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

Related Party Disclosures

v3.22.4
Related Party Disclosures
12 Months Ended
Dec. 31, 2022
Disclosure of transactions between related parties [abstract]  
Related Party Disclosures

37. Related party disclosures

According to IAS 24, the related parties of the Group are entities and individuals capable of exercising control, joint control or significant influence over the Group and its subsidiaries, companies belonging to the Stevanato Group S.p.A. the controlling company Stevanato Holding S.r.l., unconsolidated subsidiaries of the Group and associates. In addition, members of Stevanato Group’s Board of Directors and executives with strategic responsibilities and their families are also considered related parties. The Group carries out transactions with related parties on commercial terms that are normal in the respective markets, considering the characteristics of the goods or services involved.

Note 4 provide information about the Group’s structure, including details of the subsidiaries and the holding company.

Transaction with related parties refer to:

-
for the year ended December 31, 2021 and 2020, revenue from the sale of drug containment solutions from the associate Swissfillon AG up to the date of the derecognition (October 22, 2021);
-
service fees and rentals paid to Winckler & Co Ltd, the company whose owner holds minority interests in the subsidiary Ompi of Japan;
-
rentals paid to SFEM Italia S.r.l., controlled by Stevanato family;
-
the purchase of products and rentals paid to Società Agricola Stella S.r.l., fully controlled by SFEM Italia S.r.l. until November 12, 2021 and then 51% controlled by Stevanato Holding S.r.l. and 49% controlled by SFEM Italia S.r.l.;
-
for the year ended December 31, 2021 and 2020 consulting services rented by Federici William, by MJB Consultants LLC and Progenitor Capital Partners LLC, whose beneficial owners are Board members in Stevanato Group;
-
consulting services provided by Studio Legale Spinazzi Azzarita Troi, whose beneficial owner is a Board member in Stevanato Group S.p.A.;
-
industrial rentals paid to E & FKH Ejendomme ApS, whose beneficial owners are family members of a Board member in the subsidiary SVM Automatik A/S;
-
rentals paid to members of Stevanato family;
-
loans disbursed in 2018 and 2019 by SE Holdings Co. Ltd, the minority shareholder of the subsidiary Ompi of Japan, amounting respectively to JPY 73.5 million and JPY 49.0 million;
-
donations to the Stevanato Foundation, owned by Stevanato family. The foundation exclusively pursues the aims of social solidarity, philanthropy and charity, operating in the fields of social and socio-medical assistance, education
and training as well as cultural and educational activities and scientific research. The Foundation intervenes in support of children and young people in situations of serious difficulty due to their illnesses, the distress of their families or other situations that may affect their health or growth;
-
during the fiscal year ended December 31, 2021, Stevanato Group S.p.A. made loans aggregating approximately EUR 447 thousand to two senior executives in order for them to pay taxes arising from shares granted to them under our restricted stock grant plan. At the time the loans were made, management believed that these loans were permissible and did not violate Section 13(k) of the Exchange Act. Upon being advised that such loans were impermissible the two executives repaid such loans in full, after the end of the first quarter of 2022. As a result of this inadvertent violation, the Board adopted a policy regarding loans or advances to any Executive Officer or Director of the Company. The policy provides that “The Company shall not directly or indirectly, including through any subsidiary, extend or maintain credit to, or arrange for the extension of credit, or renew an extension of credit, in the form of a personal loan to or for any Director or Executive Officer (or equivalent thereof) of the Company or any subsidiary of the Company.”;
-
for the year ended December 31, 2021, recharge of the costs pertaining to the public offer for shares sale to Stevanato Holding S.r.l.;
-
consulting services rented by C.T.S. Studio AS, whose beneficial owner is a Board member in the sub-holding Stevanato Group International AS;
-
revenue from the sale of drug containment solutions to Incog BioPharma Services, Inc, a U.S. based biopharma services company, majority owned by SFEM Italia S.r.l..

