UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2022

Commission File Number: 001-40618

Stevanato Group S.p.A.

(Translation of registrant’s name into English)

Via Molinella 17

35017 Piombino Dese – Padua

Italy

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40‑F.

Form 20-F ☒ Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐ No ☒

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐ No ☒

 

 

 

 

 

 

 

 

 

 

 

 


 

img259851946_0.jpg 

 

Stevanato Group S.p.A.

 

Interim condensed consolidated financial statements

for the three and the six months ended June 30, 2022

 

Table of Contents

 

 

Page

PART I - FINANCIAL INFORMATION

1

Item 1. Financial Statements

1

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

35

Item 3. Quantitative and Qualitative Disclosure About Market Risk

55

Item 4. Controls and Procedures

60

PART II - OTHER INFORMATION

61

Item 1. Legal Proceedings

61

Item 1.A Risk Factors

61

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

61

Item 3. Defaults Upon Senior Securities

61

Item 5. Other Information

61

SIGNATURES

62

 

 

 


 

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

 

This quarterly report on Form 6-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of Stevanato Group S.p.A. (“we”, “our”, “us”, “Stevanato Group” or the “Company”). These forward-looking statements include, or may include, words such as “raising”, “believe”, “potential”, “increased”, “future”, “remain”, “growing”, “expect”, “foreseeable”, “expected”, “to be”, “includes”, “estimated”, “assumes”, “would provide”, “anticipate”, “will”, “plan”, “may”, “forecast”, and other similar terminology. Forward-looking statements contained in this report include, but are not limited to, statements about: our future financial performance, including our revenue, operating expenses and our ability to maintain profitability and operational and commercial capabilities; our expectations regarding the development of our industry and the competitive environment in which we operate; the expansion of our plants and our expectations to increase production capacity; the global supply chain and our committed orders; the global response to COVID-19 and our role in it; our geographical and industrial footprint; and our goals, strategies and investment plans. These statements are neither promise nor guarantee but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Stevanato Group’s actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, inflation, potential negative developments in the COVID-19 pandemic, the impact of the conflict between Russia and Ukraine, supply chain and logistical challenges and other negative developments in Stevanato Group’s business or unfavorable legislative or regulatory developments. The following are some of the factors that could cause our actual results to differ materially from those expressed in or underlying our forward-looking statements: (i) our product offerings are highly complex, and, if our products do not satisfy applicable quality criteria, specifications and performance standards, we could experience lost sales, delayed or reduced market acceptance of our products, increased costs and damage to our reputation; (ii) we must develop new products and enhance existing products, adapt to significant technological and innovative changes and respond to introductions of new products by competitors to remain competitive; (iii) our backlog might not accurately predict our future revenue, and we might not realize all or any part of the anticipated revenue reflected in our backlog; (iv) if we fail to maintain and enhance our brand and reputation, our business, results of operations and prospects may be materially and adversely affected; (v) we are highly dependent on our management and employees. Competition for our employees is intense, and we may not be able to attract and retain the highly skilled employees that we need to support our business and our intended future growth; (vi) our business, financial condition and results of operations depend upon maintaining our relationships with suppliers and service providers; (vii) our business, financial condition and results of operations depend upon the availability and price of high-quality materials and energy supply and our ability to contain production costs; (viii) the current conflict between Russia and Ukraine and the financial and economic sanctions imposed by the European Union, the U.S., the United Kingdom and other countries and organizations against officials, individuals, regions, and industries in Russia and Belarus may negatively impact our ability to source gas at commercially reasonable terms or at all and could have a material adverse effect on our operations; (ix) significant interruptions in our operations could harm our business, financial condition and results of operations; (x) as a consequence of the COVID-19 pandemic, sales of syringes and vials to and for vaccination programs globally increased resulting in a revenue growth acceleration. The demand for such products may shrink, if the need for COVID-19 related solutions declines; (xi) our manufacturing facilities are subject to operating hazards which may lead to production curtailments or shutdowns and have an adverse effect on our business, results of operations, financial condition or cash flows; (xii) we may face significant competition in implementing our strategies for revenue growth in light of actions taken by our competitors; (xiii) our global operations are subject to international market risks that may have a material effect on our liquidity, financial condition, results of operations and cash flows; (xiv) we are required to comply with a wide variety of laws and regulations and are subject to regulation by various federal, state and foreign agencies; (xv) if relations between China and the United States deteriorate, our business in the United States and China could be materially and adversely affected; and (xvi) Cyber security risks and the failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions, could result in damage to our reputation, data integrity and/or subject us to costs, fines or lawsuits under data privacy or other laws or contractual requirements. This list is not exhaustive. We caution you therefore against relying on these forward-looking statements and we qualify all of our forward-looking statements by these cautionary statements.

