New Risk • Jun 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 49% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (49% net debt to equity). Large one-off items impacting financial results. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: €0.06 (vs €0.01 in 1Q 2025) First quarter 2026 results: EPS: €0.06 (up from €0.01 in 1Q 2025). Revenue: €106.0m (down 1.1% from 1Q 2025). Net income: €11.4m (up €9.54m from 1Q 2025). Profit margin: 11% (up from 1.8% in 1Q 2025). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. Standing Auditor Giuseppe Farchione was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jul 08
GVS S.p.A. (BIT:GVS) commences an Equity Buyback Plan for 37,835,539 shares, representing 20% of its issued share capital, under the authorization approved on May 8, 2025. GVS S.p.A. (BIT:GVS) commences a share repurchases on July 1, 2025, under the program mandated by the shareholders in the Ordinary General Meeting held on May 8, 2025. As per the mandate, the company is authorized to repurchase 37,835,539 shares in such a way that the maximum number of shares purchased may not have a total nominal value in excess of 20% of the company’s share capital. The shares will be repurchased at a unit price of not lower than 20% below and not higher than 10% above the reference price that the share will have recorded in the trading session of the day preceding each individual transaction. The purpose of the program is to support market liquidity and efficiency, for holding and subsequent use, including, payment in extraordinary transactions and for the use in service of compensation plans based on financial instruments. The authorization will be valid for a period of 18 months. As of March 24, 2025, the company had 189,177,693 shares in outstanding and held no shares in treasury.
On June 30, 2025, the company announced a share repurchase program. Under the program, the company will repurchase up to 4,000,000 shares, representing 2.1% of the share capital, for €20 million. The program will commence from July 1, 2025 and will run through December 31, 2025. Announcement • Feb 22
GVS S.p.A. to Report Q3, 2025 Results on Nov 12, 2025 GVS S.p.A. announced that they will report Q3, 2025 results on Nov 12, 2025 Announcement • Jan 15
GVS S.p.A. (BIT:GVS) completed the acquisition of Whole Blood Assets within Blood Center Business from Haemonetics Corporation (NYSE:HAE). GVS S.p.A. (BIT:GVS) entered into a definitive agreement to acquire Whole Blood Assets within Blood Center Business from Haemonetics Corporation (NYSE:HAE) for $67.8 million on December 3, 2024. The transaction comprises a total cash consideration of up to $67.8 million, including $45.3 million upfront after giving effect to certain customary adjustments, and up to $22.5million in contingent earn-outs over the next four years. Haemonetics Corporation intends to use the proceeds from this transaction for general corporate purposes and additional investments in growth initiatives. The Transaction will be funded using available cash resources.
This transaction is subject to the satisfaction of customary closing conditions and is expected to close in the first quarter of calendar 2025. Banca Sella Holding S.p.A.acted as sole financial advisor and Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel to GVS.
GVS S.p.A. (BIT:GVS) completed the acquisition of Whole Blood Assets within Blood Center Business from Haemonetics Corporation (NYSE:HAE) on December 3, 2024. New Risk • Nov 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 3.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0.003 (vs €0.049 in 3Q 2023) Third quarter 2024 results: EPS: €0.003 (down from €0.049 in 3Q 2023). Revenue: €111.5m (up 12% from 3Q 2023). Net income: €519.0k (down 94% from 3Q 2023). Profit margin: 0.5% (down from 8.5% in 3Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 13
Second quarter 2024 earnings released: EPS: €0.056 (vs €0.027 in 2Q 2023) Second quarter 2024 results: EPS: €0.056 (up from €0.027 in 2Q 2023). Revenue: €114.7m (up 4.9% from 2Q 2023). Net income: €9.58m (up 100% from 2Q 2023). Profit margin: 8.4% (up from 4.4% in 2Q 2023). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. New Risk • Jun 04
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 76% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €6.48, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 13x in the Machinery industry in Germany. Total loss to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.68 per share. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: €0.074 (vs €0.015 in 1Q 2023) First quarter 2024 results: EPS: €0.074 (up from €0.015 in 1Q 2023). Revenue: €105.2m (up 1.1% from 1Q 2023). Net income: €13.0m (up 411% from 1Q 2023). Profit margin: 12% (up from 2.4% in 1Q 2023). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Announcement • Apr 24
GVS S.p.A. to Report Q1, 2024 Results on May 14, 2024 GVS S.p.A. announced that they will report Q1, 2024 results on May 14, 2024 New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 51% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.2% net profit margin). New Risk • Mar 28
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (3.1% net profit margin). Announcement • Feb 26
