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Gvs Earnings Release 2023
4164_10-k_2024-03-26_d37765f5-db17-4408-a600-f62fbbb04ead.pdf
Earnings Release
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| Informazione Regolamentata n. 2251-11-2024 |
Data/Ora Inizio Diffusione 26 Marzo 2024 14:15:26 |
Euronext Milan | |
|---|---|---|---|
| Societa' | : | GVS | |
| Identificativo Informazione Regolamentata |
: | 187994 | |
| Utenza - Referente | : | GVSN03 - Bala | |
| Tipologia | : | 1.1 | |
| Data/Ora Ricezione | : | 26 Marzo 2024 14:15:26 | |
| Data/Ora Inizio Diffusione | : | 26 Marzo 2024 14:15:26 | |
| Oggetto | : | GVS - FY 2023 Consolidated Results Approval | |
| Testo del comunicato |
Vedi allegato
PRESS RELEASE
GVS DELIVERS SIGNIFICANT SALES AND PROFITABILITY GROWTH AND STRONG CASH GENERATION FOR FULL YEAR 2023
-
CONSOLIDATED REVENUES OF 424.7 MILLION EURO, +9.6% COMPARED TO 2022
ADJUSTED EBITDA OF 95.1 MILLION EURO, UP 20.3% YEAR-ON-YEAR, SUPPORTED BY PROFITABILITY RECOVERY ACTIONS
SIGNIFICANT INCREASE IN PROFITABILITY, WITH THE ADJUSTED EBITDA MARGIN AT 22.4% FOR THE YEAR COMPARED TO 20.4% IN 2022 AND REACHING 23.3% IN THE LAST QUARTER, COMPARED TO 19.4% IN FOURTH QUARTER OF 2022
ADJUSTED NET FINANCIAL POSITION OF 252.1 MILLION EURO, IMPROVING BY c. 48 MILLION EURO COMPARED TO DECEMBER 2022, THANKS TO THE CONTRIBUTION OF OPERATING RESULT AND THE SIGNIFICANT REDUCTION IN WORKING CAPITAL
ADJUSTED LEVERAGE RATIO OF 2.65X, A CLEAR IMPROVEMENT OVER 3.5X IN DECEMBER 2022
Zola Predosa (BO), 26 March 2024 - The Board of Directors of GVS S.p.A. (the "Company" or the "Group"), 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 2023, which have been prepared in accordance with IFRS international accounting standards.
***
ANALYSIS OF THE GROUP'S ECONOMIC PERFORMANCE
During 2023, GVS achieved consolidated revenues of 424.7 million euro, up 9.6% compared to 387.6 million euro recorded in 2022, thanks to the contribution of the Healthcare & Life Sciences division (which includes the acquisitions made during the previous year, the STT Group and the Haemotronic Group) and the Health & Safety division.
Revenues of the Healthcare & Life Sciences division show significant growth in the Healthcare Liquid business (+24.8%) compared to the same period last year, thanks to the acquisitions of STT
and Haemotronic, absorbing the contraction of the Healthcare Air & Gas and Laboratory businesses, which show a 1.9% and 7.2% decrease in turnover, settling at 29.5 million euro and 31.6 million euro, respectively.
The Energy & Mobility division recorded a 13.6% decrease in revenue compared to the same period of the previous year, as a result of the de-stocking policies applied by its customers, particularly in the Sport & Utility segment, which recorded sales down 31.9% year-on-year.
The Health & Safety division showed an increase in turnover of 8.9% year-on-year, driven by favourable sector dynamics and the realisation of business synergies with the RPB group, which was acquired in September 2021.
Adjusted EBITDA was up 20.3% compared to 2022, with a margin on revenue of 22.4%, a significant improvement on the margin achieved in 2022 of 20.4%. The growth in profit compared to the prior year benefited from the contribution of acquisitions completed during 2022 and the price increase introduced during 2023.
The EBITDA margin in fourth quarter 2023 stood at 23.3%, up sharply from the 19.4% recorded in fourth quarter 2022, due to the contribution of price increases and cost efficiencies implemented during the year.
