Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Stevanato Group S.p.A. |
Entity Central Index Key | 0001849853 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 295,540,036 |
Entity Filer Category | Accelerated Filer |
Entity Voluntary Filers | No |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Entity Interactive Data Current | Yes |
Title of 12(b) Security | Ordinary shares without par value |
Trading Symbol | STVN |
Security Exchange Name | NYSE |
Document Accounting Standard | International Financial Reporting Standards |
Entity Incorporation, State or Country Code | L6 |
Entity File Number | 001-40618 |
Entity Address, Address Line One | Via Molinella 17 |
Entity Address, Postal Zip Code | 35017 |
Entity Address, City or Town | Piombino Dese – Padua |
Entity Address, Country | IT |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Auditor Firm ID | 1521 |
Auditor Name | EY S.p.A. |
Auditor Location | Treviso, Italy |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Via Molinella 17 |
Entity Address, Postal Zip Code | 35017 |
Entity Address, City or Town | Piombino Dese - Padua |
Entity Address, Country | IT |
Contact Personnel Name | Franco Moro |
City Area Code | +39 |
Local Phone Number | 049 931811 |
Consolidated income statement
Consolidated income statement - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenue | € 983,680 | € 843,920 | € 662,037 |
Cost of sales | 663,879 | 578,515 | 467,861 |
Gross Profit | 319,801 | 265,405 | 194,176 |
Other operating income | 18,850 | 9,386 | 5,230 |
Selling and Marketing expenses | 26,086 | 20,448 | 20,044 |
Research and Development expenses | 34,387 | 29,616 | 17,390 |
General and Administrative expenses | 85,747 | 62,502 | 58,863 |
Operating Profit | 192,431 | 162,225 | 103,109 |
Finance income | 25,050 | 21,709 | 14,926 |
Finance expense | 29,840 | 18,808 | 21,848 |
Share of profit of an associate | 0 | 547 | 92 |
Profit Before Tax | 187,641 | 165,673 | 96,279 |
Income taxes | 44,625 | 31,404 | 17,682 |
Net Profit | 143,016 | 134,269 | 78,597 |
Net Profit attributable to: | |||
Equity holders of the parent | 142,849 | 134,321 | 78,513 |
Non-controlling interests | € 167 | € (52) | € 84 |
Earnings per share | |||
Basic earnings per common share (in EUR) | € 0.54 | € 0.53 | € 0.33 |
Diluted earnings per common share (in EUR) | € 0.54 | € 0.53 | € 0.33 |
Consolidated statement of compr
Consolidated statement of comprehensive income - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Net Profit | € 143,016 | € 134,269 | € 78,597 |
Gains/(losses) from remeasurement of employee defined benefit plans | 842 | (151) | (145) |
Gains/(losses) from remeasurement of the agent termination plan | 64 | 55 | (22) |
Tax effect relating to those components of OCI | (236) | 26 | 15 |
Other comprehensive income (loss) that will not be classified subsequently to profit or loss | 670 | (70) | (152) |
Exchange difference on translation of foreign operations | 7,098 | 12,243 | (22,589) |
Changes in the fair value of cash flow hedging instruments | 8,747 | 2,721 | (722) |
Changes in the time value element - cost of hedge | (235) | ||
Tax effect relating to those components of OCI | (2,043) | (653) | 173 |
Other comprehensive income (loss) that will be classified subsequently to profit or loss | 13,567 | 14,311 | (23,138) |
Total other comprehensive income (loss), net of tax | 14,237 | 14,241 | (23,290) |
Total Comprehensive Income | 157,253 | 148,510 | 55,307 |
Attributable to: | |||
Equity holders of the parent | 157,058 | 148,550 | 55,232 |
Non-controlling interests | 195 | (40) | 75 |
Total Comprehensive Income | € 157,253 | € 148,510 | € 55,307 |
Consolidated statement of finan
Consolidated statement of financial position - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Goodwill | € 47,243 | € 47,243 |
Other intangible assets | 32,158 | 31,928 |
Right of Use assets | 19,289 | 22,690 |
Property, plant and equipment | 641,402 | 392,717 |
Financial assets - investments FVTPL | 782 | 1,084 |
Other non-current financial assets | 3,839 | 1,334 |
Deferred tax assets | 69,210 | 55,877 |
Total non-current assets | 813,923 | 552,873 |
Current assets | ||
Inventories | 213,254 | 148,917 |
Contract assets | 103,417 | 62,133 |
Trade receivables | 212,734 | 165,259 |
Other current financial assets | 33,602 | 27,217 |
Tax receivables | 21,018 | 25,063 |
Other receivables | 33,010 | 26,341 |
Cash and cash equivalents | 228,740 | 411,039 |
Total current assets | 845,775 | 865,969 |
Total assets | 1,659,698 | 1,418,842 |
Equity | ||
Share capital | 21,698 | 21,698 |
Reserves and Retained Earnings | 831,583 | 686,055 |
Net profit attributable to equity holders of the parent | 142,849 | 134,321 |
Equity attributable to equity holders of the parent | 996,130 | 842,074 |
Non-controlling interests | (220) | (415) |
Total equity | 995,910 | 841,659 |
Non-current liabilities | ||
Non-current financial liabilities | 148,407 | 202,296 |
Employees Benefits | 8,315 | 11,853 |
Provisions | 5,552 | 3,499 |
Deferred tax liabilities | 20,952 | 19,105 |
Other non-current liabilities | 18,060 | 1,808 |
Total non-current liabilities | 201,286 | 238,561 |
Current liabilities | ||
Current financial liabilities | 70,754 | 46,195 |
Trade payables | 239,179 | 164,787 |
Contract Liabilities | 14,847 | 18,771 |
Advances from customers | 26,568 | 23,616 |
Tax payables | 41,655 | 19,440 |
Other liabilities | 69,499 | 65,813 |
Total current liabilities | 462,502 | 338,622 |
Total liabilities | 663,788 | 577,183 |
Total equity and liabilities | € 1,659,698 | € 1,418,842 |
Consolidated statement of chang
Consolidated statement of changes in equity - EUR (€) € in Thousands | Total | Share Capital | Share Premium Reserve | Treasury Shares | Cash flow Hedge Reserve | Cost of Hedging Reserve | Reserve for Actuarial Gains / (Losses) | Foreign Currency Translation Reserve | Retained Earnings and Other Reserve | Equity Attributable to Equity Holders of the Parent | Non-Controlling Interests |
Beginning Balance at Dec. 31, 2019 | € 265,439 | € 20,002 | € (26,189) | € (2,796) | € (523) | € (12,331) | € 287,327 | € 265,490 | € (50) | ||
Other comprehensive income | (23,290) | (549) | (152) | (22,580) | (23,281) | (9) | |||||
Net Profit | 78,597 | 78,513 | 78,513 | 84 | |||||||
Total Comprehensive Income | 55,307 | (549) | (152) | (22,580) | 78,513 | 55,232 | 75 | ||||
Dividends | (8,900) | (8,900) | (8,900) | ||||||||
Acquisition of non-controlling interests | (1,760) | (1,381) | (1,381) | (379) | |||||||
Other | 54 | 54 | 54 | ||||||||
Total effects | (10,606) | (10,227) | (10,227) | (379) | |||||||
Ending Balance at Dec. 31, 2020 | 310,140 | 20,002 | (26,189) | (3,345) | (675) | (34,911) | 355,613 | 310,495 | (355) | ||
Other comprehensive income | 14,241 | 2,068 | (70) | 12,231 | 14,229 | 12 | |||||
Net Profit | 134,269 | 134,321 | 134,321 | (52) | |||||||
Total Comprehensive Income | 148,510 | 2,068 | (70) | 12,231 | 134,321 | 148,550 | (40) | ||||
Dividends | (11,200) | (11,200) | (11,200) | ||||||||
Capital increase | 412,259 | 1,696 | € 410,563 | 412,259 | |||||||
Transaction costs on capital increase | (27,962) | (27,962) | (27,962) | ||||||||
Taxes relating to capital increase costs | 6,711 | 6,711 | 6,711 | ||||||||
Other | 3,201 | (1,551) | 4,772 | 3,221 | (20) | ||||||
Total effects | 383,009 | 1,696 | 389,312 | (1,551) | (6,428) | 383,029 | (20) | ||||
Ending Balance at Dec. 31, 2021 | 841,659 | 21,698 | 389,312 | (27,740) | (1,277) | (745) | (22,680) | 483,506 | 842,074 | (415) | |
Other comprehensive income | 14,237 | 6,648 | € (179) | 671 | 7,069 | 14,209 | 28 | ||||
Net Profit | 143,016 | 142,849 | 142,849 | 167 | |||||||
Total Comprehensive Income | 157,253 | 6,648 | (179) | 671 | 7,069 | 142,849 | 157,058 | 195 | |||
Dividends | (13,500) | (13,500) | (13,500) | ||||||||
Share-based incentive plans | 10,498 | 10,498 | 10,498 | ||||||||
Total effects | (3,002) | (3,002) | (3,002) | ||||||||
Ending Balance at Dec. 31, 2022 | € 995,910 | € 21,698 | € 389,312 | € (27,740) | € 5,371 | € (179) | € (74) | € (15,611) | € 623,353 | € 996,130 | € (220) |
Consolidated statement of cash
Consolidated statement of cash flows - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Profit before tax | € 187,641 | € 165,673 | € 96,279 |
Adjustments: | |||
Depreciation and impairment of property, plant and equipment | 50,382 | 42,676 | 41,363 |
Amortization of intangible assets and Right of Use | 14,441 | 13,706 | 12,740 |
Allowance for doubtful accounts | (788) | (1,291) | 341 |
Net finance expense/ (income) | 9,874 | (1,239) | 4,885 |
Share of profit or loss of associated companies | (547) | ||
(Gain)/Loss from the disposal of non current assets | (126) | (579) | |
Change in other provisions and in employee benefits | (8,984) | (7,130) | (9,072) |
Other non-cash expenses, net | (2,886) | (3,382) | (388) |
Working capital changes: | |||
- inventories and contract assets | (107,367) | (31,204) | (15,603) |
- trade receivables and other assets | (46,424) | (54,765) | (3,631) |
- trade payables, contract liabilities, advances and other liabilities | 36,052 | 44,337 | 52,412 |
Interest paid | (3,466) | (4,388) | (5,368) |
Interest received | 752 | 624 | 684 |
Income tax paid | (25,789) | (29,155) | (18,986) |
Cash Flow from operating activities | 103,312 | 133,336 | 155,656 |
Cash Flow from investing activities | |||
Purchase of property, plant and equipment | (235,029) | (107,691) | (89,565) |
Proceeds from sale of property plant and equipment | 146 | 1,169 | 15 |
Purchase of intangible assets | (8,098) | (5,489) | (6,439) |
Proceeds from sale of associated companies | 14,812 | ||
Investment in financial assets | 31 | 773 | (100) |
Net cash flows used in investing activities | (242,950) | (96,426) | (96,089) |
Cash Flow from financing activities | |||
Net proceeds from IPO | 380,090 | ||
Acquisition of non-controlling interests | (539) | ||
Payment of financial payables for shares acquisition | (8,221) | ||
Dividends paid | (13,500) | (11,200) | (8,900) |
Payment of principal portion of lease liabilities | (6,595) | (6,498) | (5,906) |
Proceed from loans | 13,207 | 8,050 | 51,911 |
Repayments of loans | (37,648) | (121,729) | (63,083) |
Decrease in other current financial activities | 14,355 | ||
Net cash flows from/(used in) financing activities | (44,536) | 254,847 | (26,517) |
Net change in cash and cash equivalents | (184,174) | 291,757 | 33,050 |
Net foreign exchange difference | 1,875 | 3,683 | (2,837) |
Cash and cash equivalents at Beginning Balance | 411,039 | 115,599 | 85,386 |
Cash and cash equivalents at Ending Balance | € 228,740 | € 411,039 | € 115,599 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Corporate Information [Abstract] | |
Corporate information | 1. Corporate information Stevanato Group S.p.A. (herein referred to as the “Company” and together with its subsidiaries the “Group”) is headquartered in Italy and its registered office is located in via Molinella 17, Piombino Dese (Padova, Italy). The Group is active in the design, production and distribution of products and processes to provide integrated solutions for bio-pharma and healthcare, leveraging on constant investment and the selected acquisition of skills of new technologies to become a global player in the bio-pharma industry. Principal products are containment solutions, drug delivery systems, medical devices, diagnostic, analytical services, visual inspection machines, assembling and packaging machines, glass forming machines. The Group has nine production plants for manufacturing and assembly of bio-pharma and healthcare products (in Italy, Germany, Slovakia, Brazil, Mexico, China, United States), five plants for the production of machinery and equipment (in Italy and Denmark), two sites for analytical services (in Italy and United States) and two commercial offices (in Japan and the United States). Further, on October 4, 2021, the Group announced the start of construction of a new facility in Fishers, Indiana, United States. The Group is also continuing investment to expand production facilities in China, in Latina, Italy, and in Piombino Dese, Italy, where construction on a new building is nearing completion. The global footprint allows to sell products and provide services in more than 70 countries worldwide. Stevanato Group S.p.A. is controlled by Stevanato Holding S.r.l. which holds 78.03 % of its share capital. On July 16, 2021 Stevanato Group began trading on the New York Stock Exchange under the symbol STVN. |
Significant accounting Policies
Significant accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies 2.1 Basis of preparation The consolidated financial statements comprised the financial statements of the Company and its subsidiaries as at December 31, 2021 and 2022, and for the years ended December 31, 2022, 2021 and 2020. The consolidated financial statements were authorized for issuance by resolution of the Board of Directors on March 1, 2023. The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board ( IFRS ). The accounting policies stated below have, unless otherwise stated, been applied consistently over all periods presented in the consolidated financial statements. The Group’s accounting policies have been applied consistently by the Group’s companies. The consolidated financial statements are composed of a consolidated income statement, a consolidated statement of comprehensive income, a consolidated statement of financial position, a consolidated statement of changes in equity, a consolidated statement of cash flows and the accompanying notes (the “Consolidated Financial Statements”). The Group presents its consolidated statement of profit or loss using the function of expense method reflecting the practice in the industry in which the Group operates. The Group presents current and non-current assets and liabilities as separate classifications in its consolidated statements of financial position. The statement of cash flows has been prepared using the “indirect method” allowed by IAS 7 – Cash Flow statements . In the consolidated income statement, the Group also presents subtotal for Gross Profit and Operating Profit. Operating Profit distinguishes between the profit before taxes arising from operating items and those arising from financing activities, including also the share of profit of associates. Operating Profit is one of the primary measures used by the Chief Executive Officer, the Group’s “Chief Operating Decision Maker” (“CODM”) as defined in IFRS 8 - Operating Segments to assess performance. The consolidated financial statements have been prepared on a historical cost basis, modified as required for the measurement of certain financial instruments at their fair value. The consolidated financial statements are presented in Euro, the Group’s presentation currency, which is also the functional currency of the Company, and all values are rounded to the nearest thousand, except when otherwise indicated. The consolidated financial statements are prepared on a going concern basis. Management believes that there are no financial or other indicators presenting material uncertainties that may cast significant doubt upon the Group’s ability to meet its obligations in the foreseeable future and in particular in the next 12 months. 2.2 Basis of consolidation Subsidiaries Subsidiaries are any entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Power is generally presumed with an ownership of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. The Group recognizes any non-controlling interests (“NCI”) at fair value or at the non-controlling interest’s share of the recognized amounts of the acquiree’s identifiable net assets. Net profit or loss and each component of other comprehensive income/ (loss) are attributed to the owners of the parent and to the non-controlling interests. Total comprehensive income/ (loss) of subsidiaries is attributed to owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Subsidiaries are fully consolidated from the date on which control is obtained by the Group. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. Associates These are companies in which the Group has a significant influence over their financial and operating policies and which are neither subsidiaries nor joint ventures. The consolidated financial statements show the Group's portion of results of the associated companies, accounted for using the equity method, starting from the date when the significant influence began. Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the profit/ (loss) and other comprehensive income/ (loss) of the investee. The Group’s share of the investee’s profit/ (loss) is recognized in the consolidated income statement. When significant influence over an associate is lost as a result of a full or partial disposal, the Group derecognise that associate and recognise in profit or loss the difference between, on the one hand, the sum of the proceeds received plus the fair value of any retained interest and, on the other hand, the carrying amount of the investment in the associate at the date significant influence is lost. Consolidation of foreign companies All the assets and liabilities of foreign companies that report in a currency other than the Euro and which fall within the scope of consolidation are translated into Euro using the exchange rate at the end of the reporting period (current exchange rate method). Income and costs are translated using average rates for the reporting period. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss. Transactions eliminated upon consolidation All transactions and balances between Group companies and all unrealized gains and losses arising on intercompany transactions are eliminated on consolidation. Transactions in foreign currency Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign currency exchange rate prevailing at that date. Exchange differences arising on the extinguishment of monetary items or their translation at different rates to those used for their translation upon initial recognition or in previous financial statements are recorded in the income statement. Exchange differences arising on monetary items that are effectively part of the Group's net investment in foreign operations are classified in net equity until the investment’s disposal, at which time such differences are recognized in the income statement as income or expenses. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. The principal foreign currency exchange rates used to translate other currencies into Euro were as follows: COUNTRY ISO Average for the At Average for the At Average for the At 2022 2022 2021 2021 2020 2020 CHINA CNY 7.0788 7.3582 7.6282 7.1947 7.8747 8.0225 UNITED STATES USD 1.0530 1.0666 1.1827 1.1326 1.1422 1.2271 MEXICO MXN 21.1869 20.8560 23.9852 23.1438 24.5194 24.4160 DENMARK DKK 7.4396 7.4365 7.4370 7.4364 7.4542 7.4409 BRAZIL BRL 5.4399 5.6386 6.3779 6.3101 5.8943 6.3735 SWITZERLAND CHF 1.0047 0.9847 1.0811 1.0331 1.0705 1.0802 JAPAN JPY 138.0274 140.6600 129.8767 130.3800 121.8458 126.4900 2.3 Main accounting policies, estimates and assumptions Current and non-current The Group in its consolidated statements of financial position presents assets and liabilities as separate classifications in current and non-current. An asset is current when it is: (i) expected to be realized or intended to be sold or consumed in the normal operating cycle; (ii) held primarily for the purpose of trading; (iii) expected to be realized within twelve months after the reporting period or (iv) cash or cash equivalent. All other assets are classified as non-current. A liability is current when it is: (i) expected to be settled in the normal operating cycle, (ii) held primarily for the purpose of trading; (iii) due to be settled within twelve months after the reporting period or (iv) there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. Goodwill Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed in a business combination). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, that is performed at least annually, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination. Impairment test consists in the comparison of the recoverable amount of each CGU, over which goodwill has been allocated for monitoring purposes, with their corresponding carrying amount of net assets including goodwill. The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. The fair value less costs to sell is the price that would be received from the sale of an asset or group of assets in an orderly transaction between market participants at the measurement date, less costs to sell. These values are determined on the basis of market data (stock market prices or comparison with similar listed companies, with the value attributed to similar assets or companies in recent transactions) or, in the absence of such data, on the basis of discontinued cash flows as determined by a market participant. The value in use is based on discounted future cash flows net of income taxes, calculated as follows: - future cash flows are estimated based on actual cash flows for the current year, the annual budget for the following year and mid-term projections based on previous years’ cash flows, management expectations and plans, and past experience; subsequent years are extrapolated with a perpetuity growth rate; - the Group discount rate is determined on the basis of market information on the cost of capital and the specific risk of the industry ( Weighted Average Cost of Capital, WACC ). These procedures are in accordance with IAS 36 - Impairment of assets , an impairment loss is recognized if the recoverable amount is lower than the carrying amount. An impairment loss recognized for goodwill cannot be reversed in a subsequent period. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. Fair Value Measurement In accordance with IFRS 13 – Fair Value Measurement , the Group measures financial instruments such as derivatives, and non-financial assets, at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place in the principal market or, in the absence of a principal market, in the most advantageous market for the asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: - Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities; - Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; - Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Recognition of revenue The Group is in the business of production and distribution of products and processes to provide integrated solutions for pharma and healthcare. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. Based on the five-step model introduced in IFRS 15 - Revenue from contracts with customers , the Company recognizes revenue after the following requirements have been met: a) the parties have approved the contract (in writing, orally or in accordance with other common commercial practices) and are committed to fulfilling the respective performance obligations; an agreement between the parties which creates rights and obligations regardless of the form of the agreement has, therefore, been created; b) the rights of each of the parties in relation to the services to be transferred can be identified; c) the payment terms for the goods or services to be transferred can be identified; d) the contract has commercial substance; e) it is probable that the Company will receive the consideration to which it is entitled in exchange for the services transferred to the customer. If the consideration referred to in the contract has a variable component, the Company will estimate the amount of the consideration it will be entitled to in exchange for the services transferred to the customer. Revenue from the sale of products in the Biopharmaceutical and Diagnostic Solution segment Revenue from the sale of products in the Biopharmaceutical and Diagnostic Solution segment is mainly recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the products at the customer’s location and generally considering applicable Incoterms. The normal credit term is 60 to 90 days upon delivery. The Group enters in certain contracts whereby it provides customer with the right to access certain intellectual properties for a defined short period of time. These contracts do not result in additional performance obligations for the Group and have been assessed to result in revenue to be recognized over the time the customer can benefit from the access to the intellectual property. In determining the transaction price for the sale of glass and plastic products, both part of the Biopharmaceutical and Diagnostic Solution segment, the Group considers the effects of variable consideration, existence of a significant financing component, non-cash consideration, and consideration payable to the customer. If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The Group estimates the impact of potential returns from customers based on the Group’s right of return policies and practices along with historical data on returns, in order to determine the amount of variable consideration that can be included in the transaction price and recognized as revenue. A refund liability is recognized for the goods that are expected to be returned. There are no post-delivery obligations other than product warranties, if required by local law; these warranties do not represent a separate performance obligation and are accounted for applying IAS 37 – Provisions, Contingent Liabilities and Contingent Assets . Any advance payments or deposits from customers are not recognized as revenue until the control of the relevant good is transferred to the customer. Biopharmaceutical and Diagnostic Solution segment also develops, contracts for and sells to customers molds, tools and equipment necessary to produce plastic products. If the tooling is highly customized with no alternative use to the Group, and the Group has an enforceable right to payment for performance completed to date, revenue is recognized over time by measuring progress towards completion using the input method based on costs incurred relative to total estimated costs to completion consistently with transfer of control. Otherwise, revenue for the molds, tools and equipment is recognized at the point in time when the performance obligations are satisfied by transferring of control. Revenue from the sale of products in the Engineering segment Revenue from the sale of products in the Engineering segment is recognized at the point in time or over the time, accordingly to terms and conditions of the customer’s contract. The Group recognizes revenue from customer-specific construction contracts of the engineering system division over the time as the performance does not create an asset with an alternative use and the Group has an enforceable right to payment for performance completed to date. When it is not possible to consider the enforceable right to payment for performance completed to date, revenue is recognized at a point in time. For revenue recognized over time, revenue is recognized by applying a method of measuring progress toward complete satisfaction of the related performance obligation. When selecting the method for measuring progress, the Group select the method that best depicts the transfer of control of goods or services promised to customers. Engineering revenue is recorded under an input method, which recognizes revenue on the basis of efforts or inputs to the satisfaction of a performance obligation (for example, resources consumed, labor hours expended, costs incurred, time elapsed, or machine hours used) relative to the total expected inputs to the satisfaction of that performance obligation. The input method that we use is based on costs incurred, using the percentage of completion method (or expected cost plus a margin approach). The Group determines the applicable stage of completion based on the portion of contract costs incurred for work performed to date relative to the estimated total contract costs (cost to cost method). Engineering revenue can be generated from contracts with multiple performance obligations. When a sales agreement involves multiple performance obligations, each obligation is separately identified, and the transaction price is allocated based on the amount of consideration the Group expect to be entitled in exchange for transferring the promised good or service to the customer. If the stage of completion of a customer-specific contract cannot be estimated reliably, contract revenue is recognized to the extent of contract costs incurred that are likely to be recoverable. Engineering’s revenue also include after-sales services, those mainly consists in the supply of spare parts to customers for machinery and equipment sold, other than maintenance activity on the machines sold. Such revenue is recognized at a point in time. Contract costs are recognized in profit or loss as incurred unless they create an asset which generates or enhances resources that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately in the consolidated income statement following requirements on onerous contracts in IAS 37 . Costs to obtain a contract According to IFRS 15 the Group recognizes incremental costs of obtaining a contract as an asset if the required criteria are met. Any capitalized contract costs assets is amortized on a systematic basis that is consistent with the entity’s transfer of the related goods or services to the customer. The Group present these costs in the statement of financial position as a separate class of intangible asset, with the amortization in the same line item as amortization of intangible assets within the scope of IAS 38 - Intangible Assets . Capitalized contract costs are subject to an impairment assessment at the end of each reporting period. Impairment losses are recognized in profit or loss. Government grants Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. The Group has elected to present the grant in the statement of financial position as other liability, which is recognized in profit or loss on a systematic and rational basis over the useful life of the asset. The Group has chosen to present grants related to an expense item as other operating income in the statement of profit or loss. Trade receivables A receivable is the entity’s right to consideration that is unconditional. A right to consideration is unconditional if the passage of time is required before payment of that consideration is due. Contract assets The entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. Contract liabilities A contract liability is the entity’s obligation to transfer goods or services to a customer for which the entity has received consideration. Presentation of Contract assets and liabilities Contract assets and liabilities are determined at the contract level and not at the performance obligation level. As such, an asset or liability for each performance obligation within a contract is not separately recognized, but they are aggregated into a single contract asset or liability. Contract asset or contract liability positions are determined for each contract on a net basis. Cost of sales Cost of sales comprises expenses incurred in the manufacturing and distribution of products. The remaining costs principally include depreciation, amortization and transportation costs. Transaction costs for Listing fees In accordance with IAS 32 - Financial instrument: presentation , the transaction costs of an equity transaction are accounted for as a deduction from equity, to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. Transaction costs relate jointly to offering of share and stock exchange listing of new share have been allocated to those transactions using a basis of allocation that is rational and consistent with similar transactions. Income (and deferred) taxes Income taxes include all the taxes calculated on taxable profits of the Group. Income taxes are recorded in the income statement, except to the extent that they relate to a business combination, or items recognized directly in equity or in other comprehensive income. Current taxes are calculated on the basis of the tax laws enacted or substantially enacted at the reporting date in the countries where the Group operates and generates taxable income. Current tax receivables and payables are measured at the amount expected to be recovered or paid to the tax authorities. Italian Regional Income Tax (“IRAP”) is recognized within income tax expense. IRAP is calculated on a measure of income defined by the Italian Civil Code as the difference between operating revenue and costs, before financial income and expense, and in particular before the cost of fixed-term employees, credit losses and any interest included in lease payments, for the Italian components of the Group only. IRAP is applied on the tax base at 3.9 % for the years ended December 31, 2021 and December 31, 2022. Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except: - When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; - In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except: - When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. - In respect of deductible temporary differences associated with investments in subsidiaries, and associates, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available, against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. In assessing the feasibility of the realization of deferred tax assets, management considers whether it is probable that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and the tax loss carried-forwards are utilized. Estimating future taxable income requires estimates about matters that are inherently uncertain and requires significant management judgment, and different estimates can have a significant impact on the outcome of the analysis. Changes in the assumptions and estimates related to future taxable income, tax planning strategies and scheduled reversal of deferred tax liabilities could affect the recoverability of the deferred tax assets. If actual results differ from such estimates and assumptions the Group financial position and results of operation may be affected. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Any uncertainty regarding tax treatments is considered in the tax calculation in accordance with the requirements in IFRIC 23 - Uncertainty over Income Tax Treatments whereby an entity considers whether it is probable that a taxation authority will accept an uncertain tax treatment. If the Group concludes that the position is not probable of being accepted, the effect of uncertainty is reflected in the income taxes. Dividend The Company recognizes a liability to pay a dividend when the distribution is authorized and the distribution is no longer at the discretion of the Company. As per the corporate laws of Italy, a distribution is authorized when it is approved by the shareholders. A corresponding amount is recognized directly in equity. Other intangible assets Intangible assets, other than goodwill, acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and method for an intangible asset with a finite useful life are reviewed at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the income statement in the expense category that is consistent with the function of the intangible assets. Developments |
Changes in Accounting Policies
Changes in Accounting Policies and Disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Changes in Accounting Policies and Disclosures | 3. Changes in accounting policies and disclosures New accounting standards The principles and standards utilized in preparing these consolidated financial statements have been consistently applied through all periods presented, with the exception of the new standards and interpretations that are effective for reporting periods beginning on January 1, 2022, described below. New endorsed standards, amendments and interpretations The Group adopted the following amendments and interpretations and effective for annual periods beginning on January 1, 2022 but did not require changes to accounting policies or retrospective adjustments. - Amendments to IFRS 3 - Reference to the Conceptual Framework , - Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use, - Amendments to IAS 37 - Onerous Contracts – Costs of Fulfilling a Contract. Amendments to IFRS 3 - Reference to the Conceptual Framework In May 2020, the IASB issued Amendments to IFRS 3 - Business Combinations - Reference to the Conceptual Framework . The amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 without significantly changing its requirements. The Board also added an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC 21 - Levies , if incurred separately. At the same time, the Board decided to clarify existing guidance in IFRS 3 for contingent assets that would not be affected by replacing the reference to the Framework for the Preparation and Presentation of Financial Statements. The amendments are effective for annual reporting periods beginning on or after January 1, 2022 and apply prospectively. The amendments did not have a material impact on the Group. Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use In May 2020, the IASB issued IAS 16 - Property, Plant and Equipment - Proceeds before Intended Use , which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendment is effective for annual reporting periods beginning on or after 1 January 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. The amendments did not have a material impact on the Group. Amendments to IAS 37 - Onerous Contracts - Costs of Fulfilling a Contract In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a “directly related cost approach”. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and Administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The amendments are effective for annual reporting periods beginning on or after January 1, 2022. The amendments did not have a material impact on the Group. New standards, amendments and interpretations not yet effective Amendments to IAS 1 - Classification of Liabilities as Current or Non-current In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (the “2020 amendments”). The 2020 amendments clarified aspects of how entities classify liabilities as current or non-current; especially how an entity assesses whether it has the right to defer settlement of a liability when that right is subject to compliance with specified conditions within twelve months after the reporting period. In July 2020, due to the Covid pandemic the IASB issued Classification of Liabilities as Current or Non-current – Deferral of Effective Date which deferred the application date of the 2020 amendments to annual reporting periods starting on or after January 1, 2023. In December 2020, after informal feedback and enquiries received from stakeholders, the IFRS Interpretations Committee issued a tentative agenda decision clarifying how the 2020 amendments where to be applied for liabilities with covenants in particular fact patterns. Respondents to the tentative agenda decision raised concerns about the outcomes and potential consequences of the 2020 amendments in some situations (e.g., when covenants are negotiated that will have to be complied with after the reporting period end due to seasonality reasons). The IFRS Interpretation Committee reported this feedback to the IASB, highlighting new information (e.g. the seasonality issue) that the IASB had not considered when developing the 2020 amendments. In October 2022, after having issued its Exposure Draft ED/2021/9 Non-current Liabilities with Covenants in November 2021, the IASB issued Amendments to IAS 1: Non-current Liabilities with Covenants which amended parts of the 2020 amendments with the aim to improve the information an entity provides when it has the right to defer settlement of a liability arising from a loan arrangement for at least twelve months subject to compliance with covenants, in addition to addressing concerns about the classification of such liabilities as current or non-current. The Amendments provide enhanced clarity relating to the issue of settlement by adding new guidance in IAS 1. The Amendments provide enhanced guidance on the interpretation of right to defer by amending existing requirements and adding guidance in IAS 1. The Amendments also provide enhanced information for users by requiring disclosures about the existing covenants and facts and circumstances, if any that indicate the entity may have difficulty complying with covenants. Applying the Amendments an entity shall: (a) classify a liability as current, when one or more of the criteria in paragraph 69(a) to (c) of IAS 1 is met or, when it does not have the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period (see paragraph 69(d) of IAS 1); (b) classify a liability as current or non-current unaffected by management’s intent or expectations about whether the entity will exercise its right to defer settlement (guidance in new paragraphs 75A of IAS 1); (c) apply enhanced guidance on the notion of settlement (guidance in new paragraphs 76A and 76B of IAS 1); (d) apply new guidance in paragraphs 72A and 72B of IAS 1, partly amended guidance in paragraphs 73 and 74 of IAS 1 and the guidance in paragraph 75 of IAS 1 when considering whether it has the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period. A short description of the content of the new and amended requirements is that an entity considers the covenant in a loan arrangement if the entity is required to comply with the covenant on or before the end of the reporting period, and does not consider the covenant in a loan arrangement if the entity is only required to comply with the covenant based on facts and circumstances after the reporting period; (e) provide certain disclosures when it has classified a liability arising from a loan arrangement as non-current and the right is subject to the entity complying with covenants within twelve months after the reporting period (requirements in new paragraph 76ZA of IAS 1); (f) apply enhanced guidance (in amended paragraph 76 of IAS 1) on disclosures in case of non-adjusting events in accordance with IAS 10 Events after the reporting period. The Amendments are effective for annual reporting periods beginning on or after January 1, 2024 with earlier application permitted. If an entity decides to apply early any parts of the Amendments, then the entity has to disclose that fact and has to early apply all of the Amendments from the same date. An entity applies the Amendments retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Amendments to IAS 8 - Accounting Policies, Changes to Accounting Estimates and Errors On 12 February 2021, the IASB issued amendments to IAS 8 Accounting Policies, Changes to Accounting Estimates and Errors, in which it introduces a new definition of ‘accounting estimates’. The amendments are designed to clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. The amendments become effective for annual reporting periods beginning on or after 1 January 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments are not expected to have a material impact on the Group. Amendments to IAS 1 - Presentation of Financial Statements In February 2021, the IASB issued amendments to IAS 1 Presentation of Financial Statements in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The IASB also issued amendments to IFRS Practice Statement 2 Making Materiality Judgements (the PS) to support the amendments in IAS 1 by explaining and demonstrating the application of the ‘four-step materiality process’ to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023. The amendments are not expected to have a material impact on the Group. Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction In May 2021, the IASB issued amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction, that clarify the accounting of deferred tax on transactions such as leases and decommissioning obligations. The main change in Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) is an exemption from the initial recognition exemption provided in IAS 12.15(b) and IAS 12.24. Accordingly, the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition (this is also explained in the newly inserted paragraph IAS 12.22A). The amendments to IAS 12 are applicable for annual periods beginning on or after 1 January 2023. The amendments are not expected to have a material impact on the Group. |
Scope of consolidation
Scope of consolidation | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Significant Investments in Subsidiaries and Associates [Abstract] | |
Scope of consolidation | 4. Scope of consolidation Stevanato Group S.p.A. is the parent company of the Group and it holds, directly and indirectly, interests in the Group’s main operating companies. The Group’s scope of consolidation at December 31, 2022 and 2021 is as follows: Subsidiaries The consolidated financial statements of the Group include the following list of company directly or indirectly controlled: % equity interest Name Segment Description Country of incorporation Type of control 2022 2021 Nuova Ompi S.r.l. Biopharmaceutical Production of drug containment solutionss and development of integrated solutions for the pharmaceutical industry Italy Direct 100 % 100 % Spami S.r.l. Engineering Production plant and machinery Italy Direct 100 % 100 % Stevanato Group International a.s. Holding Service/Subholding company Slovakia Direct 100 % 100 % Medical Glass a.s. Biopharmaceutical Production of drug containment solutions Slovakia Indirect 99.74 % 99.74 % Stevanato Group N.A. S. de RL de CV Biopharmaceutical Service company Mexico Indirect 100 % 100 % Ompi N.A. S. de RL de CV Biopharmaceutical Production of drug Mexico Direct 30.76 % 30.76 % containment solutions Indirect 69.24 % 69.24 % Ompi of America inc. Biopharmaceutical Sale of drug containment solutions and analytical services USA Direct 83.73 % 0 % Indirect 16.27 % 100 % Ompi do Brasil I. e C. de Biopharmaceutical Production of drug Brazil Direct 79 % 79 % Em. Far. Ltda containment solutions Indirect 21 % 21 % Innoscan A/S Engineering Production plant and machinery Denmark Indirect — 100 % Ompi Pharm. Packing Techn. Co. Ltd Biopharmaceutical Production of drug containment solutions China Indirect 100 % 100 % SVM Automatik A/S Engineering Production plant and machinery Denmark Indirect 100 % 100 % Medirio SA Biopharmaceutical Research and development Switzerland Indirect 100 % 100 % Balda Medical Gmbh Biopharmaceutical Production of in-vitro diagnostic solutions Germany Direct 100 % 100 % Balda C. Brewer Inc. Biopharmaceutical Production of in-vitro diagnostic solutions USA Indirect 100 % 100 % Balda Precision Inc. Biopharmaceutical Production metal components USA Indirect 100 % 100 % Ompi of Japan Co., Ltd. Biopharmaceutical Sale of drug containment solutions Japan Direct 51 % 51 % The scope of consolidation as at December 31, 2022 is essentially unchanged compared to December 31, 2021. On December 31, 2022, the extraordinary shareholders' meetings held at the Innoscan A/S and SVM Automatik A/S approved the merger of the non-surviving company Innoscan A/S into the surviving company SVM Automatik A/S. The transaction is effective for accounting purposes as of January 1, 2022. Non-controlling interests The non-controlling interests as at December 31, 2022 and 2021 and the net profit attributable to non-controlling interests for the years ended December 31, 2021 and 2022 relate to Ompi of Japan Co., Ltd. and Medical Glass a.s.. For further details refer to Note 36. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segment Information | 5. Segment Information Stevanato Group business operations are organized into two reportable segments, based on their specific products and services: - Biopharmaceutical and Diagnostic Solutions, which includes the products, processes and services developed and provided in connection with the containment and delivery of pharmaceutical and biotechnology drugs and reagents (such as vials, cartridges, syringes and drug delivery systems like pen injectors, auto injectors and wearables), as well as the production of diagnostic consumables; - Engineering, which includes the equipment and technologies developed and provided to support the end-to-end pharmaceutical, biotechnology and diagnostic manufacturing processes (assembly, visual inspection, packaging and serialization and glass converting) . In 2022, Stevanato Group generated 81 % of total sales from the Biopharmaceutical and Diagnostic Solutions segment ( 82 % in 2021), and 19 % from the Engineering segment ( 18 % in 2021). The Biopharmaceutical and Diagnostic Solutions Segment deals mainly with the design and production of glass containers and packaging solutions, based on sophisticated technical and industrial processes. The production of Drug Containment Solutions (DCS) accounts for more than 50 % of total sales an d represents the Group's core business. The glass manufacturing process multiplies complex and requires sophisticated industrial processes, to form, treat, inspect and package drug containment and delivery products. The critical phases of Stevanato Group's business model are managed internally while only the production of glass tubes (which serve as the starting point of the internal production process) and the sterilization process for the final products are outsourced to a trusted network of third parties’ suppliers. Drug Containment Solutions includes ampoules, vials, ready-to-fill containers, cartridges and pre-fillable syringes. Within the same segment there is also the production of In-Vitro Diagnostic (IVD) Solutions and Drug Delivery Systems (DDS). This sector is particularly complex as it requires constant cooperation with each customer for the development of the specific products they need. The production of plastic products requires development of specific molds based on each customer's requirements and specifications, which molds are then used for stamping of the final product. The product portfolio is highly diversified and includes different products for pharmaceutical, medical and diagnostic industries. Additionally, the Group has recently entered the drug delivery system business offering pen injectors, dry powder inhalers, auto-injectors and wearable injectors. Stevanato Group also provides analytical services and regulatory support exclusively to its customers, as ancillary services to the supply of DCS. Stevanato Group's analytical testing facilities in Piombino Dese, Italy, and Boston, Massachusetts, focus on investigating the physiochemical properties of primary packaging materials and components and studying the interactions between drug containment solutions and the drugs they will contain. The Analytical Services provided include chemical analysis, surface characterization, container performance and interaction, testing on drug delivery systems and customized testing based on the specific need of each client. The Engineering Segment designs, develops and produces equipment and machinery for both in-house use and the sale to customers (which includes some of Stevanato Group's competitors). Stevanato Group is driving continuous technological advancements so that its equipment can consistently meet the client's stringent specification requirements. The Group assembles equipment and machinery and develops the software necessary for its functioning beyond working closely with the customers to install the machinery and equipment in their production sites, ensuring they are correctly calibrated and properly functioning. Engineering products include glass converting machinery, visual inspection machinery, assembly platforms, secondary packaging machinery. The after-sales services, mainly consists in the provision of spare parts for our machinery and equipment other than maintenance activity on the machines sold. The Group also provides professional project management services, supporting its customers in designing their plant layout for the production of bulk and ready-to-use pharmaceutical primary packaging. The criteria applied to identify the operating segments are consistent with the information reviewed by the Chief Executive Officer (the Group’s “Chief Operating Decision Maker”) in making decisions regarding the allocation of resources and to assess performance. As at and for the year ended December 31, 2022 Biopharmaceutical Engineering Total Adjustments, Consolidated (EUR thousand) External Customers 799,652 184,028 983,680 — 983,680 Inter-Segment 1,585 115,472 117,057 ( 117,057 ) — Total Revenue 801,237 299,500 1,100,737 ( 117,057 ) 983,680 Cost of Sales 526,370 234,826 761,196 ( 97,317 ) 663,879 Gross Profit 274,867 64,674 339,541 ( 19,740 ) 319,801 Other operating income 18,985 13 18,998 ( 148 ) 18,850 Selling and Marketing expenses 12,287 2,430 14,717 11,369 26,086 Research and Development expenses 25,169 6,542 31,711 2,676 34,387 General and Administrative expenses 73,816 14,431 88,247 ( 2,500 ) 85,747 Operating Profit 182,580 41,284 223,864 ( 31,433 ) 192,431 Total assets 1,259,124 370,851 1,629,975 29,723 1,659,698 Total liabilities 511,022 256,835 767,857 ( 104,069 ) 663,788 As at and for the year ended December 31, 2021 Biopharmaceutical Engineering Total Adjustments, Consolidated (EUR thousand) External Customers 694,038 149,882 843,920 — 843,920 Inter-Segment 1,134 68,979 70,113 ( 70,113 ) — Total Revenue 695,172 218,861 914,033 ( 70,113 ) 843,920 Cost of Sales 465,304 176,604 641,908 ( 63,393 ) 578,515 Gross Profit 229,868 42,257 272,125 ( 6,720 ) 265,405 Other operating income 9,386 — 9,386 — 9,386 Selling and Marketing expenses 7,736 3,196 10,932 9,516 20,448 Research and Development expenses 23,467 4,263 27,730 1,886 29,616 General and Administrative expenses 58,996 11,898 70,894 ( 8,392 ) 62,502 Operating Profit 149,055 22,900 171,955 ( 9,730 ) 162,225 Total assets 885,733 253,767 1,139,500 279,342 1,418,842 Total liabilities 335,919 163,661 499,580 77,603 577,183 As at and for the year ended December 31, 2020 Biopharmaceutical Engineering Total Adjustments, Consolidated (EUR thousand) External Customers 564,931 97,106 662,037 — 662,037 Inter-Segment 1,096 56,327 57,423 ( 57,423 ) — Total Revenue 566,027 153,433 719,460 ( 57,423 ) 662,037 Cost of Sales 398,411 121,332 519,743 ( 51,882 ) 467,861 Gross Profit 167,616 32,101 199,717 ( 5,541 ) 194,176 Other operating income 5,193 31 5,224 7 5,230 Selling and Marketing expenses 9,762 2,842 12,604 7,440 20,044 Research and Development expenses 12,080 3,056 15,136 2,254 17,390 General and Administrative expenses 48,324 9,641 57,965 899 58,863 Operating Profit 102,643 16,593 119,236 ( 16,127 ) 103,109 Inter-segment revenue and costs are eliminated upon consolidation and reflected in the “adjustments, elimination and unallocated items” column. The most relevant adjustment in revenue relates to the sales of the Engineering’s equipment to the Biopharmaceutical and Diagnostic Solutions. The reconciliation from total segments Operating Profit to consolidated Profit Before Tax is as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Segments Operating Profit 223,864 171,955 119,236 Finance income 25,050 21,709 14,926 Finance expense 29,840 18,808 21,848 Share of profit of an associate — 547 92 Inter-segment elimination ( 31,433 ) ( 9,730 ) ( 16,127 ) Profit Before Tax 187,641 165,673 96,279 For the years ended December 31, 2022, 2021 and 2020, no external customer exceeds 10% of group’s revenue. Year ended December 31, 2022, versus year ended December 31, 2021: For the year ended December 31, 2022 revenue generated by the Biopharmaceutical and Diagnostic Solutions segment increases by 15.3 % (EUR 106,065 thousand) mainly driven by increased revenue from premium priced, high-value solutions and the positive effect of forex of EUR 26,961 thousand. Gross profit margin of this segment increases from 33.1 % in 2021 to 34.3 % in 2022 due to the shift of revenue towards more accretive high value solutions. Biopharmaceutical and Diagnostic Solutions segment operating profit margin increases from 21.4 % for the year ended December 31, 2021 to 22.8 % for the year ended December 31, 2022. For the year ended December 31, 2022, Engineering Segment revenue increases by EUR 80,639 thousand or 36.8 % primarily as a result of a steep increase in the inter-segment revenue to support the build out of the Group’s global capacity expansion and solid growth from external customers across all business lines including after-sales. Year ended December 31, 2021, versus year ended December 31, 2020: Revenue increase by 22.8 % (EUR 129,145 thousand) in Biopharmaceutical and Diagnostic Solutions segment is due both to the increase in sales volume of premium priced high-value solutions and to a general increase in demand for the other containment and delivery solutions, partially due to the COVID-19 impact on our industry. Gross profit margin of this segment increases from 29.6 % in 2020 to 33.1 % in 2021 due to the shift of revenue towards more accretive high value solutions and increased production efficiencies. Biopharmaceutical and Diagnostic Solutions segment operating profit margin increases from 18.1 % for the year ended December 31, 2020 to 21.4 % for the year ended December 31, 2021. With reference to Engineering segment, the EUR 65,428 thousand increase in revenue ( 42.6 %) is mainly due to the growth in all business lines of the segment, glass converting, visual inspection machinery, assembly platforms and packaging machinery sales, as well as after sales services. Engineering gross profit margin decreases to 19.3 % in 2021 from 20.9 % in 2020 which was bolstered by highly accretive short-term projects that were completed under accelerated timeframes in the last quarter of the year. Engineering segment operating profit margin decreases from 10.8 % for the year ended December 31, 2020 to 10.5 % for the year ended December 31, 2021. Unallocated assets increase from EUR 2,396 thousand to EUR 279,342 thousand mainly due to the proceeds from IPO received by Stevanato Group S.p.A. For further detail refer to Note 25 . Unallocated liabilities decrease from EUR 217,890 thousand to EUR 77,603 thousand mainly due to the decrease in employee benefits liabilities following the early termination of the 2012-2021 and 2018-2022 incentive plans and the decrease in financial liabilities following the early repayment of the existing floating rate bank loans by Stevanato Group S.p.A.. For further details refer to Note 30 and Note 28 respectively. |
