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

Expenses

Expenses

12 Months Ended

Dec. 31, 2023

Analysis of income and expense [abstract]

9. Expenses

Expenses are detailed as follows:


	For the year ended December 31,
	2023		2022		2021
	(EUR thousand)
Selling and marketing expenses		24,978		26,086		20,448
Research and development expenses		35,672		34,387		29,616
General and administrative expenses		88,946		85,747		62,502
Total Expenses		149,596		146,220		112,566

Selling and marketing expenses are mainly related to personnel expenses for the sales organizations and to business development and events costs, travel expenses and other marketing strategic consultancies. They also include accruals of the provision for bad and doubtful debts for EUR 682 thousand (respectively EUR 759 thousand release in 2022 and EUR 933 thousand release in 2021). For the year ended December 31, 2022 the release for expected credit loss amounted to EUR (770) thousand while the write-off amounted to EUR 11 thousand. For the year ended December 31, 2021 the release for expected credit loss amounted to EUR (936) thousand and EUR 3 thousand as write-off.

Research and development expenses include costs for research and development activities to support the innovation of products and components.

General and administrative expenses consists mainly of personnel expenses for administrative functions, consultancies, directors compensation, insurance costs (such as D&O), IT expenses (such as licenses) and rental fees.