Stevanato Group S.p.A. Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Leases

Leases

12 Months Ended

Dec. 31, 2024

Presentation of leases for lessee [abstract]

35. Leases

The Group has lease contracts for various items of plant, machinery, vehicles and other equipment used in its operations. Leases of plant and machinery generally have lease terms between 3 and 6 years, while vehicles and other equipment generally have lease terms between 3 and 5 years. Property leases generally have lease terms between 2 and 10 years. There are several lease contracts that include extension and termination options. Some leases include an option to renew the lease for an additional period of the same duration after the end of the contract term. Such extension options are in a range of 1 years to 6 years and are mainly included in a number of property leases across the Group. In evaluating the lease term, the Group has considered if the Group has the right to terminate a lease. In such case, the non-cancellable period of the lease includes the period covered by the option to terminate the lease.

The Group also has certain leases of machinery, industrial equipment and vehicles with lease terms of 12 months or less and leases of office equipment with low value (e.g. unit value lower than EUR 5,000). The Group applies the "short-term lease" and "lease of low-value assets" recognition exemptions for these leases.

Movements in the leased right of use assets are shown below:


	Buildings			Plant and machinery			Industrial equipment		Other tangible assets			Total
	(EUR thousand)
Cost
At January 1, 2023		20,518			8,815			346		11,551			41,230
Acquisition of Perugini S.r.l.		—			1,085			—		80			1,165
Additions		3,112			—			—		1,686			4,798
Disposals		(139	)		—			—		(63	)		(202	)
Exchange rate differences		(471	)		(12	)		—		1			(482	)
At December 31, 2023		23,020			9,888			346		13,255			46,509
Additions		2,456			17			—		1,715			4,188
Disposals		(231	)		—			—		(190	)		(421	)
Exchange rate differences		720			21			—		(70	)		671
At December 31, 2024		25,965			9,926			346		14,710			50,947

Depreciation
At January 1, 2023		8,675			5,461			274		7,531			21,941
Acquisition of Perugini S.r.l.		—			356			—		74			430
Depreciation charge for the year		2,873			1,480			48		1,846			6,247
Disposals		(98	)		—			—		(60	)		(158	)
Exchange rate differences		(186	)		(6	)		—		(8	)		(200	)
At December 31, 2023		11,264			7,291			322		9,383			28,260
Depreciation charge for the year		3,611			1,468			6		1,807			6,892
Disposals		(100	)		—			—		(151	)		(251	)
Reclassifications		—			(18	)		18		—			—
Exchange rate differences		325			15			—		(30	)		310
At December 31, 2024		15,100			8,756			346		11,009			35,211

Net book value
At December 31, 2024		10,865			1,170			—		3,701			15,736
At December 31, 2023		11,756			2,597			24		3,872			18,249

Set out below are the carrying amounts of lease liabilities and the movements during the period:


	2024			2023
	(EUR thousand)
At January 1		18,945			19,982
Additions		4,188			4,589
Acquisition of Perugini S.r.l.		—			621
Accretion of interest		759			581
Payments		(7,235	)		(6,521	)
Early terminated contracts		(162	)		(22	)
Exchange rate difference		406			(285	)
At December 31		16,901			18,945

Current		5,092			5,841
Non-current		11,809			13,104

The following are the amounts recognized in profit or loss:


	For the year ended December 31,
	2024		2023		2022
	(EUR thousand)
Depreciation expense of right of use assets		6,892		6,247		6,325
Interest expense on lease liabilities		759		581		573
Expense relating to short-term leases		1,392		2,118		1,673
Expense relating to leases of low-value assets		5,172		4,749		3,968
Total amount recognized in profit or loss		14,215		13,695		12,539

At December 31, 2024 the Group signed a twelve months property lease agreement and an extension for 9 months of an existing lease agreement for an overall undiscounted liability amounting to approximately EUR 22 thousand. Both leases start in 2025.