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

Investments in an Associate

v3.22.1
Investments in an Associate
12 Months Ended
Dec. 31, 2021
Disclosure Of Significant Investments In Associates [Abstract]  
Investments in an Associate

19. Investments in an associate

As of December 31, 2020 the Group had a 26.94% interest in Swissfillon AG, located in Switzerland, which is involved in sterile filling services. That company is not listed on any public stock exchange. The Group’s interest in Swissfillon AG was accounted for using the equity method in the consolidated financial statements. On October 22, 2021, the sub holding Stevanato Group International signed the shares purchase agreement for the sale and the transfer of all the owned shares in Swissfillon AG for approximately CHF 15.8 million, realizing a gain equal to EUR 12,258 thousand as disclosed in Note 11. The Group therefore derecognized this associate and recognized in profit or loss the difference between the sum of the proceeds received and any retained interest, and the carrying amount of the investment in the associate at the date significant influence was lost.

 

(EUR thousand)

 

2021

 

 

2020

 

At January 1

 

 

2,009

 

 

 

1,917

 

Proportionate share of net profit for the year

 

 

547

 

 

 

92

 

Derecognition of the associate after minority interest sale

 

 

(2,556

)

 

 

 

At December 31

 

 

 

 

 

2,009

 

 

Summarised financial information relating to Swissfillon AG for the year ended December 31, 2020:

 

 

 

At December 31,

 

(EUR thousand)

 

2020

 

Current assets

 

 

3,256

 

Non-current assets

 

 

8,462

 

Current liabilities

 

 

3,429

 

Non-current liabilities

 

 

7,152

 

Equity

 

 

1,138

 

Group’s share in equity – 26.94% in 2020

 

 

306

 

Goodwill

 

 

1,729

 

Exchange differences

 

 

(26

)

Group’s carrying amount of the investment

 

 

2,009

 

 

 

 

For the year ended
December 31,

 

(EUR thousand)

 

2020

 

 

2019

 

Revenue from contracts with customers

 

 

11,230

 

 

 

5,559

 

Cost of materials and services

 

 

4,016

 

 

 

2,006

 

Personnel expenses

 

 

3,616

 

 

 

2,035

 

Other operating expenses

 

 

2,120

 

 

 

1,487

 

Depreciation and amortization

 

 

946

 

 

 

824

 

Finance costs

 

 

168

 

 

 

168

 

Profit before tax

 

 

364

 

 

 

(961

)

Income tax expense

 

 

21

 

 

 

10

 

Net Profit

 

 

343

 

 

 

(971

)

Group’s share of profit for the year

 

 

92

 

 

 

(262

)