Revenue from Contract with Cust
Revenue from Contract with Customers | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Revenue from contract with customers | 6. Revenue from contract with customers Disaggregated revenue information The table below shows the disaggregation of the Group’s revenue from contracts with external customers: For the year ended December 31, 2022 Biopharmaceutical and Diagnostic Solutions Engineering Total (EUR thousand) Type of goods or service Revenue from high-value solutions 293,229 — 293,229 Revenue from other containment and delivery solutions 506,423 — 506,423 Revenue from engineering — 184,028 184,028 Total revenue from contracts with customers 799,652 184,028 983,680 Geographical markets EMEA 502,066 97,646 599,712 APAC 70,332 29,930 100,262 North America 198,153 52,685 250,838 South America 29,101 3,767 32,868 Total revenue from contracts with customers 799,652 184,028 983,680 Timing of revenue recognition Goods and services transferred at a point in time 780,903 17,179 798,082 Goods and services transferred over time 18,749 166,849 185,598 Total revenue from contracts with customers 799,652 184,028 983,680 For the year ended December 31, 2021 Biopharmaceutical and Diagnostic Solutions Engineering Total (EUR thousand) Type of goods or service Revenue from high-value solutions 207,815 — 207,815 Revenue from other containment and delivery solutions 486,223 — 486,223 Revenue from engineering — 149,882 149,882 Total revenue from contracts with customers 694,038 149,882 843,920 Geographical markets EMEA 415,489 77,985 493,474 APAC 79,463 38,284 117,747 North America 175,231 31,730 206,961 South America 23,855 1,883 25,738 Total revenue from contracts with customers 694,038 149,882 843,920 Timing of revenue recognition Goods and services transferred at a point in time 667,717 35,477 703,194 Goods and services transferred over time 26,321 114,405 140,726 Total revenue from contracts with customers 694,038 149,882 843,920 For the year ended December 31, 2020 Biopharmaceutical and Diagnostic Solutions Engineering Total (EUR thousand) Type of goods or service Revenue from high-value solutions 146,332 — 146,332 Revenue from other containment and delivery solutions 418,599 — 418,599 Revenue from engineering — 97,106 97,106 Total revenue from contracts with customers 564,931 97,106 662,037 Geographical markets EMEA 338,564 59,575 398,139 APAC 54,433 12,702 67,135 North America 151,418 23,501 174,919 South America 20,516 1,328 21,844 Total revenue from contracts with customers 564,931 97,106 662,037 Timing of revenue recognition Goods and services transferred at a point in time 553,789 38,417 592,207 Goods and services transferred over time 11,142 58,689 69,830 Total revenue from contracts with customers 564,931 97,106 662,037 The Group revenue are divided into two main segments: - Biopharmaceutical and Diagnostic Solutions: this segment includes all the products and services developed and provided for containment and delivery of pharmaceutical drugs and diagnostic reagents. This segment is further divided into two sub-categories: o High-value solutions: wholly owned, internally developed products, processes and services for which the Group hold intellectual property rights or have strong proprietary know-how and are characterized by particular complexity or high performance; o Other containment and delivery solutions. - Engineering: this segment includes all the equipment and technologies developed and provided to support the end-to-end pharmaceutical and diagnostic manufacturing processes. Consolidated revenue at current exchange rates increase by EUR 139,760 thousand, or 16.6 %, to EUR 983,680 thousand for the year ended December 31, 2022, compared to EUR 843,920 thousand for the year ended December 31, 2021, which in turn increase by EUR 181,883 thousand, or 27.5 %, compared to EUR 662,037 thousand for the year ended December 31, 2020. Currency movements, mainly in USD, had a positive impact in 2022. Excluding this effect, consolidated revenue at constant currency exchange rates increase by 13.4 % for th e year ended December 31, 2022. With reference to Biopharmaceutical and Diagnostic Solutions segment, revenue from high-value solutions increases by EUR 61,483 thousand, or 42.0 % to EUR 207,815 thousand for the year ended December 31, 2021, compared to EUR 146,332 thousand for the year ended December 31, 2020; revenue on high-value solutio ns further increases by EUR 85,414 thousand or 41.1 % to EUR 293,229 thousand for the year ended December 31, 2022. Revenue in other containment and delivery solutions increases by EUR 67,624 thousand, or 16.2 %, from EUR 418,599 thousand for the year ended December 31, 2020 to EUR 486,223 thousand for the year ended December 31, 2021 and by further EUR 20,200 thousand, or 4.2 %, to EUR 506,423 thousand for the year ended December 31, 2022. Engineering segment revenue from contracts with external customers increases by EUR 52,776 thousand, or 54.3 %, to EUR 149,882 thousand for the year ended December 31, 2021 compared to EUR 97,106 thousand for the year ended December 31, 2020; revenue further increases by EUR 34,146 thousand, or 22.8 %, to EUR 184,028 th ousand for the year ended December 31, 2022 driven by higher sales to external customers across all business lines, including visual inspection systems, assembly and packaging machines, glass converting machines, and aftersales activities. For the year ended December 31, 2022, consolidated revenue increases in North America (by EUR 43,877 thousand or 21.2 %), in EMEA (by EUR 106,238 thousand or 21.5 %), in South America (by EUR 7,130 thousand or 27.7 %) and decreases in the APAC market (by EUR 17,485 thousand or 14.8 %). For the year ended December 31, 2022, revenue related to goods and services transferred over time decreases by EUR 7,572 thousand, or 28.8 % , in the In-Vitro Diagnostic business. Revenue recognized over time increases in the Engineering segment by EUR 52,444 thousand, or 45.8 %, mainly due to new contracts and continued progress on orders where the Group has an enforceable right to payment for the performance completed to date. Contract balances The following table provides information on contractual asset from contracts with customer: At December 31, At December 31, 2022 2021 (EUR thousand) Trade Receivables 212,734 165,259 Contract Assets 103,417 62,133 Contract Liabilities ( 14,847 ) ( 18,771 ) Advances From Customers ( 26,568 ) ( 23,616 ) Total 274,736 185,005 The contract assets mainly relate to the Group’s right to consideration for production from construction contracts not yet invoiced as of the balance sheet date. The amount recognized as contract assets are reclassified to trade receivable as soon as the Groups has an unconditional right to consideration. Revenue recognized in the current reporting period relates to carried-forward contract liabilities amounting to EUR 62,563 thousand in 2022 (respectively EUR 11,736 thousand in 2021 and EUR 19,765 thousand in 2020). As of December 31, 2022, the aggregate amount of the transaction price allocated to the remaining performance obligation is EUR 15,276 thousand (EUR 74,996 thousand as of December 31, 2021) and the Group will recognize this revenue as projects are completed, which is expected to occur over the next 12–18 months. |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2022 | |
Cost Of Sales [Abstract] | |
Cost of Sales | 7. Cost of sales Cost of sales are detailed as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Purchases 358,892 296,105 226,997 Change in inventories ( 32,897 ) 9,193 ( 1,739 ) Direct industrial labor 130,637 114,807 107,959 Indirect industrial labor 61,194 50,339 42,794 Industrial depreciation and amortization 53,550 46,258 45,296 Other costs of sales 92,503 61,813 46,554 Total Cost of sales 663,879 578,515 467,861 Cost of sales for the year ended December 31, 2022 amounts to EUR 663,879 thousand (respectively EUR 578,515 thousand in 2021 and EUR 467,861 thousand in 2020), consisting mainly in the cost of materials, components and labor expense related to the production and distribution of goods and services. Cost of sales also include depreciation and amortization of EUR 53,550 thousand (respectively EUR 46,258 thousand in 2021 and EUR 45,296 thousand in 2020). All Cost of sales items increase in the year ended December 31, 2022 as a result of the significant growth in sales volumes. In particular, the increase in purchases includes increases in logistical costs and other factors linked to inflation that impacted the main sources of supply. Industrial depreciation and amortization increase due to the availability for use of machinery installed in the previous months to increase production capacity. Other costs of sales increased mainly due to the increase in subcontracting work and a significant rise in utilities cost, which doubled in 2022 compared to 2021 due to the worldwide increase in natural gas and electricity rates. For the year ended December 31, 2022, cost of sales is also positively affected by EUR 6,465 thousand subsidies granted by the Italian and Slovakian governments meant to businesses and families to cope with the energy prices increase. In particular, companies classified as large consumers of energy and natural gas were granted - under certain conditions - a special subsidy on the price of electricity and natural gas consumed during the year. The grants were given to help offset the significant rise in utilities costs and mitigate the impact to businesses. The grants are in effect through the first quarter of 2023 at which time the government is expected to evaluate a continuation of the grants. |
Other Operating Income
Other Operating Income | 12 Months Ended |
Dec. 31, 2022 | |
Other Operating Income Abstract | |
Other operating income | 8. Other operating income Other operating income for the year ended December 31, 2022 amounts to EUR 18,850 thousand (respectively EUR 9,386 thousand in 2021 and EUR 5,230 thousand in 2020), relating mainly to (i) contributions from customers for pre-feasibility and feasibility study, development and customization of SG proprietary products; (ii) design and samples activities to perform and improve feasibility study on customized containment solutions; (iii) development and validation activities such as closure validation relating to the last project milestones that allow products industrialization; (iv) post development and validation analysis performed on containment and drug delivery solutions to assure safety and quality; (v) manual samples preparation and packaging (vi) contract modification fees and (vii) other recharges. In particular, for the year ended December 31, 2022, other income includes approximately EUR 7.6 million related to contract modifications disclosed in the second and third quarters of 2022, of which a portion was tied to a decrease in COVID-19 related orders. Other operating income also includes a contribution of EUR 3 million from a strategic partner for the joint development of the intellectual property underlying an SG proprietary product which was accrued in the fourth quarter of fiscal year 2022. For the years ended December 31, 2021 and 2020 operating income other than grants amounted to EUR 9,210 thousand and EUR 4,958 thousand respectively. For the year ended December 31, 2022 other operating income includes grants of EUR 156 thousand received by Ompi Pharma Packaging Tech. Co Ltd and Stevanato Group S.p.A.: - grant of EUR 150 thousand for machinery technical renovation to support the implementation of intelligent manufacturing projects; - tax credit of EUR 6 thousand for sanification connected to COVID-19. For the year ended December 31, 2021 other operating income include also EUR 176 thousand related to grants received by Ompi Pharma Packaging Tech. Co Ltd and Nuova Ompi of which: - grant of EUR 106 thousand for machinery technical renovation to support implementation of intelligent manufacturing projects; - tax credit of EUR 28 thousand for sanification connected to COVID-19. For the year ended December 31, 2020 the grants received by Nuova Ompi amounted to EUR 272 thousand are broken down as follows: - EUR 244 thousand from the so-called Sustainable Growth Fund promoted by the Ministry for Productive Activities, in relation to an innovative research project for the development of a series of prototype solutions of innovative glass containers (called Alba) for the primary packaging of parental drugs characterized by the presence of an internal coating; - tax credit of EUR 28 thousand for sanification connected to COVID-19. |
Expenses
Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Expenses | 9. Expenses Expenses are detailed as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Selling and Marketing expenses 26,086 20,448 20,044 Research and Development expenses 34,387 29,616 17,390 General and Administrative expenses 85,747 62,502 58,863 Total Expenses 146,220 112,566 96,297 For the year ended December 31, 2022 Selling and Marketing expenses amount to EUR 26,086 thousand (respectively EUR 20,448 thousand in 2021 and EUR 20,044 thousand in 2020). These expenses are mainly related to personnel expenses for the sales organizations. They also include depreciation and amortization for EUR 722 thousand (respectively EUR 787 thousand in 2021 and EUR 844 thousand in 2020) and release of the provision for bad and doubtful debts for EUR 759 thousand (respectively EUR 933 thousand release in 2021 and EUR 1,084 thousand accrual in 2020) of which EUR 770 thousand as release of the provision for expected credit losses and EUR 11 thousand as a write-off. For the year ended December 31, 2021 the release for expected credit loss amounts to EUR ( 936 ) thousand while the write-off amounts to EUR 3 thousand. For the year ended December 31, 2020 the accrual for expected credit loss amounts to EUR 1,079 thousand and EUR 5 thousand as write-off. Selling and Marketing expenses increase by EUR 5,638 thousand in 2022 compared to the previous year is due to higher costs for business development. This includes industry events, strategic marketing and travel costs, as business development activities returned to pre-pandemic levels during fiscal year 2022. Selling and Marketing expenses slightly increased by EUR 404 thousand in 2021 compared to the previous year due to the higher personnel cost to support the ongoing growth in the business as well as an increase in consultancies and marketing costs linked to travel and trade fairs, partially restarted after the stop in 2020 due to COVID-19 pandemic. This increase was partially offset by the release of bad and doubtful debt provision following the improvement of some positions with external customers. Research and Development expenses amounting to EUR 34,387 thousand for the year ended December 31, 2022 (respectively EUR 29,616 thousand in 2021 and EUR 17,390 thousand in 2020) include costs for research and development activities to support the innovation of products and components and include amortization of capitalized development costs for EUR 3,468 thousand (respectively EUR 3,353 thousand in 2021 and EUR 2,580 thousand in 2020). Research and Development expenses increase by EUR 4,771 thousand in 2022 compared to 2021 is primarily due to an increase in personnel expenses related to new hires and time spent on R&D related activities to maintain and accelerate the Group market-leading position. Research and Development expenses increased by EUR 12,226 thousand in 2021 compared to 2020 primarily due to the structuring of the Drug Delivery Systems business and to the U.S. Technology Excellence Center which became fully operational after the start-up phase in 2020, as well as an increase in personnel expenses due to new hires to sustain and progress the R&D activities launched at group level. For the year ended December 31, 2022, General and Administrative expenses amount to EUR 85,747 thousand (respectively EUR 62,502 thousand in 2021 and EUR 58,863 thousand in 2020) and mainly comprise personnel expenses for administrative functions, consultancies, directors compensation, rental fees as well as, depreciation and amortization for EUR 7,082 thousand (respectively EUR 5,985 thousand in 2021 and EUR 5,383 thousand in 2020), of which amortization of fair value adjustments from purchase price allocations amount to EUR 1,039 thousand (EUR 1,039 thousand in 2021 and in 2020). General and Administrative expenses increase by EUR 23,245 thousand is mainly due to higher labor costs for the year ended December 31, 2022 compared to the year ended December 31, 2021 to support the growth in the business. This was offset by a benefit of EUR 9,884 thousand from the reversal of an accrual in connection with the termination of the incentive plans 2012-2021 and 2018-2022 which were replaced by the new stock grant plan 2021-2027. The effects of the accrual reversal for the year ended December 31, 2021 were partially offset by a EUR 6,526 thousand discretionary, out-of-cycle bonus to personnel. In addition, General and Administrative expenses increase in 2022 compared to 2021 due to an increase in personnel costs linked to the structuring of the Americas Region and to non-recurring, start-up costs amounting to EUR 2,585 thousand mainly related to the new EZ-fill® hub in Fishers, Indiana, U.S.. Finally, the increase in costs associated with the status of being listed on the NYSE, such as insurance and other organizational structure costs, as well as higher IT costs, unfavorably impacted General and Administrative expenses for the year ended December 31, 2022. General and Administrative expenses increased by EUR 3,639 thousand in 2021 compared to 2020 mainly due to the increase in consultancy and insurance costs connected to being a listed company as well as to the increase in depreciation and amortization for the new ERP (Enterprise Resource Planning system) release in some companies of the group. General and administrative expenses include a non-recurring accrual reversal amounting to EUR 9,884 thousand related to cash settled awards under incentive plans 2012-2021 and 2018-2022 (which were terminated early in favor of the new stock grant plan 2021-2027) partially off-set by the non-recurring out of cycle bonus to personnel amounting to EUR 6,526 thousand and by the costs relating to the listing of Stevanato Group shares on NYSE amounting to EUR 794 thousand. Please refer to Note 30 for further details on incentive plans. |
Other Information by Nature
Other Information by Nature | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of attribution of expenses by nature to their function [abstract] | |
Other Information by Nature | 10. Other information by nature The breakdown of the Selling, Research & Development and Administrative expenses by nature is as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Personnel 64,543 46,489 43,731 Other Costs and Incomes 71,164 56,886 42,675 Depreciation and Amortization 11,273 10,124 8,807 Expected Credit Losses ( 760 ) ( 933 ) 1,084 Total Expenses 146,220 112,566 96,297 Depreciation and amortization can be broken down as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Cost of sales 53,550 46,258 45,296 Selling and Marketing expenses 722 787 844 Research and Development expenses 3,468 3,353 2,580 General and Administrative expenses 7,082 5,985 5,383 Total Depreciation & Amortization 64,822 56,383 54,103 For further details on amortization and depreciation for the years ended December 31, 2022 and 2021, reference should be made to the movements in property, plant and equipment, intangible assets and right of use assets. ( Note 17 - 18 - 35 ). |
Finance Income
Finance Income | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Finance Income [Abstract] | |
Finance income | 11. Finance income Finance income are as follows: For the years ended December 31, 2022 2021 2020 (EUR thousand) Interest income from banks deposits 648 538 352 Income from financial discounts 8 18 17 Interest income on loans to associates — 10 20 Other financial income 96 57 295 Gain from the sale of an associate — 12,258 — Foreign currency exchange rate gains 19,995 7,588 11,585 Derivatives revaluation 3,551 950 2,007 Other fair value adjustments 752 290 650 Total finance income 25,050 21,709 14,926 For the year ended December 31, 2021 the Group realized a gain of EUR 12,258 thousand from the sale of the entire share capital of Swissfillon AG, of which the sub holding Stevanato Group International held 26.94 % of the share capital. On October 22, 2021 the sub holding Stevanato Group International signed the shares purchase agreement for the sale and the transfer of all the owned shares in Swissfillon AG for approximately CHF 15.8 million. The Group therefore derecognized this associate and recognized in profit or loss the difference between the sum of the proceeds received and any retained interest, and the carrying amount of the investment in the associate at the date significant influence was lost. |
Finance Expense
Finance Expense | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Finance Expense [Abstract] | |
Finance expense | 12. Finance expense Finance expense are as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Interest on debts and borrowings 3,363 4,286 5,333 Financial discounts and other expenses 102 102 37 Interest on lease liabilities 573 585 624 Financial component IAS 19 118 28 125 Foreign currency exchange losses 19,136 10,172 12,033 Derivatives devaluation 5,966 3,211 2,471 Other fair value adjustments 582 424 1,225 Total finance expense 29,840 18,808 21,848 Finance expenses include bank interest on the Group’s financial debt (recalculated using the amortized cost method) and interest on leases about the portion of financial expenses payable matured in the reporting period on the liabilities, recognized in accordance with IFRS 16 - Leases . Foreign exchange differences are realized, and unrealized gains and losses incurred on transactions in currencies other than the functional currency of the Group; the net foreign currency exchange impact, given by the sum of gains and losses, amounts to EUR 859 thousand for the year ended December 31, 2022, EUR ( 2,584 ) thousand for the year ended December, 31 2021 and EUR ( 448 ) thousand for the year ended December 31, 2020. For the year ended December 31, 2021, foreign currency exchange losses are affected by non-recurring loss amounting to EUR 4,280 thousand related to a derivative financial instrument entered into to reduce the risk of fluctuations in the EUR/USD exchange rate in relation to the IPO proceeds. The net loss on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that did not qualify for hedge accounting. |
Employee Benefits Expense
Employee Benefits Expense | 12 Months Ended |
Dec. 31, 2022 | |
Classes of employee benefits expense [abstract] | |
Employee Benefits Expense | 13. Employee benefits expense Employee benefits expense are detailed as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Included in Cost of sales: Wages and salaries 154,852 134,619 123,773 Social security costs 30,721 25,610 22,720 Pension costs 5,970 4,917 4,260 Share-based payment expense 287 — — Included in Selling and Marketing expenses: Wages and salaries 13,978 12,716 11,522 Social security costs 1,606 1,531 1,278 Pension costs 433 403 363 Share-based payment expense 1,024 — — Included in General and Administrative expenses: Wages and salaries 22,272 26,106 17,313 Social security costs 3,612 3,589 2,900 Pension costs 510 545 545 Cash settled awards — ( 10,831 ) 2,394 Share-based payment expense 5,991 1,740 — Included in Research and Development expenses: Wages and salaries 12,463 9,089 6,327 Social security costs 1,496 1,270 857 Pension costs 358 331 232 Share-based payment expense 800 — — Total employee benefits expense 256,373 211,635 194,484 For the year ended December 31, 2022 personnel costs amount to EUR 256,373 thousand (respectively EUR 211,635 thousand in 2021 and EUR 194,484 thousand in 2020). For the year ended December 31, 2022 personnel costs increased by EUR 44,738 thousand compared to the year ended December 31, 2021. The increase in personnel costs included in Cost of Sales is driven by the increase in personnel to support the growth of the business, annual merit increases, inflationary adjustments and legislative provisions. The increase in personnel costs included in Research and Development is mainly due to the increase in personnel and time spent on R&D activities to maintain and accelerate the Group market-leading position. The increase in General and Administrative personnel expenses for the year ended December 31, 2022 is mainly due to the cost accrued under new stock grant plan 2021-2027, as amended in 2022, and the increase in personnel costs linked to the structuring of Americas Region. The change is further explained considering that the year ended December 31, 2021 was positively affected by a non-recurring accrual reversal of EUR ( 9,884 ) thousand related to cash settled awards under incentive plans 2012-2021 and 2018-2022 (which were terminated early in favor of the new stock grant plan 2021-2027) which was only partially offset by a non-recurring out of cycle bonus to personnel amounting to EUR 6,526 thousand. For further details on "SG Restricted Stock Grant Plan 2021-2027" please refer to Note 30 . For the year ended December 31, 2021 personnel costs increase by EUR 17,151 thousand compared to the year ended December 31, 2020 and are mainly included in Cost of Sales as a consequence of the new hires to support business growth. Personnel costs increase also in Research and Development due to the significant increase in total number of headcounts and related seniority and geographical allocation of new hires needed to support the new organizational structure of the area. The change in personnel costs included in General and Administrative expenses is mainly due to the non-recurring out of cycle bonus to personnel amounting to EUR 6,526 thousand which partially off-set the above mentioned cash settled award release. For the year ended December 31, 2020 the expenses related to cash settled awards amounted to EUR 2,394 thousand, mainly included into the General and Administrative line item. The average size of the Group's workforce during the year is as follows: For the year ended December 31, 2022 2021 2020 Executives 57 51 42 Managers 137 126 113 Employees 4,781 4,284 3,889 Total Workforce 4,975 4,461 4,044 |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Income tax | 14. Income tax Income tax expense is as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Current income tax: Current Taxes 57,400 35,093 28,604 Prior Years Taxes 215 ( 6,544 ) 918 Deferred tax: Deferred Taxes ( 12,990 ) 2,855 ( 11,840 ) Income tax expense reported in the statement of profit or loss 44,625 31,404 17,682 For the year ended December 31, 2022 2021 2020 (EUR thousand) Deferred tax related to items recognized in OCI during in the year: Gains/(losses) from remeasurement of employee of defined benefit plans and of agent termination plans ( 236 ) 26 15 Change in the fair value of hedging instruments ( 2,043 ) ( 653 ) 173 Deferred tax charged to OCI ( 2,279 ) ( 627 ) 188 The table below provides a reconciliation between actual income tax expense and the theoretical income tax expense, calculated on the basis of the applicable corporate tax rate in effect in Italy. For the year ended December 31, 2022 2021 2020 (EUR thousand) Accounting profit before income tax 187,641 165,673 96,279 Statutory income tax rate of 27.9 % 52,202 46,223 26,862 Prior years taxes 215 ( 6,544 ) 918 DTA recognized on tax losses carry-forward 750 ( 1,947 ) ( 41 ) Taxes effect on unremitted earnings 1,488 400 1,248 Step up — — ( 7,926 ) Change notional rate — — 361 Tax grants/not taxable items ( 8,477 ) ( 1,157 ) ( 2,146 ) Tax exemption on gain from the sale of an associate — ( 3,378 ) — Different foreign tax rate effect ( 1,553 ) ( 2,193 ) ( 1,594 ) At the effective income tax rate of 23.78 % ( 18.96 % in 2021, 18.40 % in 2020) 44,625 31,404 17,682 Income tax expense reported in the statement of profit or loss 44,625 31,404 17,682 Effective group's tax rate for the year ended December 31, 2022, increased to 23.78 % compared to 18.96 % for the year ended December 31, 2021 mainly due to the fact that the previous year was positively affected by a relevant non-recurring item (the tax credit deriving from the "Patent Box regime" as described below). For the year ended December 31 2022, the Group benefited from tax grants or similar totaling EUR 8,477 thousand, which are broken down as follows: - EUR 1,641 thousand related to the not taxable energy bonus granted by the Italian Government; - EUR 2,216 thousand related to the so-called ACE effect (e.g. tax benefit on retained earnings and capital increase); - EUR 3,700 thousand related to the so called Industry 4.0. incentives (e.g. on investments in high technology capex), whose main beneficiary is the Italian subsidiary Nuova Ompi S.r.l.; - EUR 920 thousand related to various tax grants/benefits. Effective group’s tax rate slightly increased in 2021 compared to 2020, mainly due to several non-recurring items that affected the income tax expense: - a release of deferred tax assets for EUR 2,421 thousand related to equity movements due to the early termination of legacy incentive plans aimed at a limited number of executives; - in March 2021, the group reached an agreement with Italian Tax Agency regarding the so called "Patent Box regime", resulting in a retroactive EUR 7,559 thousand tax saving for the financial years 2016-2020. The Patent Box regime is a tax exemption related to, inter alia, the use of intellectual property assets. Business income derived from the use of each qualified intangible asset is partially exempted from taxation for both IRES and IRAP purposes. The Patent Box tax benefit relating to the years 2016-2020 is recorded within taxes relating to prior years. - a gain on the sale of the minority interest in Swissfillon AG for EUR 12,258 thousand which is exempt from CIT; - a tax accrual amounting to EUR 900 thousand related to an ongoing tax audit on fiscal year 2016. Unrecognized tax losses as at December 31, 2022 and as at December 31, 2021 amounts to EUR 7,978 thousand and to EUR 3,800 thousand respectively. Deferred tax assets have not been recognized in respect of such tax losses carry-forwards because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom. The breakdown on the timing of tax losses carry-forwards is as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Timing of unrecognized tax losses carry-forwards 2022 — 16 2023 336 320 2024 369 351 2025 331 315 2026 334 318 2027 3,860 274 2028 404 — 2029 129 — Unlimited 2,215 2,206 Total unrecognized tax losses 7,978 3,800 The analysis of deferred tax assets and deferred tax liabilities as at December 31, 2022 and 2021 is as follows: Consolidated statement At December 31, At December 31, 2022 2021 (EUR thousand) Other intangible assets ( 4,179 ) ( 3,167 ) Tangible assets 19,746 12,178 Work in progress ( 12,329 ) ( 5,156 ) Revaluations of investment properties to fair value 6,807 8,009 Expected credit losses of debt financial assets 1,217 1,429 Derivatives ( 1,640 ) 403 Leases 331 251 Long term incentives 51 816 Cash settled awards — 325 Provisions 6,631 2,351 Accruals and other provisions 164 62 Tax losses carry forward 26,941 14,888 Dividends ( 2,260 ) ( 1,300 ) Start up costs IPO SG spa 4,026 5,369 Share-based compensation plans 325 — Other effects 2,427 314 Deferred tax assets, net 48,258 36,772 Reflected in the statement of financial position as follows: Deferred tax assets 69,210 55,877 Deferred tax liabilities ( 20,952 ) ( 19,105 ) Deferred tax assets, net 48,258 36,772 Deferred taxes are calculated based on the global allocation criteria, taking into account the cumulative amount of all the temporary differences, based on the average expected rates in force when these temporary differences reverse. Deferred tax assets are recorded if there is the reasonable certainty that the temporary differences will reverse in future years against assessable income not lower than the differences that will be reversed. In assessing the realizability of deferred tax assets, management considers whether it is probable that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and the tax loss carry-forwards are utilized. The reconciliation of net deferred tax assets is as follows: 2022 2021 (EUR thousand) As of January 1 36,772 33,929 Tax expense during the period recognized in profit or loss 12,990 ( 2,855 ) Tax income/(expense) during the period recognized in OCI ( 2,279 ) ( 627 ) DTA on IPO transaction costs on capital increase — 6,711 Other effect 775 ( 386 ) As at December 31 48,258 36,772 The other effect movement includes foreign exchange differences and minor reclassification. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Earnings per Share | 15. Earnings per Share Basic earnings per share (EPS) is calculated by dividing into the profit attributable to equity holders of the parent by the weighted average number of common shares issued net of the treasury shares held by the Group and the vested awards under the 2012-2021 incentive plan (as of December 31, 2020). As of December 31, 2022 and 2021 the weighted average number of shares for diluted earnings per share was increased to take into consideration the theoretical effect of potential ordinary shares that would be assigned to the beneficiaries based on the Group’s equity incentive plans (see Note 30 for further details on the share-based incentive plans). There is no dilution impact as of December 31, 2020 resulting in basic and diluted earnings per share being the same. The Shareholder’s meetings held on March 4, 2021 and on July 1, 2021 approved respectively, two different share splits. The number of ordinary shares outstanding has been retrospectively adjusted as if such events had occurred at the beginning of the earliest period presented. The following table reflects the income and share data used in the basic and diluted EPS calculation: At December 31, At December 31, At December 31, 2022 2021 2020 (EUR thousand) Profit attributable to ordinary equity holders of the parent 142,849 134,321 78,513 Weighted average number of ordinary shares for basic EPS 264,699,481 252,670,872 240,501,960 Weighted average number of ordinary shares adjusted for the effect of dilution 264,701,062 252,690,321 240,501,960 2022 2021 2020 Basic earnings per common share (in EUR) 0.54 0.53 0.33 Diluted earnings per common share (in EUR) 0.54 0.53 0.33 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill Abstract | |
Goodwill | 16. Goodwill In accordance with IAS 36 - Impairment of assets, Goodwill is tested for impairment annually, or more frequently if facts or circumstances indicate that the asset may be impaired. Impairment testing is performed by comparing the carrying amount and the recoverable amount of the CGU to which it is allocated. The recoverable amount of the CGU is the higher of its fair value less costs of disposal and its value in use. Stevanato Group is organized in two main operating segments: Biopharmaceutical and Diagnostic Solutions and Engineering. Each segment comprehends different legal entities: - the Biopharmaceutical and Diagnostic Solutions segment is focused on the production of drug containment solutions (syringes, pen and dental cartridges, vials for liquid and lyophilized drugs and ampoules) and the development and contract manufacturing of customer-specific, multi-component plastic products within pharma, diagnostics and medical. - the Engineering (“Engineering System Division” - ESD) segment is focused on advanced technologies and machinery for the transformation of glass tubing into containers for the pharmaceutical industry, for packaging & assembling of medical devices and for inspection of pharmaceutical products. For the impairment test on goodwill, the Management has identified two different cash-generating units (CGUs) within the Biopharmaceutical and Diagnostic Solutions segment, the Drug Containment Solutions (DCS) and the In-Vitro Diagnostic (IVD) consumables & Drug Delivery Systems (DDS) CGU, while within the ESD segment Stevanato Group’s Management has not identified multiple CGUs. Drug containment solutions offering includes a comprehensive portfolio of glass containers, pen and dental cartridges, vials for liquid and lyophilized drugs and ampoules. Syringes, cartridges and vials are produced both in bulk and sterilized formats. Furthermore, the Group offers a full range of analytical and testing services focused on investigating the physiochemical properties of primary packaging materials and studying the interactions between drug containment system and the drugs they will contain. DCS has been considered as a CGU even if glass production plants are located in 5 different countries, because the production planning, marketing and selling is managed at a central level. In-vitro diagnostic consumables & drug delivery systems offers CDMO and CMO services to customer in the pharma, diagnostic and medical markets. The Group’s business line provides integrated solutions from early development to launched combination products. It offers a broad range of services, capabilities and technologies that are suited to support the device needs of biopharma companies. In-vitro diagnostic consumables & drug delivery systems has been considered as a CGU even if the group has two plants in two countries in the IVD & DDS, because the production is interchangeable: the Group can undertake the same production processes and plants/organizations cooperate in projects in order to provide the customer the same offering worldwide. Engineering System Division - ESD offers machinery for the pharma sector including glass forming machinery for the transformation of glass tubing into containers, machinery for packaging and assembly of medical devices and machinery for inspection of pharmaceutical products. Engineering has been considered as a CGU because the product lines inside the engineering operations are strongly tied: shared teams work together in Italy and Denmark to produce the same machinery. Glass converting machines adopt packaging and assembly technologies to deliver the finished product. Furthermore, the three different types of machinery that the Group has in its product portfolio can be combined and offered to the customer as one single solution. For the purpose of impairment testing, goodwill is allocated by CGU (cash generating unit) as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Drug Containment Solutions 4,976 4,976 In-vitro Diagnostic Consumables & Drug Delivery Systems 26,828 26,828 Engineering Systems 15,438 15,438 Total Goodwill 47,243 47,243 The objective of the impairment test is to compare the recoverable amount of each CGU with their corresponding carrying amount of net assets including goodwill. The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. The Group determines the value in use of the CGU to which the goodwill refers, meaning the present value of the future cash flows expected to be derived from continuous use of the assets; any cash flows arising from extraordinary events are therefore ignored. In particular, value in use is determined by applying the Discounted Cash Flow ("DCF") method. This method has been applied with a two-stage approach, the first corresponding to the explicit forecast period (2023-2028) and the second corresponding to a terminal value derived with inertial criteria for the period after 2028. The explicit period corresponds with the horizon of the plans prepared by the management assuming realistic scenarios on the information available at the reporting date. The growth rate in terminal value used for projecting beyond the explicit planning period (2023-2028) is 1 % for all the CGUs, deemed representative of a precautionary growth rate in terminal values, given the potential future competition within the sector and the discount factor considered. The principal assumptions adopted by the management in drawing up the projections relates mainly to a growth in volumes of products and different product mixes, shifting to high-value solutions sales, expanding the SG EZ-fill® industrial footprint to address customer proximity and reshoring needs, completing the development of the DDS proprietary product portfolio and development CDMO opportunities, and continuing business optimization efforts in engineering. Volumes and sales mix used for estimating the future cash flows are based on assumptions that are considered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends for the CGU over the period considered. The cash flows and discount rate were determined net of tax. Future cash flows are discounted using the weighted average cost of capital (WACC); this is estimated with a beta factor derived on the basis of a peer group. The discount rate, 8.6 % for DCS and for IVD & DDS and 8.8 % for ESD, used for the CGUs, reflects therefore current market assessments and the time value of money and takes account of the risks specific to the sector. The discount rates used in the previous year were respectively 6.3 % for DCS and for IVD & DDS and 6.2 % for ESD. Recoverable amounts obtained through the value in use were however subject to sensitivity analysis, in order to establish how the value in use may alter based on a change in the profitability parameters utilized in the future cash flows or in the discount rate applied to such cash flows, considering each factor individually. Following these analyses, CGU’s present expected cash flows would absorb normal changes in the parameters of the commonly used sensitivity analyses performed. Finally, has been identified which discount rate and which alteration to the forecast EBITDA at Continuing Value within the impairment test would allow a value in use equal to the carrying amount of the net assets of the respective CGU’s. This further sensitivity analysis resulted in the identification of breakeven for the DCS CGU with a WACC of 20.86 %, or an average contraction of EBITDA at Continuing Value (everything else equal) of 42.62 %. The same indicators for the IVD & DDS CGU were respectively 9.89 % for the WACC and 9.37 % for EBITDA at CV. With regards to the ESD CGU, these indicators equated to a reduction in the EBITDA at CV of 68.73 % and a WACC of 26.87 %. The impairment test for the goodwill did not result in any need for impairment. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Assets | 17. Intangible assets Changes in intangible assets for the year ended December 31, 2022 are as follows: Development Industrial Concessions, Intangible Other Costs to obtain a contract Total (EUR thousand) Cost At January 1, 2021 17,113 14,860 25,370 1,588 10,952 — 69,883 Additions 112 1,298 345 3,688 46 — 5,489 Disposals ( 1,153 ) ( 138 ) — ( 362 ) ( 91 ) — ( 1,744 ) Reclassifications — 856 — ( 856 ) — — — Exchange differences 9 47 162 15 399 — 632 At December 31, 2021 16,081 16,923 25,877 4,073 11,306 — 74,260 Additions — 4,792 43 2,667 95 500 8,097 Disposals — — — — — — — Reclassifications — 3,435 — ( 3,593 ) 158 — — Exchange differences — 105 ( 35 ) — 347 — 417 At December 31, 2022 16,081 25,255 25,885 3,147 11,906 500 82,773 Amortization At January 1, 2021 6,987 9,704 12,818 — 6,473 — 35,982 Amortization 2,896 2,243 1,656 — 709 — 7,504 Disposal ( 1,134 ) ( 139 ) — — ( 62 ) — ( 1,335 ) Exchange differences 3 30 28 — 120 — 181 At December 31, 2021 8,752 11,838 14,502 — 7,240 — 42,332 Amortization 2,694 3,271 1,483 — 635 33 8,116 Disposal — — — — — — — Exchange differences 1 59 ( 8 ) — 116 — 168 At December 31, 2022 11,447 15,168 15,977 — 7,991 33 50,616 Net book value At December 31, 2022 4,634 10,087 9,908 3,147 3,915 467 32,158 At December 31, 2021 7,329 5,085 11,375 4,073 4,066 — 31,928 Development costs are referred to costs for the study, design and prototype development for products which have been or are expected to be commercialized and for which is probable that the expected future economic benefits will flow to the entity. Development expense is recognized in the consolidated income statement as Research and Development expenses. Industrial patents and intellectual property rights increase in EUR 4,792 thousand due to the acquisition of licenses for IT Systems and the capitalization of costs associated with upgrading the enterprise resource planning system (ERP). Concessions, licenses, trademarks and similar rights with a total carrying amount of EUR 9,908 thousand (EUR 11,375 thousand in 2021) mainly includes the tradenames related to Balda Group companies. Intangible fixed assets in process and advances refer to ongoing projects which shall conclude in the subsequent years. Intangible fixed assets and advances increase in EUR 2,667 thousand mainly due to the integration of our business divisions into the cloud-based enterprise resource planning system. The Group performed an analysis on such cloud computing arrangements for identifying whether they provided a resource identifiable as intangible assets and established that the Group has the power to obtain the future economic benefits flowing from the underlying resources and to restrict the access of others to those benefits. In particular, the analysis was aimed at identifying whether (i) the Group has the contractual right to take possession of the software during the hosting period without significant penalty and (ii) it is feasible for the Group to run the software on its own hardware or contract with another party unrelated to the supplier to host the software. The increase in Costs to obtain a contract is due to the capitalization of a fee paid to a strategic partner under a collaboration agreement that makes Stevanato Group the exclusive manufacturing partner for a drug delivery device, offering a full set of capabilities to its pharmaceutical customers. No impairment indicators have been identified for intangible assets and therefore no impairment losses have been accounted for. No changes in the useful life of intangible assets have occurred in all periods presented. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment | 18. Property, plant and equipment Changes in items of property, plant and equipment in 2022 are as follows: Land and Plant and Industrial Other Assets under Total (EUR thousand) Cost At January 1, 2021 148,331 375,902 41,189 11,316 61,293 638,031 Additions 2,060 26,826 3,862 913 82,970 116,631 Disposals ( 141 ) ( 7,759 ) ( 1,188 ) ( 421 ) ( 35 ) ( 9,544 ) Reclassifications 7,719 44,412 2,027 856 ( 55,014 ) — Exchange differences 1,946 6,358 379 227 732 9,642 At December 31, 2021 159,915 445,739 46,269 12,891 89,946 754,760 Additions 2,306 39,399 3,524 1,337 247,961 294,527 Disposals ( 293 ) ( 2,693 ) ( 18 ) ( 249 ) ( 61 ) ( 3,314 ) Reclassifications 1,386 33,917 1,467 821 ( 37,591 ) — Exchange differences 3,109 7,402 398 382 ( 1,728 ) 9,563 At December 31, 2022 166,423 523,764 51,640 15,182 298,527 1,055,535 Depreciation and impairment At January 1, 2021 63,563 222,804 29,900 8,107 — 324,374 Depreciation charge for the year 5,319 29,549 5,660 1,206 — 41,734 Impairment — 547 396 — — 943 Disposals ( 140 ) ( 7,330 ) ( 1,053 ) ( 410 ) — ( 8,933 ) Exchange differences 689 2,912 154 170 — 3,925 At December 31, 2021 69,431 248,482 35,057 9,073 — 362,043 Depreciation charge for the year 5,948 36,628 6,250 1,512 — 50,338 Impairment — 44 — — — 44 Disposals ( 293 ) ( 2,210 ) ( 5 ) ( 240 ) — ( 2,748 ) Exchange differences 793 3,291 130 243 — 4,457 At December 31, 2022 75,879 286,235 41,432 10,588 — 414,134 Net book value At December 31, 2022 90,544 237,529 10,208 4,594 298,527 641,402 At December 31, 2021 90,484 197,257 11,212 3,818 89,946 392,717 The Group’s property, plant and equipment mainly include: - Land and buildings in the amount of EUR 90,544 thousand as at December 31, 2022 and EUR 90,484 thousand as at December 31, 2021, mainly consisting of industrial properties; - Plant and machinery in the amount of EUR 237,529 thousand as at December 31, 2022 and EUR 197,257 thousand as at December 31, 2021 including machine and equipment for producing glass and plastic containers for pharmaceutical use; - Assets under construction and advances in the amount of EUR 298,527 thousand as at December 31, 2022 and EUR 89,946 thousand as at December 31, 2021, including investments in production lines and machinery not yet completed and expected to enter into use in the coming years and the ongoing investments in the new facilities. The yearly increase in property, plant and equipment amounts to EUR 294,527 thousand, of which 90 % to support the Group growth strategy. Increase in Land and buildings principally concerns the expansion of the industrial facilities mainly in the Mexican production plant. The overall increases in Plant and machinery, considering both the yearly additions and the reclassification from assets under construction, amount to EUR 73,316 thousand and mainly refer to the purchase of new production equipment necessary to guarantee a high product quality standard and a high production capacity, characteristics necessary to consolidate the company's position in the biopharmaceutical market. Assets under construction, amounted to EUR 298,527 thousand at December 31, 2022 and EUR 89,946 thousand at December 31, 2021, includes investments in production lines and machines for syringes, vials and cartridges production which have not yet been completed but are expected to enter into use in the coming years. This category also includes the investment for the new EZ-fill® plant in Latina, the investment for the new EZ-fill® hub in China, a new building in Piombino Dese, that will host both corporate offices and production areas, and the investments for the construction of the new U.S. facility in Fishers, Indiana. This latter is expected to begin validation activities in the fourth quarter of 2023 with revenue generation beginning in 2024. The U.S. hub enables Stevanato Group to be in closer proximity to its North America pharmaceutical customers and to provide an additional supply source for its mission critical products to serve customers better. The plant, which is expected to be up to 565,000 square feet, will support the expansion and production of Stevanato Group’s EZ-Fill® solutions for bio-pharmaceutical use. The decision to follow a modular approach allows the Group to be flexible in modifying or changing the capacity to meet market demand. The facility will house production lines to produce EZ-Fill® syringes and vials. In line with customer demand and as a result of the increased production capacity, the Group expect to better support customers’ needs for biologics and vaccine treatments. As part of this capital project, in February 2022, Stevanato Group entered into an agreement with the U.S. government’s Biomedical Advanced Research and Development Authority (BARDA), which is part of the U.S. Department of Health and Human Services, through its partnership with the U.S. Department of Defense. Under the agreement, BARDA will make a multi-year contribution for up to approximately USD 95 million (or approximately EUR 85 million) for manufacturing capacity for standard and EZ-Fill® vials in support of U.S. national defense readiness and preparedness programs for current and future public health emergencies. As at December 31, 2022 committed orders related to the ongoing investments equaled approximately EUR 270 million, net of the expected contribution from BARDA. At the year end, no impairment indicators have been identified and furthermore no need to reassess useful life of property, plants and equipment. |
