of CONSOB Regulation 11971/1999, and
Authorisation for the purchase and disposal of treasury shares pursuant to Articles 2357, 2357 ter of the Italian Civil Code, Article 132 of Legislative Decree 58 of 24 February 1998 and Article 144-bis of the Consob regulation adopted by resolution 11971 of 14 May 1999.

The purpose of the request for authorisation to purchase and dispose of treasury shares is to allow the Company to purchase and dispose of ordinary shares, in accordance with the procedures prescribed by current EU and national legislation, for the purposes permitted by law, which include: (i) to support liquidity and market efficiency;(ii) to preserve for subsequent use, including: consideration in extraordinary transactions, including the

exchange or sale of equity investments to be achieved by means of an exchange, contribution or other act of disposal and/or use, with other parties, including use to service bonds convertible into shares or bonds with warrants; and (iii) use to service compensation plans based on financial instruments pursuant to Article 114-bis of the Consolidated Law on Financial Intermediation (TUF) in favour of directors, employees or collaborators of the Company and/or its subsidiaries, as well as free assignment of shares to Shareholders.

The authorisation is requested for the purchase, even in several instalments, of ordinary GVS shares with no indication of nominal value, up to a maximum number which, taking into account the ordinary GVS shares held from time to time in the portfolio by the Company and its subsidiaries, does not exceed 20% of the share capital and, therefore, within the limits of Article 2357, paragraph 3, of the Italian Civil Code; while for purchases made pursuant to Article 144-bis, paragraph 1, letter c) of the Consob regulation adopted by resolution 11971 of 14 May 1999, as subsequently amended), up to a maximum number that does not exceed 5% of the share capital in total.

The authorisation to purchase treasury shares is requested for the maximum duration allowed by law, as set forth in Article 2357, paragraph 2, of the Italian Civil Code as a period of eighteen months, starting from the date of any resolution of approval of this proposal by the Shareholders' Meeting.

The Board of Directors proposes that the purchase price of each share should not be lower than the official stock exchange price of GVS stock on the day preceding the day on which the purchase transaction is carried out, decreased by 20%, and not higher than the official stock exchange price on the day preceding the day on which the purchase transaction is carried out, increased by 10%, in compliance in any event with the terms and conditions established by Regulation (EU) 596 of 16 April 2014 on market abuse and the accepted practices set out in Consob resolution 16839 of 19 March 2009, where applicable.

The proposal to adjust the compensation of the Board of Statutory Auditors.

The notice of the meeting will be made available to the public, at the company's registered office, as well as at the authorised storage mechanism "eMarket STORAGE", and will be available on the website www.gvs.com in the time and manner required by the laws in force.

CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31, 2020

Consolidated income statement

	Year ended December 31,
(In thousands of Euro)	2020	2019
Revenue from contracts with customers	363.296	227.416
Other income	1.916	3.169
Total revenue	365.212	230.585
Raw materials, work in progress and finished goods	(88.560)	(67.884)
Personnel expenses	(98.877)	(73.583)
Cost of services	(36.216)	(23.442)
Other operating costs	(3.197)	(3.460)
EBITDA	138.363	62.216
Net impairment losses on financial assets	(335)	(250)
Depreciation, amortization and impairment losses	(19.030)	(16.302)
EBIT	118.998	45.664
Finance income	265	2.585
Finance costs *	(13.372)	(4.575)
Profit before income tax	105.891	43.674
Income tax expense	(27.808)	(10.582)
Net profit	78.083	33.092
Of which GVS Group	78.063	33.083
Of which non controlling interests	20	9
Net result per share	0,57	21,89
Diluited Net result per share	0,56	21,89

* The amount for the 2020 fiscal year includes Euros 9.473 thousands for negative exchange rate differences prevalently unrealized and connected to intragroup financing.

