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 2023
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 ☐
Stevanato Group S.p.A.
Interim report
for the three and the nine months ended September 30, 2023
Table of Contents
|
Page |
1 |
|
2 |
|
Unaudited Interim Condensed Consolidated Financial Statements |
3 |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
42 |
63 |
|
67 |
|
68 |
|
68 |
|
68 |
|
68 |
|
68 |
|
70 |
INTRODUCTION
The financial information of Stevanato Group included in this Interim Report is presented in Euro except that, in some instances, information is presented in U.S. Dollars. All references in this report to “Euro” and “€” refer to the currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended, and all references to “U.S. Dollars” and “$” refer to the currency of the United States of America (the “United States”).
Certain totals in the tables included in this document may not add due to rounding. The financial data in the Management Discussion and Analysis of Financial Condition and Results of Operations is presented in millions of Euro, while the percentages presented are calculated using the underlying figures in Euro.
This Interim Report is unaudited.
1
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 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”, “result”, 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 promises nor guarantees 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, the evolving events in Israel and Gaza, 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) to the extent we experience declines in order intake, there could be a potential corresponding negative impact on our results of operations; (vi) 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; (vii) our business, financial condition and results of operations depend upon maintaining our relationships with suppliers and service providers; (viii) 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; (ix) 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; (x) the evolving events in Israel and Gaza that may negatively impact the global macroeconomic landscape and could have a material adverse effect on our operations; (xi) significant interruptions in our operations could harm our business, financial condition and results of operations; (xii) 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, as the need for COVID-19 related solutions declines; (xiii) 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; (xiv) our business, financial condition and results of operations may be impacted by our ability to successfully expand capacity to meet customer demand; (xv) we may face significant competition in implementing our strategies for revenue growth in light of actions taken by our competitors; (xvi) 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; (xvii) 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; (xviii) if relations between China and the United States deteriorate, our business in the United States and China could be materially and adversely affected; (xix) 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; and (xx) our business and expected growth could be negatively impacted to the extent third party payors may not cover new drug costs (including for example the biologic class of GLP-1s). 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 “Risk Factors” below and “Item 3D. Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission on March 2, 2023.
2
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023
Stevanato Group S.p.A.
Interim consolidated income statement
for the three and the nine months ended September 30, 2023 and 2022
(Unaudited)
|
|
|
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
|
||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
|
|
|
|
(EUR thousand) |
|
|
(EUR thousand) |
|
||||||||||
|
|
Notes |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue |
|
9 |
|
|
271,418 |
|
|
|
245,261 |
|
|
|
764,715 |
|
|
|
691,582 |
|
Cost of sales |
|
10 |
|
|
188,523 |
|
|
|
167,722 |
|
|
|
526,657 |
|
|
|
472,022 |
|
Gross Profit |
|
|
|
|
82,895 |
|
|
|
77,539 |
|
|
|
238,058 |
|
|
|
219,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating income |
|
11 |
|
|
2,199 |
|
|
|
3,447 |
|
|
|
7,433 |
|
|
|
12,126 |
|
Selling and Marketing expenses |
|
12 |
|
|
4,998 |
|
|
|
5,898 |
|
|
|
17,839 |
|
|
|
17,821 |
|
Research and Development expenses |
|
12 |
|
|
8,693 |
|
|
|
7,614 |
|
|
|
25,605 |
|
|
|
23,797 |
|
General and Administrative expenses |
|
12 |
|
|
20,243 |
|
|
|
19,919 |
|
|
|
65,374 |
|
|
|
60,758 |
|
Operating Profit |
|
|
|
|
51,160 |
|
|
|
47,554 |
|
|
|
136,673 |
|
|
|
129,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Finance income |
|
13 |
|
|
4,812 |
|
|
|
6,736 |
|
|
|
15,940 |
|
|
|
17,235 |
|
Finance expense |
|
14 |
|
|
5,572 |
|
|
|
8,250 |
|
|
|
21,854 |
|
|
|
22,734 |
|
Profit Before Tax |
|
|
|
|
50,400 |
|
|
|
46,040 |
|
|
|
130,759 |
|
|
|
123,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income taxes |
|
15 |
|
|
12,507 |
|
|
|
9,753 |
|
|
|
30,302 |
|
|
|
29,135 |
|
Net Profit |
|
|
|
|
37,893 |
|
|
|
36,287 |
|
|
|
100,457 |
|
|
|
94,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Profit attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity holders of the parent |
|
|
|
|
37,894 |
|
|
|
36,215 |
|
|
|
100,400 |
|
|
|
94,469 |
|
Non-controlling interests |
|
|
|
|
(1 |
) |
|
|
72 |
|
|
|
57 |
|
|
|
206 |
|
|
|
|
|
|
37,893 |
|
|
|
36,287 |
|
|
|
100,457 |
|
|
|
94,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings per share (in EUR) |
|
16 |
|
|
0.14 |
|
|
|
0.14 |
|
|
|
0.38 |
|
|
|
0.36 |
|
Diluted earnings per share (in EUR) |
|
16 |
|
|
0.14 |
|
|
|
0.14 |
|
|
|
0.38 |
|
|
|
0.36 |
|
3
Stevanato Group S.p.A.