Financial assets - investments
Financial assets - investments FVTPL | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
Financial assets - investments FVTPL | 19. Financial assets - investments FVTPL Financial assets amount to EUR 782 thousand at December 31, 2022 (EUR 1,084 thousand at December 31, 2021), primarily include the investment in Rani Therapeutics Holdings INC, which is measured at fair value through profit or loss and amounts to EUR 443 thousand at December 31, 2022 (EUR 1,024 thousand at December 31, 2021). Additional disclosures on fair value measurement has been included on Note 29 . |
Financial assets
Financial assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
Financial assets | 20. Financial assets The following table details the composition of financial assets: At December 31, At December 31, 2022 2021 (EUR thousand) Receivables from financing activities — 447 Fair value of derivatives financial instruments 2,795 — Other non-current financial assets 1,044 887 Other non-current financial assets 3,839 1,334 Fair value of derivatives financial instruments 5,694 49 Other securities 27,908 27,168 Other current financial assets 33,602 27,217 Financial Assets 37,441 28,551 The decrease in receivables from financing activities assets is due to the reimbursement in 2022 of the financial loan amounting to EUR 447 thousand as at December 31, 2021 granted to a restricted number of key manager in connection with the stock grant plan. Other securities include guaranteed investment funds managed by Société Générale SA, which are measured at fair value. At December 31, 2022, other non-current financial assets and other current financial assets include interest swap derivatives. Other current financial assets also include foreign exchange derivatives. At December 31, 2021 interese swap derivatives were included in other current financial liabilities. The following table sets further the analysis of derivative assets and liabilities at December 31, 2022 and December 31, 2021. At December 31, At December 31, 2022 2021 Carrying Fair Carrying Fair (EUR thousand) Non-Current financial assets Interest Rate Swap - hedging instruments 2,795 2,795 — — Current financial assets Foreign exchange forward contracts - not hedging instruments 1,658 1,658 49 49 Foreign exchange forward contracts - hedging instruments 849 849 — — Interest Rate Swap - hedging instruments 3,187 3,187 — — Current financial liabilities Foreign exchange forward contracts - not hedging instruments — — — — Interest Rate Swap - hedging instruments — — 1,681 1,681 As at December 31, 2022 most of the derivatives on currency risk have not been designated as hedging instruments and reflect the change in the fair value of those foreign exchange forward contracts that are not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales. Derivatives designated as hedging instruments reflect the change in fair value of - the interest rate swap contract and part of the foreign exchange forward contracts, designated as cash flow hedges to hedge fluctuations in variable interest rate on loans; - the foreign exchange forward contracts, designed as cash flow hedges to hedge highly probable forecast sales in US dollars. The amount recorded in the cash flow hedge reserve will be recognized in the consolidated income statement according to the timing of the cash flows of the underlying transaction. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
Inventories | 21 . Inventories Inventories, shown net of an allowance for obsolete and slow-moving goods, can be analyzed as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Raw materials 88,139 58,484 Semifinished products 30,196 29,878 Finished products 92,994 64,252 Advances to suppliers 18,119 9,554 Provision from slow moving and obsolescence ( 16,194 ) ( 13,251 ) Total inventories 213,254 148,917 The accrual of the provision for slow moving and obsolete inventories recognized within cost of sales for the years ended December 31, 2022 and 2021 is EUR 16,194 thousand and EUR 13,251 thousand respectively. Changes in the provision for slow moving and obsolete inventories are as follows: 2022 2021 (EUR thousand) As at January 1 13,251 12,309 Provision 2,956 1,878 Utilizations and other changes ( 13 ) ( 936 ) As at December 31 16,194 13,251 |
Trade receivables and contract
Trade receivables and contract assets | 12 Months Ended |
Dec. 31, 2022 | |
Trade Receivables And Contract Assets [Abstract] | |
Trade receivables and contract assets | 22. Trade receivables and contract assets Trade receivables and contract assets are analyzed as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Trade receivables 218,695 171,803 Allowance for expected credit losses ( 5,961 ) ( 6,544 ) Total trade receivables 212,734 165,259 Expected credit loss rate 2.7 % 3.8 % Trade receivables are non-interest bearing and are generally on term of 60 to 90 days . The Group is not exposed to significant concentration of third-party credit risk. Trade receivables breakdown by geographical area is shown below: At December 31, At December 31, 2022 2021 (EUR thousand) EMEA 121,006 90,518 APAC 25,968 27,200 North America 62,287 43,762 South America 9,434 10,323 Total Trade Receivables 218,695 171,803 Trade receivables are stated net of an allowance for expected credit losses which has been determined in accordance with IFRS 9 amounting to EUR 5,961 thousand and EUR 6,544 thousand for 2022 and 2021 respectively: 2022 2021 (EUR thousand) As at January 1 6,544 7,696 Accruals 683 3,478 Releases ( 1,453 ) ( 4,413 ) Utilizations ( 19 ) ( 390 ) Exchange differences 206 173 As at December 31 5,961 6,544 Contract assets Contract assets relate to ongoing customer-specific construction contracts within the Engineering segment and from the In-vitro diagnostic business. As such, the balances of this account vary and depend on the number of ongoing construction contracts at the end of the year. The Group has contract assets of EUR 103,417 thousand as at December 31, 2022 (EUR 62,133 thousand as at December 31, 2021). Contract assets gross amounts to EUR 235,794 thousand (EUR 138,854 thousand as at December 31, 2021), net of invoices issued of EUR 132,377 thousand (EUR 76,721 thousand as at December 31, 2021). |
Tax Receivables and Tax Payable
Tax Receivables and Tax Payables | 12 Months Ended |
Dec. 31, 2022 | |
Tax Receivables And Tax Payables [Abstract] | |
Tax Receivables and Tax Payables | 23. Tax receivables and tax payables The breakdown in the account is as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Tax Receivables 21,018 25,063 Tax Payables ( 41,655 ) ( 19,440 ) Tax receivables amount slightly decrease compared to the previous year mainly due to mainly due the offset of Patent Box regime tax receivables against the corporate income tax payable and further offset of the tax receivable in Brazil. Tax liabilities significant increase compared to 2021, mainly due to increased corporate income tax liabilities, resulting from the significant increase of the Italian entities' taxable income. |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Other Receivables [Abstract] | |
Other receivables | 24. Other receivables Other receivables are disclosed as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Advances to suppliers 703 373 Accrued income and prepayments 9,847 5,555 VAT receivables 20,789 18,198 Other receivables 1,671 2,215 Total other receivables 33,010 26,341 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 25. Cash and cash equivalents This balance consists of bank current accounts and other cash equivalents. As at December 31, 2022, the Group has Cash and cash equivalents of EUR 228,740 thousand compared to EUR 411,039 thousand in the previous year. On July 20, 2021, the Group completed its initial public offering, at completion of which it received aggregate net proceeds of EUR 367,810 thousand, after deducting underwriting discounts and commissions, offering expenses and considering the hedging instrument entered into to reduce the risk of fluctuations in the EUR/USD exchange rate in relation to the IPO proceeds. On August 18, 2021, the underwriters further purchased 712,796 additional newly issued shares from the Company to cover over-allotments driving the total primary net proceeds of the offering, including the overallotment, to EUR 380,090 thousand. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Equity Abstract | |
Equity | 26. Equity The main objective of the Group’s capital management is to guarantee maintenance of a solid credit rating and adequate financial ratios with a view to supporting business activity and maximizing value for the shareholders. Movements in the equity accounts are reported in the Consolidated Statements of Changes in Equity; comments on the main components and their changes are provided below. Share capital As of December 31, 2022 and 2021 the company paid-in share capital amounts to EUR 21,698 thousand and is divided into 295,540,036 shares without any nominal value, including 34,103,005 ordinary shares and 261,437,031 Class A multiple voting shares. Share Premium Reserve The share premium reserve includes the additional paid-in capital raised during the Initial Public Offering net of the listing costs pertaining to the public subscription offer to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. As of December 31, 2022 the share premium reserve amounts to EUR 389,312 thousand. Treasury shares As of December 31, 2022 a total of 30,840,555 of Company’s A shares are held in treasury for a total cost of EUR ( 27,740 ) thousand, the same as of December 31, 2021. Cash flow hedge reserve Cash flow hedge reserve reflects the negative change in fair value of derivatives financial instruments, designated as cash flow hedges to hedge highly probable forecast transactions. As of December 31, 2022 cash flow hedge reserve amounts to EUR 5,371 thousand compared to EUR ( 1,277 ) thousand as of December 31, 2021. Cost of hedging reserve Cost of hedging reserve reflects the forward element of forward contracts. As of December 31, 2022 cost of hedging reserve amounts to EUR 179 thousand. Reserve for actuarial gains/losses Reserve for actuarial gains/losses includes actuarial gains and losses on the net defined employees benefits liability and on the agents termination plans. As of December 31, 2022 the reserve for actuarial gains/losses amounts to EUR ( 74 ) thousand compared to EUR ( 745 ) thousand as of December 31, 2021. Currency translation reserve The currency translation reserve includes the cumulative foreign currency translation differences arisen from the translation of financial statements denominated in currencies other than Euro; as of December 31, 2022 it amounts to EUR ( 15,611 ) thousand compared to EUR ( 22,680 ) thousand as of December 31, 2021 . The decrease is mainly due to the appreciation against Euro of the Brasilian Real, the Mexican Peso, and the US Dollar occurred in 2022, currencies in which the net assets of some of the companies belonging to the Group are denominated. Retained earnings and other reserves Retained earnings and other reserves include: - a legal reserve of EUR 4,340 thousand as of December 31, 2022 and of EUR 4,000 as of December 31, 2021; - other reserves of EUR 40,284 thousand of December 31, 2022 (EUR 38,316 thousand of December 31, 2021). The yearly increase is mainly due to the accrual of the fair value of personnel cost related to share-based incentive plans; - retained earnings of the consolidated companies net of the effects of consolidation adjustments of EUR 435,881 thousand (EUR 306,869 as of December 31, 2021). Net profit attributable to equity holders of the parent Net Profit attributable to equity holders of the parent amount to EUR 142,849 thousand as of December 31, 2022 (EUR 134,321 thousand as of December 31, 2021). Non-controlling interests Non-controlling interests amount to EUR ( 220 ) thousand as of December 31, 2022 (EUR ( 415 ) thousand as of December 31, 2021). For further detail refer to Note 36 . Capital Management The Group’s objectives when managing capital are to create value for shareholders as a whole, safeguard business continuity and support the sustainable growth of the Group. As a result, the Group endeavors to maintain a satisfactory economic return for its shareholders and guarantee economic access to external sources of funds. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2022 | |
Dividend [Abstract] | |
Dividends | 27. Dividends On June 1, 2022 Stevanato Group shareholders approved the distribution of EUR 13,500 thousand in dividends (EUR 0.051 per common share) in part from the net profits realized in the previous financial year and in part from "other reserves". On January 20, 2021 Stevanato Group shareholders' meeting approved the distribution of EUR 11,200 thousand dividends (EUR 0.63 thousand per common share) from “other reserves”. |
Financial liabilities
Financial liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial liabilities [abstract] | |
Financial liabilities | 28. Financial liabilities Total financial liabilities are EUR 219,161 thousand and EUR 248,491 thousand as of December 31, 2022 and as of December 31, 2021 respectively; the balances in financial debt are as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Lease liabilities - Right of Use 5,325 5,553 Bank overdrafts 13,245 37 Bank loans 50,518 36,195 Financial liabilities due to related parties 871 940 Fair value of derivatives — 1,681 Financial liabilities due to other lenders 795 1,789 Total current financial liabilities 70,754 46,195 Lease liabilities - Right of Use 14,657 17,574 Bank loans 84,069 134,367 Notes 49,681 49,620 Financial liabilities due to other lenders — 735 Total non-current financial liabilities 148,407 202,296 Financial Liabilities 219,161 248,491 Financial liabilities mainly include bank loans (current and non-current portion), lease liabilities (current and non-current portion) and notes. On April 16, 2020 Stevanato Group entered into a note purchase and private shelf agreement with PGIM, Inc. and certain of its affiliates, pursuant to which, for a period of three years following the date of the agreement, Stevanato may issue, and PGIM, Inc. or certain of its affiliates may purchase, up to USD 69,540 thousand of Stevanato notes. Additionally, on the same date, Stevanato Group issued EUR 50,000 thousand of Senior Notes, Series A, due April 16, 2028 to PGIM, Inc. Repayment of the Notes is required to be made in two tranches, EUR 25,000 thousand on April 16, 2027, and the remainder at the expiration of the notes. Pursuant to the agreement, Nuova Ompi s.r.l. provided to PGIM, Inc. and its affiliates a subsidiary guarantee, guaranteeing the repayment of the notes. The following table shows maturities and average interest rates for liabilities to banks and other lenders: As at December 31, 2022 Currency Amount Maturity Average Amount in EUR Bank Loans EUR 50,680 2023 1.21 % 50,680 EUR 51,664 2024 1.17 % 51,664 EUR 24,394 2025 1.09 % 24,394 EUR 7,488 2026 1.71 % 7,488 EUR 591 2027 1.16 % 591 Amortized Cost EUR ( 230 ) 2023-2027 ( 230 ) Total Bank Loans 134,587 Notes EUR 25,000 2027 1.40 % 25,000 EUR 25,000 2028 1.40 % 25,000 Amortized Cost EUR ( 319 ) 2023-2028 ( 319 ) Total Notes 49,681 Overdrafts DKK 98,488 2023 1.25 % 13,244 Total Bank Loans and Overdrafts 197,512 As at December 31, 2021 Currency Amount Maturity Average Amount in EUR Bank Loans EUR 36,357 2022 1.20 % 36,357 EUR 50,461 2023 1.24 % 50,461 EUR 51,664 2024 1.28 % 51,664 EUR 24,393 2025 1.33 % 24,393 EUR 7,488 2026 1.39 % 7,488 EUR 592 2027 1.40 % 592 Amortized Cost EUR ( 393 ) 2022-2027 ( 393 ) Total Bank Loans 170,562 Notes EUR 25,000 2027 1.40 % 25,000 EUR 25,000 2028 1.40 % 25,000 Amortized Cost EUR ( 380 ) 2022-2028 ( 380 ) Total Notes 49,620 Overdrafts DKK 275 2022 1.25 % 37 Total Bank Loans and Overdrafts 220,219 Financial liabilities are recognized according to the amortized cost method and require compliance with certain financial covenants on the Group consolidated figures, more specifically the following ratios are monitored: Net Financial Debt on EBITDA, Net Financial Debt on Equity, EBITDA on Financial Charges. As at December 31, 2022 and as at December 31, 2021, all financial covenants are complied with. Some short-term payables are subject to secured guarantee, please refer to Note 38 . |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurement [Abstract] | |
Fair value measurement | 29. Fair Value Measurement IFRS 13 establishes a hierarchy that categorizes into three levels the inputs to the valuation techniques used to measure fair value by giving the highest priority to quoted prices (unadjusted) in active markets for identical assets and liabilities (level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the inputs used to measure the fair value of an asset or a liability might be categorized within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy at the lowest level input that is significant to the entire measurement. Levels used in the hierarchy are as follows: - Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1. - Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. - Level 3: If one or more of the significant inputs is not based on observable market data, the instruments included in level 3. This is the case for unlisted equity securities. Assets and liabilities that are measured at fair value on a recurring basis The following table shows the fair value hierarchy for financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2022: Fair value measurement using Notes Total Level 1 Level 2 Level 3 (EUR thousand) Cash and cash equivalents 25 228,740 228,740 — — Financial assets - investments FVTPL - traded 19 443 443 — — Financial assets - investments FVTPL - not traded 19 339 — — 339 Derivatives - current financial assets 20 2,795 — 2,795 — Derivatives - non-current financial assets 20 5,694 — 5,694 — Financial current assets 20 27,908 — 27,908 — Other non-current financial assets 733 — 733 — Total assets 266,653 229,183 37,131 339 As at December 31, 2021: Fair value measurement using Notes Total Level 1 Level 2 Level 3 (EUR thousand) Cash and cash equivalents 25 411,039 411,039 — — Financial assets - investments FVTPL 19 1,084 — — 1,084 Derivatives financial assets 20 49 — 49 — Financial current assets 20 27,168 — 27,168 — Other non-current financial assets 671 — 671 — Total assets 440,011 411,039 27,888 1,084 Derivatives financial liabilities 20 1,681 — 1,681 — Total Liabilities 1,681 — 1,681 — The fair value of current financial assets and other financial liabilities is measured by taking into consideration market parameters at the balance sheet date, using valuation techniques widely accepted in the financial business environment. The fair value of foreign currency derivatives (forward contracts, currency swaps and options) and interest rate swaps is determined by considering the prevailing foreign currency exchange rate and interest rates, as applicable, at the balance sheet date. The value of cash and cash equivalents usually approximates fair value due to the short maturity of these instruments, which consist of bank current accounts. The fair value of other financial assets is measured through other unobservable input in accordance with IFRS 13 , detailed in Note 19 . The fair value of Liabilities measured at amortized cost include bank loans; in 2020 Stevanato Group has issued the following debt securities: Purchaser Date of Sale or Issuance Number of Securities Consideration PGIM, Inc April 16, 2020 1 EUR 50,000,000 No borrowings of the Group are listed debt. There are no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2 0 21. During the year ended December 31, 2022, the transfer between Level 1 and Level 3 for "Financial assets - investments FVTPL" is related to the distribution of the shares in Rani Therapeutics Holdings INC, listed on NASDAQ, from the investment fund Biologix Partners LP. The fair value of the loans accounted for at amortized cost approximates their carrying amounts as of December 31, 2022 and 2021. |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of information about defined benefit plans [abstract] | |
Employee benefits | 30. Employee benefits Employee benefits are analyzed as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Employee severance pay 4,936 5,895 Jubilee benefits 213 253 Other post-employment plans 979 699 Long term incentive plan 169 3,653 Stock grant plan 1,353 1,353 Other share-based compensation 665 — Total employee benefits 8,315 11,853 Defined benefit obligations - Italian employee severance indemnity (TFR) Trattamento di fine rapporto or “TFR” relates to the amounts that employees in Italy are entitled to receive when they leave the company and is calculated based on the period of employment and the taxable earnings of each employee. Under certain conditions the entitlement may be partially advanced to an employee during the employee’s working life. The Italian legislation regarding this scheme was amended by Law 296 of 27 December 2006 and subsequent decrees and regulations issued in the first part of 2007. Under these amendments, companies with at least 50 employees are obliged to transfer the TFR to the “Treasury fund” managed by the Italian state-owned social security body (“INPS”) or to supplementary pension funds. Prior to the amendments, accruing TFR for employees of all Italian companies could be managed by the company itself. Consequently, the Italian companies’ obligation to INPS and the contributions to supplementary pension funds take the form, under IAS 19 revised, of “Defined contribution plans” whereas the amounts recorded in the provision for employee severance pay retain the nature of “Defined benefit plans”. Accordingly, the provision for employee severance indemnity in Italy consists of the residual obligation for TFR until December 31, 2006. This is an unfunded defined benefit plan as the benefits have already been almost entirely earned, with the sole exception of future revaluations. Since 2007 the scheme has been classified as a defined contribution plan, and the Group recognizes the associated cost, being the required contributions to the pension funds, over the period in which the employee renders service. Jubilee benefits Jubilee benefits scheme are applicable to companies incorporated in Germany. Upon retirement, employees are eligible to receive a sum payment depending on the number of years of service within the group. Other post-employment plans Other post-employment plan granted by the Group are “ Beneficios por Retiro, Prima de Antigüedad y Beneficios por Terminación ” for Mexican companies and severance payment provision for Slovak companies. A major assumption taken into account in the valuation of pension and other post-employment benefit obligations is the discount rate. In accordance with IAS 19 – Employee Benefits , the rates were determined by currency areas and by reference to the return on high-quality private bonds with a maturity equal to the term of the plans or the return on government bonds when the private market has insufficient liquidity. The return on plan assets is determined based on the allocation of the assets and the discount rates used. Defined benefits obligation The Group’s liabilities for employee benefits are as follows: Trattamento Jubilee Beneficio Severance Total (EUR thousand) At January 1, 2021 5,791 239 552 30 6,612 Interest cost 18 2 29 1 50 Current service cost 402 27 95 7 531 Benefits paid ( 476 ) ( 13 ) ( 32 ) ( 13 ) ( 534 ) Actuarial Gains and Losses 160 ( 2 ) ( 23 ) 15 150 Exchange rate differences — — 38 — 38 At December 31, 2021 5,895 253 659 40 6,847 Recognized in the consolidated income statement 419 28 123 8 579 Recognized in the other comprehensive income 160 — ( 23 ) 15 151 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 ) The principal assumptions used for determining the obligations under the plan described are as follows: As 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 % — As at December 31, 2021 Severance indemnity Italy Germany Mexico Slovakia Discount Rate % 0.98 % 1.17 % 9.75 % 0.98 % Future salary increase % 0.50 % — 4.50 % 6.00 % Inflation rate % 1.75 % — 3.50 % — The discount rates used for the measurement of the pension plan obligation (including Italian TFR obligation) are based on yields of high-quality (AAA rated for Mexico and AA rated for other countries) fixed income securities for which the timing and amounts of payments match the timing and amounts of the projected benefit payments. The main variation is due to Italian TFR, whose average duration is approximately 12.5 years. Retirement or employee leaving rates are developed to reflect actual and projected Group experience and legal requirements for retirement. A quantitative sensitivity analysis for significant assumptions impacting defined benefits obligation as at December 31, 2022 and December 31, 2021 is reported as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Turnover rate +1,00% 31 ( 58 ) Turnover rate -1,00% ( 34 ) 67 Inflation rate +0,25% 72 101 Inflation rate -0,25% ( 70 ) ( 98 ) Annual discount rate +0,25% ( 97 ) ( 138 ) Annual discount rate -0,25% 101 144 The above sensitivity analysis on TFR is based on reasonable changes in key assumptions occurring at the end of the reporting period, keeping all other assumptions constant. Such analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another. Long-term Incentive plan In order to align the interests of management with those of the Shareholders, the Group established a medium/ long-term incentive plan linking remuneration and performance. The Board of Directors approved a compensation plan called the “Long-term Incentive plan” for 2020-2023. The four-year plan included a select number of top Management and/ or key people and was based on achieving certain key performance indicators under the Group's long-term industrial plan targets. On April 11, 2022 the Board of Directors approved an amendment to the "Restricted Stock Grant Plan Stevanato Group S.p.A. 2021-2027", in order to allow the entry of new beneficiaries in 2022, previously involved in the compensation plan called "Long Term Incentive 2020-2023". In accordance with specific rules, existing and new beneficiaries relating to the first vesting period coexist during 2022 under the "Restricted Stock Grant Plan Stevanato Group S.p.A. 2021-2027". Through such amendment, beneficiaries of the Long Term Incentive 2020-2023 were offered the possibility of becoming beneficiaries of the "Restricted Stock Grant Plan Stevanato Group S.p.A. 2021-2027" in 2022 by using the rights deriving from the participation in the Long-Term Incentive 2020-2023 in the meantime accrued to them, but providing, that the free of charge transfer of the property of a certain number of Stevanato Group S.p.A. shares should have been done after the end of the First Vesting Period, after having verified the actual achievement of the Performance Objectives (in terms of consolidated revenue and EBITDA) set for such vesting period and the continuation of the employment relationship. The letters of assignment of shares were issued to beneficiaries on May 12, 2022 and from that date the amendment of the incentive plans produced its accounting effects for those beneficiaries who accepted the incentive plan modification. The Group’s liability for the Long-term Incentive plan is as follows: Long Term Incentive Plan 2020-2023 Total (EUR thousand) At January 1, 2021 1,780 1,780 Interest cost ( 7 ) ( 7 ) Current service cost 1,874 1,874 Actuarial Gains and Losses * 6 6 At December 31, 2021 3,653 3,653 Current service cost 63 63 Benefits paid ( 928 ) ( 928 ) Actuarial Gains and Losses * ( 2,619 ) ( 2,619 ) At December 31, 2022 169 169 *According to IAS 19, Actuarial Gains and Losses are recognized in profit or loss The discount rates used for the measurement of the “Long-term Incentive plan” are based on yields of high-quality (AA rated). For these plans, the single weighted average discount rate that reflects the estimated timing and amount of the scheme future benefit payments is equal to - 0.17 % for 2021. The main impact considered as actuarial gain and losses relates to the experience adjustment and to the above mentioned incentive plan modification; it has been accounted together with the current service cost by function as part of personnel costs. Cash settled awards Cash settled awards were incentive plans aimed at a limited number of executives and key resources of the Group. The 2012-2021 incentive plan and the 2018-2022 incentive plans were approved by the Board of Directors on February 9, 2021 and on September 12, 2018 respectively. The plans provided for the free assignment to the Group's employees of non-transferable options to subscribe shares at a pre-determined exercise price. The right to the assignment of options, to be exercised only during the exercise period, was acquired during the vesting period only if the turnover targets indicated in the business plan, based on EBITDA (earnings before interest, tax, depreciation and amortization) and net financial position, were achieved. In order to concentrate in a single new plan the incentive mechanism that could more concretely and effectively contribute to the achievement of the redefined Company's growth objectives, Stevanato Group proceeded with the early conclusion of the 2012-2021 incentive plan and with the revocation of 2018-2022 incentive plan. On March 4, 2021 and June 3, 2021, the Company exercised a call option to buy back n. 995,000 shares from the beneficiaries of the 2012-2021 incentive plan and irrevocably and unconditionally waived its rights to exercise the call option on n. 215,000 shares (number of shares as before the second share split). The parties also mutually agreed to close the 2018-2022 incentive plan; the net impact of such transactions led to a reduction in cash settled award liabilities. The following table summarize the components of the cash settled awards obligation expense recognized in the statement of profit or loss and amounts recognized in the statement of financial position: Incentive plan 2012-2021 Incentive plan 2018-2022 Total (EUR thousand) At January 1, 2021 13,338 7,995 21,333 Interest cost ( 9 ) ( 5 ) ( 14 ) Benefits paid ( 7,919 ) — ( 7,919 ) Actuarial Gains and Losses * ( 3,299 ) ( 7,533 ) ( 10,832 ) Transferred to SGP 2021-2027 ( 400 ) — ( 400 ) Stocks granted ( 1,711 ) ( 457 ) ( 2,168 ) At December 31, 2021 — — — *According to IAS 19, Actuarial Gains and Losses are recognized in profit or loss Restricted Stock Grant Plan 2021-2027 At the Shareholders’ Meeting of Stevanato Group held on March 4, 2021, a share-based incentive plan, referred to as the “Restricted Stock Grant Plan 2021-2027”, was approved. This plan included individuals who play a strategic role in the Group related to the economic and strategic development of the Group and aligns their interests to those of the shareholders and other stakeholders of the Company, during the period between January 1, 2021 and December 31, 2026. The Stock Grant Plan originally provided for three two-year vesting periods, between January 1, 2021 and December 31, 2022 (First Vesting Period), January 1, 2023 and December 31, 2024 (Second Vesting Period), January 1, 2025 and December 2026 (Third Vesting Period). On April 11, 2022 the Board of Directors approved an amendment to the "Restricted Stock Grant Plan Stevanato Group S.p.A. 2021-2027", to allow the entry in 2022 of new beneficiaries, previously involved in the compensation plan called "Long Term Incentive 2020-2023". Through such amendment, (i) the total duration of the "Restricted Stock Grant Plan Stevanato Group S.p.A. 2021-2027" was limited to the First Vesting Period only and (ii) the beneficiaries were divided into two categories: the "initial beneficiaries" and the "new beneficiaries" for which specific rules apply. At the beginning of the vesting period, a certain number of Stevanato Group ordinary shares – linked with the achievement of specific targets in terms of consolidated revenue and EBITDA within the end of the Vesting Period – was assigned free of charge to the initial beneficiaries. For the EBITDA definition, please refer to section “Key Indicators of Performance and Financial Condition” of ITEM 5. Operating and Financial Review and Prospects. The assigned shares are registered to a Trustee company and are subject to the prohibition to sell and to the selling commitment in accordance to a one-year lock-up period. The transfer of ownership of the shares is finalized after each initial beneficiary signs an agreement which binds the beneficiaries to re-sell to Stevanato Group, fully or partially, the Shares assigned to them in case the targets provided for the vesting period in relation to which the shares were assigned should not be totally or partially achieved. A similar obligation is provided if, within the end of the vesting period, the employment relationship terminates. In the event of over-performances related to the Key Indicators of Performance, initial beneficiaries will be granted, free of charge, an additional number of Stevanato Group shares related to the vesting period in which the targets were exceeded and the additional shares assigned will be subject to the time-limited prohibition to sell. On June 3, 2021 a total of n. 236,988 ordinary shares, which were previously held in treasury, were assigned to the initial beneficiaries of the plan. The fair value measurement of the stock grant plan for the initial beneficiaries consists of the following components: -a first IAS 19 component linked to the cash settlement of the amount equal to the consideration already determined at which Stevanato Group S.p.A. will repurchase the shares in the cases provided for by the regulation. This component is immediately vested at the time of the assignment of the shares. It generates expenses counterbalanced in the employee benefits liability; -a second IFRS 2 component related to the benefit associated with the value of the stock. It is valued as stock option with a strike price equal to the value corresponding to the consideration the employees give up in cash when the stock option is exercised. It generated expenses counterbalanced in a dedicated equity reserve among "other reserves". On May 12, 2022, Stevanato Group S.p.A. sent, to the new beneficiaries of shares, a letter granting them the right to obtain the transfer free of charge of a certain number of shares if the targets, in terms of consolidated revenue and EBITDA provided for the vesting period in relation to which the shares were assigned, are achieved. New beneficiaries are individuals who play a strategic role in the Group, including its economic and strategic development, and the above right to transfer shares (subject to certain conditions) aligns their interests to those of the shareholders and other stakeholders of the Company, during the period between January 1, 2021 and December 31, 2026. The effectiveness of the rights attributed to each of the new beneficiaries of shares is conditional upon the verification by the Stevanato Group's administrative body of the degree of achievement of the performance target provided in relation to the first vesting period after the end of the first vesting period. On the basis of this assessment the number of shares indicated in the letter of attribution of rights can be reduced based on the degree of target achievement. The following table summarize 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 Total (EUR thousand) At January 1, 2021 — — Transfer from SOP 2012-2021 400 400 Interest cost 6 6 Current service cost 947 947 At December 31, 2021 1,353 1,353 Current service cost — — At December 31, 2022 1,353 1,353 Other share-based compensation As at December 31, 2022, the Group recognized a liability for other share-based compensation amounting to EUR 665 thousand. This represents the estimate of the grant date fair value of the award for the purposes of recognizing the services received by employees during the period between service commencement date and grant date. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [abstract] | |
Provisions | 31. Provisions The balances as of December 31, 2022 are detailed below: Provision for Decommissioning Provision for Provision for Total (EUR thousand) At January 1, 2022 1,061 591 572 1,275 3,499 Arising during the year 90 27 2,373 82 2,572 Utilized ( 49 ) — ( 114 ) ( 265 ) ( 428 ) Unused amounts reversed — — ( 63 ) ( 68 ) ( 131 ) Exchange rate difference — 36 2 2 40 At December 31, 2022 1,102 654 2,770 1,026 5,552 Current — — — — — Non-current 1,102 654 2,770 1,026 5,552 Provision for Decommissioning Provision for Provision for Total (EUR thousand) At January 1, 2021 1,061 523 1,664 1,136 4,384 Arising during the year 65 23 4,235 139 4,462 Utilized — — ( 745 ) — ( 745 ) Unused amounts reversed ( 65 ) — ( 4,631 ) — ( 4,696 ) Exchange rate difference — 45 49 — 94 At December 31, 2021 1,061 591 572 1,275 3,499 Current — — — — — Non-current 1,061 591 572 1,275 3,499 The warranty provision represents the best estimate of commitments given by the Group for contractual, legal, or constructive obligations arising from product warranties given for a specified period of time. Such provisions are recognized on shipment of the goods to the customers. The warranty provision is estimated on the basis of the Group’s past experience and contractual terms. Related costs are recognized within cost of sales. The provision for legal proceeding and sundry risks represents management’s best estimate of the expenditures expected to be required to settle on otherwise resolve legal proceeding and disputes. As of December 31, 2022 the Group accrued EUR 1.4 million related to employment and personnel matters in the United States. As of December 31, 2022 provision for legal and sundry risks also include accruals in connection with taxation related to personnel severance amounting to EUR 610 thousand and a provision for workers compensation insurance for overall EUR 538 thousand. |
Other non-current liabilities
Other non-current liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Non-current liabilities [abstract] | |
Other non-current liabilities | 32. Other non-current liabilities Other non-current liabilities as of December 31, 2022 and December 31, 2021 amount to EUR 18,060 thousand and EUR 1,808 thousand respectively. The increase mainly relates to (i) an advance payment from the U.S. Biomedical Advanced Research and Development Authority (BARDA) of EUR 13,931 thousand, which reflects a partial payment for installing machinery in Fishers, Indiana, to help strengthen domestic capabilities in the U.S. for national defense readiness and preparedness programs for current and future public health emergencies; and (ii) an advance payment from the city of Fishers for hard costs at the site of EUR 2,261 thousand. In addition to that, the increase reflects holiday pay for Danish companies’ employees following the transition to the new Danish Holiday Act that started in 2019. |
Trade Payables and Other Curren
Trade Payables and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current payables [abstract] | |
Trade payables and other current liabilities | 33. Trade payables and other current liabilities Trade payables and other current liabilities are detailed as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Trade payables 239,179 164,787 Payables to social security institutions 7,528 6,362 Payables to personnel 37,269 32,772 VAT Payables 436 5,195 Other tax payables — 3,181 Deferred Income and Prepayments 12,471 8,222 Other current liabilities 11,796 10,081 Total trade payables and other current liabilities 308,679 230,600 The book value of trade payables is approximately equal to their fair value. Terms and condition of the above financial liabilities: - Trade payables are non-interest bearing and are normally settled on 60 to 90 -day term; - Other payables are non-interest bearing and have an average term of six months . Other current liabilities include customer returns that reflect the improved estimate on expected liabilities against future expected returns regarding revenue recognized in the current or in previous years, estimated on the basis of past experience. In 2018 the Group launched the “Confirming program”, a web-based and pay-per-use Supply Chain Finance solution, that allows Group suppliers to anticipate their receivables. The main benefits for the Group are an improvement of supply chain financial stability and a simplification in payment management cycle. Under such program, the suppliers can elect on an invoice-by-invoice basis to receive a discounted early payment from the relationship bank rather than being paid in line with the agreed payment terms. If the option is taken, the Group's liability is assigned by the supplier to be due to the relationship bank rether than the supplier. The value of the liability payable by the Group remains unchanged. As at December 31, 2022 the total amount of accounting payables related to the Confirming program equals to EUR 20,695 thousand (EUR 3,900 thousand as at December 31, 2021). The Group assesses the arrangement against indicators to assess if debts, which vendors have sold to the funder under the supplier financing scheme, continue to meet the definition of trade payables or should be classified as borrowings. At December 31, 2022, the payables meet the criteria of trade payables. |
Contract Liabilities and Advanc
Contract Liabilities and Advances from Customers | 12 Months Ended |
Dec. 31, 2022 | |
Deferred income including contract liabilities [abstract] | |
Contract liabilities and advances from customers | 34. Contract liabilities and advances from customers Contract liabilities and advances from customers are as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Contract Liabilities 14,847 18,771 Advances from customers 26,568 23,616 Total contract liabilities and advances from customers 41,415 42,387 Current 41,415 42,387 Non-current — — Contract liabilities relate to ongoing customer-specific construction contracts of the Engineering System Division and of the In-vitro diagnostic business. The Group has contract net liabilities of EUR 14,847 thousand and EUR 18,771 thousand as at December 31, 2022 and December 31, 2021 respectively. Contract assets gross amounts to EUR 64,293 thousand (EUR 27,504 thousand in 2021), net of invoices issues of EUR 79,140 thousand (EUR 46,275 thousand in 2021). Advances from customers relate to sales whose revenue are recognized at point in time. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Leases | 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 15 years , while vehicles and other equipment generally have lease terms between 3 and 5 years . There are several lease contracts that include extension and termination options. 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. 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 in 2022 are shown below: Buildings Plant and Industrial Other Total (EUR thousand) Cost At January 1, 2021 17,969 8,691 330 9,002 35,992 Additions 1,549 278 16 1,268 3,111 Disposals ( 1,437 ) ( 199 ) — ( 19 ) ( 1,655 ) Exchange rate differences 885 25 — 50 960 At December 31, 2021 18,966 8,795 346 10,301 38,408 Additions 1,554 — — 1,371 2,925 Disposals ( 610 ) — — ( 137 ) ( 747 ) Exchange rate differences 608 20 — 16 644 At December 31, 2022 20,518 8,815 346 11,551 41,230 Depreciation At January 1, 2021 4,561 2,382 131 3,538 10,612 Depreciation charge for the year 2,579 1,546 71 2,006 6,202 Disposals ( 1,308 ) ( 26 ) — ( 3 ) ( 1,337 ) Exchange rate differences 207 3 — 31 241 At December 31, 2021 6,039 3,905 202 5,572 15,718 Depreciation charge for the year 2,658 1,553 72 2,041 6,324 Disposals ( 131 ) — — ( 87 ) ( 218 ) Exchange rate differences 109 3 — 5 117 At December 31, 2022 8,675 5,461 274 7,531 21,941 Net book value At December 31, 2022 11,843 3,354 72 4,020 19,289 At December 31, 2021 12,927 4,890 143 4,729 22,690 Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period: 2022 2021 (EUR thousand) At January 1 23,127 25,621 Additions 2,866 2,837 Accretion of interest 573 585 Payments ( 6,595 ) ( 6,498 ) Early terminated contracts ( 527 ) ( 150 ) Exchange rate difference 538 732 At December 31 19,982 23,127 Current 5,325 5,553 Non-current 14,657 17,574 The following are the amounts recognized in profit or loss: For the year ended December 31, 2022 2021 2020 (EUR thousand) Depreciation expense of Right of Use assets 6,325 6,202 5,956 Interest expense on lease liabilities 573 585 624 Expense relating to short-term leases 1,673 1,252 1,901 Expense relating to leases of low-value assets 3,968 5,180 3,744 Total amount recognized in profit or loss 12,539 13,219 12,225 |
Subsidiaries With Material Non-