Consolidated Balance Sheet

	As of December 31,
(In thousands of Euro)	2.020	2019
ASSETS
Non current assets
Intangible assets	90.979	99.846
Right of use assets	8.438	10.320
Property, plant and equipment	68.925	46.614
Deferred tax assets	4.568	1.451
Non current financial assets	968	242
Total non current assets	173.878	158.773
Current assets
Inventories	46.048	31.491
Trade receivables	52.084	35.158
Contract assets	1.753	રતે રેતે પ્
Income tax receivables	202	193
Other current assets and receivables	8.299	6.430
Current financial assets	5.026	3.576
Cash and cash equivalents	125.068	58.542
Total current assets	238.480	135.981
TOTAL ASSETS	412.358	294.754
EQUITY AND LIABILITIES
Share capital	1.750	1.650
Reserves	162.854	59.489
Profit for the period	78.063	33.083
Group shareholders' equity	242.667	94.222
Non controlling interests	30	18
Total equity	242.697	94.240
Non current liabilities
Non current borrowings	69.728	117.638
Non current lease liabilities	5.471	7.850
Deferred tax liabilities	3.167	819
Employee benefit obligations	4.499	4.193
Provisions for risks and charges	1.000
Derivative financial instruments	107
Total non current liabilities	83.972	130.500
Current liabilities
Current borrowings	19.673	36.669
Current lease liabilities	3.495	3.094
Trade payables	25.585	13.188
Contract liabilities	4.894	1.702
Income tax payables	14.485	2.060
Other current liabilities	17.557	13.301
Total current liabilities	85.689	70.014
TOTAL EQUITY AND LIABILITIES	412.358	294.754

Cert. N. 9190 GVS 1

Via Roma, 50 - 40069 Zola Predosa (Bologna) - Italy Tel. +39 051 6176311 - Fax +39 051 6176200 - e-mail: [email protected] - www.gvs.com Cap. Soc. € 1.750.000 int. vers. - C.F. 03636630372 - P. Iva 00644831208 R.E.A. 0305386/BO - Reg. Imprese 45539/BO - Mecc. BO 012048

GVS S.p.A.

Mod 3065 rev 01

Consolidated Statement of Cash Flows

Year ended December 31,
(In thousands of Euro)	2020	2019
Profit before income tax	105.891	43.674
- Adjustments:
Depreciation and amortization	19.030	16.302
Capital loss / (gain) from disposal of assets	2	(726)
Net financial expenses	13.107	1.990
Other non-monetary movements	3.146	491
Cash flow from operating activities before changes in net working capital	141.176	61.731
Changes in inventory	(21.008)	1.707
Changes in trade receivables	(6.165)	4.919
Changes in trade payables	18.182	(5.244)
Changes in other assets and liabilities	(1.718)	1.804
Uses of employee benefit obligations and provisions for risks and charges	(118)	(191)
Income tax paid	(16.277)	(9.827)
Net cash flow provided by / (used in) operating activities	114.073	54.899
Investments in property, plant and equipment	(27.306)	(10.252)
Investments in intangible assets	(4.059)	(2.811)
Disposal of property, plant and equipment	608	4.448
Investments in financial assets	(4.443)	(1.888)
Disposal of financial assets	191	349
Acquisition of business (net of cash acquired)	(10.534)
Net cash flow provided by / (used in) investing activities	(45.543)	(10.154)
Proceeds from long term borrowings	40.503	6.500
Repayment of long term borrowings	(103.325)	(25.079)
Proceeds from new lease		2.447
Repayment of lease liabilities	(4.272)	(2.554)
Net financial expenses paid	(4.959)	(5.246)
Finance income received	265	192
Net compensation for IPO	74.508
Dividends paid	(1.681)	(8.329)
Net cash flow provided by / (used in) financing activities	1.039	(32.069)
Total cash flow provided / (used) in the year	69.569	12.676

Cash and cash equivalents at the beginning of the period	58.542	45.551
Total cash flow provided / (used) in the year	69.569	12.676
Exchange differences from translation of cash and cash equivalents	(3.043)	3 ਦ
Cash and cash equivalents at the end of the period	125.068	58.542

UNI EN ISO 9001

GVS S.p.A.

