Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F/A |
Amendment Flag | true |
Amendment Description | Stevanato Group S.p.A. is filing this Amendment No. 1 (the “Form 20-F/A”) to its Annual Report on Form 20-F for the period ended December 31, 2021 (the “Form 20-F”), which was filed with the Securities and Exchange Commission on March 8, 2022, to (i) submit the Interactive Data File (as defined in Rule 11 of Regulation S-T) as Exhibit 101 to the Form 20-F/A in accordance with Rule 405 of Regulation S-T (Exhibit 101 was omitted from the Form 20-F in accordance with the 30-day grace period provided under Rule 405 of Regulation S-T), (ii) provide audited financial statements for the fiscal year ended December 31, 2019, including the report of the independent registered public accounting firm thereto, (iii) include certain additional information to the cover page, Item 4.B Item 5, Item 7.B, Item 14, Item 15, Item 16.C and Item 19 of the Form 20-F, and (iv) correct certain clerical and typographical errors. Except as set forth above, this Form 20-F/A does not modify or update any of the disclosures in the Form 20-F. This Form 20-F/A speaks as of the time of filing of the Form 20-F, does not reflect events that may have occurred subsequent to such filing, and does not modify or update in any way disclosures made in the Form 20-F. |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
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 | Non-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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenues | € 843,920 | € 662,037 | € 536,539 |
Cost of sales | 578,515 | 467,861 | 398,518 |
Gross Profit | 265,405 | 194,176 | 138,021 |
Other operating income | 9,386 | 5,230 | 8,737 |
Selling and Marketing expenses | 20,448 | 20,044 | 26,144 |
Research and Development expenses | 29,616 | 17,390 | 7,826 |
General and Administrative expenses | 62,502 | 58,863 | 50,568 |
Operating Profit | 162,225 | 103,109 | 62,220 |
Finance income | 21,709 | 14,926 | 8,006 |
Finance expense | 18,808 | 21,848 | 15,250 |
Share of profit of an associate | 547 | 92 | (262) |
Profit Before Tax | 165,673 | 96,279 | 54,714 |
Income taxes | 31,404 | 17,682 | 16,007 |
Net Profit | 134,269 | 78,597 | 38,707 |
Net Profit attributable to: | |||
Equity holders of the parent | 134,321 | 78,513 | 39,201 |
Non-controlling interests | € (52) | € 84 | € (494) |
Earnings per share | |||
Basic earnings per common share (in EUR) | € 0.53 | € 0.33 | € 0.16 |
Diluted earnings per common share (in EUR) | € 0.53 | € 0.33 | € 0.16 |
Consolidated statement of compr
Consolidated statement of comprehensive income - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Comprehensive Income [Abstract] | |||
Net Profit | € 134,269 | € 78,597 | € 38,707 |
Gains/(losses) from remeasurement of employee defined benefit plans | (151) | (145) | (377) |
Gains/(losses) from remeasurement of the agent termination plan | 55 | (22) | (29) |
Tax effect relating to those components of OCI | 26 | 15 | 86 |
Other comprehensive income (loss) that will not be classified subsequently to profit or loss | (70) | (152) | (320) |
Exchange difference on translation of foreign operations | 12,243 | (22,589) | 2,535 |
Changes in the fair value of cash flow hedging instruments | 2,721 | (722) | (900) |
Tax effect relating to those components of OCI | (653) | 173 | 216 |
Other comprehensive income (loss) that will be classified subsequently to profit or loss | 14,311 | (23,138) | 1,851 |
Total other comprehensive income (loss), net of tax | 14,241 | (23,290) | 1,531 |
Total Comprehensive Income | 148,510 | 55,307 | 40,238 |
Attributable to: | |||
Equity holders of the parent | 148,550 | 55,232 | 40,720 |
Non-controlling interests | (40) | 75 | (482) |
Total Comprehensive Income | € 148,510 | € 55,307 | € 40,238 |
Consolidated statement of finan
Consolidated statement of financial position - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Goodwill | € 47,243 | € 47,243 |
Other intangible assets | 31,928 | 33,901 |
Right of Use assets | 22,690 | 25,380 |
Property, plant and equipment | 392,717 | 313,658 |
Investments in an associate | 2,009 | |
Financial assets - investments FVTPL | 1,084 | 760 |
Other non-current financial assets | 1,334 | 6,701 |
Deferred tax assets | 55,877 | 45,552 |
Total non-current assets | 552,873 | 475,204 |
Current assets | ||
Inventories | 148,917 | 139,373 |
Contract assets | 62,133 | 39,430 |
Trade receivables | 165,259 | 127,818 |
Other current financial assets | 27,217 | 41,543 |
Tax receivables | 25,063 | 14,188 |
Other receivables | 26,341 | 14,824 |
Cash and cash equivalents | 411,039 | 115,599 |
Total current assets | 865,969 | 492,775 |
Total assets | 1,418,842 | 967,979 |
Equity | ||
Share capital | 21,698 | 20,002 |
Reserves and Retained Earnings | 686,055 | 211,980 |
Net profit attributable to equity holders of the parent | 134,321 | 78,513 |
Equity attributable to equity holders of the parent | 842,074 | 310,495 |
Non-controlling interests | (415) | (355) |
Total equity | 841,659 | 310,140 |
Non-current liabilities | ||
Non-current financial liabilities | 202,296 | 294,124 |
Employees Benefits | 11,853 | 29,725 |
Provisions | 3,499 | 4,384 |
Deferred tax liabilities | 19,105 | 11,623 |
Other non-current liabilities | 1,808 | 1,808 |
Total non-current liabilities | 238,561 | 341,664 |
Current liabilities | ||
Current financial liabilities | 46,195 | 81,234 |
Trade payables | 164,787 | 118,740 |
Contract Liabilities | 18,771 | 5,031 |
Advances from customers | 23,616 | 48,361 |
Tax payables | 19,440 | 18,543 |
Other liabilities | 65,813 | 44,266 |
Total current liabilities | 338,622 | 316,175 |
Total liabilities | 577,183 | 657,839 |
Total equity and liabilities | € 1,418,842 | € 967,979 |
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 | 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, 2018 | € 231,397 | € 20,002 | € (26,189) | € (2,112) | € (203) | € (14,854) | € 254,919 | € 231,563 | € (166) | |
Other comprehensive income | 1,531 | (684) | (320) | 2,523 | 1,519 | 12 | ||||
Net Profit | 38,707 | 39,201 | 39,201 | (494) | ||||||
Total Comprehensive Income | 40,238 | (684) | (320) | 2,523 | 39,201 | 40,720 | (482) | |||
Dividends | (6,170) | (6,170) | (6,170) | |||||||
Acquisition of non-controlling interests | (24) | (621) | (621) | 598 | ||||||
Other | (2) | (2) | (2) | |||||||
Total effects | (6,196) | (6,793) | (6,793) | 598 | ||||||
Ending 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) |
Consolidated statement of cash
Consolidated statement of cash flows - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Profit before tax | € 165,673 | € 96,279 | € 54,714 |
Adjustments: | |||
Depreciation and impairment of property, plant and equipment | 42,676 | 41,363 | 35,719 |
Amortization of intangible assets and Right of Use | 13,706 | 12,740 | 10,498 |
Allowance for doubtful accounts | (1,291) | 341 | 3,506 |
Net finance expense/ (income) | (1,239) | 4,885 | 4,660 |
Share of profit or loss of associated companies | (547) | ||
(Gain)/Loss from the disposal of non current assets | (579) | ||
Change in other provisions and in employee benefits | (7,130) | (9,072) | (8,759) |
Other non-cash expenses, net | (3,382) | (388) | 470 |
Working capital changes: | |||
- inventories and contract assets | (31,204) | (15,603) | (42,674) |
- trade receivables and other assets | (54,765) | (3,631) | 5,867 |
- trade payables, contract liabilities, advances and other liabilities | 44,337 | 52,412 | 11,835 |
Interest paid | (4,388) | (5,368) | (4,711) |
Interest received | 624 | 684 | 635 |
Income tax paid | (29,155) | (18,986) | (29,188) |
Cash Flow from operating activities | 133,336 | 155,656 | 42,572 |
Cash Flow from investing activities | |||
Purchase of property, plant and equipment | (107,691) | (89,565) | (68,092) |
Proceeds from sale of property plant and equipment | 1,169 | 15 | 199 |
Purchase of intangible assets | (5,489) | (6,439) | (5,814) |
Proceeds from sale of associated companies | 14,812 | ||
Investment in financial assets | 773 | (100) | (631) |
Net cash flows used in investing activities | (96,426) | (96,089) | (74,338) |
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 | (11,200) | (8,900) | (6,170) |
Payment of principal portion of lease liabilities | (6,498) | (5,906) | (4,741) |
Proceed from loans | 8,050 | 51,911 | 102,251 |
Repayments of loans | (121,729) | (63,083) | (49,170) |
Decrease in other current financial activities | 14,355 | ||
Net cash flows from/(used in) financing activities | 254,847 | (26,517) | 42,170 |
Net change in cash and cash equivalents | 291,757 | 33,050 | 10,404 |
Net foreign exchange difference | 3,683 | (2,837) | 463 |
Cash and cash equivalents at Beginning Balance | 115,599 | 85,386 | 74,519 |
Cash and cash equivalents at Ending Balance | € 411,039 | € 115,599 | € 85,386 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2021 | |
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 Piombino Dese, Italy, where construction on a new building is underway. 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, 2021 | |
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 and for the years ended December 31, 2021 and 2020. The consolidated financial statements were authorized for issuance by resolution of the Board of Directors on March 4, 2022. 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 2021 2021 2020 2020 2019 2019 CHINA CNY 7.6282 7.1947 7.8747 8.0225 7.7355 7.8205 UNITED STATES USD 1.1827 1.1326 1.1422 1.2271 1.1195 1.1234 MEXICO MXN 23.9852 23.1438 24.5194 24.4160 21.5565 21.2202 DENMARK DKK 7.4370 7.4364 7.4542 7.4409 7.4661 7.4715 BRAZIL BRL 6.3779 6.3101 5.8943 6.3735 4.4134 4.5157 SWITZERLAND CHF 1.0811 1.0331 1.0705 1.0802 1.1124 1.0854 JAPAN JPY 129.8767 130.3800 121.8458 126.4900 122.0100 121.9400 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 revenues 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. Revenues from sale of Biopharmaceutical and Diagnostic Solution segment Revenue from sale of 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 sale of Engineering segment Revenue from sale of 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 revenues 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 revenues 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 revenues 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. 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. 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 revenues 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, 2020 and December 31, 2021. 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 recommendations of IFRIC 23 - Uncertainty over Income Tax Treatments that requires an entity to consider 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 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 bet |
Changes in Accounting Policies
Changes in Accounting Policies and Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 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, 2021 but did not require changes to accounting policies or retrospective adjustments. - Amendments to IFRS 9 - Financial Instruments , - Amendments to IAS 39 - Financial Instruments: Recognition and Measurement, - Amendments to IFRS 7 - Financial Instruments: Disclosures, - Amendments to IFRS 4 - Insurance Contracts, - Amendments to IFRS 16 - Leases - Interest Rate Benchmark Reform - Phase 2 (issued on August 27, 2020 and effective from periods beginning on January 1, 2021). The amendments aim at helping companies to provide investors with useful information about the effects of the reform on those companies’ financial statements. These amendments focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. The new amendments relate to: - changes to contractual cash flows. A company is not required to derecognize or adjust the carrying amount of financial instruments for changes required by the interest rate benchmark reform, but will instead update the effective interest rate to reflect the change to the alternative benchmark rate; - hedge accounting. A company does not have to discontinue its hedge accounting solely because it makes changes required by the interest rate benchmark reform if the hedge meets other hedge accounting criteria; - disclosures. A company is required to disclose information about new risks that arise from the interest rate benchmark reform and how the company manages the transition to alternative benchmark rates. These amendments had no impact on the consolidated financial statements of 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 amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: - What is meant by a right to defer settlement. - That a right to defer must exist at the end of the reporting period. - That classification is unaffected by the likelihood that an entity will exercise its deferral right. - That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice, monitoring the IFRS Interpretations Committee and IASB’s discussions, and whether existing loan agreements may require renegotiation. 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. 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 are not expected to 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 Group will apply these amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments. 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, 2021 | |
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, 2021 and 2020 is as follows: Subsidiaries and associate The consolidated financial statement of the Group includes the following list of company directly or indirectly controlled: % equity interest Name Segment Description Country of incorporation Type of control 2021 2020 Nuova Ompi S.r.l. Biopharmaceutical Production of drug containment systems 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 systems 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 containment systems Mexico Direct 30.76 % 69.24 % 30.76 % 69.24 % Ompi of America inc. Biopharmaceutical Sale of drug containment systems and analytical services USA Indirect 100 % 100 % Ompi do Brasil I. e C. de Biopharmaceutical Production of drug containment systems Brazil Direct 79 % 21 % 79 % 21 % Ompi Pharm. Packing Techn. Co. Ltd Biopharmaceutical Production of drug containment systems China Indirect 100 % 100 % Innoscan A/S Engineering Production plant and machinery Denmark Indirect 100 % 100 % SVM Automatik A/S Engineering Production plant and machinery Denmark Indirect 100 % 65 % * 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 systems Japan Direct 51 % 51 % Swissfillon AG Biopharmaceutical Sterile filling services company Switzerland Associate 0 % 26.94 % * Not included in minority interests as there is a put and call option for full acquisition (the minority interests would have amounted to 35 %). Non-controlling interests The non-controlling interests as at December 31, 2021 and the net profit attributable to non-controlling interests for the years ended December 31, 2020 and 2021 relate to Ompi of Japan Co., Ltd. and Medical Glass a.s.. For further details refer to Note 37 . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
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 containment solutions, drug delivery systems, medical devices and diagnostic & analytical services; - Engineering , which covers visual inspection, assembly packaging and glass forming machines. In 2021, Stevanato Group generated 82 % of total sales from the Biopharmaceutical and Diagnostic Solutions segment ( 85 % in 2020), and 18 % from the Engineering segment ( 15 % in 2020). 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, which involve the use of heavy equipment. The production of Drug Containment Systems (DCS) accounts for more than 50 % of total sales and represents the Group core business. Glass manufacturing process is particularly complex as it is based on multiple sophisticated industrial processes, to form, treat, inspect and package drug containment and delivery products. The critical phases of Stevanato Group 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 Systems 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 provides also analytical services and regulatory support exclusively to its customers, as ancillary services to the supply of DCS. Stevanato Group analytical testing facilities in Piombino Dese, Italy, and Boston, Massachusetts focus on investigating physic-chemical properties of primary packaging materials and components and studying the interactions between drug containment systems and drugs. 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. Engineering Segment deals with the design, development and production of equipment and machinery for both in-house use and sale to customers (which include some of Stevanato Group 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, 2021 (EUR thousand) Biopharmaceutical Engineering Total Adjustments, Consolidated External Customers 694,038 149,882 843,920 — 843,920 Inter-Segment 1,134 68,979 70,113 ( 70,113 ) — Total Revenues 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 (EUR thousand) Biopharmaceutical Engineering Total Adjustments, Consolidated External Customers 564,931 97,106 662,037 — 662,037 Inter-Segment 1,096 56,327 57,423 ( 57,423 ) — Total Revenues 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 Total assets 776,832 188,751 965,583 2,396 967,979 Total liabilities 330,624 109,325 439,949 217,890 657,839 For the year ended December 31, 2019 (EUR thousand) Biopharmaceutical Engineering Total Adjustments, Consolidated External Customers 455,041 81,498 536,539 — 536,539 Inter-Segment 881 45,625 46,506 ( 46,506 ) — Total Revenues 455,922 127,123 583,045 ( 46,506 ) 536,539 Cost of Sales 333,539 104,291 437,830 ( 39,312 ) 398,518 Gross Profit 122,383 22,832 145,215 ( 7,194 ) 138,021 Other operating income 8,737 0 8,737 0 8,737 Selling and Marketing expenses 13,776 3,113 16,889 9,255 26,144 Research and Development expenses 5,442 1,549 6,991 835 7,826 General and Administrative expenses 43,167 8,157 51,324 ( 756 ) 50,568 Operating Profit 68,735 10,013 78,748 ( 16,528 ) 62,220 Inter-segment revenues and costs are eliminated upon consolidation and reflected in the “adjustments, elimination and unallocated items” column. The most relevant adjustment in revenues 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 years ended December 31, (EUR thousand) 2021 2020 2019 Segments Operating Profit 171,955 119,236 78,748 Finance income 21,709 14,926 8,006 Finance expense 18,808 21,848 15,250 Share of profit of an associate 547 92 ( 262 ) Inter-segment elimination ( 9,730 ) ( 16,127 ) ( 16,528 ) Profit Before Tax 165,673 96,279 54,714 For the years ended December 31, 2021 and 2020, no external customer exceeds 10% of group’s revenue while for the year ended December 31, 2019 the Biopharmaceutical and Diagnostic Solutions segment has only one external customer with more than 10% of group’s revenue. For the year ended December 31, 2021, Biopharmaceutical and Diagnostic Solution Segment and the Engineering Segment have one customer each that individually represent more than 10% of segment's revenue. Year ended December 31, 2021 versus year ended December 31, 2020: Revenues 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 revenues 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 revenues ( 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 26 . 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 31 and Note 29 respectively. Year ended December 31, 2020 versus year ended December 31, 2019: Revenues increase by 24.1 % (EUR 110,105 thousand) in Biopharmaceutical and Diagnostic Solutions segment is mainly driven by the growth in high-value solution. Gross profit of this segment increases from 26.8 % in 2019 to 29.6 % in 2020 due to the favorable mix of products sold, unit sales price increase for high-value solution and production efficiencies. With reference to Engineering segment, the EUR 26,310 thousand increase in revenues ( 20.7 %) is mainly due to the growth in visual inspection machinery sales. The greater integration and the synergies within the companies of the Engineering segment led to a gross profit increase from 18.0 % in 2019 to 20.9 % in 2020. |
Revenues from Contract with Cus
Revenues from Contract with Customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [Abstract] | |
Revenues from contract with customers | 6. Revenues 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, 2021 (EUR thousand) Biopharmaceutical and Diagnostic Solutions Engineering Total Type of goods or service Revenues from high-value solutions 207,815 — 207,815 Revenues from other containment and delivery solutions 486,223 — 486,223 Revenues 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 (EUR thousand) Biopharmaceutical and Diagnostic Solutions Engineering Total Type of goods or service Revenues from high-value solutions 146,332 — 146,332 Revenues from other containment and delivery solutions 418,599 — 418,599 Revenues 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 For the year ended December 31, 2019 (EUR thousand) Biopharmaceutical and Diagnostic Solutions Engineering Total Type of goods or service Revenues from high-value solutions 90,700 — 90,700 Revenues from other containment and delivery solutions 364,341 — 364,341 Revenues from engineering — 81,498 81,498 Total revenue from contracts with customers 455,041 81,498 536,539 Geographical markets EMEA 270,339 52,485 322,824 APAC 41,129 14,393 55,522 North America 119,054 13,381 132,435 South America 24,519 1,239 25,758 Total revenue from contracts with customers 455,041 81,498 536,539 Timing of revenue recognition Goods and services transferred at a point in time 455,041 33,684 488,725 Goods and services transferred over time — 47,814 47,814 Total revenue from contracts with customers 455,041 81,498 536,539 The Group revenues 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 revenues at current exchange rates increase by EUR 181,883 thousand, or 27.5 %, to EUR 843,920 thousand for the year ended December 31, 2021, compared to EUR 662,037 thousand for the year ended December 31, 2020, which in turn increase by EUR 125,498 thousand, or 23.4 %, compared to EUR 536,539 thousand for the year ended December 31, 2019. Currency movements in USD had a negative impact in 2021. Excluding this effect, consolidated revenues at constant currency exchange rates increase by 28.2 % for the year ended December 31, 2021. With reference to Biopharmaceutical and Diagnostic Solutions segment, revenues in high-value solutions increase by EUR 55,632 thousand, or 61.3 % to EUR 146,332 thousand for the year ended December 31, 2020, compared to EUR 90,700 thousand for the year ended December 31, 2019; revenues on high-value solutions further increase by EUR 61,483 thousand or 42.0 % to EUR 207,815 thousand for the year ended December 31, 2021. Revenues in other containment and delivery solutions increase by EUR 54,258 thousand, or 14.9 %, from EUR 364,341 thousand for the year ended December 31, 2019 to EUR 418,599 thousand for the year ended December 31, 2020 and by further EUR 67,624 thousand, or 16.2 %, to EUR 486,223 thousand for the year ended December 31, 2021. Engineering segment revenues from contracts with external customers increase by EUR 15,608 thousand, or 19.1 %, to EUR 97,106 thousand for the year ended December 31, 2020 compared to EUR 81,498 thousand for the year ended December 31, 2019; revenues further increase by EUR 52,776 thousand, or 54.3 %, to EUR 149,882 thousand for the year ended December 31, 2021. For the year ended December 31, 2021, revenues show an increase in all the geographic markets with the higher growth in the APAC market (+ 75.4 %). Revenues increase by 18.3 % in North America, by 17.8 % in South America and by 23.9 % in EMEA, the Group traditional market. For the year ended December 31, 2021, revenues related to goods and services transferred over time increase by EUR 15,179 thousand, or 136.2 %, in the In-Vitro Diagnostic business. Revenues recognized over time increase also in the Engineering segment by EUR 55,716 thousand, or 94.9 %, mainly due to the increasing progress on orders where enforceable right is ensured by contractual conditions. Contract balances The following table provides information on contractual asset from contracts with customer: At December 31, At December 31, (EUR thousand) 2021 2020 Trade Receivables 165,259 127,818 Contract Assets 62,133 39,430 Contract Liabilities ( 18,771 ) ( 5,031 ) Advances From Customers ( 23,616 ) ( 48,361 ) Total 185,005 113,856 The contract assets mainly relate to the Group’s right to consideration for productions from construction contract 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 amount to EUR 11,736 thousand in 2021 (respectively EUR 19,765 thousand in 2020 and EUR 17,218 thousand in 2019). As of December 31, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligation is EUR 74,996 thousand (EUR 56,417 thousand as of December 31, 2020) 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, 2021 | |
