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Gvs Earnings Release 2022
4164_10-q_2022-05-10_caa15ff3-01f2-4107-a24a-08f5650f5374.pdf
Earnings Release
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| Informazione Regolamentata n. 2251-32-2022 |
Data/Ora Ricezione 10 Maggio 2022 14:44:16 |
Euronext Milan | ||
|---|---|---|---|---|
| Societa' | : | GVS | ||
| Identificativo Informazione Regolamentata |
: | 161916 | ||
| Nome utilizzatore | : | GVSNSS01 - menegatti | ||
| Tipologia | : | REGEM | ||
| Data/Ora Ricezione | : | 10 Maggio 2022 14:44:16 | ||
| Data/Ora Inizio Diffusione presunta |
: | 10 Maggio 2022 14:44:17 | ||
| Oggetto | : | GVS_PR Q1 2022 Results | ||
| Testo del comunicato |
Vedi allegato.
PRESS RELEASE
THE GVS BoD APPROVED THE CONSOLIDATED RESULTS AS AT 31 MARCH 2022
REVENUES OF 81.1 MILLION EURO, UP 5.0% ON THE VALUE NORMALISED OF THE 4Q 2021COVID EFFECT, SUBSTANTIALLY AT EQUIVALENT PERIMETER
THE IMPACT OF PANDEMIC-RELATED SALES WAS ~ 33.9 MILLION EURO IN THE FIRST QUARTER OF 2021
ADJUSTED FOR ONE-OFF EFFECTS AND ACQUISITIONS IN THE LAST 12 MONTHS, ORGANIC GROWTH IN THE FIRST QUARTER OF 2022 COMPARED WITH THE SAME PERIOD OF THE PREVIOUS YEAR WAS 2.9%
ADJUSTED EBITDA 20.8 MILLION EURO STRATEGIC INVESTMENTS IN THE COMMERCIAL AND MANAGERIAL STRUCTURE TO SUPPORT GROWTH
OVER 20 MILLION EURO OF OPERATING CASH FLOW GENERATED IN THE QUARTER
The GVS Group's key performance indicators for the first three months of 2022, compared with the results of the same period of the previous year:
- Revenues of 81.1 million euro (103.0 million in the first quarter of 2021). Also thanks to the recent acquisitions the Group recorded a growth of +17.3% on the value normalised by the COVID effect in the first quarter of 2021 (69.1 million euro). Confirmed recovery of the positive trend in the first quarter of the year of the Energy & Mobility division +2.3% compared to the same period of the previous year and +28% compared to 4Q 2021. The performance of the Health&Safety and Healthcare&Lifescience divisions was in line with expectations. RPB, consolidated as of 01 September 2021, contributed approximately 8 million euro in the quarter, STT consolidated as of 01 March 2022 reported revenues of approximately 2 million euro.
- Adjusted EBITDA1 at 20.8 million euro with a margin on revenues of 25.6% (42.9 million euro in 1Q2021, 25.9 million euro the normalised value of the COVID effect in 1Q2021), significant investments in the commercial and managerial structure to support growth, effective management of the inflationary effect through price dynamics and reduction of direct personnel costs compared to the same period of the previous year.
1 This indicates the result for the period (EBITDA) adjusted for operating income and expenses which, by their nature, are reasonably expected not to recur in future periods, linked, in particular, to the higher value attributed to RPB inventory at the time of the PPA and the provision for risks and personnel reorganisation.
- Adjusted EBIT2 with a margin on revenues of 19.4% and a value of 15.7 million euro (38.8 million euro in 1Q2021, 21.8 million euro the normalised value of the COVID effect in 1Q2021);
- Adjusted Net Profit 3 of 16.4 million euro (32.1 million euro in 1Q2021, 19.2 million euro the normalised value of the COVID effect in 1Q2021);
- Net Financial Position of -166.1 million euro compared to a value of -107.8 million euro at 31 December 2021, an increase mainly due to the acquisition of 100% of STT in March 2022 for 60.8 million euro and the effects of the future earn-out payment of 7.7 million euro. Over 20 million euro in operating cash generation in the quarter.
Zola Predosa (BO), 10 maggio 2022 - The Board of Directors of GVS SpA, a leading provider of advanced filtration solutions for highly critical applications, met today in Zola Predosa (BO) and approved the consolidated results at 31 March 2022, which have been prepared in accordance with IFRS international accounting standards.
