Stevanato Group Reports Record Revenue of €1,104 Million for Fiscal Year 2024
- Introduces 2025 Guidance -
PIOMBINO DESE,
Fourth Quarter and Full-Year 2024 Highlights (comparisons to prior-year period)
-
Revenue for the fourth quarter of 2024 increased
3% to€330.6 million , and high-value solutions represented40% of total revenue, in line with Company expectations. -
For the fourth quarter, diluted earnings per share were
€0.18 , and adjusted diluted earnings per share were€0.19 . -
Adjusted EBITDA margin increased 50 basis points to
27.5% for the fourth quarter. -
For fiscal year 2024, revenue increased
2% to€1,104 million , and high-value solutions represented38% of total revenue. -
For fiscal year 2024, diluted earnings per share were
€0.43 , and adjusted diluted earnings per share were€0.48 . -
Adjusted EBITDA margin for fiscal year 2024 was
23.5% . -
The Company is establishing fiscal year 2025 guidance and expects revenue in the range of
€1,160 million to€1,190 million , adjusted EBITDA in the range of€293.0 million to€306.3 million , and adjusted diluted EPS between€0.51 and€0.55 .
Fourth Quarter 2024 Results
For the fourth quarter of 2024, revenue increased
Revenue from high-value solutions increased to a record
Gross profit margin for the fourth quarter of 2024 decreased by 210 basis points to
For the fourth quarter of 2024, operating profit margin increased 20 basis points to
Full Year 2024 Results
Revenue for the full year increased
As expected, gross profit margin for fiscal 2024 decreased to
Franco Stevanato, Chairman and Chief Executive Officer, stated, "We finished the year with positive fourth quarter results, which were in line with our expectations. The increase in high-value solutions was driven by strong customer demand for high-performance syringes. We believe our growth investments are aligned to satisfy market needs to capitalize on the growing patient demand for biologics such as GLP1s and monoclonal antibodies. In 2024, revenue from biologics increased to
Biopharmaceutical and Diagnostic Solutions Segment (BDS)
Revenue grew
Revenue from high-value solutions increased to
For the fourth quarter of 2024, gross profit margin decreased to
Engineering Segment
Revenue from the Engineering Segment decreased
The Company remains focused on executing its business optimization plan and expects to complete all the previously delayed projects in 2025. The plan is designed to address current challenges, improve the overall health of the business and return the business to profitable growth.
As expected, gross profit margin decreased to
Balance Sheet and Cash Flow
At December 31, 2024, the Company had cash and cash equivalents of
Capital expenditures totaled
For fiscal 2024, cash flow from operating activities was
2025 Guidance
The Company is introducing full year 2025 guidance and expects:
-
Revenue in the range of
€1,160 million to€1,190 million ; -
Adjusted EBITDA in the range of
€293.0 million to€306.3 million ; and -
Adjusted diluted EPS in the range of
€0.51 t o€0.55 .
Franco Stevanato concluded, "Looking to 2025, we remain focused on executing our key priorities and achieving our long-term objectives. The fundamentals of our business are strong, as we operate in growing end markets with favorable secular tailwinds. We continue to deliver organic growth driven by solid demand for high value solutions, and we expect to increasingly benefit from our ongoing capacity expansion projects as they continue to scale and mature. We enjoy an enviable market position and our unique value proposition makes us a partner of choice for customers. Above all, we are committed to putting the business on the right path to return to double-digit growth, expand margins and build long-term shareholder value."
Conference call: The Company will host a conference call and webcast at 8:30 a.m. (ET) on Thursday, March 6, 2025, 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 Investor Relations section of the Company's 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: STVN conference call pre-registration.
Webcast: A live, listen-only webcast of the call will be available at the following link: STVN webcast.
Dial in: Those who are unable to pre-register may dial in by calling:
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+39 02 802 09 11 |
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+44 1 212 818004 |
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+1 718 705 8796 |
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United States Toll Free: |
+1 855 265 6958 |
Questions during the call: Participants who wish to ask questions during the call should use the 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.