Cost Of Sales [Abstract] | |
Cost of Sales | 7. Cost of sales Cost of sales are detailed as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Purchases 296,105 226,997 175,816 Change in inventories 9,193 ( 1,739 ) ( 6,534 ) Direct industrial labour 114,807 107,959 102,669 Indirect industrial labour 50,339 42,794 33,798 Industrial depreciation and amortization 46,258 45,296 38,497 Other costs of sales 61,813 46,554 54,272 Total Cost of sales 578,515 467,861 398,518 Cost of sales for the year ended December 31, 2021 amounts to EUR 578,515 thousand (respectively EUR 467,861 thousand in 2020 and EUR 398,518 thousand in 2019), 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 46,258 thousand (respectively EUR 45,296 thousand in 2020 and EUR 38,497 thousand in 2019). All Cost of sales items increase in the year ended December 31, 2021 as a result of the significant growth in sales volumes. In particular, the increase in other costs of sales is the direct consequence of the growing revenues in the Engineering Segment that brings to higher industrial overhead for additional facilities as well as to increase of subcontracting work to cope the additional workload with external resources. Nevertheless, the overall Cost of sales increase by 23.7 % for the year ended December 31, 2021, less than proportionally to revenues mainly due to efficiency maximization in production process and better absorption of industrial overheads. |
Other Operating Income
Other Operating Income | 12 Months Ended |
Dec. 31, 2021 | |
Other Operating Income Abstract | |
Other operating income | 8. Other operating income Other operating income for the year ended December 31, 2021 amounts to EUR 9,386 thousand (respectively EUR 5,230 thousand in 2020 and EUR 8,737 thousand in 2019), of which EUR 9,210 thousand are related 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 cancellation fees and (vii) other recharges. For the years ended December 31, 2020 and 2019 this kind of operating income amounted to EUR 4,958 thousand and EUR 8,197 thousand respectively. 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: - EUR 106 thousand as grant for machinery technical renovation to support implementation of intelligent manufacturing projects; - EUR 28 thousand as tax credit 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; - EUR 28 thousand as tax credit for sanification connected to COVID-19. For the year ended December 31, 2019 the grants received by Nuova Ompi amounted to EUR 540 thousand are broken down as follows: – EUR 233 thousand from the so-called Sustainable Growth Fund; – EUR 307 thousand from “Cassa per i Servizi Energetici e Ambientali” as facilities for energy-intensive businesses. |
Expenses
Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Expenses | 9. Expenses Expenses are detailed as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Selling and Marketing expenses 20,448 20,044 26,144 Research and Development expenses 29,616 17,390 7,826 General and Administrative expenses 62,502 58,863 50,568 Total Expenses 112,566 96,297 84,538 For the year ended December 31, 2021 Selling and Marketing expenses amount to EUR 20,448 thousand (respectively EUR 20,044 thousand in 2020 and EUR 26,144 thousand in 2019). These expenses are mainly related to personnel expenses for sales organizations. They include also depreciation for EUR 787 thousand (respectively EUR 844 thousand in 2020 and EUR 702 thousand in 2019) and release of the provision for bad and doubtful debts for EUR ( 933 ) thousand (respectively EUR 1,084 thousand accrual in 2020 and EUR 3,859 thousand accrual in 2019) of which EUR ( 936 ) thousand as release of the provision for expected credit loss and EUR 3 thousand as write off. For the years ended December 31, 2020 and 2019 the accrual for expected credit loss amounts to respectively EUR 1,079 thousand and EUR 3,656 thousand while the write off amounts to respectively EUR 5 thousand and EUR 203 thousand. Selling and Marketing expenses slightly increase by EUR 404 thousand in 2021 compared to the previous year is 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 has been partially offset by the release of bad and doubtful debt provision following the improvement of some positions with external customers. Selling and Marketing expenses decrease by EUR 6,100 thousand in 2020 compared to 2019 is due to the reduction in travel expenses and cancellation of trade fairs, as a consequence of the COVID-19 pandemic, and to the decrease in marketing activities and business consultancies. 2019 was also affected by una tantum expenses related to the 70th Anniversary from the Group founding, not present in 2020. Research and Development expenses amounting to EUR 29,616 thousand (respectively EUR 17,390 thousand in 2020 and EUR 7,826 thousand in 2019) include costs for research and development activities to support the innovation of product range and components and include amortization of capitalized development costs for EUR 3,353 thousand (respectively EUR 2,580 thousand in 2020 and EUR 930 thousand in 2019). Research and Development expenses increase by EUR 12,226 thousand in 2021 compared to 2020 is primarily due to the structuring of the Drug Delivery Systems Department and to the US 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. Research and Development expenses increase by EUR 9,564 thousand in 2020 compared to 2019 is primarily due to the development of proprietary products drug delivery systems, high-value products, engineering solutions and analytical services set-up. General and Administrative expenses amount to EUR 62,502 thousand (respectively EUR 58,863 thousand in 2020 and EUR 50,568 thousand in 2019) and mainly comprise personnel expenses for administrative functions, consultancies, directors compensation, rental fees as well as, depreciation and amortization for EUR 5,985 thousand (respectively EUR 5,383 thousand in 2020 and EUR 6,088 thousand in 2019), of which amortization of fair value adjustments from purchase price allocations amount to EUR 1,039 thousand (EUR 1,039 thousand in 2020 and in 2019). General and Administrative expenses increase by EUR 3,639 thousand in 2021 compared to 2020 is 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 non-recurring accrual reversal amounting to EUR 9,884 thousand related to cash settled awards under incentive plans 2012-2021 and 2018-2022 (early terminated 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 31 for further details on incentive plans. For the year ended December 31, 2020 compared to the year ended December 31, 2019, General and Administrative expenses increase by EUR 8,295 thousand of which EUR 2,821 thousand related to non-recurring litigation costs arising from a lawsuit raised by Clere BSD GmbH in connection with the acquisition of the operational business of Balda AG and more specifically to certain transfer fees paid by the defendant to a former vendor. The increase is also due to the business growth and the increase in personnel expenses for long term incentive and cash settled awards. |
Other Information by Nature
Other Information by Nature | 12 Months Ended |
Dec. 31, 2021 | |
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 years ended December 31, (EUR thousand) 2021 2020 2019 Personnel 46,489 43,731 37,187 Other Costs and Incomes 56,886 42,675 35,772 Depreciation and Amortization 10,124 8,807 7,720 Expected Credit Losses ( 933 ) 1,084 3,859 Total Expenses 112,566 96,297 84,538 Depreciation and amortization can be broken down as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Cost of sales 46,258 45,296 38,497 Selling and Marketing expenses 787 844 702 Research and Development expenses 3,353 2,580 930 General and Administrative expenses 5,985 5,383 6,088 Total Depreciation & Amortization 56,383 54,103 46,217 For further details on amortization and depreciation for the years ended December 31, 2021 and 2020, reference should be made to the movements in property, plant and equipment, intangible assets and right of use assets. ( Note 17 - 18 - 36 ). |
Finance Income
Finance Income | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Finance Income [Abstract] | |
Finance income | 11. Finance income Finance income are as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Interest income from banks deposits 538 352 158 Income from financial discounts 18 17 398 Interest income on loans to associates 10 20 17 Other financial income 57 295 62 Gain from the sale of an associate 12,258 — — Foreign currency exchange rate gains 7,588 11,585 4,789 Derivatives revaluation 950 2,007 1,809 Other fair value adjustments 290 650 773 Total finance income 21,709 14,926 8,006 For the year ended December 31, 2021 the Group realized EUR 12,258 thousand gain from the sale of the entire share capital of Swissfillon AG, of which the sub holding Stevanato Group International held the 26.94 % of the share capital. Please refer to Note 19 for more details. |
Finance Expense
Finance Expense | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Finance Expense [Abstract] | |
Finance expense | 12. Finance expense Finance expense are as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Interest on debts and borrowings 4,286 5,333 4,109 Financial discounts and other expenses 102 37 871 Interest on lease liabilities 585 624 626 Financial component IAS 19 28 125 374 Foreign currency exchange losses 10,172 12,033 5,334 Derivatives devaluation 3,211 2,471 2,513 Other fair value adjustments 424 1,225 1,423 Total finance expense 18,808 21,848 15,250 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 ( 2,584 ) thousand for the year ended December 31, 2021, EUR ( 448 ) thousand for the year ended December, 31 2020 and EUR ( 545 ) thousand for the year ended December 31, 2019. 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. |
Employee Benefits Expense
Employee Benefits Expense | 12 Months Ended |
Dec. 31, 2021 | |
Classes of employee benefits expense [abstract] | |
Employee Benefits Expense | 13. Employee benefits expense Employee benefits expense are detailed as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Included in Cost of sales: Wages and salaries 134,619 123,773 112,687 Social security costs 25,610 22,720 19,815 Pension costs 4,917 4,260 3,965 Included in Selling and Marketing expenses: Wages and salaries 12,716 11,522 11,033 Social security costs 1,531 1,278 1,422 Pension costs 403 363 349 Included in General and Administrative expenses: Wages and salaries 26,106 17,313 14,907 Social security costs 3,589 2,900 2,795 Pension costs 545 545 374 Cash settled awards ( 10,831 ) 2,394 1,284 Stock grant plan 1,740 — — Included in Research and Development expenses: Wages and salaries 9,089 6,327 4,184 Social security costs 1,270 857 645 Pension costs 331 232 194 Total employee benefits expense 211,635 194,484 173,654 For the year ended December 31, 2021 personnel costs amount to EUR 211,635 thousand (respectively EUR 194,484 thousand in 2020 and EUR 173,654 thousand in 2019) including non-recurring accrual reversal of EUR ( 9,884 ) thousand related to cash settled awards under incentive plans 2012-2021 and 2018-2022 (early terminated in favor of the new stock grant plan 2021-2027). For the years ended December 31, 2020 and 2019 the expenses related to cash settled awards amounted to EUR 2,394 thousand and EUR 1,284 thousand respectively. In the consolidated statement of profit or loss, cash settled awards expenses as well as the stock grant expenses, are mainly included into the General and Administrative line item. 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 increase 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 personnel costs increase by EUR 20,830 thousand compared to the year ended December 31, 2019 and are mainly included in Cost of Sales as a consequence of the higher production hours. Personnel costs increase also in Research and Development due to the new hires. The increase in personnel costs included in General and Administrative expenses is mainly due to the new managerial positions and the accrued costs for incentive plans. The average size of the Group's workforce during the year is as follows: For the years ended December 31, 2021 2020 2019 Executives 51 42 37 Managers 126 113 124 Employees 4,284 3,889 3,664 Total Workforce 4,461 4,044 3,825 |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2021 | |
Major Components Of Tax Expense Income [Abstract] | |
Income tax | 14. Income tax Income tax expense is as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Current income tax: Current Taxes 35,093 28,604 18,883 Prior Years Taxes ( 6,544 ) 918 1,620 Deferred tax: Deferred Taxes 2,855 ( 11,840 ) ( 4,496 ) Income tax expense reported in the statement of profit or loss 31,404 17,682 16,007 For the years ended (EUR thousand) 2021 2020 2019 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 26 15 86 Change in the fair value of hedging instruments ( 653 ) 173 216 Deferred tax charged to OCI ( 627 ) 188 302 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 years ended December 31, (EUR thousand) 2021 2020 2019 Accounting profit before income tax 165,673 96,279 54,714 Statutory income tax rate of 27.9 % 46,223 26,862 15,265 Prior years taxes ( 6,544 ) 918 1,620 DTA recognized on tax losses carry-forward ( 1,947 ) ( 41 ) 720 Taxes effect on unremitted earnings 400 1,248 210 Utilization of tax losses carry-forward not recognized on DTA — — ( 1,759 ) Not deductible expenses — — 535 Step up — ( 7,926 ) — Change notional rate — 361 — Tax grants/not taxable items ( 1,157 ) ( 2,146 ) ( 449 ) Tax exemption on gain from the sale of an associate ( 3,378 ) — — Different foreign tax rate effect ( 2,193 ) ( 1,594 ) ( 135 ) At the effective income tax rate of 18.96 % ( 18.40 % in 2020, 29.30 % in 2019) 31,404 17,682 16,007 Income tax expense reported in the statement of profit or loss 31,404 17,682 16,007 Effective group’s tax rate slightly increase in 2021 compared to 2020, is 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 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. For the year ended December 31, 2020 the effective group's tax rate significantly dropped compared to the year ended December 31, 2019, mainly due to the following three factors: - Nuova Ompi S.r.l. opted to step up the tax net book value of part of its machinery by taking advantage from the "August Decree". The law allows Italian companies to revalue the tax value of the assets by paying a 3 % one off tax on the higher value and deducting future depreciation at a notional tax rate; the tax saving amounts to EUR 7,926 thousand; - Nuova Ompi S.r.l., in 2020, after concluding a series of investments in machinery, started to fully benefit from the so called "Industry 4.0 hyper depreciation", an Italian tax contribution aimed at supporting companies investing in high technology equipment; - Ompi Pharm. Packing Techn. Co. Ltd, in 2020, concluded the procedure to obtain the so called "high tech license", a Chinese law that allows companies investing in R&D to benefit from a reduced corporate tax rate ( 15 % instead of the notional 25 %). Unrecognized tax losses as at December 31, 2021 and as at December 31, 2020 amounts to EUR 3,800 thousand and to EUR 8,794 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, (EUR thousand) 2021 2020 Timing of unrecognized tax losses carry-forwards 2022 16 15 2023 320 306 2024 351 336 2025 315 304 2026 318 262 2027 274 283 Unlimited 2,206 7,288 Total unrecognized tax losses 3,800 8,794 The analysis of deferred tax assets and deferred tax liabilities as at December 31, 2021 and 2020 is as follows: Consolidated statement At December 31, At December 31, (EUR thousand) 2021 2020 Other intangible assets ( 3,167 ) ( 3,914 ) Tangible assets 12,178 10,530 Work in progress ( 5,156 ) ( 4,581 ) Revaluations of investment properties to fair value 8,009 9,104 Expected credit losses of debt financial assets 1,429 1,683 Derivatives 403 1,056 Leases 251 178 Long term incentives 816 1,057 Cash settled awards 325 5,120 Provisions 2,351 5,413 Accruals and other provisions 62 906 Tax losses carry forward 14,888 8,636 Dividends ( 1,300 ) ( 1,200 ) Start up costs IPO SG spa 5,369 — Other effects 314 ( 59 ) Deferred tax assets, net 36,772 33,929 Reflected in the statement of financial position as follows: Deferred tax assets 55,877 45,552 Deferred tax liabilities ( 19,105 ) ( 11,623 ) Deferred tax assets, net 36,772 33,929 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: (EUR thousand) 2021 2020 As of January 1 33,929 22,669 Tax expense during the period recognized in profit or loss ( 2,855 ) 11,840 Tax income/(expense) during the period recognized in OCI ( 627 ) 188 DTA on IPO transaction costs on capital increase 6,711 — Other effect ( 386 ) ( 768 ) As at December 31 36,772 33,929 The other effect movement includes foreign exchange differences and minor reclassification. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
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 and 2019). As of December 31, 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 31 for further details on the equity incentive plans). There is no dilution impact as of December 31, 2020 and 2019, 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, as explained also in Note 27 . 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, (EUR thousand) 2021 2020 2019 Profit attributable to ordinary equity holders of the parent 134,321 78,513 39,201 Weighted average number of ordinary shares for basic EPS 252,670,872 240,501,960 240,501,960 Weighted average number of ordinary shares adjusted for the effect of dilution 252,690,321 240,501,960 240,501,960 2021 2020 2019 Basic earnings per common share (in EUR) 0.53 0.33 0.16 Diluted earnings per common share (in EUR) 0.53 0.33 0.16 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