IATF 16949
Cert. N. 9136 GVS 4

ISO 13485
Cert. N. 9124 GVS 3

Consolidated net financial position

	(in thousands of Euro)	December 31, 2020	December 31, 2019
	Treasury	29	32
	Cash and cash equivalents	125.039	58.510
	Restricted deposits	358
	Held-for-trading securities	4.517	3.399
(A)	Liquidity	129.942	61.941
	Lease receivables	। રો	177
(B)	Current financial receivables	151	177
(C)	Current bank liabilities		(3.000)
(D)	Current quota of non-current borrowing	(19.106)	(33.506)
	Financial liabilities to other GVS Group companies for leases	(965)	(585)
	I ease liabilities	(2.530)	(2.509)
	Other financial liabilities	(567)	(163)
(E)	Other current liabilities	(4.063)	(3.257)
(H)	Current financial borrowing (C)+(D)+(E)	(23.168)	(39.763)
	Net current financial borrowing (A)+(B)+(F)	106.925	22.355
(G)
	Non-current bank liabilities	(33.649)	(67.999)
	Non-current debenture debts	(36.079)	(49.574)
	Financial liabilities to other GVS Group companies for leases	(2.146)	(1.886)
	Non-current lease liabilities	(3.325)	(5.965)
	Derivative instruments	(107)
	Other financial liabilities		(65)
(H)	Non-current borrowing	(75.306)	(125.488)
		31-619
(1)	Net borrowing (G)+(H)		(103.134)
	Lease liabilities (net)	8.815	10.767
(L)	Total net financial position	40.435	(92.366)

UNI EN ISO 9001

GVS S.p.A.

gsc

ISO 13485
Cert. N. 9124 GVS 3

IATF 16949
Cert. N. 9136 GVS 4

Mod 3065 rev 01

FINANCIAL STATEMENTS AS AT DECEMBER 31, 2020

Income statement

(In thousands of Euro)		Year ended December 31,
	2020	2019
Revenue from contracts with customers	124.154.708	74.833.594
Other income	3.437.747	2.118.156
Total revenue	127.592.455	76.951.750
Raw materials, work in progress and finished goods	(48.963.966)	(32.210.409)
Personnel expenses	(26.622.015)	(18.586.479)
Cost of services	(16.482.726)	(9.105.913)
Other operating costs	(941.544)	(596.547)
EBITDA	34.582.204	16.452.402
Net impairment losses on financial assets	(77.139)	(64.389)
Depreciation, amortization and impairment losses	(4.416.308)	(3.937.727)
EBIT	30.088.757	12.450.286
Finance income	2.734.410	5.954.969
Finance costs	(11.498.576)	(4.513.997)
Income/(costs) from investments	14.515.861	5.995.050
Profit before income tax	35.840.452	19.886.308
Income tax expense	(8.532.324)	(4.773.159)
Net profit	27.308.128	15.113.149
Net result per share	0,20	10,00
Diluited net result per share	0,20	10,00

Balance Sheet

		As of December 31,
(In thousands of Euro)	2020	2019
ASSETS
Non current assets
Intangible assets	3.033.783	2.838.556
Right of use assets	2.012.438	2.363.811
Property, plant and equipment	19.978.689	16.800.677
Investments	63.679.712	49.938.870
Deferred tax assets	1.544.287	-
Non current financial assets	77.771.901	96.131.685
Total non current assets	168.020.810	168.073.599
Current assets
Inventories	6.693.749	4.917.788
Trade receivables	28.117.341	17.497.137
Contract assets	1.816.380	250.724
Other current assets and receivables	4.400.728	3.817.297
Current financial assets	15.166.430	16.290.444