Subsidiaries With Material Non-controlling Interest | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Subsidiaries With Material Non-controlling Interest | 36. Subsidiaries with material non-controlling interest The Stevanato Group comprises the following subsidiaries with material non-controlling interest: At December 31, At December 31, Name Country 2022 2021 Ompi of Japan Co., Ltd. Japan 49 % 49 % Medical Glass a.s. Slovakia 0.26 % 0.26 % At December 31, At December 31, 2022 2021 (EUR thousand) Proportion of equity interest held by non-controlling interests: Ompi of Japan Co., Ltd. 451 419 Medical Glass a.s. ( 64 ) ( 56 ) 387 363 Profit allocated to material non-controlling interest: Ompi of Japan Co., Ltd. ( 176 ) 60 Medical Glass a.s. 9 ( 8 ) ( 167 ) 52 Changes in non-controlling interests are shown in the consolidated statement of changes in equity. The tables below show the summarized income statement for the year ended December 31, 2022: Ompi of Japan Medical Glass a.s. (EUR thousand) Net Sales 7,059 38,362 Cost of Sales 5,779 37,255 Gross Profit 1,280 1,107 Other operating income — 42 Selling and marketing expenses 484 46 Research and development expenses 144 — General and administrative expenses 126 4,470 Operating profit 526 ( 3,367 ) Interest income 33 47 Interest expense 45 136 Profit before tax 514 ( 3,456 ) Income taxes 154 79 Net Profit 360 ( 3,535 ) Total comprehensive income 388 ( 3,535 ) Attributable to non-controlling interests 176 ( 9 ) Dividends paid to non-controlling interests — — The tables below show the summarized income statement for the year ended December 31, 2021: Ompi of Japan Medical Glass a.s. (EUR thousand) Net Sales 4,325 41,643 Cost of Sales 3,542 34,425 Gross Profit 783 7,218 Other operating income — 195 Selling and marketing expenses 299 177 Research and development expenses 150 — General and administrative expenses 452 3,302 Operating profit ( 118 ) 3,934 Interest income 37 111 Interest expense 90 42 Profit before tax ( 171 ) 4,003 Income taxes ( 48 ) 826 Net Profit ( 123 ) 3,177 Total comprehensive income ( 123 ) 3,165 Attributable to non-controlling interests ( 60 ) 8 Dividends paid to non-controlling interests — — The tables below show the summarized income statement for the year ended December 31, 2020: Ompi of Japan Medical Glass a.s. (EUR thousand) Net Sales 6,811 36,852 Cost of Sales 5,509 30,039 Gross Profit 1,302 6,813 Other operating income — 43 Selling and marketing expenses 349 165 Research and development expenses 157 — General and administrative expenses 518 2,715 Operating profit 278 3,976 Interest income 17 2 Interest expense 74 30 Profit before tax 221 3,948 Income taxes 66 834 Net Profit 155 3,114 Total comprehensive income 155 3,111 Attributable to non-controlling interests 76 8 Dividends paid to non-controlling interests — — The tables below show the summarized financial position as at December 31, 2022: Ompi of Japan Medical Glass a.s. (EUR thousand) Property, plant and equipment and other non-current assets 395 19,102 Net working capital ( 92 ) 5,228 Total non-current liabilities and provision — ( 769 ) Net capital employed 303 23,561 Net financial position* ( 864 ) ( 2,306 ) Total equity ( 561 ) 21,255 Attributable to: Equity holders of parent ( 286 ) 21,199 Non-controlling interest ( 275 ) 55 *Net financial position is determined as the algebraic sum of cash and cash equivalent, other current financial assets, non-current financial liabilities and current financial liabilities The tables below show the summarized financial position as at December 31, 2021: Ompi of Japan Medical Glass a.s. (EUR thousand) Property, plant and equipment and other non-current assets 534 13,658 Net working capital ( 280 ) 5,582 Total non-current liabilities and provision — ( 653 ) Net capital employed 254 18,587 Net financial position* ( 1,233 ) 6,204 Total equity ( 979 ) 24,791 Attributable to: Equity holders of parent ( 500 ) 24,727 Non-controlling interest ( 479 ) 64 *Net financial position is determined as the algebraic sum of cash and cash equivalent, other current financial assets, non-current financial liabilities and current financial liabilities |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Related Party Disclosures | 37. Related party disclosures According to IAS 24 , the related parties of the Group are entities and individuals capable of exercising control, joint control or significant influence over the Group and its subsidiaries, companies belonging to the Stevanato Group S.p.A. the controlling company Stevanato Holding S.r.l., unconsolidated subsidiaries of the Group and associates. In addition, members of Stevanato Group’s Board of Directors and executives with strategic responsibilities and their families are also considered related parties. The Group carries out transactions with related parties on commercial terms that are normal in the respective markets, considering the characteristics of the goods or services involved. Note 4 provide information about the Group’s structure, including details of the subsidiaries and the holding company. Transaction with related parties refer to: - for the year ended December 31, 2021 and 2020, revenue from the sale of drug containment solutions from the associate Swissfillon AG up to the date of the derecognition (October 22, 2021); - service fees and rentals paid to Winckler & Co Ltd, the company whose owner holds minority interests in the subsidiary Ompi of Japan; - rentals paid to SFEM Italia S.r.l., controlled by Stevanato family; - the purchase of products and rentals paid to Società Agricola Stella S.r.l., fully controlled by SFEM Italia S.r.l. until November 12, 2021 and then 51 % controlled by Stevanato Holding S.r.l. and 49 % controlled by SFEM Italia S.r.l.; - for the year ended December 31, 2021 and 2020 consulting services rented by Federici William, by MJB Consultants LLC and Progenitor Capital Partners LLC, whose beneficial owners are Board members in Stevanato Group; - consulting services provided by Studio Legale Spinazzi Azzarita Troi, whose beneficial owner is a Board member in Stevanato Group S.p.A.; - industrial rentals paid to E & FKH Ejendomme ApS, whose beneficial owners are family members of a Board member in the subsidiary SVM Automatik A/S; - rentals paid to members of Stevanato family; - loans disbursed in 2018 and 2019 by SE Holdings Co. Ltd, the minority shareholder of the subsidiary Ompi of Japan, amounting respectively to JPY 73.5 million and JPY 49.0 million; - donations to the Stevanato Foundation, owned by Stevanato family. The foundation exclusively pursues the aims of social solidarity, philanthropy and charity, operating in the fields of social and socio-medical assistance, education and training as well as cultural and educational activities and scientific research. The Foundation intervenes in support of children and young people in situations of serious difficulty due to their illnesses, the distress of their families or other situations that may affect their health or growth; - during the fiscal year ended December 31, 2021, Stevanato Group S.p.A. made loans aggregating approximately EUR 447 thousand to two senior executives in order for them to pay taxes arising from shares granted to them under our restricted stock grant plan. At the time the loans were made, management believed that these loans were permissible and did not violate Section 13(k) of the Exchange Act. Upon being advised that such loans were impermissible the two executives repaid such loans in full, after the end of the first quarter of 2022. As a result of this inadvertent violation, the Board adopted a policy regarding loans or advances to any Executive Officer or Director of the Company. The policy provides that “The Company shall not directly or indirectly, including through any subsidiary, extend or maintain credit to, or arrange for the extension of credit, or renew an extension of credit, in the form of a personal loan to or for any Director or Executive Officer (or equivalent thereof) of the Company or any subsidiary of the Company.”; - for the year ended December 31, 2021, recharge of the costs pertaining to the public offer for shares sale to Stevanato Holding S.r.l.; - consulting services rented by C.T.S. Studio AS, whose beneficial owner is a Board member in the sub-holding Stevanato Group International AS; - revenue from the sale of drug containment solutions to Incog BioPharma Services, Inc, a U.S. based biopharma services company, majority owned by SFEM Italia S.r.l.. The amounts of transactions with related parties recognized in the consolidated income statement and the related assets and liabilities are as follows: For the year ended and as at December 31, 2022 Revenue Costs* (EUR thousand) Other related parties Winckler & Co. Ltd. — 313 Società Agricola Stella S.r.l. — 90 SFEM Italia S.r.l. — 19 E & FKH Ejendomme ApS — 419 Piovesan Barbara — 30 Studio Legale Spinazzi Azzarita Troi — 384 Fondazione Stevanato — 305 C.T.S. Studio AS — 23 Incog BioPharma Services Inc 509 — * Costs include cost of sale, selling, general administrative costs and other expenses net Trade Trade Other Assets Other (EUR thousand) Other related parties Winckler & Co. Ltd. — 28 — — Società Agricola Stella S.r.l. — 48 — — SFEM Italia S.r.l. — 2 — — Studio Legale Spinazzi Azzarita Troi — 70 — — C.T.S. Studio AS — 2 — — Incog BioPharma Services Inc 451 — — — Loan from/to related parties For the year ended and as at December 31, 2022 Interest Interest Financial (EUR thousand) Other related parties SE Holdings Co.Ltd. — 5 ( 871 ) Key management personnel of the Group: Directors and Key Managers 2 — — For the year ended and as at December 31, 2021 Revenue Costs* (EUR thousand) Parent company Stevanato Holding S.r.l. 4,475 — Associate companies Swissfillon AG 565 — Other related parties Winckler & Co. Ltd. — 352 Società Agricola Stella S.r.l. — 99 SFEM Italia S.r.l. — 19 MJB Consultants LLC — 57 Progenitor Capital Partners LLC — 67 E & FKH Ejendomme ApS — 410 Piovesan Barbara — 30 Studio Legale Spinazzi Azzarita Troi — 578 Federici William — 69 Fondazione Stevanato — 180 C.T.S. Studio AS — 20 Incog BioPharma Services Inc 671 — Trade Trade Other Other (EUR thousand) Other related parties Winckler & Co. Ltd. — 29 — — Società Agricola Stella S.r.l. — 54 — — SFEM Italia S.r.l. — 2 — — Studio Legale Spinazzi Azzarita Troi — 151 — — C.T.S. Studio AS — 2 — — Incog BioPharma Services Inc 393 — — — * Costs include cost of sale, selling, general administrative costs and other expenses net Loan from/to related parties For the year ended and as at December 31, 2021 Interest Interest Financial (EUR thousand) Associate companies — Swissfillon AG 10 — — Other related parties SE Holdings Co.Ltd. — 5 ( 940 ) Key management personnel of the Group Directors and Key Managers 22 — 447 For the year ended December 31, 2020 Revenue Costs* (EUR thousand) Associate companies Swissfillon AG 790 — Other related parties Winckler & Co. Ltd. — 350 Società Agricola Stella S.r.l. — 72 SFEM Italia S.r.l. — 19 MJB Consultants LLC — 142 Progenitor Capital Partners LLC — 84 E & FKH Ejendomme ApS — 399 Piovesan Barbara — 30 Studio Legale Spinazzi Azzarita Troi — 536 Fondazione Stevanato — 155 * Costs include cost of sale, selling, general administrative costs and other expenses net Loan from/to related parties For the year ended December 31, 2020 Interest Interest (EUR thousand) Associate companies Swissfillon AG 20 — Other related parties SE Holdings Co.Ltd. — 6 Key management personnel of the Group Directors and Key Managers 53 — Emoluments to Directors and Key Management The fees of the Directors of Stevanato Group S.p.A. are as follows: For the year ended December 31, 2022 Fixed remuneration Pension Share based Total Annual Fringe expense (2) compensation (3) remuneration fee benefits (1) (EUR thousand) Total Directors 2,353 12 62 379 2,806 (1) Fringe benefits related to car and insurance benefits (2) Pensions expense related to Trattamento Fine Mandato accrued on the year (3) Shares granted to board members For the year ended December 31, 2021 Fixed remuneration Pension Long Term Share based Total Annual Fringe expense (2) Benefits (3) compensation (4) remuneration fee benefits (1) (EUR thousand) Total Directors 2,196 14 50 ( 2,966 ) 350 ( 356 ) (1) Fringe benefits related to car and insurance benefits (2) Pensions expense related to Trattamento Fine Mandato accrued on the year (3) Long term benefits related to cash settled awards early terminated in 2021 (4) Shares granted to board members For the year ended December 31, 2020 Fixed remuneration Pension Long Term Total Annual Fringe expense (2) Benefits (3) remuneration fee benefits (1) (EUR thousand) Total Directors 1,688 28 50 412 2,178 (1) Fringe benefits related to car and insurance benefits (2) Pensions expense related to Trattamento Fine Mandato accrued on the year (3) Long term benefits related to cash settled awards The aggregate compensation for members of the Senior Management Team (excluding the Chairman and including the CEO) is as follows: For the year ended December 31, 2022 Fixed remuneration Variable Pension Share based Total Annual Fringe remuneration (2) expense (3) compensation (4) remuneration fee benefits (1) (EUR thousand) Total Other Key Management 1,619 26 1,198 87 5,423 8,353 (1) Fringe benefits related to car and insurance benefits (2) Variable remuneration related to MBO and LTI. With regard to variable compensation, key managers' performance is measured not only by financial indicators, such as revenue and EBITDA margin, but also by non-financial indicators such as (i) environment: programs in line with carbon neutrality, (ii) gender balance in senior position, (iii) quality mindset and performances and (iv) values and guiding principles. (3) Pensions expense related to Trattamento Fine Rapporto accrued on the year (4) Shares granted under stock grant plan 2021-2027 and other shares based incentive plans For the year ended December 31, 2021 Fixed remuneration Variable Pension Long Term Share based Total Annual Fringe remuneration (2) expense (3) Benefits (4) compensation (5) remuneration fee benefits (1) (EUR thousand) Total Other Key Management 1,210 21 1,014 85 ( 6,007 ) 1,536 ( 2,141 ) (1) Fringe benefits related to car and insurance benefits (2) Variable remuneration related to MBO and LTI (3) Pensions expense related to Trattamento Fine Rapporto accrued on the year (4) Long term benefits related to cash settled awards early terminated in 2021 (5) Share-based compensation awarded under stock grant plan 2021-2027 For the year ended December 31, 2020 Fixed remuneration Variable Pension Long Term Total Annual Fringe remuneration (2) expense (3) Benefits (4) remuneration fee benefits (1) (EUR thousand) Total Other Key Management 1,150 23 698 81 1,254 3,206 (1) Fringe benefits related to car and insurance benefits (2) Variable remuneration related to MBO (3) Pensions expense related to Trattamento Fine Rapporto accrued on the year (4) Long term benefits related to cash settled awards |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of contingent liabilities [abstract] | |
Commitments and contingencies | 38. Commitments and contingencies Commitments, guarantees and contingent liabilities can be described as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Guarantees 112,381 99,535 of which secured 4,707 4,707 Total Guarantees 112,381 99,535 As at December 31, 2022 the main commitments and risks assumed by the Stevanato Group are as follows: - Suretyship issued in favor of Nordea Bank for EUR 17,482 thousand (EUR 17,482 thousand in 2021) on behalf of SVM Automatik A/S; - Suretyship issued in favor of Nordea Bank for EUR 9,413 thousand (EUR 9,413 thousand in 2021) on behalf of Innoscan A/S; - Letter of Comfort in favor of Unicredit AG for EUR 15,000 thousand (EUR 15,000 thousand in 2021) on behalf of the company Balda Medical Gmbh. Secured guarantees for EUR 4,707 thousand (EUR 4,707 thousand in 2021) concern the floating charge on the Danish companies against short-term credit lines. The guarantees provided by credit institutions and insurance companies on behalf of Group companies in favor of third parties amount to EUR 51,968 thousand (EUR 39,907 thousand in 2021) and mainly comprise advance payment and performance bond issued in favor of clients in the Engineering division and of Balda Medical GmbH. |
Qualitative and quantitative in
Qualitative and quantitative information of financial risks | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments [abstract] | |
Qualitative and quantitative information of financial risks | 39. Qualitative and quantitative information of financial risks The Group is exposed to the following financial risks connected with its operations: - financial market risk, mainly relating to foreign currency exchange rates and to interest rates; - liquidity risk, with particular reference to the availability of funds and access to the credit market, should the Group require it, and to financial instruments in general; - credit risk, arising both from its normal commercial relations with customers, and its financing activities; These risks could significantly affect the Group’s financial position, results of operations and cash flows, and for this reason the Group identifies and monitors these risks, in order to detect potential negative effects in advance and take the necessary action to mitigate them, primarily through its operating and financing activities and if required, through the use of derivative financial instruments. The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon the Group. The quantitative data reported in the following section does not have any predictive value. Financial market risks Due to the nature of the Group’s business, the Group is exposed to a variety of market risks, including foreign currency exchange rate risk and to a lesser extent, interest rate risk. The Group’s exposure to foreign currency exchange rate risk arises from our global footprint (both in terms of productions and commercialization), as in some cases we sell our products in the currencies of the destination markets, which may differ from the currency of the countries the Group operates in. The Group’s exposure to interest rate risk arises from the need to fund certain activities and the possibility to deploy surplus funds. Changes in market interest rates may have the effect of either increasing or decreasing the Group’s net profit/ (loss), thereby indirectly affecting the costs and returns of financing and investing transactions. These risks could significantly affect the Group’s financial position, results of operations and cash flows, and for this reason they are identified and monitored, in order to detect potential negative effects in advance and take the necessary actions to mitigate them. The Group has in place various risk management policies, which primarily relate to foreign exchange, interest rate and liquidity risks. In particular, to manage foreign exchange rate risk, the Group has adopted a hedging policy, approved by the Board of Directors of Stevanato Group S.p.A.. Hedging activities are mainly executed at central level, based on the information provided by the reporting system and utilizing instruments and policies conforming to IFRS. Hedging is undertaken to ensure protection in case an entity has transactions in currencies other than the one in which it primarily does business, taking account also of budgeted future revenue/costs. Despite hedging operations, sudden movements in exchange rates or erroneous estimates may result in a negative impact, although limited, on Group results. Information on foreign currency exchange rate risk The Group is exposed to risk resulting from fluctuations in foreign currency exchange rates, which can affect its earnings and equity. In particular: - Where a Group company incurs costs in a currency different from that of its revenue, any change in foreign currency exchange rates can affect the operating results of that company. - The main foreign currency to which the Group is exposed is U.S. Dollar for sales in the United States and other markets where the U.S. Dollar is the reference currency, against Euro, Mexican Pesos and Renminbi. Other exposures included the exchange rate between the Euro and the following currencies: Japanese Yen, Danish Krone. It is the Group’s policy to use derivative financial instruments (primarily forward currency contracts, currency swaps, currency options and collar options) to hedge against exposures. - Several subsidiaries are located in countries that are outside the Eurozone, in particular the United States, China, Japan, Mexico, Denmark, Brazil. As the Group’s reporting currency is the Euro, the income statements of those companies are translated into Euro using the average exchange rate for the period and, even if revenue and margins are unchanged in local currency, changes in exchange rates can impact the amount of revenue, costs and profit as restated in Euro. Similarly, intercompany financing may lead to foreign exchange rate impact due to different functional currencies. - The amount of assets and liabilities of consolidated companies that report in a currency other than the Euro may vary from period to period as a result of changes in exchange rates. The effects of these changes are recognized directly in equity as a component of other comprehensive income/ (loss) under gains/(losses) from currency translation differences. The Group monitors its main exposures with regard to translation exchange risk, whereby fluctuations in the exchange rates of a number of currencies against the consolidation currency may impact the consolidated financial statement values, although there was no specific hedging in this respect at the reporting date. Exchange differences arising on the settlement of monetary items are recognized in the consolidated income statement within the net financial income/ (expenses) line item. The impact of foreign currency exchange rate differences recorded within financial income/(expenses) for the year ended December 31, 2022, except for those arising on financial instruments measured at fair value, amounted to net gain of EUR 859 thousand (EUR 2,584 thousand net loss in 2021). There have been no substantial changes in 2022 in the nature or structure of exposure to foreign currency exchange rate risk or in the Group’s hedging policies. The Group actively hedges against economic-transactional risk; more specifically, forward and swap contracts, plain vanilla and collar options are used to manage the exposures. Such instruments are only partially designated as cash flow hedges and contracts are entered for a period consistent with the underlying transactions, generally from three to twelve months. The Group is holding the following contracts: As at December 31, 2022 0 to 6 6 to 9 9 to 12 Total Carrying Line item in the (EUR thousand) Notional amount (1) Forward 40,000 10,000 50,000 1,658 Other current financial assets Average forward rate (EUR/USD) 1.031 1.084 — Notional amount (2) Forward 15,000 25,000 40,000 849 Other current financial assets Average forward rate (EUR/USD) 1.060 1.064 — Total 90,000 2,507 (1) Derivatives not designated as hedging instruments (2) Derivatives designated as hedging instruments As at December 31, 2021 0 to 6 6 to 9 9 to 12 Total Carrying Line item in the (EUR thousand) Notional amount Forward 36,702 36,702 ( 21 ) Current financial liabilities Average forward rate (EUR/DKK) 7.438 — Notional amount Forward 9,372 9,372 50 Other current financial assets Average forward rate (EUR/USD) 1.139 — Notional amount Forward 990 990 20 Other current financial assets Average forward rate (EUR/JPY) 128.750 — Total 47,064 49 Set out below is the impact of hedging on equity: Cash Flow Hedge Reserve Cost of Hedging Reserve (EUR thousand) As at January 1, 2022 — — Foreign exchange forward ( 1,084 ) 235 Tax effect 260 ( 56 ) As at 31 December, 2022 ( 824 ) 179 Information on interest rate risk This risk stems from variable rate loans, for which sudden or significant interest rate fluctuations may have a negative impact on economic results. The monitoring of this risk is carried out at corporate level and utilizing similar structures as those employed for the management of currency risks. The Group has hedges in place against interest rate risk, covering almost of the loans contracted. The Group’s most significant floating rate financial assets at December 31, 2022 are cash and cash equivalents and certain financial current investments. The financial liabilities composition and the impact of the hedging instrument on the statement of financial position as at December 31, 2022 and December 31, 2021 are as follows: As at December 31, 2022 IRS FIX Floating Total Effect Total MtM Line item in (EUR thousand) Bank loans 131,946 2,467 404 134,817 ( 230 ) 134,587 5,983 Current financial liabilities/ Bank overdrafts — 13,244 13,244 — 13,244 — Other financial liabilities Financial payables for share acquisition — — — — — — — Current financial liabilities Financial liabilities due to related parties — 871 — 871 — 871 — Current financial liabilities Financial liabilities due to other lenders — — 796 796 — 796 — Current financial liabilities/ Notes — 50,000 — 50,000 ( 319 ) 49,681 — Non-current financial liabilities Total 131,946 66,582 1,200 199,728 ( 549 ) 199,179 5,983 Percentage on Total 66 % 33 % 1 % As at December 31, 2021 IRS FIX Floating Total Effect Total MtM Line item in (EUR thousand) Bank loans 167,864 2,686 404 170,954 ( 391 ) 170,563 ( 1,681 ) Current financial liabilities/ Bank overdrafts — — 37 37 — 37 — Other financial liabilities Financial payables for share acquisition — — — — — — — Current financial liabilities Financial liabilities due to related parties — 940 — 940 — 940 — Current financial liabilities Financial liabilities due to other lenders — 2,524 — 2,524 — 2,524 — Current financial liabilities/ Notes — 50,000 — 50,000 ( 380 ) 49,620 — Non-current financial liabilities Total 167,864 56,150 441 224,455 ( 771 ) 223,684 ( 1,681 ) Percentage on Total 75 % 25 % 0 % The risk arising from to net investment in foreign subsidiaries is monitored; no active hedging is currently being performed. With regard to commodity risk, the Group enters into fixed-price contracts for certain utilities. Set out below is the impact of hedging on equity: Cash Flow Hedge Reserve (EUR thousand) As January 1, 2021 3,345 Interest Rate Swap ( 2,721 ) Tax effect 653 As at December 31, 2021 1,277 Interest Rate Swap ( 7,663 ) Tax effect 1,839 As at December 31, 2022 ( 4,547 ) The following table presents an analysis of sensitivity to a change in (i) interest rates on the portion of loans and borrowings affected (nearly zero due to the early repayment of almost all the loans with floating rate), and (ii) exchange rates for the currencies the Group is majorly exposed to. With all other variables held constant, the Group’s marginality is affected as follows: As at December 31, 2022 Interest rate sensitivity Increase/decrease Effect on profit (EUR thousand) + 20 BP - 20 BP — — + 50 BP - 50 BP — — + 100 BP - 100 BP — — Exchange rate sensitivity Increase/decrease Effect on EBITDA (EUR thousand) Euro 1 % ( 1 )% ( 1,752 ) 1,788 US dollar 3 % ( 3 )% ( 5,154 ) 5,473 5 % ( 5 )% ( 8,427 ) 9,314 Euro 1 % ( 1 )% 140 ( 143 ) Mexican Pesos 3 % ( 3 )% 411 ( 437 ) 5 % ( 5 )% 673 ( 744 ) Euro 1 % ( 1 )% ( 116 ) 118 China Renmimbi 3 % ( 3 )% ( 340 ) 361 5 % ( 5 )% ( 556 ) 615 As at December 31, 2021 Interest rate sensitivity Increase/decrease Effect on profit (EUR thousand) + 20 BP - 20 BP — — + 50 BP - 50 BP — — + 100 BP - 100 BP — — Exchange rate sensitivity Increase/decrease Effect on EBITDA (EUR thousand) Euro 1 % ( 1 )% ( 1,190 ) 1,214 US dollar 3 % ( 3 )% ( 3,500 ) 3,716 5 % ( 5 )% ( 5,722 ) 6,324 Euro 1 % ( 1 )% 156 ( 159 ) Mexican Pesos 3 % ( 3 )% 459 ( 487 ) 5 % ( 5 )% 750 ( 829 ) Liquidity risk Liquidity risk arises if the Group is unable to obtain the funds needed to carry out its operations under economic conditions. The main determinant of the Group’s liquidity position is the cash generated by or used in operating and investing activities. From an operating point of view, the Group manages liquidity risk by monitoring cash flows and keeping an adequate level of funds at its disposal. The main funding operations and investments in cash and marketable securities of the Group are centrally managed or supervised by the treasury department with the aim of ensuring effective and efficient management of the Group’s liquidity. The Group undertakes medium/long term loans to fund medium/long term operations. The Group undertakes a series of activities centrally supervised with the purpose of optimizing the management of funds and reducing liquidity risk, such as: - centralizing liquidity management - centralizing cash through cash pooling techniques - maintaining a conservative level of available liquidity - diversifying sources of funding of medium and long term financing - obtaining adequate credit lines - monitoring future liquidity requirements on the basis of budget forecast and cash flow planning - monitoring covenants on indebtedness Intercompany financing is conducted at arm’s length terms and normally involves the holding company. These measures currently sufficiently guarantee, at normal conditions and in the absence of extraordinary events, the degree of flexibility required by movements of working capital, investing activities and cash flows in general. The Group believes that its total available liquidity (defined as cash and cash equivalents plus undrawn committed credit lines and marketable securities), in addition to funds that will be generated from operating activities, will enable the Group to satisfy the requirements of its investing activities and working capital needs, fulfill its obligations to repay its debt and ensure an appropriate level of operating and strategic flexibility. The Group, therefore, believes there is no significant risk of a lack of liquidity. The following table summarizes the due dates of the Group’s financial and other liabilities at December 31, 2022 and at December 31, 2021 on the basis of contractual payments which have not been discounted: As at December 31, 2022 Due within Due between Due beyond Total (EUR thousand) Bank overdrafts 13,244 — — 13,244 Borrowings from banks (*) 50,680 84,136 — 134,816 Notes (*) — 25,000 25,000 50,000 Lease liabilities (**) 5,785 10,362 6,211 22,358 Other Financial liabilities 1,666 — — 1,666 Trade payables 239,180 — — 239,180 Tax payables 41,655 — — 41,655 Other liabilities 69,499 18,060 — 87,559 Employee Benefits 2,187 — 6,127 8,314 Total liabilities 423,896 137,558 37,338 598,792 (*) The corresponding balance reported in the financial statement position i s EUR 134,587 thousand and EUR 49,681 thousand respectively at 31 December 2022 and refers to adoption of amortized cost. (**) The corresponding balance in the financial statement position is EUR 19,982 thousand and refers to adoption of IFRS 16. As at December 31, 2021 Due within Due between Due beyond Total (EUR thousand) Bank overdrafts 37 — — 37 Borrowings from banks (*) 36,357 134,006 591 170,954 Notes (*) — — 50,000 50,000 Lease liabilities (**) 6,046 12,751 6,961 25,758 Other Financial liabilities 2,729 735 3,464 Trade payables 164,787 — — 164,787 Tax payables 19,440 — — 19,440 Other liabilities 65,813 1,808 0 67,621 Employee Benefits — 11,853 — 11,853 Total liabilities 295,209 161,153 57,552 513,914 (*) The corresponding balance reported in the financial statement position is EUR 170,562 thousand and EUR 49,620 thousand respectively at 31 December 2021 and refers to adoption of amortized cost. (**) The corresponding balance in the financial statement position is EUR 23,127 thousand and refers to adoption of IFRS 16. Credit risk Credit risk is the risk of economic loss arising from the failure to collect a receivable. Credit risk encompasses the direct risk of default and the risk of a deterioration of the creditworthiness of the counterparty. The maximum credit risk to which the Group is theoretically exposed is represented by the carrying amounts of the financial assets stated in the consolidated statement of financial position sheet. Where customers fail to meet payment deadlines, the Group’s financial position may deteriorate. In addition, socio-political events (or country risks) and the general economic performance of individual countries or geographical regions may assume significance also in relation to this aspect. The trade receivable risk is however mitigated by consolidated commercial relations with high-standing pharma multi-nationals and Group guidelines drawn up for the selection and evaluation of the client portfolio, which may require, where possible and appropriate, further guarantees from customers. Trade receivables as of December 31, 2022, amounting overall to EUR 218,695 thousand (EUR 171,803 thousand in 2021), include recei vables not overdue of EUR 164,106 thousand and overdue receivables of EUR 54,589 thousand, of which EUR 46,483 thousand within 90 days, EUR 4,444 thousand between 90 and 180 days, EUR -11 thousand between 181 and 365 days and EUR 3,674 thousand beyond 365 days. As of December 31, 2022 the Group has accrued an allo wance for doubtful accounts amounting to EUR 5,961 thousand (EUR 6,544 thousand in 2021). |
Covid-19 Pandemic
Covid-19 Pandemic | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Nature and Extent of Risks Arising from Unusual Risk and Uncertainty By Nature [Abstract] | |
Covid-19 Pandemic | 40. Covid-19 Pandemic Stevanato Group has been in the vaccine business for decades, serving as a partner for the distribution of a variety of vaccines worldwide. In 2020, the global COVID-19 pandemic caused both governments and private organizations to implement numerous measures to contain the spread of the virus. The Group experienced both positive and negative impacts from the pandemic. The Group believes that it is likely that the unfavorable impacts from COVID-19 on production and operational capabilities will continue to abate in fiscal year 2023. The unfavorable impacts included: (i) a temporary decrease in the sales of certain non-COVID-19 products as traditional healthcare procedures were postponed (ii) labor absenteeism; (iii) disruptions to production lines; and (iv) delays in, and increased costs of raw materials, logistics, and other input costs. However, COVID-19 also provided an uplift to the Group's business with an acceleration of revenue from the sale of syringes and vials for vaccination programs globally. Stevanato Group has been supplying: (i) glass vials and syringes to approximately 90 % of currently marketed vaccine programs, according to our estimates based on public information (WHO, EMA, FDA); and (ii) plastic diagnostic consumables for the detection and diagnosis of COVID-19. Currently, the Group expects revenue from COVID-related products and services will continue to decrease in fiscal year 2023 compared to fiscal year 2022. The Group still expects to benefit from sales related to COVID-19 products and services, but to a lesser extent, as governments worldwide continue to support and promote COVID-19 vaccine programs. Longer-term, there remains uncertainty around the magnitude of demand for COVID-19 related products, however we currently expect demand for products related to COVID-19 will decrease and become part of our vaccine business as COVID-19 moves into endemic stage. |
Impact of war in Ukraine
Impact of war in Ukraine | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Nature and Extent of Risks Arising from Unusual Risk and Uncertainty By Nature [Abstract] | |
Impact of war in Ukraine | 41. Impact of war in Ukraine On February 24, 2022, Russia launched a military invasion of Ukraine. As of today, active conflict is underway in and impacting several major Ukrainian cities. The military actions undertaken by Russian military forces against Ukraine resulted in the imposition of financial and economic sanctions by the European Union, the U.S., the United Kingdom and other countries and organizations against officials, individuals, regions, and industries in Russia and Belarus. Such sanctions, together with any additional measure that may be adopted in connection with this situation, may, in various ways, constrain Russia and Ukraine related transactions. Such military actions against Ukraine, as well as the measures adopted, or that may be adopted, by other countries in response to these events, including new and stricter sanctions by the European Union, the U.S., the United Kingdom and other countries and organizations against officials, individuals, regions, and industries in Russia and Belarus (or other countries that were to become involved), could have a material adverse effect on Group operations. The Group is monitoring the conflict, but cannot predict whether this situation, which is unfolding in real-time, may escalate and result in broader economic and security conditions or in material implications for its business. None of the Group’s operational locations are located in Russia or the Ukraine. Primarily as a result of the Russian-Ukrainian conflict, gas and electricity prices have risen dramatically and affected Group margins, but the Group has not faced any material disruption in accessing natural gas for its operations to date. The Group’s operations in Italy have the highest gas consumption across its European operations. According to widely published press reports, the Italian government has taken steps to shore up its natural gas supplies and lower its dependence on Russian supplies. Italy has signed agreements with several other countries to diversify the country’s natural gas sources and Algeria is now the largest supplier of natural gas to Italy. On October 2, 2022, the Italian government stated that gas storage levels in Italy were estimated to be at more than 90%. In addition, the Group believes it may be eligible for priority status since its business operations are devoted to the delivery of mission-critical pharmaceutical products. However, the current conflict and the imposition of financial and economic sanctions following the invasion may negatively impact the Group's ability to source gas at commercially reasonable terms, or at all. The war resulted in a worldwide increase in the price of utilities, specifically natural gas. In response, we adjusted prices accordingly to cover the impacts of these price increases. |
Global Macroeconomic Scenario
Global Macroeconomic Scenario | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Nature and Extent of Risks Arising from Unusual Risk and Uncertainty By Nature [Abstract] | |
Global Macroeconomic Scenario | 42. Global Macroeconomic Scenario One of the main elements to consider in the global macroeconomic scenario is the inflation rate, which has recently reached record-high level in some countries. Although prices had been already creeping up due to the rapid rebound from the pandemic and related supply chain constraints, inflation soared and became much more pervasive around the world following Russia’s conflict with Ukraine. in the Fall 2022, which allowed storage facilities in many European countries to be filled and reduce the risk of possible supply demand imbalances. In order to pursue price stability, the Federal Reserve in the U.S. and other central banks in various countries have raised, and may again raise, interest rates in response to concerns about inflation. Through an increase in the key interest rate, central banks make borrowing more expensive and encourage saving, thereby influencing consumer demand for goods and services as well as business investment. This can help reduce inflation but can also result in lower economic activity. General global economic downturns and macroeconomic trends, including heightened inflation, capital market volatility, interest rate and currency rate fluctuations, and economic slowdown or recession, may result in unfavorable conditions that could negatively affect demand for our products and exacerbate some of the other risks that affect our business, financial condition and results of operations. Furthermore, currency exchange rates have been especially volatile in the recent past, and these currency fluctuations have affected, and may continue to affect, the reported value of the Group assets and liabilities, as well as cash flows. |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the reporting period | 43. Events after the reporting period On January 3, 2023 the beneficiaries involved in the new Restricted Shares Plan 2023-2027 and Performance Shares Plan 2023-2027 received a letter that granted them the right obtain the transfer free of charge of a certain number of shares if the underlying conditions are met. The Restricted Shares Plan and the Performance Shares Plan were adopted by the Board of Directors on December 15, 2022, as sub-plans of the Long Term Incentive Plan. The Restricted Shares Plan forms part of Stevanato Group’s long-term remuneration policy wherein Restricted Shares represent, for the first vesting period (January 2023 - December 2025), 50 % of the same beneficiaries grant target pay opportunity, while Performance Shares represent 50 % of the beneficiaries grant target pay opportunity. For the second vesting period (January 2024 - December 2026) and third vesting period (January 2025 - December 2027), the company will communicate to beneficiaries within the grant letter the mix of Performance and Restricted Shares. The granting of awards under the Restricted Shares Plan, for each vesting period, is subject to and dependent on the satisfaction of the following presence condition: shares shall not vest unless, at the end of the presence period related to each installment - 3 equal annual installments-, the relationship between the participant and the company is still in existence, unless otherwise agreed by the Chief Executive Officer. In particular, the presence period is differentiated in coherence with the vesting schedule and coincides with the period between the grant of rights date and each installment-vesting schedule. The right to the award of Shares under the Performance Shares Plan, for each vesting period - 3 years cliff vesting-, as a consequence of the relative right to receive the number of shares is subject to the positive outcome of the verification by the Board of Directors at the date of verification relating to two different performance targets which are independent of each other: I. 50 % of the target number of shares will vest if the Group achieves the targets in relation to the revenue growth performance criterion; II. 50 % of the target number of shares will vest if the Group achieves the targets in relation to the ROIC Performance Criterion; The performance target level, minimum target, overachievement target and maximum target of each performance criterion, for each vesting period, were communicated to beneficiaries within the grant letter. On January 17, 2023 and February 28, 2023, Stevanato Group entered into two term loan contracts, totaling EUR 130.0 million, to support production capacity expansion in U.S. and Italy. The first loan agreement was financed through BNP Paribas for EUR 70.0 million and the second loan for EUR 60.0 million was financed through Cassa Depositi e Prestiti. Both financing have five years tenor with two years of availability period to draw down, two years of pre-amortizing period and three years of amortizing period. Both loans are “ESG-linked” with potential price improvement linked to the yearly successful achievement of two ESG KPIs. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of preparation | 2.1 Basis of preparation The consolidated financial statements comprised the financial statements of the Company and its subsidiaries as at December 31, 2021 and 2022, and for the years ended December 31, 2022, 2021 and 2020. The consolidated financial statements were authorized for issuance by resolution of the Board of Directors on March 1, 2023. The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board ( IFRS ). The accounting policies stated below have, unless otherwise stated, been applied consistently over all periods presented in the consolidated financial statements. The Group’s accounting policies have been applied consistently by the Group’s companies. The consolidated financial statements are composed of a consolidated income statement, a consolidated statement of comprehensive income, a consolidated statement of financial position, a consolidated statement of changes in equity, a consolidated statement of cash flows and the accompanying notes (the “Consolidated Financial Statements”). The Group presents its consolidated statement of profit or loss using the function of expense method reflecting the practice in the industry in which the Group operates. The Group presents current and non-current assets and liabilities as separate classifications in its consolidated statements of financial position. The statement of cash flows has been prepared using the “indirect method” allowed by IAS 7 – Cash Flow statements . In the consolidated income statement, the Group also presents subtotal for Gross Profit and Operating Profit. Operating Profit distinguishes between the profit before taxes arising from operating items and those arising from financing activities, including also the share of profit of associates. Operating Profit is one of the primary measures used by the Chief Executive Officer, the Group’s “Chief Operating Decision Maker” (“CODM”) as defined in IFRS 8 - Operating Segments to assess performance. The consolidated financial statements have been prepared on a historical cost basis, modified as required for the measurement of certain financial instruments at their fair value. The consolidated financial statements are presented in Euro, the Group’s presentation currency, which is also the functional currency of the Company, and all values are rounded to the nearest thousand, except when otherwise indicated. The consolidated financial statements are prepared on a going concern basis. Management believes that there are no financial or other indicators presenting material uncertainties that may cast significant doubt upon the Group’s ability to meet its obligations in the foreseeable future and in particular in the next 12 months. |
Basis of consolidation | 2.2 Basis of consolidation Subsidiaries Subsidiaries are any entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Power is generally presumed with an ownership of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. The Group recognizes any non-controlling interests (“NCI”) at fair value or at the non-controlling interest’s share of the recognized amounts of the acquiree’s identifiable net assets. Net profit or loss and each component of other comprehensive income/ (loss) are attributed to the owners of the parent and to the non-controlling interests. Total comprehensive income/ (loss) of subsidiaries is attributed to owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Subsidiaries are fully consolidated from the date on which control is obtained by the Group. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. Associates These are companies in which the Group has a significant influence over their financial and operating policies and which are neither subsidiaries nor joint ventures. The consolidated financial statements show the Group's portion of results of the associated companies, accounted for using the equity method, starting from the date when the significant influence began. Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the profit/ (loss) and other comprehensive income/ (loss) of the investee. The Group’s share of the investee’s profit/ (loss) is recognized in the consolidated income statement. When significant influence over an associate is lost as a result of a full or partial disposal, the Group derecognise that associate and recognise in profit or loss the difference between, on the one hand, the sum of the proceeds received plus the fair value of any retained interest and, on the other hand, the carrying amount of the investment in the associate at the date significant influence is lost. Consolidation of foreign companies All the assets and liabilities of foreign companies that report in a currency other than the Euro and which fall within the scope of consolidation are translated into Euro using the exchange rate at the end of the reporting period (current exchange rate method). Income and costs are translated using average rates for the reporting period. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss. Transactions eliminated upon consolidation All transactions and balances between Group companies and all unrealized gains and losses arising on intercompany transactions are eliminated on consolidation. Transactions in foreign currency Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign currency exchange rate prevailing at that date. Exchange differences arising on the extinguishment of monetary items or their translation at different rates to those used for their translation upon initial recognition or in previous financial statements are recorded in the income statement. Exchange differences arising on monetary items that are effectively part of the Group's net investment in foreign operations are classified in net equity until the investment’s disposal, at which time such differences are recognized in the income statement as income or expenses. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. The principal foreign currency exchange rates used to translate other currencies into Euro were as follows: COUNTRY ISO Average for the At Average for the At Average for the At 2022 2022 2021 2021 2020 2020 CHINA CNY 7.0788 7.3582 7.6282 7.1947 7.8747 8.0225 UNITED STATES USD 1.0530 1.0666 1.1827 1.1326 1.1422 1.2271 MEXICO MXN 21.1869 20.8560 23.9852 23.1438 24.5194 24.4160 DENMARK DKK 7.4396 7.4365 7.4370 7.4364 7.4542 7.4409 BRAZIL BRL 5.4399 5.6386 6.3779 6.3101 5.8943 6.3735 SWITZERLAND CHF 1.0047 0.9847 1.0811 1.0331 1.0705 1.0802 JAPAN JPY 138.0274 140.6600 129.8767 130.3800 121.8458 126.4900 |
Current and non-current | Current and non-current The Group in its consolidated statements of financial position presents assets and liabilities as separate classifications in current and non-current. An asset is current when it is: (i) expected to be realized or intended to be sold or consumed in the normal operating cycle; (ii) held primarily for the purpose of trading; (iii) expected to be realized within twelve months after the reporting period or (iv) cash or cash equivalent. All other assets are classified as non-current. A liability is current when it is: (i) expected to be settled in the normal operating cycle, (ii) held primarily for the purpose of trading; (iii) due to be settled within twelve months after the reporting period or (iv) there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. Other current and non-current liabilities Other current and non-current liabilities include, among the others, liabilities related to put options over non-controlling interests and other liabilities related to financial investments. When a put option is granted to non-controlling shareholders of a subsidiary, if the option provides for settlement in cash, a liability is recognized for the present value of the exercise price of the option. This liability is classified as non-current financial liabilities or current financial liabilities in the consolidated statement of financial position based on its due date. Subsequent changes in the liability’s fair value are recognized through profit or loss. The Group recognizes liabilities from other taxes and social security and other non-financial liabilities at amount payable on the maturity date. Pre-payments received on orders as well as the liability balance from constructions contracts are reported as contract liabilities. |
Goodwill | Goodwill Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed in a business combination). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, that is performed at least annually, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination. Impairment test consists in the comparison of the recoverable amount of each CGU, over which goodwill has been allocated for monitoring purposes, with their corresponding carrying amount of net assets including goodwill. The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. The fair value less costs to sell is the price that would be received from the sale of an asset or group of assets in an orderly transaction between market participants at the measurement date, less costs to sell. These values are determined on the basis of market data (stock market prices or comparison with similar listed companies, with the value attributed to similar assets or companies in recent transactions) or, in the absence of such data, on the basis of discontinued cash flows as determined by a market participant. The value in use is based on discounted future cash flows net of income taxes, calculated as follows: - future cash flows are estimated based on actual cash flows for the current year, the annual budget for the following year and mid-term projections based on previous years’ cash flows, management expectations and plans, and past experience; subsequent years are extrapolated with a perpetuity growth rate; - the Group discount rate is determined on the basis of market information on the cost of capital and the specific risk of the industry ( Weighted Average Cost of Capital, WACC ). These procedures are in accordance with IAS 36 - Impairment of assets , an impairment loss is recognized if the recoverable amount is lower than the carrying amount. An impairment loss recognized for goodwill cannot be reversed in a subsequent period. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. |
Fair value measurement | Fair Value Measurement In accordance with IFRS 13 – Fair Value Measurement , the Group measures financial instruments such as derivatives, and non-financial assets, at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place in the principal market or, in the absence of a principal market, in the most advantageous market for the asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: - Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities; - Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; - Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. |