Adjusted EBIT, with a margin on revenue of 15.9%, amounted to 67.4 million euro, +23.1% compared to 54.8 million euro in the same period of the previous year, and is in line with the growth seen at adjusted EBITDA level.
Adjusted net financial expenses, net of foreign exchange losses of 10.7 million euro recorded in 2023 and exchange gains of 14.4 million euro in 2022, increased in the period under review, from 6.2 million euro for the period ended 31 December 2022 to 16.0 million euro for the period ended 31 December 2023, mainly due to new borrowings related to the acquisitions completed in 2022 and the increase in market interest rates, to which some of the existing loans are linked.
Profit before tax from recurring activities reached 40.8 million euro in the period under review, a decrease of 22.1 million euro compared to 63 million euro in 2022, mainly due to the effect of the foreign exchange loss achieved in 2023 as compared with the foreign exchange gain recorded in 2022.
Adjusted net financial debt at 31 December 2023 was 252.1 million euro. The decrease compared to 31 December 2022, totalling 48.3 million euro, is mainly due to the contribution of cash generated from operations in the amount of 96.6 million euro, and liquidity generated by changes in working capital in the amount of 20.1 million euro, net of absorption by net investments (28.2 million euro), net financial expenses (18.3 million euro) and tax (10.5 million euro).
Adjusted net financial debt is calculated by excluding from financial payables the amount of 76.5 million euro equal to the shareholders' loan received by GVS Group Srl (75 million euro) and relative interest, in line with the provisions of the definition of net financial debt in the loan agreements in place, in relation to the method of calculating financial covenants.
BUSINESS OUTLOOK
\
GVS continues on its path of improving its economic and financial performance through the profitability recovery that began in Q4 2022 and was achieved despite the negative impact of destocking policies by its customers on revenue growth.
The Company expects to record turnover in the first quarter of 2024 substantially in line with the first quarter of 2023, linked to a residual effect of de-stocking, particularly in the Healthcare & Life Sciences and Energy & Mobility divisions; a gradual recovery in sales volumes growth is expected in the second half of 2024.
In terms of profitability, GVS will continue its improvement process, thanks to the contribution of ongoing efficiency measures.
In light of the actions described above, GVS expects to achieve the following results in 2024:
- a low-to-mid single-digit growth in consolidated turnover compared to financial year 2023;
- an increase in the adjusted EBITDA margin of between 100 and 200 basis points compared to 2023;
- an adjusted leverage ratio expected to be around 2.0x as at 31 December 2024.
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.
***
The 2023 Annual Financial Report has been made available to the Board of Statutory Auditors and the Independent Auditors and will be made available to the public at the registered office, on the Company's website www.gvs.com, and on the authorised storage mechanism eMarket Storage, managed by Teleborsa Srl, together with the reports of the Board of Statutory Auditors and the Independent Auditors, in compliance with the terms set out in Legislative Decree no. 58/98 (Consolidated Law on Finance - TUF).
***
***
CONFERENCE CALL
\
Financial results for 2023 will be presented on Friday 26 March 2024 at 16:00 pm CET during a webinar/conference call held by the Group's Senior Management.
The event can be followed in webinar or telephone mode by registering at the link below:
CLICK HERE TO REGISTER FOR THE CONFERENCE CALL & WEBINAR
The presentation given by the Senior Management will be available before the beginning of the conference call on the authorised storage mechanism eMarket Storage, managed by Teleborsa Srl, 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 Teleborsa Srl, as well as on the Company's website www.gvs.com (in the Investor/Press releases section).
***
***
Contacts
Investor Relations GVS S.p.A.
Guido Bacchelli, Investor Relations and M&A Director
DISCLAIMER
This press release contains forward-looking statements concerning future events and operating, economic and financial results of GVS. These forecasts have by their very nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may deviate even significantly from those announced in relation to a multitude of external factors not necessarily under GVS's control.