Cash and cash equivalents	83.453.335	38.807.160
Total current assets	139.647.963	81.580.550
TOTAL ASSETS	307.668.774	249.654.149
EQUITY AND LIABILITIES
Share capital	1.750.000	1.650.000
Reserves	127.362.428	32.206.003
Profit for the period	27.308.128	15.113.149
Group shareholders' equity	156.420.556	48.969.152
Non current liabilities
Non current borrowings	78.711.934	124.678.203
Non current lease liabilities	1.261.714	1.654.413
Deferred tax liabilities		696.074
Employee benefit obligations	2.780.362	2.715.189
Provisions for risks and charges	1.000.000
Derivative financial instruments	106.519
Total non current liabilities	83,860.529	129.743.879
Current liabilities
Current borrowings	19.507.153	36.569.752
Current lease liabilities	788.521	737.641
Trade payables	31.988.927	24.673.320
Contract liabilities	1.445.144	721.261
Income tax payables	5.463.532	214.890
Other current liabilities	8.194.412	8.024.254
Total current liabilities	67.387.689	70.941.118
TOTAL EQUITY AND LIABILITIES	307.668.774	249.654.149

UNI EN ISO 9001

GVS S.p.A.

IATF 16949
Cert. N. 9136 GVS 4

ISO 13485
Cert. N. 9124 GVS 3

Statement of Cash Flows

	Year ended December 31,
(In thousands of Euro)	2020	2019
EBITDA	35.840.452	19.886.308
- Adjustments:
Depreciation and amortization	4.416.308	3.937.727
Capital loss / (gain) from disposal of assets		(10.000)
Net financial expenses	8.764.166	(1.440.972)
Income/costs from investments	(14.515.861)	(5.995.050)
Other non-monetary movements	1.177.201	138.389
Cash flow from operating activities before changes in net working capital	35.682.266	16.516.402
Changes in inventory	(2.225.961)	89.636
Changes in trade receivables	(10.567.804)	2.482.819
Changes in trade payables	11.745.466	(1.250.069)
Changes in other assets and liabilities	(68.043)	1.371.870
Uses of employee benefit obligations and provisions for risks and charges	(118.438)	(112.945)
Income tax paid	(3.747.164)	(4.378.756)
Net cash flow provided by / (used in) operating activities	30.700.321	14.718.957
Investments in property, plant and equipment	(6.516.777)	(3.615.587)
Investments in intangible assets	(479.244)	(538.691)
Disposal of property, plant and equipment	58.154	10.000
Investments in financial assets	(5.855.000)	(2.473.023)
Disposal of financial assets	16.944.732	24.826.801
Investments	(13.662.319)	(2.782)
Dividends from subsidiaries	14.515.861	5.795.050
Net cash flow provided by / (used in) investing activities	5.005.407	24.001.768
Proceeds from long term borrowings	42.282.530	9.721.742
Repayment of long term borrowings	(103.226.879)	(24.980.979)
Repayment of lease liabilities	(894.120)	(843.031)
Net financial expenses paid	(4.781.168)	(4.839.917)
Finance income received	2.734.000	4.002.889
Net compensation for IPO	74.507.229
Dividends paid	(1.681.145)	(8.328.328)
Net cash flow provided by / (used in) financing activities	8.940.447	(25.267.624)
Total cash flow provided / (used) in the year	44.646.175	13.453.101

Cash and cash equivalents at the beginning of the period	38.807.160	25.354.059
Total cash flow provided / (used) in the year	44.646.175	13.453.101
Cash and cash equivalents at the end of the period	83 453 335	38 807 160

Cert. N. 9190 GVS 1

GVS S.p.A.