Recognition of revenue | Recognition of revenue The Group is in the business of production and distribution of products and processes to provide integrated solutions for pharma and healthcare. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. Based on the five-step model introduced in IFRS 15 - Revenue from contracts with customers , the Company recognizes revenue after the following requirements have been met: a) the parties have approved the contract (in writing, orally or in accordance with other common commercial practices) and are committed to fulfilling the respective performance obligations; an agreement between the parties which creates rights and obligations regardless of the form of the agreement has, therefore, been created; b) the rights of each of the parties in relation to the services to be transferred can be identified; c) the payment terms for the goods or services to be transferred can be identified; d) the contract has commercial substance; e) it is probable that the Company will receive the consideration to which it is entitled in exchange for the services transferred to the customer. If the consideration referred to in the contract has a variable component, the Company will estimate the amount of the consideration it will be entitled to in exchange for the services transferred to the customer. Revenue from the sale of products in the Biopharmaceutical and Diagnostic Solution segment Revenue from the sale of products in the Biopharmaceutical and Diagnostic Solution segment is mainly recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the products at the customer’s location and generally considering applicable Incoterms. The normal credit term is 60 to 90 days upon delivery. The Group enters in certain contracts whereby it provides customer with the right to access certain intellectual properties for a defined short period of time. These contracts do not result in additional performance obligations for the Group and have been assessed to result in revenue to be recognized over the time the customer can benefit from the access to the intellectual property. In determining the transaction price for the sale of glass and plastic products, both part of the Biopharmaceutical and Diagnostic Solution segment, the Group considers the effects of variable consideration, existence of a significant financing component, non-cash consideration, and consideration payable to the customer. If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The Group estimates the impact of potential returns from customers based on the Group’s right of return policies and practices along with historical data on returns, in order to determine the amount of variable consideration that can be included in the transaction price and recognized as revenue. A refund liability is recognized for the goods that are expected to be returned. There are no post-delivery obligations other than product warranties, if required by local law; these warranties do not represent a separate performance obligation and are accounted for applying IAS 37 – Provisions, Contingent Liabilities and Contingent Assets . Any advance payments or deposits from customers are not recognized as revenue until the control of the relevant good is transferred to the customer. Biopharmaceutical and Diagnostic Solution segment also develops, contracts for and sells to customers molds, tools and equipment necessary to produce plastic products. If the tooling is highly customized with no alternative use to the Group, and the Group has an enforceable right to payment for performance completed to date, revenue is recognized over time by measuring progress towards completion using the input method based on costs incurred relative to total estimated costs to completion consistently with transfer of control. Otherwise, revenue for the molds, tools and equipment is recognized at the point in time when the performance obligations are satisfied by transferring of control. Revenue from the sale of products in the Engineering segment Revenue from the sale of products in the Engineering segment is recognized at the point in time or over the time, accordingly to terms and conditions of the customer’s contract. The Group recognizes revenue from customer-specific construction contracts of the engineering system division over the time as the performance does not create an asset with an alternative use and the Group has an enforceable right to payment for performance completed to date. When it is not possible to consider the enforceable right to payment for performance completed to date, revenue is recognized at a point in time. For revenue recognized over time, revenue is recognized by applying a method of measuring progress toward complete satisfaction of the related performance obligation. When selecting the method for measuring progress, the Group select the method that best depicts the transfer of control of goods or services promised to customers. Engineering revenue is recorded under an input method, which recognizes revenue on the basis of efforts or inputs to the satisfaction of a performance obligation (for example, resources consumed, labor hours expended, costs incurred, time elapsed, or machine hours used) relative to the total expected inputs to the satisfaction of that performance obligation. The input method that we use is based on costs incurred, using the percentage of completion method (or expected cost plus a margin approach). The Group determines the applicable stage of completion based on the portion of contract costs incurred for work performed to date relative to the estimated total contract costs (cost to cost method). Engineering revenue can be generated from contracts with multiple performance obligations. When a sales agreement involves multiple performance obligations, each obligation is separately identified, and the transaction price is allocated based on the amount of consideration the Group expect to be entitled in exchange for transferring the promised good or service to the customer. If the stage of completion of a customer-specific contract cannot be estimated reliably, contract revenue is recognized to the extent of contract costs incurred that are likely to be recoverable. Engineering’s revenue also include after-sales services, those mainly consists in the supply of spare parts to customers for machinery and equipment sold, other than maintenance activity on the machines sold. Such revenue is recognized at a point in time. Contract costs are recognized in profit or loss as incurred unless they create an asset which generates or enhances resources that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately in the consolidated income statement following requirements on onerous contracts in IAS 37 . Costs to obtain a contract According to IFRS 15 the Group recognizes incremental costs of obtaining a contract as an asset if the required criteria are met. Any capitalized contract costs assets is amortized on a systematic basis that is consistent with the entity’s transfer of the related goods or services to the customer. The Group present these costs in the statement of financial position as a separate class of intangible asset, with the amortization in the same line item as amortization of intangible assets within the scope of IAS 38 - Intangible Assets . Capitalized contract costs are subject to an impairment assessment at the end of each reporting period. Impairment losses are recognized in profit or loss. |
Government grants | Government grants Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. The Group has elected to present the grant in the statement of financial position as other liability, which is recognized in profit or loss on a systematic and rational basis over the useful life of the asset. The Group has chosen to present grants related to an expense item as other operating income in the statement of profit or loss. |
Trade receivables | Trade receivables A receivable is the entity’s right to consideration that is unconditional. A right to consideration is unconditional if the passage of time is required before payment of that consideration is due. |
Contract assets and Contract liabilities | Contract assets The entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. Contract liabilities A contract liability is the entity’s obligation to transfer goods or services to a customer for which the entity has received consideration. Presentation of Contract assets and liabilities Contract assets and liabilities are determined at the contract level and not at the performance obligation level. As such, an asset or liability for each performance obligation within a contract is not separately recognized, but they are aggregated into a single contract asset or liability. Contract asset or contract liability positions are determined for each contract on a net basis. |
Cost of sales | Cost of sales Cost of sales comprises expenses incurred in the manufacturing and distribution of products. The remaining costs principally include depreciation, amortization and transportation costs. |
Income (and deferred) taxes | Income (and deferred) taxes Income taxes include all the taxes calculated on taxable profits of the Group. Income taxes are recorded in the income statement, except to the extent that they relate to a business combination, or items recognized directly in equity or in other comprehensive income. Current taxes are calculated on the basis of the tax laws enacted or substantially enacted at the reporting date in the countries where the Group operates and generates taxable income. Current tax receivables and payables are measured at the amount expected to be recovered or paid to the tax authorities. Italian Regional Income Tax (“IRAP”) is recognized within income tax expense. IRAP is calculated on a measure of income defined by the Italian Civil Code as the difference between operating revenue and costs, before financial income and expense, and in particular before the cost of fixed-term employees, credit losses and any interest included in lease payments, for the Italian components of the Group only. IRAP is applied on the tax base at 3.9 % for the years ended December 31, 2021 and December 31, 2022. Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except: - When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; - In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except: - When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. - In respect of deductible temporary differences associated with investments in subsidiaries, and associates, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available, against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. In assessing the feasibility of the realization of deferred tax assets, management considers whether it is probable that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and the tax loss carried-forwards are utilized. Estimating future taxable income requires estimates about matters that are inherently uncertain and requires significant management judgment, and different estimates can have a significant impact on the outcome of the analysis. Changes in the assumptions and estimates related to future taxable income, tax planning strategies and scheduled reversal of deferred tax liabilities could affect the recoverability of the deferred tax assets. If actual results differ from such estimates and assumptions the Group financial position and results of operation may be affected. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Any uncertainty regarding tax treatments is considered in the tax calculation in accordance with the requirements in IFRIC 23 - Uncertainty over Income Tax Treatments whereby an entity considers whether it is probable that a taxation authority will accept an uncertain tax treatment. If the Group concludes that the position is not probable of being accepted, the effect of uncertainty is reflected in the income taxes. |
Dividends | Dividend The Company recognizes a liability to pay a dividend when the distribution is authorized and the distribution is no longer at the discretion of the Company. As per the corporate laws of Italy, a distribution is authorized when it is approved by the shareholders. A corresponding amount is recognized directly in equity. |
Other intangible assets | Other intangible assets Intangible assets, other than goodwill, acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and method for an intangible asset with a finite useful life are reviewed at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the income statement in the expense category that is consistent with the function of the intangible assets. Developments costs for the production of new products or parts, like requested as IAS 38 - Intangible Assets , are recognized as assets only if the costs can be reliably determined; the Group has the intention and resources to complete them, the technical feasibility of completing them is such that they will be available for use; the Group has the intention to complete and the ability and intention to use or sell the asset; the asset will generate future economic benefits; there are availability of resources to complete the asset and the ability to measure reliably the expenditure during development. Capitalized development costs include only those expenses that can be directly attributed to the development process and are amortized on a systematic basis, starting from the commencement of production and lasting the length of the product or process's estimated life, generally ranging between three and five years . Research costs are expensed as incurred. Industrial patents and intellectual property rights, and licenses are valued at purchase or production cost and amortized, if they have a finite life, on a straight-line basis over their estimated useful life, generally between three and five years . Other intangible assets mainly relate to the registration of trademarks and have been recognized in accordance with IAS 38 - Intangible Assets , where it is probable that the use of the asset will generate future economic benefits for the Group and where the cost of the asset can be measured reliably. Other intangible assets are measured at cost less any impairment losses and amortized on a straight-line basis over their estimated life, which is generally between three and five years . The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. An intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss. |
Property, plant and equipment | Property, plant and equipment Plant and equipment are recorded at purchase or production cost and systematically depreciated over their residual useful lives and accumulated impairment losses, if any. The land pertaining to buildings is not depreciated. Such cost includes the cost of replacing part of the plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Property, plant and equipment transferred from customers are initially measured at fair value at the date on which control is obtained. Construction in progress is stated at cost, net of accumulated impairment losses, if any. The useful lives, estimated by the Group for its various categories of property, plant and equipment, are as follows: Biopharmaceutical Engineering Holding Buildings 18 to 33 years 16 years 33 years Plant and machinery 6 to 20 years 6 to 10 years 4 years Industrial and commercial equipment 5 to 8 years 8 years 8 years Other tangible assets 5 to 8 years 5 to 8 years 5 to 8 years Land is not depreciated. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized. |
Leases | Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. According to IFRS 16 - Leases , the Group applies a recognition and measurement approach for each lease, except for short-term leases and leases of low-value assets. The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months) and applies the lease of low-value assets recognition exemption to leases of that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. The Group recognizes lease liabilities representing obligations to make lease payments and Right of Use assets representing the Right of Use the underlying assets. The Group recognizes Right of Use assets at the commencement date of the lease and it is measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right of Use assets are measured at cost comprising the following: (i) the amount of the initial measurement of lease liability; (ii) any lease payments made at or before the commencement date less any lease incentives received; (iii) any initial direct costs and, if applicable, (iv) restoration costs. Right of Use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term, of the following: (i) fixed lease payments less any lease incentives receivable, (ii) variable lease payments that are based on an index or a rate and, if applicable, (iii) amounts expected to be payable under residual value guarantees, and (iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group’s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Each lease payment is allocated between the principal liability and interest expense. Interest expense is charged to the income statement over the lease period using the effective interest rate method. |
Inventories | Inventories Inventories of raw materials, semi-finished and finished products are valued at the lower of cost and net realizable value. Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for, as follows: - Raw materials: purchase cost on weighted average cost - Finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity but excluding borrowing costs. Allowances for obsolete and slow-moving goods are calculated for materials and finished products, taking into account their future expected use and realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. |
Financial instruments | Listing fees In accordance with IAS 32 - Financial instrument: presentation , the transaction costs of an equity transaction are accounted for as a deduction from equity, to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. Transaction costs relate jointly to offering of share and stock exchange listing of new share have been allocated to those transactions using a basis of allocation that is rational and consistent with similar transactions. Financial instruments A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Current financial assets include trade receivables, derivative financial instruments, other current financial assets and cash and cash equivalents. Investments and other financial assets include investments accounted for using the equity method and non-current financial assets. Financial liabilities include debt and borrowings from banks, trade payables and other financial liabilities, which mainly include derivative financial instruments. Financial assets Financial assets are classified on the basis of the impairment model introduced by IFRS 9 – Financial instruments , at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The Group initially measures a financial asset at its fair value plus transaction costs, in the case of a financial asset not at fair value through profit or loss. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied a simplified approach in calculating ECLs (Expected Credit Loss). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date, based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The amount of receivables is reported in the statement of financial position net of the relevant bad debt provisions. The impairment losses reported pursuant to IFRS 9 (including reversals of impairment losses or impairment gains) are recognized in the consolidated income statement within the line item Selling and Marketing expenses. Financial assets are derecognized when the rights to receive cash flows from the instrument have expired and the Group has transferred substantially all risks and rewards of ownership. Financial assets measured at amortized cost This category includes financial assets that meet the following requirements: (i) the financial asset is held within a business model whose objective is to hold financial assets to collect their contractual cash flows; and (ii) the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recognized in profit or loss. Financial assets at fair value through consolidated profit or loss (FVTPL) Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. This category includes financial assets not classified in any of the previous categories and derivative instruments and equity investments which the Group has not irrevocably elected to classify at fair value through OCI. Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. For purposes of subsequent measurement, financial liabilities are classified in financial liabilities at fair value through profit or loss and financial liabilities at amortized cost (loans and borrowings). Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. The Group has not designated any financial liability as at fair value through profit or loss. Financial liabilities at amortized cost is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as interest expense in the statement of profit or loss. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. Borrowings are classified among current liabilities, unless the Group has an unconditional right to defer their payment for at least twelve months after the reporting date. Derivatives Derivative financial instruments are accounted for in accordance with IFRS 9 . At the inception of the contract, derivative instruments are initially recognized at fair value as financial assets at FVTPL when the fair value is positive, or financial liabilities at FVTPL when the fair value is negative. When a derivative financial instrument is designated as a hedge of the exposure to variability in future cash flows or highly probable forecasted transactions, the effective portion of the gain or loss on the hedging instrument is recognized in OCI in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. The Group uses IRS contract ( Interest Rate Swap ) as hedges of its exposure to financial interest of loans. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward currency and collar contracts as hedges of its exposure to foreign currency risk in forecast transactions and firm commitments, for its exposure to volatility of exchange rates. The ineffective portion is recognized in financial income or expenses. The Group designates only the spot element of forward contracts as a hedging instrument, forward points are formally excluded from the hedging relationship and accounted as cost of hedging. The forward element is recognized in OCI and accumulated in a separate component of equity under Cost of Hedging Reserve. Impairment of non-financial assets The Group tests whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. If it is not possible to estimate the recoverable amount of an individual asset, the Group assesses whether the cash-generating unit to which it belongs is impaired. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise cash on hand and at bank, carried at nominal amount, equal to fair value. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Equity | Equity Retained earnings and other reserves include undistributed earnings of the Group, the accumulated amount of items recognized in other comprehensive income (such as actuarial gains and losses, cash-flow hedge reserves, etc.) and other reserves (translation differences). Dividends are deducted from equity when they are approved by the Shareholders’ Meeting. Non-controlling interests represent the portion of the net assets and net profit of a consolidated entity that is not attributable to the Group, directly or indirectly. |
Provisions | Provisions Provisions for risks are recognized when (i) the Group has a present obligation, legal or constructive, as a result of a past event; (ii) it is probable that the outflow of resources will be required; (iii) the amount of the obligation can be reliably estimated. Provisions are determined by the Group based on facts and circumstances, historical risk data and the information available at the balance sheet date. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. Where the effect of the time value of money is material and the date of extinguishing the liability can be reasonably estimated, provisions are stated at the present value of the expected expenditure, using a discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as an interest expense. Contingencies for which the probability of a liability is remote are disclosed in the notes, but no provision is recognized. |
Employee benefits | Employee benefits Employee severance indemnity, mandatory for Italian companies pursuant to Article 2120 of the Italian Civil Code, is deferred compensation and is based on the employees' years of service and the compensation earned by the employee during the service period. Under IAS 19 - Employee Benefits , the employee severance indemnity as calculated is considered a "Defined benefit plan" and the related liability recognized in the statement of financial position (Employees Benefits) is determined by actuarial calculations. The remeasurements of actuarial gains and losses are recognized in other components of the Consolidated Statements of Comprehensive income. Service cost of Italian companies that employ less than 50 employees, as well as interest expenses related to the "time value" component of the actuarial calculations (the latter classified as Finance expenses), are recognized in the separate consolidated income statements. Starting from January 1, 2007, Italian Law gave employees the choice to direct their accruing indemnity either to supplementary pension funds or leave the indemnity as an obligation of the Company. Companies that employ at least 50 employees should transfer the employee severance indemnity to the "Treasury fund" managed by INPS, the Italian Social Security Institute. Consequently, the Group's obligation to INPS and the contributions to supplementary pension funds take the form, under IAS 19, of a "Defined contribution plan". Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation under expenses in the consolidated statement of profit or loss: - the service costs are recognized in the consolidated income statement by function and presented in the relevant line items (Cost of sales, Selling and Marketing expenses, General and Administrative expenses, Research and Development expenses); - the net interest on the defined benefit liability is recognized in the consolidated income statement as net Financial income/ (expenses), and is determined by multiplying the net liability/ (asset) by the discount rate used to discount obligations taking into account the effect of contributions and benefit payments made during the year; - the remeasurement components of the net obligations, which comprise actuarial gains and losses and any change in the effect of the asset ceiling are recognized immediately in other comprehensive income/ (loss). Other long-term employee benefit obligations The Group also has liabilities for cash-settled awards based on Group’s performance indicators that are not expected to be settled wholly within 12 months after the end of the period in which the employees and directors render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees and directors up to the end of the reporting period, using the projected unit credit method. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. |
Stock Grant Plan | Stock Grant Plan The Group recognizes incentives made up of a stock grant plan to certain senior management members and beneficiaries who hold key positions in the Group. The stock grant plan is a type of equity-settled plan, where the beneficiary is entitled to receive shares of Stevanato Group S.p.A. at the beginning of the vesting period, in case of "initial beneficiaries" as defined in Note 30, or at the end of the relevant vesting period, in case of "new beneficiaries". In case the targets provided for the vesting period in relation to which the shares are assigned should not be totally or partially achieved, the "initial beneficiaries" are bound to re-sell the shares to Stevanato Group S.p.A. at a determined price. In the event of certain over-performances to the defined financial targets, the "initial beneficiaries" will be granted, free of charge an additional number of Stevanato Group S.p.A. shares related to that vesting period in which the targets were exceeded. With reference to "new beneficiaries" the effectiveness of the rights attributed to each of them is conditional upon the verification by the Stevanato Group's administrative body of the degree of achievement of the performance target provided in relation to the vesting period. The value corresponding to the consideration that Stevanato Group S.p.A. has to pay in case of re-purchase of the shares from the "initial beneficiaries" is recorded on the income statement among personnel costs at the grant date and a liability for employee benefits is recognized. For the "equity settled" performance plan, the fair value is recorded on the income statement among personnel costs over the period between the assignment date and the expiry date (vesting period), and a reserve of shareholder’s equity is recoginzed. Fair value is determined at the assignment date, reflecting the market conditions prevailing at the date in question. At each reporting date, the Group revises the assumptions about the number of shares expected to be accrued and recognizes the effect of any change in the estimate to the income statement, adjusting the corresponding equity reserve. Share-based payments Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services in exchange for equity instruments (equity-settled transactions). The cost of equity-settled transactions is determined by the fair value at the date when the grant is made. That cost is recognized in employee benefits expense, together with a corresponding increase in a reserve of shareholder’s equity, over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. |
Trade payables and other payables | Trade payables and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less from the reporting date. If not, they are presented as non-current liabilities. Trade payables are initially recognized at fair value and subsequently measured at amortized cost. |
Use of estimates | Use of estimates The Consolidated Financial Statements are prepared in accordance with IFRS which require Management’s use of estimates and assumptions that may affect the carrying amount of assets, liabilities, income and expenses in the financial statements, as well as the disclosures in the notes concerning contingent assets and liabilities at the balance sheet date. Uncertainty about these assumptions and estimates could result in outcome that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Estimates are based on historical experience and other factors. The resulting accounting estimates could differ from the related actual results. Estimates are periodically reviewed and the effects of each change are reflected in the consolidated statement of profit or loss or in the consolidated statement of comprehensive income in the period in which the change occurs. Revenue Recognition The Group operates in several jurisdictions and assesses whether contracts with customers provide it with the right to consideration for the performance fulfilled based on legal assessment of applicable contracts and other source of enforceable rights and obligations (i.e. local regulations). As regards revenue from contracts with customers for contract work and contract assets and liabilities, application of the cost-to-cost method requires a prior estimate of the entire lifetime costs of individual projects, updating them at each balance sheet date. This requires assumptions, those can be affected by multiple factors, such as the time over which some projects are developed, their high level of technology and innovative content, the possible presence of price variations and revisions, and machinery performance guarantees, including an estimate of contractual risks, where applicable. These facts and circumstances make it difficult to estimate the projects' costs to complete and, consequently, to estimate the value of contract work in progress at the balance sheet date. The Group estimates variable considerations to be included in the transaction price for the sale of products with rights of return and volume rebates. The Group forecasts sales returns using the historical return data to come up with expected return percentages. These percentages are applied to determine the expected value of the variable consideration. The Group also receives amounts from third parties that may or may not be collected in a seller-customer relationship. The Group assesses whether these amounts represent consideration for goods or services that have been or will be provided and accordingly identifies the pattern of recognition of revenue. Recoverable amount of goodwill The impairment test on goodwill is carried out by comparing the carrying amount of cash-generating units on which it is allocated and their recoverable amount. The recoverable amount of a cash-generating unit is the higher of fair value, less costs to sell, and its value in use. This complex valuation process entails the use of methods such as the discounted cash flow method which uses assumptions to estimate cash flows. The recoverable amount depends significantly on the discount rate used in the discounted cash flow model as well as the expected future cash flows and the growth rate used for the extrapolation. The key assumptions used to determine the recoverable amount for the different cash-generating units, including a sensitivity analysis, are detailed in the Note 16 . Employee benefit liabilities Employee benefit liabilities: employee benefits, especially the provision for employee severance indemnities and other long term incentives, are calculated using actuarial assumptions; changes in such assumptions could have a material impact on such liabilities. Leases The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group ‘would have to pay’, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary’s functional currency). The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating). The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. Expected credit losses of trade receivables and contract assets The Group uses a simplified approach in calculating ECLs for trade receivables and contract assets, initially based on the Group’s historical observed default rates. The Group will adjust the historical credit loss experience with forward-looking information. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analyzed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future. Income tax expense (current and deferred) The Group is subject to different tax jurisdictions. The determination of tax liabilities for the Group requires the use of assumptions with respect to transactions whose fiscal consequences are not yet certain at the end of the reporting period. Calculation of taxes on a global scale requires the use of estimates and assumptions based on the information available at the balance sheet date. The deferred tax assets realization is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and the tax loss carried forwards can be utilized. Estimating future taxable income requires estimates about matters that are inherently uncertain and requires significant management judgment, and different estimates can have a significant impact on the outcome of the analysis. |
Changes in Accounting Policie_2
Changes in Accounting Policies and Disclosures (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
New Endorsed Standards, Amendments And Interpretations | New endorsed standards, amendments and interpretations The Group adopted the following amendments and interpretations and effective for annual periods beginning on January 1, 2022 but did not require changes to accounting policies or retrospective adjustments. - Amendments to IFRS 3 - Reference to the Conceptual Framework , - Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use, - Amendments to IAS 37 - Onerous Contracts – Costs of Fulfilling a Contract. Amendments to IFRS 3 - Reference to the Conceptual Framework In May 2020, the IASB issued Amendments to IFRS 3 - Business Combinations - Reference to the Conceptual Framework . The amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 without significantly changing its requirements. The Board also added an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC 21 - Levies , if incurred separately. At the same time, the Board decided to clarify existing guidance in IFRS 3 for contingent assets that would not be affected by replacing the reference to the Framework for the Preparation and Presentation of Financial Statements. The amendments are effective for annual reporting periods beginning on or after January 1, 2022 and apply prospectively. The amendments did not have a material impact on the Group. Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use In May 2020, the IASB issued IAS 16 - Property, Plant and Equipment - Proceeds before Intended Use , which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendment is effective for annual reporting periods beginning on or after 1 January 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. The amendments did not have a material impact on the Group. Amendments to IAS 37 - Onerous Contracts - Costs of Fulfilling a Contract In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a “directly related cost approach”. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and Administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The amendments are effective for annual reporting periods beginning on or after January 1, 2022. The amendments did not have a material impact on the Group. |
New Standards, Amendments And Interpretations Not Yet Effective | New standards, amendments and interpretations not yet effective Amendments to IAS 1 - Classification of Liabilities as Current or Non-current In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (the “2020 amendments”). The 2020 amendments clarified aspects of how entities classify liabilities as current or non-current; especially how an entity assesses whether it has the right to defer settlement of a liability when that right is subject to compliance with specified conditions within twelve months after the reporting period. In July 2020, due to the Covid pandemic the IASB issued Classification of Liabilities as Current or Non-current – Deferral of Effective Date which deferred the application date of the 2020 amendments to annual reporting periods starting on or after January 1, 2023. In December 2020, after informal feedback and enquiries received from stakeholders, the IFRS Interpretations Committee issued a tentative agenda decision clarifying how the 2020 amendments where to be applied for liabilities with covenants in particular fact patterns. Respondents to the tentative agenda decision raised concerns about the outcomes and potential consequences of the 2020 amendments in some situations (e.g., when covenants are negotiated that will have to be complied with after the reporting period end due to seasonality reasons). The IFRS Interpretation Committee reported this feedback to the IASB, highlighting new information (e.g. the seasonality issue) that the IASB had not considered when developing the 2020 amendments. In October 2022, after having issued its Exposure Draft ED/2021/9 Non-current Liabilities with Covenants in November 2021, the IASB issued Amendments to IAS 1: Non-current Liabilities with Covenants which amended parts of the 2020 amendments with the aim to improve the information an entity provides when it has the right to defer settlement of a liability arising from a loan arrangement for at least twelve months subject to compliance with covenants, in addition to addressing concerns about the classification of such liabilities as current or non-current. The Amendments provide enhanced clarity relating to the issue of settlement by adding new guidance in IAS 1. The Amendments provide enhanced guidance on the interpretation of right to defer by amending existing requirements and adding guidance in IAS 1. The Amendments also provide enhanced information for users by requiring disclosures about the existing covenants and facts and circumstances, if any that indicate the entity may have difficulty complying with covenants. Applying the Amendments an entity shall: (a) classify a liability as current, when one or more of the criteria in paragraph 69(a) to (c) of IAS 1 is met or, when it does not have the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period (see paragraph 69(d) of IAS 1); (b) classify a liability as current or non-current unaffected by management’s intent or expectations about whether the entity will exercise its right to defer settlement (guidance in new paragraphs 75A of IAS 1); (c) apply enhanced guidance on the notion of settlement (guidance in new paragraphs 76A and 76B of IAS 1); (d) apply new guidance in paragraphs 72A and 72B of IAS 1, partly amended guidance in paragraphs 73 and 74 of IAS 1 and the guidance in paragraph 75 of IAS 1 when considering whether it has the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period. A short description of the content of the new and amended requirements is that an entity considers the covenant in a loan arrangement if the entity is required to comply with the covenant on or before the end of the reporting period, and does not consider the covenant in a loan arrangement if the entity is only required to comply with the covenant based on facts and circumstances after the reporting period; (e) provide certain disclosures when it has classified a liability arising from a loan arrangement as non-current and the right is subject to the entity complying with covenants within twelve months after the reporting period (requirements in new paragraph 76ZA of IAS 1); (f) apply enhanced guidance (in amended paragraph 76 of IAS 1) on disclosures in case of non-adjusting events in accordance with IAS 10 Events after the reporting period. The Amendments are effective for annual reporting periods beginning on or after January 1, 2024 with earlier application permitted. If an entity decides to apply early any parts of the Amendments, then the entity has to disclose that fact and has to early apply all of the Amendments from the same date. An entity applies the Amendments retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Amendments to IAS 8 - Accounting Policies, Changes to Accounting Estimates and Errors On 12 February 2021, the IASB issued amendments to IAS 8 Accounting Policies, Changes to Accounting Estimates and Errors, in which it introduces a new definition of ‘accounting estimates’. The amendments are designed to clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. The amendments become effective for annual reporting periods beginning on or after 1 January 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments are not expected to have a material impact on the Group. Amendments to IAS 1 - Presentation of Financial Statements In February 2021, the IASB issued amendments to IAS 1 Presentation of Financial Statements in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The IASB also issued amendments to IFRS Practice Statement 2 Making Materiality Judgements (the PS) to support the amendments in IAS 1 by explaining and demonstrating the application of the ‘four-step materiality process’ to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023. The amendments are not expected to have a material impact on the Group. Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction In May 2021, the IASB issued amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction, that clarify the accounting of deferred tax on transactions such as leases and decommissioning obligations. The main change in Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) is an exemption from the initial recognition exemption provided in IAS 12.15(b) and IAS 12.24. Accordingly, the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition (this is also explained in the newly inserted paragraph IAS 12.22A). The amendments to IAS 12 are applicable for annual periods beginning on or after 1 January 2023. The amendments are not expected to have a material impact on the Group. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of principal foreign currency exchange rates | The principal foreign currency exchange rates used to translate other currencies into Euro were as follows: COUNTRY ISO Average for the At Average for the At Average for the At 2022 2022 2021 2021 2020 2020 CHINA CNY 7.0788 7.3582 7.6282 7.1947 7.8747 8.0225 UNITED STATES USD 1.0530 1.0666 1.1827 1.1326 1.1422 1.2271 MEXICO MXN 21.1869 20.8560 23.9852 23.1438 24.5194 24.4160 DENMARK DKK 7.4396 7.4365 7.4370 7.4364 7.4542 7.4409 BRAZIL BRL 5.4399 5.6386 6.3779 6.3101 5.8943 6.3735 SWITZERLAND CHF 1.0047 0.9847 1.0811 1.0331 1.0705 1.0802 JAPAN JPY 138.0274 140.6600 129.8767 130.3800 121.8458 126.4900 |
Summary of useful lives, estimated by group for various categories of property, plant and equipment | The useful lives, estimated by the Group for its various categories of property, plant and equipment, are as follows: Biopharmaceutical Engineering Holding Buildings 18 to 33 years 16 years 33 years Plant and machinery 6 to 20 years 6 to 10 years 4 years Industrial and commercial equipment 5 to 8 years 8 years 8 years Other tangible assets 5 to 8 years 5 to 8 years 5 to 8 years |
Scope of Consolidation (Tables)
Scope of Consolidation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Significant Investments in Subsidiaries and Associates [Abstract] | |
Schedule of list of company directly or indirectly controlled | The consolidated financial statements of the Group include the following list of company directly or indirectly controlled: % equity interest Name Segment Description Country of incorporation Type of control 2022 2021 Nuova Ompi S.r.l. Biopharmaceutical Production of drug containment solutionss and development of integrated solutions for the pharmaceutical industry Italy Direct 100 % 100 % Spami S.r.l. Engineering Production plant and machinery Italy Direct 100 % 100 % Stevanato Group International a.s. Holding Service/Subholding company Slovakia Direct 100 % 100 % Medical Glass a.s. Biopharmaceutical Production of drug containment solutions Slovakia Indirect 99.74 % 99.74 % Stevanato Group N.A. S. de RL de CV Biopharmaceutical Service company Mexico Indirect 100 % 100 % Ompi N.A. S. de RL de CV Biopharmaceutical Production of drug Mexico Direct 30.76 % 30.76 % containment solutions Indirect 69.24 % 69.24 % Ompi of America inc. Biopharmaceutical Sale of drug containment solutions and analytical services USA Direct 83.73 % 0 % Indirect 16.27 % 100 % Ompi do Brasil I. e C. de Biopharmaceutical Production of drug Brazil Direct 79 % 79 % Em. Far. Ltda containment solutions Indirect 21 % 21 % Innoscan A/S Engineering Production plant and machinery Denmark Indirect — 100 % Ompi Pharm. Packing Techn. Co. Ltd Biopharmaceutical Production of drug containment solutions China Indirect 100 % 100 % SVM Automatik A/S Engineering Production plant and machinery Denmark Indirect 100 % 100 % Medirio SA Biopharmaceutical Research and development Switzerland Indirect 100 % 100 % Balda Medical Gmbh Biopharmaceutical Production of in-vitro diagnostic solutions Germany Direct 100 % 100 % Balda C. Brewer Inc. Biopharmaceutical Production of in-vitro diagnostic solutions USA Indirect 100 % 100 % Balda Precision Inc. Biopharmaceutical Production metal components USA Indirect 100 % 100 % Ompi of Japan Co., Ltd. Biopharmaceutical Sale of drug containment solutions Japan Direct 51 % 51 % |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Summary of making decisions regarding the allocation of resources and to assess performance | The criteria applied to identify the operating segments are consistent with the information reviewed by the Chief Executive Officer (the Group’s “Chief Operating Decision Maker”) in making decisions regarding the allocation of resources and to assess performance. As at and for the year ended December 31, 2022 Biopharmaceutical Engineering Total Adjustments, Consolidated (EUR thousand) External Customers 799,652 184,028 983,680 — 983,680 Inter-Segment 1,585 115,472 117,057 ( 117,057 ) — Total Revenue 801,237 299,500 1,100,737 ( 117,057 ) 983,680 Cost of Sales 526,370 234,826 761,196 ( 97,317 ) 663,879 Gross Profit 274,867 64,674 339,541 ( 19,740 ) 319,801 Other operating income 18,985 13 18,998 ( 148 ) 18,850 Selling and Marketing expenses 12,287 2,430 14,717 11,369 26,086 Research and Development expenses 25,169 6,542 31,711 2,676 34,387 General and Administrative expenses 73,816 14,431 88,247 ( 2,500 ) 85,747 Operating Profit 182,580 41,284 223,864 ( 31,433 ) 192,431 Total assets 1,259,124 370,851 1,629,975 29,723 1,659,698 Total liabilities 511,022 256,835 767,857 ( 104,069 ) 663,788 As at and for the year ended December 31, 2021 Biopharmaceutical Engineering Total Adjustments, Consolidated (EUR thousand) External Customers 694,038 149,882 843,920 — 843,920 Inter-Segment 1,134 68,979 70,113 ( 70,113 ) — Total Revenue 695,172 218,861 914,033 ( 70,113 ) 843,920 Cost of Sales 465,304 176,604 641,908 ( 63,393 ) 578,515 Gross Profit 229,868 42,257 272,125 ( 6,720 ) 265,405 Other operating income 9,386 — 9,386 — 9,386 Selling and Marketing expenses 7,736 3,196 10,932 9,516 20,448 Research and Development expenses 23,467 4,263 27,730 1,886 29,616 General and Administrative expenses 58,996 11,898 70,894 ( 8,392 ) 62,502 Operating Profit 149,055 22,900 171,955 ( 9,730 ) 162,225 Total assets 885,733 253,767 1,139,500 279,342 1,418,842 Total liabilities 335,919 163,661 499,580 77,603 577,183 As at and for the year ended December 31, 2020 Biopharmaceutical Engineering Total Adjustments, Consolidated (EUR thousand) External Customers 564,931 97,106 662,037 — 662,037 Inter-Segment 1,096 56,327 57,423 ( 57,423 ) — Total Revenue 566,027 153,433 719,460 ( 57,423 ) 662,037 Cost of Sales 398,411 121,332 519,743 ( 51,882 ) 467,861 Gross Profit 167,616 32,101 199,717 ( 5,541 ) 194,176 Other operating income 5,193 31 5,224 7 5,230 Selling and Marketing expenses 9,762 2,842 12,604 7,440 20,044 Research and Development expenses 12,080 3,056 15,136 2,254 17,390 General and Administrative expenses 48,324 9,641 57,965 899 58,863 Operating Profit 102,643 16,593 119,236 ( 16,127 ) 103,109 |
Reconciliation from Segments Operating Profit to Consolidated Profit before Tax Explanatory | The reconciliation from total segments Operating Profit to consolidated Profit Before Tax is as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Segments Operating Profit 223,864 171,955 119,236 Finance income 25,050 21,709 14,926 Finance expense 29,840 18,808 21,848 Share of profit of an associate — 547 92 Inter-segment elimination ( 31,433 ) ( 9,730 ) ( 16,127 ) Profit Before Tax 187,641 165,673 96,279 |
Revenue from Contract with Cu_2
Revenue from Contract with Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Summary of disaggregation of revenue from contracts with customers | The table below shows the disaggregation of the Group’s revenue from contracts with external customers: For the year ended December 31, 2022 Biopharmaceutical and Diagnostic Solutions Engineering Total (EUR thousand) Type of goods or service Revenue from high-value solutions 293,229 — 293,229 Revenue from other containment and delivery solutions 506,423 — 506,423 Revenue from engineering — 184,028 184,028 Total revenue from contracts with customers 799,652 184,028 983,680 Geographical markets EMEA 502,066 97,646 599,712 APAC 70,332 29,930 100,262 North America 198,153 52,685 250,838 South America 29,101 3,767 32,868 Total revenue from contracts with customers 799,652 184,028 983,680 Timing of revenue recognition Goods and services transferred at a point in time 780,903 17,179 798,082 Goods and services transferred over time 18,749 166,849 185,598 Total revenue from contracts with customers 799,652 184,028 983,680 For the year ended December 31, 2021 Biopharmaceutical and Diagnostic Solutions Engineering Total (EUR thousand) Type of goods or service Revenue from high-value solutions 207,815 — 207,815 Revenue from other containment and delivery solutions 486,223 — 486,223 Revenue from engineering — 149,882 149,882 Total revenue from contracts with customers 694,038 149,882 843,920 Geographical markets EMEA 415,489 77,985 493,474 APAC 79,463 38,284 117,747 North America 175,231 31,730 206,961 South America 23,855 1,883 25,738 Total revenue from contracts with customers 694,038 149,882 843,920 Timing of revenue recognition Goods and services transferred at a point in time 667,717 35,477 703,194 Goods and services transferred over time 26,321 114,405 140,726 Total revenue from contracts with customers 694,038 149,882 843,920 For the year ended December 31, 2020 Biopharmaceutical and Diagnostic Solutions Engineering Total (EUR thousand) Type of goods or service Revenue from high-value solutions 146,332 — 146,332 Revenue from other containment and delivery solutions 418,599 — 418,599 Revenue from engineering — 97,106 97,106 Total revenue from contracts with customers 564,931 97,106 662,037 Geographical markets EMEA 338,564 59,575 398,139 APAC 54,433 12,702 67,135 North America 151,418 23,501 174,919 South America 20,516 1,328 21,844 Total revenue from contracts with customers 564,931 97,106 662,037 Timing of revenue recognition Goods and services transferred at a point in time 553,789 38,417 592,207 Goods and services transferred over time 11,142 58,689 69,830 Total revenue from contracts with customers 564,931 97,106 662,037 |
Summary of contractual asset from contracts with customer | The following table provides information on contractual asset from contracts with customer: At December 31, At December 31, 2022 2021 (EUR thousand) Trade Receivables 212,734 165,259 Contract Assets 103,417 62,133 Contract Liabilities ( 14,847 ) ( 18,771 ) Advances From Customers ( 26,568 ) ( 23,616 ) Total 274,736 185,005 |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cost Of Sales [Abstract] | |
Summary of cost of sales | Cost of sales are detailed as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Purchases 358,892 296,105 226,997 Change in inventories ( 32,897 ) 9,193 ( 1,739 ) Direct industrial labor 130,637 114,807 107,959 Indirect industrial labor 61,194 50,339 42,794 Industrial depreciation and amortization 53,550 46,258 45,296 Other costs of sales 92,503 61,813 46,554 Total Cost of sales 663,879 578,515 467,861 |
Expenses (Tables)
Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Summary of expenses | Expenses are detailed as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Selling and Marketing expenses 26,086 20,448 20,044 Research and Development expenses 34,387 29,616 17,390 General and Administrative expenses 85,747 62,502 58,863 Total Expenses 146,220 112,566 96,297 |
Other Information by Nature (Ta
Other Information by Nature (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of attribution of expenses by nature to their function [abstract] | |
Summary of Breakdown of Selling, Research & Development and Administrative Expenses by Nature | The breakdown of the Selling, Research & Development and Administrative expenses by nature is as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Personnel 64,543 46,489 43,731 Other Costs and Incomes 71,164 56,886 42,675 Depreciation and Amortization 11,273 10,124 8,807 Expected Credit Losses ( 760 ) ( 933 ) 1,084 Total Expenses 146,220 112,566 96,297 |
Summary of Breakdown of Depreciation and Amortization | Depreciation and amortization can be broken down as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Cost of sales 53,550 46,258 45,296 Selling and Marketing expenses 722 787 844 Research and Development expenses 3,468 3,353 2,580 General and Administrative expenses 7,082 5,985 5,383 Total Depreciation & Amortization 64,822 56,383 54,103 |
Finance Income (Tables)
Finance Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Finance Income [Abstract] | |
Summary of Finance Income | Finance income are as follows: For the years ended December 31, 2022 2021 2020 (EUR thousand) Interest income from banks deposits 648 538 352 Income from financial discounts 8 18 17 Interest income on loans to associates — 10 20 Other financial income 96 57 295 Gain from the sale of an associate — 12,258 — Foreign currency exchange rate gains 19,995 7,588 11,585 Derivatives revaluation 3,551 950 2,007 Other fair value adjustments 752 290 650 Total finance income 25,050 21,709 14,926 |
Finance Expense (Tables)