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Massimo Scagliarini, CEO of GVS, stated: "Despite the current volatility, the first quarter of 2022 ended with results in line with our year-end forecasts. The organic and extraordinary growth plan for turnover and margins is developing according to our objectives, despite the uncertainty of the period. We therefore remain positive for the future, while maintaining high attention in relation to the complexity of the geopolitical context"
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ANALYSIS OF THE GROUP'S ECONOMIC MANAGEMENT
In the first quarter of 2022, GVS achieved consolidated revenues of 81.1 million euro -21.3% compared to 103.0 million euro recorded in 1Q2021, however up 17.3%, thanks to the sales contribution and sterilizing the sales impact resulting from the spread of the Covid19 pandemic in 1Q2021 (normalised sales of 69.1 million euro).
Revenues in the Healthcare & Lifesciences division were flat compared to the trend in the last quarter of 2021 and recorded significant growth in the Healthcare Liquid business +16.4% over the first quarter of 2021, which almost completely absorbed the correction recorded in the Healthcare Air & Gas business.
The Energy & Mobility division reported growth of +2.3% compared with the same period of the previous year thanks to the gradual recovery of pre-pandemic production levels, and of +28% compared to the fourth quarter of 2021 also thanks to the recovery of orders that had been rescheduled due to the "disruption" of the logistics and supply chain of the sector.
Having overcome the effects of the extraordinary consumption deriving from the pandemic, the Health & Safety division refocused on the development of the professional mask business, also
3 Indicates net income for the period adjusted for operating income and expenses that, by their nature, are reasonably expected not to recur in future periods, related, in particular, to the higher value attributed to RPB inventory at the time of the PPA, the provision for risks and personnel reorganisation, amortisation of intangible assets recorded at the time of the PPA and interest on the discounting of the earn-out debt, net of the related tax effects.
2 This indicates the result for the period (EBIT) adjusted for operating income and expenses which, by their nature, are reasonably expected not to recur in future periods, linked, in particular, to the higher value attributed to RPB inventory at the time of the PPA, the provision for risks and personnel reorganisation, in addition to the amortisation of intangible assets recognised in the PPA.
benefiting from the positive contribution of the acquisition of the RPB business, which recorded revenues of 8 million euro in the first quarter of 2022.
In terms of performance and breakdown of revenues from contracts with customers at 31 March 2022:
- the Healthcare & Life Sciences division, which accounts for 54.5% of the total, reported revenues of 44.2 million euro, substantially in line with the first quarter of 2021. The contribution of STT, consolidated as of 01 March 2022, was approximately 2.0 million euro;
- the Energy & Mobility division, which accounts for 24.8% of the total, slightly increased compared to 20.1 million euro of the same period of 2021;
- the Health & Safety division, also thanks to RPB contribution of approximately 8.0 million euro in the quarter, accounts for 20.6% of the total and stood at 16.7 million euro, with a significant reduction compared to in the Q1 2021, characterized by the exceptional sales of disposable masks due to Covid19.
Adjusted EBITDA1 shows a 25.6% margin on revenues and is equal to 20.8 million euro -51.6% compared to 42.9 million euro of the same period of the previous year (25.9 million euro is the value normalised by the COVID effects in 1Q2021).
This difference stems from:
- a different mix of sales achieved in the periods compared due to the change in the mix of products sold, mainly driven by the gradual normalisation of disposable masks consumption and the consequent reduction in terms of fixed costs absorption;
- an increase in service costs, compared to Q12021, in absolute terms due to the acquisition of the RPB group in the second half of last year, and as a percentage of sales also due to the drop in sales between the two periods compared;
- from the reduction in absolute terms of the personnel costs in the period ended 31 March compared to the same period of 2021 despite the acquisitions finalised in 2021 and in the first quarter of 2022. During the pandemic, the Group had in fact set up a direct personnel structure with the aim of promptly and effectively dealing with the strong growth in volumes. It was only in the third and fourth quarters of 2021 that GVS began to implement a reduction in the number of employees directly involved in production. Consequently, already starting from the second half of 2021 and in the first quarter of 2022, there was a reduction in absolute terms in the cost of direct personnel. On the other hand, indirect payroll costs rose during the quarter, primarily in order to strengthen the Group's commercial and managerial structure to support the growth;
- The percentage incidence of personnel costs on revenues from sales and services increased compared to the same period of the previous year, from 26.8% in Q12021 to 32.8% in the first quarter of 2022 due to the decrease of sales mentioned above.