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 systems (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 impairment test on goodwill purposes, the Management has identified two different cash-generating units (CGUs) within the Biopharmaceutical and Diagnostic Solutions segment, the Drug Containment Systems (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 systems 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 physio-chemical properties of primary packaging materials and studying the interactions between drug containment system and drugs. 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 to customer in the pharma, diagnostic and medical markets. The Group’s business line provides integrated solutions from early development to launched combination product. 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 from the pharma sector including 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 adopts 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, (EUR thousand) 2021 2020 Drug Containment Systems 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 (2022-2027) and the second corresponding to a terminal value derived with inertial criteria for the period after 2027. 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 (2022-2027) 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 a different products mix, shifting to high-value solutions sales, expanding SG EZ-fill® industrial footprint to address customer proximity and reshoring needs 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, 6.30 % for DCS and for IVD & DDS and 6.20 % 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 6.40 % for DCS and for IVD & DDS and 6.70 % 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 17.07 %, or an average contraction of EBITDA at Continuing Value (everything else equal) of 44.61 %. The same indicators for the IVD & DDS CGU were respectively 9.37 % for the WACC and 20.52 % for EBITDA at CV. With regards to the ESD CGU, these indicators equated to a reduction in the EBITDA at CV of 59.15 % and a WACC of 19.58 %. The impairment test for the goodwill did not result in any need for impairment. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible Assets | 17. Intangible assets Changes in intangible assets for the year ended December 31, 2021 are as follows: (EUR thousand) Development Industrial Concessions, Intangible Other Total Cost At January 1, 2020 13,505 11,291 24,973 3,554 10,851 64,174 Additions 1,673 2,145 132 1,912 577 6,439 Reclassifications 1,891 1,646 302 ( 3,863 ) 24 — Exchange differences 44 ( 222 ) ( 37 ) ( 15 ) ( 500 ) ( 730 ) At December 31, 2020 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 Amortization At January 1, 2020 4,401 8,124 10,987 — 5,838 29,350 Amortization 2,569 1,622 1,837 — 757 6,785 Exchange differences 17 ( 42 ) ( 6 ) — ( 122 ) ( 153 ) At December 31, 2020 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 Net book value At December 31, 2021 7,329 5,085 11,375 4,073 4,066 31,928 At December 31, 2020 10,126 5,156 12,552 1,588 4,479 33,901 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 1,298 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 11,375 thousand (EUR 12,552 thousand in 2020) 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 3,688 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. 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, 2021 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 18. Property, plant and equipment Changes in items of property, plant and equipment in 2021 are as follows: (EUR thousand) Land and Plant and Industrial Other Assets under Total Cost At January 1, 2020 147,872 353,971 33,503 11,112 25,184 571,642 Additions 5,441 24,958 6,539 925 51,265 89,128 Disposals — ( 1,724 ) ( 40 ) ( 36 ) ( 3 ) ( 1,803 ) Reclassifications 811 12,266 1,727 43 ( 14,847 ) — Exchange differences ( 5,793 ) ( 13,569 ) ( 540 ) ( 728 ) ( 306 ) ( 20,936 ) At December 31, 2020 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 Depreciation and impairment At January 1, 2020 59,139 198,878 25,481 7,558 — 291,056 Depreciation charge for the year 5,384 30,121 4,610 1,037 — 41,152 Impairment 210 — — — — 210 Disposals — ( 1,741 ) ( 12 ) ( 38 ) — ( 1,791 ) Exchange differences ( 1,170 ) ( 4,454 ) ( 179 ) ( 450 ) — ( 6,253 ) At December 31, 2020 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 Net book value At December 31, 2021 90,484 197,257 11,212 3,818 89,946 392,717 At December 31, 2020 84,768 153,098 11,289 3,209 61,293 313,658 The Group’s property, plant and equipment mainly include: - Land and buildings in the amount of EUR 90,484 thousand as at December 31, 2021 and EUR 84,768 thousand as at December 31, 2020, mainly consisting of industrial properties; - Plant and machinery in the amount of EUR 197,257 thousand as at December 31, 2021 and EUR 153,098 thousand as at December 31, 2020 including machine and equipment for producing glass and plastic containers for pharmaceutical use. The yearly increase in property, plant and equipment amounts to EUR 116,631 thousand, of which 80.9 % t o support the Group growth strategy. Increase in Land and buildings principally concerns the construction of new industrial facilities mainly in the Mexican production plant and the renovation of the new Spami plant near the Headquarter premises in Piombino Dese, Italy . With reference to the Mexican plant, the overall increase amounting to about EUR 4.5 million (considering both the yearly additions and the reclassification from assets under construction) is related to the expansion of the production facility. The overall increases in Plant and machinery, considering both the yearly additions and the reclassification from assets under construction, amount to EUR 71,238 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, amounting to EUR 89,946 thousand as at December 31, 2021 and EUR 61,293 thousand as at December 31, 2020, 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 year. This category also includes investments for the construction of new clean rooms in Balda C. Brewer plant, 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 be operational in 2023 and will enable 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 was initially expected to be up to 370,000 square feet in size, will support the expansion and production of Stevanato Group’s EZ-Fill® solutions, pre-sterilized drug containment systems 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 is expected to house state-of-the-art production lines equipped with advanced process technologies to produce EZ-Fill® syringes and vials. Stevanato Group’s EZ-Fill® solutions offer significant benefits to bio-pharmaceutical companies by reducing time to market, lowering the overall total cost of ownership and reducing supply chain risk. In addition, Stevanato Group plans to use the new facility as a center for after-sales support dedicated to serving its North America Engineering customers, offering technical support as well as maintenance for visual inspection, assembly and packaging equipment. At the year end, no impairment indicators have been identified and furthermore no need to reassess useful life of property, plants and equipment. |
Investments in an Associate
Investments in an Associate | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Investments In Associates [Abstract] | |
Investments in an Associate | 19. Investments in an associate As of December 31, 2020 the Group had a 26.94 % interest in Swissfillon AG, located in Switzerland, which is involved in sterile filling services. That company is not listed on any public stock exchange. The Group’s interest in Swissfillon AG was accounted for using the equity method in the consolidated financial statements. 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, realizing a gain equal to EUR 12,258 thousand as disclosed in Note 11 . 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. (EUR thousand) 2021 2020 At January 1 2,009 1,917 Proportionate share of net profit for the year 547 92 Derecognition of the associate after minority interest sale ( 2,556 ) — At December 31 — 2,009 Summarised financial information relating to Swissfillon AG for the year ended December 31, 2020: At December 31, (EUR thousand) 2020 Current assets 3,256 Non-current assets 8,462 Current liabilities 3,429 Non-current liabilities 7,152 Equity 1,138 Group’s share in equity – 26.94 % in 2020 306 Goodwill 1,729 Exchange differences ( 26 ) Group’s carrying amount of the investment 2,009 For the year ended (EUR thousand) 2020 2019 Revenue from contracts with customers 11,230 5,559 Cost of materials and services 4,016 2,006 Personnel expenses 3,616 2,035 Other operating expenses 2,120 1,487 Depreciation and amortization 946 824 Finance costs 168 168 Profit before tax 364 ( 961 ) Income tax expense 21 10 Net Profit 343 ( 971 ) Group’s share of profit for the year 92 ( 262 ) |
Financial assets - investments
Financial assets - investments FVTPL | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Financial Assets [Abstract] | |
Financial assets - investments FVTPL | 20. Financial assets - investments FVTPL Financial assets amount to EUR 1,084 thousand at December 31, 2021 (EUR 760 thousand at December 31, 2020), primarily include the investment in Biologix Partners LP, which is measured at fair value through profit or loss and amounts to EUR 1,024 thousand at December 31, 2021 (EUR 745 thousand at December 31, 2020). Additional disclosures on fair value measurement has been included on Note 30 . |
Financial assets
Financial assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Financial Assets [Abstract] | |
Financial assets | 21. Financial assets The following table details the composition of financial assets: At December 31, At December 31, (EUR thousand) 2021 2020 Receivables from financing activities 447 5,956 Other non-current financial assets 887 745 Other non-current financial assets 1,334 6,701 Fair value of derivatives financial instruments 49 19 Other securities 27,168 41,524 Other current financial assets 27,217 41,543 Financial Assets 28,551 48,244 Receivables from financing activities assets include financial loan amounting to EUR 447 thousand as at December 31, 2021 in favour of a restricted number of key manager in connection with the stock grant plan. The decrease in receivables from financing activities is mainly due to the reimbursement of the financial loan granted to some of the beneficiaries of the incentive plan 2012-2021, which was early terminated in 2021, and to the reimbursement of the loan granted to the former associate Swissfillon AG. Other securities include guaranteed investment funds managed by Société Générale SA, which are measured at fair value. The decrease in other securities is due to the redemption of part of the insurance policies in 2021. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Classes Of Inventories [Abstract] | |
Inventories | 2 2. Inventories Inventories, shown net of an allowance for obsolete and slow-moving goods, can be analyzed as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Raw materials 58,484 41,889 Semifinished products 29,878 46,479 Finished products 64,252 55,394 Advances to suppliers 9,554 7,920 Provision from slow moving and obsolescence ( 13,251 ) ( 12,309 ) Total inventories 148,917 139,373 The accrual of the provision for slow moving and obsolete inventories recognized within cost of sales for the years ended December 31, 2021 and 2020 is EUR 1,878 thousand and EUR 2,109 thousand respectively. Changes in the provision for slow moving and obsolete inventories are as follows: (EUR thousand) 2021 2020 As at January 1 12,309 13,252 Provision 1,878 2,109 Utilizations and other changes ( 936 ) ( 3,052 ) As at December 31 13,251 12,309 |
Trade receivables and contract
Trade receivables and contract assets | 12 Months Ended |
Dec. 31, 2021 | |
Trade Receivables And Contract Assets [Abstract] | |
Trade receivables and contract assets | 23. Trade receivables and contract assets Trade receivables and contract assets are analyzed as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Trade receivables 171,803 135,514 Allowance for expected credit losses ( 6,544 ) ( 7,696 ) Total trade receivables 165,259 127,818 Expected credit loss rate 3.8 % 5.7 % 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, (EUR thousand) 2021 2020 EMEA 90,518 67,884 APAC 27,200 15,637 North America 43,762 37,261 South America 10,323 14,732 Total Trade Receivables 171,803 135,514 Trade receivables are stated net of an allowance for expected credit losses which has been determined in accordance with IFRS 9 amounting to EUR 6,544 thousand and EUR 7,696 thousand for 2021 and 2020 respectively: (EUR thousand) 2021 2020 As at January 1 7,696 7,355 Accruals 3,478 1,631 Releases ( 4,413 ) ( 552 ) Utilizations ( 390 ) ( 374 ) Exchange differences 173 ( 364 ) As at December 31 6,544 7,696 Contract assets Contract assets relate to ongoing customer-specific construction contracts of 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 62,133 thousand as at December 31, 2021 (EUR 39,430 thousand as at December 31, 2020). Contract assets gross amounts to EUR 138,854 thousand (EUR 86,905 thousand as at December 31, 2020), net of invoices issued of EUR 76,721 thousand (EUR 47,476 thousand as at December 31, 2020). |
Tax Receivables and Tax Payable
Tax Receivables and Tax Payables | 12 Months Ended |
Dec. 31, 2021 | |
Tax Receivables And Tax Payables [Abstract] | |
Tax Receivables and Tax Payables | 24. Tax receivables and tax payables The breakdown in the account is as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Tax Receivables 25,063 14,188 Tax Payables ( 19,440 ) ( 18,543 ) As of December 31, 2021 the Group re-assessed the classification of VAT receivables and payables in its consolidated statement of financial position. These items were previously reported as tax receivables and payables and are now being reported as other receivables and payables in accordance with IAS 12. The Group applied such reclassification retrospectively that resulted in the decrease of tax receivable and payables, respectively, of EUR 10,845 thousand and EUR 583 thousand at December 31, 2020 with a corresponding increase in other receivables and payables. The reclassification has no impact on the profit/(loss) and basic and diluted earnings per share of the Group for the years ended December 31, 2020. Tax receivables amount increase significantly compared to the previous year mainly due to increased CIT advance payments (EUR 9,577 thousand in 2021, EUR 5,658 thousand in 2020), credit for tax grants (EUR 8,687 thousand in 2021, EUR 4,887 thousand in 2020), Patent Box credit not yet offset (EUR 3,191 thousand in 2021). Tax liabilities slightly increase compared to 2020, mainly due to increased CIT liabilities. |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Other Receivables [Abstract] | |
Other receivables | 25. Other receivables Other receivables are disclosed as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Advances to suppliers 373 416 Accrued income and prepayments 5,555 2,105 VAT receivables 18,198 10,845 Other receivables 2,215 1,458 Total other receivables 26,341 14,824 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Cash and cash equivalents | 26. Cash and cash equivalents This balance consists of bank current accounts and other cash equivalents. As at December 31, 2021, the Group has Cash and cash equivalents of EUR 411,039 thousand compared to EUR 115,599 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, 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, 2021 | |
Disclosure Of Equity Abstract | |
Equity | 27. 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, 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. In particular, on March 4, 2021, the extraordinary Shareholders’ meeting approved the elimination of the indication of the EUR 1,000 nominal value of the 20,002 existing issued shares and the issuance of additional 99,989,998 ordinary shares with no par value to be allocated free of charge to shareholders in proportion to the shares held by each of them without giving rise to changes in the amount of the share capital. On July 1, 2021 the Shareholder’s meeting approved a further share split following which all the existing 100,010,000 shares have been split into a total of 272,427,240 shares in the ratio of 2,724 new shares post-split for each share outstanding prior to the share split. Lastly, the Shareholder’s meeting resolved to increase the share capital by issuing a maximum of 40,000,000 ordinary shares with the exclusion of the option right as a service of the trading of ordinary shares on the New York Stock Exchange (NYSE). The Shareholder’s meeting further resolved to adopt the new Company bylaws which contain the partition of the share capital into two categories of shares, ordinary shares and Class A multiple voting shares, the latter not being listed. On completion of the listing process, the subscription collected involved 23,112,796 ordinary shares with an increase of the share capital amounting to EUR 1,696 thousand. 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, 2021 the share premium reserve amounts to EUR 389,312 thousand. Treasury shares Following the resolution of the Board of Directors to early terminate the incentive plan 2012-2021 and to revoke incentive plan 2018-2022, on March 4, 2021 and on June 3, 2021 the Company repurchased a total of n. 29 ordinary shares (corresponding to 394,980 ordinary shares after the second share split) and a total of n. 850,000 ordinary shares (corresponding to 2,315,400 ordinary shares after second share split), respectively, from the beneficiaries of the cash settled awards under the above mentioned incentive plans for EUR 1,791 thousand. On June 3, 2021 the Company transferred a total of 133,210 ordinary shares (corresponding to 362,865 ordinary shares after the second share split) to the beneficiaries of the so called “Restricted Stock Grant Plan 2021-2027” and to certain members of the Board of Directors for a total value of EUR 240 thousand. As of December 31, 2021 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 amount of ordinary shares (prior to the conversion in A shares) held in treasury as of December 31, 2020 has been retroactively adjusted to reflect the share split occurred later on July 1, 2021 resulting in a total of 28,493,040 Company’s share for a total cost of EUR ( 26,189 ) thousand. 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, 2021 cash flow hedge reserve amounts to EUR ( 1,277 ) thousand compared to EUR ( 3,345 ) thousand as of December 31, 2020. 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, 2021 the reserve for actuarial gains/losses amounts to EUR ( 745 ) thousand compared to EUR ( 675 ) thousand as of December 31, 2020. 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, 2021 it amounts to EUR ( 22,680 ) thousand compared to EUR ( 34,911 ) thousand as of December 31, 202 0. The decrease is mainly due to the appreciation against Euro of the Chinese Renminbi, the Mexican Peso, and the US Dollar occurred in 2021, 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 4,000 thousand as of December 31, 2021 and as of December 31, 2020; - other reserves of EUR 38,316 thousand of December 31, 2021 (EUR 36,008 thousand of December 31, 2020); - retained earnings of the consolidated companies net of the effects of consolidation adjustments of EUR 306,869 thousand (EUR 237,092 as of December 31, 2020). Net profit attributable to equity holders of the parent Net Profit attributable to equity holders of the parent amount to EUR 134,321 thousand as of December 31, 2021 (EUR 78,513 thousand as of December 31, 2020). Non-controlling interests Non-controlling interests amount to EUR ( 415 ) thousand as of December 31, 2021 (EUR ( 355 ) thousand as of December 31, 2020). For further detail refer to Note 37 . 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, 2021 | |
Dividend [Abstract] | |
Dividends | 28. Dividends On January 20, 2021 Stevanato Group shareholder’s meeting approved the distribution of EUR 11,200 thousand dividends (EUR 0.63 thousand per common share) from “other reserves”. Following approval of the annual accounts by the shareholders at the Annual General Meeting of the Shareholders on June 11, 2020 a dividend distribution of EUR 0.50 thousand per common share was approved, corresponding to a dividend paid in of EUR 8,900 thousand in 2020. The distribution was made partially from the “other reserve” and from “retained earnings”. With reference to 2019, on June 28, 2019, Stevanato Group Shareholder's meeting approved the distribution of EUR 6,170 thousand dividends. The distribution was made from the “other reserve”. |
Financial liabilities
Financial liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Financial Liabilities [Abstract] | |
Financial liabilities | 29. Financial liabilities Total financial liabilities are EUR 248,491 thousand and EUR 375,358 thousand as of December 31, 2021 and as of December 31, 2020 respectively; the balances in financial debt are as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Lease liabilities - Right of Use 5,553 5,435 Bank overdrafts 37 582 Bank loans 36,195 61,905 Financial liabilities due to related parties 940 968 Fair value of derivatives 1,681 4,417 Financial payables for shares acquisition — 7,927 Financial liabilities due to other lenders 1,789 — Total current financial liabilities 46,195 81,234 Lease liabilities - Right of Use 17,574 20,186 Bank loans 134,367 224,365 Notes 49,620 49,573 Financial liabilities due to other lenders 735 — Total non-current financial liabilities 202,296 294,124 Financial Liabilities 248,491 375,358 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. As of December 31, 2021 the current and non-current portion of bank loans amount respectively to EUR 36,195 thousand and EUR 134,367 thousand (respectively EUR 61,905 thousand and EUR 224,365 thousand as of December 31, 2020). The significant decrease in bank loans, besides the ongoing reimbursement plan, is due to the early repayment of the existing floating rate loans. As of December 31, 2020, other current financial liabilities included both the liability of EUR 6,706 thousand recognized in relation to the put option granted to non-controlling shareholders of SVM Automatik A/S and the liability of EUR 1,221 thousand referred to the unpaid amount of the purchase of the residual shares of Medirio SA due in 2021. On October 07, 2021, the sub holding Stevanato Group International purchased the remaining 35 % of the share capital in SVM Automatic A/S at a price of EUR 7,000 thousand. These liabilities were settled in 2021. The following table shows maturities and average interest rates for liabilities to banks and other lenders: 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 ( 380 ) 2022-2028 ( 380 ) Total Notes 49,620 Overdrafts DKK 275 2022 1.25 % 37 Total Bank Loans and Overdrafts 220,219 As at December 31, 2020 Currency Amount Maturity Average Amount in EUR Bank Loans EUR 62,169 2021 0.86 % 62,169 EUR 66,251 2022 0.91 % 66,251 EUR 65,467 2023 0.97 % 65,467 EUR 56,156 2024 1.08 % 56,156 EUR 28,843 2025 1.29 % 28,843 EUR 7,488 2026 1.36 % 7,488 EUR 591 2027 0.94 % 591 Amortized Cost EUR ( 695 ) 2021-2027 ( 695 ) Total Bank Loans 286,270 Notes EUR 25,000 2027 1.40 % 25,000 EUR 25,000 2028 1.40 % 25,000 Amortized Cost EUR ( 427 ) 2021-2028 ( 427 ) Total Notes 49,573 Overdrafts DKK 4,321 2021 1.25 % 582 Total Bank Loans and Overdrafts 336,425 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, 2021 and as at December 31, 2020, all financial covenants are complied with. Some short-term payables are subject to secured guarantee, please refer to Note 39 . Other current financial assets and other financial liabilities relates to foreign exchange derivatives. The following table sets further the analysis of derivative assets and liabilities at December 31, 2021 and December 31, 2020. At December 31, At December 31, 2021 2020 (EUR thousand) Carrying Fair Carrying Fair Financial assets Foreign exchange forward contracts 49 49 19 19 Financial liabilities Foreign exchange forward contracts — — 16 16 Interest Rate Swap in cash flow hedges 1,681 1,681 4,386 4,386 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, designated as cash flow hedges to hedge fluctuations in variable interest rate on loans. 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. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurement [Abstract] | |
Fair value measurement | 30. 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, 2021: (EUR thousand) Fair value measurement using Notes Total Level 1 Level 2 Level 3 Cash and cash equivalents 26 411,039 411,039 — — Equity Investments others 20 1,084 — — 1,084 Derivatives financial assets 21 49 — 49 — Financial current assets 21 27,168 — 27,168 — Other non-current financial assets 671 — 671 — Total assets 440,011 411,039 27,888 1,084 Derivatives financial liabilities 29 1,681 — 1,681 — Total Liabilities 1,681 — 1,681 — As at December 31, 2020: (EUR thousand) Fair value measurement using Notes Total Level 1 Level 2 Level 3 Cash and cash equivalents 26 115,599 115,599 — — Equity Investments others 20 760 — — 760 Derivatives financial assets 21 19 — 19 — Financial current assets 21 41,523 — 41,523 — Other non-current financial assets 610 — 610 — Total assets 158,511 115,599 42,152 760 Put & Call related to financial liabilities 29 6,706 — — 6,706 Derivatives financial liabilities 29 4,417 — 4,417 — Payables for subsidiary acquisition 29 1,221 — — 1,221 Total Liabilities 12,344 — 4,417 7,927 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 No te 20 . 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 2 0 21 and 2020. The fair value of the loans accounted for at amortized cost approximates their carrying amounts as of December 31, 2021 and 2020. |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Information About Defined Benefit Plans [Abstract] | |