The amounts of transactions with related parties recognized in the consolidated income statement and the related assets and liabilities are as follows:

For the year ended and as at December 31, 2022

 

 

 

Revenue

 

 

Costs*

 

 

 

(EUR thousand)

 

 

 

 

 

 

 

 

Other related parties

 

 

 

 

 

 

Winckler & Co. Ltd.

 

 

 

 

 

313

 

Società Agricola Stella S.r.l.

 

 

 

 

 

90

 

SFEM Italia S.r.l.

 

 

 

 

 

19

 

E & FKH Ejendomme ApS

 

 

 

 

 

419

 

Piovesan Barbara

 

 

 

 

 

30

 

Studio Legale Spinazzi Azzarita Troi

 

 

 

 

 

384

 

Fondazione Stevanato

 

 

 

 

 

305

 

C.T.S. Studio AS

 

 

 

 

 

23

 

Incog BioPharma Services Inc

 

 

509

 

 

 

 

 

* Costs include cost of sale, selling, general administrative costs and other expenses net

 

 

 

Trade
receivables

 

 

Trade
payables

 

 

Other Assets

 

 

Other
Liabilities

 

 

 

(EUR thousand)

 

Other related parties

 

 

 

 

 

 

 

 

 

 

 

 

Winckler & Co. Ltd.

 

 

 

 

 

28

 

 

 

 

 

 

 

Società Agricola Stella S.r.l.

 

 

 

 

 

48

 

 

 

 

 

 

 

SFEM Italia S.r.l.

 

 

 

 

 

2

 

 

 

 

 

 

 

Studio Legale Spinazzi Azzarita Troi

 

 

 

 

 

70

 

 

 

 

 

 

 

C.T.S. Studio AS

 

 

 

 

 

2

 

 

 

 

 

 

 

Incog BioPharma Services Inc

 

 

451

 

 

 

 

 

 

 

 

 

 

 

 

Loan from/to related parties

For the year ended and as at December 31, 2022

 

 

 

Interest
received

 

 

Interest
paid

 

 

Financial
assets or
liabilities

 

 

 

(EUR thousand)

 

 

 

 

 

 

 

 

 

 

 

Other related parties

 

 

 

 

 

 

 

 

 

SE Holdings Co.Ltd.

 

 

 

 

 

5

 

 

 

(871

)

 

 

 

 

 

 

 

 

 

 

Key management personnel of the Group:

 

 

 

 

 

 

 

 

 

Directors and Key Managers

 

 

2

 

 

 

 

 

 

 

 

For the year ended and as at December 31, 2021

 

 

 

Revenue

 

 

Costs*

 

 

 

(EUR thousand)

 

 

 

 

 

 

 

 

Parent company

 

 

 

 

 

 

Stevanato Holding S.r.l.

 

 

4,475

 

 

 

 

 

 

 

 

 

 

 

Associate companies

 

 

 

 

 

 

Swissfillon AG

 

 

565

 

 

 

 

 

 

 

 

 

 

 

Other related parties

 

 

 

 

 

 

Winckler & Co. Ltd.

 

 

 

 

 

352

 

Società Agricola Stella S.r.l.

 

 

 

 

 

99

 

SFEM Italia S.r.l.

 

 

 

 

 

19

 

MJB Consultants LLC

 

 

 

 

 

57

 

Progenitor Capital Partners LLC

 

 

 

 

 

67

 

E & FKH Ejendomme ApS

 

 

 

 

 

410

 

Piovesan Barbara

 

 

 

 

 

30

 

Studio Legale Spinazzi Azzarita Troi

 

 

 

 

 

578

 

Federici William

 

 

 

 

 

69

 

Fondazione Stevanato

 

 

 

 

 

180

 

C.T.S. Studio AS

 

 

 

 

 

20

 

Incog BioPharma Services Inc

 

 

671

 

 

 

 

 

 

 

 

 

Trade
receivables

 

 

Trade
payables

 

 

Other
Assets

 

 

Other
Liabilities

 

 

 

(EUR thousand)

 

Other related parties

 

 

 

 

 

 

 

 

 

 

 

 

Winckler & Co. Ltd.

 

 

 

 

 

29

 

 

 

 

 

 

 

Società Agricola Stella S.r.l.