Adjusted EBIT2 with a 19.4% margin on revenues is equal to 15.7 million euro (-59.4%) compared to 38.8 million euro of the same period of the previous year (21.8 million euro the value normalised by the COVID effects in 1Q2021). Amortisation, depreciation and write-downs increased by 0.9 million euro compared to the same period of previous year, for 0.4 million euro attributable to the RPB and STT acquisitions and for the remainder attributable to the acceleration of the Group's investment plans in recent years, in order to meet the necessary increase in production capacity.
Net financial expenses (net of foreign exchange gains of 6.3 million euro in 1Q2022 and 3.9 million euro in 1Q 2021) stood at approximately 0.5 million euro, essentially stable compared to the same period of the last year.
The Adjusted Net Profit3 is equal to 16.4 million euro compared to 32.1 million euro in 1Q2021 (19.2 million euro the value normalised by the COVID effects in 1Q2021).
The Net Financial Position at 31 December 2021 was equal to -166.1 million euro (including the effect of IFRS 16 for 11.0 million euro), an increase compared to -107.8 million euro at 31 December 2021, mainly due to the acquisition of 100% of STT in March 2022 for 60.8 million euro and the expected future payment of the earn-out of 7.7 million euro.
Cash generated from operating activities during the period amounted to 21.2 million euro, ordinary investments made amounted to 3.5 million euro (CAPEX) and cash used for the buyback amounted to 1.4 million euro.
As of 31 March 2022, GVS holds 450,000 ordinary shares (equal to 0.26% of the share capital). Finally, it should be noted that the stake of the majority shareholder remained unchanged.
***
SIGNIFICANT EVENTS AT 31 March 2022 AND AFTER
On 01 February 2022 - The company announced that on 28 January 2022, the first part was concluded of the Buyback program of GVS ordinary shares, communicated to the market on 07 October 2021 and launched on 08 October 2021, in execution of the resolution of the Shareholders' Meeting of 27 April 2021. During the period between 08 October 2021 and 28 January 2022, GVS purchased 450,000 ordinary shares (equal to 0.26% of the share capital), for a total value of 4,844,190 euro and a volume-weighted average price of 10.76 euro. Following the purchases made, GVS holds a total of 450,000 treasury shares, equal to 0.26% of the share capital.
On 02 March 2022, the GVS Group, through its subsidiary GVS Technology (Suzhou) Co. Ltd, completed the acquisition of the entire share capital of Shanghai Transfusion Technology Co. Ltd ("STT"), a long-established Chinese company, a leader in the manufacture and sale of products related to blood treatment. The closing of the transaction took place following full compliance with the conditions precedent laid down in the purchase and sale agreement. The consideration paid at the closing was approximately 55 million euro. A deferred payment, in the maximum amount of approximately 9 million euro, will be paid to the vendor in the event that STT obtains authorisation to produce and market a new strategic product line. The price may be subject to certain adjustments based on working capital and net financial position. The acquisition was financed with GVS available
cash. Post closing, STT will repay the loan of approximately CNY 73.5 million (approximately 10.5 million euro) granted by the seller for the purpose of financing certain pre-closing payments and providing STT with adequate working capital.
In March 2022, GVS defined with the sellers of RPB, the amount to be paid as an earn out based on the achievement of the RPB Group's Adjusted EBITDA targets during 2021.
BUSINESS OUTLOOK
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GVS continues to pursue the organic consolidation of the results achieved to date thanks to the progressive industrial and commercial integration of recent acquisitions. The objective is to confirm the trend of organic growth that, net of extraordinary trends in the period, has historically characterised the Group, while maintaining a high focus on the timeliness in responding to the demands of the market and its customers with an increasing integration of ESG factors in the business strategy. Particular attention to the performance of operations is linked to the current situation of geopolitical tension, which although marginal in terms of direct exposure for the GVS Group, may lead to indirect economic impacts to be faced during the year. Following the results achieved in the first quarter of 2022 and, in consideration of the economic and geopolitical current uncertainty variables, GVS confirms for 2022 the forecast of a moderate growth in terms of turnover compared to 2021, thus positively absorbing the reduction in the extraordinary values recorded last year for the sale of "disposable masks", also thanks to the positive contribution of the most recent acquisitions. In terms of EBITDA margin, a limited dilution is expected, compared to the results achieved in 2021, due to the same acquisitions.