Forward-Looking Statements
This press release may include forward-looking statements. The words "establishing," "expects," "believe," "growing," "continue," "remains," "improve," "return," "growth," "increasingly," "believes," "continues," "remaining," "are strong," "solid," "ongoing," "enjoy," "are committed," "expand," "build," 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, the Company's future financial performance, including revenue, operating expenses and ability to maintain profitability and operational and commercial capabilities; the Company's expectations regarding the development of the industry and the competitive environment in which it operates; the expansion of the Company's plants and its expectations to increase production capacity; the global supply chain and the Company's committed orders; customer demand and customers' ability to destock higher inventories accumulated during the COVID-19 pandemic; the success of the Company's initiatives to optimize the industrial footprint, harmonize processes and enhance supply chain and logistics strategies; the Company's geographical and industrial footprint; and the Company's goals, strategies and investment plans. 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 conditions in the
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. The Company believes that these non-GAAP financial measures provide useful and relevant information regarding its performance and improve its ability to assess our financial condition. While similar measures are widely used in the industry in which the Company operates, the financial measures it uses 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 |
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(Amounts in € millions, except per share data) |
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For the three months |
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For the years |
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ended December 31, |
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ended December 31, |
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2024 |
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% |
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2023 |
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% |
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2024 |
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% |
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2023 |
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% |
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Revenue |
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330.6 |
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100.0 |
% |
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320.6 |
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100.0 |
% |
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1,104.0 |
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100.0 |
% |
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1,085.4 |
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|
100.0 |
% |
Costs of Sales |
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232.4 |
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70.3 |
% |
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|
218.8 |
|
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|
68.2 |
% |
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|
801.7 |
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72.6 |
% |
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745.5 |
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68.7 |
% |
Gross Profit |
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98.2 |
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29.7 |
% |
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101.8 |
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31.8 |
% |
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302.3 |
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27.4 |
% |
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339.9 |
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31.3 |
% |
Other Operating Income |
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5.5 |
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1.7 |
% |
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3.0 |
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0.9 |
% |
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9.1 |
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0.8 |
% |
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10.4 |
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|
1.0 |
% |
Selling and Marketing Expenses |
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5.9 |
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1.8 |
% |
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7.1 |
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2.2 |
% |
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24.9 |
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2.3 |
% |
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25.0 |
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2.3 |
% |
Research and Development Expenses |
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5.6 |
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1.7 |
% |
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10.1 |
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3.1 |
% |
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31.7 |
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|
2.9 |
% |
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35.7 |
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|
3.3 |
% |
General and Administrative Expenses |
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25.4 |
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|
7.7 |
% |
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23.6 |
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|
7.4 |
% |
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|
93.7 |
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8.5 |
% |
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|
88.9 |
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|
8.2 |
% |
Operating Profit |
