OVS S p A : 2023 Half year report

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