 

 

 

 

 

54

 

 

 

 

 

 

 

SFEM Italia S.r.l.

 

 

 

 

 

2

 

 

 

 

 

 

 

Studio Legale Spinazzi Azzarita Troi

 

 

 

 

 

151

 

 

 

 

 

 

 

C.T.S. Studio AS

 

 

 

 

 

2

 

 

 

 

 

 

 

Incog BioPharma Services Inc

 

 

393

 

 

 

 

 

 

 

 

 

 

 

 

* Costs include cost of sale, selling, general administrative costs and other expenses net

 

 

Loan from/to related parties

For the year ended and as at December 31, 2021

 

 

 

Interest
received

 

 

Interest
paid

 

 

Financial
assets or
liabilities

 

 

 

(EUR thousand)

 

 

 

 

 

 

 

 

 

 

 

Associate companies

 

 

 

 

 

 

 

 

 

Swissfillon AG

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other related parties

 

 

 

 

 

 

 

 

 

SE Holdings Co.Ltd.

 

 

 

 

 

5

 

 

 

(940

)

 

 

 

 

 

 

 

 

 

 

Key management personnel of the Group

 

 

 

 

 

 

 

 

 

Directors and Key Managers

 

 

22

 

 

 

 

 

 

447

 

 

For the year ended December 31, 2020

 

 

 

Revenue

 

 

Costs*

 

 

 

(EUR thousand)

 

 

 

 

 

 

 

 

Associate companies

 

 

 

 

 

 

Swissfillon AG

 

 

790

 

 

 

 

 

 

 

 

 

 

 

Other related parties

 

 

 

 

 

 

Winckler & Co. Ltd.

 

 

 

 

 

350

 

Società Agricola Stella S.r.l.

 

 

 

 

 

72

 

SFEM Italia S.r.l.

 

 

 

 

 

19

 

MJB Consultants LLC

 

 

 

 

 

142

 

Progenitor Capital Partners LLC

 

 

 

 

 

84

 

E & FKH Ejendomme ApS

 

 

 

 

 

399

 

Piovesan Barbara

 

 

 

 

 

30

 

Studio Legale Spinazzi Azzarita Troi

 

 

 

 

 

536

 

Fondazione Stevanato

 

 

 

 

 

155

 

 

* Costs include cost of sale, selling, general administrative costs and other expenses net

 

Loan from/to related parties

For the year ended December 31, 2020

 

 

 

Interest
received

 

 

Interest
paid

 

 

 

(EUR thousand)

 

 

 

 

 

 

 

 

Associate companies

 

 

 

 

 

 

Swissfillon AG

 

20

 

 

 

 

 

 

 

 

 

 

 

Other related parties

 

 

 

 

 

 

SE Holdings Co.Ltd.

 

 

 

 

 

6

 

 

 

 

 

 

 

 

Key management personnel of the Group

 

 

 

 

 

 

Directors and Key Managers

 

 

53

 

 

 

 

 

 

Emoluments to Directors and Key Management

The fees of the Directors of Stevanato Group S.p.A. are as follows:

For the year ended December 31, 2022

 

 

 

Fixed remuneration

 

 

Pension

 

 

Share based

 

 

Total

 

 

 

Annual

 

 

Fringe

 

 

expense (2)

 

 

compensation (3)

 

 

remuneration

 

 

 

fee

 

 

benefits (1)

 

 

 

 

 

 

 

 

 

 

 

 

(EUR thousand)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Directors

 

 

2,353

 

 

 

12

 

 

 

62

 

 

 

379

 

 

 

2,806

 

 

 

(1) Fringe benefits related to car and insurance benefits

 

(2) Pensions expense related to Trattamento Fine Mandato accrued on the year

(3) Shares granted to board members

 

For the year ended December 31, 2021

 

 

Fixed remuneration

 

 

Pension

 

 

Long Term

 

 

Share based

 

 

Total

 

 

 

Annual

 

 

Fringe

 

 

expense(2)

 

 

Benefits(3)

 