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66.8 |
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|
20.2 |
% |
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|
64.0 |
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|
20.0 |
% |
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161.1 |
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14.6 |
% |
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200.7 |
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|
18.5 |
% |
Finance Income |
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8.7 |
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2.6 |
% |
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4.3 |
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1.4 |
% |
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22.3 |
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2.0 |
% |
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20.3 |
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1.9 |
% |
Finance Expense |
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10.9 |
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3.3 |
% |
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9.5 |
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|
3.0 |
% |
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|
23.2 |
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|
2.1 |
% |
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|
31.4 |
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2.9 |
% |
Profit Before Tax |
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64.6 |
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19.6 |
% |
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58.8 |
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18.3 |
% |
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|
160.3 |
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|
14.5 |
% |
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|
189.6 |
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|
17.5 |
% |
Income Taxes |
|
|
16.3 |
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|
4.9 |
% |
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13.6 |
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4.2 |
% |
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42.5 |
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3.9 |
% |
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43.9 |
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4.0 |
% |
Net Profit |
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48.3 |
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14.6 |
% |
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45.2 |
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14.1 |
% |
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117.8 |
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10.7 |
% |
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145.7 |
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13.4 |
% |
Earnings per share |
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Basic earnings per common share |
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0.18 |
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0.17 |
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0.43 |
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0.55 |
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Diluted earnings per common share |
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0.18 |
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0.17 |
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0.43 |
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0.55 |
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Average common shares outstanding |
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272.9 |
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265.5 |
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271.1 |
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265.0 |
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Average shares assuming dilution |
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272.9 |
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265.5 |
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271.2 |
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265.0 |
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Reported Segment Information |
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(Amounts in € millions) |
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For the three months ended December 31, 2024 |
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Biopharmaceutical
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Engineering |
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Adjustments,
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Consolidated |
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External Customers |
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279.4 |
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51.2 |
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— |
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330.6 |
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Inter-Segment |
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1.1 |
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56.1 |
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(57.2 |
) |
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— |
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Revenue |
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280.5 |
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107.3 |
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(57.2 |
) |
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330.6 |
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Gross Profit |
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87.2 |
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20.0 |
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(9.0 |
) |
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|
98.2 |
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Gross Profit Margin |
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|
31.1 |
% |
