- Establishes 2024 Guidance-
Stevanato Group S.p.A. (NYSE: STVN), a leading global provider
of drug containment, drug delivery, and diagnostic solutions to the
pharmaceutical, biotechnology, and life sciences industries, today
announced its financial results for the fourth quarter and full
year 2023.
Fourth Quarter and FY 2023 Highlights (compared with the
same period last year)
- Revenue for the fourth quarter of 2023 increased 10% to €320.6
million, and high-value solutions represented 37% of total
revenue.
- For the fourth quarter, diluted earnings per share were €0.17
and adjusted diluted earnings per share were €0.18.
- Adjusted EBITDA margin for the fourth quarter was 27%.
- For fiscal year 2023, revenue increased 10% to €1,085.4
million, and high-value solutions represented 34% of total
revenue.
- For fiscal year 2023, diluted earnings per share were €0.55 and
adjusted diluted earnings per share were €0.58.
- Adjusted EBITDA margin for fiscal year 2023 was 26.9%.
- The Company is establishing fiscal year 2024 guidance and
expects revenue in the range of €1,180 million to €1,210 million,
adjusted EBITDA in the range of €314.1 million to €329.5 million,
and adjusted diluted EPS between €0.62 and €0.66.
Fourth Quarter 2023 Results
For the fourth quarter of 2023, revenue increased 10% to €320.6
million (11% on a constant currency basis), compared with the same
period last year, driven by growth in the Company's
Biopharmaceutical and Diagnostic Solutions (BDS) Segment from
higher volumes and an increased mix of high-value solutions.
Revenue in the fourth quarter was slightly below the Company's
expectations for both segments.
Revenue from high-value solutions increased to 37% of total
revenue in the fourth quarter of 2023, compared with 30% for the
same period last year. For the fourth quarter of 2023, revenue
related to Covid-19 decreased by approximately €33.8 million,
compared with the same period last year, and represented less than
1% of total revenue. Excluding revenue contributions from Covid-19,
revenue grew approximately 24% in the fourth quarter of 2023,
compared with the same period in 2022.
As expected, gross profit margin for the fourth quarter of 2023
decreased to 31.8% from 34.3% in the same period last year. While
high-value solutions were a favorable contributor in the fourth
quarter of 2023, the prior-year period included two benefits that
did not repeat and led to the decline in gross profit margin,
including: 1) higher revenue and profit from EZ-fill® vials, which
led to a more favorable mix within high-value solutions, and 2)
incremental price adjustments to recover inflationary costs from
prior periods. In addition, gross profit margin for the fourth
quarter of 2023 was unfavorably impacted by currency translation,
and continued to be tempered by short-term inefficiencies tied to
the start-up of the Company's new manufacturing facilities and
higher depreciation.
For the fourth quarter of 2023, operating profit margin
decreased 160 basis points to 20.0%, compared with the same period
last year, driven by lower gross profit and other income.
Full Year 2023 Results
For fiscal year 2023, revenue increased 10% to €1,085.4 million
(11% on a constant currency basis), compared with the same period
last year, driven by growth in both segments. Revenue from
high-value solutions increased to 34% of total revenue for fiscal
year 2023, compared with 30% last year. Revenue related to Covid-19
decreased to approximately 2% of total revenue, compared with 11%
in fiscal year 2022.
As expected, gross profit margin for fiscal 2023 decreased to
31.3%, from 32.5% in 2022, mainly due to lower EZ-fill® vial
volumes, short-term inefficiencies tied to the start-up of the
Company's new manufacturing facilities, higher depreciation, and
currency translation.
For fiscal 2023, operating profit margin was 18.5% reflecting
lower gross profit and other income.
Throughout fiscal year 2023, the Company experienced lower
volumes and revenue attributable to glass vials, and to a lesser
extent, in-vitro diagnostics, as customers continued to work down
higher inventories resulting from Covid-19. This decrease was
offset by higher demand and revenue related to other products, such
as syringes, within the Biopharmaceutical and Diagnostic Solutions
Segment.