 

These forward-looking statements speak only as at their dates. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of these factors. Further, the Company cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statements.

 

For a description of certain additional factors that could cause the Company’s future results to differ from those expressed in any such forward-looking statements, refer to the risk factors discussed under “Item 1A. Risk Factors” below and “Risk Factors” in our Annual Report on Form 20-F/A for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission on April 5, 2022.

 


 

 

 

PART I–FINANCIAL INFORMATION

Item 1. Financial Statements

Stevanato Group S.p.A.

Interim consolidated income statements

for the three and the six months ended June 30, 2022 and 2021

(Unaudited)

 

 

 

 

 

For the three months ended
June 30,

 

 

For the six months ended
June 30,

 

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

(EUR thousand)

 

 

(EUR thousand)

 

 

 

Notes

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

9

 

 

234,247

 

 

 

203,964

 

 

 

446,321

 

 

 

396,813

 

Cost of sales

 

10

 

 

159,675

 

 

 

140,274

 

 

 

304,300

 

 

 

267,714

 

Gross Profit

 

 

 

 

74,572

 

 

 

63,690

 

 

 

142,021

 

 

 

129,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other operating income

 

11

 

 

7,110

 

 

 

2,256

 

 

 

8,679

 

 

 

5,481

 

Selling and Marketing expenses

 

12

 

 

7,002

 

 

 

5,424

 

 

 

11,923

 

 

 

11,292

 

Research and Development expenses

 

12

 

 

8,498

 

 

 

6,897

 

 

 

16,183

 

 

 

12,717

 

General and Administrative expenses

 

12

 

 

22,344

 

 

 

6,030

 

 

 

40,839

 

 

 

20,037

 

Operating Profit

 

 

 

 

43,838

 

 

 

47,595

 

 

 

81,755

 

 

 

90,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance income

 

13

 

 

7,519

 

 

 

2,310

 

 

 

10,499

 

 

 

4,315

 

Finance expense

 

14

 

 

9,872

 

 

 

2,411

 

 

 

14,484

 

 

 

5,650

 

Share of profit of an associate

 

 

 

 

 

 

 

397

 

 

 

 

 

 

397

 

Profit Before Tax

 

 

 

 

41,485

 

 

 

47,891

 

 

 

77,770

 

 

 

89,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

15

 

 

10,861

 

 

 

13,426

 

 

 

19,382

 

 

 

18,566

 

Net Profit

 

 

 

 

30,624

 

 

 

34,466

 

 

 

58,388

 

 

 

71,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Profit attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity holders of the parent

 

 

 

 

30,531

 

 

 

34,442

 

 

 

58,254

 

 

 

70,993

 

Non-controlling interests

 

 

 

 

93

 

 

 

25

 

 

 

134

 

 

 

39

 

 

 

 

 

 

30,624

 

 

 

34,466

 

 

 

58,388

 

 

 

71,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share (in EUR)

 

16

 

 

0.12

 

 

 

0.14

 

 

 

0.22

 

 

 

0.29

 

Diluted earnings per common share (in EUR)

 

16

 

 

0.12

 

 

 

0.14

 

 

 

0.22

 

 

 

0.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

1


 

Stevanato Group S.p.A.

Interim consolidated statements of comprehensive income

for the three and the six months ended June 30, 2022 and 2021

(Unaudited)

 

 

 

 

 

 

For the three months ended
June 30,

 

 

For the six months ended
June 30,

 

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

(EUR thousand)

 

 

(EUR thousand)

 

 

 

Notes

 

 

 

 

 

 

 

 

 

 

 

 

Net Profit

 

 

 

 

30,624

 

 

 

34,466

 

 

 

58,388

 

 

 

71,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains/(losses) from remeasurement of employee defined benefit plans

 

 

 

 

589

 

 

 

47

 

 

 

880

 

 

 

187

 

Tax effect relating to those components of OCI

 

 

 

 

(141

)

 

 

(11

)

 

 

(211

)

 

 

(45

)

Other comprehensive income (loss) that will not be classified subsequently to profit or loss

 

 

 

 

448

 

 

 

36

 

 

 

669

 

 

 

142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange difference on translation of foreign operations

 

24

 

 

6,244

 

 

 

5,302

 

 

 

18,411

 

 

 

7,887

 

Changes in the fair value of cash flow hedging instruments

 

 

 

 

2,173

 

 

 

842

 

 

 

4,646

 

 

 

1,311

 

Tax effect relating to those components of OCI

 

 

 

 

(522

)

 

 

(202

)

 

 

(1,115

)

 

 

(315

)

Other comprehensive income (loss) that will be classified subsequently to profit or loss

 

 

 

 

7,895

 

 