Consolidated and Separate Financial Statements as at 31 December 2023
Consolidated Financial Statements as at 31 December 2023
Consolidated Income Statement
\
| Year ending on 31 december | |||
|---|---|---|---|
| (In thousands of Euro) | 2023 | 2022 | |
| Revenue from contracts with customers | 424,737 | 387,591 | |
| Other revenue and income | 7,620 | 4,442 | |
| Total revenue | 432,357 | 392,033 | |
| Purchases and consumption of raw materials, semi-finished and finished products |
(144,236) | (141,198) | |
| Personnel costs | (131,754) | (123,529) | |
| Services Cost | (56,740) | (54,573) | |
| Other operating costs | (6,872) | (5,301) | |
| EBITDA | 92,755 | 67,432 | |
| Net write downs of financial assets | (594) | (506) | |
| Amortisation, depreciation and write downs | (44,125) | (37,972) | |
| EBIT | 48,036 | 28,955 | |
| Financial income | 3,339 | 15,145 | |
| Financial costs | (33,056) | (9,475) | |
| Profit before income tax | 18,319 | 34,625 | |
| Income taxes | (4,677) | (10,505) | |
| Net profit | 13,642 | 24,120 | |
| Group's share | 13,647 | 24,098 | |
| Minority share | (5) | 22 | |
| Basic net result per share (in Euro) | 0.08 | 0.14 | |
| Diluted net result per share (In Euro) | 0.08 | 0.14 |
Analysis of Reclassified Income Statement
| Year ending 31 December | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | of which | 2023 | of which | 2022 | ||||
| (In thousands of euro) | non- recurring |
Adjusted | % | 2022 | non recurring |
Adjusted | % | |
| Revenues from sales and services | 424,737 | - | 424,737 100.0% | 387,591 | - | 387,591 100.0% | ||
| Other revenues and income | 7,620 | 1,716 | 5,904 | 1.4% | 4,442 | - | 4,442 | 1.1% |
| Total revenue | 432,357 | 1,716 | 430,641 101.4% | 392,033 | - | 392,033 101.1% | ||
| Costs for purchase of raw materials and change in inventories |
(144,236) | - | (144,236) | -34.0% | (141,198) | (6,717) | (134,481) | -34.7% |
| Service provisions | (56,740) | (268) | (56,472) | -13.3% | (54,573) | (1,967) | (52,606) | -13.6% |
| Other operating expenses | (6,872) | (2,340) | (4,532) | -1.1% | (5,301) | - | (5,301) | -1.4% |
| Added value | 224,509 | (892) | 225,401 | 53.1% | 190,961 | (8,684) | 199,645 | 51.5% |
| Labour cost | (131,754) | (1,404) | (130,350) | -30.7% | (123,529) | (2,897) | (120,632) | -31.1% |
| EBITDA | 92,755 | (2,296) | 95,051 | 22.4% | 67,432 | (11,581) | 79,013 | 20.4% |
| Depreciation and amortisation | (44,125) | (17,090) | (27,035) | -6.4% | (37,972) | (14,216) | (23,756) | -6.1% |
| Provisions and write-downs | (594) | - | (594) | -0.1% | (506) | - | (506) | -0.1% |
| EBIT | 48,036 | (19,386) | 67,422 | 15.9% | 28,955 | (25,797) | 54,752 | 14.1% |
| Financial income and expenses | (29,717) | (3,099) | (26,618) | -6.3% | 5,671 | (2,571) | 8,242 | 2.1% |
| Pre-tax result | 18,318 | (22,485) | 40,804 | 9.6% | 34,626 | (28,368) | 62,994 | 16.3% |
| Income taxes | (4,677) | 4,734 | (9,410) | -2.2% | (10,505) | 6,017 | (16,522) | -4.3% |
| Group and minorities' net profit | 13,642 | (17,752) | 31,394 | 7.4% | 24,120 | (22,351) | 46,472 | 12.0% |
Consolidated Balance Sheet
| (In thousands of Euro) | As of December 31, 2023 |
As of December 31, 2022 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | 471,701 | 494,846 |
| Right of use assets | 20,207 | 22,991 |
| Property, plant and equipment | 122,884 | 120,404 |
| Deferred tax assets | 2,852 | 3,487 |
| Non-current financial assets | 3,531 | 3,754 |
| Derivative financial instruments | 4,829 | 6,648 |
| Other non current assets and receivables | 3,037 | 1,695 |
| Total non current assets | 629,041 | 653,825 |
| Current assets | ||
| Inventories | 84,808 | 106,922 |
| Trade receivables | 54,114 | 72,944 |
| Contract assets | 964 | 1,205 |
| Income tax receivables | 7,486 | 5,691 |