Franco Moro, Chief Executive Officer, stated, “Fiscal year 2023
was a positive year for Stevanato Group. Despite the near-term
headwinds from destocking, revenue grew 10% compared with fiscal
2022 and we increased our mix of high-value solutions. We remain
optimistic about our 2027 mid-term targets, and our confidence is
underpinned by strong secular tailwinds, continued growth in
biologics, and an increasingly strong competitive moat. We believe
we are well positioned to fully capitalize on our investments to
drive durable organic growth, grow our mix of high-value solutions
and expand margins."
Biopharmaceutical and Diagnostic Solutions Segment
(BDS)
Despite a decline in revenue related to Covid-19, revenue in the
BDS Segment grew 12% to €260.0 million (14% on a constant currency
basis) for the fourth quarter of 2023 and 10% to €879.3 million for
the full year (11% on a constant currency basis), compared with the
same periods last year, driven by growth in the Company's core Drug
Containment Solutions (DCS) business. Revenue from high-value
solutions increased to 46% and 42% of Segment revenue for the
fourth quarter and full year 2023, respectively.
As expected, gross profit margin decreased to 33.6% for the
fourth quarter and 32.9% for the full year 2023 compared with the
same periods last year. Decreases in both periods were mainly due
to lower EZ-fill® vial volumes, short-term inefficiencies tied to
the start-up of the Company's new manufacturing plants, higher
depreciation, and currency translation.
Engineering Segment
Revenue (from external customers) from the Engineering Segment
was €60.6 million for the fourth quarter of 2023, and increased 12%
to €206.1 million for the full year, compared with fiscal year
2022.
Gross profit margin was 21.1% for the fourth quarter of 2023,
compared with 21.2% for the same period last year, and for fiscal
2023 was 21.0%, compared with 21.6% last year. The decrease in
gross profit margin for both periods was mainly driven by lower
marginality on specific projects in process. In the second half of
2023, the combination of strong demand and supply chain volatility
resulted in some short-term delays on certain projects.
Balance Sheet and Cash Flow
As of December 31, 2023, the Company had cash and cash
equivalents of €69.6 million and net debt of €324.4 million. As
expected, capital expenditures for the fourth quarter of 2023
increased to €94.7 million, as the Company continues to advance its
strategic growth investments in capacity expansion for high-value
solutions to meet customer demand.
For the fourth quarter of 2023, cash flow from operating
activities was €10.2 million. Cash flow used for the purchase of
property, plant, and equipment, and intangible assets totaled €87.1
million, which resulted in negative free cash flow of €76.0 million
in the fourth quarter of 2023.
New Order Intake and Backlog
For the fourth quarter of 2023, new order intake increased 44%
to approximately €342 million, compared with €237.4 million in the
same period last year. As of December 31, 2023, committed backlog
totaled approximately €945 million, compared with approximately
€944 million last year.
2024 Guidance and Mid-Term Objectives
The Company is establishing full year 2024 guidance and
expects:
- Revenue in the range of €1,180 million to €1,210 million,
- Adjusted EBITDA in the range of €314.1 million to €329.5
million, and
- Adjusted diluted EPS in the range of €0.62 to €0.66.
The Company estimates that capital expenditures in 2024 will
range between 25% and 28% of total revenue based on the midpoint of
its 2024 revenue guidance range.
The Company is maintaining its mid-term targets for fiscal years
2025 to 2027 of low double-digit revenue growth; and in 2027 a
share of high-value solutions between 40% and 45% of total revenue
and an adjusted EBITDA margin of approximately 30%.
Executive Chairman, Franco Stevanato, concluded, "We expect that
favorable secular tailwinds will continue to drive robust demand
for our high-value solutions, and we have been investing in
expanding capacity to meet market demand. We expect these
investments will fuel organic growth in the mid-term as we
efficiently leverage our invested capital to exploit the
opportunities in front of us. We are focused on driving future
growth through solid execution, and we believe we have the right
strategy, the right product portfolio, and the right team to
succeed as we work toward creating and driving long-term
shareholder value."