GVS S.p.A. to Report Fiscal Year 2023 Results on Mar 26, 2024 GVS S.p.A. announced that they will report fiscal year 2023 results on Mar 26, 2024 Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: €0.048 (vs €0.072 in 3Q 2022) Third quarter 2023 results: EPS: €0.048 (down from €0.072 in 3Q 2022). Revenue: €104.4m (down 2.6% from 3Q 2022). Net income: €8.49m (down 33% from 3Q 2022). Profit margin: 8.1% (down from 12% in 3Q 2022). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 134 percentage points per year, which is a significant difference in performance. Announcement • Oct 11
GVS S.p.A. to Report Q3, 2023 Results on Nov 09, 2023 GVS S.p.A. announced that they will report Q3, 2023 results on Nov 09, 2023 Reported Earnings • Sep 07
Second quarter 2023 earnings released: EPS: €0.025 (vs €0.11 in 2Q 2022) Second quarter 2023 results: EPS: €0.025 (down from €0.11 in 2Q 2022). Revenue: €111.9m (up 31% from 2Q 2022). Net income: €4.79m (down 76% from 2Q 2022). Profit margin: 4.3% (down from 23% in 2Q 2022). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 126 percentage points per year, which is a significant difference in performance. Announcement • Aug 08
GVS S.p.A. to Report Q2, 2023 Results on Sep 05, 2023 GVS S.p.A. announced that they will report Q2, 2023 results on Sep 05, 2023 Reported Earnings • May 16
First quarter 2023 earnings released: EPS: €0.014 (vs €0.072 in 1Q 2022) First quarter 2023 results: EPS: €0.014 (down from €0.072 in 1Q 2022). Revenue: €105.0m (up 29% from 1Q 2022). Net income: €2.50m (down 80% from 1Q 2022). Profit margin: 2.4% (down from 16% in 1Q 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Board Change • Apr 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Executive Director Matteo Viola was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €5.20, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 13x in the Machinery industry in Germany. Total loss to shareholders of 33% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.67 per share. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: €0.27 (vs €0.39 in FY 2021) Full year 2022 results: EPS: €0.27 (down from €0.39 in FY 2021). Revenue: €392.0m (up 15% from FY 2021). Net income: €46.5m (down 31% from FY 2021). Profit margin: 12% (down from 20% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Board Change • Feb 23
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Executive Director Matteo Viola was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 02
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Executive Director Matteo Viola was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Executive Director Matteo Viola was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 18% share price gain to €4.04, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Machinery industry in Germany. Board Change • Nov 23
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Executive Director Matteo Viola was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Oct 14
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Executive Director Matteo Viola was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 11
Second quarter 2022 earnings released: EPS: €0.11 (vs €0.096 in 2Q 2021) Second quarter 2022 results: EPS: €0.11 (up from €0.096 in 2Q 2021). Revenue: €85.3m (down 1.5% from 2Q 2021). Net income: €19.8m (up 18% from 2Q 2021). Profit margin: 23% (up from 19% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in Germany. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €7.56, the stock trades at a trailing P/E ratio of 27.4x. Average forward P/E is 10x in the Machinery industry in Germany. Total loss to shareholders of 51% over the past year. Board Change • Jul 07
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Executive Director Matteo Viola was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €7.28, the stock trades at a trailing P/E ratio of 26.8x. Average forward P/E is 11x in the Machinery industry in Germany. Total loss to shareholders of 46% over the past year. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: €0.074 (vs €0.18 in 1Q 2021) First quarter 2022 results: EPS: €0.074 (down from €0.18 in 1Q 2021). Revenue: €81.1m (down 21% from 1Q 2021). Net income: €13.0m (down 59% from 1Q 2021). Profit margin: 16% (down from 30% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 23%, compared to a 11% growth forecast for the industry in Germany. Board Change • May 06
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Executive Director Matteo Viola was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €7.23, the stock trades at a trailing P/E ratio of 17.3x. Average forward P/E is 31x in the Medical Equipment industry in Germany. Total loss to shareholders of 48% over the past year. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €10.01, the stock trades at a trailing P/E ratio of 22.3x. Average forward P/E is 35x in the Medical Equipment industry in Germany. Total loss to shareholders of 35% over the past year. Board Change • Jan 22