Mod 3065 rev 01

ISO 13485
Cert. N. 9124 GVS 3

	(in thousands of Euro)	2020	2019
	Treasury	29	32
	Cash and cash equivalents	83.424	38.775
(A)	Liquidity	83.453	38.807

	Financial receivables vs subsidiaries (short term)	15.166	16.290
(B)	Current financial receivables	15.166	16.290
(C)	Current bank liabilities	-	-
(D)	Current quota of non-current borrowing	(19.507)	(36.570)
	Financial liabilities to other GVS Group companies for leases	(388)	(382)
	Lease liabilities	(400)	(356)
(E)	Other current liabilities	(789)	(738)

(F)	Current financial borrowing (C)+(D)+(E)	(20.296)	(37.308)

(G)	Net current financial borrowing (A)+(B)+(F)
		78.324	17.789

	Non-current bank liabilities	(33.649)	(68.064)
	Non-current debenture debts	(36.080)	(49.574)
	Financial payable vs subsidiaries (long term)	(8.984)	(7.040)
	Financial liabilities to other GVS Group companies for leases	(857)	(1.245)
	Non-current lease liabilities	(405)	(409)
	Derivative instruments	(107)	-
(H)	Non-current borrowing	(80.081)	(126.332)

(I)	Net borrowing (G)+(H)	(1.757)	(108.543)
	Financial receivables vs subsidiaries (long term)	77.747	96.107
	Lease liabilities (net)	2.050	2.392
(H)	Total net financial position	78.040	(10.044)

STATEMENT PURSUANT TO ARTICLE 154-BIS, SECOND PARAGRAPH OF THE CONSOLIDATED LAW ON FINANCIAL INTERMEDIATION (TUF)

The Manager responsible for preparing the company's financial reports, Emanuele Stanco, declares, pursuant to Article 154-bis, second paragraph of Legislative Decree 58/98, that the accounting information contained in this press release corresponds to the results in the Company's documents, books and accounting records.

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CONFERENCE CALL

Financial results for 2020 will be presented on Friday 19 March 2021 at 16:30 pm CET during a conference call held by the Group's Senior Management.

The conference call can be followed in webcast mode by connecting through the following Url: https://87399.choruscall.eu/links/gvs210319.html

As an alternative to the webcast mode, you can participate in the conference call by calling one of the following numbers:

ITALY: +39 02 805 88 11

UK: + 44 121 281 8003

USA: +1 718 7058794

The presentation given by the Senior Management will be available before the beginning of the conference call on the authorised storage mechanism eMarket SDIR, managed by Spafid SpA, as well as on the Company's website www.gvs.com (in the Investor/Financial Documents/Presentations section).

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The Consolidated Financial Statements for 2020 will be made available to the public at the Company's registered office and at Borsa Italiana, as well as on the website www.gvs.com "Investor/Financial Documents/Financial Statements and Reports" in accordance with the law. This press release is available on the regulated information dissemination system eMarket SDIR, managed by Spafid SpA, as well as on the Company's website www.gvs.com (in the Investor/Press releases section).

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GVS Group:

The GVS Group is one of the world leaders in the supply of filtering solutions for applications in the Healthcare & Life Sciences, Energy & Mobility and Health & Safety sectors. The strong trend towards internationalisation has led GVS to open 14 production plants located in Italy, UK, Brazil, USA, China, Mexico, Puerto Rico and Romania, and 6 sales offices in Russia, Turkey, Argentina, Japan, China and Korea. In the year ended 31 December 2020, the GVS Group recorded revenues from contracts with clients of 363 million euro and a Normalised EBITDA of 144 million euro.

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Contacts Investor Relations GVS SpA - Mario Saccone - [email protected]

Image Building - Media Relations [email protected] +39 02 89011300

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Gvs Earnings Release 2020

4164_10-k_2021-03-19_30934eb2-b8cd-46d9-a2d2-a624992e4821.pdf

PRESS RELEASE

ANALYSIS OF THE GROUP'S ECONOMIC MANAGEMENT

In terms of performance and breakdown of revenues from contracts with customers at 31 December 2020:

BUSINESS OUTLOOK