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|
18.6 |
% |
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29.7 |
% |
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Operating Profit |
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65.5 |
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16.4 |
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(15.0 |
) |
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66.9 |
|
Operating Profit Margin |
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23.3 |
% |
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|
15.3 |
% |
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|
|
20.2 |
% |
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|
For the three months ended December 31, 2023 |
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Biopharmaceutical
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|
Engineering |
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|
Adjustments,
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Consolidated |
|
||||
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|
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|
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|
||||
External Customers |
|
|
260.0 |
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60.6 |
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|
|
— |
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|
320.6 |
|
Inter-Segment |
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0.6 |
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40.6 |
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(41.2 |
) |
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— |
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Revenue |
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|
260.6 |
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|
101.2 |
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(41.2 |
) |
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320.6 |
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Gross Profit |
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87.5 |
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21.4 |
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(7.1 |
) |
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|
101.8 |
|
Gross Profit Margin |
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33.6 |
% |
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|
21.1 |
% |
|
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|
31.8 |
% |
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Operating Profit |
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61.7 |
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|
15.5 |
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(13.2 |
) |
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64.0 |
|
Operating Profit Margin |
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23.7 |
% |
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15.3 |
% |
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20.0 |
% |
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For the year ended December 31, 2024 |
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Biopharmaceutical
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Engineering |
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Adjustments,
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Consolidated |
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External Customers |
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933.7 |
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170.3 |
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|
— |
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|
1,104.0 |
|
Inter-Segment |
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4.0 |
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187.3 |
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(191.4 |
) |
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— |
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Revenue |
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937.8 |
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357.6 |
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(191.4 |
) |
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1,104.0 |
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Gross Profit |
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268.8 |
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56.2 |
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(22.6 |
) |
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302.3 |
|
Gross Profit Margin |
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28.7 |
% |
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|
15.7 |
% |
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27.4 |
% |
|
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|
|
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|
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Operating Profit |
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165.6 |
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33.1 |
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(37.6 |
) |
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|
161.1 |
|
Operating Profit Margin |
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17.7 |
% |
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|
9.3 |
% |
|
|
|
|
|
14.6 |
% |
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|
For the year ended December 31, 2023 |
|
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Biopharmaceutical
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Engineering |
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Adjustments,
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Consolidated |
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External Customers |
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879.3 |
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|
206.1 |
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|
— |
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|
1,085.4 |
|
Inter-Segment |
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2.0 |
|
|
|
166.7 |
|
|