| Other current assets and receivables | 12,753 | 12,514 |
| Current financial assets | 2,484 | 4,779 |
| Cash and cash equivalents | 191,473 | 135,169 |
| Total current assets | 354,082 | 339,224 |
| Total assets | 983,123 | 993,049 |
| EQUITY AND LIABILITIES | ||
| Share capital | 1,750 | 1,750 |
| Reserves | 319,054 | 301,780 |
| Profit for the period | 13,647 | 24,098 |
| Group shareholders' equity | 334,451 | 327,628 |
| Non-controlling interests | 27 | 46 |
| Total equity | 334,478 | 327,674 |
| Non-current liabilities | ||
| Payables for the purchase of equity investments and earn-outs | 24,677 | 40,983 |
| Non-current borrowings | 351,337 | 10,989 |
| Non-current lease liabilities | 13,164 | 16,899 |
| Deferred tax liabilities | 35,447 | 46,086 |
| Employee benefit obligations | 3,120 | 4,630 |
| Provisions for risks and charges | 8,529 | 9,221 |
| Total non-current liabilities | 436,274 | 128,808 |
| Current liabilities | ||
| Payables for the purchase of equity investments and earn-outs | 18,342 | - |
| Current borrowings | 107,729 | 438,238 |
| Current lease liabilities | 7,384 | 8,312 |
| Trade payables | 38,452 | 57,944 |
| Contract liabilities | 6,029 | 7,224 |
| Income tax payables | 8,130 | 2,662 |
| Other current liabilities | 26,305 | 22,187 |
| Total current liabilities | 212,370 | 536,567 |
| Total equity and liabilities | 983,123 | 993,049 |
Consolidated Cash Flow Statement
| Year ending on 31 December | ||||
|---|---|---|---|---|
| (In thousands of Euro) | 2023 | 2022 | ||
| Profit before income tax | 18,319 | 34,625 | ||
| - Adjustments: | ||||
| Depreciation and amortization | 44,125 | 37,972 | ||
| Capital loss / (gain) from disposal of assets | 74 | 21 | ||
| Net financial expenses | 29.717 | (5,671) | ||
| Other non-monetary movements | 4,363 | 6,750 | ||
| Cash flow from operating activities before changes in net working capital | 96,598 | 73,697 | ||
| Changes in inventory | 14,637 | 3,144 | ||
| Changes in trade receivables | 19,150 | (11,921) | ||
| Changes in trade payables | (17,394) | 13,834 | ||
| Changes in other assets and liabilities | 3,793 | 9,133 | ||
| Uses of employee benefit obligations and provisions for risks and charges | (4,707) | (1,919) | ||
| Income tax paid | (10,508) | (9,846) | ||
| Net cash flow provided by / (used in) operating activities | 101,569 | 76,121 | ||
| Investments in property, plant and equipment | (21,314) | (17,841) | ||
| Investments in intangible assets | (6,862) | (5,024) | ||
| Disposal of property, plant and equipment | 357 | 129 | ||
| Investments in financial assets | (96,601) | (4,116) | ||
| Disposal of financial assets | 98,691 | 6,451 | ||
| Acquisition of company branch (net of cash acquired) | (1,098) | (236,027) | ||
| Net cash flow provided by / (used in) investing activities | (26,826) | (256,429) | ||
| Proceeds from long term borrowings | 75,000 | 232,531 | ||
| Repayment of long term borrowings | (68,875) | (43,861) | ||
| Changes in current financial liabilities | 2,174 | |||
| Repayment of lease liabilities | (8,576) | (5,390) | ||
| Finance costs paid | (17,913) | (4,903) | ||
| Finance income received | 3,339 | 1,808 | ||
| Treasury shares | (62) | (1,405) | ||
| Net cash flow provided by / (used in) financing activities | (14,913) | 178,780 | ||
| Total cash flow provided / (used) in the year | 59,830 | (1,527) | ||
| Cash and cash equivalents at the beginning of the period | 135,169 | 136,893 | ||
| Total cash flow provided / (used) in the year | 59,830 | (1,527) | ||
| Exchange differences from translation of cash and cash equivalents | (3,526) | (197) | ||
| Cash and cash equivalents at the end of the period | 191.473 | 135.169 |
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.