 

5,942

 

 

 

21,942

 

 

 

8,884

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income (loss), net of tax

 

 

 

 

8,343

 

 

 

5,978

 

 

 

22,611

 

 

 

9,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Comprehensive Income

 

 

 

 

38,967

 

 

 

40,444

 

 

 

80,999

 

 

 

80,057

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity holders of the parent

 

 

 

 

38,861

 

 

 

40,415

 

 

 

80,837

 

 

 

80,003

 

Non-controlling interests

 

 

 

 

106

 

 

 

29

 

 

 

162

 

 

 

54

 

 

 

 

 

 

38,967

 

 

 

40,444

 

 

 

80,999

 

 

 

80,057

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

2


 

Stevanato Group S.p.A.

Interim consolidated statements of financial position

as at June 30, 2022 and at December 31, 2021

(Unaudited)

 

 

 

 

 

At June 30,

 

 

At December 31,

 

 

 

 

 

2022

 

 

2021

 

 

 

 

 

(EUR thousand)

 

Assets

 

Notes

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Goodwill

 

 

 

 

47,243

 

 

 

47,243

 

Other intangible assets

 

17

 

 

33,493

 

 

 

31,928

 

Right of Use assets

 

19

 

 

21,689

 

 

 

22,690

 

Property, plant and equipment

 

18

 

 

506,039

 

 

 

392,717

 

Financial assets - investments FVTPL

 

 

 

 

905

 

 

 

1,084

 

Other non-current financial assets

 

20

 

 

901

 

 

 

1,334

 

Deferred tax assets

 

 

 

 

60,563

 

 

 

55,877

 

 

 

 

 

 

670,833

 

 

 

552,873

 

Current assets

 

 

 

 

 

 

 

 

Inventories

 

21

 

 

192,539

 

 

 

148,917

 

Contract assets

 

22

 

 

86,819

 

 

 

62,133

 

Trade receivables

 

22

 

 

185,552

 

 

 

165,259

 

Other current financial assets

 

20

 

 

30,854

 

 

 

27,217

 

Tax receivables

 

23

 

 

30,909

 

 

 

25,063

 

Other receivables

 

 

 

 

25,966

 

 

 

26,341

 

Cash and cash equivalents

 

 

 

 

314,911

 

 

 

411,039

 

 

 

 

 

 

867,550

 

 

 

865,969

 

Total assets

 

 

 

 

1,538,383

 

 

 

1,418,842

 

Equity and liabilities

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Share capital

 

24

 

 

21,698

 

 

 

21,698

 

Reserves and Retained Earnings

 

24

 

 

835,044

 

 

 

686,055

 

Net profit attributable to equity holders of the parent

 

 

 

 

58,254

 

 

 

134,321

 

Equity attributable to equity holders of the parent

 

 

 

 

914,996

 

 

 

842,074

 

Non-controlling interests

 

 

 

 

(253

)

 

 

(415

)

Total equity

 

 

 

 

914,743

 

 

 

841,659

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Non-current financial liabilities

 

25

 

 

175,445

 

 

 

202,296

 

Employees benefits

 

27

 

 

8,993

 

 

 

11,853

 

Provisions

 

28

 

 

4,790

 

 

 

3,499

 

Deferred tax liabilities

 

 

 

 

21,197

 

 

 

19,105

 

Other non-current liabilities

 

29

 

 

1,825

 

 

 

1,808

 

 

 

 

 

 

212,250

 

 

 

238,561

 

Current liabilities

 

 

 

 

 

 

 

 

Current financial liabilities

 

25

 

 

60,931

 

 

 

46,195

 

Trade payables

 

30

 

 

172,475

 

 

 

164,787

 

Contract liabilities

 

31

 

 

22,957

 

 

 

18,771

 

Advances from customers

 

31

 

 

28,119

 

 

 

23,616

 

Tax payables

 

23

 

 

43,565

 

 

 

19,440

 

Other liabilities

 

30

 

 

83,343

 

 

 

65,813

 

 

 

 

 

 

411,390

 

 

 

338,622

 

Total liabilities

 

 

 

 

623,640

 

 

 

577,183

 

Total equity and liabilities

 

 

 

 

1,538,383

 

 

 

1,418,842

 

 

 

 

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

3


 

 

Stevanato Group S.p.A.