Conference call: The Company will host a conference call
and webcast at 8:30 a.m. (ET) on Thursday, March 7, 2024, to
discuss financial results. During the call, management will refer
to a slide presentation which will be available on the morning of
the call on the “Financial Results” page under the Company's
Investor Relations section of its website.
Pre-registration: Participants who pre-register will be
given a conference passcode and unique PIN to gain immediate access
to the call and bypass the live operator. We encourage participants
to pre-register for the conference call using the following link:
https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=4544003&linkSecurityString=514976446
Webcast: A live, listen-only webcast of the call will be
available at the following link:
https://87399.choruscall.eu/links/stevanato240307.html
Dial in: Those who are unable to pre-register may dial in
by calling: Italy: +39 02 802 09 11 United Kingdom: +44 1 212
818004 United States: +1 718 705 8796 United States Toll Free: +1
855 265 6958
Participants who wish to ask questions during the call are
encouraged to use an HD webphone link:
https://hditalia.choruscall.com/?$Y2FsbHR5cGU9MiZpbmZvPWNvbXBhbnk=
Replay: The webcast will be archived for three months on the
Company’s Investor Relations section of its website at:
https://ir.stevanatogroup.com/financial-results
Forward-Looking Statements
This press release may include forward-looking statements. The
words "expects," “strong,” "continue," "continued," "estimates,"
"will," "leverage," "establishing," "believe," "well positioned,"
"expand," "meet," "maintaining," "fuel," "exploit," "driving,"
"durable," “remain”, “expect”, “drive”, “increasingly”, “grow”, and
similar expressions (or their negative) identify certain of these
forward-looking statements. These forward-looking statements are
statements regarding the Company's intentions, beliefs or current
expectations concerning, among other things, investments the
Company expects to make, the expansion of manufacturing capacity,
the Company’s plans regarding its presence in the U.S. and in other
markets, business strategies, the Company’s capacity to meet and
adjust to future market demand and results of operations. The
forward-looking statements in this press release are based on
numerous assumptions regarding the Company’s present and future
business strategies and the environment in which the Company will
operate in the future. Forward-looking statements involve inherent
known and unknown risks, uncertainties and contingencies because
they relate to events and depend on circumstances that may or may
not occur in the future and may cause the actual results,
performance or achievements of the Company to be materially
different from those expressed or implied by such forward looking
statements. Many of these risks and uncertainties relate to factors
that are beyond the Company's ability to control or estimate
precisely, such as future market conditions, currency fluctuations,
the behavior of other market participants, the actions of
regulators and other factors such as the Company's ability to
continue to obtain financing to meet its liquidity needs, changes
in the geopolitical, social and regulatory framework in which the
Company operates or in economic or technological trends or
conditions. For a description of the risks that could cause the
Company’s future results to differ from those expressed in any such
forward looking statements, refer to the risk factors discussed in
our most recent annual report on Form 20-F filed and our most
recent filings with the U.S. Securities and Exchange Commission.
Readers should therefore not place undue reliance on these
statements, particularly not in connection with any contract or
investment decision. Except as required by law, the company assumes
no obligation to update any such forward-looking statements.
Non-GAAP Financial Information
This press release contains non-GAAP financial measures. Please
refer to the tables included in this press release for a
reconciliation of non-GAAP financial measures.
Management monitors and evaluates our operating and financial
performance using several non-GAAP financial measures, including
Constant Currency Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted Operating Profit, Adjusted Operating Profit
Margin, Adjusted Income Taxes, Adjusted Net Profit, Adjusted
Diluted EPS, Capital Employed, Net Cash/Net Debt, Free Cash Flow,
and CAPEX. We believe that these non-GAAP financial measures
provide useful and relevant information regarding our performance
and improve our ability to assess our financial condition. While
similar measures are widely used in the industry in which we
operate, the financial measures we use may not be comparable to
other similarly titled measures used by other companies, nor are
they intended to be substitutes for measures of financial
performance or financial position as prepared in accordance with
IFRS.