NI EN ISO 45
Cert. N. 7838
ISO 13485
Cert. N. 9124 GVS 3
Consolidated Net Financial Position
| (In thousands of euro) | At 31 December 2023 | At 31 December 2022 | |
|---|---|---|---|
| (A) | Cash on hand | 191,473 | 135,169 |
| (B) | Cash equivalents | - | - |
| Securities held for trading | 2,317 | 4,592 | |
| Financial receivables for leasing | 168 | 187 | |
| (C) | Other current financial assets | 2,485 | 4,779 |
| (D) | Cash and cash equivalents (A)+(B)+(C) | 193,958 | 139,948 |
| Current bank payables | - | - | |
| Financial debt to parent company | 1,531 | - | |
| Financial payables to other companies in GVS Group for leases |
1,475 | 2,907 | |
| Financial payables for leases | 5,909 | 5,405 | |
| Other current debt | - | - | |
| Other Financial Payables | 20,789 | 256 | |
| (E) | Current financial payables | 29,704 | 8,568 |
| (F) | Current portion of non-current payables | 103,751 | 437,982 |
| (G) | Current financial debt (E) + (F) | 133,455 | 446,550 |
| (H) | Net current financial debt (G) - (D) | 60,503 | (306,602) |
| Non-current bank payables | 275,715 | 10,094 | |
| Other financial payables | 25,299 | 41,878 | |
| Other financial payables to GVS Group | 75,000 | - | |
| Financial payables to other companies in GVS Group for | |||
| leases | 1,430 | 1,547 | |
| Non-current payables for leasing | 11,734 | 15,352 | |
| (I) | Non-current financial payables | 389,178 | 68,871 |
| Derivative financial instruments with negative values | - | - | |
| (J) | Debt obligations | - | - |
| (K) | Commercial and other non-current debt | - | - |
| (L) | Non-current financial debt (I) + (J) + (K) | 389,178 | 68,871 |
| (M) | Total net financial debt (H)-(L) | (328,675) | (375,473) |
Annual Separate Financial Statements as at 31 December 2023
Profit and Loss Account
| Year ended December 31, | |||
|---|---|---|---|
| (In Euro) | 2023 | 2022 | |
| Revenue from contracts with customers | 74,264,826 | 78,107,496 | |
| Other income | 6,457,014 | 5,725,203 | |
| Total revenue | 80,721,840 | 83,832,699 | |
| Raw materials, work in progress and finished goods | (29,677,483) | (31,278,594) | |
| Personnel expenses | (29,395,034) | (28,181,499) | |
| Cost of services | (15,331,361) | (14,566,190) | |
| Other operating costs | (3,007,602) | (5,190,509) | |
| EBITDA | 3,310,360 | 4,615,907 | |
| Net impairment losses on financial assets | - | (49,272) | |
| Depreciation, amortization and impairment losses | (6,201,352) | (5,607,122) | |
| EBIT | (2,890,992) | (1,040,487) | |
| Finance income | 17,938,290 | 32,146,897 | |
| Finance costs | (32,939,695) | (8,760,844) | |
| Income/(costs) from investments | 4,175,679 | 5,141,680 | |