Interim consolidated statements of changes in equity

for the six months ended June 30, 2022 and 2021

(Unaudited)

 

 

 

Notes

 

Share
capital

 

 

Share
Premium
Reserve

 

 

Treasury
shares

 

 

Cash flow
hedge
reserve

 

 

Reserve for
actuarial
gains /
(losses)

 

 

Foreign
currency
translation
reserve

 

 

Retained
earnings
and other
reserve

 

 

Equity
attributable to
equity holders
of the parent

 

 

Non-
controlling
interests

 

 

Total
equity

 

 

 

 

 

(EUR thousand)

 

At January 1, 2022

 

 

 

 

21,698

 

 

 

389,312

 

 

 

(27,740

)

 

 

(1,277

)

 

 

(745

)

 

 

(22,680

)

 

 

483,506

 

 

 

842,074

 

 

 

(415

)

 

 

841,659

 

Other comprehensive income

 

24

 

 

 

 

 

 

 

 

 

 

 

3,531

 

 

 

669

 

 

 

18,383

 

 

 

 

 

 

22,583

 

 

 

28

 

 

 

22,611

 

Net profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

58,254

 

 

 

58,254

 

 

 

134

 

 

 

58,388

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

3,531

 

 

 

669

 

 

 

18,383

 

 

 

58,254

 

 

 

80,837

 

 

 

162

 

 

 

80,999

 

Dividends

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,500

)

 

 

(13,500

)

 

 

 

 

 

(13,500

)

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,585

 

 

 

5,585

 

 

 

 

 

 

5,585

 

Total effects

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,915

)

 

 

(7,915

)

 

 

 

 

 

(7,915

)

At June 30, 2022

 

 

 

 

21,698

 

 

 

389,312

 

 

 

(27,740

)

 

 

2,254

 

 

 

(76

)

 

 

(4,297

)

 

 

533,845

 

 

 

914,996

 

 

 

(253

)

 

 

914,743

 

 

 

 

Notes

 

Share
capital

 

 

Treasury
shares

 

 

Cash flow
hedge
reserve

 

 

Reserve for
actuarial
gains /
(losses)

 

 

Foreign
currency
translation
reserve

 

 

Retained
earnings
and other
reserve

 

 

Equity
attributable to
equity holders
of the parent

 

 

Non-
controlling
interests

 

 

Total
equity

 

 

 

 

 

(EUR thousand)

 

At January 1, 2021

 

 

 

 

20,002

 

 

 

(26,189

)

 

 

(3,345

)

 

 

(675

)

 

 

(34,911

)

 

 

355,613

 

 

 

310,495

 

 

 

(355

)

 

 

310,140

 

Other comprehensive income

 

24

 

 

 

 

 

 

 

 

997

 

 

 

142

 

 

 

7,872

 

 

 

 

 

 

9,011

 

 

 

15

 

 

 

9,026

 

Net profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70,993

 

 

 

70,993

 

 

 

39

 

 

 

71,032

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

997

 

 

 

142

 

 

 

7,872

 

 

 

70,993

 

 

 

80,004

 

 

 

54

 

 

 

80,058

 

Dividends

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,200

)

 

 

(11,200

)

 

 

 

 

 

(11,200

)

Other

 

 

 

 

 

 

 

(1,551

)

 

 

 

 

 

 

 

 

 

 

 

4,005

 

 

 

2,454

 

 

 

 

 

 

2,454

 

Total effects

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,195

)

 

 

(8,746

)

 

 

 

 

 

(8,746

)

At June 30, 2021

 

 

 

 

20,002

 

 

 

(27,740

)

 

 

(2,348

)

 

 

(533

)

 

 

(27,039

)

 

 

419,411

 

 

 

381,752

 

 

 

(301

)

 

 

381,451

 

 

 

 

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

4


 

Stevanato Group S.p.A.

Interim consolidated statements of cash flows

for the six months ended June 30, 2022 and 2021

(Unaudited)

 

 

 

 

 

For the six months ended
June 30,

 

 

 

 

 

2022

 

 

2021

 

 

 

 

 

(EUR thousand)

 

 

 

Notes

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

 

 

Profit before tax

 

 

 

 

77,770

 

 

 

89,598

 

Adjustments:

 

 

 

 

 

 

 

 

Depreciation and impairment of property, plant and equipment

 

 

 

 

24,047

 

 

 

19,567

 

Amortization of intangible assets and Right of Use

 

 

 

 

7,074

 

 

 

6,797

 

Allowance for doubtful accounts

 

 

 

 

645

 

 

 

699

 

Net finance expense/ (income)

 

 

 

 

5,301

 

 

 

3,241

 

Share of profit or loss of associated companies

 

 

 

 

 

 

 

(397

)

(Gain)/Loss from the disposal of non-current assets

 

 

 

 

(66

)

 

 

 

Change in other provisions and in employee benefits

 

 

 

 

(3,645

)

 

 

(8,722

)

Other non-cash expenses, net

 

 

 

 

1,570

 

 

 

(113

)

Working capital changes:

 

 

 

 

 

 

 

 

- inventories and contract assets

 

 

 

 

(65,496