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Executive Director Matteo Viola was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS €0.046 (vs €0.17 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €71.8m (down 36% from 3Q 2020). Net income: €8.18m (down 73% from 3Q 2020). Profit margin: 11% (down from 27% in 3Q 2020). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €12.99, the stock trades at a trailing P/E ratio of 22.7x. Average forward P/E is 47x in the Medical Equipment industry in Germany. Total returns to shareholders of 20% over the past year. Announcement • Sep 03
GVS S.p.A. (BIT:GVS) and GVS NA Holdings Inc acquired RPB Safety Ltd, Goodman Brands and Abretec Group LLC from Ivory family for approximately $190 million. GVS S.p.A. (BIT:GVS) and GVS NA Holdings Inc acquired RPB Safety Ltd, Goodman Brands and Abretec Group LLC from Ivory family for approximately $190 million on September 1, 2021. In particular, GVS NA Holding acquired 100% of the share capital of Goodman Brands and Abretec Group LLC and their subsidiaries, while GVS S.p.A. acquired 100% of the share capital of RPB Safety Ltd. The transaction provides for an upfront payment of approximately $150.0 million and a possible earnout of $44.4 million (maximum value), the payment of which, expected in 2022, will be proportionally related to the achievement of RPB's 2021 adjusted EBITDA targets. The deal was financed by a 5-year loan agreement for approximately $177.6 million with a pool of lending banks: Mediobanca - Banca di Credito Finanziario S.p.A., which also acts as agent, Unicredit S.p.A. and Crédit Agricole Italia S.p.A. (“Loan Agreement”). RPB Safety Ltd, Goodman Brands and Abretec Group reported revenue of $37.4 million in 2020. Ice Miller LLP acted as legal advisor and KPMG US LLP acted as tax and accounting advisor to GVS. White & Case acted in relation to the aspects related to the loan, in relation to which the law firm Allen & Overy assisted the lenders.
GVS S.p.A. (BIT:GVS) and GVS NA Holdings Inc completed the acquisition of RPB Safety Ltd, Goodman Brands and Abretec Group LLC from Ivory family on September 1, 2021. Reported Earnings • Mar 22
Full year 2020 earnings released: EPS €0.57 (vs €21.88 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €365.2m (up 60% from FY 2019). Net income: €78.1m (up 136% from FY 2019). Profit margin: 21% (up from 14% in FY 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Mar 10
New 90-day low: €14.06 The company is down 4.0% from its price of €14.69 on 10 December 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 9.0% over the same period. Is New 90 Day High Low • Feb 10
New 90-day high: €16.75 The company is up 32% from its price of €12.67 on 12 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 22% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: €15.66 The company is up 30% from its price of €12.04 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: €15.46 The company is up 37% from its price of €11.27 on 24 September 2020. The German market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 05
New 90-day high: €14.35 The company is up 38% from its price of €10.41 on 04 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 13% over the same period. Is New 90 Day High Low • Nov 07
New 90-day high: €13.15 The company is up 23% from its price of €10.68 on 06 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 7.0% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: €12.08 The company is up 15% from its price of €10.53 on 16 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 3.0% over the same period. Is New 90 Day High Low • Sep 26
New 90-day high: €11.32 The company is up 16% from its price of €9.75 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is down 2.0% over the same period. Announcement • Jul 02
GVS S.p.A. completed Fajardo, Puerto Rico based manufacturing operations from Haemonetics Corporation (NYSE:HAE) for $15.5 million. GVS S.p.A. entered into a definitive agreement to acquire Fajardo, Puerto Rico based manufacturing operations from Haemonetics Corporation (NYSE:HAE) for $13 million on June 3, 2020. Under the terms of the agreement, GVS will acquire for approximately $13 million in cash, which includes the anticipated transfer of approximately $5 million in positive net working capital to GVS as of closing. Upon closing, Haemonetics will retain all intellectual property rights to its proprietary blood filters currently manufactured at its Fajardo facility, while GVS will obtain certain operating assets, including manufacturing equipment and inventory and a sublease to the facility. In connection with the proposed transaction, Haemonetics and GVS will also enter into a long-term supply and development agreement that will, among other things, grant GVS exclusive rights to manufacture and supply the blood filters currently produced at the Fajardo facility for Haemonetics. As part of this transaction, Haemonetics' employees who work in the Fajardo facility will become GVS's employees. This transaction is subject to the satisfaction of customary closing conditions and is expected to close in the second quarter of calendar 2020.
GVS S.p.A. completed Fajardo, Puerto Rico based manufacturing operations from Haemonetics Corporation (NYSE:HAE) for approximately $15.5 million on June 29, 2020. The cash consideration is subject to adjustments. The purchase price includes the transfer of approximately $7.5 million in positive net working capital to GVS as of closing. The acquisition was financed with the available liquidity of GVS S.p.A.