Interim consolidated statement of comprehensive income
for the three and the nine months ended September 30, 2023 and 2022
(Unaudited)
|
|
|
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
|
||||||||||
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
|
|
|
|
(EUR thousand) |
|
|
(EUR thousand) |
|
||||||||||
|
|
Notes |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Profit |
|
|
|
|
37,893 |
|
|
|
36,287 |
|
|
|
100,457 |
|
|
|
94,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gains/(losses) from remeasurement of employee defined benefit plans |
|
|
|
|
185 |
|
|
|
153 |
|
|
|
63 |
|
|
|
1,033 |
|
Tax effect relating to those components of OCI |
|
|
|
|
(20 |
) |
|
|
(37 |
) |
|
|
(2 |
) |
|
|
(248 |
) |
Other comprehensive income/(loss) that will not be classified subsequently to the consolidated income statement |
|
|
|
|
165 |
|
|
|
116 |
|
|
|
61 |
|
|
|
785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Exchange difference on translation of foreign operations |
|
25 |
|
|
6,298 |
|
|
|
8,355 |
|
|
|
13,804 |
|
|
|
26,766 |
|
Changes in the fair value of cash flow hedging instruments |
|
|
|
|
(2,606 |
) |
|
|
2,376 |
|
|
|
(3,255 |
) |
|
|
7,022 |
|
Changes in the time value element - cost of hedge |
|
|
|
|
363 |
|
|
|
— |
|
|
|
76 |
|
|
|
— |
|
Tax effect relating to those components of OCI |
|
|
|
|
683 |
|
|
|
(570 |
) |
|
|
696 |
|
|
|
(1,685 |
) |
Other comprehensive income/(loss) that will be classified subsequently to the consolidated income statement |
|
|
|
|
4,738 |
|
|
|
10,161 |
|
|
|
11,321 |
|
|
|
32,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total other comprehensive income/(loss), net of tax |
|
|
|
|
4,903 |
|
|
|
10,277 |
|
|
|
11,382 |
|
|
|
32,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Comprehensive Income |
|
|
|
|
42,796 |
|
|
|
46,564 |
|
|
|
111,839 |
|
|
|
127,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity holders of the parent |
|
|
|
|
42,849 |
|
|
|
46,495 |
|
|
|
111,814 |
|
|
|
127,332 |
|
Non-controlling interests |
|
|
|
|
(53 |
) |
|
|
69 |
|
|
|
25 |
|
|
|
231 |
|
|
|
|
|
|
42,796 |
|
|
|
46,564 |
|
|
|
111,839 |
|
|
|
127,563 |
|
4
Stevanato Group S.p.A.
Interim consolidated statement of financial position
at September 30, 2023 and at December 31, 2022
(Unaudited)
|
|
|
|
At September 30, |
|
|
At December 31, |
|
||
|
|
|
|
2023 |
|
|
2022 |
|
||
|
|
|
|
(EUR thousand) |
|
|||||
Assets |
|
Notes |
|
|
|
|
|
|
||
Non-current assets |
|
|
|
|
|
|
|
|
||
Goodwill |
|
|
|
|
47,243 |
|
|
|
47,243 |
|
Intangible assets |
|
17 |
|
|
28,573 |
|
|
|
32,158 |
|
Right of Use assets |
|
19 |
|
|
16,748 |
|
|
|
19,289 |
|
Property, plant and equipment |
|
18 |
|
|
968,043 |
|
|
|
641,402 |
|
Financial assets - investments FVTPL |
|
|
|
|
582 |
|
|
|
782 |
|
Other non-current financial assets |
|
20 |
|
|
5,575 |
|
|
|
3,839 |
|
Deferred tax assets |
|
15 |
|
|
71,581 |
|
|
|
69,210 |
|
|
|
|
|
|
1,138,345 |
|
|
|
813,923 |
|
Current assets |
|
|
|
|
|
|
|
|
||
Inventories |
|
21 |
|
|
277,148 |
|
|
|
213,254 |
|
Contract assets |
|
22 |
|
|
158,604 |
|
|
|
103,417 |
|
Trade receivables |
|
22 |
|
|
229,520 |
|
|
|
212,734 |
|
Other current financial assets |
|
20 |
|
|
2,401 |
|
|
|
33,602 |
|
Tax receivables |