 

compensation (4)

 

 

remuneration

 

 

 

fee

 

 

benefits (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(EUR thousand)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Directors

 

 

2,196

 

 

 

14

 

 

 

50

 

 

 

(2,966

)

 

 

350

 

 

 

(356

)

 

(1) Fringe benefits related to car and insurance benefits

 

(2) Pensions expense related to Trattamento Fine Mandato accrued on the year

(3) Long term benefits related to cash settled awards early terminated in 2021

(4) Shares granted to board members

For the year ended December 31, 2020

 

 

Fixed remuneration

 

 

Pension

 

 

Long Term

 

 

Total

 

 

 

Annual

 

 

Fringe

 

 

expense (2)

 

 

Benefits (3)

 

 

remuneration

 

 

 

fee

 

 

benefits (1)

 

 

 

 

 

 

 

 

 

 

 

 

(EUR thousand)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Directors

 

 

1,688

 

 

 

28

 

 

 

50

 

 

 

412

 

 

 

2,178

 

 

(1) Fringe benefits related to car and insurance benefits

(2) Pensions expense related to Trattamento Fine Mandato accrued on the year

(3) Long term benefits related to cash settled awards

The aggregate compensation for members of the Senior Management Team (excluding the Chairman and including the CEO) is as follows:

For the year ended December 31, 2022

 

 

 

Fixed remuneration

 

 

Variable

 

 

Pension

 

 

Share based

 

 

Total

 

 

 

Annual

 

 

Fringe

 

 

remuneration(2)

 

 

expense (3)

 

 

compensation(4)

 

 

remuneration

 

 

 

fee

 

 

benefits(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(EUR thousand)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Other Key Management

 

 

1,619

 

 

 

26

 

 

 

1,198

 

 

 

87

 

 

 

5,423

 

 

 

8,353

 

 

(1) Fringe benefits related to car and insurance benefits

(2) Variable remuneration related to MBO and LTI. With regard to variable compensation, key managers' performance is measured not only by financial indicators, such as revenue and EBITDA margin, but also by non-financial indicators such as (i) environment: programs in line with carbon neutrality, (ii) gender balance in senior position, (iii) quality mindset and performances and (iv) values and guiding principles.

(3) Pensions expense related to Trattamento Fine Rapporto accrued on the year

(4) Shares granted under stock grant plan 2021-2027 and other shares based incentive plans

 

For the year ended December 31, 2021

 

 

 

Fixed remuneration

 

 

Variable

 

 

Pension

 

 

Long Term

 

 

Share based

 

 

Total

 

 

 

Annual

 

 

Fringe

 

 

remuneration(2)

 

 

expense(3)

 

 

Benefits(4)

 

 

compensation(5)

 

 

remuneration

 

 

 

fee

 

 

benefits(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(EUR thousand)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Other Key Management

 

 

1,210

 

 

 

21

 

 

 

1,014

 

 

 

85

 

 

 

(6,007

)

 

 

1,536

 

 

 

(2,141

)

 

(1) Fringe benefits related to car and insurance benefits

(2) Variable remuneration related to MBO and LTI

(3) Pensions expense related to Trattamento Fine Rapporto accrued on the year

(4) Long term benefits related to cash settled awards early terminated in 2021

(5) Share-based compensation awarded under stock grant plan 2021-2027

For the year ended December 31, 2020

 

 

 

Fixed remuneration

 

 

Variable

 

 

Pension

 

 

Long Term

 

 

Total

 

 

 

Annual

 

 

Fringe

 

 

remuneration(2)

 

 

expense(3)

 

 

Benefits(4)

 

 

remuneration

 

 

 

fee

 

 

benefits(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(EUR thousand)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Other Key Management

 

 

1,150

 

 

 

23

 

 

 

698

 

 

 

81

 

 

 

1,254

 

 

 

3,206

 

 

(1) Fringe benefits related to car and insurance benefits

(2) Variable remuneration related to MBO

(3) Pensions expense related to Trattamento Fine Rapporto accrued on the year

(4) Long term benefits related to cash settled awards