| Profit before income tax | (13,716,718) | 27,487,246 | |
| Income tax expense | 4,013,657 | (7,059,528) | |
| Net profit | (9,703,061) | 20,427,718 | |
| Net result per share | (0.06) | 0.12 | |
| Diluited Net result per share | (0.06) | 0.12 |
Balance Sheet
| As of December 31, | ||
|---|---|---|
| (In Euro) | 2023 | 2022 |
| ASSETS | ||
| Non current assets | ||
| Intangible assets | 2,799,485 | 2,693,631 |
| Right of use assets | 1,797,338 | 2,227,479 |
| Property, plant and equipment | 26,846,665 | 27,240,598 |
| Investments | 391,446,241 | 333,559,524 |
| Deferred tax assets | 1,997,627 | 337,077 |
| Non current financial assets | 167,537,775 | 271,250,466 |
| Derivative financial instruments | 4,828,623 | 6,647,982 |
| Other non current assets and receivables | 3,037,451 | 1,694,854 |
| Total non current assets | 600,291,205 | 645,651,611 |
| Current assets | ||
| Inventories | 8,183,247 | 9,656,381 |
| Trade receivables | 20,513,992 | 29,418,994 |
| Contract assets | 341,098 | 534,244 |
| Income tax receivables | 4,868,645 | 2,972,980 |
| Other current assets and receivables | 4,966,614 | 9,004,961 |
| Current financial assets | 28,752,768 | 26,173,580 |
| Cash and cash equivalents | 118,234,553 | 35,361,081 |
| Total current assets | 185,860,917 | 113,122,221 |
| TOTAL ASSETS | 786,152,123 | 758,773,832 |
| EQUITY AND LIABILITIES | ||
| Share capital | 1,750,000 | 1,750,000 |
| Reserves | 202,871,716 | 183,034,547 |
| Profit for the period | (9,703,061) | 20,427,718 |
| Group shareholders' equity | 194,918,655 | 205,212,265 |
| Non current liabilities | ||
| Payables for the purchase of equity investments and earn-outs | 16,984,279 | 33,063,075 |
| Non current borrowings | 366,497,806 | 43,931,120 |
| Non current lease liabilities | 1,124,251 | 1,178,748 |
| Deferred tax liabilities | 5,565,367 | 8,881,235 |
| Employee benefit obligations | 2,145,822 | 3,622,911 |
| Provisions for risks and charges | 2,898,240 | 4,843,060 |
| Total non current liabilities | 395,215,765 | 95,520,149 |
| Current liabilities | ||
| Payables for the purchase of equity investments and earn-outs | 18,341,646 | |
| Current borrowings | 152,203,250 | 431,912,250 |
| Current lease liabilities | 754,850 | 1,126,398 |
| Trade payables | 9,156,129 | 12,093,956 |
| Contract liabilities | 1,806,524 | 614,130 |
| Income tax payables | 1,600,346 | 191,095 |
| Other current liabilities | 12,154,957 | 12,103,589 |
| Total current liabilities | 196,017,703 | 458,041,418 |
| TOTAL EQUITY AND LIABILITIES | 786,152,123 | 758,773,832 |
UNI EN ISO 1400
Cert. N. 7838-El
UNI EN ISO 9001
Cert. N. 9190 GVS 1 CISQ/CSQ 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.