DECLARATION PURSUANT TO ARTICLE 154-BIS, PARAGRAPH 2, T.U.F.
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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***
This press release contains forecasts and estimates that reflect the current views of the Group's management regarding future events. Forecasts and estimates are typically identified by expressions such as "it is possible," "it should be," "it is forecast," "it is expected," "it is estimated," "it is believed," "it is intended," "it is planned," "objective" or by the negative use of these expressions or other variations of these expressions or by the use of comparable terminology. These forecasts and estimates include, but are not limited to, all information other than factual information, including, without limitation, that relating to the Group's future financial position and operating results, strategy, plans, objectives and future developments in the markets in which the Group operates or intends to operate. As a result of such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking information as a prediction of actual results. The Group's ability to achieve its expected results depends on many factors beyond management's control. Actual results may differ significantly from (and be more negative than) those predicted or implied by the forecast data. These forecasts and estimates involve risks and uncertainties that could have a material impact on expected results and are based on basic assumptions. The forecasts and estimates made therein are based on information available to the Group as of today. The Group does not undertake any obligation to publicly update and revise forecasts and estimates as
a result of the availability of new information, future events or otherwise, subject to compliance with applicable
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CONFERENCE CALL
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laws.
Financial results for 1Q 2022 will be presented on Tuesday 10 May at 16:30 CET during a conference call held by the Group's Top Management.
The conference call can be followed in webcast mode by connecting through the following URL https://87399.choruscall.eu/links/gvs220510.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 section Investor Relations/Financial Presentations).
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:
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The GVS Group is one of the world's leading manufacturers of filter solutions for applications in the Healthcare & Life Sciences, Energy & Mobility and Health & Safety sectors. In addition to the corporate office in Bologna, GVS currently has 17 plants in Italy, the United Kingdom, Brazil, the United States, China, Mexico, Romania and Puerto Rico and 18 sales offices located across the world. In the year ended 31 December 2021, the GVS Group recorded revenue from contracts with customers of Euro 338.1 million and normalised EBITDA of Euro 107.9 million.
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Contacts
Investor Relations GVS S.p.A.
Mario Saccone CFO [email protected] Francesca Cocco IR Consultant - Lerxi Consulting – [email protected]
Media Relations
Image Building [email protected]
+39 02 8901130
Consolidated and Separate Financial Statements as at 31 March 2022
Consolidated Income Statement
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| Notes | Quarter ended 31 March | |||
|---|---|---|---|---|
| (In thousands of euro) | 2022 | 2021 | ||
| Revenues from contracts with customers | 9.1 | 81,100 | 103,026 | |
| Other revenues and income | 9.2 | 533 | 2,438 | |
| Total revenues | 81,633 | 105,463 | ||
| Purchases and consumption of raw materials, semi-products and finished products | 9.3 | (24,341) | (23,626) | |
| Personnel costs | 9.4 | (27,639) | (27,609) | |
| Service costs | 9.5 | (9,319) | (9,264) | |
| Other operating costs | 9.6 | (1,099) | (1,822) | |
| Gross operating profit (EBITDA) | 19,236 | 43,143 | ||
| Net write downs of financial assets | 9.7 | (27) | (56) | |
| Amortisation, depreciation and write downs | 9.8 | (7,314) | (5,021) | |
| Operating profit (EBIT) | 11,895 | 38,066 | ||
| Financial income | 9.9 | 6,481 | 3,934 | |