Employee benefits | 31. Employee benefits Employee benefits are analyzed as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Employee severance pay 5,895 5,791 Jubilee benefits 253 239 Other post-employment plans 699 582 Long term incentive plan 3,653 1,780 Cash settled awards — 21,333 Stock grant plan 1,353 — Total employee benefits 11,853 29,725 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: (EUR thousand) Trattamento Jubilee Beneficio Severance Total At January 1, 2020 5,801 220 468 25 6,514 Interest cost 44 2 32 1 79 Current service cost 325 26 70 7 428 Benefits paid ( 412 ) ( 16 ) — ( 7 ) ( 435 ) Actuarial Gains and Losses 33 7 108 4 152 Exchange rate differences — — ( 126 ) — ( 126 ) At December 31, 2020 5,791 239 552 30 6,612 Recognized in the consolidated income statement 369 36 103 8 516 Recognized in the other comprehensive income 33 — 108 4 145 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 The principal assumptions used for determining the obligations under the plan described are as follows: 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 % — As at December 31, 2020 Severance indemnity Italy Germany Mexico Slovakia Discount Rate % 0.34 % 1.00 % 8.25 % 4.50 % Future salary increases % 0.50 % — 4.50 % 6.00 % Inflation rate % 0.80 % — 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 15.0 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, 2021 and December 31, 2020 is reported as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Turnover rate +1,00% ( 58 ) ( 57 ) Turnover rate -1,00% 67 65 Inflation rate +0,25% 101 100 Inflation rate -0,25% ( 98 ) ( 97 ) Annual discount rate +0,25% ( 138 ) ( 137 ) Annual discount rate -0,25% 144 143 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 over the medium/long-term by establishing a strong link between remuneration and performance the CEO approved a medium/long-term plan called the “Long-term Incentive plan” for the 2020-2023 four-year period and involving a select number of Senior Management (Top Management and/or Key People) of the Companies of the Group and based on the meeting of the long-term industrial plan objectives. The Group’s liability for the Long-term Incentive plan is as follows: (EUR thousand) Long Term Incentive Plan 2020-2023 Total At January 1, 2020 — — Current service cost 1,780 1,780 At December 31, 2020 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 *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 and to - 0.27 % for 2020 respectively. The main impact considered as actuarial gain and losses relates to the experience adjustment; it has been accounted together with the current service cost by function as part of personnel costs. Cash settled awards Cash settled awards are 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: (EUR thousand) Incentive plan 2012-2021 Incentive plan 2018-2022 Total At January 1, 2020 13,456 5,437 18,893 Interest cost ( 15 ) ( 6 ) ( 21 ) Current service cost — 2,715 2,715 Actuarial Gains and Losses * ( 103 ) ( 151 ) ( 254 ) At December 31, 2020 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 The Shareholders’ Meeting of Stevanato Group S.p.A. on March 4, 2021 resolved to approve a share-based incentive plan, named “Restricted Stock Grant Plan 2021-2027” with the aim to involve people playing a strategic role in the economic and strategic development of Group, aligning 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 provides for three two-years periods included, respectively, 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) , at the beginning of which a certain number of Stevanato Group ordinary shares – linked with the achievement within the end of each Vesting Period of specific targets in terms of consolidated revenues and EBITDA – will be assigned free of charge to the beneficiaries. The assigned shares shall be registered to a Trustee company and shall be 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 will be finalized after signing with each beneficiary of 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 each vesting period, the employment relationship terminates. In the event that certain over-performances with respect to the financial targets have been met, beneficiaries will be granted, free of charge, an additional number of Stevanato Group shares related to the Vesting Period in which the target were exceeded and such shares additional 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 participants of the plan. The fair value measurement of the stock grant plan 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". 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: (EUR thousand) Stock grant plan 2021-2027 Total 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 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Other Provisions [Abstract] | |
Provisions | 32. Provisions The balances as of December 31, 2021 are detailed below: (EUR thousand) Provision for Decommissioning Provision for Provision for Total 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 (EUR thousand) Provision for Decommissioning Provision for Provision for Total At January 1, 2020 1,141 548 1,259 998 3,946 Arising during the year 52 23 772 138 985 Utilized — — ( 46 ) — ( 46 ) Unused amounts reversed ( 134 ) — ( 258 ) — ( 392 ) Exchange rate difference 2 ( 48 ) ( 63 ) — ( 109 ) At December 31, 2020 1,061 523 1,664 1,136 4,384 Current — — — — — Non-current 1,061 523 1,664 1,136 4,384 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 March 31, 2021 a potential claim with a customer was identified which led to an accrual of about EUR 4 million. As of December 31, 2021 the situation has evolved positively thus leading to the release of the provisioned amount. |
Other non-current liabilities
Other non-current liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Noncurrent Liabilities [Abstract] | |
Other non-current liabilities | 33. Other non-current liabilities Other non-current liabilities as of December 31, 2021 and December 31, 2020 amount to EUR 1,808 thousand respectively EUR 1,808 thousand and are mainly related to holiday pay of Danish companies’ employees following the transition to the new Danish Holiday Act started in 2019. |
Trade Payables and Other Curren
Trade Payables and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Trade And Other Current Payables [Abstract] | |
Trade payables and other current liabilities | 34. Trade payables and other current liabilities Trade payables and other current liabilities are detailed as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Trade payables 164,787 118,740 Payables to social security institutions 6,362 5,651 Payables to personnel 32,772 25,868 VAT Payables 5,195 583 Other tax payables 3,181 — Accrued Income and Prepayments 8,222 3,509 Other current liabilities 10,081 8,655 Total trade payables and other current liabilities 230,600 163,006 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 revenues 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. 3,900 thousand. |
Contract Liabilities and Advanc
Contract Liabilities and Advances from Customers | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Income Including Contract Liabilities [Abstract] | |
Contract liabilities and advances from customers | 35. Contract liabilities and advances from customers Contract liabilities and advances from customers are as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Contract Liabilities 18,771 5,031 Advances from customers 23,616 48,361 Total contract liabilities and advances from customers 42,387 53,392 Current 42,387 53,392 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 18,771 thousand and EUR 5,031 thousand as at December 31, 2021 and December 31, 2020 respectively. Contract assets gross amounts to EUR 27,504 thousand (EUR 10,828 thousand in 2020), net of invoices issues of EUR 46,275 thousand (EUR 15,859 thousand in 2020). Advances from customers relate to sales whose revenues are recognized at point in time. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Presentation Of Leases For Lessee [Abstract] | |
Leases | 36. 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 2021 are shown below: (EUR thousand) Buildings Plant and Industrial Other Total Cost At January 1, 2020 16,239 6,930 330 7,694 31,193 Additions 2,602 1,761 — 1,347 5,710 Exchange rate differences ( 872 ) — — ( 39 ) ( 911 ) At December 31, 2020 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 Depreciation At January 1, 2020 2,234 852 65 1,703 4,854 Depreciation charge for the year 2,523 1,515 66 1,852 5,956 Exchange rate differences ( 196 ) 15 — ( 17 ) ( 198 ) At December 31, 2020 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 Net book value At December 31, 2021 12,927 4,890 143 4,729 22,690 At December 31, 2020 13,408 6,309 199 5,464 25,380 Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period: (EUR thousand) 2021 2020 At January 1 25,621 26,140 Additions 2,837 5,599 Accretion of interest 585 624 Payments ( 6,498 ) ( 5,906 ) Early terminated contracts ( 150 ) — Exchange rate difference 732 ( 836 ) At December 31 23,127 25,621 Current 5,553 5,435 Non-current 17,574 20,186 The following are the amounts recognized in profit or loss: For the years ended December 31, (EUR thousand) 2021 2020 2019 Depreciation expense of Right of Use assets 6,202 5,956 4,861 Interest expense on lease liabilities 585 624 626 Expense relating to short-term leases 1,252 1,901 481 Expense relating to leases of low-value assets 5,180 3,744 3,815 Total amount recognized in profit or loss 13,219 12,225 9,783 |
Subsidiaries With Material Non-
Subsidiaries With Material Non-controlling Interest | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Subsidiaries With Material Non-controlling Interest | 37. 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 2021 2020 Ompi of Japan Co., Ltd. Japan 49 % 49 % Medical Glass a.s. Slovakia 0.26 % 0.26 % At December 31, At December 31, (EUR thousand) 2021 2020 Proportion of equity interest held by non-controlling interests: Ompi of Japan Co., Ltd. 419 487 Medical Glass a.s. ( 56 ) ( 48 ) 363 439 Profit allocated to material non-controlling interest: Ompi of Japan Co., Ltd. 60 ( 76 ) Medical Glass a.s. ( 8 ) ( 8 ) 52 ( 84 ) 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, 2021: (EUR thousand) Ompi of Japan Medical Glass a.s. 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: (EUR thousand) Ompi of Japan Medical Glass a.s. 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 income statement for the year ended December 31, 2019: (EUR thousand) Ompi of Japan Medirio SA Medical Glass a.s. Net Sales 2,533 — 32,811 Cost of Sales 2,207 — 27,661 Gross Profit 326 — 5,150 Other operating income — — — Selling and marketing expenses 451 — 123 Research and development expenses 156 1,013 — General and administrative expenses 437 25 3,350 Operating profit ( 718 ) ( 1,038 ) 1,677 Interest income 161 4 4 Interest expense 32 3 20 Profit before tax ( 589 ) ( 1,037 ) 1,661 Income taxes ( 176 ) 18 387 Net Profit ( 413 ) ( 1,055 ) 1,274 Total comprehensive income ( 413 ) ( 1,055 ) 1,272 Attributable to non-controlling interests ( 202 ) ( 295 ) 3 Dividends paid to non-controlling interests — — — The tables below show the summarized financial position as at December 31, 2021: (EUR thousand) Ompi of Japan Medical Glass a.s. 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 The tables below show the summarized financial position as at December 31, 2020: (EUR thousand) Ompi of Japan Medical Glass a.s. Property, plant and equipment and other non-current assets 530 12,477 Net working capital ( 628 ) 7,101 Total non-current liabilities and provision — ( 596 ) Net capital employed ( 98 ) 18,982 Net financial position* ( 742 ) 2,711 Total equity ( 840 ) 21,693 Attributable to: Equity holders of parent ( 429 ) 21,637 Non-controlling interest ( 411 ) 56 *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, 2021 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Related Party Disclosures | 38. 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: - revenues from the sale of drug containment systems from the associate Swissfillon AG up to the date of the decrecognition (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.; - consulting services rented by Federici William and by MJB Consultants LLC, Progenitor Capital Partners LLC and Studio Legale Spinazzi Azzarita Troi, whose beneficial owners are Board members in Stevanato Group; - 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. With reference to 2019, it includes also revenues for the sale of residential flat located in Punto Central (Mexico) from Ompi North America to Marco Stevanato for an aggregate amount of EUR 412 thousand; this transaction generated a gain of EUR 282 thousand as shown in the chart below; - in 2018 and 2019 SE Holdings Co. Ltd, the minority shareholder of the subsidiary Ompi of Japan, disbursed loans 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; - in 2021 the Company guaranteed a loan to certain of the beneficiaries of the stock grant plan 2021-2027 to enable the payment of the tax liabilities associated with the granted stocks; - 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.; - revenues from the sale of drug containment systems 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, 2021 (EUR thousand) Revenues Costs* 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 — * Costs include cost of sale, selling, general administrative costs and other expenses net (EUR thousand) Trade Trade Other Assets Other 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 — — — Loan from/to related parties For the year ended and as at December 31, 2021 (EUR thousand) Interest Interest Financial 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 and as at December 31, 2020 (EUR thousand) Revenues Costs* 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 (EUR thousand) Trade Trade Other Assets Other Associate companies Swissfillon AG 88 — — — Other related parties Winckler & Co. Ltd. — 28 — — Società Agricola Stella S.r.l. — 25 24 — SFEM Italia S.r.l. — 2 — — Loan from/to related parties For the year ended and as at December 31, 2020 (EUR thousand) Interest Interest Financial Associate companies 20 — 1,342 Swissfillon AG Other related parties SE Holdings Co.Ltd. — 6 ( 968 ) Key management personnel of the Group Directors and Key Managers 53 — 4,614 For the year ended December 31, 2019 (EUR thousand) Revenues Costs* Associate companies Swissfillon AG 168 — Other related parties Winckler & Co. Ltd. — 499 Società Agricola Stella S.r.l. — 83 SFEM Italia S.r.l. — 19 MJB Consultants LLC — 150 Progenitor Capital Partners LLC — 89 E & FKH Ejendomme ApS — 391 Stevanato Marco — ( 282 ) Piovesan Barbara — 30 Stevanato Sergio — 98 Studio Legale Spinazzi Azzarita Troi — 294 Fondazione Stevanato — 130 * Costs include cost of sale, selling, general administrative costs and other expenses net Loan from/to related parties For the year ended December 31, 2019 (EUR thousand) Interest Interest Associate companies Swissfillon AG 17 — Other related parties SE Holdings Co.Ltd. — 5 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, 2021 (EUR thousand) Fixed remuneration Pension Long Term Share based Total Annual Fringe expense (1) Benefits (2) compensation (3) remuneration fee benefits Total Directors 2,196 14 50 ( 2,966 ) 350 ( 356 ) (1) Pensions expense related to Trattamento Fine Mandato accrued on the year (2) Long term benefits related to cash settled awards early terminated in 2021 (3) Shares assigned to board members For the year ended December 31, 2020 (EUR thousand) Fixed remuneration Pension Long Term Total Annual Fringe expense (1) Benefits (2) remuneration fee benefits Total Directors 1,688 28 50 412 2,178 (1) Pensions expense related to Trattamento Fine Mandato accrued on the year (2) Long term benefits related to cash settled awards For the year ended December 31, 2019 (EUR thousand) Fixed remuneration Pension Long Term Total Annual Fringe expense (1) Benefits (2) remuneration fee benefits Total Directors 1,475 21 50 127 1,673 1) Pensions expense related to Trattamento Fine Mandato accrued on the year (2) 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, 2021 (EUR thousand) Fixed remuneration Variable Pension Long Term Share based Total Annual Fringe remuneration (2) expense (3) Benefits (4) compensation (5) remuneration fee benefits (1) 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 For the year ended December 31, 2020 (EUR thousand) Fixed remuneration Variable Pension Long Term Total Annual Fringe remuneration (2) expense (3) Benefits (4) remuneration fee benefits (1) 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 For the year ended December 31, 2019 (EUR thousand) Fixed remuneration Variable Pension Long Term Total Annual Fringe remuneration (2) expense (3) Benefits (4) remuneration fee benefits (1) Total Other Key Management 1,231 19 305 86 723 2,364 (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, 2021 | |
Disclosure Of Contingent Liabilities [Abstract] | |
Commitments and contingencies | 39. Commitments and contingencies Commitments, guarantees and contingent liabilities can be described as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Guarantees 99,535 86,633 of which secured 4,707 4,704 Total Guarantees 99,535 86,633 As at December 31, 2021 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 17,471 thousand in 2020) on behalf of SVM Automatik A/S; - Suretyship issued in favor of Nordea Bank for EUR 9,413 thousand (EUR 9,407 thousand in 2020) on behalf of Innoscan A/S; - Letter of Comfort in favor of Unicredit AG for EUR 15,000 thousand (EUR 15,000 thousand in 2020) on behalf of the company Balda Medical Gmbh. Secured guarantees for EUR 4,707 thousand (EUR 4,704 thousand in 2020) 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 39,907 thousand (EUR 28,710 thousand in 2020) 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, 2021 | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Abstract] | |
Qualitative and quantitative information of financial risks | 40. 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 revenues/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 revenues, 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 significant exposures included the exchange rate between the Euro and the following currencies: Japanese Yen, Danish Krone, British Pound and Swiss Franc. 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, Switzerland. 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 revenues and margins are unchanged in local currency, changes in exchange rates can impact the amount of revenues, 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, 2021, except for those arising on financial instruments measured at fair value, amounted to net losses of EUR 2,584 thousand (EUR 448 thousand in 2020). There have been no substantial changes in 2021 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 not currently 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, 2021 (EUR thousand) 0 to 6 6 to 9 9 to 12 Total Carrying Line item in the 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 As at December 31, 2020 (EUR thousand) 0 to 6 6 to 9 9 to 12 Total Carrying Line item in the Notional amount Forward 19,554 19,554 ( 12 ) Current financial liabilities Average forward rate (EUR/DKK) 7.447 — Notional amount Forward 6,246 6,246 19 Other current financial assets Average forward rate (EUR/USD) 1.230 — Notional amount Forward 1,203 1,203 ( 3 ) Current financial liabilities Average forward rate (EUR/CHF) 1.082 — Notional amount Forward 1,008 1,008 ( 0 ) Current financial liabilities Average forward rate (EUR/JPY) 126.55 — Total 28,011 4 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, 2021 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, 2021 and December 31, 2020 are as follows: As at December 31, 2021: (EUR thousand) IRS FIX Floating Total Effect Total MtM Line item in 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 % As at December 31, 2020: (EUR thousand) IRS FIX Floating Total Effect Total MtM Line item in Bank loans 229,772 12,838 44,355 286,965 ( 695 ) 286,270 ( 4,402 ) Current financial liabilities/ Bank overdrafts — — 582 582 — 582 — Other financial liabilities Financial payables for share acquisition — — 7,927 7,927 — 7,927 — Current financial liabilities Financial liabilities due to related parties — 968 — 968 — 968 — Current financial liabilities Notes — 50,000 — 50,000 ( 427 ) 49,573 — Non-current financial liabilities Total 229,772 63,806 52,864 346,442 ( 1,122 ) 345,320 ( 4,402 ) Percentage on Total 67 % 18 % 15 % 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 in “cash flow hedge reserve”: (EUR thousand) 2021 2020 As at 1 January 3,345 2,796 Interest Rate Swap ( 2,721 ) 722 Tax effect 653 ( 173 ) As at 31 December 1,277 3,345 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, 2021 Interest rate sensitivity (EUR thousand) Increase/decrease Effect on profit + 20 BP - 20 BP — — + 50 BP - 50 BP — — + 100 BP - 100 BP — — Exchange rate sensitivity (EUR thousand) Increase/decrease Effect on EBITDA 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 ) As at December 31, 2020 Interest rate sensitivity (EUR thousand) Increase/decrease Effect on profit + 20 BP - 20 BP ( 21 ) 11 + 50 BP - 50 BP ( 111 ) 26 + 100 BP - 100 BP ( 406 ) 53 Exchange rate sensitivity (EUR thousand) Increase/decrease Effect on EBITDA Euro 1 % ( 1 )% ( 862 ) 879 US dollar 3 % ( 3 )% ( 2,534 ) 2,691 5 % ( 5 )% ( 4,144 ) 4,580 Euro 1 % ( 1 )% 128 ( 131 ) Mexican Pesos 3 % ( 3 )% 377 ( 400 ) 5 % ( 5 )% 616 ( 681 ) 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, 2021 and at December 31, 2020 on the basis of contractual payments which have not been discounted: As at December 31, 2021 (EUR thousand) Due within Due between Due beyond Total 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 — 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. As at December 31, 2020 (EUR thousand) Due within Due between Due beyond Total Bank overdrafts 582 — — 582 Borrowings from banks (*) 62,169 216,717 8,079 286,965 Notes (*) — — 50,000 50,000 Lease liabilities (**) 5,954 14,868 7,706 28,528 Other Financial liabilities 8,896 — — 8,896 Trade payables 118,740 — — 118,740 Tax payables 19,126 — — 19,126 Other liabilities 43,683 1,715 93 45,491 Employee Benefits — 29,725 — 29,725 Total liabilities 259,150 263,025 65,878 588,053 (*) The corresponding balance reported in the financial statement position is EUR 286,270 thousand and EUR 49,573 thousand respectively at 31 December 2020 and refers to adoption of amortized cost. (**) The corresponding balance in the financial statement position is EUR 25,621 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, 2021, amounting overall to EUR 171,803 thousand (EUR 135,514 thousand in 2020), include receivables not overdue of EUR 133,671 thousand and overdue receivables of EUR 38,132 thousand, of which EUR 30,149 thousand within 90 days, EUR 1,217 thousand between 90 and 180 days, EUR 1,047 thousand between 181 and 365 days and EUR 5,719 thousand beyond 365 days. As of December 31, 2021 the Group has accrued an allowance for doubtful accounts amounting to EUR 6,544 thousand (EUR 7,696 thousand in 2020). |
Covid-19 Pandemic
Covid-19 Pandemic | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Nature and Extent of Risks Arising from Unusual Risk and Uncertainty By Nature [Abstract] | |
