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)

Revenue from Contract with Customers

Revenue from Contract with Customers

12 Months Ended

Dec. 31, 2023

Revenue [abstract]

Revenue from contract with customers

6. Revenue from contract with customers

Disaggregated revenue information

The table below shows the disaggregation of the Group’s revenue from contracts with external customers:


	For the year ended December 31, 2023
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total
	(EUR thousand)
Nature of goods or service
Revenue from high-value solutions		366,433		—		366,433
Revenue from other containment and delivery solutions		512,855		—		512,855
Revenue from engineering		—		206,066		206,066
Total revenue from contracts with customers		879,288		206,066		1,085,354

Geographical markets
EMEA		523,681		110,366		634,047
APAC		76,436		26,465		102,901
North America		253,870		63,666		317,536
South America		25,301		5,569		30,870
Total revenue from contracts with customers		879,288		206,066		1,085,354

Timing of revenue recognition
Goods and services transferred at a point in time		861,551		16,235		877,786
Goods and services transferred over time		17,737		189,831		207,568
Total revenue from contracts with customers		879,288		206,066		1,085,354


	For the year ended December 31, 2022
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total
	(EUR thousand)
Nature of goods or service
Revenue from high-value solutions		293,229		—		293,229
Revenue from other containment and delivery solutions		506,423		—		506,423
Revenue from engineering		—		184,028		184,028
Total revenue from contracts with customers		799,652		184,028		983,680

Geographical markets
EMEA		502,066		97,646		599,712
APAC		70,332		29,930		100,262
North America		198,153		52,685		250,838
South America		29,101		3,767		32,868
Total revenue from contracts with customers		799,652		184,028		983,680

Timing of revenue recognition
Goods and services transferred at a point in time		780,903		17,179		798,082
Goods and services transferred over time		18,749		166,849		185,598
Total revenue from contracts with customers		799,652		184,028		983,680


	For the year ended December 31, 2021
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total
	(EUR thousand)
Nature of goods or service
Revenue from high-value solutions		207,815		—		207,815
Revenue from other containment and delivery solutions		486,223		—		486,223
Revenue from engineering		—		149,882		149,882
Total revenue from contracts with customers		694,038		149,882		843,920

Geographical markets
EMEA		415,489		77,985		493,474
APAC		79,463		38,284		117,747
North America		175,231		31,730		206,961
South America		23,855		1,883		25,738
Total revenue from contracts with customers		694,038		149,882		843,920

Timing of revenue recognition
Goods and services transferred at a point in time		667,717		35,477		703,194
Goods and services transferred over time		26,321		114,405		140,726
Total revenue from contracts with customers		694,038		149,882		843,920

Revenue is disclosed by nature according to the goods and services provided by our operating segments. Revenue realized by the Biopharmaceutical and Diagnostic Solutions segment includes:

High-value solutions: wholly owned, internally developed products, processes and services for which the Group hold intellectual property rights or have strong proprietary know-how and are characterized by particular complexity or high performance;

Other containment and delivery solutions.

The reported geographical markets are EMEA (Europe, Middle East, Africa), North America (United States, Canada, Mexico), South America and APAC (Asia Pacific). Revenue by geographical markets is based on the end customer location.

Contract balances, Trade Receivables and Advances from Customers

The following table provides information on contractual assets and liabilities from contracts with customers as well as on trade receivables and advances from customers:


	At December 31,			At December 31,
	2023			2022
	(EUR thousand)
Trade Receivables		301,769			212,734
Contract Assets		172,580			103,417
Contract Liabilities		(22,306	)		(14,847	)
Advances From Customers		(22,892	)		(26,568	)
Non-current advances from customers		(39,418	)		—

The contract assets mainly relate to the Group’s right to consideration for production from construction contracts not yet invoiced as of the balance sheet date. The amounts recognized as contract assets are reclassified to trade receivable as soon as the Group has an unconditional right to consideration.

Revenue recognized in the current reporting period which relates to carried-forward contract liabilities amounts to EUR 14,847thousand in 2023 (respectively EUR 18,771 thousand in 2022 and EUR 5,031 thousand in 2021).