Finance Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Finance Expense [Abstract] | |
Summary of Finance Expense | Finance expense are as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Interest on debts and borrowings 3,363 4,286 5,333 Financial discounts and other expenses 102 102 37 Interest on lease liabilities 573 585 624 Financial component IAS 19 118 28 125 Foreign currency exchange losses 19,136 10,172 12,033 Derivatives devaluation 5,966 3,211 2,471 Other fair value adjustments 582 424 1,225 Total finance expense 29,840 18,808 21,848 |
Employee Benefits Expense (Tabl
Employee Benefits Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Classes of employee benefits expense [abstract] | |
Summary of Employee Benefits Expense | Employee benefits expense are detailed as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Included in Cost of sales: Wages and salaries 154,852 134,619 123,773 Social security costs 30,721 25,610 22,720 Pension costs 5,970 4,917 4,260 Share-based payment expense 287 — — Included in Selling and Marketing expenses: Wages and salaries 13,978 12,716 11,522 Social security costs 1,606 1,531 1,278 Pension costs 433 403 363 Share-based payment expense 1,024 — — Included in General and Administrative expenses: Wages and salaries 22,272 26,106 17,313 Social security costs 3,612 3,589 2,900 Pension costs 510 545 545 Cash settled awards — ( 10,831 ) 2,394 Share-based payment expense 5,991 1,740 — Included in Research and Development expenses: Wages and salaries 12,463 9,089 6,327 Social security costs 1,496 1,270 857 Pension costs 358 331 232 Share-based payment expense 800 — — Total employee benefits expense 256,373 211,635 194,484 |
Summary of Average Size of Group's Workforce | The average size of the Group's workforce during the year is as follows: For the year ended December 31, 2022 2021 2020 Executives 57 51 42 Managers 137 126 113 Employees 4,781 4,284 3,889 Total Workforce 4,975 4,461 4,044 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Summary of Income Tax Expense | Income tax expense is as follows: For the year ended December 31, 2022 2021 2020 (EUR thousand) Current income tax: Current Taxes 57,400 35,093 28,604 Prior Years Taxes 215 ( 6,544 ) 918 Deferred tax: Deferred Taxes ( 12,990 ) 2,855 ( 11,840 ) Income tax expense reported in the statement of profit or loss 44,625 31,404 17,682 |
Summary of Deferred Tax Charged to OCI | For the year ended December 31, 2022 2021 2020 (EUR thousand) Deferred tax related to items recognized in OCI during in the year: Gains/(losses) from remeasurement of employee of defined benefit plans and of agent termination plans ( 236 ) 26 15 Change in the fair value of hedging instruments ( 2,043 ) ( 653 ) 173 Deferred tax charged to OCI ( 2,279 ) ( 627 ) 188 |
Schedule of Reconciliation of Effective Tax Rate | The table below provides a reconciliation between actual income tax expense and the theoretical income tax expense, calculated on the basis of the applicable corporate tax rate in effect in Italy. For the year ended December 31, 2022 2021 2020 (EUR thousand) Accounting profit before income tax 187,641 165,673 96,279 Statutory income tax rate of 27.9 % 52,202 46,223 26,862 Prior years taxes 215 ( 6,544 ) 918 DTA recognized on tax losses carry-forward 750 ( 1,947 ) ( 41 ) Taxes effect on unremitted earnings 1,488 400 1,248 Step up — — ( 7,926 ) Change notional rate — — 361 Tax grants/not taxable items ( 8,477 ) ( 1,157 ) ( 2,146 ) Tax exemption on gain from the sale of an associate — ( 3,378 ) — Different foreign tax rate effect ( 1,553 ) ( 2,193 ) ( 1,594 ) At the effective income tax rate of 23.78 % ( 18.96 % in 2021, 18.40 % in 2020) 44,625 31,404 17,682 Income tax expense reported in the statement of profit or loss 44,625 31,404 17,682 |
Summary of Timing of Tax Losses Carryforwards | The breakdown on the timing of tax losses carry-forwards is as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Timing of unrecognized tax losses carry-forwards 2022 — 16 2023 336 320 2024 369 351 2025 331 315 2026 334 318 2027 3,860 274 2028 404 — 2029 129 — Unlimited 2,215 2,206 Total unrecognized tax losses 7,978 3,800 |
Summary of Deferred Tax Assets and Deferred Tax Liabilities | The analysis of deferred tax assets and deferred tax liabilities as at December 31, 2022 and 2021 is as follows: Consolidated statement At December 31, At December 31, 2022 2021 (EUR thousand) Other intangible assets ( 4,179 ) ( 3,167 ) Tangible assets 19,746 12,178 Work in progress ( 12,329 ) ( 5,156 ) Revaluations of investment properties to fair value 6,807 8,009 Expected credit losses of debt financial assets 1,217 1,429 Derivatives ( 1,640 ) 403 Leases 331 251 Long term incentives 51 816 Cash settled awards — 325 Provisions 6,631 2,351 Accruals and other provisions 164 62 Tax losses carry forward 26,941 14,888 Dividends ( 2,260 ) ( 1,300 ) Start up costs IPO SG spa 4,026 5,369 Share-based compensation plans 325 — Other effects 2,427 314 Deferred tax assets, net 48,258 36,772 Reflected in the statement of financial position as follows: Deferred tax assets 69,210 55,877 Deferred tax liabilities ( 20,952 ) ( 19,105 ) Deferred tax assets, net 48,258 36,772 |
Schedule of Reconciliation of Net Deferred Tax Assets | The reconciliation of net deferred tax assets is as follows: 2022 2021 (EUR thousand) As of January 1 36,772 33,929 Tax expense during the period recognized in profit or loss 12,990 ( 2,855 ) Tax income/(expense) during the period recognized in OCI ( 2,279 ) ( 627 ) DTA on IPO transaction costs on capital increase — 6,711 Other effect 775 ( 386 ) As at December 31 48,258 36,772 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Schedule of Income and Share Data Used in Basic and Diluted EPS Calculation | The following table reflects the income and share data used in the basic and diluted EPS calculation: At December 31, At December 31, At December 31, 2022 2021 2020 (EUR thousand) Profit attributable to ordinary equity holders of the parent 142,849 134,321 78,513 Weighted average number of ordinary shares for basic EPS 264,699,481 252,670,872 240,501,960 Weighted average number of ordinary shares adjusted for the effect of dilution 264,701,062 252,690,321 240,501,960 2022 2021 2020 Basic earnings per common share (in EUR) 0.54 0.53 0.33 Diluted earnings per common share (in EUR) 0.54 0.53 0.33 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill Abstract | |
Schedule of Goodwill Allocated by Cash Generating Unit | For the purpose of impairment testing, goodwill is allocated by CGU (cash generating unit) as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Drug Containment Solutions 4,976 4,976 In-vitro Diagnostic Consumables & Drug Delivery Systems 26,828 26,828 Engineering Systems 15,438 15,438 Total Goodwill 47,243 47,243 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Changes in Intangible Assets | Changes in intangible assets for the year ended December 31, 2022 are as follows: Development Industrial Concessions, Intangible Other Costs to obtain a contract Total (EUR thousand) Cost At January 1, 2021 17,113 14,860 25,370 1,588 10,952 — 69,883 Additions 112 1,298 345 3,688 46 — 5,489 Disposals ( 1,153 ) ( 138 ) — ( 362 ) ( 91 ) — ( 1,744 ) Reclassifications — 856 — ( 856 ) — — — Exchange differences 9 47 162 15 399 — 632 At December 31, 2021 16,081 16,923 25,877 4,073 11,306 — 74,260 Additions — 4,792 43 2,667 95 500 8,097 Disposals — — — — — — — Reclassifications — 3,435 — ( 3,593 ) 158 — — Exchange differences — 105 ( 35 ) — 347 — 417 At December 31, 2022 16,081 25,255 25,885 3,147 11,906 500 82,773 Amortization At January 1, 2021 6,987 9,704 12,818 — 6,473 — 35,982 Amortization 2,896 2,243 1,656 — 709 — 7,504 Disposal ( 1,134 ) ( 139 ) — — ( 62 ) — ( 1,335 ) Exchange differences 3 30 28 — 120 — 181 At December 31, 2021 8,752 11,838 14,502 — 7,240 — 42,332 Amortization 2,694 3,271 1,483 — 635 33 8,116 Disposal — — — — — — — Exchange differences 1 59 ( 8 ) — 116 — 168 At December 31, 2022 11,447 15,168 15,977 — 7,991 33 50,616 Net book value At December 31, 2022 4,634 10,087 9,908 3,147 3,915 467 32,158 At December 31, 2021 7,329 5,085 11,375 4,073 4,066 — 31,928 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Changes in Items of Property, Plant and Equipment | Changes in items of property, plant and equipment in 2022 are as follows: Land and Plant and Industrial Other Assets under Total (EUR thousand) Cost At January 1, 2021 148,331 375,902 41,189 11,316 61,293 638,031 Additions 2,060 26,826 3,862 913 82,970 116,631 Disposals ( 141 ) ( 7,759 ) ( 1,188 ) ( 421 ) ( 35 ) ( 9,544 ) Reclassifications 7,719 44,412 2,027 856 ( 55,014 ) — Exchange differences 1,946 6,358 379 227 732 9,642 At December 31, 2021 159,915 445,739 46,269 12,891 89,946 754,760 Additions 2,306 39,399 3,524 1,337 247,961 294,527 Disposals ( 293 ) ( 2,693 ) ( 18 ) ( 249 ) ( 61 ) ( 3,314 ) Reclassifications 1,386 33,917 1,467 821 ( 37,591 ) — Exchange differences 3,109 7,402 398 382 ( 1,728 ) 9,563 At December 31, 2022 166,423 523,764 51,640 15,182 298,527 1,055,535 Depreciation and impairment At January 1, 2021 63,563 222,804 29,900 8,107 — 324,374 Depreciation charge for the year 5,319 29,549 5,660 1,206 — 41,734 Impairment — 547 396 — — 943 Disposals ( 140 ) ( 7,330 ) ( 1,053 ) ( 410 ) — ( 8,933 ) Exchange differences 689 2,912 154 170 — 3,925 At December 31, 2021 69,431 248,482 35,057 9,073 — 362,043 Depreciation charge for the year 5,948 36,628 6,250 1,512 — 50,338 Impairment — 44 — — — 44 Disposals ( 293 ) ( 2,210 ) ( 5 ) ( 240 ) — ( 2,748 ) Exchange differences 793 3,291 130 243 — 4,457 At December 31, 2022 75,879 286,235 41,432 10,588 — 414,134 Net book value At December 31, 2022 90,544 237,529 10,208 4,594 298,527 641,402 At December 31, 2021 90,484 197,257 11,212 3,818 89,946 392,717 |
Financial Assets (Tables)
Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
Composition of Financial Assets | The following table details the composition of financial assets: At December 31, At December 31, 2022 2021 (EUR thousand) Receivables from financing activities — 447 Fair value of derivatives financial instruments 2,795 — Other non-current financial assets 1,044 887 Other non-current financial assets 3,839 1,334 Fair value of derivatives financial instruments 5,694 49 Other securities 27,908 27,168 Other current financial assets 33,602 27,217 Financial Assets 37,441 28,551 |
Summary of Analysis of Derivative Assets and Liabilities | The following table sets further the analysis of derivative assets and liabilities at December 31, 2022 and December 31, 2021. At December 31, At December 31, 2022 2021 Carrying Fair Carrying Fair (EUR thousand) Non-Current financial assets Interest Rate Swap - hedging instruments 2,795 2,795 — — Current financial assets Foreign exchange forward contracts - not hedging instruments 1,658 1,658 49 49 Foreign exchange forward contracts - hedging instruments 849 849 — — Interest Rate Swap - hedging instruments 3,187 3,187 — — Current financial liabilities Foreign exchange forward contracts - not hedging instruments — — — — Interest Rate Swap - hedging instruments — — 1,681 1,681 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
Inventories, Net of Allowance for Obsolete and Slow-Moving Goods | Inventories, shown net of an allowance for obsolete and slow-moving goods, can be analyzed as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Raw materials 88,139 58,484 Semifinished products 30,196 29,878 Finished products 92,994 64,252 Advances to suppliers 18,119 9,554 Provision from slow moving and obsolescence ( 16,194 ) ( 13,251 ) Total inventories 213,254 148,917 |
Changes in Provision for Slow Moving and Obsolete Inventories | Changes in the provision for slow moving and obsolete inventories are as follows: 2022 2021 (EUR thousand) As at January 1 13,251 12,309 Provision 2,956 1,878 Utilizations and other changes ( 13 ) ( 936 ) As at December 31 16,194 13,251 |
Trade receivables and contrac_2
Trade receivables and contract assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade Receivables And Contract Assets [Abstract] | |
Summary of Trade Receivables and Contract Assets | Trade receivables and contract assets are analyzed as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Trade receivables 218,695 171,803 Allowance for expected credit losses ( 5,961 ) ( 6,544 ) Total trade receivables 212,734 165,259 Expected credit loss rate 2.7 % 3.8 % |
Summary of Trade Receivables Breakdown by Geographical Area | Trade receivables breakdown by geographical area is shown below: At December 31, At December 31, 2022 2021 (EUR thousand) EMEA 121,006 90,518 APAC 25,968 27,200 North America 62,287 43,762 South America 9,434 10,323 Total Trade Receivables 218,695 171,803 |
Summary of Allowances for Expected Credit Losses on Trade Receivables | Trade receivables are stated net of an allowance for expected credit losses which has been determined in accordance with IFRS 9 amounting to EUR 5,961 thousand and EUR 6,544 thousand for 2022 and 2021 respectively: 2022 2021 (EUR thousand) As at January 1 6,544 7,696 Accruals 683 3,478 Releases ( 1,453 ) ( 4,413 ) Utilizations ( 19 ) ( 390 ) Exchange differences 206 173 As at December 31 5,961 6,544 |
Tax Receivables and Tax Payab_2
Tax Receivables and Tax Payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Tax Receivables And Tax Payables [Abstract] | |
Summary of Breakdown of Tax Receivables and Tax Payables | The breakdown in the account is as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Tax Receivables 21,018 25,063 Tax Payables ( 41,655 ) ( 19,440 ) |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Receivables [Abstract] | |
Summary of other receivables | Other receivables are disclosed as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Advances to suppliers 703 373 Accrued income and prepayments 9,847 5,555 VAT receivables 20,789 18,198 Other receivables 1,671 2,215 Total other receivables 33,010 26,341 |
Financial liabilities (Tables)
Financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial liabilities [abstract] | |
Summary of Balances in Financial Debt | Total financial liabilities are EUR 219,161 thousand and EUR 248,491 thousand as of December 31, 2022 and as of December 31, 2021 respectively; the balances in financial debt are as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Lease liabilities - Right of Use 5,325 5,553 Bank overdrafts 13,245 37 Bank loans 50,518 36,195 Financial liabilities due to related parties 871 940 Fair value of derivatives — 1,681 Financial liabilities due to other lenders 795 1,789 Total current financial liabilities 70,754 46,195 Lease liabilities - Right of Use 14,657 17,574 Bank loans 84,069 134,367 Notes 49,681 49,620 Financial liabilities due to other lenders — 735 Total non-current financial liabilities 148,407 202,296 Financial Liabilities 219,161 248,491 |
Summary of Maturities and Average Interest Rates for Liabilities to Banks and Other Lenders | The following table shows maturities and average interest rates for liabilities to banks and other lenders: As at December 31, 2022 Currency Amount Maturity Average Amount in EUR Bank Loans EUR 50,680 2023 1.21 % 50,680 EUR 51,664 2024 1.17 % 51,664 EUR 24,394 2025 1.09 % 24,394 EUR 7,488 2026 1.71 % 7,488 EUR 591 2027 1.16 % 591 Amortized Cost EUR ( 230 ) 2023-2027 ( 230 ) Total Bank Loans 134,587 Notes EUR 25,000 2027 1.40 % 25,000 EUR 25,000 2028 1.40 % 25,000 Amortized Cost EUR ( 319 ) 2023-2028 ( 319 ) Total Notes 49,681 Overdrafts DKK 98,488 2023 1.25 % 13,244 Total Bank Loans and Overdrafts 197,512 As at December 31, 2021 Currency Amount Maturity Average Amount in EUR Bank Loans EUR 36,357 2022 1.20 % 36,357 EUR 50,461 2023 1.24 % 50,461 EUR 51,664 2024 1.28 % 51,664 EUR 24,393 2025 1.33 % 24,393 EUR 7,488 2026 1.39 % 7,488 EUR 592 2027 1.40 % 592 Amortized Cost EUR ( 393 ) 2022-2027 ( 393 ) Total Bank Loans 170,562 Notes EUR 25,000 2027 1.40 % 25,000 EUR 25,000 2028 1.40 % 25,000 Amortized Cost EUR ( 380 ) 2022-2028 ( 380 ) Total Notes 49,620 Overdrafts DKK 275 2022 1.25 % 37 Total Bank Loans and Overdrafts 220,219 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurement [Abstract] | |
Summary of fair value hierarchy for financial assets and liabilities that are measured at fair value on recurring basis | The following table shows the fair value hierarchy for financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2022: Fair value measurement using Notes Total Level 1 Level 2 Level 3 (EUR thousand) Cash and cash equivalents 25 228,740 228,740 — — Financial assets - investments FVTPL - traded 19 443 443 — — Financial assets - investments FVTPL - not traded 19 339 — — 339 Derivatives - current financial assets 20 2,795 — 2,795 — Derivatives - non-current financial assets 20 5,694 — 5,694 — Financial current assets 20 27,908 — 27,908 — Other non-current financial assets 733 — 733 — Total assets 266,653 229,183 37,131 339 As at December 31, 2021: Fair value measurement using Notes Total Level 1 Level 2 Level 3 (EUR thousand) Cash and cash equivalents 25 411,039 411,039 — — Financial assets - investments FVTPL 19 1,084 — — 1,084 Derivatives financial assets 20 49 — 49 — Financial current assets 20 27,168 — 27,168 — Other non-current financial assets 671 — 671 — Total assets 440,011 411,039 27,888 1,084 Derivatives financial liabilities 20 1,681 — 1,681 — Total Liabilities 1,681 — 1,681 — |
Summary of Debt Securities | The fair value of Liabilities measured at amortized cost include bank loans; in 2020 Stevanato Group has issued the following debt securities: Purchaser Date of Sale or Issuance Number of Securities Consideration PGIM, Inc April 16, 2020 1 EUR 50,000,000 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of information about defined benefit plans [abstract] | |
Summary of employee benefits | Employee benefits are analyzed as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Employee severance pay 4,936 5,895 Jubilee benefits 213 253 Other post-employment plans 979 699 Long term incentive plan 169 3,653 Stock grant plan 1,353 1,353 Other share-based compensation 665 — Total employee benefits 8,315 11,853 |
Summary of group's liabilities for employee benefits | The Group’s liabilities for employee benefits are as follows: Trattamento Jubilee Beneficio Severance Total (EUR thousand) At January 1, 2021 5,791 239 552 30 6,612 Interest cost 18 2 29 1 50 Current service cost 402 27 95 7 531 Benefits paid ( 476 ) ( 13 ) ( 32 ) ( 13 ) ( 534 ) Actuarial Gains and Losses 160 ( 2 ) ( 23 ) 15 150 Exchange rate differences — — 38 — 38 At December 31, 2021 5,895 253 659 40 6,847 Recognized in the consolidated income statement 419 28 123 8 579 Recognized in the other comprehensive income 160 — ( 23 ) 15 151 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 ) |
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: As 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 % — As at December 31, 2021 Severance indemnity Italy Germany Mexico Slovakia Discount Rate % 0.98 % 1.17 % 9.75 % 0.98 % Future salary increase % 0.50 % — 4.50 % 6.00 % Inflation rate % 1.75 % — 3.50 % — A quantitative sensitivity analysis for significant assumptions impacting defined benefits obligation as at December 31, 2022 and December 31, 2021 is reported as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Turnover rate +1,00% 31 ( 58 ) Turnover rate -1,00% ( 34 ) 67 Inflation rate +0,25% 72 101 Inflation rate -0,25% ( 70 ) ( 98 ) Annual discount rate +0,25% ( 97 ) ( 138 ) Annual discount rate -0,25% 101 144 |
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 Total (EUR thousand) At January 1, 2021 1,780 1,780 Interest cost ( 7 ) ( 7 ) Current service cost 1,874 1,874 Actuarial Gains and Losses * 6 6 At December 31, 2021 3,653 3,653 Current service cost 63 63 Benefits paid ( 928 ) ( 928 ) Actuarial Gains and Losses * ( 2,619 ) ( 2,619 ) At December 31, 2022 169 169 *According to IAS 19, Actuarial Gains and Losses are recognized in profit or loss The following table summarize the components of the cash settled awards obligation expense recognized in the statement of profit or loss and amounts recognized in the statement of financial position: Incentive plan 2012-2021 Incentive plan 2018-2022 Total (EUR thousand) At January 1, 2021 13,338 7,995 21,333 Interest cost ( 9 ) ( 5 ) ( 14 ) Benefits paid ( 7,919 ) — ( 7,919 ) Actuarial Gains and Losses * ( 3,299 ) ( 7,533 ) ( 10,832 ) Transferred to SGP 2021-2027 ( 400 ) — ( 400 ) Stocks granted ( 1,711 ) ( 457 ) ( 2,168 ) At December 31, 2021 — — — *According to IAS 19, Actuarial Gains and Losses are recognized in profit or loss The following table summarize 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 Total (EUR thousand) At January 1, 2021 — — Transfer from SOP 2012-2021 400 400 Interest cost 6 6 Current service cost 947 947 At December 31, 2021 1,353 1,353 Current service cost — — At December 31, 2022 1,353 1,353 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [abstract] | |
Summary of Provisions | The balances as of December 31, 2022 are detailed below: Provision for Decommissioning Provision for Provision for Total (EUR thousand) At January 1, 2022 1,061 591 572 1,275 3,499 Arising during the year 90 27 2,373 82 2,572 Utilized ( 49 ) — ( 114 ) ( 265 ) ( 428 ) Unused amounts reversed — — ( 63 ) ( 68 ) ( 131 ) Exchange rate difference — 36 2 2 40 At December 31, 2022 1,102 654 2,770 1,026 5,552 Current — — — — — Non-current 1,102 654 2,770 1,026 5,552 Provision for Decommissioning Provision for Provision for Total (EUR thousand) At January 1, 2021 1,061 523 1,664 1,136 4,384 Arising during the year 65 23 4,235 139 4,462 Utilized — — ( 745 ) — ( 745 ) Unused amounts reversed ( 65 ) — ( 4,631 ) — ( 4,696 ) Exchange rate difference — 45 49 — 94 At December 31, 2021 1,061 591 572 1,275 3,499 Current — — — — — Non-current 1,061 591 572 1,275 3,499 |
Trade Payables and Other Curr_2
Trade Payables and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current payables [abstract] | |
Summary of Trade Payables and Other Current Liabilities | Trade payables and other current liabilities are detailed as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Trade payables 239,179 164,787 Payables to social security institutions 7,528 6,362 Payables to personnel 37,269 32,772 VAT Payables 436 5,195 Other tax payables — 3,181 Deferred Income and Prepayments 12,471 8,222 Other current liabilities 11,796 10,081 Total trade payables and other current liabilities 308,679 230,600 |
Contract Liabilities and Adva_2
Contract Liabilities and Advances from Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred income including contract liabilities [abstract] | |
Summary of Contract Liabilities and Advances from Customers | Contract liabilities and advances from customers are as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Contract Liabilities 14,847 18,771 Advances from customers 26,568 23,616 Total contract liabilities and advances from customers 41,415 42,387 Current 41,415 42,387 Non-current — — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Summary of Movements in Leased Right of Use Assets | Movements in the leased Right of Use assets in 2022 are shown below: Buildings Plant and Industrial Other Total (EUR thousand) Cost At January 1, 2021 17,969 8,691 330 9,002 35,992 Additions 1,549 278 16 1,268 3,111 Disposals ( 1,437 ) ( 199 ) — ( 19 ) ( 1,655 ) Exchange rate differences 885 25 — 50 960 At December 31, 2021 18,966 8,795 346 10,301 38,408 Additions 1,554 — — 1,371 2,925 Disposals ( 610 ) — — ( 137 ) ( 747 ) Exchange rate differences 608 20 — 16 644 At December 31, 2022 20,518 8,815 346 11,551 41,230 Depreciation At January 1, 2021 4,561 2,382 131 3,538 10,612 Depreciation charge for the year 2,579 1,546 71 2,006 6,202 Disposals ( 1,308 ) ( 26 ) — ( 3 ) ( 1,337 ) Exchange rate differences 207 3 — 31 241 At December 31, 2021 6,039 3,905 202 5,572 15,718 Depreciation charge for the year 2,658 1,553 72 2,041 6,324 Disposals ( 131 ) — — ( 87 ) ( 218 ) Exchange rate differences 109 3 — 5 117 At December 31, 2022 8,675 5,461 274 7,531 21,941 Net book value At December 31, 2022 11,843 3,354 72 4,020 19,289 At December 31, 2021 12,927 4,890 143 4,729 22,690 |
Summary of Carrying Amounts of Lease Liabilities | Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period: 2022 2021 (EUR thousand) At January 1 23,127 25,621 Additions 2,866 2,837 Accretion of interest 573 585 Payments ( 6,595 ) ( 6,498 ) Early terminated contracts ( 527 ) ( 150 ) Exchange rate difference 538 732 At December 31 19,982 23,127 Current 5,325 5,553 Non-current 14,657 17,574 |
Summary of Amounts Recognized in Profit or Loss | The following are the amounts recognized in profit or loss: For the year ended December 31, 2022 2021 2020 (EUR thousand) Depreciation expense of Right of Use assets 6,325 6,202 5,956 Interest expense on lease liabilities 573 585 624 Expense relating to short-term leases 1,673 1,252 1,901 Expense relating to leases of low-value assets 3,968 5,180 3,744 Total amount recognized in profit or loss 12,539 13,219 12,225 |
Subsidiaries With Material No_2
Subsidiaries With Material Non-controlling Interest (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Subsidiaries With Non-controlling Interest | The Stevanato Group comprises the following subsidiaries with material non-controlling interest: At December 31, At December 31, Name Country 2022 2021 Ompi of Japan Co., Ltd. Japan 49 % 49 % Medical Glass a.s. Slovakia 0.26 % 0.26 % At December 31, At December 31, 2022 2021 (EUR thousand) Proportion of equity interest held by non-controlling interests: Ompi of Japan Co., Ltd. 451 419 Medical Glass a.s. ( 64 ) ( 56 ) 387 363 Profit allocated to material non-controlling interest: Ompi of Japan Co., Ltd. ( 176 ) 60 Medical Glass a.s. 9 ( 8 ) ( 167 ) 52 |
Summarized Income Statement | The tables below show the summarized income statement for the year ended December 31, 2022: Ompi of Japan Medical Glass a.s. (EUR thousand) Net Sales 7,059 38,362 Cost of Sales 5,779 37,255 Gross Profit 1,280 1,107 Other operating income — 42 Selling and marketing expenses 484 46 Research and development expenses 144 — General and administrative expenses 126 4,470 Operating profit 526 ( 3,367 ) Interest income 33 47 Interest expense 45 136 Profit before tax 514 ( 3,456 ) Income taxes 154 79 Net Profit 360 ( 3,535 ) Total comprehensive income 388 ( 3,535 ) Attributable to non-controlling interests 176 ( 9 ) Dividends paid to non-controlling interests — — The tables below show the summarized income statement for the year ended December 31, 2021: Ompi of Japan Medical Glass a.s. (EUR thousand) Net Sales 4,325 41,643 Cost of Sales 3,542 34,425 Gross Profit 783 7,218 Other operating income — 195 Selling and marketing expenses 299 177 Research and development expenses 150 — General and administrative expenses 452 3,302 Operating profit ( 118 ) 3,934 Interest income 37 111 Interest expense 90 42 Profit before tax ( 171 ) 4,003 Income taxes ( 48 ) 826 Net Profit ( 123 ) 3,177 Total comprehensive income ( 123 ) 3,165 Attributable to non-controlling interests ( 60 ) 8 Dividends paid to non-controlling interests — — The tables below show the summarized income statement for the year ended December 31, 2020: Ompi of Japan Medical Glass a.s. (EUR thousand) Net Sales 6,811 36,852 Cost of Sales 5,509 30,039 Gross Profit 1,302 6,813 Other operating income — 43 Selling and marketing expenses 349 165 Research and development expenses 157 — General and administrative expenses 518 2,715 Operating profit 278 3,976 Interest income 17 2 Interest expense 74 30 Profit before tax 221 3,948 Income taxes 66 834 Net Profit 155 3,114 Total comprehensive income 155 3,111 Attributable to non-controlling interests 76 8 Dividends paid to non-controlling interests — — |
Summarized Financial Position | The tables below show the summarized financial position as at December 31, 2022: Ompi of Japan Medical Glass a.s. (EUR thousand) Property, plant and equipment and other non-current assets 395 19,102 Net working capital ( 92 ) 5,228 Total non-current liabilities and provision — ( 769 ) Net capital employed 303 23,561 Net financial position* ( 864 ) ( 2,306 ) Total equity ( 561 ) 21,255 Attributable to: Equity holders of parent ( 286 ) 21,199 Non-controlling interest ( 275 ) 55 *Net financial position is determined as the algebraic sum of cash and cash equivalent, other current financial assets, non-current financial liabilities and current financial liabilities The tables below show the summarized financial position as at December 31, 2021: Ompi of Japan Medical Glass a.s. (EUR thousand) Property, plant and equipment and other non-current assets 534 13,658 Net working capital ( 280 ) 5,582 Total non-current liabilities and provision — ( 653 ) Net capital employed 254 18,587 Net financial position* ( 1,233 ) 6,204 Total equity ( 979 ) 24,791 Attributable to: Equity holders of parent ( 500 ) 24,727 Non-controlling interest ( 479 ) 64 *Net financial position is determined as the algebraic sum of cash and cash equivalent, other current financial assets, non-current financial liabilities and current financial liabilities |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Transactions with Related Parties | The amounts of transactions with related parties recognized in the consolidated income statement and the related assets and liabilities are as follows: For the year ended and as at December 31, 2022 Revenue Costs* (EUR thousand) Other related parties Winckler & Co. Ltd. — 313 Società Agricola Stella S.r.l. — 90 SFEM Italia S.r.l. — 19 E & FKH Ejendomme ApS — 419 Piovesan Barbara — 30 Studio Legale Spinazzi Azzarita Troi — 384 Fondazione Stevanato — 305 C.T.S. Studio AS — 23 Incog BioPharma Services Inc 509 — * Costs include cost of sale, selling, general administrative costs and other expenses net Trade Trade Other Assets Other (EUR thousand) Other related parties Winckler & Co. Ltd. — 28 — — Società Agricola Stella S.r.l. — 48 — — SFEM Italia S.r.l. — 2 — — Studio Legale Spinazzi Azzarita Troi — 70 — — C.T.S. Studio AS — 2 — — Incog BioPharma Services Inc 451 — — — Loan from/to related parties For the year ended and as at December 31, 2022 Interest Interest Financial (EUR thousand) Other related parties SE Holdings Co.Ltd. — 5 ( 871 ) Key management personnel of the Group: Directors and Key Managers 2 — — For the year ended and as at December 31, 2021 Revenue Costs* (EUR thousand) Parent company Stevanato Holding S.r.l. 4,475 — Associate companies Swissfillon AG 565 — Other related parties Winckler & Co. Ltd. — 352 Società Agricola Stella S.r.l. — 99 SFEM Italia S.r.l. — 19 MJB Consultants LLC — 57 Progenitor Capital Partners LLC — 67 E & FKH Ejendomme ApS — 410 Piovesan Barbara — 30 Studio Legale Spinazzi Azzarita Troi — 578 Federici William — 69 Fondazione Stevanato — 180 C.T.S. Studio AS — 20 Incog BioPharma Services Inc 671 — Trade Trade Other Other (EUR thousand) Other related parties Winckler & Co. Ltd. — 29 — — Società Agricola Stella S.r.l. — 54 — — SFEM Italia S.r.l. — 2 — — Studio Legale Spinazzi Azzarita Troi — 151 — — C.T.S. Studio AS — 2 — — Incog BioPharma Services Inc 393 — — — * Costs include cost of sale, selling, general administrative costs and other expenses net Loan from/to related parties For the year ended and as at December 31, 2021 Interest Interest Financial (EUR thousand) Associate companies — Swissfillon AG 10 — — Other related parties SE Holdings Co.Ltd. — 5 ( 940 ) Key management personnel of the Group Directors and Key Managers 22 — 447 For the year ended December 31, 2020 Revenue Costs* (EUR thousand) Associate companies Swissfillon AG 790 — Other related parties Winckler & Co. Ltd. — 350 Società Agricola Stella S.r.l. — 72 SFEM Italia S.r.l. — 19 MJB Consultants LLC — 142 Progenitor Capital Partners LLC — 84 E & FKH Ejendomme ApS — 399 Piovesan Barbara — 30 Studio Legale Spinazzi Azzarita Troi — 536 Fondazione Stevanato — 155 * Costs include cost of sale, selling, general administrative costs and other expenses net Loan from/to related parties For the year ended December 31, 2020 Interest Interest (EUR thousand) Associate companies Swissfillon AG 20 — Other related parties SE Holdings Co.Ltd. — 6 Key management personnel of the Group Directors and Key Managers 53 — |
Summary of Emoluments to Directors and Key Management | Emoluments to Directors and Key Management The fees of the Directors of Stevanato Group S.p.A. are as follows: For the year ended December 31, 2022 Fixed remuneration Pension Share based Total Annual Fringe expense (2) compensation (3) remuneration fee benefits (1) (EUR thousand) Total Directors 2,353 12 62 379 2,806 (1) Fringe benefits related to car and insurance benefits (2) Pensions expense related to Trattamento Fine Mandato accrued on the year (3) Shares granted to board members For the year ended December 31, 2021 Fixed remuneration Pension Long Term Share based Total Annual Fringe expense (2) Benefits (3) compensation (4) remuneration fee benefits (1) (EUR thousand) Total Directors 2,196 14 50 ( 2,966 ) 350 ( 356 ) (1) Fringe benefits related to car and insurance benefits (2) Pensions expense related to Trattamento Fine Mandato accrued on the year (3) Long term benefits related to cash settled awards early terminated in 2021 (4) Shares granted to board members For the year ended December 31, 2020 Fixed remuneration Pension Long Term Total Annual Fringe expense (2) Benefits (3) remuneration fee benefits (1) (EUR thousand) Total Directors 1,688 28 50 412 2,178 (1) Fringe benefits related to car and insurance benefits (2) Pensions expense related to Trattamento Fine Mandato accrued on the year (3) Long term benefits related to cash settled awards The aggregate compensation for members of the Senior Management Team (excluding the Chairman and including the CEO) is as follows: For the year ended December 31, 2022 Fixed remuneration Variable Pension Share based Total Annual Fringe remuneration (2) expense (3) compensation (4) remuneration fee benefits (1) (EUR thousand) Total Other Key Management 1,619 26 1,198 87 5,423 8,353 (1) Fringe benefits related to car and insurance benefits (2) Variable remuneration related to MBO and LTI. With regard to variable compensation, key managers' performance is measured not only by financial indicators, such as revenue and EBITDA margin, but also by non-financial indicators such as (i) environment: programs in line with carbon neutrality, (ii) gender balance in senior position, (iii) quality mindset and performances and (iv) values and guiding principles. (3) Pensions expense related to Trattamento Fine Rapporto accrued on the year (4) Shares granted under stock grant plan 2021-2027 and other shares based incentive plans For the year ended December 31, 2021 Fixed remuneration Variable Pension Long Term Share based Total Annual Fringe remuneration (2) expense (3) Benefits (4) compensation (5) remuneration fee benefits (1) (EUR thousand) Total Other Key Management 1,210 21 1,014 85 ( 6,007 ) 1,536 ( 2,141 ) (1) Fringe benefits related to car and insurance benefits (2) Variable remuneration related to MBO and LTI (3) Pensions expense related to Trattamento Fine Rapporto accrued on the year (4) Long term benefits related to cash settled awards early terminated in 2021 (5) Share-based compensation awarded under stock grant plan 2021-2027 For the year ended December 31, 2020 Fixed remuneration Variable Pension Long Term Total Annual Fringe remuneration (2) expense (3) Benefits (4) remuneration fee benefits (1) (EUR thousand) Total Other Key Management 1,150 23 698 81 1,254 3,206 (1) Fringe benefits related to car and insurance benefits (2) Variable remuneration related to MBO (3) Pensions expense related to Trattamento Fine Rapporto accrued on the year (4) Long term benefits related to cash settled awards |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of contingent liabilities [abstract] | |
Schedule of commitments, guarantees and contingent liabilities | Commitments, guarantees and contingent liabilities can be described as follows: At December 31, At December 31, 2022 2021 (EUR thousand) Guarantees 112,381 99,535 of which secured 4,707 4,707 Total Guarantees 112,381 99,535 |
Qualitative and Quantitative _2
Qualitative and Quantitative Information of Financial Risks (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments [abstract] | |
Summary of Contracts Holding | The Group is holding the following contracts: As at December 31, 2022 0 to 6 6 to 9 9 to 12 Total Carrying Line item in the (EUR thousand) Notional amount (1) Forward 40,000 10,000 50,000 1,658 Other current financial assets Average forward rate (EUR/USD) 1.031 1.084 — Notional amount (2) Forward 15,000 25,000 40,000 849 Other current financial assets Average forward rate (EUR/USD) 1.060 1.064 — Total 90,000 2,507 (1) Derivatives not designated as hedging instruments (2) Derivatives designated as hedging instruments As at December 31, 2021 0 to 6 6 to 9 9 to 12 Total Carrying Line item in the (EUR thousand) Notional amount Forward 36,702 36,702 ( 21 ) Current financial liabilities Average forward rate (EUR/DKK) 7.438 — Notional amount Forward 9,372 9,372 50 Other current financial assets Average forward rate (EUR/USD) 1.139 — Notional amount Forward 990 990 20 Other current financial assets Average forward rate (EUR/JPY) 128.750 — Total 47,064 49 |
Financial Liabilities Composition and Impact of Hedging Instrument on Statement of Financial Position | The financial liabilities composition and the impact of the hedging instrument on the statement of financial position as at December 31, 2022 and December 31, 2021 are as follows: As at December 31, 2022 IRS FIX Floating Total Effect Total MtM Line item in (EUR thousand) Bank loans 131,946 2,467 404 134,817 ( 230 ) 134,587 5,983 Current financial liabilities/ Bank overdrafts — 13,244 13,244 — 13,244 — Other financial liabilities Financial payables for share acquisition — — — — — — — Current financial liabilities Financial liabilities due to related parties — 871 — 871 — 871 — Current financial liabilities Financial liabilities due to other lenders — — 796 796 — 796 — Current financial liabilities/ Notes — 50,000 — 50,000 ( 319 ) 49,681 — Non-current financial liabilities Total 131,946 66,582 1,200 199,728 ( 549 ) 199,179 5,983 Percentage on Total 66 % 33 % 1 % As at December 31, 2021 IRS FIX Floating Total Effect Total MtM Line item in (EUR thousand) Bank loans 167,864 2,686 404 170,954 ( 391 ) 170,563 ( 1,681 ) Current financial liabilities/ Bank overdrafts — — 37 37 — 37 — Other financial liabilities Financial payables for share acquisition — — — — — — — Current financial liabilities Financial liabilities due to related parties — 940 — 940 — 940 — Current financial liabilities Financial liabilities due to other lenders — 2,524 — 2,524 — 2,524 — Current financial liabilities/ Notes — 50,000 — 50,000 ( 380 ) 49,620 — Non-current financial liabilities Total 167,864 56,150 441 224,455 ( 771 ) 223,684 ( 1,681 ) Percentage on Total 75 % 25 % 0 % |
Impact of Hedging on Equity in Cash Flow Hedge Reserve | Set out below is the impact of hedging on equity: Cash Flow Hedge Reserve Cost of Hedging Reserve (EUR thousand) As at January 1, 2022 — — Foreign exchange forward ( 1,084 ) 235 Tax effect 260 ( 56 ) As at 31 December, 2022 ( 824 ) 179 The risk arising from to net investment in foreign subsidiaries is monitored; no active hedging is currently being performed. With regard to commodity risk, the Group enters into fixed-price contracts for certain utilities. Set out below is the impact of hedging on equity: Cash Flow Hedge Reserve (EUR thousand) As January 1, 2021 3,345 Interest Rate Swap ( 2,721 ) Tax effect 653 As at December 31, 2021 1,277 Interest Rate Swap ( 7,663 ) Tax effect 1,839 As at December 31, 2022 ( 4,547 ) |
Schedule of Interest Rate and Exchange Rate Sensitivity | The following table presents an analysis of sensitivity to a change in (i) interest rates on the portion of loans and borrowings affected (nearly zero due to the early repayment of almost all the loans with floating rate), and (ii) exchange rates for the currencies the Group is majorly exposed to. With all other variables held constant, the Group’s marginality is affected as follows: As at December 31, 2022 Interest rate sensitivity Increase/decrease Effect on profit (EUR thousand) + 20 BP - 20 BP — — + 50 BP - 50 BP — — + 100 BP - 100 BP — — Exchange rate sensitivity Increase/decrease Effect on EBITDA (EUR thousand) Euro 1 % ( 1 )% ( 1,752 ) 1,788 US dollar 3 % ( 3 )% ( 5,154 ) 5,473 5 % ( 5 )% ( 8,427 ) 9,314 Euro 1 % ( 1 )% 140 ( 143 ) Mexican Pesos 3 % ( 3 )% 411 ( 437 ) 5 % ( 5 )% 673 ( 744 ) Euro 1 % ( 1 )% ( 116 ) 118 China Renmimbi 3 % ( 3 )% ( 340 ) 361 5 % ( 5 )% ( 556 ) 615 As at December 31, 2021 Interest rate sensitivity Increase/decrease Effect on profit (EUR thousand) + 20 BP - 20 BP — — + 50 BP - 50 BP — — + 100 BP - 100 BP — — Exchange rate sensitivity Increase/decrease Effect on EBITDA (EUR thousand) Euro 1 % ( 1 )% ( 1,190 ) 1,214 US dollar 3 % ( 3 )% ( 3,500 ) 3,716 5 % ( 5 )% ( 5,722 ) 6,324 Euro 1 % ( 1 )% 156 ( 159 ) Mexican Pesos 3 % ( 3 )% 459 ( 487 ) 5 % ( 5 )% 750 ( 829 ) |
Schedule of Due Dates of Financial and Other Liabilities | The following table summarizes the due dates of the Group’s financial and other liabilities at December 31, 2022 and at December 31, 2021 on the basis of contractual payments which have not been discounted: As at December 31, 2022 Due within Due between Due beyond Total (EUR thousand) Bank overdrafts 13,244 — — 13,244 Borrowings from banks (*) 50,680 84,136 — 134,816 Notes (*) — 25,000 25,000 50,000 Lease liabilities (**) 5,785 10,362 6,211 22,358 Other Financial liabilities 1,666 — — 1,666 Trade payables 239,180 — — 239,180 Tax payables 41,655 — — 41,655 Other liabilities 69,499 18,060 — 87,559 Employee Benefits 2,187 — 6,127 8,314 Total liabilities 423,896 137,558 37,338 598,792 (*) The corresponding balance reported in the financial statement position i s EUR 134,587 thousand and EUR 49,681 thousand respectively at 31 December 2022 and refers to adoption of amortized cost. (**) The corresponding balance in the financial statement position is EUR 19,982 thousand and refers to adoption of IFRS 16. As at December 31, 2021 Due within Due between Due beyond Total (EUR thousand) Bank overdrafts 37 — — 37 Borrowings from banks (*) 36,357 134,006 591 170,954 Notes (*) — — 50,000 50,000 Lease liabilities (**) 6,046 12,751 6,961 25,758 Other Financial liabilities 2,729 735 3,464 Trade payables 164,787 — — 164,787 Tax payables 19,440 — — 19,440 Other liabilities 65,813 1,808 0 67,621 Employee Benefits — 11,853 — 11,853 Total liabilities 295,209 161,153 57,552 513,914 (*) The corresponding balance reported in the financial statement position is EUR 170,562 thousand and EUR 49,620 thousand respectively at 31 December 2021 and refers to adoption of amortized cost. (**) The corresponding balance in the financial statement position is EUR 23,127 thousand and refers to adoption of IFRS 16. |
Corporate Information - Additio
Corporate Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Corporate Information [Abstract] | |
Percentage of controlling interest by parent | 78.03% |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Principal Foreign Currency Exchange Rates (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CHINA | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 7.0788 | 7.6282 | 7.8747 |
Closing foreign exchange rate | 7.3582 | 7.1947 | 8.0225 |
UNITED STATES | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 1.0530 | 1.1827 | 1.1422 |
Closing foreign exchange rate | 1.0666 | 1.1326 | 1.2271 |
Mexico | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 21.1869 | 23.9852 | 24.5194 |
Closing foreign exchange rate | 20.8560 | 23.1438 | 24.4160 |
DENMARK | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 7.4396 | 7.4370 | 7.4542 |
Closing foreign exchange rate | 7.4365 | 7.4364 | 7.4409 |
Brazil | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 5.4399 | 6.3779 | 5.8943 |
Closing foreign exchange rate | 5.6386 | 6.3101 | 6.3735 |
SWITZERLAND | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 1.0047 | 1.0811 | 1.0705 |
Closing foreign exchange rate | 0.9847 | 1.0331 | 1.0802 |
JAPAN | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 138.0274 | 129.8767 | 121.8458 |
Closing foreign exchange rate | 140.6600 | 130.3800 | 126.4900 |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Details) - Employed | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies [Line Items] | |||
IRAP tax on tax base rate | 3.90% | 3.90% | |
Average number of employees | 4,975 | 4,461 | 4,044 |
Bottom of Range | |||
Significant Accounting Policies [Line Items] | |||
Normal credit term upon delivery | 60 days | ||
Average number of employees | 50 | ||
Bottom of Range | Industrial Patents and Intellectual Property Rights and Licenses | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of intangible assets other than goodwill | 3 years | ||
Bottom of Range | Capitalized Development Cost | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of intangible assets other than goodwill | 3 years | ||
Bottom of Range | Other Intangible Assets | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of intangible assets other than goodwill | 3 years | ||
Top of Range | |||
Significant Accounting Policies [Line Items] | |||
Normal credit term upon delivery | 90 days | ||
Top of Range | Industrial Patents and Intellectual Property Rights and Licenses | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of intangible assets other than goodwill | 5 years | ||
Top of Range | Capitalized Development Cost | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of intangible assets other than goodwill | 5 years | ||
Top of Range | Other Intangible Assets | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of intangible assets other than goodwill | 5 years |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Useful Lives, Estimated by Group for Various Categories of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings | Biopharmaceutical and Diagnostic Solutions | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 18 years |
Buildings | Biopharmaceutical and Diagnostic Solutions | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 33 years |
Buildings | Engineering | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 16 years |
Buildings | Holding | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 33 years |
Plant and Machinery | Biopharmaceutical and Diagnostic Solutions | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 6 years |
Plant and Machinery | Biopharmaceutical and Diagnostic Solutions | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 20 years |
Plant and Machinery | Engineering | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 6 years |
Plant and Machinery | Engineering | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 10 years |
Plant and Machinery | Holding | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 4 years |
Industrial and Commercial Equipment | Biopharmaceutical and Diagnostic Solutions | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 5 years |
Industrial and Commercial Equipment | Biopharmaceutical and Diagnostic Solutions | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 8 years |
Industrial and Commercial Equipment | Engineering | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 8 years |
Industrial and Commercial Equipment | Holding | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 8 years |
Other Tangible Assets | Biopharmaceutical and Diagnostic Solutions | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 5 years |
Other Tangible Assets | Biopharmaceutical and Diagnostic Solutions | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 8 years |
Other Tangible Assets | Engineering | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 5 years |
Other Tangible Assets | Engineering | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 8 years |
Other Tangible Assets | Holding | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 5 years |
Other Tangible Assets | Holding | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 8 years |
Scope of Consolidation - Schedu
Scope of Consolidation - Schedule of List of Company Directly or Indirectly Controlled (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Nuova Ompi S.r.l. | Direct Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Production of drug containment solutionss and development of integrated solutions for the pharmaceutical industry | |
Country of incorporation | Italy | |
% equity interest | 100% | 100% |
Spami S.r.l. | Direct Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Engineering | |
Description | Production plant and machinery | |
Country of incorporation | Italy | |
% equity interest | 100% | 100% |
Stevanato Group International a.s. | Direct Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Holding | |
Description | Service/Subholding company | |
Country of incorporation | Slovakia | |
% equity interest | 100% | 100% |
Medical Glass a.s. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Slovakia | |
Medical Glass a.s. | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Production of drug containment solutions | |
Country of incorporation | Slovakia | |
% equity interest | 99.74% | 99.74% |
Stevanato Group N.A. S. de RL de CV | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Service company | |
Country of incorporation | Mexico | |
% equity interest | 100% | 100% |
Ompi N.A. S. de RL de CV | Direct Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Production of drug containment solutions | |
Country of incorporation | Mexico | |
% equity interest | 30.76% | 30.76% |
Ompi N.A. S. de RL de CV | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
% equity interest | 69.24% | 69.24% |
Ompi of America inc. | Direct Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Sale of drug containment solutions and analytical services | |
Country of incorporation | USA | |
% equity interest | 83.73% | 0% |
Ompi of America inc. | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
% equity interest | 16.27% | 100% |
Ompi do Brasil I. e C. de Em. Far. Ltda | Direct Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Production of drug containment solutions | |
Country of incorporation | Brazil | |
% equity interest | 79% | 79% |
Ompi do Brasil I. e C. de Em. Far. Ltda | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
% equity interest | 21% | 21% |
Innoscan A/S | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Engineering | |
Description | Production plant and machinery | |
Country of incorporation | Denmark | |
% equity interest | 0% | 100% |
Ompi Pharm. Packing Techn. Co. Ltd | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Production of drug containment solutions | |
Country of incorporation | China | |
% equity interest | 100% | 100% |
SVM Automatik A/S | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Engineering | |
Description | Production plant and machinery | |
Country of incorporation | Denmark | |
% equity interest | 100% | 100% |
Medirio SA | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Research and development | |
Country of incorporation | Switzerland | |
% equity interest | 100% | 100% |
Balda Medical Gmbh | Direct Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Production of in-vitro diagnostic solutions | |
Country of incorporation | Germany | |
% equity interest | 100% | 100% |
Balda C. Brewer Inc. | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Production of in-vitro diagnostic solutions | |
Country of incorporation | USA | |
% equity interest | 100% | 100% |
Balda Precision Inc. | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Production metal components | |
Country of incorporation | USA | |
% equity interest | 100% | 100% |
Ompi of Japan Co., Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation | Japan | |
Ompi of Japan Co., Ltd. | Direct Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Sale of drug containment solutions | |
Country of incorporation | Japan | |
% equity interest | 51% | 51% |
Segment Information - Additiona
Segment Information - Additional Information (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) Customer Segment | Dec. 31, 2021 EUR (€) Customer | Dec. 31, 2020 EUR (€) Customer | |
Disclosure of operating segments [line items] | |||
Number of segments | Segment | 2 | ||
Number of external customers exceeds10% group's revenue | Customer | 0 | 0 | 0 |
Percentage of revenue increased | 16.60% | 27.50% | |
Increase in revenue from contract with customer | € 139,760 | € 181,883 | |
Total assets | 1,659,698 | 1,418,842 | |
Total liabilities | € 663,788 | 577,183 | |
Unallocated Amounts | |||
Disclosure of operating segments [line items] | |||
Total assets | 279,342 | € 2,396 | |
Total liabilities | € 77,603 | € 217,890 | |
Reportable Segments | |||
Disclosure of operating segments [line items] | |||
Number of segments | Segment | 2 | ||
Biopharmaceutical and Diagnostic Solutions | |||
Disclosure of operating segments [line items] | |||
Segment sales percentage | 81% | 82% | |
Percentage of operating profit margin | 22.80% | 21.40% | 18.10% |
Percentage of gross profit margin | 34.30% | 33.10% | 29.60% |
Biopharmaceutical and Diagnostic Solutions | Operating Segments | |||
