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 ☐

 

 

 

 

 

 

 

 

 


 

img107765842_0.jpg 

 

Stevanato Group S.p.A.

 

Interim report

for the three and the nine months ended September 30, 2023

 

Table of Contents

 

 

Page

Introduction

1

Cautionary Statements Regarding Forward-Looking Statements

2

Unaudited Interim Condensed Consolidated Financial Statements

3

Management's Discussion and Analysis of Financial Condition and Results of Operations

42

Quantitative and Qualitative Disclosure About Market Risk

63

Controls and Procedures

67

Legal Proceedings

68

Risk Factors

68

Unregistered Sales of Equity Securities and Use of Proceeds

68

Defaults Upon Senior Securities

68

Other Information

68

Signatures

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
capital

 

 

Share
premium
reserve

 

 

Treasury
shares reserve

 

 

Cash flow
hedge
reserve

 

 

Cost of hedging 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, 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
capital

 

 

Share
premium
reserve

 

 

Treasury
shares reserve

 

 

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

 

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

)