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 November 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 ☒
Stevanato Group S.p.A.
Interim condensed consolidated financial statements
for the three and the nine months ended September 30, 2022
Table of Contents
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”, the “Company” and, together with its subsidiaries, the “Group”). These forward-looking statements include, or may includes, 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 SARS-CoV-2 coronavirus (“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 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 nine months ended September 30, 2022 and 2021
(Unaudited)
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
||||||||||
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
|
(EUR thousand) |
|
|
(EUR thousand) |
|
||||||||||
|
|
Notes |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues |
|
9 |
|
|
245,261 |
|
|
|
214,535 |
|
|
|
691,582 |
|
|
|
611,348 |
|
Cost of sales |
|
10 |
|
|
167,722 |
|
|
|
151,262 |
|
|
|
472,022 |
|
|
|
418,976 |
|
Gross Profit |
|
|
|
|
77,539 |
|
|
|
63,273 |
|
|
|
219,560 |
|
|
|
192,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating income |
|
11 |
|
|
3,447 |
|
|
|
1,725 |
|
|
|
12,126 |
|
|
|
7,206 |
|
Selling and Marketing expenses |
|
12 |
|
|
5,898 |
|
|
|
4,707 |
|
|
|
17,821 |
|
|
|
15,999 |
|
Research and Development expenses |
|
12 |
|
|
7,614 |
|
|
|
7,393 |
|
|
|
23,797 |
|
|
|
20,110 |
|
General and Administrative expenses |
|
12 |
|
|
19,919 |
|
|
|
24,665 |
|
|
|
60,758 |
|
|
|
44,702 |
|
Operating Profit |
|
|
|
|
47,554 |
|
|
|
28,233 |
|
|
|
129,309 |
|
|
|
118,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Finance income |
|
13 |
|
|
6,736 |
|
|
|
2,066 |
|
|
|
17,235 |
|
|
|
6,381 |
|
Finance expense |
|
14 |
|
|
8,250 |
|
|
|
8,032 |
|
|
|
22,734 |
|
|
|
13,681 |
|
Share of profit of an associate |
|
|
|
|
— |
|
|
|
150 |
|
|
|
— |
|
|
|
547 |
|
Profit Before Tax |
|
|
|
|
46,040 |
|
|
|
22,417 |
|
|
|
123,810 |
|
|
|
112,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income taxes |
|
15 |
|
|
9,753 |
|
|
|
3,781 |
|
|
|
29,135 |
|
|
|
22,347 |
|
Net Profit |
|
|
|
|
36,287 |
|
|
|
18,636 |
|
|
|
94,675 |
|
|
|
89,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Profit attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity holders of the parent |
|
|
|
|
36,215 |
|
|
|
18,655 |
|
|
|
94,469 |
|
|
|
89,647 |
|
Non-controlling interests |
|
|
|
|
72 |
|
|
|
(19 |
) |
|
|
206 |
|
|
|
20 |
|
|
|
|
|
|
36,287 |
|
|
|
18,636 |
|
|
|
94,675 |
|
|
|
89,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings per common share (in EUR) |
|
16 |
|
|
0.14 |
|
|
|
0.07 |
|
|
|
0.36 |
|
|
|
0.36 |
|
Diluted earnings per common share (in EUR) |
|
16 |
|
|
0.14 |
|
|
|
0.07 |
|
|
|
0.36 |
|
|
|
0.36 |
|
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 nine months ended September 30, 2022 and 2021
(Unaudited)
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
||||||||||
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
|
(EUR thousand) |
|
|
(EUR thousand) |
|
||||||||||
|
|
Notes |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Profit |
|
|
|
|
36,287 |
|
|
|
18,636 |
|
|
|
94,675 |
|
|
|
89,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gains/(losses) from remeasurement of employee defined benefit plans |
|
|
|
|
153 |
|
|
|
13 |
|
|
|