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(168.7 |
) |
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|
— |
|
Revenue |
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|
881.3 |
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|
|
372.8 |
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(168.7 |
) |
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1,085.4 |
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Gross Profit |
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290.2 |
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78.3 |
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(28.6 |
) |
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339.9 |
|
Gross Profit Margin |
|
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32.9 |
% |
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21.0 |
% |
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31.3 |
% |
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Operating Profit |
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187.6 |
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53.6 |
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(40.5 |
) |
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200.7 |
|
Operating Profit Margin |
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21.3 |
% |
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14.4 |
% |
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18.5 |
% |
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Cash Flow |
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(Amounts in € millions) |
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For the three months
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For the years
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2024 |
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2023 |
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2024 |
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2023 |
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Cash flow from operating activities |
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43.6 |
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10.2 |
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155.8 |
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105.2 |
|
Cash flow used in investing activities |
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(91.0 |
) |
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|
(92.3 |
) |
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(310.2 |
) |
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(421.2 |
) |
Cash flow from financing activities |
|
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66.3 |
|
|
|
87.7 |
|
|
|
183.2 |
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|
158.0 |
|
Net change in cash and cash equivalents |
|
|
18.9 |
|
|
|
5.6 |
|
|
|
28.8 |
|
|
|
(158.0 |
) |
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 |
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(Amounts in € millions) |
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Three months ended December 31, 2024 |
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Biopharmaceutical and
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Engineering |
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Consolidated |
|
|||
Reported Revenue (IFRS GAAP) |
|
|
279.4 |
|
|
|
51.2 |
|
|
|
330.6 |
|
Effect of changes in currency translation rates |
|
|
1.1 |
|
|
|
— |
|
|
|
1.1 |
|
Organic Revenue (Non-IFRS GAAP) |
|
|
280.5 |
|
|
|
51.2 |
|
|
|
331.7 |
|
Year ended December 31, 2024 |
|
Biopharmaceutical and
|
|
|
Engineering |
|
|
Consolidated |
|
|||
Reported Revenue (IFRS GAAP) |
|
|
933.7 |
|
|
|
170.3 |
|
|
|
1,104.0 |
|
Effect of changes in currency translation rates |
|
|
3.8 |
|
|
|
0.1 |
|
|
|
3.9 |
|
Organic Revenue (Non-IFRS GAAP) |
|
|
937.5 |
|
|
|
170.4 |
|
|
|
1,107.9 |
|
Reconciliation of EBITDA |
||||||||||||||||||||||||
(Amounts in € millions) |
||||||||||||||||||||||||
|
|
For the three months
|
|
|
Change |
|
|
For the years
|
|
|
Change |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% |
|
|
2024 |
|
|
2023 |
|
|
% |
|
||||||
Net Profit |
|
|
48.3 |
|
|
|
45.2 |
|
|
|
6.8 |
% |
|
|
117.8 |
|
|
|
145.7 |
|
|
|
(19.2 |
)% |
Income Taxes |
|
|
16.3 |
|
|
|
13.6 |
|
|
|
20.5 |
% |
|
|
42.5 |
|
|
|
43.9 |
|
|
|
(3.1 |
)% |
Finance Income |
|
|
(8.7 |
) |
|
|
(4.3 |
) |
|
|
101.6 |
% |
|
|
(22.3 |
) |
|
|
(20.3 |
) |
|
|
10.3 |
% |
Finance Expenses |
|
|
10.9 |
|
|
|
9.5 |
|
|
|
13.9 |
% |
|
|
23.2 |
|
|
|
31.4 |
|
|
|
(26.2 |
)% |
Operating Profit |
|
|
66.8 |
|
|
|
64.0 |
|
|
|
4.4 |
% |
|
|
161.1 |
|
|
|
200.7 |
|
|
|
(19.7 |
)% |
Depreciation and amortization and impairment of PPE |
|
|
19.8 |
|
|
|
20.1 |
|
|
|
(1.6 |
)% |
|
|
80.7 |
|
|
|
78.5 |
|
|
|
2.8 |
% |
EBITDA |
|
|
86.6 |
|
|
|
84.1 |
|
|
|
3.0 |
% |
|
|
241.8 |
|
|
|
279.2 |
|
|
|
(13.4 |
)% |
Calculation of Net Profit margin, Operating Profit Margin, Adjusted EBITDA Margin and Adjusted Operating Profit Margin |
||||||||||||||||
(Amounts in € millions) |
||||||||||||||||
|
|
For the three months
|
|
|
For the year
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue |
|
|
330.6 |
|
|
|
320.6 |
|
|
|
1,104.0 |
|
|
|
1,085.4 |
|
Net Profit Margin (Net Profit/ Revenue) |
|
|
14.6 |
% |
|
|
14.1 |
% |
|
|
10.7 |
% |
|
|
13.4 |
% |
Operating Profit Margin (Operating Profit/ Revenue) |
|
|
20.2 |
% |
|
|
20.0 |
% |
|
|
14.6 |
% |
|
|
18.5 |
% |
Adjusted EBITDA Margin (Adjusted EBITDA/ Revenue) |
|
|
27.5 |
% |
|
|
27.0 |
% |
|
|
23.5 |
% |
|
|
26.9 |
% |
Adjusted Operating Profit Margin (Adjusted Operating Profit/ Revenue) |
|
|
21.5 |
% |
|
|
20.8 |
% |
|
|
16.2 |
% |
|
|
19.6 |
% |
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, 2024 |
|
EBITDA |
|
|
Operating Profit |
|
|
Income Taxes (4) |
|
|
Net Profit |
|
|
Diluted EPS |
|
|||||
Reported |
|
|
86.6 |
|
|
|
66.8 |
|
|
|
16.3 |
|
|
|
48.3 |
|
|
|
0.18 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Start-up costs new plants (1) |
|
|
3.8 |
|
|
|
3.8 |
|
|
|
1.0 |
|
|
|
2.8 |
|
|
|
0.01 |
|
Restructuring and related charges (2) |
|
|
0.4 |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.00 |
|
Other severance costs (3) |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.0 |
|
|
|
0.1 |
|
|
|
0.00 |
|
Adjusted |
|
|
90.9 |
|
|
|
71.2 |
|
|
|
17.5 |
|
|
|
51.5 |
|
|
|
0.19 |
|
Adjusted Margin |
|
|
27.5 |
% |
|
|
21.5 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Three months ended December 31, 2023 |
|
EBITDA |
|
|
Operating Profit |
|
|
Income Taxes (4) |
|
|
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 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Year ended December 31, 2024 |
|
EBITDA |
|
|
Operating Profit |
|
|
Income Taxes (4) |
|
|
Net Profit |
|
|
Diluted EPS |
|
|||||
Reported |
|
|
241.8 |
|
|
|
161.1 |
|
|
|
42.5 |
|
|
|
117.8 |
|
|
|
0.43 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Start-up costs new plants (1) |
|
|
13.0 |
|
|
|
13.0 |
|
|
|
3.5 |
|
|
|
9.5 |
|
|
|
0.04 |
|
Restructuring and related charges (2) |
|
|
4.0 |
|
|
|
4.0 |
|
|
|
1.0 |
|
|
|
3.0 |
|
|
|
0.01 |
|
Other severance costs (3) |
|
|
0.4 |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.00 |
|
Adjusted |
|
|
259.2 |
|
|
|
178.5 |
|
|
|
47.1 |
|
|
|
130.6 |
|
|
|
0.48 |
|
Adjusted Margin |
|
|
23.5 |
% |
|
|
16.2 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Year ended December 31, 2023 |
|
EBITDA |
|
|
Operating Profit |
|
|
Income Taxes (4) |
|
|
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 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
(1) During the three months and the year ended December 31, 2024, the Group recorded
(2) During the three months and the year ended December 31, 2024, the Group recorded
(3) During the three months and the year ended December 31, 2024, the Group recorded
(4) 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,
|
|
|
As of December 31,
|
|
||
|
|
|
|
|
|
|
||
- Goodwill and Other intangible assets |
|
|
83.6 |
|
|
|
81.0 |
|
- Right of Use assets |
|
|
15.7 |
|
|
|
18.2 |
|
- Property, plant and equipment |
|
|
1,248.4 |
|
|
|
1,028.5 |
|
- Financial assets - investments FVTPL |
|
|
0.2 |
|
|
|
0.7 |
|
- Other non-current financial assets |
|
|
5.4 |
|
|
|
4.5 |
|
- Deferred tax assets |
|
|
95.3 |
|
|
|
76.3 |
|
Non-current assets excluding FV of derivative financial instruments |
|
|
1,448.7 |
|
|
|
1,209.2 |
|
|
|
|
|
|
|
|
||
- Inventories |
|
|
245.2 |
|
|
|
255.3 |
|
- Contract Assets |
|
|
168.5 |
|
|
|
172.6 |
|
- Trade receivables |
|
|
296.0 |
|
|
|
301.8 |
|
- Trade payables |
|
|
(231.0 |
) |
|
|
(277.8 |
) |
- Advances from customers |
|
|
(16.6 |
) |
|
|
(22.9 |
) |
- Non-current advances from customers |
|
|
(44.0 |
) |
|
|
(39.4 |
) |
- Contract Liabilities |
|
|
(16.5 |
) |
|
|
(22.3 |
) |
Trade working capital |
|
|
401.6 |
|
|
|
367.2 |
|
|
|
|
|
|
|
|
||
- Tax receivables and Other receivables |
|
|
70.6 |
|
|
|
58.2 |
|
- Non-current assets held for sale |
|
|
0.2 |
|
|
|
— |
|
- Tax payables and Other liabilities |
|
|
(92.2 |
) |
|
|
(107.0 |
) |
- Current Provisions |
|
|
(4.1 |
) |
|
|
(1.1 |
) |
Net working capital |
|
|
376.1 |
|
|
|
317.4 |
|
|
|
|
|
|
|
|
||
- Deferred tax liabilities |
|
|
(12.6 |
) |
|
|
(9.6 |
) |
- Employees benefits |
|
|
(7.2 |
) |
|
|
(7.4 |
) |
- Non-Current Provisions |
|
|
(2.8 |
) |
|
|
(4.0 |
) |
- Other non-current liabilities |
|
|
(62.7 |
) |
|
|
(48.5 |
) |
Total non-current liabilities and provisions |
|
|
(85.3 |
) |
|
|
(69.5 |
) |
|
|
|
|
|
|
|
||
Capital employed |
|
|
1,739.4 |
|
|
|
1,457.1 |
|
|
|
|
|
|
|
|
||
Net (debt)/ net cash |
|
|
(335.0 |
) |
|
|
(324.4 |
) |
|
|
|
|
|
|
|
||
Equity |
|
|
(1,404.4 |
) |
|
|
(1,132.6 |
) |
|
|
|
|
|
|
|
||
Total equity and net debt |
|
|
(1,739.4 |
) |
|
|
(1,457.1 |
) |
|
|
|
|
|
|
|
||
Free Cash Flow |
||||||||||||||||
(Amounts in € millions) |
||||||||||||||||
|
|
For the three months
|
|
|
For the years
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Cash Flow from Operating Activities |
|
|
43.6 |
|
|
|
10.2 |
|
|
|
155.8 |
|
|
|
105.2 |
|
Interest paid |
|
|
3.6 |
|
|
|
0.7 |
|
|
|
7.4 |
|
|
|
3.1 |
|
Interest received |
|
|
(0.4 |
) |
|
|
(0.3 |
) |
|
|
(1.3 |
) |
|
|
(0.9 |
) |
Purchase of property, plant and equipment |
|
|
(88.9 |
) |
|
|
(82.0 |
) |
|
|
(302.6 |
) |
|
|
(433.2 |
) |
Proceeds from sale of property, plant and equipment |
|
|
— |
|
|
|
0.5 |
|
|
|
3.2 |
|
|
|
0.6 |
|
Purchase of intangible assets |
|
|
(2.3 |
) |
|
|
(5.1 |
) |
|
|
(11.0 |
) |
|
|
(8.7 |
) |
Free Cash Flow |
|
|
(44.3 |
) |
|
|
(76.0 |
) |
|
|
(148.5 |
) |
|
|
(333.9 |
) |
Net (Debt) / Net Cash |
||||||||
(Amounts in € millions) |
||||||||
|
|
As of December 31, |
|
|
As of December 31, |
|
||
|
|
2024 |
|
|
2023 |
|
||
Non-current financial liabilities |
|
|
(317.7 |
) |
|
|
(255.6 |
) |
Current financial liabilities |
|
|
(116.9 |
) |
|
|
(143.3 |
) |
Other non-current financial assets - Fair value of derivatives financial instruments |
|
|
— |
|
|
|
0.6 |
|
Other current financial assets |
|
|
1.3 |
|
|
|
4.4 |
|
Cash and cash equivalents |
|
|
98.3 |
|
|
|
69.6 |
|
Net (Debt)/ Net Cash |
|
|
(335.0 |
) |
|
|
(324.4 |
) |
CAPEX |
||||||||||||||||||||||||
(Amounts in € millions) |
||||||||||||||||||||||||
|
|
For the three months
|
|
|
Change |
|
|
For the year
|
|
|
Change |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
€ |
|
|
2024 |
|
|
2023 |
|
|
€ |
|
||||||
Addition to Property, plants and equipment (1) |
|
|
77.7 |
|
|
|
89.6 |
|
|
|
(11.9 |
) |
|
|
275.6 |
|
|
|
444.6 |
|
|
|
(169.0 |
) |
Addition to Intangible Assets |
|
|
2.3 |
|
|
|
5.1 |
|
|
|
(2.9 |
) |
|
|
11.0 |
|
|
|
8.7 |
|
|
|
2.3 |
|
CAPEX |
|
|
80.0 |
|
|
|
94.7 |
|
|
|
(14.7 |
) |
|
|
286.6 |
|
|
|
453.3 |
|
|
|
(166.7 |
) |
(1) For the year ended December 31, 2023 the addition related to the grant of land by the city of
Reconciliation of 2025 Guidance* |
||||||||||
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 |
|
1,160-0-1,190.0 |
|
284.8-298.1 |
|
180.9-194.2 |
|
132.0-142.2 |
|
0.48-0.52 |
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
Start-up costs new plants |
|
|
|
8.2 |
|
8.2 |
|
6.3 |
|
0.03 |
Adjusted |
|
1,160.0-1,190.0 |
|
293.0-306.3 |
|
189.1-202.3 |
|
138.3-148.5 |
|
0.51-0.55 |
*Amounts may not add due to rounding
View source version on businesswire.com: https://www.businesswire.com/news/home/20250306463087/en/
Media
Stevanato Group
media@stevanatogroup.com
Investor Relations
Lisa Miles
lisa.miles@stevanatogroup.com
Source: Stevanato Group S.p.A.
