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)

Employee benefits (Tables)

Employee benefits (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of information about defined benefit plans [abstract]

Employee benefits are analyzed as follows:


	At December 31,		At December 31,
	2023		2022
	(EUR thousand)
Employee severance indemnity		5,677		4,936
Jubilee benefits		228		213
Other post-employment plans		1,228		979
Long term incentive plan		—		169
Stock grant plan		280		1,353
Other share-based compensation		—		665
Total employee benefits		7,413		8,315

Summary of group's liabilities for employee benefits

The Group’s liabilities for employee benefits are as follows:


	Trattamento Fine Rapporto			Jubilee Benefits			Beneficio por Retiro / Terminacion			Severance Payment Slovakia			Total
	(EUR thousand)
At January 1, 2022		5,895			253			659			40			6,847
Interest cost		55			3			60			—			118
Current service cost		497			31			178			6			712
Benefits paid		(603	)		(25	)		(114	)		(6	)		(748	)
Actuarial gains and losses		(908	)		(49	)		68			(1	)		(890	)
Exchange rate differences		—			—			89			—			89
At December 31, 2022		4,936			213			940			39			6,128

Recognized in the consolidated income statement		551			(16	)		238			6			780
Recognized in the other comprehensive income		(908	)		—			68			(1	)		(841	)

At January 1, 2023		4,936			213			940			39			6,128
Acquisition of Perugini S.r.l.		387			—			—			—			387
Interest cost		178			6			83			2			269
Current service cost		353			26			259			9			647
Benefits paid		(422	)		(21	)		(233	)		(15	)		(691	)
Actuarial gains and losses		245			4			(9	)		10			250
Exchange rate differences		—			—			143			—			143
At December 31, 2023		5,677			228			1,183			45			7,133

Recognized in the consolidated income statement		531			36			341			11			919
Recognized in the other comprehensive income		245			—			(9	)		10			246

Summary of assumptions used for determining defined benefit obligations and quantitative impact

The principal assumptions used for determining the obligations under the plan described are as follows:

At December 31, 2023


	Severance indemnity
	Italy			Germany			Mexico			Slovakia
Discount Rate %		3.17	%		2.80	%		9.25	%		3.17	%
Future salary increase %		0.50	%		—			4.50	%		6.00	%
Inflation rate %		2.00	%		—			3.50	%		—

At December 31, 2022


	Severance indemnity
	Italy			Germany			Mexico			Slovakia
Discount Rate %		3.77	%		3.10	%		9.25	%		3.77	%
Future salary increase %		0.50	%		—			4.50	%		6.00	%
Inflation rate %		2.30	%		—			3.50	%		—

A quantitative sensitivity analysis for significant assumptions impacting defined benefits obligation as at December 31, 2023 and December 31, 2022 is reported as follows:


	At December 31,			At December 31,
	2023			2022
	(EUR thousand)
Turnover rate +1,00%		19			31
Turnover rate -1,00%		(21	)		(34	)
Inflation rate +0,25%		82			72
Inflation rate -0,25%		(80	)		(70	)
Annual discount rate +0,25%		(111	)		(97	)
Annual discount rate -0,25%		115			101

Summary of components of liabilities for long-term incentive plan, cash settled awards and stock grant plan

The Group’s liability for the Long-term Incentive plan is as follows:


	Long Term Incentive Plan 2020-2023
	(EUR thousand)
At January 1, 2022		3,653
Interest cost		63
Current service cost		(928	)
Actuarial gains and losses *		(2,619	)
At December 31, 2022		169
Benefits paid		(169	)
At December 31, 2023		—

*According to IAS 19, actuarial gains and losses are recognized in profit or loss

The following table summarizes the IAS 19 components of the obligation expense recognized in the statement of profit or loss and amounts recognized in the statement of financial position:


	Stock grant plan 2021-2027
	(EUR thousand)
At January 1, 2022		1,353
Current service cost		—
At December 31, 2022		1,353
Reclassified in Equity Reserve for share-based incentive plans		(1,073	)
At December 31, 2023		280