NI EN ISO 45
alse
IATF 16949
Cert. N. 9136 GVS 4
Mod 3065 rev 04
Cash Flow Statement
| Year ended December 31, | ||
|---|---|---|
| (In Euro) | 2023 | 2022 |
| EBITDA | (13,716,718) | 27,487,246 |
| - Adjustments: | ||
| Depreciation and amortization | 6,201,352 | 5,607,122 |
| Capital loss / (gain) from disposal of assets | 22,000 | (2,000) |
| Net financial expenses | 15,001,405 | (23,386,053) |
| Income/costs from investments | (4,175,679) | (5,141,680) |
| Other non-monetary movements | (60,021) | 4,324,835 |
| Cash flow from operating activities before changes in net working capital | 3,272,339 | 8,889,470 |
| Changes in inventory | 1,276,811 | (338,925) |
| Changes in trade receivables | 8,905,002 | 13,185,096 |
| Changes in trade payables | (2,937,827) | (17,580,520) |
| Changes in other assets and liabilities | 2,504,080 | 770,024 |
| Uses of employee benefit obligations and provisions for risks and charges | (2,327,312) | (1,531,516) |
| Income tax paid | (1,120,831) | (1,813,155) |
| Net cash flow provided by / (used in) operating activities | 9,572,262 | 1,580,474 |
| Investments in property, plant and equipment | (5,261,359) | (6,292,814) |
| Investments in intangible assets | (331,443) | (189,833) |
| Disposal of property, plant and equipment | 929,000 | 56,000 |
| Investments in financial assets | (99,559,101) | (54,424,502) |
| Disposal of financial assets | 137,437,458 | 5,023,884 |
| Investments | (1,509,747) | (248,315,982) |
| Dividends from subsidiaries | 8,793,319 | 8,464,551 |
| Net cash flow provided by / (used in) investing activities | 40,498,127 | (295,678,696) |
| Proceeds from long term borrowings | 102,990,516 | 262,789,850 |
| Repayment of long term borrowings | (63,329,000) | (22,639,000) |
| Changes in current financial liabilities | 688,334 | |
| Repayment of lease liabilities | (1,267,204) | (1,248,317) |
| Net financial expenses paid | (19,791,119) | (4,660,613) |
| Finance income received | 13,573,246 | 13,602,000 |
| Treasury shares | (61,690) | (1,405,280) |
| Net cash flow provided by / (used in) financing activities | 32,803,082 | 246,438,641 |
| Total cash flow provided / (used) in the year | 82,873,472 | (47,659,581) |
| Cash and cash equivalents at the beginning of the period | 35,361,081 | 82,847,421 |
| Total cash flow provided / (used) in the year | 82,873,472 | (47,659,581) |
| Total cash from GVS Sud Srl merger | 173,242 | |
| Cash and cash equivalents at the end of the period | 118.234.553 | 35.361.082 |
UNI EN ISO 9001 - CISO 9001 - CISO 9001 - CISO 9001 - Click Cert. N. 7838-E
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.
NI EN ISO 450
Cert. N. 7838-
alse
IATF 16949
Cert. N. 9136 GVS 4
ISO 13485
Cert. N. 9124 GVS 3
Mod 3065 rev 04
Net Financial Position
| GVS SpA Net financial debt | As at 31 December | ||
|---|---|---|---|
| (In thousands of euro) | 2023 | 2022 | |
| Cash on hand | 17 | 35 | |
| Cash equivalents | 118,217 | 35,326 | |
| Securities held for trading | |||
| (A) | Liquidity | 118,234 | 35,361 |
| Current financial receivables from subsidiaries | |||
| Other financial receivables | 28,753 | 26,174 | |
| (B) | Current financial receivables | 28,753 | 26,174 |
| (C) | Current bank payables | ||
| (D) | Current portion of non-current payables | (99,954) | (431,912) |
| Financial payables to parent company | (1,531) | ||
| Financial payables to subsidiaries | (50,719) | ||
| Financial payables to other companies in the GVS Group for leases | (388) | (838) | |
| Financial payables for leases | (366) | (288) | |
| Other Financial Payables | (18,341) | ||
| (E) | Total other current financial debt | (71,346) | (1,126) |
| (F) | Current financial debt (C)+(D)+(E) | (171,300) | (433,039) |
| (G) | Net current financial debt (A)+(B)+(F) | (24,313) | (371,504) |
| Non-current bank payables | (270,413) | (86) | |
| Non-current bonds | |||
| Non-current financial payables from parent company | (75,000) | ||
| Non-current financial payables from subsidiaries | (21,085) | (43,845) | |
| Financial payables to other companies in the GVS Group for leases | (721) | (872) | |
| Non-current payables for leasing | (404) | (307) | |
| Non-current derivatives | |||
| Other Financial Payables | (16,984) | (33,063) | |
| (H) | Non-current financial debt | (384,607) | (78,173) |
| C | Total net financial debt (G)+(H) | (408 920) | (449 677) |
UNI EN ISO 1400
Cert. N. 7838-E
UNI EN ISO 9001
Cert. N. 9190 GVS 1 CISQ/CSQ 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.
NI EN ISO 45
IATF 16949
Cert. N. 9136 GVS 4
Mod 3065 rev 04