|
23 |
|
|
17,604 |
|
|
|
21,018 |
|
Other receivables |
|
24 |
|
|
38,504 |
|
|
|
33,010 |
|
Cash and cash equivalents |
|
|
|
|
64,822 |
|
|
|
228,740 |
|
|
|
|
|
|
788,603 |
|
|
|
845,775 |
|
Total assets |
|
|
|
|
1,926,948 |
|
|
|
1,659,698 |
|
Equity and liabilities |
|
|
|
|
|
|
|
|
||
Equity |
|
|
|
|
|
|
|
|
||
Share capital |
|
25 |
|
|
21,698 |
|
|
|
21,698 |
|
Reserves and Retained Earnings |
|
25 |
|
|
974,472 |
|
|
|
831,583 |
|
Net profit attributable to equity holders of the parent |
|
|
|
|
100,400 |
|
|
|
142,849 |
|
Equity attributable to equity holders of the parent |
|
|
|
|
1,096,570 |
|
|
|
996,130 |
|
Non-controlling interests |
|
|
|
|
112 |
|
|
|
(220 |
) |
Total equity |
|
|
|
|
1,096,682 |
|
|
|
995,910 |
|
|
|
|
|
|
|
|
|
|
||
Non-current liabilities |
|
|
|
|
|
|
|
|
||
Non-current financial liabilities |
|
26 |
|
|
196,306 |
|
|
|
148,407 |
|
Employee Benefits |
|
28 |
|
|
6,540 |
|
|
|
8,315 |
|
Provisions |
|
30 |
|
|
6,010 |
|
|
|
5,552 |
|
Deferred tax liabilities |
|
15 |
|
|
9,389 |
|
|
|
20,952 |
|
Other non-current liabilities |
|
31 |
|
|
52,069 |
|
|
|
18,060 |
|
|
|
|
|
|
270,314 |
|
|
|
201,286 |
|
Current liabilities |
|
|
|
|
|
|
|
|
||
Current financial liabilities |
|
26 |
|
|
100,900 |
|
|
|
70,754 |
|
Trade payables |
|
32 |
|
|
240,612 |
|
|
|
239,179 |
|
Contract Liabilities |
|
33 |
|
|
9,846 |
|
|
|
14,847 |
|
Advances from customers |
|
33 |
|
|
52,978 |
|
|
|
26,568 |
|
Tax payables |
|
23 |
|
|
61,053 |
|
|
|
41,655 |
|
Other liabilities |
|
32 |
|
|
94,563 |
|
|
|
69,499 |
|
|
|
|
|
|
559,952 |
|
|
|
462,502 |
|
Total liabilities |
|
|
|
|
830,266 |
|
|
|
663,788 |
|
Total equity and liabilities |
|
|
|
|
1,926,948 |
|
|
|
1,659,698 |
|
5
Stevanato Group S.p.A.
Interim consolidated statements of changes in equity
for the nine months ended September 30, 2023 and 2022
(Unaudited)
|
|
Notes |
|
Share |
|
|
Share |
|
|
Treasury |
|
|
Cash flow |
|
|
Cost of hedging reserve |
|
|
Reserve for |
|
|
Foreign |
|
|
Retained |
|
|
Equity |
|
|
Non- |
|
|
Total |
|
|||||||||||
|
|
|
|
(EUR thousand) |
|
|||||||||||||||||||||||||||||||||||||||||
At January 1, 2023 |
|
|
|
|
21,698 |
|
|
|
389,312 |
|
|
|
(27,740 |
) |
|
|
5,371 |
|
|
|
(179 |
) |
|
|
(74 |
) |
|
|
(15,611 |
) |
|
|
623,353 |
|
|
|
996,130 |
|
|
|
(220 |
) |
|
|
995,910 |
|
Other comprehensive income/(loss) |
|
25 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,541 |
) |
|
|
58 |
|
|
|
61 |
|
|
|
13,836 |
|
|
|
— |
|
|
|
11,414 |
|
|
|
(32 |
) |
|
|
11,382 |
|
Net profit |
|
25 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100,400 |
|
|
|
100,400 |
|
|
|
57 |
|
|
|
100,457 |
|
Total comprehensive income |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,541 |
) |
|
|
58 |
|
|
|
61 |
|
|
|
13,836 |
|
|
|
100,400 |
|
|
|
111,814 |
|
|
|
25 |
|
|
|
111,839 |
|
Dividends |
|
25 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,294 |
) |
|
|
(14,294 |
) |
|
|
— |
|
|
|
(14,294 |
) |
Share-based incentive plans |
|
25 |
|
|
— |
|
|
|
— |
|
|
|
507 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,009 |
|
|
|
3,516 |
|
|
|
— |
|
|
|
3,516 |
|
Acquisition of non-controlling interests |
|
25 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(557 |
) |
|
|