Covid-19 Pandemic | 41. 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 seeking to contain the spread of the virus. These measures impacted and are expected to continue to impact the Group business and operations in several ways. Initial unfavorable short-term impacts of COVID-19 on production and operational capabilities included: (i) a temporary decrease in the sales of certain non-COVID-19 products as a result of traditional healthcare procedures being postponed and the diversion of our production capacity to support the rollout of the COVID‑19 vaccine worldwide (ii) labor absenteeism; (ii) disruptions to production lines; (iii) delays in, and increased costs of, logistics; and (iv) increased SG&A costs related to employee bonuses to recognize and reward general efforts to ensure business continuity during the pandemic. 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. Going forward, the Group expects demand for syringes, vials and related products and services to remain elevated as the COVID-19 vaccine and treatment programs continue to roll-out globally and as customers contemplate the transition from multi-dose formats to single-dose formats. In addition, the Group expects continued tailwinds as epidemic preparedness, including the ongoing global COVID-19 vaccine rollout, booster shot distribution, and new vaccination programs, remain a priority for governments. Longer-term, there remains uncertainty around the magnitude of the impact of COVID-19 and the demand for our solutions. Many scientists predict that COVID-19 will eventually transition to an endemic state. While timing of this transition is difficult to predict, experts believe that the transition may likely occur over the next twelve to twenty-four months. This may result in a continued need and relatively stable demand for the Group's products and services that support COVID-19 and would be integrated into the standard vaccine business in the coming years. |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Events after the reporting period | 42. Events after the reporting period On February 23, 2022 Nuova Ompi signed the preliminary contract for the purchase of a brownfield in Latina (Italy) for a total consideration of approximately EUR 16 million. The facility, after renovation, is expected to produce EZ-fill® syringes and vials. On February 25, 2022 the Group signed its first partnership agreement with the U.S. government’s Biomedical Advanced Research and Development Authority – or BARDA – which is part of the Department of Health and Human Services, in collaboration with the U.S. Department of Defense. Under the agreement, BARDA will invest up to approximately USD 95 million for Stevanato to increase its planned manufacturing capacity in Indiana for both standard and EZ-Fill® vials. The main objective is to strengthen domestic capabilities in the U.S. for national defense readiness and preparedness programs for current and future public health emergencies. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 and for the years ended December 31, 2021 and 2020. The consolidated financial statements were authorized for issuance by resolution of the Board of Directors on March 4, 2022. 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 2021 2021 2020 2020 2019 2019 CHINA CNY 7.6282 7.1947 7.8747 8.0225 7.7355 7.8205 UNITED STATES USD 1.1827 1.1326 1.1422 1.2271 1.1195 1.1234 MEXICO MXN 23.9852 23.1438 24.5194 24.4160 21.5565 21.2202 DENMARK DKK 7.4370 7.4364 7.4542 7.4409 7.4661 7.4715 BRAZIL BRL 6.3779 6.3101 5.8943 6.3735 4.4134 4.5157 SWITZERLAND CHF 1.0811 1.0331 1.0705 1.0802 1.1124 1.0854 JAPAN JPY 129.8767 130.3800 121.8458 126.4900 122.0100 121.9400 |
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 revenues | Recognition of revenues 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. Revenues from sale of Biopharmaceutical and Diagnostic Solution segment Revenue from sale of 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 sale of Engineering segment Revenue from sale of 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 revenues 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 revenues 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 revenues 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. |
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 revenues 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, 2020 and December 31, 2021. 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 recommendations of IFRIC 23 - Uncertainty over Income Tax Treatments that requires an entity to consider 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. 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. Impairment of non-financial assets The Group tests whether there is an indication that an asset may be impaired. If there is evidence of impairment, book value is written down to the related 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 the targets provided for the vesting period in relation to which the shares are assigned should not be totally or partially achieved, the beneficiaries are bound to re-sell the shares to Stevanato Group S.p.A. at a determined price. In the event certain over-performances with respect to the financial targets have been met, 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. The value corresponding to the consideration that Stevanato Group S.p.A. has to pay in case of re-purchase of the shares is recorded on the income statement among personnel costs at the grant date and a liability for employee benefits is registered. 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 recorded. Fair value is determined at the assignment date, reflecting the market conditions prevailing at the date in question. At each reporting date, the Group checks 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. |
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 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. Development costs The amortization of development costs requires management to estimate the lifecycle of the related product. Any changes in such assumptions would impact the amortization charge recorded and the carrying amount of capitalized development costs. The periodic amortization charge is derived after determining the expected lifecycle of the related product. Increasing an asset’s expected lifecycle or its residual value would result in a reduced amortization charge in the consolidated income statement. The useful lives of our development costs are determined by management at the time of capitalization and reviewed annually for appropriateness and recoverability. 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. Provision for 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 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. |
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, 2021 but did not require changes to accounting policies or retrospective adjustments. - Amendments to IFRS 9 - Financial Instruments , - Amendments to IAS 39 - Financial Instruments: Recognition and Measurement, - Amendments to IFRS 7 - Financial Instruments: Disclosures, - Amendments to IFRS 4 - Insurance Contracts, - Amendments to IFRS 16 - Leases - Interest Rate Benchmark Reform - Phase 2 (issued on August 27, 2020 and effective from periods beginning on January 1, 2021). The amendments aim at helping companies to provide investors with useful information about the effects of the reform on those companies’ financial statements. These amendments focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. The new amendments relate to: - changes to contractual cash flows. A company is not required to derecognize or adjust the carrying amount of financial instruments for changes required by the interest rate benchmark reform, but will instead update the effective interest rate to reflect the change to the alternative benchmark rate; - hedge accounting. A company does not have to discontinue its hedge accounting solely because it makes changes required by the interest rate benchmark reform if the hedge meets other hedge accounting criteria; - disclosures. A company is required to disclose information about new risks that arise from the interest rate benchmark reform and how the company manages the transition to alternative benchmark rates. These amendments had no impact on the consolidated financial statements of the Group. |
Changes in Accounting Policie_2
Changes in Accounting Policies and Disclosures (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
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 amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: - What is meant by a right to defer settlement. - That a right to defer must exist at the end of the reporting period. - That classification is unaffected by the likelihood that an entity will exercise its deferral right. - That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice, monitoring the IFRS Interpretations Committee and IASB’s discussions, and whether existing loan agreements may require renegotiation. 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. 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 are not expected to 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 Group will apply these amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments. 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. |
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, 2021 but did not require changes to accounting policies or retrospective adjustments. - Amendments to IFRS 9 - Financial Instruments , - Amendments to IAS 39 - Financial Instruments: Recognition and Measurement, - Amendments to IFRS 7 - Financial Instruments: Disclosures, - Amendments to IFRS 4 - Insurance Contracts, - Amendments to IFRS 16 - Leases - Interest Rate Benchmark Reform - Phase 2 (issued on August 27, 2020 and effective from periods beginning on January 1, 2021). The amendments aim at helping companies to provide investors with useful information about the effects of the reform on those companies’ financial statements. These amendments focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. The new amendments relate to: - changes to contractual cash flows. A company is not required to derecognize or adjust the carrying amount of financial instruments for changes required by the interest rate benchmark reform, but will instead update the effective interest rate to reflect the change to the alternative benchmark rate; - hedge accounting. A company does not have to discontinue its hedge accounting solely because it makes changes required by the interest rate benchmark reform if the hedge meets other hedge accounting criteria; - disclosures. A company is required to disclose information about new risks that arise from the interest rate benchmark reform and how the company manages the transition to alternative benchmark rates. These amendments had no impact on the consolidated financial statements of the Group. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2021 2020 2020 2019 2019 CHINA CNY 7.6282 7.1947 7.8747 8.0225 7.7355 7.8205 UNITED STATES USD 1.1827 1.1326 1.1422 1.2271 1.1195 1.1234 MEXICO MXN 23.9852 23.1438 24.5194 24.4160 21.5565 21.2202 DENMARK DKK 7.4370 7.4364 7.4542 7.4409 7.4661 7.4715 BRAZIL BRL 6.3779 6.3101 5.8943 6.3735 4.4134 4.5157 SWITZERLAND CHF 1.0811 1.0331 1.0705 1.0802 1.1124 1.0854 JAPAN JPY 129.8767 130.3800 121.8458 126.4900 122.0100 121.9400 |
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, 2021 | |
Disclosure of significant investments in subsidiaries and associates Abstract | |
Schedule of list of company directly or indirectly controlled | The consolidated financial statement of the Group includes the following list of company directly or indirectly controlled: % equity interest Name Segment Description Country of incorporation Type of control 2021 2020 Nuova Ompi S.r.l. Biopharmaceutical Production of drug containment systems 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 systems 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 containment systems Mexico Direct 30.76 % 69.24 % 30.76 % 69.24 % Ompi of America inc. Biopharmaceutical Sale of drug containment systems and analytical services USA Indirect 100 % 100 % Ompi do Brasil I. e C. de Biopharmaceutical Production of drug containment systems Brazil Direct 79 % 21 % 79 % 21 % Ompi Pharm. Packing Techn. Co. Ltd Biopharmaceutical Production of drug containment systems China Indirect 100 % 100 % Innoscan A/S Engineering Production plant and machinery Denmark Indirect 100 % 100 % SVM Automatik A/S Engineering Production plant and machinery Denmark Indirect 100 % 65 % * 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 systems Japan Direct 51 % 51 % Swissfillon AG Biopharmaceutical Sterile filling services company Switzerland Associate 0 % 26.94 % * Not included in minority interests as there is a put and call option for full acquisition (the minority interests would have amounted to 35 %). |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 (EUR thousand) Biopharmaceutical Engineering Total Adjustments, Consolidated External Customers 694,038 149,882 843,920 — 843,920 Inter-Segment 1,134 68,979 70,113 ( 70,113 ) — Total Revenues 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 (EUR thousand) Biopharmaceutical Engineering Total Adjustments, Consolidated External Customers 564,931 97,106 662,037 — 662,037 Inter-Segment 1,096 56,327 57,423 ( 57,423 ) — Total Revenues 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 Total assets 776,832 188,751 965,583 2,396 967,979 Total liabilities 330,624 109,325 439,949 217,890 657,839 For the year ended December 31, 2019 (EUR thousand) Biopharmaceutical Engineering Total Adjustments, Consolidated External Customers 455,041 81,498 536,539 — 536,539 Inter-Segment 881 45,625 46,506 ( 46,506 ) — Total Revenues 455,922 127,123 583,045 ( 46,506 ) 536,539 Cost of Sales 333,539 104,291 437,830 ( 39,312 ) 398,518 Gross Profit 122,383 22,832 145,215 ( 7,194 ) 138,021 Other operating income 8,737 0 8,737 0 8,737 Selling and Marketing expenses 13,776 3,113 16,889 9,255 26,144 Research and Development expenses 5,442 1,549 6,991 835 7,826 General and Administrative expenses 43,167 8,157 51,324 ( 756 ) 50,568 Operating Profit 68,735 10,013 78,748 ( 16,528 ) 62,220 |
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 years ended December 31, (EUR thousand) 2021 2020 2019 Segments Operating Profit 171,955 119,236 78,748 Finance income 21,709 14,926 8,006 Finance expense 18,808 21,848 15,250 Share of profit of an associate 547 92 ( 262 ) Inter-segment elimination ( 9,730 ) ( 16,127 ) ( 16,528 ) Profit Before Tax 165,673 96,279 54,714 |
Revenues from Contract with C_2
Revenues from Contract with Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 (EUR thousand) Biopharmaceutical and Diagnostic Solutions Engineering Total Type of goods or service Revenues from high-value solutions 207,815 — 207,815 Revenues from other containment and delivery solutions 486,223 — 486,223 Revenues 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 (EUR thousand) Biopharmaceutical and Diagnostic Solutions Engineering Total Type of goods or service Revenues from high-value solutions 146,332 — 146,332 Revenues from other containment and delivery solutions 418,599 — 418,599 Revenues 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 For the year ended December 31, 2019 (EUR thousand) Biopharmaceutical and Diagnostic Solutions Engineering Total Type of goods or service Revenues from high-value solutions 90,700 — 90,700 Revenues from other containment and delivery solutions 364,341 — 364,341 Revenues from engineering — 81,498 81,498 Total revenue from contracts with customers 455,041 81,498 536,539 Geographical markets EMEA 270,339 52,485 322,824 APAC 41,129 14,393 55,522 North America 119,054 13,381 132,435 South America 24,519 1,239 25,758 Total revenue from contracts with customers 455,041 81,498 536,539 Timing of revenue recognition Goods and services transferred at a point in time 455,041 33,684 488,725 Goods and services transferred over time — 47,814 47,814 Total revenue from contracts with customers 455,041 81,498 536,539 |
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, (EUR thousand) 2021 2020 Trade Receivables 165,259 127,818 Contract Assets 62,133 39,430 Contract Liabilities ( 18,771 ) ( 5,031 ) Advances From Customers ( 23,616 ) ( 48,361 ) Total 185,005 113,856 |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cost Of Sales [Abstract] | |
Summary of cost of sales | Cost of sales are detailed as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Purchases 296,105 226,997 175,816 Change in inventories 9,193 ( 1,739 ) ( 6,534 ) Direct industrial labour 114,807 107,959 102,669 Indirect industrial labour 50,339 42,794 33,798 Industrial depreciation and amortization 46,258 45,296 38,497 Other costs of sales 61,813 46,554 54,272 Total Cost of sales 578,515 467,861 398,518 |
Expenses (Tables)
Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Summary of expenses | Expenses are detailed as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Selling and Marketing expenses 20,448 20,044 26,144 Research and Development expenses 29,616 17,390 7,826 General and Administrative expenses 62,502 58,863 50,568 Total Expenses 112,566 96,297 84,538 |
Other Information by Nature (Ta
Other Information by Nature (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 years ended December 31, (EUR thousand) 2021 2020 2019 Personnel 46,489 43,731 37,187 Other Costs and Incomes 56,886 42,675 35,772 Depreciation and Amortization 10,124 8,807 7,720 Expected Credit Losses ( 933 ) 1,084 3,859 Total Expenses 112,566 96,297 84,538 |
Summary of Breakdown of Depreciation and Amortization | Depreciation and amortization can be broken down as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Cost of sales 46,258 45,296 38,497 Selling and Marketing expenses 787 844 702 Research and Development expenses 3,353 2,580 930 General and Administrative expenses 5,985 5,383 6,088 Total Depreciation & Amortization 56,383 54,103 46,217 |
Finance Income (Tables)
Finance Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Finance Income [Abstract] | |
Summary of Finance Income | Finance income are as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Interest income from banks deposits 538 352 158 Income from financial discounts 18 17 398 Interest income on loans to associates 10 20 17 Other financial income 57 295 62 Gain from the sale of an associate 12,258 — — Foreign currency exchange rate gains 7,588 11,585 4,789 Derivatives revaluation 950 2,007 1,809 Other fair value adjustments 290 650 773 Total finance income 21,709 14,926 8,006 |
Finance Expense (Tables)
Finance Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Finance Expense [Abstract] | |
Summary of Finance Expense | Finance expense are as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Interest on debts and borrowings 4,286 5,333 4,109 Financial discounts and other expenses 102 37 871 Interest on lease liabilities 585 624 626 Financial component IAS 19 28 125 374 Foreign currency exchange losses 10,172 12,033 5,334 Derivatives devaluation 3,211 2,471 2,513 Other fair value adjustments 424 1,225 1,423 Total finance expense 18,808 21,848 15,250 |
Employee Benefits Expense (Tabl
Employee Benefits Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Classes of employee benefits expense [abstract] | |
Summary of Employee Benefits Expense | Employee benefits expense are detailed as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Included in Cost of sales: Wages and salaries 134,619 123,773 112,687 Social security costs 25,610 22,720 19,815 Pension costs 4,917 4,260 3,965 Included in Selling and Marketing expenses: Wages and salaries 12,716 11,522 11,033 Social security costs 1,531 1,278 1,422 Pension costs 403 363 349 Included in General and Administrative expenses: Wages and salaries 26,106 17,313 14,907 Social security costs 3,589 2,900 2,795 Pension costs 545 545 374 Cash settled awards ( 10,831 ) 2,394 1,284 Stock grant plan 1,740 — — Included in Research and Development expenses: Wages and salaries 9,089 6,327 4,184 Social security costs 1,270 857 645 Pension costs 331 232 194 Total employee benefits expense 211,635 194,484 173,654 |
Summary of Average Size of Group's Workforce | The average size of the Group's workforce during the year is as follows: For the years ended December 31, 2021 2020 2019 Executives 51 42 37 Managers 126 113 124 Employees 4,284 3,889 3,664 Total Workforce 4,461 4,044 3,825 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major Components Of Tax Expense Income [Abstract] | |
Summary of Income Tax Expense | Income tax expense is as follows: For the years ended December 31, (EUR thousand) 2021 2020 2019 Current income tax: Current Taxes 35,093 28,604 18,883 Prior Years Taxes ( 6,544 ) 918 1,620 Deferred tax: Deferred Taxes 2,855 ( 11,840 ) ( 4,496 ) Income tax expense reported in the statement of profit or loss 31,404 17,682 16,007 |
Summary of Deferred Tax Charged to OCI | For the years ended (EUR thousand) 2021 2020 2019 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 26 15 86 Change in the fair value of hedging instruments ( 653 ) 173 216 Deferred tax charged to OCI ( 627 ) 188 302 |
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 years ended December 31, (EUR thousand) 2021 2020 2019 Accounting profit before income tax 165,673 96,279 54,714 Statutory income tax rate of 27.9 % 46,223 26,862 15,265 Prior years taxes ( 6,544 ) 918 1,620 DTA recognized on tax losses carry-forward ( 1,947 ) ( 41 ) 720 Taxes effect on unremitted earnings 400 1,248 210 Utilization of tax losses carry-forward not recognized on DTA — — ( 1,759 ) Not deductible expenses — — 535 Step up — ( 7,926 ) — Change notional rate — 361 — Tax grants/not taxable items ( 1,157 ) ( 2,146 ) ( 449 ) Tax exemption on gain from the sale of an associate ( 3,378 ) — — Different foreign tax rate effect ( 2,193 ) ( 1,594 ) ( 135 ) At the effective income tax rate of 18.96 % ( 18.40 % in 2020, 29.30 % in 2019) 31,404 17,682 16,007 Income tax expense reported in the statement of profit or loss 31,404 17,682 16,007 |
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, (EUR thousand) 2021 2020 Timing of unrecognized tax losses carry-forwards 2022 16 15 2023 320 306 2024 351 336 2025 315 304 2026 318 262 2027 274 283 Unlimited 2,206 7,288 Total unrecognized tax losses 3,800 8,794 |
Summary of Deferred Tax Assets and Deferred Tax Liabilities | The analysis of deferred tax assets and deferred tax liabilities as at December 31, 2021 and 2020 is as follows: Consolidated statement At December 31, At December 31, (EUR thousand) 2021 2020 Other intangible assets ( 3,167 ) ( 3,914 ) Tangible assets 12,178 10,530 Work in progress ( 5,156 ) ( 4,581 ) Revaluations of investment properties to fair value 8,009 9,104 Expected credit losses of debt financial assets 1,429 1,683 Derivatives 403 1,056 Leases 251 178 Long term incentives 816 1,057 Cash settled awards 325 5,120 Provisions 2,351 5,413 Accruals and other provisions 62 906 Tax losses carry forward 14,888 8,636 Dividends ( 1,300 ) ( 1,200 ) Start up costs IPO SG spa 5,369 — Other effects 314 ( 59 ) Deferred tax assets, net 36,772 33,929 Reflected in the statement of financial position as follows: Deferred tax assets 55,877 45,552 Deferred tax liabilities ( 19,105 ) ( 11,623 ) Deferred tax assets, net 36,772 33,929 |