About Stevanato Group
Founded in 1949, Stevanato Group is a leading global provider of
drug containment, drug delivery and diagnostic solutions to the
pharmaceutical, biotechnology and life sciences industries. The
Group delivers an integrated, end-to-end portfolio of products,
processes, and services that address customer needs across the
entire drug life cycle at each of the development, clinical and
commercial stages. Stevanato Group’s core capabilities in
scientific research and development, its commitment to technical
innovation, and its engineering excellence are central to its
ability to offer value added solutions to clients. To learn more,
visit: www.stevanatogroup.com.
Consolidated Income
Statement
(Amounts in € millions, except
per share data)
For the three months
For the years
ended December 31,
ended December 31,
2023
%
2022
%
2023
%
2022
%
Revenue
320.6
100.0
%
292.1
100.0
%
1,085.4
100.0
%
983.7
100.0
%
Costs of Sales
218.8
68.2
%
191.9
65.7
%
745.5
68.7
%
663.9
67.5
%
Gross Profit
101.8
31.8
%
100.2
34.3
%
339.9
31.3
%
319.8
32.5
%
Other Operating Income
3.0
0.9
%
6.7
2.3
%
10.4
1.0
%
18.8
1.9
%
Selling and Marketing Expenses
7.1
2.2
%
8.3
2.8
%
25.0
2.3
%
26.1
2.7
%
Research and Development Expenses
10.1
3.1
%
10.6
3.6
%
35.7
3.3
%
34.4
3.5
%
General and Administrative Expenses
23.6
7.4
%
24.9
8.5
%
88.9
8.2
%
85.7
8.7
%
Operating Profit
64.0
20.0
%
63.1
21.6
%
200.7
18.5
%
192.4
19.6
%
Finance Income
4.3
1.4
%
7.8
2.7
%
20.3
1.9
%
25.0
2.5
%
Finance Expense
9.5
3.0
%
7.1
2.4
%
31.4
2.9
%
29.8
3.0
%
Profit Before Tax
58.8
18.3
%
63.8
21.9
%
189.6
17.5
%
187.6
19.1
%
Income Taxes
13.6
4.2
%
15.5
5.3
%
43.9
4.0
%
44.6
4.5
%
Net Profit
45.2
14.1
%
48.3
16.5
%
145.7
13.4
%
143.0
14.5
%
Earnings per share
Basic earnings per common share
0.17
0.18
0.55
0.54
Diluted earnings per common share
0.17
0.18
0.55
0.54
Average common shares outstanding
265.5
264.7
265.0
264.7
Average shares assuming dilution
265.5
264.7
265.0
264.7
Reported Segment
Information
(Amounts in €
millions)
For the three months ended
December 31, 2023
Biopharmaceutical and
Diagnostic Solutions
Engineering
Adjustments, eliminations and
unallocated items
Consolidated
External Customers
260.0
60.6
—
320.6
Inter-Segment
0.6
40.6
(41.2
)
—
Revenue
260.6
101.2
(41.2
)
320.6
Gross Profit
87.5
21.4
(7.1
)
101.8
Gross Profit Margin
33.6
%
21.1
%
31.8
%
Operating Profit
61.7
15.5
(13.2
)
64.0
Operating Profit Margin
23.7
%
15.3
%
20.0
%
For the three months ended
December 31, 2022
Biopharmaceutical and
Diagnostic Solutions
Engineering
Adjustments, eliminations and
unallocated items
Consolidated
External Customers
231.5
60.6
—
292.1
Inter-Segment
0.6
31.8
(32.4
)
—
Revenue
232.1
92.4
(32.4
)
292.1
Gross Profit
86.7
19.6
(6.1
)
100.2
Gross Profit Margin
37.3
%
21.2
%
34.3
%
Operating Profit
55.0
11.3
(3.2
)
63.1
Operating Profit Margin
23.7
%
12.2
%
21.6
%
Reported Segment
Information
(Amounts in €
millions)