(557 |
) |
|
|
307 |
|
|
|
(250 |
) |
Other |
|
25 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(39 |
) |
|
|
(39 |
) |
|
|
— |
|
|
|
(39 |
) |
Total effects |
|
|
|
|
— |
|
|
|
— |
|
|
|
507 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,881 |
) |
|
|
(11,374 |
) |
|
|
307 |
|
|
|
(11,067 |
) |
At September 30, 2023 |
|
|
|
|
21,698 |
|
|
|
389,312 |
|
|
|
(27,233 |
) |
|
|
2,830 |
|
|
|
(121 |
) |
|
|
(13 |
) |
|
|
(1,775 |
) |
|
|
711,872 |
|
|
|
1,096,570 |
|
|
|
112 |
|
|
|
1,096,682 |
|
6
|
|
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 |
|
25 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
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 |
|
25 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,500 |
) |
|
|
(13,500 |
) |
|
|
— |
|
|
|
(13,500 |
) |
Share-based incentive plans |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,377 |
|
|
|
7,377 |
|
|
|
— |
|
|
|
7,377 |
|
Other |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14 |
|
|
|
14 |
|
|
|
— |
|
|
|
14 |
|
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 |
|
7
Stevanato Group S.p.A.
Interim consolidated statements of cash flows
for the nine months ended September 30, 2023 and 2022
(Unaudited)
|
|
|
|
For the nine months ended September 30, |
|
|||||
|
|
|
|
2023 |
|
|
2022 |
|
||
|
|
|
|
(EUR thousand) |
|
|||||
|
|
Notes |
|
|
|
|
|
|
||
Operating activities |
|
|
|
|
|
|
|
|
||
Profit before tax |
|
|
|
|
130,759 |
|
|
|
123,810 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||
- depreciation and impairment of property, plant and equipment |
|
18 |
|
|
46,792 |
|
|
|
37,036 |
|
- amortization of intangible assets and Right of Use assets |
|
17, 19 |
|
|
11,629 |
|
|
|
10,717 |
|
- allowance for doubtful accounts |
|
|
|
|
(50 |
) |
|
|
565 |
|
- net finance expense/(income) |
|
|
|
|
2,369 |
|
|
|
7,823 |
|
- gains from the disposal of non-current assets |
|
|
|
|
(22 |
) |
|
|
(119 |
) |
Change in provisions |
|
|
|
|
2,540 |
|
|
|
1,558 |
|
Change in employee benefits |
|
|
|
|
(94 |
) |
|
|
(3,247 |
) |
Other non-cash expenses, net |
|
|
|
|
6,797 |
|
|
|
1,385 |
|
Working capital changes: |
|
|
|
|
|
|
|
|
||
- inventories and contract assets |
|
|
|
|
(120,494 |
) |
|
|
(95,478 |
) |
- trade receivables and other assets |
|
|
|
|
(17,225 |
) |
|
|
(60,929 |
) |
- trade payables, contract liabilities, advances and other liabilities |
|
|
|
|
59,500 |
|
|
|
45,941 |
|
Interest paid |
|
|
|
|
(2,394 |
) |
|
|
(2,455 |
) |
Interest received |
|
|
|
|
663 |
|
|
|
486 |
|
Income tax paid |
|
|
|
|
(25,751 |
) |
|
|
(23,497 |
) |
Net Cash Flows from operating activities |
|
|
|
|
95,019 |
|
|
|
43,594 |
|
Cash Flow from investing activities |
|
|
|
|
|
|
|
|
||
Purchase of property, plant and equipment |
|
|
|
|
(351,237 |
) |
|
|
(167,139 |
) |
Proceeds from sale of property plant and equipment |
|
|
|
|
122 |
|
|
|
521 |
|
Purchase of intangible assets |
|
|
|
|
(3,566 |
) |
|
|
(7,786 |
) |
Investment in financial assets |
|
|
|
|
(2,164 |
) |
|
|
257 |
|
Net Cash Flows used in investing activities |
|
|
|
|
(356,845 |
) |
|
|
(174,146 |
) |
Cash Flow from financing activities |
|
|
|
|
|
|
|
|
||
Acquisition of non-controlling interests |
|
|
|
|
(250 |
) |
|
|
— |
|