Schedule of Reconciliation of Net Deferred Tax Assets | The reconciliation of net deferred tax assets is as follows: (EUR thousand) 2021 2020 As of January 1 33,929 22,669 Tax expense during the period recognized in profit or loss ( 2,855 ) 11,840 Tax income/(expense) during the period recognized in OCI ( 627 ) 188 DTA on IPO transaction costs on capital increase 6,711 — Other effect ( 386 ) ( 768 ) As at December 31 36,772 33,929 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, (EUR thousand) 2021 2020 2019 Profit attributable to ordinary equity holders of the parent 134,321 78,513 39,201 Weighted average number of ordinary shares for basic EPS 252,670,872 240,501,960 240,501,960 Weighted average number of ordinary shares adjusted for the effect of dilution 252,690,321 240,501,960 240,501,960 2021 2020 2019 Basic earnings per common share (in EUR) 0.53 0.33 0.16 Diluted earnings per common share (in EUR) 0.53 0.33 0.16 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, (EUR thousand) 2021 2020 Drug Containment Systems 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, 2021 | |
Disclosure Of Intangible Assets [Abstract] | |
Summary of Changes in Intangible Assets | Changes in intangible assets for the year ended December 31, 2021 are as follows: (EUR thousand) Development Industrial Concessions, Intangible Other Total Cost At January 1, 2020 13,505 11,291 24,973 3,554 10,851 64,174 Additions 1,673 2,145 132 1,912 577 6,439 Reclassifications 1,891 1,646 302 ( 3,863 ) 24 — Exchange differences 44 ( 222 ) ( 37 ) ( 15 ) ( 500 ) ( 730 ) At December 31, 2020 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 Amortization At January 1, 2020 4,401 8,124 10,987 — 5,838 29,350 Amortization 2,569 1,622 1,837 — 757 6,785 Exchange differences 17 ( 42 ) ( 6 ) — ( 122 ) ( 153 ) At December 31, 2020 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 Net book value At December 31, 2021 7,329 5,085 11,375 4,073 4,066 31,928 At December 31, 2020 10,126 5,156 12,552 1,588 4,479 33,901 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Changes in Items of Property, Plant and Equipment | Changes in items of property, plant and equipment in 2021 are as follows: (EUR thousand) Land and Plant and Industrial Other Assets under Total Cost At January 1, 2020 147,872 353,971 33,503 11,112 25,184 571,642 Additions 5,441 24,958 6,539 925 51,265 89,128 Disposals — ( 1,724 ) ( 40 ) ( 36 ) ( 3 ) ( 1,803 ) Reclassifications 811 12,266 1,727 43 ( 14,847 ) — Exchange differences ( 5,793 ) ( 13,569 ) ( 540 ) ( 728 ) ( 306 ) ( 20,936 ) At December 31, 2020 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 Depreciation and impairment At January 1, 2020 59,139 198,878 25,481 7,558 — 291,056 Depreciation charge for the year 5,384 30,121 4,610 1,037 — 41,152 Impairment 210 — — — — 210 Disposals — ( 1,741 ) ( 12 ) ( 38 ) — ( 1,791 ) Exchange differences ( 1,170 ) ( 4,454 ) ( 179 ) ( 450 ) — ( 6,253 ) At December 31, 2020 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 Net book value At December 31, 2021 90,484 197,257 11,212 3,818 89,946 392,717 At December 31, 2020 84,768 153,098 11,289 3,209 61,293 313,658 |
Investments in an Associate (Ta
Investments in an Associate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Investments In Associates [Abstract] | |
Summary of Investments in Associate | 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. (EUR thousand) 2021 2020 At January 1 2,009 1,917 Proportionate share of net profit for the year 547 92 Derecognition of the associate after minority interest sale ( 2,556 ) — At December 31 — 2,009 |
Summarised Financial Information Relating to Swissfillon AG | Summarised financial information relating to Swissfillon AG for the year ended December 31, 2020: At December 31, (EUR thousand) 2020 Current assets 3,256 Non-current assets 8,462 Current liabilities 3,429 Non-current liabilities 7,152 Equity 1,138 Group’s share in equity – 26.94 % in 2020 306 Goodwill 1,729 Exchange differences ( 26 ) Group’s carrying amount of the investment 2,009 For the year ended (EUR thousand) 2020 2019 Revenue from contracts with customers 11,230 5,559 Cost of materials and services 4,016 2,006 Personnel expenses 3,616 2,035 Other operating expenses 2,120 1,487 Depreciation and amortization 946 824 Finance costs 168 168 Profit before tax 364 ( 961 ) Income tax expense 21 10 Net Profit 343 ( 971 ) Group’s share of profit for the year 92 ( 262 ) |
Financial Assets (Tables)
Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Financial Assets [Abstract] | |
Composition of Financial Assets | The following table details the composition of financial assets: At December 31, At December 31, (EUR thousand) 2021 2020 Receivables from financing activities 447 5,956 Other non-current financial assets 887 745 Other non-current financial assets 1,334 6,701 Fair value of derivatives financial instruments 49 19 Other securities 27,168 41,524 Other current financial assets 27,217 41,543 Financial Assets 28,551 48,244 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Classes Of 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, (EUR thousand) 2021 2020 Raw materials 58,484 41,889 Semifinished products 29,878 46,479 Finished products 64,252 55,394 Advances to suppliers 9,554 7,920 Provision from slow moving and obsolescence ( 13,251 ) ( 12,309 ) Total inventories 148,917 139,373 |
Changes in Provision for Slow Moving and Obsolete Inventories | Changes in the provision for slow moving and obsolete inventories are as follows: (EUR thousand) 2021 2020 As at January 1 12,309 13,252 Provision 1,878 2,109 Utilizations and other changes ( 936 ) ( 3,052 ) As at December 31 13,251 12,309 |
Trade receivables and contrac_2
Trade receivables and contract assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, (EUR thousand) 2021 2020 Trade receivables 171,803 135,514 Allowance for expected credit losses ( 6,544 ) ( 7,696 ) Total trade receivables 165,259 127,818 Expected credit loss rate 3.8 % 5.7 % |
Summary of Trade Receivables Breakdown by Geographical Area | Trade receivables breakdown by geographical area is shown below: At December 31, At December 31, (EUR thousand) 2021 2020 EMEA 90,518 67,884 APAC 27,200 15,637 North America 43,762 37,261 South America 10,323 14,732 Total Trade Receivables 171,803 135,514 |
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 6,544 thousand and EUR 7,696 thousand for 2021 and 2020 respectively: (EUR thousand) 2021 2020 As at January 1 7,696 7,355 Accruals 3,478 1,631 Releases ( 4,413 ) ( 552 ) Utilizations ( 390 ) ( 374 ) Exchange differences 173 ( 364 ) As at December 31 6,544 7,696 |
Tax Receivables and Tax Payab_2
Tax Receivables and Tax Payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, (EUR thousand) 2021 2020 Tax Receivables 25,063 14,188 Tax Payables ( 19,440 ) ( 18,543 ) |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Receivables [Abstract] | |
Summary of other receivables | Other receivables are disclosed as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Advances to suppliers 373 416 Accrued income and prepayments 5,555 2,105 VAT receivables 18,198 10,845 Other receivables 2,215 1,458 Total other receivables 26,341 14,824 |
Financial liabilities (Tables)
Financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Financial Liabilities [Abstract] | |
Summary of Balances in Financial Debt | Total financial liabilities are EUR 248,491 thousand and EUR 375,358 thousand as of December 31, 2021 and as of December 31, 2020 respectively; the balances in financial debt are as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Lease liabilities - Right of Use 5,553 5,435 Bank overdrafts 37 582 Bank loans 36,195 61,905 Financial liabilities due to related parties 940 968 Fair value of derivatives 1,681 4,417 Financial payables for shares acquisition — 7,927 Financial liabilities due to other lenders 1,789 — Total current financial liabilities 46,195 81,234 Lease liabilities - Right of Use 17,574 20,186 Bank loans 134,367 224,365 Notes 49,620 49,573 Financial liabilities due to other lenders 735 — Total non-current financial liabilities 202,296 294,124 Financial Liabilities 248,491 375,358 |
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, 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 ( 380 ) 2022-2028 ( 380 ) Total Notes 49,620 Overdrafts DKK 275 2022 1.25 % 37 Total Bank Loans and Overdrafts 220,219 As at December 31, 2020 Currency Amount Maturity Average Amount in EUR Bank Loans EUR 62,169 2021 0.86 % 62,169 EUR 66,251 2022 0.91 % 66,251 EUR 65,467 2023 0.97 % 65,467 EUR 56,156 2024 1.08 % 56,156 EUR 28,843 2025 1.29 % 28,843 EUR 7,488 2026 1.36 % 7,488 EUR 591 2027 0.94 % 591 Amortized Cost EUR ( 695 ) 2021-2027 ( 695 ) Total Bank Loans 286,270 Notes EUR 25,000 2027 1.40 % 25,000 EUR 25,000 2028 1.40 % 25,000 Amortized Cost EUR ( 427 ) 2021-2028 ( 427 ) Total Notes 49,573 Overdrafts DKK 4,321 2021 1.25 % 582 Total Bank Loans and Overdrafts 336,425 |
Summary of Analysis of Derivative Assets and Liabilities | The following table sets further the analysis of derivative assets and liabilities at December 31, 2021 and December 31, 2020. At December 31, At December 31, 2021 2020 (EUR thousand) Carrying Fair Carrying Fair Financial assets Foreign exchange forward contracts 49 49 19 19 Financial liabilities Foreign exchange forward contracts — — 16 16 Interest Rate Swap in cash flow hedges 1,681 1,681 4,386 4,386 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021: (EUR thousand) Fair value measurement using Notes Total Level 1 Level 2 Level 3 Cash and cash equivalents 26 411,039 411,039 — — Equity Investments others 20 1,084 — — 1,084 Derivatives financial assets 21 49 — 49 — Financial current assets 21 27,168 — 27,168 — Other non-current financial assets 671 — 671 — Total assets 440,011 411,039 27,888 1,084 Derivatives financial liabilities 29 1,681 — 1,681 — Total Liabilities 1,681 — 1,681 — As at December 31, 2020: (EUR thousand) Fair value measurement using Notes Total Level 1 Level 2 Level 3 Cash and cash equivalents 26 115,599 115,599 — — Equity Investments others 20 760 — — 760 Derivatives financial assets 21 19 — 19 — Financial current assets 21 41,523 — 41,523 — Other non-current financial assets 610 — 610 — Total assets 158,511 115,599 42,152 760 Put & Call related to financial liabilities 29 6,706 — — 6,706 Derivatives financial liabilities 29 4,417 — 4,417 — Payables for subsidiary acquisition 29 1,221 — — 1,221 Total Liabilities 12,344 — 4,417 7,927 |
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, 2021 | |
Disclosure Of Information About Defined Benefit Plans [Abstract] | |
Summary of employee benefits | Employee benefits are analyzed as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Employee severance pay 5,895 5,791 Jubilee benefits 253 239 Other post-employment plans 699 582 Long term incentive plan 3,653 1,780 Cash settled awards — 21,333 Stock grant plan 1,353 — Total employee benefits 11,853 29,725 |
Summary of group's liabilities for employee benefits | The Group’s liabilities for employee benefits are as follows: (EUR thousand) Trattamento Jubilee Beneficio Severance Total At January 1, 2020 5,801 220 468 25 6,514 Interest cost 44 2 32 1 79 Current service cost 325 26 70 7 428 Benefits paid ( 412 ) ( 16 ) — ( 7 ) ( 435 ) Actuarial Gains and Losses 33 7 108 4 152 Exchange rate differences — — ( 126 ) — ( 126 ) At December 31, 2020 5,791 239 552 30 6,612 Recognized in the consolidated income statement 369 36 103 8 516 Recognized in the other comprehensive income 33 — 108 4 145 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 |
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, 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 % — As at December 31, 2020 Severance indemnity Italy Germany Mexico Slovakia Discount Rate % 0.34 % 1.00 % 8.25 % 4.50 % Future salary increases % 0.50 % — 4.50 % 6.00 % Inflation rate % 0.80 % — 3.50 % — A quantitative sensitivity analysis for significant assumptions impacting defined benefits obligation as at December 31, 2021 and December 31, 2020 is reported as follows: At December 31, At December 31, (EUR thousand) 2021 2020 Turnover rate +1,00% ( 58 ) ( 57 ) Turnover rate -1,00% 67 65 Inflation rate +0,25% 101 100 Inflation rate -0,25% ( 98 ) ( 97 ) Annual discount rate +0,25% ( 138 ) ( 137 ) Annual discount rate -0,25% 144 143 |
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: (EUR thousand) Long Term Incentive Plan 2020-2023 Total At January 1, 2020 — — Current service cost 1,780 1,780 At December 31, 2020 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 *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: (EUR thousand) Incentive plan 2012-2021 Incentive plan 2018-2022 Total At January 1, 2020 13,456 5,437 18,893 Interest cost ( 15 ) ( 6 ) ( 21 ) Current service cost — 2,715 2,715 Actuarial Gains and Losses * ( 103 ) ( 151 ) ( 254 ) At December 31, 2020 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: (EUR thousand) Stock grant plan 2021-2027 Total 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 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Other Provisions [Abstract] | |
Summary of Provisions | The balances as of December 31, 2021 are detailed below: (EUR thousand) Provision for Decommissioning Provision for Provision for Total 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 (EUR thousand) Provision for Decommissioning Provision for Provision for Total At January 1, 2020 1,141 548 1,259 998 3,946 Arising during the year 52 23 772 138 985 Utilized — — ( 46 ) — ( 46 ) Unused amounts reversed ( 134 ) — ( 258 ) — ( 392 ) Exchange rate difference 2 ( 48 ) ( 63 ) — ( 109 ) At December 31, 2020 1,061 523 1,664 1,136 4,384 Current — — — — — Non-current 1,061 523 1,664 1,136 4,384 |
Trade Payables and Other Curr_2
Trade Payables and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, (EUR thousand) 2021 2020 Trade payables 164,787 118,740 Payables to social security institutions 6,362 5,651 Payables to personnel 32,772 25,868 VAT Payables 5,195 583 Other tax payables 3,181 — Accrued Income and Prepayments 8,222 3,509 Other current liabilities 10,081 8,655 Total trade payables and other current liabilities 230,600 163,006 |
Contract Liabilities and Adva_2
Contract Liabilities and Advances from Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, (EUR thousand) 2021 2020 Contract Liabilities 18,771 5,031 Advances from customers 23,616 48,361 Total contract liabilities and advances from customers 42,387 53,392 Current 42,387 53,392 Non-current — — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Presentation Of Leases For Lessee [Abstract] | |
Summary of Movements in Leased Right of Use Assets | Movements in the leased Right of Use assets in 2021 are shown below: (EUR thousand) Buildings Plant and Industrial Other Total Cost At January 1, 2020 16,239 6,930 330 7,694 31,193 Additions 2,602 1,761 — 1,347 5,710 Exchange rate differences ( 872 ) — — ( 39 ) ( 911 ) At December 31, 2020 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 Depreciation At January 1, 2020 2,234 852 65 1,703 4,854 Depreciation charge for the year 2,523 1,515 66 1,852 5,956 Exchange rate differences ( 196 ) 15 — ( 17 ) ( 198 ) At December 31, 2020 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 Net book value At December 31, 2021 12,927 4,890 143 4,729 22,690 At December 31, 2020 13,408 6,309 199 5,464 25,380 |
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: (EUR thousand) 2021 2020 At January 1 25,621 26,140 Additions 2,837 5,599 Accretion of interest 585 624 Payments ( 6,498 ) ( 5,906 ) Early terminated contracts ( 150 ) — Exchange rate difference 732 ( 836 ) At December 31 23,127 25,621 Current 5,553 5,435 Non-current 17,574 20,186 |
Summary of Amounts Recognized in Profit or Loss | The following are the amounts recognized in profit or loss: For the years ended December 31, (EUR thousand) 2021 2020 2019 Depreciation expense of Right of Use assets 6,202 5,956 4,861 Interest expense on lease liabilities 585 624 626 Expense relating to short-term leases 1,252 1,901 481 Expense relating to leases of low-value assets 5,180 3,744 3,815 Total amount recognized in profit or loss 13,219 12,225 9,783 |
Subsidiaries With Material No_2
Subsidiaries With Material Non-controlling Interest (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Investments In 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 2021 2020 Ompi of Japan Co., Ltd. Japan 49 % 49 % Medical Glass a.s. Slovakia 0.26 % 0.26 % At December 31, At December 31, (EUR thousand) 2021 2020 Proportion of equity interest held by non-controlling interests: Ompi of Japan Co., Ltd. 419 487 Medical Glass a.s. ( 56 ) ( 48 ) 363 439 Profit allocated to material non-controlling interest: Ompi of Japan Co., Ltd. 60 ( 76 ) Medical Glass a.s. ( 8 ) ( 8 ) 52 ( 84 ) |
Summarized Income Statement | The tables below show the summarized income statement for the year ended December 31, 2021: (EUR thousand) Ompi of Japan Medical Glass a.s. 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: (EUR thousand) Ompi of Japan Medical Glass a.s. 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 income statement for the year ended December 31, 2019: (EUR thousand) Ompi of Japan Medirio SA Medical Glass a.s. Net Sales 2,533 — 32,811 Cost of Sales 2,207 — 27,661 Gross Profit 326 — 5,150 Other operating income — — — Selling and marketing expenses 451 — 123 Research and development expenses 156 1,013 — General and administrative expenses 437 25 3,350 Operating profit ( 718 ) ( 1,038 ) 1,677 Interest income 161 4 4 Interest expense 32 3 20 Profit before tax ( 589 ) ( 1,037 ) 1,661 Income taxes ( 176 ) 18 387 Net Profit ( 413 ) ( 1,055 ) 1,274 Total comprehensive income ( 413 ) ( 1,055 ) 1,272 Attributable to non-controlling interests ( 202 ) ( 295 ) 3 Dividends paid to non-controlling interests — — — |
Summarized Financial Position | The tables below show the summarized financial position as at December 31, 2021: (EUR thousand) Ompi of Japan Medical Glass a.s. 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 The tables below show the summarized financial position as at December 31, 2020: (EUR thousand) Ompi of Japan Medical Glass a.s. Property, plant and equipment and other non-current assets 530 12,477 Net working capital ( 628 ) 7,101 Total non-current liabilities and provision — ( 596 ) Net capital employed ( 98 ) 18,982 Net financial position* ( 742 ) 2,711 Total equity ( 840 ) 21,693 Attributable to: Equity holders of parent ( 429 ) 21,637 Non-controlling interest ( 411 ) 56 *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, 2021 | |
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, 2021 (EUR thousand) Revenues Costs* 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 — * Costs include cost of sale, selling, general administrative costs and other expenses net (EUR thousand) Trade Trade Other Assets Other 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 — — — Loan from/to related parties For the year ended and as at December 31, 2021 (EUR thousand) Interest Interest Financial 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 and as at December 31, 2020 (EUR thousand) Revenues Costs* 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 (EUR thousand) Trade Trade Other Assets Other Associate companies Swissfillon AG 88 — — — Other related parties Winckler & Co. Ltd. — 28 — — Società Agricola Stella S.r.l. — 25 24 — SFEM Italia S.r.l. — 2 — — Loan from/to related parties For the year ended and as at December 31, 2020 (EUR thousand) Interest Interest Financial Associate companies 20 — 1,342 Swissfillon AG Other related parties SE Holdings Co.Ltd. — 6 ( 968 ) Key management personnel of the Group Directors and Key Managers 53 — 4,614 For the year ended December 31, 2019 (EUR thousand) Revenues Costs* Associate companies Swissfillon AG 168 — Other related parties Winckler & Co. Ltd. — 499 Società Agricola Stella S.r.l. — 83 SFEM Italia S.r.l. — 19 MJB Consultants LLC — 150 Progenitor Capital Partners LLC — 89 E & FKH Ejendomme ApS — 391 Stevanato Marco — ( 282 ) Piovesan Barbara — 30 Stevanato Sergio — 98 Studio Legale Spinazzi Azzarita Troi — 294 Fondazione Stevanato — 130 * Costs include cost of sale, selling, general administrative costs and other expenses net Loan from/to related parties For the year ended December 31, 2019 (EUR thousand) Interest Interest Associate companies Swissfillon AG 17 — Other related parties SE Holdings Co.Ltd. — 5 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, 2021 (EUR thousand) Fixed remuneration Pension Long Term Share based Total Annual Fringe expense (1) Benefits (2) compensation (3) remuneration fee benefits Total Directors 2,196 14 50 ( 2,966 ) 350 ( 356 ) (1) Pensions expense related to Trattamento Fine Mandato accrued on the year (2) Long term benefits related to cash settled awards early terminated in 2021 (3) Shares assigned to board members For the year ended December 31, 2020 (EUR thousand) Fixed remuneration Pension Long Term Total Annual Fringe expense (1) Benefits (2) remuneration fee benefits Total Directors 1,688 28 50 412 2,178 (1) Pensions expense related to Trattamento Fine Mandato accrued on the year (2) Long term benefits related to cash settled awards For the year ended December 31, 2019 (EUR thousand) Fixed remuneration Pension Long Term Total Annual Fringe expense (1) Benefits (2) remuneration fee benefits Total Directors 1,475 21 50 127 1,673 1) Pensions expense related to Trattamento Fine Mandato accrued on the year (2) 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, 2021 (EUR thousand) Fixed remuneration Variable Pension Long Term Share based Total Annual Fringe remuneration (2) expense (3) Benefits (4) compensation (5) remuneration fee benefits (1) 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 For the year ended December 31, 2020 (EUR thousand) Fixed remuneration Variable Pension Long Term Total Annual Fringe remuneration (2) expense (3) Benefits (4) remuneration fee benefits (1) 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 For the year ended December 31, 2019 (EUR thousand) Fixed remuneration Variable Pension Long Term Total Annual Fringe remuneration (2) expense (3) Benefits (4) remuneration fee benefits (1) Total Other Key Management 1,231 19 305 86 723 2,364 (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, 2021 | |
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, (EUR thousand) 2021 2020 Guarantees 99,535 86,633 of which secured 4,707 4,704 Total Guarantees 99,535 86,633 |
Qualitative and Quantitative _2
Qualitative and Quantitative Information of Financial Risks (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 (EUR thousand) 0 to 6 6 to 9 9 to 12 Total Carrying Line item in the 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 As at December 31, 2020 (EUR thousand) 0 to 6 6 to 9 9 to 12 Total Carrying Line item in the Notional amount Forward 19,554 19,554 ( 12 ) Current financial liabilities Average forward rate (EUR/DKK) 7.447 — Notional amount Forward 6,246 6,246 19 Other current financial assets Average forward rate (EUR/USD) 1.230 — Notional amount Forward 1,203 1,203 ( 3 ) Current financial liabilities Average forward rate (EUR/CHF) 1.082 — Notional amount Forward 1,008 1,008 ( 0 ) Current financial liabilities Average forward rate (EUR/JPY) 126.55 — Total 28,011 4 |