For the year ended December
31, 2023
Biopharmaceutical and
Diagnostic Solutions
Engineering
Adjustments, eliminations and
unallocated items
Consolidated
External Customers
879.3
206.1
—
1,085.4
Inter-Segment
2.0
166.7
(168.7
)
—
Revenue
881.3
372.8
(168.7
)
1,085.4
Gross Profit
290.2
78.3
(28.6
)
339.9
Gross Profit Margin
32.9
%
21.0
%
31.3
%
Operating Profit
187.6
53.6
(40.5
)
200.7
Operating Profit Margin
21.3
%
14.4
%
18.5
%
For the year ended December
31, 2022
Biopharmaceutical and
Diagnostic Solutions
Engineering
Adjustments, eliminations and
unallocated items
Consolidated
External Customers
799.7
184.0
—
983.7
Inter-Segment
1.5
115.5
(117.0
)
—
Revenue
801.2
299.5
(117.0
)
983.7
Gross Profit
274.9
64.7
(19.7
)
319.9
Gross Profit Margin
34.3
%
21.6
%
32.5
%
Operating Profit
182.6
41.3
(31.4
)
192.5
Operating Profit Margin
22.8
%
13.8
%
19.6
%
Cash Flow
(Amounts in €
millions)
For the three months ended
December 31,
For the years ended December
31,
2023
2022
2023
2022
Cash flow from operating activities
10.2
59.7
105.2
103.3
Cash flow used in investing activities
(92.3
)
(68.9
)
(421.2
)
(243.0
)
Cash flow from/ (used in) financing
activities
87.7
(18.6
)
158.0
(44.5
)
Net change in cash and cash
equivalents
5.6
(27.8
)
(158.0
)
(184.2
)
Non GAAP Financial Information
This press release contains non-GAAP financial measures. Please
refer to "Non-GAAP Financial Information" on page 4 and the tables
included in this press release for a reconciliation of non-GAAP
financial measures.
Reconciliation of Revenue to
Constant Currency Revenue
(Amounts in €
millions)
Three months ended December 31,
2023
Biopharmaceutical and
Diagnostic Solutions
Engineering
Reported Revenue (IFRS GAAP)
260.0
60.6
Effect of changes in currency translation
rates
3.8
0.1
Organic Revenue (Non-IFRS GAAP)
263.8
60.7
Year ended December 31, 2023
Biopharmaceutical and
Diagnostic Solutions
Engineering
Reported Revenue (IFRS GAAP)
879.3
206.1
Effect of changes in currency translation
rates
8.2
0.2
Organic Revenue (Non-IFRS GAAP)
887.5
206.3
Reconciliation of
EBITDA
(Amounts in €
millions)
For the three months ended
December 31,
Change
For the years ended December
31,
Change
2023
2022
%
2023
2022
%
Net Profit
45.2
48.3
(6.4
)%
145.7
143.0
1.9
%
Income Taxes
13.6
15.5
(12.5
)%
43.9
44.6
(1.7
)%
Finance Income
(4.3
)
(7.8
)
(44.8
)%
(20.3
)
(25.0
)
(19.2
)%
Finance Expenses
9.5
7.1
34.6
%
31.4
29.8
5.3
%
Operating Profit
64.0
63.1
1.5
%
200.7
192.4
4.3
%
Depreciation and Amortization
20.1
17.0
18.0
%
78.5
64.8
21.1
%
EBITDA
84.1
80.2
4.9
%
279.2
257.3
8.5
%
Calculation of Net Profit
margin, Operating Profit Margin, Adjusted EBITDA Margin and
Adjusted Operating Profit Margin
(Amounts in €
millions)
For the three months ended
December 31,
For the year ended December
31,
2023
2022
2023
2022
Revenue
320.6
292.1
1,085.4
983.7
Net Profit Margin (Net Profit/
Revenue)
14.1
%
16.5
%
13.4
%
14.5
%
Operating Profit Margin (Operating Profit/
Revenue)
20.0
%
21.6
%
18.5
%
19.6
%
Adjusted EBITDA Margin (Adjusted EBITDA/
Revenue)
27.0
%
28.0
%
26.9
%
26.8
%
Adjusted Operating Profit Margin (Adjusted
Operating Profit/ Revenue)
20.8
%
22.2
%
19.6
%
20.2
%
Reconciliation of Reported and
Adjusted EBITDA, Operating Profit, Income Taxes,
Net Profit, and Diluted
EPS
(Amounts in € millions, except
per share data)
Three months ended December 31,
2023
EBITDA
Operating Profit
Income Taxes (3)
Net Profit
Diluted EPS
Reported
84.1
64.0
13.6
45.2
0.17
Adjusting items:
Start-up costs new plants (1)
2.6
2.6
0.7
1.9
0.01
Adjusted
86.7
66.6
14.3
47.1
0.18
Adjusted Margin
27.0
%
20.8
%
—
—
—
Three months ended December 31,
2022
EBITDA
Operating Profit
Income Taxes (3)
Net Profit
Diluted EPS
Reported
80.2
63.1
15.5
48.3
0.18
Adjusting items:
Start-up costs U.S. plant (1)
1.6
1.6
0.4
1.2
0.01
Restructuring and related charges (2)
0.1
0.1
—
0.1
0.00
Adjusted
81.9
64.8
15.9
49.6
0.19
Adjusted Margin
28.0
%
22.2
%
—
—
—
Year ended December 31, 2023
EBITDA
Operating Profit
Income Taxes (3)
Net Profit
Diluted EPS
Reported
279.2
200.7
43.9
145.7
0.55
Adjusting items:
Start-up costs new plants (1)
12.0
12.0
3.2
8.8
0.03
Restructuring and related charges (2)
0.3
0.3
0.1
0.2
0.00
Adjusted
291.5
213.0
47.2
154.7
0.58
Adjusted Margin
26.9
%
19.6
%
—
—
—
Year ended December 31, 2022
EBITDA
Operating Profit
Income Taxes (3)
Net Profit
Diluted EPS
Reported
257.3
192.4
44.6
143.0
0.54
Adjusting items:
—
—
—
—
—
Start-up costs U.S. plant (1)
6.2
6.2
1.6
4.6
0.02
Restructuring and related charges (2)
0.1
0.1
—
0.1
0.00
Adjusted
263.6
198.7
46.2
147.7
0.56
Adjusted Margin
26.8
%
20.2
%
—
—
—
(1)
During the three months and year ended December 31, 2023, the
Group recorded €2.6 million and €12.0 million, respectively, of
start-up costs for the new plants in Fishers, Indiana, United
States, and in Latina, Italy. These costs are primarily related to
labor costs incurred prior to the start-up of commercial operations
that are associated with the training and travel of personnel who
are employed in the production of our products which require
specialized knowledge. During the three months and year ended
December 31, 2022, the Group recorded €1.6 million and €6.2
million, respectively, of start-up costs for the new plants in
Fishers, Indiana, United States, in Zhangjiagang, China, and in
Latina, Italy.
(2)
During the year ended December 31, 2023, the Group recorded €0.3
million of restructuring and related charges among general and
administrative expenses. These are mainly employee costs related to
the reorganization of some business functions. During the three
months and year ended December 31, 2022, the Group recorded €0.1
million in restructuring and related charges for the merger of
Innoscan A/S into SVM Automatik A/S.
(3)
The income tax adjustment is calculated by multiplying the
applicable nominal tax rate to the adjusting items.