| Financial expense | 9.9 | (1,031) | (524) | |
| Pre-tax result | 17,345 | 41,476 | ||
| Income tax expense | 9.10 | (4,347) | (10,081) | |
| Net profit | 12,998 | 31,395 | ||
| Group's share | 12,996 | 31,394 | ||
| Minority share | 2 | 1 | ||
| Basic net profit per share | 9.11 | 0.07 | 0.18 | |
| Diluted net profit per share | 9.11 | 0.07 | 0.18 |
Analysis of reclassified financial position
| Period of 3 months ended 31 March | ||||||||
|---|---|---|---|---|---|---|---|---|
| (In thousands of euro) | 2022 | of which non recurring |
2022 Adjusted |
% | 2021 | of which non recurring |
2021 Adjusted |
% |
| Revenues from sales and services | 81,100 | 81,100 | 100.0% | 103,026 | 103,026 | 100.0% | ||
| Other revenues and income | 533 | 533 | 0.7% | 2,438 | 2,119 | 319 | 0.3% | |
| Total revenue | 81,633 | - | 81,633 | 100.7% | 105,463 | 2,119 | 103,344 | 100.3% |
| Costs for purchase of raw materials and change in inventories |
(24,341) | (486) | (23,855) | -29.4% | (23,626) | (23,626) | -22.9% | |
| Service provisions | (9,319) | (9,319) | -11.5% | (9,264) | (991) | (8,273) | -8.0% | |
| Other operating expenses | (1,099) | (1,099) | -1.4% | (1,822) | (921) | (901) | -0.9% | |
| Added value | 46,875 | (486) | 47,361 | 58.4% | 70,752 | 207 | 70,545 | 68.5% |
| Labour cost | (27,639) | (1,060) | (26,579) | -32.8% | (27,609) | (27,609) | -26.8% | |
| EBITDA | 19,236 | (1,546) | 20,782 | 25.6% | 43,143 | 207 | 42,936 | 41.7% |
| Depreciation and amortisation | (7,314) | (2,303) | (5,011) | -6.2% | (5,021) | (940) | (4,081) | -4.0% |
| Provisions and write-downs | (27) | (27) | 0.0% | (56) | (56) | -0.1% | ||
| EBIT | 11,895 | (3,849) | 15,744 | 19.4% | 38,066 | (733) | 38,799 | 37.7% |
| Financial income and expenses | 5,450 | (398) | 5,848 | 7.2% | 3,410 | 3,410 | 3.3% | |
| Pre-tax result | 17,345 | (4,247) | 21,592 | 26.6% | 41,476 | (733) | 42,209 | 41.0% |
| Income tax expense | (4,347) | 892 | (5,239) | -6.5% | (10,081) | 78 | (10,159) | -9.9% |
| Group and minorities' net profit | 12,998 | (3,355) | 16,352 | 20.2% | 31,395 | (655) | 32,050 | 31.1% |
Consolidated statement of financial position
| (In thousands of euro) | At 31 March 2022 | At 31 December 2021 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | 286,009 | 227,743 |
| Assets represented by usage rights | 9,656 | 10,420 |
| Property, plant and equipment | 83,708 | 77,622 |
| Pre-paid tax assets | 1,553 | 1,502 |
| Non-current financial assets | 1,649 | 1,318 |
| Non-current derivative financial instruments | ୧୦3 | 123 |
| Total non-current assets | 383,178 | 318,728 |
| Current assets | ||
| Inventories | 83,396 | 72,353 |
| Trade receivables | 56,440 | 52,975 |
| Assets from contracts with customers | 1,655 | 1,678 |
| Current tax assets | 6,253 | 7,590 |
| Other receivables and current assets | 11,971 | 10,011 |
| Current financial assets | 2,105 | 8,337 |
| Cash on hand | 66,618 | 136,893 |
| Total current assets | 228,438 | 289,837 |
| TOTAL ASSETS | 611,616 | 608,565 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||
| Share capital | 1,750 | 1,750 |
| Reserves | 296,805 | 225,967 |
| Net profit | 12,996 | 67,590 |
| Group shareholders' equity | 311,551 | 295,307 |
| Minority shareholders' equity | 40 | 40 |
| Total equity | 311,591 | 295,347 |
| Non-current liabilities | ||
| Payables for the purchase of equity investments and earn-outs | 7,697 | |
| Non-current financial liabilities | 179,607 | 180,164 |
| Non-current leasing liabilities | 5,938 | 6,773 |
| Deferred tax liabilities | 7,339 | 5,675 |
| Provisions for employee benefits | 4,409 | 4,366 |
| Provisions for risks and charges | 5,612 | 4,654 |
| Total non-current liabilities | 210,602 | 201,632 |
| Current liabilities | ||
| Payables for the purchase of equity investments and earn-outs | 19,670 | |
| Current financial liabilities | 36,358 | 41,706 |
| Current leasing liabilities | 5,246 | 4,760 |
| Trade payables | 22,563 | 23,820 |
| Liabilities from contracts with customers | 5,520 | 3,417 |
| Current tax liabilities | 2,285 | 3,047 |
| Other current payables and liabilities | 17,451 | 15,166 |
| Total current liabilities | 89,423 | 111,586 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 611,616 | 608,565 |
Net UNI EN ISO 9001 GVS S.p.A.
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
IATF 16949
Mod 3065 rev 01
Consolidated statement of cash flows
| 2022 2021 Pre-tax result 17,345 41,476 - Adjustments for: Amortisation, depreciation and write downs 7,314 5,021 Capital losses / (capital gains) from sale of assets (14) (1,919) Financial charges / (proceeds) (5,450) (3,410) Other non-monetary variations 2,000 1,865 Cash flow generated / (absorbed) by operations before variations in net 21,195 43,033 working capital Variation in inventories (3,343) (3,664) Variation in trade receivables 3,119 (16,817) Variation in trade payables (3,389) 1,290 Variation in other assets and liabilities (870) 3,098 Use of provisions for risks and charges and for employee benefits (301) (253) Taxes paid (2,122) (2,790) 24,218 Net cash flow generated / (absorbed) by operations 13,969 Investment in tangible assets (4,277) (2,139) Investment in intangible assets (1,359) (1,343) Disposal of tangible assets 62 3,955 Investments in financial assets ] ୧ (30) Disinvestment in financial assets 6,451 Fee for acquisition of business unit net of cash and cash equivalents acquired (70,347) Net cash flow generated / (absorbed) by investment (1,648) (67,362) Repayment of long-term financial payables (15,979) (5,270) Repayment of leasing payables (1,062) (୧୧୪) (1,007) (1,415) Financial charges paid Financial proceeds collected 149 27 (1,405) Treasury shares Net cash flow generated/(absorbed) by financial assets (18,911) (7,719) Total variation in cash on hand (72,304) 14,851 Cash on hand at the beginning of the period 136,893 125,068 Total variation in cash on hand (72,304) 14,851 Conversion differences on cash on hand 2,030 3,442 |
Quarter ended 31 March | |||
|---|---|---|---|---|
| (In thousands of euro) | ||||
| Cash on hand at the end of the period | 66,618 | 143,361 |
୍ Net
UNI EN ISO 9001
Cert. N. 9190 GVS 1
CISO/CSQ 9190 GVS 1 UNI EN ISO 1400
Cert. N. 7838-E GVS S.p.A.
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
વિદિભ
Mod 3065 rev 01
Consolidated Net Financial Position
| (In thousands of euro) | At 31 March 2022 | At 31 December 2021 | |
|---|---|---|---|
| (A) | Cash on hand | 66,618 | 136,893 |
| (B) | Cash equivalents | ||
| Fixed-term deposits | 727 | ||
| Securities held for trading | 1,928 | 7,437 | |
| Financial receivables for leasing | 177 | 173 | |
| (C) | Other current financial assets | 2,105 | 8,337 |
| (D) | Cash and cash equivalents (A)+(B)+(C) | 68,723 | 145,230 |
| Financial payables to other companies in the GVS Group for leases | 3,067 | 2.117 | |
| Financial payables for leases | 2,179 | 2,643 | |
| Other current payables | 19,670 | ||
| Other Financial Payables | 567 | ||
| (E) | Current financial payables | 5,246 | 24,997 |
| (H) | Current portion of non-current payables | 36,358 | 41,138 |
| (G) Current financial debt (E) + (F) | 41,604 | 66,135 | |
| (H) | Net current financial debt (G) - (D) | 27,119 | 79,095 |
| Non-current bank payables | 159,016 | 155,320 | |
| Non-current bonds | 20,504 | 24,758 | |
| Other financial payables | 7,784 | 87 | |
| Financial payables to other companies in the GVS Group for leases | 3,538 | 2,784 | |
| Non-current payables for leasing | 2,400 | 3,989 | |
| (1) | Non-current financial payables | 193,242 | 186,937 |
| Derivative financial instruments with negative values | 0 | ||
| (၂) | Debt obligations | 0 | |
| (K) | Commercial and other non-current debt | ||
| (L) | Non-current financial debt (I) + (J) + (K) | 193,242 | 186,937 |
| (M) | Total net financial debt (H)-(L) | (166,124) | (107,843) |
UNI EN ISO 9001
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