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, 2021 and December 31, 2020 are as follows: As at December 31, 2021: (EUR thousand) IRS FIX Floating Total Effect Total MtM Line item in 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 % As at December 31, 2020: (EUR thousand) IRS FIX Floating Total Effect Total MtM Line item in Bank loans 229,772 12,838 44,355 286,965 ( 695 ) 286,270 ( 4,402 ) Current financial liabilities/ Bank overdrafts — — 582 582 — 582 — Other financial liabilities Financial payables for share acquisition — — 7,927 7,927 — 7,927 — Current financial liabilities Financial liabilities due to related parties — 968 — 968 — 968 — Current financial liabilities Notes — 50,000 — 50,000 ( 427 ) 49,573 — Non-current financial liabilities Total 229,772 63,806 52,864 346,442 ( 1,122 ) 345,320 ( 4,402 ) Percentage on Total 67 % 18 % 15 % |
Impact of Hedging on Equity in Cash Flow Hedge Reserve | 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 in “cash flow hedge reserve”: (EUR thousand) 2021 2020 As at 1 January 3,345 2,796 Interest Rate Swap ( 2,721 ) 722 Tax effect 653 ( 173 ) As at 31 December 1,277 3,345 |
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, 2021 Interest rate sensitivity (EUR thousand) Increase/decrease Effect on profit + 20 BP - 20 BP — — + 50 BP - 50 BP — — + 100 BP - 100 BP — — Exchange rate sensitivity (EUR thousand) Increase/decrease Effect on EBITDA 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 ) As at December 31, 2020 Interest rate sensitivity (EUR thousand) Increase/decrease Effect on profit + 20 BP - 20 BP ( 21 ) 11 + 50 BP - 50 BP ( 111 ) 26 + 100 BP - 100 BP ( 406 ) 53 Exchange rate sensitivity (EUR thousand) Increase/decrease Effect on EBITDA Euro 1 % ( 1 )% ( 862 ) 879 US dollar 3 % ( 3 )% ( 2,534 ) 2,691 5 % ( 5 )% ( 4,144 ) 4,580 Euro 1 % ( 1 )% 128 ( 131 ) Mexican Pesos 3 % ( 3 )% 377 ( 400 ) 5 % ( 5 )% 616 ( 681 ) |
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, 2021 and at December 31, 2020 on the basis of contractual payments which have not been discounted: As at December 31, 2021 (EUR thousand) Due within Due between Due beyond Total 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 — 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. As at December 31, 2020 (EUR thousand) Due within Due between Due beyond Total Bank overdrafts 582 — — 582 Borrowings from banks (*) 62,169 216,717 8,079 286,965 Notes (*) — — 50,000 50,000 Lease liabilities (**) 5,954 14,868 7,706 28,528 Other Financial liabilities 8,896 — — 8,896 Trade payables 118,740 — — 118,740 Tax payables 19,126 — — 19,126 Other liabilities 43,683 1,715 93 45,491 Employee Benefits — 29,725 — 29,725 Total liabilities 259,150 263,025 65,878 588,053 (*) The corresponding balance reported in the financial statement position is EUR 286,270 thousand and EUR 49,573 thousand respectively at 31 December 2020 and refers to adoption of amortized cost. (**) The corresponding balance in the financial statement position is EUR 25,621 thousand and refers to adoption of IFRS 16. |
Corporate Information - Additio
Corporate Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CHINA | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 7.6282 | 7.8747 | 7.7355 |
Closing foreign exchange rate | 7.1947 | 8.0225 | 7.8205 |
UNITED STATES | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 1.1827 | 1.1422 | 1.1195 |
Closing foreign exchange rate | 1.1326 | 1.2271 | 1.1234 |
Mexico | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 23.9852 | 24.5194 | 21.5565 |
Closing foreign exchange rate | 23.1438 | 24.4160 | 21.2202 |
DENMARK | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 7.4370 | 7.4542 | 7.4661 |
Closing foreign exchange rate | 7.4364 | 7.4409 | 7.4715 |
Brazil | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 6.3779 | 5.8943 | 4.4134 |
Closing foreign exchange rate | 6.3101 | 6.3735 | 4.5157 |
SWITZERLAND | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 1.0811 | 1.0705 | 1.1124 |
Closing foreign exchange rate | 1.0331 | 1.0802 | 1.0854 |
JAPAN | |||
Significant Accounting Policies [Line Items] | |||
Average foreign exchange rate | 129.8767 | 121.8458 | 122.0100 |
Closing foreign exchange rate | 130.3800 | 126.4900 | 121.9400 |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Details) - Employed | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant Accounting Policies [Line Items] | |||
IRAP tax on tax base rate | 3.90% | 3.90% | |
Average number of employees | 4,461 | 4,044 | 3,825 |
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, 2021 | |
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, 2021 | Dec. 31, 2020 | |
Nuova Ompi S.r.l. | Direct Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Production of drug containment systems and development of integrated solutions for the pharmaceutical industry | |
Country of incorporation | Italy | |
% equity interest | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
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 systems | |
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 | 100.00% | 100.00% |
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 systems | |
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. | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Sale of drug containment systems and analytical services | |
Country of incorporation | USA | |
% equity interest | 100.00% | 100.00% |
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 systems | |
Country of incorporation | Brazil | |
% equity interest | 79.00% | 79.00% |
Ompi do Brasil I. e C. de Em. Far. Ltda | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
% equity interest | 21.00% | 21.00% |
Ompi Pharm. Packing Techn. Co. Ltd | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Production of drug containment systems | |
Country of incorporation | China | |
% equity interest | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
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 | 100.00% | 65.00% |
Medirio SA | Indirect Control | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Research and development | |
Country of incorporation | Switzerland | |
% equity interest | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
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 systems | |
Country of incorporation | Japan | |
% equity interest | 51.00% | 51.00% |
Swissfillon AG | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
% equity interest | 26.94% | |
Swissfillon AG | Associate | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Segment | Biopharmaceutical | |
Description | Sterile filling services company | |
Country of incorporation | Switzerland | |
% equity interest | 0.00% | 26.94% |
Scope of Consolidation - Sche_2
Scope of Consolidation - Schedule of List of Company Directly or Indirectly Controlled (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
SVM Automatik A/S | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Percentage of equity interest held by non-controlling interests | 35.00% |
Segment Information - Additiona
Segment Information - Additional Information (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€)CustomerSegment | Dec. 31, 2020EUR (€)Customer | Dec. 31, 2019Customer | |
Disclosure of operating segments [line items] | |||
Number of segments | Segment | 2 | ||
Number of external customers exceeds10% group's revenue | Customer | 0 | 0 | |
Percentage of revenues increased | 27.50% | 23.40% | |
Increase in revenue from contract with customer | € 181,883 | € 125,498 | |
Total assets | 1,418,842 | 967,979 | |
Total liabilities | 577,183 | 657,839 | |
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 | 82.00% | 85.00% | |
Number of external customers exceeds10% group's revenue | Customer | 1 | ||
Number of customers more than 10% of segment revenue | Customer | 1 | ||
Percentage of operating profit margin | 21.40% | 18.10% | |
Percentage of gross profit margin | 33.10% | 29.60% | 26.80% |
Biopharmaceutical and Diagnostic Solutions | Operating Segments | |||
Disclosure of operating segments [line items] | |||
Percentage of revenues increased | 22.80% | 24.10% | |
Increase decrease in revenue | € 129,145 | € 110,105 | |
Total assets | 885,733 | 776,832 | |
Total liabilities | € 335,919 | € 330,624 | |
Engineering | |||
Disclosure of operating segments [line items] | |||
Segment sales percentage | 18.00% | 15.00% | |
Number of customers more than 10% of segment revenue | Customer | 1 | ||
Percentage of operating profit margin | 10.50% | 10.80% | |
Percentage of gross profit margin | 19.30% | 20.90% | 18.00% |
Engineering | Operating Segments | |||
Disclosure of operating segments [line items] | |||
Percentage of revenues increased | 42.60% | 20.70% | |
Increase decrease in revenue | € 65,428 | € 26,310 | |
Total assets | 253,767 | 188,751 | |
Total liabilities | € 163,661 | € 109,325 | |
Bottom of Range | Drug Containment Systems | |||
Disclosure of operating segments [line items] | |||
Segment sales percentage | 50.00% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Information [Line Items] | |||
Revenues | € 843,920 | € 662,037 | € 536,539 |
Cost of sales | 578,515 | 467,861 | 398,518 |
Gross Profit | 265,405 | 194,176 | 138,021 |
Other operating income | 9,386 | 5,230 | 8,737 |
Selling and Marketing expenses | 20,448 | 20,044 | 26,144 |
Research and Development expenses | 29,616 | 17,390 | 7,826 |
General and Administrative expenses | 62,502 | 58,863 | 50,568 |
Operating Profit | 162,225 | 103,109 | 62,220 |
Total assets | 1,418,842 | 967,979 | |
Total liabilities | 577,183 | 657,839 | |
External Customers | |||
Segment Information [Line Items] | |||
Revenues | 843,920 | 662,037 | 536,539 |
Adjustments, Eliminations and Unallocated Items | |||
Segment Information [Line Items] | |||
Revenues | (70,113) | (57,423) | (46,506) |
Cost of sales | (63,393) | (51,882) | (39,312) |
Gross Profit | (6,720) | (5,541) | (7,194) |
Other operating income | 7 | 0 | |
Selling and Marketing expenses | 9,516 | 7,440 | 9,255 |
Research and Development expenses | 1,886 | 2,254 | 835 |
General and Administrative expenses | (8,392) | 899 | (756) |
Operating Profit | (9,730) | (16,127) | (16,528) |
Total assets | 279,342 | 2,396 | |
Total liabilities | 77,603 | 217,890 | |
Adjustments, Eliminations and Unallocated Items | Inter-Segment | |||
Segment Information [Line Items] | |||
Revenues | (70,113) | (57,423) | (46,506) |
Biopharmaceutical and Diagnostic Solutions | Operating Segments | |||
Segment Information [Line Items] | |||
Revenues | 695,172 | 566,027 | 455,922 |
Cost of sales | 465,304 | 398,411 | 333,539 |
Gross Profit | 229,868 | 167,616 | 122,383 |
Other operating income | 9,386 | 5,193 | 8,737 |
Selling and Marketing expenses | 7,736 | 9,762 | 13,776 |
Research and Development expenses | 23,467 | 12,080 | 5,442 |
General and Administrative expenses | 58,996 | 48,324 | 43,167 |
Operating Profit | 149,055 | 102,643 | 68,735 |
Total assets | 885,733 | 776,832 | |
Total liabilities | 335,919 | 330,624 | |
Biopharmaceutical and Diagnostic Solutions | Operating Segments | External Customers | |||
Segment Information [Line Items] | |||
Revenues | 694,038 | 564,931 | 455,041 |
Biopharmaceutical and Diagnostic Solutions | Operating Segments | Inter-Segment | |||
Segment Information [Line Items] | |||
Revenues | 1,134 | 1,096 | 881 |
Engineering | Operating Segments | |||
Segment Information [Line Items] | |||
Revenues | 218,861 | 153,433 | 127,123 |
Cost of sales | 176,604 | 121,332 | 104,291 |
Gross Profit | 42,257 | 32,101 | 22,832 |
Other operating income | 31 | 0 | |
Selling and Marketing expenses | 3,196 | 2,842 | 3,113 |
Research and Development expenses | 4,263 | 3,056 | 1,549 |
General and Administrative expenses | 11,898 | 9,641 | 8,157 |
Operating Profit | 22,900 | 16,593 | 10,013 |
Total assets | 253,767 | 188,751 | |
Total liabilities | 163,661 | 109,325 | |
Engineering | Operating Segments | External Customers | |||
Segment Information [Line Items] | |||
Revenues | 149,882 | 97,106 | 81,498 |
Engineering | Operating Segments | Inter-Segment | |||
Segment Information [Line Items] | |||
Revenues | 68,979 | 56,327 | 45,625 |
Total Segments | Operating Segments | |||
Segment Information [Line Items] | |||
Revenues | 914,033 | 719,460 | 583,045 |
Cost of sales | 641,908 | 519,743 | 437,830 |
Gross Profit | 272,125 | 199,717 | 145,215 |
Other operating income | 9,386 | 5,224 | 8,737 |
Selling and Marketing expenses | 10,932 | 12,604 | 16,889 |
Research and Development expenses | 27,730 | 15,136 | 6,991 |
General and Administrative expenses | 70,894 | 57,965 | 51,324 |
Operating Profit | 171,955 | 119,236 | 78,748 |
Total assets | 1,139,500 | 965,583 | |
Total liabilities | 499,580 | 439,949 | |
Total Segments | Operating Segments | External Customers | |||
Segment Information [Line Items] | |||
Revenues | 843,920 | 662,037 | 536,539 |
Total Segments | Operating Segments | Inter-Segment | |||
Segment Information [Line Items] | |||
Revenues | € 70,113 | € 57,423 | € 46,506 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Information [Line Items] | |||
Segments Operating Profit | € 162,225 | € 103,109 | € 62,220 |
Finance income | 21,709 | 14,926 | 8,006 |
Finance expense | 18,808 | 21,848 | 15,250 |
Share of profit of an associate | 547 | 92 | (262) |
Profit Before Tax | 165,673 | 96,279 | 54,714 |
Inter-Segment Elimination | |||
Segment Information [Line Items] | |||
Segments Operating Profit | (9,730) | (16,127) | (16,528) |
Total Segments | Operating Segments | |||
Segment Information [Line Items] | |||
Segments Operating Profit | € 171,955 | € 119,236 | € 78,748 |
Revenues from Contract with C_3
Revenues from Contract with Customers - Summary of Disaggregation of Revenue from Contracts with Customers (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 843,920 | € 662,037 | € 536,539 |
High-Value Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 207,815 | 146,332 | 90,700 |
Other Containment and Delivery Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 486,223 | 418,599 | 364,341 |
Revenues from Engineering | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 149,882 | 97,106 | 81,498 |
EMEA | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 493,474 | 398,139 | 322,824 |
APAC | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 117,747 | 67,135 | 55,522 |
North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 206,961 | 174,919 | 132,435 |
South America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 25,738 | 21,844 | 25,758 |
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 | 703,194 | 592,207 | 488,725 |
Goods and Services Transferred Over Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 140,726 | 69,830 | 47,814 |
Biopharmaceutical and Diagnostic Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 694,038 | 564,931 | 455,041 |
Biopharmaceutical and Diagnostic Solutions | High-Value Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 207,815 | 146,332 | 90,700 |
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 | 486,223 | 418,599 | 364,341 |
Biopharmaceutical and Diagnostic Solutions | EMEA | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 415,489 | 338,564 | 270,339 |
Biopharmaceutical and Diagnostic Solutions | APAC | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 79,463 | 54,433 | 41,129 |
Biopharmaceutical and Diagnostic Solutions | North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 175,231 | 151,418 | 119,054 |
Biopharmaceutical and Diagnostic Solutions | South America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 23,855 | 20,516 | 24,519 |
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 | 667,717 | 553,789 | 455,041 |
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 | 26,321 | 11,142 | |
Engineering | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 149,882 | 97,106 | 81,498 |
Engineering | Revenues from Engineering | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 149,882 | 97,106 | 81,498 |
Engineering | EMEA | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 77,985 | 59,575 | 52,485 |
Engineering | APAC | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 38,284 | 12,702 | 14,393 |
Engineering | North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 31,730 | 23,501 | 13,381 |
Engineering | South America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 1,883 | 1,328 | 1,239 |
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 | 35,477 | 38,417 | 33,684 |
Engineering | Goods and Services Transferred Over Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 114,405 | € 58,689 | € 47,814 |
Revenues from Contract with C_4
Revenues from Contract with Customers - Additional Information (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€)Segment | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Number of segments | Segment | 2 | ||
Revenue from contracts with customers | € 843,920 | € 662,037 | € 536,539 |
Increase in revenue from contract with customer | € 181,883 | € 125,498 | |
Percentage of revenues increased | 27.50% | 23.40% | |
Percentage of revenue increased excluding USD negative impact | 28.20% | ||
Revenue that was included in contract liability | € 11,736 | € 19,765 | 17,218 |
Transaction price allocated to remaining performance obligations | € 74,996 | 56,417 | |
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 | € 140,726 | 69,830 | 47,814 |
APAC | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 117,747 | 67,135 | 55,522 |
Percentage of revenues increased | 75.40% | ||
North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 206,961 | 174,919 | 132,435 |
Percentage of revenues increased | 18.30% | ||
South America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 25,738 | 21,844 | 25,758 |
Percentage of revenues increased | 17.80% | ||
EMEA | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 493,474 | 398,139 | 322,824 |
Percentage of revenues increased | 23.90% | ||
High-Value Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 207,815 | 146,332 | 90,700 |
Other Containment and Delivery Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 486,223 | 418,599 | 364,341 |
Revenues from Engineering | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 149,882 | 97,106 | 81,498 |
Biopharmaceutical and Diagnostic Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 694,038 | 564,931 | 455,041 |
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 | 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 | 79,463 | 54,433 | 41,129 |
Biopharmaceutical and Diagnostic Solutions | North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 175,231 | 151,418 | 119,054 |
Biopharmaceutical and Diagnostic Solutions | South America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 23,855 | 20,516 | 24,519 |
Biopharmaceutical and Diagnostic Solutions | EMEA | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 415,489 | 338,564 | 270,339 |
Biopharmaceutical and Diagnostic Solutions | High-Value Solutions | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 207,815 | 146,332 | 90,700 |
Increase in revenue from contract with customer | € 61,483 | € 55,632 | |
Percentage of revenues increased | 42.00% | 61.30% | |
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 | € 486,223 | € 418,599 | 364,341 |
Increase in revenue from contract with customer | € 67,624 | € 54,258 | |
Percentage of revenues increased | 16.20% | 14.90% | |
Engineering | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 149,882 | € 97,106 | 81,498 |
Engineering | Goods and Services Transferred Over Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 114,405 | 58,689 | 47,814 |
Increase in revenue from contract with customer | € 55,716 | ||
Percentage of revenues increased | 94.90% | ||
Engineering | APAC | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | € 38,284 | 12,702 | 14,393 |
Engineering | North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 31,730 | 23,501 | 13,381 |
Engineering | South America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 1,883 | 1,328 | 1,239 |
Engineering | EMEA | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 77,985 | 59,575 | 52,485 |
Engineering | Revenues from Engineering | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 149,882 | 97,106 | € 81,498 |
Increase in revenue from contract with customer | € 52,776 | € 15,608 | |
Percentage of revenues increased | 54.30% | 19.10% | |
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 | € 15,179 | ||
Percentage of revenues increased | 136.20% |
Revenues from Contract with C_5
Revenues from Contract with Customers - Summary of Contractual Asset from Contracts with Customer (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue [Abstract] | ||
Trade Receivables | € 165,259 | € 127,818 |
Contract Assets | 62,133 | 39,430 |
Contract Liabilities | (18,771) | (5,031) |
Advances From Customers | (23,616) | (48,361) |
Total | € 185,005 | € 113,856 |
Cost of Sales - Summary of Cost
Cost of Sales - Summary of Cost of Sales (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Purchases | € 296,105 | € 226,997 | € 175,816 |
Change in inventories | 9,193 | (1,739) | (6,534) |
Direct industrial labour | 114,807 | 107,959 | 102,669 |
Indirect industrial labour | 50,339 | 42,794 | 33,798 |
Industrial depreciation and amortization | 46,258 | 45,296 | 38,497 |
Other costs of sales | 61,813 | 46,554 | 54,272 |
Total Cost of sales | € 578,515 | € 467,861 | € 398,518 |
Cost of Sales - Additional Info
Cost of Sales - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Cost of sales | € 578,515 | € 467,861 | € 398,518 |
Depreciation and amortization | € 56,383 | 54,103 | 46,217 |
Percentage of cost of sales increase | 23.70% | ||
Cost of sales [member] | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | € 46,258 | € 45,296 | € 38,497 |
Other Operating Income - Additi
Other Operating Income - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Other operating income | € 9,386 | € 5,230 | € 8,737 |
Miscellaneous other operating income | 9,210 | 4,958 | 8,197 |
Nuova Ompi S.r.l. | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Grants received by subsidiaries | 272 | 540 | |
Grants received as tax credit | 28 | 28 | |
Grants related to sustainable growth fund | € 244 | 233 | |
Grants related to facilities for energy - intensive businesses | € 307 | ||
Ompi Pharma Packaging Tech. Co Ltd | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Grants received for machinery technical renovation | 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 | € 176 |
Expenses - Summary of Expenses
Expenses - Summary of Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expense By Function [Abstract] | |||
Selling and Marketing expenses | € 20,448 | € 20,044 | € 26,144 |
Research and Development expenses | 29,616 | 17,390 | 7,826 |
General and Administrative expenses | 62,502 | 58,863 | 50,568 |
Total Expenses | € 112,566 | € 96,297 | € 84,538 |
Expenses - Additional Informati
Expenses - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Selling and marketing expenses | € 20,448 | € 20,044 | € 26,144 |
Increase (decrease) in selling and marketing expenses | 404 | (6,100) | |