Capital Employed
(Amounts in €
millions)
As of December 31,
2023
As of December 31,
2022
- Goodwill and Other intangible assets
81.0
79.4
- Right of Use assets
18.2
19.3
- Property, plant and equipment
1,028.5
641.4
- Financial assets - investments FVTPL
0.7
0.8
- Other non-current financial assets
4.5
1.0
- Deferred tax assets
76.3
69.2
Non-current assets excluding FV of
derivative financial instruments
1,209.2
811.1
- Inventories
255.3
213.3
- Contract Assets
172.6
103.4
- Trade receivables
301.8
212.7
- Trade payables
(277.8
)
(239.2
)
- Advances from customers
(22.9
)
(26.6
)
- Non-current advances from customers
(39.4
)
—
- Contract Liabilities
(22.3
)
(14.8
)
Trade working capital
367.2
248.8
- Tax receivables and Other
receivables
58.2
54.0
- Tax payables and Other liabilities
(107.0
)
(111.2
)
- Current Provisions
(1.1
)
—
Net working capital
317.4
191.7
- Deferred tax liabilities
(9.6
)
(21.0
)
- Employees benefits
(7.4
)
(8.3
)
- Non-Current Provisions
(4.0
)
(5.5
)
- Other non-current liabilities
(48.5
)
(18.1
)
Total non-current liabilities and
provisions
(69.5
)
(52.9
)
Capital employed
1,457.1
949.9
Net (debt)/ net cash
(324.4
)
46.0
Equity
(1,132.6
)
(995.9
)
Total equity and net debt
(1,457.1
)
(949.9
)
Free Cash Flow
(Amounts in €
millions)
For the three months ended
December 31,
For the years ended December
31,
2023
2022
2023
2022
Cash Flow from Operating Activities
10.2
59.7
105.2
103.3
Interest paid
0.7
1.0
3.1
3.5
Interest received
(0.3
)
(0.3
)
(0.9
)
(0.8
)
Purchase of property, plant and
equipment
(82.0
)
(67.9
)
(433.2
)
(235.0
)
Proceeds from sale of property, plant and
equipment
0.5
(0.4
)
0.6
0.1
Purchase of intangible assets
(5.1
)
(0.3
)
(8.7
)
(8.1
)
Free Cash Flow
(76.0
)
(8.2
)
(333.9
)
(137.0
)
(Net Debt) / Net Cash
(Amounts in €
millions)
As of December 31,
As of December 31,
2023
2022
Non-current financial liabilities
(255.6
)
(148.4
)
Current financial liabilities
(143.3
)
(70.7
)
Other non-current financial assets -
Derivatives
0.6
2.8
Other current financial assets
4.4
33.6
Cash and cash equivalents
69.6
228.7
Net (Debt)/ Net Cash
(324.4
)
46.0
CAPEX
(Amounts in €
millions)
For the three months ended
December 31,
Change
For the year ended December
31,
Change
2023
2022
€
2023
2022
€
Addition to Property, plants and equipment
(1)
89.6
99.9
(10.3
)
444.6
294.5
150.1
Addition to Intangible Assets
5.1
0.3
4.8
8.7
8.1
0.6
CAPEX
94.7
100.2
(5.5
)
453.3
302.6
150.7
(1) Addition related to the grant of land by the city of Fishers
amounting to €8.3 million is excluded.
Reconciliation of 2024
Guidance (Updated)
Reported and Adjusted EBITDA,
Operating Profit, Net Profit, Diluted EPS
(Amounts in € millions, except
per share data)
Revenue
EBITDA
Operating Profit
Net Profit
Diluted EPS
Reported
1,180.0 - 1,210.0
302.8 - 318.2
217.7 - 233.0
155.0 - 166.6
0.58 - 0.63
Adjusting items:
Start-up costs new plants
11.3
11.3
8.5
0.03
Adjusted
1,180.0 - 1,210.0
314.1 - 329.5
228.9 - 244.3
163.5 - 175.1
0.62 - 0.66
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240307991047/en/
Media Stevanato Group media@stevanatogroup.com
Investor Relations Lisa Miles
lisa.miles@stevanatogroup.com
Grafico Azioni Stevanato (NYSE:STVN)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Stevanato (NYSE:STVN)
Storico
Da Gen 2024 a Gen 2025