Disclosure of operating segments [line items] | |||
Percentage of revenue increased | 15.30% | 22.80% | |
Increase in revenue from contract with customer | € 26,961 | ||
Increase decrease in revenue | 106,065 | € 129,145 | |
Total assets | 1,259,124 | 885,733 | |
Total liabilities | € 511,022 | € 335,919 | |
Engineering | |||
Disclosure of operating segments [line items] | |||
Segment sales percentage | 19% | 18% | |
Percentage of operating profit margin | 10.50% | 10.80% | |
Percentage of gross profit margin | 19.30% | 20.90% | |
Engineering | Operating Segments | |||
Disclosure of operating segments [line items] | |||
Percentage of revenue increased | 36.80% | 42.60% | |
Increase decrease in revenue | € 80,639 | € 65,428 | |
Total assets | 370,851 | 253,767 | |
Total liabilities | € 256,835 | € 163,661 | |
Bottom of Range | Drug Containment Systems | |||
Disclosure of operating segments [line items] | |||
Segment sales percentage | 50% |
Segment Information - Summary o
Segment Information - Summary of Making Decisions Regarding the Allocation of Resources and to Assess Performance (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Information [Line Items] | |||
Revenue | € 983,680 | € 843,920 | € 662,037 |
Cost of sales | 663,879 | 578,515 | 467,861 |
Gross Profit | 319,801 | 265,405 | 194,176 |
Other operating income | 18,850 | 9,386 | 5,230 |
Selling and Marketing expenses | 26,086 | 20,448 | 20,044 |
Research and Development expenses | 34,387 | 29,616 | 17,390 |
General and Administrative expenses | 85,747 | 62,502 | 58,863 |
Operating Profit | 192,431 | 162,225 | 103,109 |
Total assets | 1,659,698 | 1,418,842 | |
Total liabilities | 663,788 | 577,183 | |
External Customers | |||
Segment Information [Line Items] | |||
Revenue | 983,680 | 843,920 | 662,037 |
Adjustments, Eliminations and Unallocated Items | |||
Segment Information [Line Items] | |||
Revenue | (117,057) | (70,113) | (57,423) |
Cost of sales | (97,317) | (63,393) | (51,882) |
Gross Profit | (19,740) | (6,720) | (5,541) |
Other operating income | (148) | 7 | |
Selling and Marketing expenses | 11,369 | 9,516 | 7,440 |
Research and Development expenses | 2,676 | 1,886 | 2,254 |
General and Administrative expenses | (2,500) | (8,392) | 899 |
Operating Profit | (31,433) | (9,730) | (16,127) |
Total assets | 29,723 | 279,342 | |
Total liabilities | (104,069) | 77,603 | |
Adjustments, Eliminations and Unallocated Items | Inter-Segment | |||
Segment Information [Line Items] | |||
Revenue | (117,057) | (70,113) | (57,423) |
Biopharmaceutical and Diagnostic Solutions | Operating Segments | |||
Segment Information [Line Items] | |||
Revenue | 801,237 | 695,172 | 566,027 |
Cost of sales | 526,370 | 465,304 | 398,411 |
Gross Profit | 274,867 | 229,868 | 167,616 |
Other operating income | 18,985 | 9,386 | 5,193 |
Selling and Marketing expenses | 12,287 | 7,736 | 9,762 |
Research and Development expenses | 25,169 | 23,467 | 12,080 |
General and Administrative expenses | 73,816 | 58,996 | 48,324 |
Operating Profit | 182,580 | 149,055 | 102,643 |
Total assets | 1,259,124 | 885,733 | |
Total liabilities | 511,022 | 335,919 | |
Biopharmaceutical and Diagnostic Solutions | Operating Segments | External Customers | |||
Segment Information [Line Items] | |||
Revenue | 799,652 | 694,038 | 564,931 |
Biopharmaceutical and Diagnostic Solutions | Operating Segments | Inter-Segment | |||
Segment Information [Line Items] | |||
Revenue | 1,585 | 1,134 | 1,096 |
Engineering | Operating Segments | |||
Segment Information [Line Items] | |||
Revenue | 299,500 | 218,861 | 153,433 |
Cost of sales | 234,826 | 176,604 | 121,332 |
Gross Profit | 64,674 | 42,257 | 32,101 |
Other operating income | 13 | 31 | |
Selling and Marketing expenses | 2,430 | 3,196 | 2,842 |
Research and Development expenses | 6,542 | 4,263 | 3,056 |
General and Administrative expenses | 14,431 | 11,898 | 9,641 |
Operating Profit | 41,284 | 22,900 | 16,593 |
Total assets | 370,851 | 253,767 | |
Total liabilities | 256,835 | 163,661 | |
Engineering | Operating Segments | External Customers | |||
Segment Information [Line Items] | |||
Revenue | 184,028 | 149,882 | 97,106 |
Engineering | Operating Segments | Inter-Segment | |||
Segment Information [Line Items] | |||
Revenue | 115,472 | 68,979 | 56,327 |
Total Segments | Operating Segments | |||
Segment Information [Line Items] | |||
Revenue | 1,100,737 | 914,033 | 719,460 |
Cost of sales | 761,196 | 641,908 | 519,743 |
Gross Profit | 339,541 | 272,125 | 199,717 |
Other operating income | 18,998 | 9,386 | 5,224 |
Selling and Marketing expenses | 14,717 | 10,932 | 12,604 |
Research and Development expenses | 31,711 | 27,730 | 15,136 |
General and Administrative expenses | 88,247 | 70,894 | 57,965 |
Operating Profit | 223,864 | 171,955 | 119,236 |
Total assets | 1,629,975 | 1,139,500 | |
Total liabilities | 767,857 | 499,580 | |
Total Segments | Operating Segments | External Customers | |||
Segment Information [Line Items] | |||
Revenue | 983,680 | 843,920 | 662,037 |
Total Segments | Operating Segments | Inter-Segment | |||
Segment Information [Line Items] | |||
Revenue | € 117,057 | € 70,113 | € 57,423 |
Segment Information - Schedule
Segment Information - Schedule of Reconciliation from Segments Operating Profit to Consolidated Profit Before Tax (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Information [Line Items] | |||
Segments Operating Profit | € 192,431 | € 162,225 | € 103,109 |
Finance income | 25,050 | 21,709 | 14,926 |
Finance expense | 29,840 | 18,808 | 21,848 |
Share of profit of an associate | 0 | 547 | 92 |
Profit Before Tax | 187,641 | 165,673 | 96,279 |
Inter-Segment Elimination | |||
Segment Information [Line Items] | |||
Segments Operating Profit | (31,433) | (9,730) | (16,127) |
Total Segments | Operating Segments | |||
Segment Information [Line Items] | |||
Segments Operating Profit | € 223,864 | € 171,955 | € 119,236 |
Revenue from Contract with Cu_3
Revenue from Contract with Customers - Summary of Disaggregation of Revenue from Contracts with Customers (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 983,680 | € 843,920 | € 662,037 |
High-Value Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 293,229 | 207,815 | 146,332 |
Other Containment and Delivery Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 506,423 | 486,223 | 418,599 |
Revenue from Engineering | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 184,028 | 149,882 | 97,106 |
EMEA | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 599,712 | 493,474 | 398,139 |
APAC | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 100,262 | 117,747 | 67,135 |
North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 250,838 | 206,961 | 174,919 |
South America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 32,868 | 25,738 | 21,844 |
Goods and Services Transferred at a Point in Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 798,082 | 703,194 | 592,207 |
Goods and Services Transferred Over Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 185,598 | 140,726 | 69,830 |
Biopharmaceutical and Diagnostic Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 799,652 | 694,038 | 564,931 |
Biopharmaceutical and Diagnostic Solutions | High-Value Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 293,229 | 207,815 | 146,332 |
Biopharmaceutical and Diagnostic Solutions | Other Containment and Delivery Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 506,423 | 486,223 | 418,599 |
Biopharmaceutical and Diagnostic Solutions | EMEA | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 502,066 | 415,489 | 338,564 |
Biopharmaceutical and Diagnostic Solutions | APAC | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 70,332 | 79,463 | 54,433 |
Biopharmaceutical and Diagnostic Solutions | North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 198,153 | 175,231 | 151,418 |
Biopharmaceutical and Diagnostic Solutions | South America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 29,101 | 23,855 | 20,516 |
Biopharmaceutical and Diagnostic Solutions | Goods and Services Transferred at a Point in Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 780,903 | 667,717 | 553,789 |
Biopharmaceutical and Diagnostic Solutions | Goods and Services Transferred Over Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 18,749 | 26,321 | 11,142 |
Engineering | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 184,028 | 149,882 | 97,106 |
Engineering | Revenue from Engineering | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 184,028 | 149,882 | 97,106 |
Engineering | EMEA | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 97,646 | 77,985 | 59,575 |
Engineering | APAC | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 29,930 | 38,284 | 12,702 |
Engineering | North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 52,685 | 31,730 | 23,501 |
Engineering | South America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 3,767 | 1,883 | 1,328 |
Engineering | Goods and Services Transferred at a Point in Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 17,179 | 35,477 | 38,417 |
Engineering | Goods and Services Transferred Over Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 166,849 | € 114,405 | € 58,689 |
Revenue from Contract with Cu_4
Revenue from Contract with Customers - Additional Information (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) Segment | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Number of segments | Segment | 2 | ||
Revenue from contracts with customers | € 983,680 | € 843,920 | € 662,037 |
Increase in revenue from contract with customer | € 139,760 | € 181,883 | |
Percentage of revenue increased | 16.60% | 27.50% | |
Percentage of revenue increased excluding USD negative impact | 13.40% | ||
Revenue that was included in contract liability | € 62,563 | € 11,736 | 19,765 |
Transaction price allocated to remaining performance obligations | € 15,276 | 74,996 | |
Description of entity satisfies its performance obligation | the Group will recognize this revenue as projects are completed, which is expected to occur over the next 12–18 months. | ||
Goods and Services Transferred Over Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 185,598 | 140,726 | 69,830 |
APAC | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 100,262 | 117,747 | 67,135 |
Increase in revenue from contract with customer | € 17,485 | ||
Percentage of revenue increased | 14.80% | ||
North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 250,838 | 206,961 | 174,919 |
Increase in revenue from contract with customer | € 43,877 | ||
Percentage of revenue increased | 21.20% | ||
South America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 32,868 | 25,738 | 21,844 |
Increase in revenue from contract with customer | € 7,130 | ||
Percentage of revenue increased | 27.70% | ||
EMEA | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 599,712 | 493,474 | 398,139 |
Increase in revenue from contract with customer | € 106,238 | ||
Percentage of revenue increased | 21.50% | ||
High-Value Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 293,229 | 207,815 | 146,332 |
Other Containment and Delivery Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 506,423 | 486,223 | 418,599 |
Revenue from Engineering | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 184,028 | 149,882 | 97,106 |
Biopharmaceutical and Diagnostic Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 799,652 | 694,038 | 564,931 |
Biopharmaceutical and Diagnostic Solutions | Goods and Services Transferred Over Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 18,749 | 26,321 | 11,142 |
Biopharmaceutical and Diagnostic Solutions | APAC | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 70,332 | 79,463 | 54,433 |
Biopharmaceutical and Diagnostic Solutions | North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 198,153 | 175,231 | 151,418 |
Biopharmaceutical and Diagnostic Solutions | South America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 29,101 | 23,855 | 20,516 |
Biopharmaceutical and Diagnostic Solutions | EMEA | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 502,066 | 415,489 | 338,564 |
Biopharmaceutical and Diagnostic Solutions | High-Value Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 293,229 | 207,815 | 146,332 |
Increase in revenue from contract with customer | € 85,414 | € 61,483 | |
Percentage of revenue increased | 41.10% | 42% | |
Biopharmaceutical and Diagnostic Solutions | Other Containment and Delivery Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 506,423 | € 486,223 | 418,599 |
Increase in revenue from contract with customer | € 20,200 | € 67,624 | |
Percentage of revenue increased | 4.20% | 16.20% | |
Engineering | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 184,028 | € 149,882 | 97,106 |
Engineering | Goods and Services Transferred Over Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 166,849 | 114,405 | 58,689 |
Increase in revenue from contract with customer | € 52,444 | ||
Percentage of revenue increased | 45.80% | ||
Engineering | APAC | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 29,930 | 38,284 | 12,702 |
Engineering | North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 52,685 | 31,730 | 23,501 |
Engineering | South America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 3,767 | 1,883 | 1,328 |
Engineering | EMEA | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 97,646 | 77,985 | 59,575 |
Engineering | Revenue from Engineering | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 184,028 | 149,882 | € 97,106 |
Increase in revenue from contract with customer | € 34,146 | € 52,776 | |
Percentage of revenue increased | 22.80% | 54.30% | |
In-Vitro Diagnostic Business | Goods and Services Transferred Over Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Increase in revenue from contract with customer | € 7,572 | ||
Percentage of revenue increased | 28.80% |
Revenue from Contract with Cu_5
Revenue from Contract with Customers - Summary of Contractual Asset from Contracts with Customer (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Revenue [abstract] | ||
Trade Receivables | € 212,734 | € 165,259 |
Contract Assets | 103,417 | 62,133 |
Contract Liabilities | (14,847) | (18,771) |
Advances From Customers | (26,568) | (23,616) |
Total | € 274,736 | € 185,005 |
Cost of Sales - Summary of Cost
Cost of Sales - Summary of Cost of Sales (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Purchases | € 358,892 | € 296,105 | € 226,997 |
Change in inventories | (32,897) | 9,193 | (1,739) |
Direct industrial labor | 130,637 | 114,807 | 107,959 |
Indirect industrial labor | 61,194 | 50,339 | 42,794 |
Industrial depreciation and amortization | 53,550 | 46,258 | 45,296 |
Other costs of sales | 92,503 | 61,813 | 46,554 |
Total Cost of sales | € 663,879 | € 578,515 | € 467,861 |
Cost of Sales - Additional Info
Cost of Sales - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Cost of sales | € 663,879 | € 578,515 | € 467,861 |
Depreciation and amortization | 64,822 | 56,383 | 54,103 |
Subsidies amount granted by Italian and slovakian governments | 6,465 | ||
Cost of sales [member] | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | € 53,550 | € 46,258 | € 45,296 |
Other Operating Income - Additi
Other Operating Income - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Other operating income | € 18,850 | € 9,386 | € 5,230 |
Other operating income related to contract modifications | 7,600 | ||
Contribution of joint development | 3,000 | ||
Miscellaneous other operating income | 9,210 | 4,958 | |
Nuova Ompi S.r.l. | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Grants received by subsidiaries | 272 | ||
Grants received as tax credit | 6 | 28 | 28 |
Grants related to sustainable growth fund | € 244 | ||
Ompi Pharma Packaging Tech. Co Ltd | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Grants received for machinery technical renovation | 150 | 106 | |
Ompi Pharma Packaging Tech. Co Ltd and Nuova Ompi S.r.l. | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Grants received by subsidiaries | € 156 | € 176 |
Expenses - Summary of Expenses
Expenses - Summary of Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expense By Function [Abstract] | |||
Selling and Marketing expenses | € 26,086 | € 20,448 | € 20,044 |
Research and Development expenses | 34,387 | 29,616 | 17,390 |
General and Administrative expenses | 85,747 | 62,502 | 58,863 |
Total Expenses | € 146,220 | € 112,566 | € 96,297 |
Expenses - Additional Informati
Expenses - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Selling and marketing expenses | € 26,086 | € 20,448 | € 20,044 |
Increase (decrease) in selling and marketing expenses | 5,638 | 404 | |
Research and development expenses | 34,387 | 29,616 | 17,390 |
Increase in research and development expenses | 4,771 | 12,226 | |
General and administrative expenses | 85,747 | 62,502 | 58,863 |
Depreciation and amortization | 64,822 | 56,383 | 54,103 |
Increase in general and administrative expenses | 23,245 | 3,639 | |
Non recurring start up costs | 2,585 | ||
Non-recurring accrual reversal amount | (9,884) | ||
Non-recurring out of cycle bonus to personnel amount | 6,526 | 6,526 | |
Costs related to listing of shares | 794 | ||
Selling and Marketing Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Accrual of provision for bad debt. | 1,084 | ||
Accrual of provision for expected credit loss | 1,079 | ||
Release of provision for bad debt | 759 | 933 | |
Release of provision for expected credit loss | 770 | (936) | |
Receivables write-off | 11 | 3 | 5 |
Depreciation and amortization | 722 | 787 | 844 |
Research and Development Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | 3,468 | 3,353 | 2,580 |
General and Administrative Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | 7,082 | 5,985 | 5,383 |
Amortization of fair value adjustments from purchase price allocations | 1,039 | 1,039 | € 1,039 |
Non-recurring out of cycle bonus to personnel amount | 6,526 | ||
General and Administrative Expenses | Incentive Plan 2012-2021, Incentive Plan 2018-2022 and Partially to New Stock Grant Plan 2021-2027 | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Non-recurring accrual reversal amount | € 9,884 | ||
General and Administrative Expenses | Incentive Plan 2018-2022, Incentive Plan 2012-2021 and Partially to New Stock Grant Plan 2021-2027 | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Non-recurring accrual reversal amount | € 9,884 |
Other Information by Nature - S
Other Information by Nature - Summary of Breakdown of Selling, Research & Development and Administrative Expenses by Nature (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total Expenses | € 146,220 | € 112,566 | € 96,297 |
Personnel | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total Expenses | 64,543 | 46,489 | 43,731 |
Other Costs and Incomes | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total Expenses | 71,164 | 56,886 | 42,675 |
Depreciation and Amortization | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total Expenses | 11,273 | 10,124 | 8,807 |
Expected Credit Losses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total Expenses | € (760) | € (933) | € 1,084 |
Other Information by Nature -_2
Other Information by Nature - Summary of Breakdown of Depreciation and Amortization (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | € 64,822 | € 56,383 | € 54,103 |
Cost of sales [member] | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | 53,550 | 46,258 | 45,296 |
Selling and Marketing Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | 722 | 787 | 844 |
Research and Development Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | 3,468 | 3,353 | 2,580 |
General and Administrative Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | € 7,082 | € 5,985 | € 5,383 |
Finance Income - Summary of Fin
Finance Income - Summary of Finance Income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Finance Income [Abstract] | |||
Interest income from banks deposits | € 648 | € 538 | € 352 |
Income from financial discounts | 8 | 18 | 17 |
Interest income on loans to associates | 10 | 20 | |
Other financial income | 96 | 57 | 295 |
Gain from the sale of an associate | 12,258 | ||
Foreign currency exchange rate gains | 19,995 | 7,588 | 11,585 |
Derivatives revaluation | 3,551 | 950 | 2,007 |
Other fair value adjustments | 752 | 290 | 650 |
Total finance income | € 25,050 | € 21,709 | € 14,926 |
Finance Income - Additional Inf
Finance Income - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Oct. 22, 2021 | Dec. 31, 2021 | |
Disclosure Of Significant Investments In Associates [Line Items] | ||
Gain from the sale of an associate | € 12,258 | |
Swissfillon AG | ||
Disclosure Of Significant Investments In Associates [Line Items] | ||
Gain from the sale of an associate | € 12,258 | |
% equity interest | 26.94% | |
Sale and transfer of all owned shares in associate | € 15,800 |
Finance Expense - Summary of Fi
Finance Expense - Summary of Finance Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Finance Expense [Abstract] | |||
Interest on debts and borrowings | € 3,363 | € 4,286 | € 5,333 |
Financial discounts and other expenses | 102 | 102 | 37 |
Interest on lease liabilities | 573 | 585 | 624 |
Financial component IAS 19 | 118 | 28 | 125 |
Foreign currency exchange losses | 19,136 | 10,172 | 12,033 |
Derivatives devaluation | 5,966 | 3,211 | 2,471 |
Other fair value adjustments | 582 | 424 | 1,225 |
Total finance expense | € 29,840 | € 18,808 | € 21,848 |
Finance Expense - Additional In
Finance Expense - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Finance Expense [Abstract] | |||
Net foreign currency exchange impact | € 859 | € (2,584) | € (448) |
Foreign currency exchange losses | € 4,280 |
Employee Benefits Expense - Sum
Employee Benefits Expense - Summary of Employee Benefits Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Cash settled awards | € 2,394 | ||
Total employee benefits expense | € 256,373 | € 211,635 | 194,484 |
Cost of Sales | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Wages and salaries | 154,852 | 134,619 | 123,773 |
Social security costs | 30,721 | 25,610 | 22,720 |
Pension costs | 5,970 | 4,917 | 4,260 |
Share-based payment expense | 287 | ||
Selling and Marketing Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Wages and salaries | 13,978 | 12,716 | 11,522 |
Social security costs | 1,606 | 1,531 | 1,278 |
Pension costs | 433 | 403 | 363 |
Share-based payment expense | 1,024 | ||
General and Administrative Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Wages and salaries | 22,272 | 26,106 | 17,313 |
Social security costs | 3,612 | 3,589 | 2,900 |
Pension costs | 510 | 545 | 545 |
Cash settled awards | (10,831) | 2,394 | |
Share-based payment expense | 5,991 | 1,740 | |
Research and Development Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Wages and salaries | 12,463 | 9,089 | 6,327 |
Social security costs | 1,496 | 1,270 | 857 |
Pension costs | 358 | € 331 | € 232 |
Share-based payment expense | € 800 |
Employee Benefits Expense - Add
Employee Benefits Expense - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Personnel costs | € 256,373 | € 211,635 | € 194,484 |
Increase in personnel costs | 44,738 | 17,151 | |
Non-recurring out of cycle bonus to personnel amount | 6,526 | € 6,526 | |
Non-recurring accrual reversal amount | € 9,884 | ||
Cash settled awards | € 2,394 |
Employee Benefits Expense - S_2
Employee Benefits Expense - Summary of Average Size of Group's Workforce (Details) - Employed | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Benefits Expense [Line Items] | |||
Total Workforce | 4,975 | 4,461 | 4,044 |
Executives | |||
Employee Benefits Expense [Line Items] | |||
Total Workforce | 57 | 51 | 42 |
Managers | |||
Employee Benefits Expense [Line Items] | |||
Total Workforce | 137 | 126 | 113 |
Employees | |||
Employee Benefits Expense [Line Items] | |||
Total Workforce | 4,781 | 4,284 | 3,889 |
Income Tax - Summary of Income
Income Tax - Summary of Income Tax Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current income tax: | |||
Current Taxes | € 57,400 | € 35,093 | € 28,604 |
Prior Years Taxes | 215 | (6,544) | 918 |
Deferred tax: | |||
Deferred Taxes | (12,990) | 2,855 | (11,840) |
Income tax expense reported in the statement of profit or loss | € 44,625 | € 31,404 | € 17,682 |
Income Tax - Summary of Deferre
Income Tax - Summary of Deferred Tax Charged to OCI (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred tax related to items recognized in OCI during in the year: | |||
Gains/(losses) from remeasurement of employee of defined benefit plans and of agent termination plans | € (236) | € 26 | € 15 |
Change in the fair value of hedging instruments | (2,043) | (653) | 173 |
Deferred tax charged to OCI | € (2,279) | € (627) | € 188 |
Income Tax - Schedule of Reconc
Income Tax - Schedule of Reconciliation of Effective Tax Rate (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Accounting profit before income tax | € 187,641 | € 165,673 | € 96,279 |
Statutory income tax rate of 27.9% | 52,202 | 46,223 | 26,862 |
Prior years taxes | 215 | (6,544) | 918 |
DTA recognized on tax losses carry-forward | (750) | (1,947) | (41) |
Taxes effect on unremitted earnings | 1,488 | 400 | 1,248 |
Step up | (7,926) | ||
Change notional rate | 361 | ||
Tax grants/not taxable items | 8,477 | (1,157) | (2,146) |
Tax exemption on gain from the sale of an associate | (3,378) | ||
Different foreign tax rate effect | (1,553) | (2,193) | (1,594) |
Income tax expense reported in the statement of profit or loss | € 44,625 | € 31,404 | € 17,682 |
Income Tax - Schedule of Reco_2
Income Tax - Schedule of Reconciliation of Effective Tax Rate (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Statutory income tax rate | 27.90% | 27.90% | 27.90% |
Effective income tax rate | 23.78% | 18.96% | 18.40% |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax [Line Items] | |||
Prior Years Tax adjustments | € 215 | € (6,544) | € 918 |
Tax accrual related to ongoing tax audit of prior period | € 900 | ||
Effective income tax rate | 23.78% | 18.96% | 18.40% |
Tax grants/not taxable items | € 8,477 | € (1,157) | € (2,146) |
Unrecognized tax losses | 7,978 | 3,800 | |
Swissfillon AG | |||
Income Tax [Line Items] | |||
Gain on sale of minority interest | 12,258 | ||
ACE Effect | |||
Income Tax [Line Items] | |||
Tax grants/not taxable items | (2,216) | ||
Various Tax Grants/Benefits | |||
Income Tax [Line Items] | |||
Tax grants/not taxable items | (920) | ||
Equity Movements Due to Early Termination of Incentive Plans | |||
Income Tax [Line Items] | |||
Release of deferred tax assets | 2,421 | ||
Italy | |||
Income Tax [Line Items] | |||
Prior Years Tax adjustments | € 7,559 | ||
Tax grants/not taxable items | (1,641) | ||
Italy | Nuova Ompi S.r.l. | |||
Income Tax [Line Items] | |||
Tax grants/not taxable items | € (3,700) |
Income Tax - Summary of Timing
Income Tax - Summary of Timing of Tax Losses Carryforwards (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | € 7,978 | € 3,800 |
2022 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 16 | |
2023 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 336 | 320 |
2024 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 369 | 351 |
2025 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 331 | 315 |
2026 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 334 | 318 |
2027 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 3,860 | 274 |
2028 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 404 | |
2029 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 129 | |
Unlimited | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | € 2,215 | € 2,206 |
Income Tax - Summary of Defer_2
Income Tax - Summary of Deferred Tax Assets and Deferred Tax Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax assets | € 69,210 | € 55,877 | |
Deferred tax liabilities | (20,952) | (19,105) | |
Deferred tax (liability) asset | 48,258 | 36,772 | € 33,929 |
Other Intangibles Assets | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | (4,179) | (3,167) | |
Tangible Assets | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 19,746 | 12,178 | |
Work in Progress | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | (12,329) | (5,156) | |
Revaluations of Investment Properties to Fair Value | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 6,807 | 8,009 | |
Expected Credit Losses of Debt Financial Assets | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 1,217 | 1,429 | |
Derivatives | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | (1,640) | 403 | |
Leases | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 331 | 251 | |
Long Term Incentives | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 51 | 816 | |
Cash Settled Awards | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 325 | ||
Provisions | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 6,631 | 2,351 | |
Accruals and Other Provisions | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 164 | 62 | |
Tax Losses Carry Forward | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 26,941 | 14,888 | |
Dividends | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | (2,260) | (1,300) | |
Start up costs IPO SG spa | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 4,026 | 5,369 | |
Share-based Compensation Plans | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 325 | ||
Other Effects | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | € 2,427 | € 314 |
Income Tax - Schedule of Reco_3
Income Tax - Schedule of Reconciliation of Net Deferred Tax Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |||
As of January 1 | € 36,772 | € 33,929 | |
Tax expense during the period recognized in profit or loss | 12,990 | (2,855) | |
Tax income/(expense) during the period recognized in OCI | (2,279) | (627) | € 188 |
DTA on IPO transaction costs on capital increase | 6,711 | ||
Other effect | 775 | (386) | |
As at December 31 | € 48,258 | € 36,772 | € 33,929 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Income and Share Data Used in Basic and Diluted EPS Calculation (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Profit attributable to ordinary equity holders of the parent | € 142,849 | € 134,321 | € 78,513 |
Weighted average number of ordinary shares for basic EPS | 264,699,481 | 252,670,872 | 240,501,960 |
Weighted average number of ordinary shares adjusted for the effect of dilution | 264,701,062 | 252,690,321 | 240,501,960 |
Basic earnings per common share (in EUR) | € 0.54 | € 0.53 | € 0.33 |
Diluted earnings per common share (in EUR) | € 0.54 | € 0.53 | € 0.33 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2022 Country Plant Segment Unit | Dec. 31, 2021 | |
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Number of segments | Segment | 2 | |
Number of Cash-generating Unit | Unit | 2 | |
Growth rate | 1% | |
Drug Containment Systems | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Percentage of average contraction of EBITDA at continuing value | 42.62% | |
Drug Containment Systems | Weighted Average Cost of Capital, Measurement Input | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Further sensitivity analysis resulted in identification of breakeven | 20.86% | |
Drug Containment Solutions | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Number of countries where production plant located | 5 | |
In Vitro Diagnostic Consumables Drug Delivery Systems | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Number of countries where production plant located | 2 | |
Number Of Plants | Plant | 2 | |
Percentage of average contraction of EBITDA at continuing value | 9.37% | |
In Vitro Diagnostic Consumables Drug Delivery Systems | Weighted Average Cost of Capital, Measurement Input | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Further sensitivity analysis resulted in identification of breakeven | 9.89% | |
Engineering Systems | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Discount rate | 8.80% | 6.20% |
Percentage of average contraction of EBITDA at continuing value | 68.73% | |
Engineering Systems | Weighted Average Cost of Capital, Measurement Input | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Further sensitivity analysis resulted in identification of breakeven | 26.87% | |
DCS and IVD & DDS | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Discount rate | 8.60% | 6.30% |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill Allocated by Cash Generating Unit (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Goodwill | € 47,243 | € 47,243 |
Drug Containment Solutions | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Goodwill | 4,976 | 4,976 |
In Vitro Diagnostic Consumables Drug Delivery Systems | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Goodwill | 26,828 | 26,828 |
Engineering Systems | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Goodwill | € 15,438 | € 15,438 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | € 31,928 | |
Ending balance | 32,158 | € 31,928 |
Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 74,260 | 69,883 |
Additions | 8,097 | 5,489 |
Disposal | 0 | (1,744) |
Reclassifications | 0 | 0 |
Exchange differences | 417 | 632 |
Ending balance | 82,773 | 74,260 |
Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 42,332 | 35,982 |
Amortization | 8,116 | 7,504 |
Disposal | 0 | (1,335) |
Exchange differences | 168 | 181 |
Ending balance | 50,616 | 42,332 |
Development Costs | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 7,329 | |
Ending balance | 4,634 | 7,329 |
Development Costs | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 16,081 | 17,113 |
Additions | 0 | 112 |
Disposal | 0 | (1,153) |
Reclassifications | 0 | 0 |
Exchange differences | 0 | 9 |
Ending balance | 16,081 | 16,081 |
Development Costs | Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 8,752 | 6,987 |
Amortization | 2,694 | 2,896 |
Disposal | 0 | (1,134) |
Exchange differences | 1 | 3 |
Ending balance | 11,447 | 8,752 |
Industrial Patents and Intellectual Property Rights | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 5,085 | |
Additions | 4,792 | |
Ending balance | 10,087 | 5,085 |
Industrial Patents and Intellectual Property Rights | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 16,923 | 14,860 |
Additions | 4,792 | 1,298 |
Disposal | 0 | (138) |
Reclassifications | 3,435 | 856 |
Exchange differences | 105 | 47 |
Ending balance | 25,255 | 16,923 |
Industrial Patents and Intellectual Property Rights | Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 11,838 | 9,704 |
Amortization | 3,271 | 2,243 |
Disposal | 0 | (139) |
Exchange differences | 59 | 30 |
Ending balance | 15,168 | 11,838 |
Concessions, Licenses, Trademarks and Similar Rights | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 11,375 | |
Ending balance | 9,908 | 11,375 |
Concessions, Licenses, Trademarks and Similar Rights | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 25,877 | 25,370 |
Additions | 43 | 345 |
Disposal | 0 | 0 |
Reclassifications | 0 | 0 |
Exchange differences | (35) | 162 |
Ending balance | 25,885 | 25,877 |
Concessions, Licenses, Trademarks and Similar Rights | Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 14,502 | 12,818 |
Amortization | 1,483 | 1,656 |
Disposal | 0 | 0 |
Exchange differences | (8) | 28 |
Ending balance | 15,977 | 14,502 |
Intangible Fixed Assets in Process and Advances | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 4,073 | |
Ending balance | 3,147 | 4,073 |
Intangible Fixed Assets in Process and Advances | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 4,073 | 1,588 |
Additions | 2,667 | 3,688 |
Disposal | 0 | (362) |
Reclassifications | (3,593) | (856) |
Exchange differences | 0 | 15 |
Ending balance | 3,147 | 4,073 |
Intangible Fixed Assets in Process and Advances | Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 0 | 0 |
Amortization | 0 | 0 |
Disposal | 0 | 0 |
Exchange differences | 0 | 0 |
Ending balance | 0 | 0 |
Other Intangible Assets | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 4,066 | |
Ending balance | 3,915 | 4,066 |
Other Intangible Assets | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 11,306 | 10,952 |
Additions | 95 | 46 |
Disposal | 0 | (91) |
Reclassifications | 158 | 0 |
Exchange differences | 347 | 399 |
Ending balance | 11,906 | 11,306 |
Other Intangible Assets | Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 7,240 | 6,473 |
Amortization | 635 | 709 |
Disposal | 0 | (62) |
Exchange differences | 116 | 120 |
Ending balance | 7,991 | 7,240 |
Costs To Obtain A Contract | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 0 | |
Ending balance | 467 | 0 |
Costs To Obtain A Contract | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 0 | 0 |
Additions | 500 | 0 |
Disposal | 0 | 0 |
Reclassifications | 0 | 0 |
Exchange differences | 0 | 0 |
Ending balance | 500 | 0 |
Costs To Obtain A Contract | Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 0 | 0 |
Amortization | 33 | 0 |
Disposal | 0 | 0 |
Exchange differences | 0 | 0 |
Ending balance | € 33 | € 0 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Intangible Assets [Line Items] | ||
Intangible assets | € 32,158,000 | € 31,928,000 |
Impairment losses | 0 | |
Useful life of intangible assets | 0 | |
Industrial Patents and Intellectual Property Rights | ||
Disclosure Of Intangible Assets [Line Items] | ||
Increase in intangible assets due to the acquisition of licenses | 4,792,000 | |
Intangible assets | 10,087,000 | 5,085,000 |
Intangible Fixed Assets in Process and Advances | ||
Disclosure Of Intangible Assets [Line Items] | ||
Increase in intangible assets | 2,667,000 | |
Intangible assets | 3,147,000 | 4,073,000 |
Concessions, Licenses, Trademarks and Similar Rights | ||
Disclosure Of Intangible Assets [Line Items] | ||
Intangible assets | € 9,908,000 | € 11,375,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Changes in Items of Property, Plant and Equipment (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | € 392,717,000 | |
Impairment | 0 | |
Ending balance | 641,402,000 | € 392,717,000 |
Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 754,760,000 | 638,031,000 |
Additions | 294,527,000 | 116,631,000 |
Disposals | (3,314,000) | (9,544,000) |
Exchange differences | 9,563,000 | 9,642,000 |
Ending balance | 1,055,535,000 | 754,760,000 |
Depreciation and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 362,043,000 | 324,374,000 |
Depreciation charge for the year | 50,338,000 | 41,734,000 |
Impairment | 44,000 | 943,000 |
Disposals | (2,748,000) | (8,933,000) |
Exchange differences | 4,457,000 | 3,925,000 |
Ending balance | 414,134,000 | 362,043,000 |
Land and Buildings | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 90,484,000 | |
Ending balance | 90,544,000 | 90,484,000 |
Land and Buildings | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 159,915,000 | 148,331,000 |
Additions | 2,306,000 | 2,060,000 |
Disposals | (293,000) | (141,000) |
Reclassifications | 1,386,000 | 7,719,000 |
Exchange differences | 3,109,000 | 1,946,000 |
Ending balance | 166,423,000 | 159,915,000 |
Land and Buildings | Depreciation and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 69,431,000 | 63,563,000 |
Depreciation charge for the year | 5,948,000 | 5,319,000 |
Disposals | (293,000) | (140,000) |
Exchange differences | 793,000 | 689,000 |
Ending balance | 75,879,000 | 69,431,000 |
Plant and Machinery | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 197,257,000 | |
Ending balance | 237,529,000 | 197,257,000 |
Plant and Machinery | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 445,739,000 | 375,902,000 |
Additions | 39,399,000 | 26,826,000 |
Disposals | (2,693,000) | (7,759,000) |
Reclassifications | 33,917,000 | 44,412,000 |
Exchange differences | 7,402,000 | 6,358,000 |
Ending balance | 523,764,000 | 445,739,000 |
Plant and Machinery | Depreciation and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 248,482,000 | 222,804,000 |
Depreciation charge for the year | 36,628,000 | 29,549,000 |
Impairment | 44,000 | 547,000 |
Disposals | (2,210,000) | (7,330,000) |
Exchange differences | 3,291,000 | 2,912,000 |
Ending balance | 286,235,000 | 248,482,000 |
Industrial and Commercial Equipment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 11,212,000 | |
Ending balance | 10,208,000 | 11,212,000 |
Industrial and Commercial Equipment | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 46,269,000 | 41,189,000 |
Additions | 3,524,000 | 3,862,000 |
Disposals | (18,000) | (1,188,000) |
Reclassifications | 1,467,000 | 2,027,000 |
Exchange differences | 398,000 | 379,000 |
Ending balance | 51,640,000 | 46,269,000 |
Industrial and Commercial Equipment | Depreciation and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 35,057,000 | 29,900,000 |
Depreciation charge for the year | 6,250,000 | 5,660,000 |
Impairment | 396,000 | |
Disposals | (5,000) | (1,053,000) |
Exchange differences | 130,000 | 154,000 |
Ending balance | 41,432,000 | 35,057,000 |
Other Tangible Assets | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 3,818,000 | |
Ending balance | 4,594,000 | 3,818,000 |
Other Tangible Assets | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 12,891,000 | 11,316,000 |
Additions | 1,337,000 | 913,000 |
Disposals | (249,000) | (421,000) |
Reclassifications | 821,000 | 856,000 |
Exchange differences | 382,000 | 227,000 |
Ending balance | 15,182,000 | 12,891,000 |
Other Tangible Assets | Depreciation and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 9,073,000 | 8,107,000 |
Depreciation charge for the year | 1,512,000 | 1,206,000 |
Disposals | (240,000) | (410,000) |
Exchange differences | 243,000 | 170,000 |
Ending balance | 10,588,000 | 9,073,000 |
Assets Under Construction and Advances | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 89,946,000 | |
Ending balance | 298,527,000 | 89,946,000 |
Assets Under Construction and Advances | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 89,946,000 | 61,293,000 |
Additions | 247,961,000 | 82,970,000 |
Disposals | (61,000) | (35,000) |
Reclassifications | (37,591,000) | (55,014,000) |
Exchange differences | (1,728,000) | 732,000 |
Ending balance | € 298,527,000 | € 89,946,000 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) ft² | Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 EUR (€) | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | € 641,402,000 | € 392,717,000 | |
Increase in property, plant and equipment | € 294,527,000 | ||
Percentage of increase in property, plant and equipment required to support growth strategy | 90% | ||
Impairment on property,plant and equipment | € 0 | ||
Top of Range | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Area of plant | ft² | 565,000 | 565,000 | |
Ongoing Investments Net of Expected Contribution from BARDA | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Total amount of committed orders | € 270,000,000 | ||
Land and Buildings | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | 90,544,000 | 90,484,000 | |
Plant and Machinery | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | 237,529,000 | 197,257,000 | |
Increase in property, plant and equipment | 73,316,000 | ||
Assets Under Construction and Advances | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment | 298,527,000 | € 89,946,000 | |
Manufacturing Capacity for Standard and EZ-Fill | Top of Range | BARDA | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Government grants | € 85,000,000 | $ 95 |
Investments in an Associate - A
Investments in an Associate - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Oct. 22, 2021 | Dec. 31, 2021 | |
Disclosure Of Significant Investments In Associates [Line Items] | ||
Gain from the sale of an associate | € 12,258 | |
Swissfillon AG | ||
Disclosure Of Significant Investments In Associates [Line Items] | ||
Proportion of ownership interest In associate | 26.94% | |
Sale and transfer of all owned shares in associate | € 15,800 | |
Gain from the sale of an associate | € 12,258 |
Financial Assets - Investment_2
Financial Assets - Investments FVTPL - Additional Information (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Assets at Fair Value through Profit or Loss | ||
Disclosure Of Financial Assets [Line Items] | ||
Investment measured at fair value through profit or loss | € 782 | € 1,084 |
Investment In Rani Therapeutics LLC | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets investment | € 443 | € 1,024 |
Financial Assets - Composition
Financial Assets - Composition of Financial Assets (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [abstract] | ||
Receivables from financing activities | € 447 | |
Fair value of derivatives financial instruments | € 2,795 | |
Fair value of derivatives financial instruments | 5,694 | 49 |
Other non-current financial assets | 1,044 | 887 |
Other non-current financial assets | 3,839 | 1,334 |
Other securities | 27,908 | 27,168 |
Other current financial assets | 33,602 | 27,217 |
Financial Assets | € 37,441 | € 28,551 |
Financial Assets - Additional I
Financial Assets - Additional Information (Details) € in Thousands | Dec. 31, 2021 EUR (€) |
Disclosure of financial assets [line items] | |
Financial loan granted by the Company | € 447 |
Financial assets - Schedule of
Financial assets - Schedule of Analysis of Derivative Assets and Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Carrying amount assets | € 37,441 | € 28,551 |
Carrying amount, liabilities | 219,161 | 248,491 |
Foreign Exchange Forward Contracts | Hedging Instruments | ||
Disclosure of financial assets [line items] | ||
Fair value, liabilities | 1,681 | |
Foreign Exchange Forward Contracts | Derivatives Current Financial Assets | Not Hedging Instruments | ||
Disclosure of financial assets [line items] | ||
Carrying amount assets | 1,658 | 49 |
Fair value, assets | 1,658 | 49 |
Foreign Exchange Forward Contracts | Derivatives Current Financial Assets | Hedging Instruments | ||
Disclosure of financial assets [line items] | ||
Carrying amount assets | 849 | |
Fair value, assets | 849 | |
Interest Rate Swap | Hedging Instruments | ||
Disclosure of financial assets [line items] | ||
Carrying amount, liabilities | € 1,681 | |
Interest Rate Swap | Derivatives Current Financial Assets | Hedging Instruments | ||
Disclosure of financial assets [line items] | ||
Carrying amount assets | 3,187 | |
Fair value, assets | 3,187 | |
Interest Rate Swap | Derivatives Non-Current Financial Assets | Hedging Instruments | ||
Disclosure of financial assets [line items] | ||
Carrying amount assets | 2,795 | |
Fair value, assets | € 2,795 |
Inventories - Inventories, Net
Inventories - Inventories, Net of Allowance for Obsolete and Slow-Moving Goods (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Classes of current inventories [abstract] | |||
Raw materials | € 88,139 | € 58,484 | |
Semifinished products | 30,196 | 29,878 | |
Finished products | 92,994 | 64,252 | |
Advances to suppliers | 18,119 | 9,554 | |
Provision from slow moving and obsolescence | (16,194) | (13,251) | € (12,309) |
Total inventories | € 213,254 | € 148,917 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Classes of Inventories [Line Items] | ||
Provision for slow moving and obsolete inventories | € 16,194 | € 13,251 |
Inventories - Changes in Provis
Inventories - Changes in Provision for Slow Moving and Obsolete Inventories (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Classes of current inventories [abstract] | ||
Beginning balance | € 13,251 | € 12,309 |
Provision | 2,956 | 1,878 |
Utilizations and other changes | (13) | (936) |
Ending balance | € 16,194 | € 13,251 |
Trade Receivables and Contrac_3
Trade Receivables and Contract Assets - Summary of Trade Receivables and Contract Assets (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Trade Receivables And Contract Assets [Abstract] | |||
Trade receivables | € 218,695 | € 171,803 | |
Allowance for expected credit losses | (5,961) | (6,544) | € (7,696) |
Total trade receivables | € 212,734 | € 165,259 | |
Expected credit loss rate | 2.70% | 3.80% |
Trade Receivables and Contrac_4
Trade Receivables and Contract Assets - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade Receivables And Contract Assets [Line Items] | |||
Allowance for expected credit losses | € 5,961 | € 6,544 | € 7,696 |
Contract assets | 103,417 | 62,133 | |
Contract assets gross | 235,794 | 138,854 | |
Invoices issued to customers as advances | 132,377 | 76,721 | |
IFRS 9 | |||
Trade Receivables And Contract Assets [Line Items] | |||
Allowance for expected credit losses | € 5,961 | € 6,544 | |
Bottom of Range | |||
Trade Receivables And Contract Assets [Line Items] | |||
Trade receivables term | 60 days | ||
Top of Range | |||
Trade Receivables And Contract Assets [Line Items] | |||
Trade receivables term | 90 days |
Trade Receivables and Contrac_5
Trade Receivables and Contract Assets - Summary of Trade Receivables Breakdown by Geographical Area (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade Receivables And Contract Assets [Line Items] | ||
Trade receivables | € 218,695 | € 171,803 |
EMEA | ||
Trade Receivables And Contract Assets [Line Items] | ||
Trade receivables | 121,006 | 90,518 |
APAC | ||
Trade Receivables And Contract Assets [Line Items] | ||
Trade receivables | 25,968 | 27,200 |
North America | ||
Trade Receivables And Contract Assets [Line Items] | ||
Trade receivables | 62,287 | 43,762 |
South America | ||
Trade Receivables And Contract Assets [Line Items] | ||
Trade receivables | € 9,434 | € 10,323 |
Trade Receivables and Contrac_6
Trade Receivables and Contract Assets - Summary of Allowances for Expected Credit Losses on Trade Receivables (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Trade Receivables And Contract Assets [Abstract] | ||
As at January 1 | € 6,544 | € 7,696 |
Accruals | 683 | 3,478 |
Releases | (1,453) | (4,413) |
Utilizations | (19) | (390) |
Exchange differences | 206 | 173 |
As at December 31 | € 5,961 | € 6,544 |
Tax Receivables and Tax Payab_3
Tax Receivables and Tax Payables - Summary of Breakdown in Account (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Tax Receivables And Tax Payables [Abstract] | ||
Tax Receivables | € 21,018 | € 25,063 |
Tax Payables | € (41,655) | € (19,440) |
Other Receivables - Summary of
Other Receivables - Summary of Other Receivables (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Receivables [Abstract] | ||
Advances To Suppliers | € 703 | € 373 |
Accrued income and prepayments | 9,847 | 5,555 |
VAT receivables | 20,789 | 18,198 |
Other receivables | 1,671 | 2,215 |
Total other receivables | € 33,010 | € 26,341 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) - EUR (€) € in Thousands | Aug. 18, 2021 | Jul. 20, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of financial position [abstract] | ||||||
Cash and cash equivalents | € 228,740 | € 411,039 | € 115,599 | € 85,386 | ||
Net proceeds from initial public offering | € 367,810 | |||||
Issuance of additional shares to underwriters | 712,796 | |||||
Net proceeds from offering including overallotment | € 380,090 |
Equity - Additional Information
Equity - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Classes Of Share Capital [Line Items] | |||
Paid in share capital | € 21,698 | € 21,698 | |
Number of paid in capital shares | 295,540,036 | ||
Increase of share capital | 412,259 | ||
Treasury shares | 30,840,555 | ||
Cost of treasury shares | € (27,740) | ||
Reserve for actuarial gains/losses | (74) | (745) | |
Cash flow hedge reserve | 5,371 | (1,277) | |
Cost of hedging reserve | 179 | ||
Currency translation reserve | (15,611) | (22,680) | |
Legal reserve | 4,340 | 4,000 | |
Other reserves | 40,284 | 38,316 | |
Retained earnings | 435,881 | 306,869 | |
Net profit attributable to equity holders of the parent | 142,849 | 134,321 | € 78,513 |
Non-controlling interests | € (220) | € (415) | |
Ordinary Shares | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Number of paid in capital shares | 34,103,005 | ||
Class A Multiple Voting Shares | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Number of paid in capital shares | 261,437,031 | ||
Reserve [Member] | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Share premium | € 389,312 |
Dividends - Additional Informat
Dividends - Additional Information (Details) - Other Reserves - EUR (€) € / shares in Units, € in Thousands | Jun. 01, 2022 | Jan. 20, 2021 |
Dividend [Line Items] | ||
Dividends paid, per share | € 0.051 | € 630 |
Dividends paid | € 13,500 | € 11,200 |
Financial liabilities - Additio
Financial liabilities - Additional Information (Details) € in Thousands, $ in Thousands | Apr. 16, 2020 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Apr. 16, 2020 USD ($) |
Disclosure of financial liabilities [line items] | ||||
Financial liabilities | € 219,161 | € 248,491 | ||
Agreement maturity period | 3 years | |||
Current bank loans | 50,518 | 36,195 | ||
Non-current bank loans | € 84,069 | € 134,367 | ||
PGIM, Inc. | ||||
Disclosure of financial liabilities [line items] | ||||
Principal amount of notes issue | $ | $ 69,540 | |||
Notes issued | € 50,000 | |||
Repayment of notes | € 25,000 | |||
Borrowings, maturity | April 16, 2028 |
Financial liabilities - Summary
Financial liabilities - Summary of Balances in Financial Debt (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial liabilities [abstract] | ||