Research and development expenses | 29,616 | 17,390 | 7,826 |
Increase in research and development expenses | 12,226 | 9,564 | |
General and administrative expenses | 62,502 | 58,863 | 50,568 |
Depreciation and amortization | 56,383 | 54,103 | 46,217 |
Increase in general and administrative expenses | 3,639 | 8,295 | |
Non-recurring out of cycle bonus to personnel amount | 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 | 3,859 | |
Accrual of provision for expected credit loss | 1,079 | 3,656 | |
Release of provision for bad debt | 933 | ||
Release of provision for expected credit loss | 936 | ||
Receivables write-off | 3 | 5 | 203 |
Depreciation and amortization | 787 | 844 | 702 |
Research and Development Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | 3,353 | 2,580 | 930 |
General and Administrative Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | 5,985 | 5,383 | 6,088 |
Amortization of fair value adjustments from purchase price allocations | 1,039 | 1,039 | € 1,039 |
Non-recurring litigation costs arising from lawsuit | € 2,821 | ||
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 | ||
Cash Settled Awards | |||
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total Expenses | € 112,566 | € 96,297 | € 84,538 |
Personnel | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total Expenses | 46,489 | 43,731 | 37,187 |
Other Costs and Incomes | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total Expenses | 56,886 | 42,675 | 35,772 |
Depreciation and Amortization | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total Expenses | 10,124 | 8,807 | 7,720 |
Expected Credit Losses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total Expenses | € (933) | € 1,084 | € 3,859 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | € 56,383 | € 54,103 | € 46,217 |
Cost of sales [member] | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | 46,258 | 45,296 | 38,497 |
Selling and Marketing Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | 787 | 844 | 702 |
Research and Development Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | 3,353 | 2,580 | 930 |
General and Administrative Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Depreciation and amortization | € 5,985 | € 5,383 | € 6,088 |
Finance Income - Summary of Fin
Finance Income - Summary of Finance Income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Finance Income [Abstract] | |||
Interest income from banks deposits | € 538 | € 352 | € 158 |
Income from financial discounts | 18 | 17 | 398 |
Interest income on loans to associates | 10 | 20 | 17 |
Other financial income | 57 | 295 | 62 |
Gain from the sale of an associate | 12,258 | ||
Foreign currency exchange rate gains | 7,588 | 11,585 | 4,789 |
Derivatives revaluation | 950 | 2,007 | 1,809 |
Other fair value adjustments | 290 | 650 | 773 |
Total finance income | € 21,709 | € 14,926 | € 8,006 |
Finance Income - Additional Inf
Finance Income - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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% |
Finance Expense - Summary of Fi
Finance Expense - Summary of Finance Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Finance Expense [Abstract] | |||
Interest on debts and borrowings | € 4,286 | € 5,333 | € 4,109 |
Financial discounts and other expenses | 102 | 37 | 871 |
Interest on lease liabilities | 585 | 624 | 626 |
Financial component IAS 19 | 28 | 125 | 374 |
Foreign currency exchange losses | 10,172 | 12,033 | 5,334 |
Derivatives devaluation | 3,211 | 2,471 | 2,513 |
Other fair value adjustments | 424 | 1,225 | 1,423 |
Total finance expense | € 18,808 | € 21,848 | € 15,250 |
Finance Expense - Additional In
Finance Expense - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Finance Expense [Abstract] | |||
Net foreign currency exchange impact | € (2,584) | € (448) | € (545) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total employee benefits expense | € 211,635 | € 194,484 | € 173,654 |
Cost of Sales | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Wages and salaries | 134,619 | 123,773 | 112,687 |
Social security costs | 25,610 | 22,720 | 19,815 |
Pension costs | 4,917 | 4,260 | 3,965 |
Selling and Marketing Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Wages and salaries | 12,716 | 11,522 | 11,033 |
Social security costs | 1,531 | 1,278 | 1,422 |
Pension costs | 403 | 363 | 349 |
General and Administrative Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Wages and salaries | 26,106 | 17,313 | 14,907 |
Social security costs | 3,589 | 2,900 | 2,795 |
Pension costs | 545 | 545 | 374 |
Cash settled awards | (10,831) | 2,394 | 1,284 |
Stock grant plan | 1,740 | ||
Research and Development Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Wages and salaries | 9,089 | 6,327 | 4,184 |
Social security costs | 1,270 | 857 | 645 |
Pension costs | € 331 | € 232 | € 194 |
Employee Benefits Expense - Add
Employee Benefits Expense - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Personnel costs | € 211,635 | € 194,484 | € 173,654 |
Increase in personnel costs | 17,151 | 20,830 | |
Non-recurring out of cycle bonus to personnel amount | 6,526 | ||
Cash Settled Awards | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Personnel costs | € 2,394 | € 1,284 | |
Non-recurring accrual reversal amount | € (9,884) |
Employee Benefits Expense - S_2
Employee Benefits Expense - Summary of Average Size of Group's Workforce (Details) - Employed | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Benefits Expense [Line Items] | |||
Total Workforce | 4,461 | 4,044 | 3,825 |
Executives | |||
Employee Benefits Expense [Line Items] | |||
Total Workforce | 51 | 42 | 37 |
Managers | |||
Employee Benefits Expense [Line Items] | |||
Total Workforce | 126 | 113 | 124 |
Employees | |||
Employee Benefits Expense [Line Items] | |||
Total Workforce | 4,284 | 3,889 | 3,664 |
Income Tax - Summary of Income
Income Tax - Summary of Income Tax Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current income tax: | |||
Current Taxes | € 35,093 | € 28,604 | € 18,883 |
Prior Years Taxes | (6,544) | 918 | 1,620 |
Deferred tax: | |||
Deferred Taxes | 2,855 | (11,840) | (4,496) |
Income tax expense reported in the statement of profit or loss | € 31,404 | € 17,682 | € 16,007 |
Income Tax - Summary of Deferre
Income Tax - Summary of Deferred Tax Charged to OCI (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | € 26 | € 15 | € 86 |
Change in the fair value of hedging instruments | (653) | 173 | 216 |
Deferred tax charged to OCI | € (627) | € 188 | € 302 |
Income Tax - Schedule of Reconc
Income Tax - Schedule of Reconciliation of Effective Tax Rate (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | |||
Accounting profit before income tax | € 165,673 | € 96,279 | € 54,714 |
Statutory income tax rate of 27.9% | 46,223 | 26,862 | 15,265 |
Prior years taxes | (6,544) | 918 | 1,620 |
DTA recognized on tax losses carry-forward | (1,947) | (41) | 720 |
Taxes effect on unremitted earnings | 400 | 1,248 | 210 |
Utilization of tax losses carry-forward not recognized on DTA | (1,759) | ||
Not deductible expenses | 535 | ||
Step up | (7,926) | ||
Change notional rate | 361 | ||
Tax grants/not taxable items | (1,157) | (2,146) | (449) |
Tax exemption on gain from the sale of an associate | (3,378) | ||
Different foreign tax rate effect | (2,193) | (1,594) | (135) |
Income tax expense reported in the statement of profit or loss | € 31,404 | € 17,682 | € 16,007 |
Income Tax - Schedule of Reco_2
Income Tax - Schedule of Reconciliation of Effective Tax Rate (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | |||
Statutory income tax rate | 27.90% | 27.90% | 27.90% |
Effective income tax rate | 18.96% | 18.40% | 29.30% |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax [Line Items] | |||
Deferred tax assets | € 55,877 | € 45,552 | |
Prior Years Tax adjustments | (6,544) | 918 | € 1,620 |
Tax accrual related to ongoing tax audit of prior period | € 900 | ||
Step up | € 7,926 | ||
Statutory income tax rate | 27.90% | 27.90% | 27.90% |
Unrecognized tax losses | € 3,800 | € 8,794 | |
Swissfillon AG | |||
Income Tax [Line Items] | |||
Gain on sale of minority interest | 12,258 | ||
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 | ||
Italy | Nuova Ompi S.r.l. | |||
Income Tax [Line Items] | |||
Percentage of required payment one off tax to revalue tax of assets | 3.00% | ||
Step up | € 7,926 | ||
CHINA | Ompi Pharma Packaging Tech. Co Ltd | |||
Income Tax [Line Items] | |||
Revised Corporate Tax Rate | 15.00% | ||
Statutory income tax rate | 25.00% |
Income Tax - Summary of Timing
Income Tax - Summary of Timing of Tax Losses Carryforwards (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | € 3,800 | € 8,794 |
2022 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 16 | 15 |
2023 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 320 | 306 |
2024 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 351 | 336 |
2025 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 315 | 304 |
2026 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 318 | 262 |
2027 | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | 274 | 283 |
Unlimited | ||
Timing of unrecognized tax losses carryforward | ||
Unrecognized tax losses | € 2,206 | € 7,288 |
Income Tax - Summary of Defer_2
Income Tax - Summary of Deferred Tax Assets and Deferred Tax Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax assets | € 55,877 | € 45,552 | |
Deferred tax liabilities | (19,105) | (11,623) | |
Deferred tax (liability) asset | 36,772 | 33,929 | € 22,669 |
Other Intangibles Assets | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | (3,167) | (3,914) | |
Tangible Assets | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 12,178 | 10,530 | |
Work in Progress | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | (5,156) | (4,581) | |
Revaluations of Investment Properties to Fair Value | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 8,009 | 9,104 | |
Expected Credit Losses of Debt Financial Assets | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 1,429 | 1,683 | |
Derivatives | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 403 | 1,056 | |
Leases | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 251 | 178 | |
Long Term Incentives | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 816 | 1,057 | |
Cash Settled Awards | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 325 | 5,120 | |
Provisions | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 2,351 | 5,413 | |
Accruals and Other Provisions | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 62 | 906 | |
Tax Losses Carry Forward | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 14,888 | 8,636 | |
Dividends | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | (1,300) | (1,200) | |
Start up costs IPO SG spa | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | 5,369 | ||
Other Effects | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax (liability) asset | € 314 | € (59) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Abstract] | |||
As of January 1 | € 33,929 | € 22,669 | |
Tax expense during the period recognized in profit or loss | (2,855) | 11,840 | |
Tax income/(expense) during the period recognized in OCI | (627) | 188 | € 302 |
DTA on IPO transaction costs on capital increase | 6,711 | ||
Other effect | (386) | (768) | |
As at December 31 | € 36,772 | € 33,929 | € 22,669 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Profit attributable to ordinary equity holders of the parent | € 134,321 | € 78,513 | € 39,201 |
Weighted average number of ordinary shares for basic EPS | 252,670,872 | 240,501,960 | 240,501,960 |
Weighted average number of ordinary shares adjusted for the effect of dilution | 252,690,321 | 240,501,960 | 240,501,960 |
Basic earnings per common share (in EUR) | € 0.53 | € 0.33 | € 0.16 |
Diluted earnings per common share (in EUR) | € 0.53 | € 0.33 | € 0.16 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021UnitSegmentPlantCountry | Dec. 31, 2020 | |
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Number of segments | Segment | 2 | |
Number of Cash-generating Unit | Unit | 2 | |
Growth rate | 1.00% | |
Drug Containment Systems | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Number of countries where production plant located | 5 | |
Percentage of average contraction of EBITDA at continuing value | 44.61% | |
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 | 17.07% | |
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 | 20.52% | |
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 | 9.37% | |
Engineering Systems | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Discount rate | 6.20% | 6.70% |
Percentage of average contraction of EBITDA at continuing value | 59.15% | |
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 | 19.58% | |
DCS and IVD & DDS | ||
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Discount rate | 6.30% | 6.40% |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill Allocated by Cash Generating Unit (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | ||
Goodwill | € 47,243 | € 47,243 |
Drug Containment Systems | ||
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, 2021 | Dec. 31, 2020 | |
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | € 33,901 | |
Ending balance | 31,928 | € 33,901 |
Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 69,883 | 64,174 |
Additions | 5,489 | 6,439 |
Disposal | (1,744) | |
Reclassifications | 0 | 0 |
Exchange differences | 632 | (730) |
Ending balance | 74,260 | 69,883 |
Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 35,982 | 29,350 |
Amortization | 7,504 | 6,785 |
Disposal | (1,335) | |
Exchange differences | 181 | (153) |
Ending balance | 42,332 | 35,982 |
Development Costs | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 10,126 | |
Ending balance | 7,329 | 10,126 |
Development Costs | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 17,113 | 13,505 |
Additions | 112 | 1,673 |
Disposal | (1,153) | |
Reclassifications | 0 | 1,891 |
Exchange differences | 9 | 44 |
Ending balance | 16,081 | 17,113 |
Development Costs | Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 6,987 | 4,401 |
Amortization | 2,896 | 2,569 |
Disposal | (1,134) | |
Exchange differences | 3 | 17 |
Ending balance | 8,752 | 6,987 |
Industrial Patents and Intellectual Property Rights | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 5,156 | |
Additions | 1,298 | |
Ending balance | 5,085 | 5,156 |
Industrial Patents and Intellectual Property Rights | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 14,860 | 11,291 |
Additions | 1,298 | 2,145 |
Disposal | (138) | |
Reclassifications | 856 | 1,646 |
Exchange differences | 47 | (222) |
Ending balance | 16,923 | 14,860 |
Industrial Patents and Intellectual Property Rights | Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 9,704 | 8,124 |
Amortization | 2,243 | 1,622 |
Disposal | (139) | |
Exchange differences | 30 | (42) |
Ending balance | 11,838 | 9,704 |
Concessions, Licenses, Trademarks and Similar Rights | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 12,552 | |
Ending balance | 11,375 | 12,552 |
Concessions, Licenses, Trademarks and Similar Rights | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 25,370 | 24,973 |
Additions | 345 | 132 |
Disposal | 0 | |
Reclassifications | 0 | 302 |
Exchange differences | 162 | (37) |
Ending balance | 25,877 | 25,370 |
Concessions, Licenses, Trademarks and Similar Rights | Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 12,818 | 10,987 |
Amortization | 1,656 | 1,837 |
Disposal | 0 | |
Exchange differences | 28 | (6) |
Ending balance | 14,502 | 12,818 |
Intangible Fixed Assets in Process and Advances | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 1,588 | |
Ending balance | 4,073 | 1,588 |
Intangible Fixed Assets in Process and Advances | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 1,588 | 3,554 |
Additions | 3,688 | 1,912 |
Disposal | (362) | |
Reclassifications | (856) | (3,863) |
Exchange differences | 15 | (15) |
Ending balance | 4,073 | 1,588 |
Intangible Fixed Assets in Process and Advances | Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 0 | 0 |
Amortization | 0 | 0 |
Disposal | 0 | |
Exchange differences | 0 | 0 |
Ending balance | 0 | 0 |
Other Intangible Assets | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 4,479 | |
Ending balance | 4,066 | 4,479 |
Other Intangible Assets | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 10,952 | 10,851 |
Additions | 46 | 577 |
Disposal | (91) | |
Reclassifications | 0 | 24 |
Exchange differences | 399 | (500) |
Ending balance | 11,306 | 10,952 |
Other Intangible Assets | Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 6,473 | 5,838 |
Amortization | 709 | 757 |
Disposal | (62) | |
Exchange differences | 120 | (122) |
Ending balance | € 7,240 | € 6,473 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Intangible Assets [Line Items] | ||
Intangible assets | € 31,928,000 | € 33,901,000 |
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 | 1,298,000 | |
Intangible assets | 5,085,000 | 5,156,000 |
Intangible Fixed Assets in Process and Advances | ||
Disclosure Of Intangible Assets [Line Items] | ||
Increase in intangible assets | 3,688,000 | |
Intangible assets | 4,073,000 | 1,588,000 |
Concessions, Licenses, Trademarks and Similar Rights | ||
Disclosure Of Intangible Assets [Line Items] | ||
Intangible assets | € 11,375,000 | € 12,552,000 |
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, 2021 | Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | € 313,658,000 | |
Impairment | 0 | |
Ending balance | 392,717,000 | € 313,658,000 |
Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 638,031,000 | 571,642,000 |
Additions | 116,631,000 | 89,128,000 |
Disposals | (9,544,000) | (1,803,000) |
Exchange differences | 9,642,000 | (20,936,000) |
Ending balance | 754,760,000 | 638,031,000 |
Depreciation and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 324,374,000 | 291,056,000 |
Depreciation charge for the year | 41,734,000 | 41,152,000 |
Impairment | 943,000 | 210,000 |
Disposals | (8,933,000) | (1,791,000) |
Exchange differences | 3,925,000 | (6,253,000) |
Ending balance | 362,043,000 | 324,374,000 |
Land and Buildings | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 84,768,000 | |
Ending balance | 90,484,000 | 84,768,000 |
Land and Buildings | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 148,331,000 | 147,872,000 |
Additions | 2,060,000 | 5,441,000 |
Disposals | (141,000) | |
Reclassifications | 7,719,000 | 811,000 |
Exchange differences | 1,946,000 | (5,793,000) |
Ending balance | 159,915,000 | 148,331,000 |
Land and Buildings | Depreciation and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 63,563,000 | 59,139,000 |
Depreciation charge for the year | 5,319,000 | 5,384,000 |
Impairment | 210,000 | |
Disposals | (140,000) | |
Exchange differences | 689,000 | (1,170,000) |
Ending balance | 69,431,000 | 63,563,000 |
Plant and Machinery | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 153,098,000 | |
Ending balance | 197,257,000 | 153,098,000 |
Plant and Machinery | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 375,902,000 | 353,971,000 |
Additions | 26,826,000 | 24,958,000 |
Disposals | (7,759,000) | (1,724,000) |
Reclassifications | 44,412,000 | 12,266,000 |
Exchange differences | 6,358,000 | (13,569,000) |
Ending balance | 445,739,000 | 375,902,000 |
Plant and Machinery | Depreciation and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 222,804,000 | 198,878,000 |
Depreciation charge for the year | 29,549,000 | 30,121,000 |
Impairment | 547,000 | |
Disposals | (7,330,000) | (1,741,000) |
Exchange differences | 2,912,000 | (4,454,000) |
Ending balance | 248,482,000 | 222,804,000 |
Industrial and Commercial Equipment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 11,289,000 | |
Ending balance | 11,212,000 | 11,289,000 |
Industrial and Commercial Equipment | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 41,189,000 | 33,503,000 |
Additions | 3,862,000 | 6,539,000 |
Disposals | (1,188,000) | (40,000) |
Reclassifications | 2,027,000 | 1,727,000 |
Exchange differences | 379,000 | (540,000) |
Ending balance | 46,269,000 | 41,189,000 |
Industrial and Commercial Equipment | Depreciation and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 29,900,000 | 25,481,000 |
Depreciation charge for the year | 5,660,000 | 4,610,000 |
Impairment | 396,000 | |
Disposals | (1,053,000) | (12,000) |
Exchange differences | 154,000 | (179,000) |
Ending balance | 35,057,000 | 29,900,000 |
Other Tangible Assets | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 3,209,000 | |
Ending balance | 3,818,000 | 3,209,000 |
Other Tangible Assets | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 11,316,000 | 11,112,000 |
Additions | 913,000 | 925,000 |
Disposals | (421,000) | (36,000) |
Reclassifications | 856,000 | 43,000 |
Exchange differences | 227,000 | (728,000) |
Ending balance | 12,891,000 | 11,316,000 |
Other Tangible Assets | Depreciation and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 8,107,000 | 7,558,000 |
Depreciation charge for the year | 1,206,000 | 1,037,000 |
Disposals | (410,000) | (38,000) |
Exchange differences | 170,000 | (450,000) |
Ending balance | 9,073,000 | 8,107,000 |
Assets Under Construction and Advances | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 61,293,000 | |
Ending balance | 89,946,000 | 61,293,000 |
Assets Under Construction and Advances | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 61,293,000 | 25,184,000 |
Additions | 82,970,000 | 51,265,000 |
Disposals | (35,000) | (3,000) |
Reclassifications | (55,014,000) | (14,847,000) |
Exchange differences | 732,000 | (306,000) |
Ending balance | € 89,946,000 | € 61,293,000 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021EUR (€)ft² | Dec. 31, 2020EUR (€) | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | € 392,717,000 | € 313,658,000 |
Increase in property, plant and equipment | € 116,631,000 | |
Percentage of increase in property, plant and equipment required to support growth strategy | 80.90% | |
Impairment on property,plant and equipment | € 0 | |
Top of Range | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Area of plant | ft² | 370,000 | |
Land and Buildings | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | € 90,484,000 | 84,768,000 |
Land and Buildings | Mexico | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Increase in property, plant and equipment | 4,500,000 | |
Plant and Machinery | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | 197,257,000 | 153,098,000 |
Increase in property, plant and equipment | 71,238,000 | |
Assets Under Construction and Advances | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | € 89,946,000 | € 61,293,000 |
Investments in an Associate - A
Investments in an Associate - Additional Information (Details) € in Thousands, SFr in Millions | Oct. 22, 2021CHF (SFr) | Dec. 31, 2021EUR (€) | Dec. 31, 2020 |
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 | SFr | SFr 15.8 | ||
Gain from the sale of an associate | € 12,258 |
Investments in an Associate - S
Investments in an Associate - