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

Revenue from Contract with Customers

v3.24.0.1
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:

o
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;
o
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).