1,033 |
|
|
|
200 |
|
Tax effect relating to those components of OCI |
|
|
|
|
(37 |
) |
|
|
(1 |
) |
|
|
(248 |
) |
|
|
(46 |
) |
Other comprehensive income (loss) that will not be classified subsequently to profit or loss |
|
|
|
|
116 |
|
|
|
12 |
|
|
|
785 |
|
|
|
154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Exchange difference on translation of foreign operations |
|
24 |
|
|
8,355 |
|
|
|
(350 |
) |
|
|
26,766 |
|
|
|
7,537 |
|
Changes in the fair value of cash flow hedging instruments |
|
|
|
|
2,376 |
|
|
|
290 |
|
|
|
7,022 |
|
|
|
1,602 |
|
Tax effect relating to those components of OCI |
|
|
|
|
(570 |
) |
|
|
(70 |
) |
|
|
(1,685 |
) |
|
|
(384 |
) |
Other comprehensive income (loss) that will be classified subsequently to profit or loss |
|
|
|
|
10,161 |
|
|
|
(129 |
) |
|
|
32,103 |
|
|
|
8,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total other comprehensive income (loss), net of tax |
|
|
|
|
10,278 |
|
|
|
(117 |
) |
|
|
32,889 |
|
|
|
8,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Comprehensive Income |
|
|
|
|
46,565 |
|
|
|
18,519 |
|
|
|
127,564 |
|
|
|
98,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity holders of the parent |
|
|
|
|
46,496 |
|
|
|
18,542 |
|
|
|
127,333 |
|
|
|
98,546 |
|
Non-controlling interests |
|
|
|
|
69 |
|
|
|
(24 |
) |
|
|
231 |
|
|
|
30 |
|
|
|
|
|
|
46,565 |
|
|
|
18,519 |
|
|
|
127,564 |
|
|
|
98,576 |
|
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 September 30, 2022 and at December 31, 2021
(Unaudited)
|
|
|
|
At September 30, |
|
|
At December 31, |
|
||
|
|
|
|
2022 |
|
|
2021 |
|
||
|
|
|
|
(EUR thousand) |
|
|||||
Assets |
|
Notes |
|
|
|
|
|
|
||
Non-current assets |
|
|
|
|
|
|
|
|
||
Goodwill |
|
|
|
|
47,243 |
|
|
|
47,243 |
|
Other intangible assets |
|
17 |
|
|
34,446 |
|
|
|
31,928 |
|
Right of Use assets |
|
19 |
|
|
21,035 |
|
|
|
22,690 |
|
Property, plant and equipment |
|
18 |
|
|
570,178 |
|
|
|
392,717 |
|
Financial assets - investments FVTPL |
|
|
|
|
1,096 |
|
|
|
1,084 |
|
Other non-current financial assets |
|
20 |
|
|
913 |
|
|
|
1,334 |
|
Deferred tax assets |
|
|
|
|
65,701 |
|
|
|
55,877 |
|
|
|
|
|
|
740,612 |
|
|
|
552,873 |
|
Current assets |
|
|
|
|
|
|
|
|
||
Inventories |
|
21 |
|
|
218,052 |
|
|
|
148,917 |
|
Contract assets |
|
22 |
|
|
91,711 |
|
|
|
62,133 |
|
Trade receivables |
|
22 |
|
|
204,197 |
|
|
|
165,259 |
|
Other current financial assets |
|
20 |
|
|
33,419 |
|
|
|
27,217 |
|
Tax receivables |
|
23 |
|
|
34,787 |
|
|
|
25,063 |
|
Other receivables |
|
|
|
|
45,523 |
|
|
|
26,341 |
|
Cash and cash equivalents |
|
|
|
|
259,929 |
|
|
|
411,039 |
|
|
|
|
|
|
887,618 |
|
|
|
865,969 |
|
Total assets |
|
|
|
|
1,628,230 |
|
|
|
1,418,842 |
|
Equity and liabilities |
|
|
|
|
|
|
|
|
||
Equity |
|
|
|
|
|
|
|
|
||
Share capital |
|
24 |
|
|
21,698 |
|
|
|
21,698 |
|
Reserves and Retained Earnings |
|
24 |
|
|
847,131 |
|
|
|
686,055 |
|
Net profit attributable to equity holders of the parent |
|
|
|
|
94,469 |
|
|
|
134,321 |
|
Equity attributable to equity holders of the parent |
|
|
|
|
963,298 |
|
|
|
842,074 |
|
Non-controlling interests |
|
|
|
|
(184 |
) |
|
|
(415 |
) |
Total equity |
|
|
|
|
963,114 |
|
|
|
841,659 |
|
|
|
|
|
|
|
|
|
|
||
Non-current liabilities |
|
|
|
|
|
|
|
|
||
Non-current financial liabilities |
|
25 |
|
|
170,817 |
|
|
|
202,296 |
|
Employees benefits |
|
27 |
|
|
7,950 |
|
|
|
11,853 |
|
Provisions |
|
28 |
|
|
4,912 |
|
|
|
3,499 |
|
Deferred tax liabilities |
|
|
|
|
21,693 |
|
|
|
19,105 |
|
Other non-current liabilities |
|
29 |
|
|
15,998 |
|
|
|
1,808 |
|
|
|
|
|
|
221,370 |
|
|
|
238,561 |
|
Current liabilities |
|
|
|
|
|
|
|
|
||
Current financial liabilities |
|
25 |
|
|
72,911 |
|
|
|
46,195 |
|
Trade payables |
|
30 |
|
|
203,076 |
|
|
|
164,787 |
|
Contract liabilities |
|
31 |
|
|
23,111 |
|
|
|
18,771 |
|
Advances from customers |
|
31 |
|
|
26,793 |
|
|
|
23,616 |
|
Tax payables |
|
23 |
|
|
43,073 |
|
|
|
19,440 |
|
Other liabilities |
|
30 |
|
|
74,782 |
|
|
|
65,813 |
|
|
|
|
|
|
443,746 |
|
|
|
338,622 |
|
Total liabilities |
|
|
|
|
665,116 |
|
|
|
577,183 |
|
Total equity and liabilities |
|
|
|
|
1,628,230 |
|
|
|
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 nine months ended September 30, 2022 and 2021
(Unaudited)
|
|
Notes |
|
Share |
|
|
Share |
|
|
Treasury |
|
|
Cash flow |
|
|
Reserve for |
|
|
Foreign |
|
|
Retained |
|
|
Equity |
|
|
Non- |
|
|
Total |
|
||||||||||
|
|
|
|
(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 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,337 |
|
|
|
785 |
|
|
|
26,741 |
|
|
|
— |
|
|
|
32,863 |
|
|
|
25 |
|
|
|
32,888 |
|
Net profit |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
94,469 |
|
|
|
94,469 |
|
|
|
206 |
|
|
|
94,675 |
|
Total comprehensive income |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,337 |
|
|
|
785 |
|
|
|
26,741 |
|
|
|
94,469 |
|
|
|
127,332 |
|
|
|
231 |
|
|
|
127,563 |
|
Dividends |
|
24 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,500 |
) |
|
|
(13,500 |
) |
|
|
— |
|
|
|
(13,500 |
) |
Other |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,391 |
|
|
|
7,391 |
|
|
|
— |
|
|
|
7,391 |
|
Total effects |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,109 |
) |
|
|
(6,109 |
) |
|
|
— |
|
|
|
(6,109 |
) |
At September 30, 2022 |
|
|
|
|
21,698 |
|
|
|
389,312 |
|
|
|
(27,740 |
) |
|
|
4,060 |
|
|
|
40 |
|
|
|
4,061 |
|
|
|
571,866 |
|
|
|
963,298 |
|
|
|
(184 |
) |
|
|
963,114 |
|
The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements
4
|
|
Notes |
|
Share |
|
|
Share |
|
|
Treasury |
|
|
Cash flow |
|
|
Reserve for |
|
|
Foreign |
|
|
Retained |
|
|
Equity |
|
|
Non- |
|
|
Total |
|
||||||||||
|
|
|
|
(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 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,217 |
|
|
|
154 |
|
|
|
7,527 |
|
|
|
— |
|
|
|
8,898 |
|
|
|
10 |
|
|
|
8,908 |
|
Net profit |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
89,647 |
|
|
|
89,647 |
|
|
|
20 |
|
|
|
89,667 |
|
Total comprehensive income |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,217 |
|
|
|
154 |
|
|
|
7,527 |
|
|
|
89,647 |
|
|
|
98,546 |
|
|
|
30 |
|
|
|
98,576 |
|
Dividends |
|
24 |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,200 |
) |
|
|
(11,200 |
) |
|
|
— |
|
|
|
(11,200 |
) |
|
Capital increase |
|
|
|
|
1,696 |
|
|
|
410,563 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
412,259 |
|
|
|
— |
|
|
|
412,259 |
|
Accessory costs to the capital increase |
|
|
|
|
— |
|
|
|
(27,849 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27,849 |
) |
|
|
— |
|
|
|
(27,849 |
) |
Taxes relating to capital increase costs |
|
|
|
|
— |
|
|
|
6,684 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,684 |
|
|
|
— |
|
|
|
6,684 |
|
Other |
|
|
|
|
— |
|
|
|
— |
|
|
|
(1,551 |
) |
|
|
— |
< |