OVS
HALF-YEAR FINANCIAL REPORT
AT 31 July 2023
Company information
Registered office of the Parent Company
OVS S.p.A.
Via Terraglio 17 - 30174
Venice - Mestre
Legal details of the Parent Company
Authorised share capital €321,042,500.00
Subscribed and paid-up share capital €290,923,470.00
Venice Companies Register no. 04240010274
Tax and VAT code 04240010274
Corporate website: www.ovscorporate.it
Activities of the Parent Company
OVS S.p.A. is the leading player in the Italian women's, men's and children's clothing market, with a market share of 9.5%. It has over 2,200 stores in Italy and abroad, operating under the OVS, UPIM, PIOMBO and STEFANEL brands and trademarks. The Company has been listed on Borsa Italiana since March 2015.
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Half-year Financial Report at 31 July 2023 | 2 |
Contents
Corporate officers | 5 |
Group structure at 31 July 2023 | 6 |
Interim Report on Operations | 7 |
Foreword on methodology | 7 |
Performance | 8 |
Key information on operating results at 31 July 2023 | 9 |
Key performance indicators | 10 |
Adjusted consolidated results | 11 |
Comments on the main items in the adjusted consolidated income statement | 12 |
Net financial position | 14 |
Summary statement of financial position | 14 |
Adjusted summary consolidated statement of cash flows | 16 |
Reconciliation of consolidated results for the first half of 2023 | 17 |
Management of financial risks | 22 |
Investment and development | 22 |
Related party transactions | 23 |
Significant events during the first half of 2023 | 24 |
Other information | 27 |
Significant events after the reporting period | 31 |
Business outlook | 31 |
Condensed consolidated half-year financial statements at 31 July 2023 | 32 |
Consolidated statement of financial position | 33 |
Consolidated income statement | 34 |
Consolidated statement of comprehensive income | 35 |
Consolidated statement of cash flows | 36 |
Consolidated statement of changes in shareholders' equity | 37 |
Notes to the financial statements | 38 |
1. General information | 38 |
2. Impacts of the conflict in Ukraine and inflation on the Group's performance | 38 |
3. Criteria for preparation of the consolidated financial statements | 39 |
4. Use of estimates | 44 |
5. Information on financial risks | 47 |
6. Notes to the consolidated statement of financial position | 52 |
7. Notes to the consolidated income statement | 75 |
8. Relations with related parties | 86 |
9. Information on operating segments | 89 |
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Half-year Financial Report at 31 July 2023 | 3 |
10. Other information | 90 | |
11. | Significant events after the reporting date | 92 |
12. | Appendices to the condensed consolidated half-year financial statements | 93 |
Certification of the condensed consolidated half-year financial statements pursuant to Article 81-ter of | ||
Consob Regulation no. 11971 of 14 May 1999, as amended and supplemented | 97 | |
Independent auditor's report on the condensed consolidated half-year financial statements | 98 |
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Half-year Financial Report at 31 July 2023 | 4 |
Corporate officers
Board of Directors 1
Chairman | Franco Moscetti 2 |
Vice-Chairman | Giovanni Tamburi 3 |
Chief Executive Officer and General Manager | Stefano Beraldo |
Directors | Carlo Achermann 3 4 |
Roberto Cappelli | |
Elena Garavaglia 4 | |
Alessandra Gritti | |
Chiara Mio 2 3 4 | |
Flavia Sampietro 2 |
Board of Statutory Auditors 1
Chairman | Stefano Poggi Longostrevi |
Statutory Auditors | Federica Menichetti |
Massimiliano Nova | |
Alternate Auditors | Marzia Nicelli |
Donata Paola Patrini |
Independent auditor
KPMG S.p.A.5
Financial Reporting Officer
Nicola Perin 6
- In office from 31 May 2023 until the Shareholders' Meeting called to approve the financial statements at 31 January 2026
2 Member of the Control, Risks and Sustainability Committee
3 Member of the Appointments and Remuneration Committee
4 Member of the Related Party Transactions Committee
5 Appointed by the Shareholders' Meeting of 31 May 2022 for the years 2023-2031
6 In office until the end of the term of office of the Board of Directors in office, i.e. until the Shareholders' Meeting called to approve the financial statements at 31 January 2026
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Half-year Financial Report at 31 July 2023 | 5 |
Attachments
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Disclaimer
OVS S.p.A. published this content on 17 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 October 2023 08:58:04 UTC.