Stevanato Group S.p.A. Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Finance Expense

Finance Expense

12 Months Ended

Dec. 31, 2022

Disclosure Of Finance Expense [Abstract]

Finance expense

12. Finance expense

Finance expense are as follows:


	For the year ended December 31,
	2022		2021		2020
	(EUR thousand)
Interest on debts and borrowings		3,363		4,286		5,333
Financial discounts and other expenses		102		102		37
Interest on lease liabilities		573		585		624
Financial component IAS 19		118		28		125
Foreign currency exchange losses		19,136		10,172		12,033
Derivatives devaluation		5,966		3,211		2,471
Other fair value adjustments		582		424		1,225
Total finance expense		29,840		18,808		21,848

Finance expenses include bank interest on the Group’s financial debt (recalculated using the amortized cost method) and interest on leases about the portion of financial expenses payable matured in the reporting period on the liabilities, recognized in accordance with IFRS 16 - Leases.

Foreign exchange differences are realized, and unrealized gains and losses incurred on transactions in currencies other than the functional currency of the Group; the net foreign currency exchange impact, given by the sum of gains and losses, amounts to EUR 859 thousand for the year ended December 31, 2022, EUR (2,584) thousand for the year ended December, 31 2021 and EUR (448) thousand for the year ended December 31, 2020.

For the year ended December 31, 2021, foreign currency exchange losses are affected by non-recurring loss amounting to EUR 4,280 thousand related to a derivative financial instrument entered into to reduce the risk of fluctuations in the EUR/USD exchange rate in relation to the IPO proceeds.

The net loss on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that did not qualify for hedge accounting.