Lease liabilities - Right of Use | € 5,325 | € 5,553 |
Bank overdrafts | 13,245 | 37 |
Bank loans | 50,518 | 36,195 |
Financial liabilities due to related parties | 871 | 940 |
Fair value of derivatives | 1,681 | |
Financial liabilities due to other lenders | 795 | 1,789 |
Total current financial liabilities | 70,754 | 46,195 |
Lease liabilities - Right of Use | 14,657 | 17,574 |
Bank loans | 84,069 | 134,367 |
Notes | 49,681 | 49,620 |
Financial liabilities due to other lenders | 735 | |
Total non-current financial liabilities | 148,407 | 202,296 |
Financial Liabilities | € 219,161 | € 248,491 |
Financial liabilities - Summa_2
Financial liabilities - Summary of Maturities and Average Interest Rates for Liabilities to Banks and Other Lenders (Details) € in Thousands, kr in Thousands | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2022 DKK (kr) | Dec. 31, 2021 DKK (kr) | |
Financial Liabilities [Line Items] | ||||
Amount | € 197,512 | € 220,219 | ||
Bank Loans | ||||
Financial Liabilities [Line Items] | ||||
Amount | € 134,587 | € 170,562 | ||
Bank Loans | 2022 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | |||
Amount | € 36,357 | |||
Borrowings, maturity | 2022 | |||
Average Interest Rate | 1.20% | 1.20% | ||
Bank Loans | 2023 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amount | € 50,680 | € 50,461 | ||
Borrowings, maturity | 2023 | 2023 | ||
Average Interest Rate | 1.21% | 1.24% | 1.21% | 1.24% |
Bank Loans | 2024 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amount | € 51,664 | € 51,664 | ||
Borrowings, maturity | 2024 | 2024 | ||
Average Interest Rate | 1.17% | 1.28% | 1.17% | 1.28% |
Bank Loans | 2025 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amount | € 24,394 | € 24,393 | ||
Borrowings, maturity | 2025 | 2025 | ||
Average Interest Rate | 1.09% | 1.33% | 1.09% | 1.33% |
Bank Loans | 2026 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amount | € 7,488 | € 7,488 | ||
Borrowings, maturity | 2026 | 2026 | ||
Average Interest Rate | 1.71% | 1.39% | 1.71% | 1.39% |
Bank Loans | 2027 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amount | € 591 | € 592 | ||
Borrowings, maturity | 2027 | 2027 | ||
Average Interest Rate | 1.16% | 1.40% | 1.16% | 1.40% |
Bank Loans | Amortized Cost | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amortized Cost | € (230) | € (393) | ||
Borrowings, maturity | 2023-2027 | 2022-2027 | ||
Notes | ||||
Financial Liabilities [Line Items] | ||||
Amount | € 49,681 | € 49,620 | ||
Notes | 2027 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amount | € 25,000 | € 25,000 | ||
Borrowings, maturity | 2027 | 2027 | ||
Average Interest Rate | 1.40% | 1.40% | 1.40% | 1.40% |
Notes | 2028 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | |||
Amount | € 25,000 | € 25,000 | ||
Borrowings, maturity | 2028 | 2028 | ||
Average Interest Rate | 1.40% | 1.40% | 1.40% | 1.40% |
Notes | Amortized Cost | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amortized Cost | € (319) | € (380) | ||
Borrowings, maturity | 2023-2028 | 2022-2028 | ||
Overdrafts | 2022 | ||||
Financial Liabilities [Line Items] | ||||
Currency | DKK | |||
Amount | € 37 | kr 275 | ||
Borrowings, maturity | 2022 | |||
Average Interest Rate | 1.25% | 1.25% | ||
Overdrafts | 2023 | ||||
Financial Liabilities [Line Items] | ||||
Currency | DKK | |||
Amount | € 13,244 | kr 98,488 | ||
Borrowings, maturity | 2023 | |||
Average Interest Rate | 1.25% | 1.25% |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Fair Value Hierarchy for Financial Assets and Liabilities that are Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements on Recurring Basis - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | € 266,653 | € 440,011 |
Financial liabilities, fair value | 1,681 | |
Derivatives Financial Liabilities | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial liabilities, fair value | 1,681 | |
Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 229,183 | 411,039 |
Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 37,131 | 27,888 |
Financial liabilities, fair value | 1,681 | |
Level 2 | Derivatives Financial Liabilities | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial liabilities, fair value | 1,681 | |
Level 3 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 339 | 1,084 |
Cash and Cash Equivalents | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 228,740 | 411,039 |
Cash and Cash Equivalents | Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 228,740 | 411,039 |
Financial Assets - Investments FVTPL - Traded | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 443 | |
Financial Assets - Investments FVTPL - Traded | Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 443 | |
Financial Assets - Investments FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 339 | 1,084 |
Financial Assets - Investments FVTPL | Level 3 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 339 | 1,084 |
Derivatives Financial Assets | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 49 | |
Derivatives Financial Assets | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 49 | |
Derivatives Current Financial Assets | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 2,795 | |
Derivatives Current Financial Assets | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 2,795 | |
Derivatives Non-Current Financial Assets | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 5,694 | |
Derivatives Non-Current Financial Assets | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 5,694 | |
Financial Current Assets | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 27,908 | 27,168 |
Financial Current Assets | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 27,908 | 27,168 |
Other Non-Current Financial Assets | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 733 | 671 |
Other Non-Current Financial Assets | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | € 733 | € 671 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Debt Securities (Details) - PGIM, Inc | 12 Months Ended |
Dec. 31, 2022 EUR (€) shares | |
Disclosure Of Fair Value Measurement Of Liabilities [Line Items] | |
Date of Sale or Issuance | Apr. 16, 2020 |
Number of Securities | shares | 1 |
Consideration | € | € 50,000,000 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of fair value measurement of liabilities [abstract] | ||
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets | € 0 | € 0 |
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, liabilities | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, liabilities | € 0 | € 0 |
Employee Benefits - Summary of
Employee Benefits - Summary of Employee Benefits (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of information about defined benefit plans [abstract] | ||
Employee severance pay | € 4,936 | € 5,895 |
Jubilee benefits | 213 | 253 |
Other post-employment plans | 979 | 699 |
Long term incentive plan | 169 | 3,653 |
Stock grant plan | 1,353 | 1,353 |
Other share-based compensation | 665 | |
Total employee benefits | € 8,315 | € 11,853 |
Employee benefits - Summary o_2
Employee benefits - Summary of Group's Liabilities for Employee Benefits (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Defined Benefit Plans [Line Items] | ||
Beginning balance | € 6,847 | € 6,612 |
Interest cost | 118 | 50 |
Current service cost | 712 | 531 |
Benefits paid | (748) | (534) |
Actuarial Gains and Losses | (890) | 150 |
Exchange rate differences | 89 | 38 |
Ending balance | 6,128 | 6,847 |
Recognized in the consolidated income statement | 780 | 579 |
Recognized in the other comprehensive income | (841) | 151 |
Trattamento Fine Rapporto | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Beginning balance | 5,895 | 5,791 |
Interest cost | 55 | 18 |
Current service cost | 497 | 402 |
Benefits paid | (603) | (476) |
Actuarial Gains and Losses | (908) | 160 |
Ending balance | 4,936 | 5,895 |
Recognized in the consolidated income statement | 551 | 419 |
Recognized in the other comprehensive income | (908) | 160 |
Jubilee Benefits | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Beginning balance | 253 | 239 |
Interest cost | 3 | 2 |
Current service cost | 31 | 27 |
Benefits paid | (25) | (13) |
Actuarial Gains and Losses | (49) | (2) |
Ending balance | 213 | 253 |
Recognized in the consolidated income statement | (16) | 28 |
Beneficio por Retiro / Terminacion | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Beginning balance | 659 | 552 |
Interest cost | 60 | 29 |
Current service cost | 178 | 95 |
Benefits paid | (114) | (32) |
Actuarial Gains and Losses | 68 | (23) |
Exchange rate differences | 89 | 38 |
Ending balance | 940 | 659 |
Recognized in the consolidated income statement | 238 | 123 |
Recognized in the other comprehensive income | 68 | (23) |
Severance Payment Slovakia | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Beginning balance | 40 | 30 |
Interest cost | 1 | |
Current service cost | 6 | 7 |
Benefits paid | (6) | (13) |
Actuarial Gains and Losses | (1) | 15 |
Ending balance | 39 | 40 |
Recognized in the consolidated income statement | 6 | 8 |
Recognized in the other comprehensive income | € (1) | € 15 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Principal Assumptions Used (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Italy | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Discount Rate % | 3.77% | 0.98% |
Future salary increase % | 0.50% | 0.50% |
Inflation rate % | 2.30% | 1.75% |
Germany | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Discount Rate % | 3.10% | 1.17% |
Mexico | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Discount Rate % | 9.25% | 9.75% |
Future salary increase % | 4.50% | 4.50% |
Inflation rate % | 3.50% | 3.50% |
Slovakia | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Discount Rate % | 3.77% | 0.98% |
Future salary increase % | 6% | 6% |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) € in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 03, 2021 shares | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
Average duration of defined benefit obligation | 12 years 6 months | ||
Other Share-Based Compensation | € | € 665 | ||
Long-Term Incentive Plan | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Weighted average discount rate | (0.17%) | ||
Incentive Plan 2012-2021 | Call Option | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Number of shares bought back by company which was assigned to beneficiaries | 995,000 | ||
Number of shares to buy back upon rights waived under call agreement | 215,000 | ||
Stock Grant Plan 2021-2027 | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Description of vesting requirements | The Stock Grant Plan originally provided for three two-year vesting periods, between January 1, 2021 and December 31, 2022 (First Vesting Period), January 1, 2023 and December 31, 2024 (Second Vesting Period), January 1, 2025 and December 2026 (Third Vesting Period). | ||
Stock Grant Plan 2021-2027 | Treasury Shares | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Number of shares assigned to the beneficiaries of stock grant plan | 236,988 |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Quantitative Sensitivity Analysis (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Turnover Rate +1,00% or -1,00% | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | € 31 | € (58) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (34) | 67 |
Inflation Rate +0,25% or -0,25% | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 72 | 101 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (70) | (98) |
Annual Discount Rate +0,25% or -0,25% | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | (97) | (138) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | € 101 | € 144 |
Employee Benefits - Summary o_5
Employee Benefits - Summary of Group's Liabilities for Long-Term Incentive Plans (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | ||
Interest cost | € 6 | |
Current service cost | 947 | |
Long-Term Incentive Plan | ||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | ||
Beginning balance | € 3,653 | 1,780 |
Interest cost | (7) | |
Current service cost | 63 | 1,874 |
Benefits paid | (928) | |
Actuarial Gains and Losses | (2,619) | 6 |
Ending balance | 169 | 3,653 |
Long-Term Incentive Plan | 2020-2023 | ||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | ||
Beginning balance | 3,653 | 1,780 |
Interest cost | (7) | |
Current service cost | 63 | 1,874 |
Benefits paid | (928) | |
Actuarial Gains and Losses | (2,619) | 6 |
Ending balance | € 169 | € 3,653 |
Employee Benefits - Summary o_6
Employee Benefits - Summary of Components of Cash Settled Awards Obligation Expense Recognized (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |
Interest cost | € 6 |
Current service cost | 947 |
Cash Settled Awards | |
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |
Beginning balance | 21,333 |
Interest cost | (14) |
Benefits paid | (7,919) |
Actuarial Gains and Losses | (10,832) |
Transferred to SGP 2021-2027 | (400) |
Stock granted | (2,168) |
Cash Settled Awards | Incentive Plan 2012-2021 | |
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |
Beginning balance | 13,338 |
Interest cost | (9) |
Benefits paid | (7,919) |
Actuarial Gains and Losses | (3,299) |
Transferred to SGP 2021-2027 | (400) |
Stock granted | (1,711) |
Cash Settled Awards | Incentive Plan 2018-2022 | |
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |
Beginning balance | 7,995 |
Interest cost | (5) |
Actuarial Gains and Losses | (7,533) |
Stock granted | (457) |
Stock Grant Plan 2021-2027 | |
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |
Interest cost | 6 |
Current service cost | € 947 |
Employee Benefits - Summary o_7
Employee Benefits - Summary of IAS 19 Components of Obligation Expense Recognized (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Beginning balance | € 1,353 | |
Transfer from SOP 2012-2021 | € 400 | |
Interest cost | 6 | |
Current service cost | 947 | |
Ending balance | 1,353 | 1,353 |
Stock Grant Plan 2021-2027 | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Beginning balance | 1,353 | |
Transfer from SOP 2012-2021 | 400 | |
Interest cost | 6 | |
Current service cost | 947 | |
Ending balance | € 1,353 | € 1,353 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Other Provisions [Line Items] | ||
Beginning Balance | € 3,499 | € 4,384 |
Arising during the year | 2,572 | 4,462 |
Utilized | (428) | (745) |
Unused amounts reversed | (131) | (4,696) |
Exchange rate difference | 40 | 94 |
Ending Balance | 5,552 | 3,499 |
Current | 0 | 0 |
Non-current | 5,552 | 3,499 |
Provision For Warranty | ||
Disclosure Of Other Provisions [Line Items] | ||
Beginning Balance | 1,061 | 1,061 |
Arising during the year | 90 | 65 |
Utilized | (49) | 0 |
Unused amounts reversed | 0 | (65) |
Exchange rate difference | 0 | 0 |
Ending Balance | 1,102 | 1,061 |
Current | 0 | 0 |
Non-current | 1,102 | 1,061 |
Decommissioning | ||
Disclosure Of Other Provisions [Line Items] | ||
Beginning Balance | 591 | 523 |
Arising during the year | 27 | 23 |
Utilized | 0 | 0 |
Unused amounts reversed | 0 | 0 |
Exchange rate difference | 36 | 45 |
Ending Balance | 654 | 591 |
Current | 0 | 0 |
Non-current | 654 | 591 |
Provision For Legal and Sundry Risks | ||
Disclosure Of Other Provisions [Line Items] | ||
Beginning Balance | 572 | 1,664 |
Arising during the year | 2,373 | 4,235 |
Utilized | (114) | (745) |
Unused amounts reversed | (63) | (4,631) |
Exchange rate difference | 2 | 49 |
Ending Balance | 2,770 | 572 |
Current | 0 | 0 |
Non-current | 2,770 | 572 |
Provision For Agents and Directors Severance Indemnity | ||
Disclosure Of Other Provisions [Line Items] | ||
Beginning Balance | 1,275 | 1,136 |
Arising during the year | 82 | 139 |
Utilized | (265) | 0 |
Unused amounts reversed | (68) | 0 |
Exchange rate difference | 2 | 0 |
Ending Balance | 1,026 | 1,275 |
Current | 0 | 0 |
Non-current | € 1,026 | € 1,275 |
Provisions - Additional Informa
Provisions - Additional Information (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Disclosure of other provisions [abstract] | |
Accrued related to employment and personnel matters | € 1,400 |
Provision for workers compensation insurance | 538 |
Accruals in connection with taxation related to personnel severance | € 610 |
Other Non Current Liabilities -
Other Non Current Liabilities - Additional Information (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about service concession arrangements [line items] | ||
Other non-current liabilities | € 18,060 | € 1,808 |
BARDA | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Advance payment, other non-current liabilities | 13,931 | |
City of Fishers | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Advance payment, other non-current liabilities | € 2,261 |
Trade Payables and Other Curr_3
Trade Payables and Other Current Liabilities - Summary of Trade Payables and Other Current Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other current payables [abstract] | ||
Trade payables | € 239,179 | € 164,787 |
Payables to social security institutions | 7,528 | 6,362 |
Payables to personnel | 37,269 | 32,772 |
VAT Payables | 436 | 5,195 |
Other tax payables | 3,181 | |
Deferred Income and Prepayments | 12,471 | 8,222 |
Other current liabilities | 11,796 | 10,081 |
Total trade payables and other current liabilities | € 308,679 | € 230,600 |
Trade Payables and Other Curr_4
Trade Payables and Other Current Liabilities - Additional Information) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial liabilities [line items] | ||
Other payables average term | 6 months | |
Accounting payables related to confirming program | € 20,695 | € 3,900 |
Bottom of Range | ||
Disclosure of financial liabilities [line items] | ||
Trade payables settlement term | 60 days | |
Top of Range | ||
Disclosure of financial liabilities [line items] | ||
Trade payables settlement term | 90 days |
Contract Liabilities and Adva_3
Contract Liabilities and Advances from Customers - Summary of Contract Liabilities and Advances from Customers (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred income including contract liabilities [abstract] | ||
Contract Liabilities | € 14,847 | € 18,771 |
Advances from customers | 26,568 | 23,616 |
Total contract liabilities and advances from customers | 41,415 | 42,387 |
Current | 41,415 | 42,387 |
Non-current | € 0 | € 0 |
Contract Liabilities and Adva_4
Contract Liabilities and Advances from Customers - Additional Information (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Contract liabilities [abstract] | ||
Contract net liabilities | € 14,847 | € 18,771 |
Contract assets gross | 235,794 | 138,854 |
Invoices issued to customers as advances | 132,377 | 76,721 |
Engineering System and In-vitro Diagnostic Business | ||
Contract liabilities [abstract] | ||
Contract assets gross | 64,293 | 27,504 |
Invoices issued to customers as advances | € 79,140 | € 46,275 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Plant and Machinery | Bottom of Range | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Lease term | 3 years |
Plant and Machinery | Top of Range | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Lease term | 15 years |
Vehicles and Other Equipment | Bottom of Range | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Lease term | 3 years |
Vehicles and Other Equipment | Top of Range | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Lease term | 5 years |
Machinery, Industrial Equipment and Vehicles | Top of Range | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Lease term | 12 months |
Leases - Summary of Movements i
Leases - Summary of Movements in Leased Right of Use Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | € 22,690 | ||
Depreciation charge for the year | 6,325 | € 6,202 | € 5,956 |
Right of Use assets, Ending balance | 19,289 | 22,690 | |
Cost | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 38,408 | 35,992 | |
Additions | 2,925 | 3,111 | |
Disposals | (747) | (1,655) | |
Exchange rate differences | 644 | 960 | |
Right of Use assets, Ending balance | 41,230 | 38,408 | 35,992 |
Depreciation | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 15,718 | (10,612) | |
Depreciation charge for the year | 6,324 | 6,202 | |
Disposals | (218) | (1,337) | |
Exchange rate differences | 117 | 241 | |
Right of Use assets, Ending balance | 21,941 | 15,718 | (10,612) |
Buildings | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 12,927 | ||
Right of Use assets, Ending balance | 11,843 | 12,927 | |
Buildings | Cost | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 18,966 | 17,969 | |
Additions | 1,554 | 1,549 | |
Disposals | (610) | (1,437) | |
Exchange rate differences | 608 | 885 | |
Right of Use assets, Ending balance | 20,518 | 18,966 | 17,969 |
Buildings | Depreciation | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 6,039 | (4,561) | |
Depreciation charge for the year | 2,658 | 2,579 | |
Disposals | (131) | (1,308) | |
Exchange rate differences | 109 | 207 | |
Right of Use assets, Ending balance | 8,675 | 6,039 | (4,561) |
Plant and Machinery | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 4,890 | ||
Right of Use assets, Ending balance | 3,354 | 4,890 | |
Plant and Machinery | Cost | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 8,795 | 8,691 | |
Additions | 278 | ||
Disposals | (199) | ||
Exchange rate differences | 20 | 25 | |
Right of Use assets, Ending balance | 8,815 | 8,795 | 8,691 |
Plant and Machinery | Depreciation | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 3,905 | (2,382) | |
Depreciation charge for the year | 1,553 | 1,546 | |
Disposals | (26) | ||
Exchange rate differences | 3 | 3 | |
Right of Use assets, Ending balance | 5,461 | 3,905 | (2,382) |
Industrial Equipment | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 143 | ||
Right of Use assets, Ending balance | 72 | 143 | |
Industrial Equipment | Cost | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 346 | 330 | |
Additions | 16 | ||
Right of Use assets, Ending balance | 346 | 346 | 330 |
Industrial Equipment | Depreciation | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 202 | (131) | |
Depreciation charge for the year | 72 | 71 | |
Right of Use assets, Ending balance | 274 | 202 | (131) |
Other Tangible Assets | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 4,729 | ||
Right of Use assets, Ending balance | 4,020 | 4,729 | |
Other Tangible Assets | Cost | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 10,301 | 9,002 | |
Additions | 1,371 | 1,268 | |
Disposals | (137) | (19) | |
Exchange rate differences | 16 | 50 | |
Right of Use assets, Ending balance | 11,551 | 10,301 | 9,002 |
Other Tangible Assets | Depreciation | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 5,572 | (3,538) | |
Depreciation charge for the year | 2,041 | 2,006 | |
Disposals | (87) | (3) | |
Exchange rate differences | 5 | 31 | |
Right of Use assets, Ending balance | € 7,531 | € 5,572 | € (3,538) |
Leases - Summary of Carrying Am
Leases - Summary of Carrying Amounts of Lease Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |||
Lease liabilities, Beginning balance | € 23,127 | € 25,621 | |
Additions | 2,866 | 2,837 | |
Accretion of interest | 573 | 585 | € 624 |
Payments | (6,595) | (6,498) | (5,906) |
Early terminated contracts | (527) | (150) | |
Exchange difference | 538 | 732 | |
Lease liabilities, Ending balance | 19,982 | 23,127 | € 25,621 |
Lease liabilities, Current | 5,325 | 5,553 | |
Lease liabilities, Non-current | € 14,657 | € 17,574 |
Leases - Summary of Amounts Rec
Leases - Summary of Amounts Recognized in Profit or Loss (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |||
Depreciation expense of Right of Use assets | € 6,325 | € 6,202 | € 5,956 |
Interest on lease liabilities | 573 | 585 | 624 |
Expense relating to short-term leases | 1,673 | 1,252 | 1,901 |
Expense relating to leases of low-value assets | 3,968 | 5,180 | 3,744 |
Total amount recognized in profit or loss | € 12,539 | € 13,219 | € 12,225 |
Subsidiaries With Material No_3
Subsidiaries With Material Non-controlling Interest - Subsidiaries With Material Non-controlling Interest (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Proportion of equity interest held by non-controlling interests: | |||
Proportion of equity interest held by non-controlling interests | € 387 | € 363 | |
Profit allocated to material non-controlling interest: | |||
Profit allocated to material non-controlling interest | € (167) | € 52 | € (84) |
Ompi of Japan Co., Ltd. | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
Country | Japan | ||
Percentage of equity interest held by non-controlling interests | 49% | 49% | |
Proportion of equity interest held by non-controlling interests: | |||
Proportion of equity interest held by non-controlling interests | € 451 | € 419 | |
Profit allocated to material non-controlling interest: | |||
Profit allocated to material non-controlling interest | € (176) | € 60 | (76) |
Medical Glass a.s. | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
Country | Slovakia | ||
Percentage of equity interest held by non-controlling interests | 0.26% | 0.26% | |
Proportion of equity interest held by non-controlling interests: | |||
Proportion of equity interest held by non-controlling interests | € (64) | € (56) | |
Profit allocated to material non-controlling interest: | |||
Profit allocated to material non-controlling interest | € 9 | € (8) | € (8) |
Subsidiaries With Material No_4
Subsidiaries With Material Non-controlling Interest - Summarized Income Statement (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Sales | € 983,680 | € 843,920 | € 662,037 |
Cost of Sales | 663,879 | 578,515 | 467,861 |
Gross Profit | 319,801 | 265,405 | 194,176 |
Other operating income | 18,850 | 9,386 | 5,230 |
Selling and marketing expenses | 26,086 | 20,448 | 20,044 |
Research and development expenses | 34,387 | 29,616 | 17,390 |
General and administrative expenses | 85,747 | 62,502 | 58,863 |
Operating Profit | 192,431 | 162,225 | 103,109 |
Interest income | 25,050 | 21,709 | 14,926 |
Interest expense | 29,840 | 18,808 | 21,848 |
Profit Before Tax | 187,641 | 165,673 | 96,279 |
Income taxes | 44,625 | 31,404 | 17,682 |
Net Profit | 143,016 | 134,269 | 78,597 |
Total comprehensive income | 157,253 | 148,510 | 55,307 |
Attributable to non-controlling interests | 167 | (52) | 84 |
Ompi of Japan Co., Ltd. | |||
Net Sales | 7,059 | 4,325 | 6,811 |
Cost of Sales | 5,779 | 3,542 | 5,509 |
Gross Profit | 1,280 | 783 | 1,302 |
Selling and marketing expenses | 484 | 299 | 349 |
Research and development expenses | 144 | 150 | 157 |
General and administrative expenses | 126 | 452 | 518 |
Operating Profit | 526 | (118) | 278 |
Interest income | 33 | 37 | 17 |
Interest expense | 45 | 90 | 74 |
Profit Before Tax | 514 | (171) | 221 |
Income taxes | 154 | (48) | 66 |
Net Profit | 360 | (123) | 155 |
Total comprehensive income | 388 | (123) | 155 |
Attributable to non-controlling interests | 176 | (60) | 76 |
Medical Glass a.s. | |||
Net Sales | 38,362 | 41,643 | 36,852 |
Cost of Sales | 37,255 | 34,425 | 30,039 |
Gross Profit | 1,107 | 7,218 | 6,813 |
Other operating income | 42 | 195 | 43 |
Selling and marketing expenses | 46 | 177 | 165 |
General and administrative expenses | 4,470 | 3,302 | 2,715 |
Operating Profit | (3,367) | 3,934 | 3,976 |
Interest income | 47 | 111 | 2 |
Interest expense | 136 | 42 | 30 |
Profit Before Tax | (3,456) | 4,003 | 3,948 |
Income taxes | 79 | 826 | 834 |
Net Profit | (3,535) | 3,177 | 3,114 |
Total comprehensive income | (3,535) | 3,165 | 3,111 |
Attributable to non-controlling interests | € (9) | € 8 | € 8 |
Subsidiaries With Material No_5
Subsidiaries With Material Non-controlling Interest - Summarize Financial Position (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Total non-current liabilities and provision | € (201,286) | € (238,561) | ||
Total equity | (995,910) | (841,659) | € (310,140) | € (265,439) |
Equity holders of parent | 996,130 | 842,074 | ||
Non-controlling interest | 220 | 415 | ||
Ompi of Japan Co., Ltd. | ||||
Property, plant and equipment and other non-current assets | 395 | 534 | ||
Net working capital | (92) | (280) | ||
Net capital employed | 303 | 254 | ||
Net financial position | (864) | (1,233) | ||
Total equity | (561) | (979) | ||
Equity holders of parent | (286) | (500) | ||
Non-controlling interest | (275) | (479) | ||
Medical Glass a.s. | ||||
Property, plant and equipment and other non-current assets | 19,102 | 13,658 | ||
Net working capital | 5,228 | 5,582 | ||
Total non-current liabilities and provision | (769) | (653) | ||
Net capital employed | 23,561 | 18,587 | ||
Net financial position | (2,306) | 6,204 | ||
Total equity | 21,255 | 24,791 | ||
Equity holders of parent | 21,199 | 24,727 | ||
Non-controlling interest | € 55 | € 64 |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Details) € in Thousands, ¥ in Millions | 12 Months Ended | |||||
Nov. 13, 2021 | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 JPY (¥) | Dec. 31, 2018 JPY (¥) | |
Disclosure of transactions between related parties [line items] | ||||||
Revenue from contracts with customers | € 983,680 | € 843,920 | € 662,037 | |||
Financial loan granted by the Company | € 447 | |||||
Società Agricola Stella S.r.l. | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Percentage equity interest in subsidiary | 51% | |||||
Percentage of equity interest held by non-controlling interests | 49% | |||||
Ompi of Japan Co., Ltd. | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Loan disbursed to related party | ¥ | ¥ 49 | ¥ 73.5 |
Related Party Disclosures - Sum
Related Party Disclosures - Summary of Transactions with Related Parties (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stevanato Holding S.r.l. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Revenue | € 4,475 | ||
Swissfillon AG | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Revenue | 565 | € 790 | |
Winckler & Co. Ltd. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | € 313 | 352 | 350 |
Trade payables | 28 | 29 | |
Società Agricola Stella S.r.l. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 90 | 99 | 72 |
Trade payables | 48 | 54 | |
SFEM Italia S.r.l. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 19 | 19 | 19 |
Trade payables | 2 | 2 | |
MJB Consultants LLC | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 57 | 142 | |
Progenitor Capital Partners LLC | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 67 | 84 | |
E & FKH Ejendomme ApS | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 419 | 410 | 399 |
Piovesan Barbara | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 30 | 30 | 30 |
Studio Legale Spinazzi Azzarita Troi | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 384 | 578 | 536 |
Trade payables | 70 | 151 | |
Federici William | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 69 | ||
Fondazione Stevanato | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 305 | 180 | € 155 |
C.T.S. Studio AS | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 23 | 20 | |
Trade payables | 2 | 2 | |
Incog Biopharma Services Inc | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Revenue | 509 | 671 | |
Trade receivables | € 451 | € 393 |
Related Party Disclosures - S_2
Related Party Disclosures - Summary of Loan From/To Related Parties (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Swissfillon AG | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Interest received | € 10 | € 20 | |
SE Holdings Co.Ltd. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Interest paid | € 5 | 5 | 6 |
Financial liabilities | (871) | (940) | |
Directors and Key Managers | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Interest received | € 2 | 22 | € 53 |
Financial assets | € 447 |
Related Party Disclosures - S_3
Related Party Disclosures - Summary of Fees for Directors Stevanato Group S.p.A. (Details) - Directors of Stevanato Group S.p.A. - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Fixed remuneration Annual fee | € 2,353 | € 2,196 | € 1,688 |
Fixed remuneration Fringe benefits | 12 | 14 | 28 |
Pension expense | 62 | 50 | 50 |
Long Term Benefits | (2,966) | 412 | |
Share based compensation | 379 | 350 | |
Total remuneration | € 2,806 | € (356) | € 2,178 |
Related Party Disclosures - S_4
Related Party Disclosures - Summary of Compensation for Members of Senior Management Team (Details) - Other Key Management - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Fixed remuneration Annual fee | € 1,619 | € 1,210 | € 1,150 |
Fixed remuneration Fringe benefits | 26 | 21 | 23 |
Variable remuneration | 1,198 | 1,014 | 698 |
Pension expense | 87 | 85 | 81 |
Long Term Benefits | (6,007) | 1,254 | |
Share based compensation | 5,423 | 1,536 | |
Total remuneration | € 8,353 | € (2,141) | € 3,206 |
Commitment and Contingencies -
Commitment and Contingencies - Schedule of Commitments, Guarantees and Contingent Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Contingent Liabilities [Line Items] | ||
Guarantees | € 112,381 | € 99,535 |
Unsecured Guarantees | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Guarantees | 112,381 | 99,535 |
Secured Guarantees | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Guarantees | € 4,707 | € 4,707 |
Commitment and Contingencies _2
Commitment and Contingencies - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Contingent Liabilities [Line Items] | ||
Guarantees | € 112,381 | € 99,535 |
Secured Guarantees | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Guarantees | 4,707 | 4,707 |
Credit Institutions and Insurance Companies | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Guarantees | 51,968 | 39,907 |
Nordea Bank on Behalf of SVM Automatik AS | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Commitments and risks assumed | 17,482 | 17,482 |
Nordea Bank on Behalf of SVM Innoscan AS | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Commitments and risks assumed | 9,413 | 9,413 |
Unicredit AG on Behalf of Balda Medical Gmbh | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Commitments and risks assumed | € 15,000 | € 15,000 |
Qualitative and Quantitative _3
Qualitative and Quantitative Information of Financial Risks - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Foreign currency exchange gain (loss) | € 859 | € (2,584) | € (448) |
Trade receivables | 218,695 | 171,803 | |
Trade receivables not overdue | 164,106 | ||
Trade receivables overdue | 54,589 | ||
Allowance for doubtful accounts | 5,961 | € 6,544 | |
Overdue Within 90 days | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade receivables overdue | 46,483 | ||
Overdue Between 90 and 180 days | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade receivables overdue | 4,444 | ||
Overdue Beyond 365 days | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade receivables overdue | € 3,674 |
Qualitative and Quantitative _4
Qualitative and Quantitative Information of Financial Risks - Summary of Contracts Holding (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 EUR (€) € / $ | Dec. 31, 2021 EUR (€) € / $ € / kr € / ¥ | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets, Carrying amount | € 37,441 | € 28,551 |
Financial liabilities, Carrying amount | 219,161 | 248,491 |
Currency Exchange Rate Risk | Forward Currency Contracts | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | 90,000 | 47,064 |
Financial assets, Carrying amount | 2,507 | |
Financial Assets and Liabilities Carrying Value | 49 | |
Currency Exchange Rate Risk | Forward Currency Contracts | USD | Other Current Financial Assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | 9,372 | |
Financial assets, Carrying amount | 50 | |
Currency Exchange Rate Risk | Forward Currency Contracts | USD | Other Current Financial Assets | 9 to 12 Months | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | € 9,372 | |
Average Forward Rate | € / $ | 1.139 | |
Currency Exchange Rate Risk | Forward Currency Contracts | DKK | 9 to 12 Months | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Average Forward Rate | € / kr | 7.438 | |
Currency Exchange Rate Risk | Forward Currency Contracts | DKK | Current Financial Liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | € 36,702 | |
Financial liabilities, Carrying amount | (21) | |
Currency Exchange Rate Risk | Forward Currency Contracts | DKK | Current Financial Liabilities | 9 to 12 Months | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | 36,702 | |
Currency Exchange Rate Risk | Forward Currency Contracts | JPY | Other Current Financial Assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | 990 | |
Financial assets, Carrying amount | 20 | |
Currency Exchange Rate Risk | Forward Currency Contracts | JPY | Other Current Financial Assets | 9 to 12 Months | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | € 990 | |
Average Forward Rate | € / ¥ | 128.750 | |
Currency Exchange Rate Risk | Forward Currency Contracts | Derivatives Designated as Hedging Instruments | USD | Other Current Financial Assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | 40,000 | |
Financial assets, Carrying amount | 849 | |
Currency Exchange Rate Risk | Forward Currency Contracts | Derivatives Designated as Hedging Instruments | USD | Other Current Financial Assets | 6 to 9 Months | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | € 15,000 | |
Average Forward Rate | € / $ | 1.060 | |
Currency Exchange Rate Risk | Forward Currency Contracts | Derivatives Designated as Hedging Instruments | USD | Other Current Financial Assets | 9 to 12 Months | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | € 25,000 | |
Average Forward Rate | € / $ | 1.064 | |
Currency Exchange Rate Risk | Forward Currency Contracts | Derivatives not Designated as Hedging Instruments | USD | Other Current Financial Assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | € 50,000 | |
Financial assets, Carrying amount | 1,658 | |
Currency Exchange Rate Risk | Forward Currency Contracts | Derivatives not Designated as Hedging Instruments | USD | Other Current Financial Assets | 0 to 6 Months | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | € 40,000 | |
Average Forward Rate | € / $ | 1.031 | |
Currency Exchange Rate Risk | Forward Currency Contracts | Derivatives not Designated as Hedging Instruments | USD | Other Current Financial Assets | 9 to 12 Months | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Notional amount | € 10,000 | |
Average Forward Rate | € / $ | 1.084 |
Qualitative and Quantitative _5
Qualitative and Quantitative Information of Financial Risks - Financial Liabilities Composition and Impact of Hedging Instrument on Statement of Financial Position (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
Notes | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total | € 49,681 | € 49,620 |
Interest Rate Risk | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 199,728 | 224,455 |
Financial liabilities, effect amortized cost | (549) | (771) |
Total | € 199,179 | 223,684 |
Line item in the statement of financial position | Current financial liabilities/Non-current financial liabilities | |
Interest Rate Risk | IRS | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 131,946 | € 167,864 |
Percentage on Total | 0.66 | 0.75 |
Interest Rate Risk | FIX | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 66,582 | € 56,150 |
Percentage on Total | 0.33 | 0.25 |
Interest Rate Risk | Floating | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 1,200 | € 441 |
Percentage on Total | 0.01 | 0 |
Interest Rate Risk | MtM IRS Derivatives | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
MtM Derivates | € (5,983) | € (1,681) |
Interest Rate Risk | Bank Loans | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 134,817 | 170,954 |
Financial liabilities, effect amortized cost | (230) | (391) |
Total | 134,587 | € 170,563 |
Line item in the statement of financial position | Current financial liabilities/Non-current financial liabilities | |
Interest Rate Risk | Bank Loans | IRS | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 131,946 | € 167,864 |
Interest Rate Risk | Bank Loans | FIX | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 2,467 | 2,686 |
Interest Rate Risk | Bank Loans | Floating | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 404 | 404 |
Interest Rate Risk | Bank Loans | MtM IRS Derivatives | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
MtM Derivates | (5,983) | (1,681) |
Interest Rate Risk | Bank Overdrafts | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 13,244 | 37 |
Total | € 13,244 | € 37 |
Line item in the statement of financial position | Other financial liabilities | Other financial liabilities |
Interest Rate Risk | Bank Overdrafts | FIX | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 13,244 | |
Interest Rate Risk | Bank Overdrafts | Floating | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 37 | |
Interest Rate Risk | Financial Payables for Share Acquisition | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Line item in the statement of financial position | Current financial liabilities | Current financial liabilities |
Interest Rate Risk | Financial Liabilities Due to Related Parties | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 871 | € 940 |
Total | € 871 | € 940 |
Line item in the statement of financial position | Current financial liabilities | Current financial liabilities |
Interest Rate Risk | Financial Liabilities Due to Related Parties | FIX | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 871 | € 940 |
Interest Rate Risk | Financial Liabilities Due to Other Lenders | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 796 | 2,524 |
Total | € 796 | € 2,524 |
Line item in the statement of financial position | Current financial liabilities/Non-current financial liabilities | Current financial liabilities/Non-current financial liabilities |
Interest Rate Risk | Financial Liabilities Due to Other Lenders | FIX | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 2,524 | |
Interest Rate Risk | Financial Liabilities Due to Other Lenders | Floating | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 796 | |
Interest Rate Risk | Notes | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 50,000 | 50,000 |
Financial liabilities, effect amortized cost | (319) | (380) |
Total | € 49,681 | € 49,620 |
Line item in the statement of financial position | Non-current financial liabilities | Non-current financial liabilities |
Interest Rate Risk | Notes | FIX | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 50,000 | € 50,000 |
Qualitative and Quantitative _6
Qualitative and Quantitative Information of Financial Risks - Impact of Hedging on Equity in Cash Flow Hedge Reserve (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
As at January 1 | € 1,277 | |
As at 31 December | 5,371 | € (1,277) |
Foreign Currency Risk | Cash flow Hedge Reserve | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Foreign Exchange Forward | (1,084) | |
Tax effect | 260 | |
As at 31 December | (824) | |
Foreign Currency Risk | Cost of Hedging Reserve | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Foreign Exchange Forward | 235 | |
Tax effect | (56) | |
As at 31 December | 179 | |
Interest Rate Risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
As at January 1 | 1,277 | 3,345 |
Interest Rate Swap | (7,663) | (2,721) |
Tax effect | 1,839 | 653 |
As at 31 December | € (4,547) | € 1,277 |
Qualitative and Quantitative _7
Qualitative and Quantitative Information of Financial Risks - Schedule of Interest Rate Sensitivity (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Rate Sensitivity One | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Increase in interest rate | 0.0020 | 0.0020 |
Decrease in interest rate | (0.0020) | (0.0020) |
Interest Rate Sensitivity Two | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Increase in interest rate | 0.0050 | 0.0050 |
Decrease in interest rate | (0.0050) | (0.0050) |
Interest Rate Sensitivity Three | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Increase in interest rate | 0.0100 | 0.0100 |
Decrease in interest rate | (0.0100) | (0.0100) |
Qualitative and Quantitative _8
Qualitative and Quantitative Information of Financial Risks - Schedule of Exchange Rate Sensitivity (Details) - Forward Currency Contracts € in Thousands | 12 Months Ended | |
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
Exchange Rate Sensitivity Euro | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Increase in exchange rate percentage points | 0.01 | 0.01 |
Decrease in exchange rate percentage points | (0.01) | (0.01) |
Effect on EBITDA, increases due to exchange rate | € (1,752) | € (1,190) |
Effect on EBITDA, decreases due to exchange rate | € 1,788 | € 1,214 |
Exchange Rate Sensitivity Euro One | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Increase in exchange rate percentage points | 0.01 | 0.01 |
Decrease in exchange rate percentage points | (0.01) | (0.01) |
Effect on EBITDA, increases due to exchange rate | € 140 | € 156 |
Effect on EBITDA, decreases due to exchange rate | € 143 | € (159) |
Exchange Rate Sensitivity US Dollar | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Increase in exchange rate percentage points | 0.03 | 0.03 |
Decrease in exchange rate percentage points | (0.03) | (0.03) |
Effect on EBITDA, increases due to exchange rate | € (5,154) | € (3,500) |
Effect on EBITDA, decreases due to exchange rate | € 5,473 | € 3,716 |
Exchange Rate Sensitivity | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Increase in exchange rate percentage points | 0.05 | 0.05 |
Decrease in exchange rate percentage points | (0.05) | (0.05) |
Effect on EBITDA, increases due to exchange rate | € (8,427) | € (5,722) |
Effect on EBITDA, decreases due to exchange rate | € 9,314 | € 6,324 |
Exchange Rate Sensitivity Euro Two | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Increase in exchange rate percentage points | 0.01 | |
Decrease in exchange rate percentage points | (0.01) | |
Effect on EBITDA, increases due to exchange rate | € (116) | |
Effect on EBITDA, decreases due to exchange rate | € 118 | |
Exchange Rate Sensitivity Mexican Pesos | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Increase in exchange rate percentage points | 0.03 | 0.03 |
Decrease in exchange rate percentage points | (0.03) | (0.03) |
Effect on EBITDA, increases due to exchange rate | € 411 | € 459 |
Effect on EBITDA, decreases due to exchange rate | € 437 | € (487) |
Exchange Rate Sensitivity One | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Increase in exchange rate percentage points | 0.05 | 0.05 |
Decrease in exchange rate percentage points | (0.05) | (0.05) |
Effect on EBITDA, increases due to exchange rate | € 673 | € 750 |
Effect on EBITDA, decreases due to exchange rate | € 744 | € (829) |
Exchange Rate Sensitivity Two | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Increase in exchange rate percentage points | 0.05 | |
Decrease in exchange rate percentage points | (0.05) | |
Effect on EBITDA, increases due to exchange rate | € (556) | |
Effect on EBITDA, decreases due to exchange rate | € 615 | |
Exchange Rate Sensitivity China Renminbi | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Increase in exchange rate percentage points | 0.03 | |
Decrease in exchange rate percentage points | (0.03) | |
Effect on EBITDA, increases due to exchange rate | € (340) | |
Effect on EBITDA, decreases due to exchange rate | € 361 |
Qualitative and Quantitative _9
Qualitative and Quantitative Information of Financial Risks - Schedule of Due Date of Financial and Other Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | € 598,792 | € 513,914 |
Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 423,896 | 295,209 |
Due Between One and Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 137,558 | 161,153 |
Due Beyond Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 37,338 | 57,552 |
Bank Overdrafts | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 13,244 | 37 |
Bank Overdrafts | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 13,244 | 37 |
Borrowings From Banks | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 134,816 | 170,954 |
Borrowings From Banks | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 50,680 | 36,357 |
Borrowings From Banks | Due Between One and Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 84,136 | 134,006 |
Borrowings From Banks | Due Beyond Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 591 | |
Notes | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 50,000 | 50,000 |
Notes | Due Between One and Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 25,000 | |
Notes | Due Beyond Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 25,000 | 50,000 |
Lease Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 22,358 | 25,758 |
Lease Liabilities | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 5,785 | 6,046 |
Lease Liabilities | Due Between One and Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 10,362 | 12,751 |
Lease Liabilities | Due Beyond Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 6,211 | 6,961 |
Other Financial Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 1,666 | 3,464 |
Other Financial Liabilities | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 1,666 | 2,729 |
Other Financial Liabilities | Due Between One and Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 735 | |
Trade Payables | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 239,180 | 164,787 |
Trade Payables | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 239,180 | 164,787 |
Tax Payables | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 41,655 | 19,440 |
Tax Payables | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 41,655 | 19,440 |
Other Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 87,559 | 67,621 |
Other Liabilities | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 69,499 | 65,813 |
Other Liabilities | Due Between One and Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 18,060 | 1,808 |
Other Liabilities | Due Beyond Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 0 | |
Employee Benefits | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 8,314 | 11,853 |
Employee Benefits | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 2,187 | |
Employee Benefits | Due Between One and Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | € 11,853 | |
Employee Benefits | Due Beyond Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | € 6,127 |
Qualitative and Quantitative_10
Qualitative and Quantitative Information of Financial Risks - Schedule of Due Date of Financial and Other Liabilities (Parenthetical) (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Amount | € 197,512 | € 220,219 | |
Lease liabilities | 19,982 | 23,127 | € 25,621 |
Bank Loans | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Amount | 134,587 | 170,562 | |
Notes | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Financial liabilities | € 49,681 | € 49,620 |
Covid-19 Pandemic - Additional
Covid-19 Pandemic - Additional Information (Details) | Dec. 31, 2022 |
Disclosure of Nature and Extent of Risks Arising from Unusual Risk and Uncertainty By Nature [Abstract] | |
Percentage of currently marketed vaccine programs supplied with glass vials and syringes | 90% |
Events After the Reporting Pe_2
Events After the Reporting Period - Additional Information (Details) € in Thousands | Feb. 28, 2023 EUR (€) Loan | Jan. 17, 2023 EUR (€) | Jan. 03, 2023 Installment | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Loan amount | € 197,512 | € 220,219 | |||
Events After Reporting Period | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of target number of shares will vest if group achieves the targets in relation to revenue growth performance criterion | 50% | ||||
Percentage of target number of shares will vest if the group achieves the targets in relation to the ROIC performance criterion | 50% | ||||
Number of term loan contracts entered | Loan | 2 | ||||
Loan amount | € 130,000 | ||||
Tenor of loan | 5 years | 5 years | |||
Loans, preamortization period | 2 years | 2 years | |||
Amortization period of loans | 3 years | 3 years | |||
Events After Reporting Period | Banca Nazionale del Lavoro S.p.A. | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Loan amount | € 70,000 | ||||
Events After Reporting Period | Cassa Depositi e Prestiti | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Loan amount | € 60,000 | ||||
Events After Reporting Period | Restricted Shares | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of equal annual installments | Installment | 3 | ||||
Events After Reporting Period | Performance Shares | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Award cliff vesting period | 3 years | ||||
Events After Reporting Period | First Vesting Period (January 203 - December 2025) | Restricted Shares | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of beneficiaries grant target pay opportunity | 50% | ||||
Events After Reporting Period | Second Vesting Period (January 2024 - December 2026) | Performance Shares | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of beneficiaries grant target pay opportunity | 50% |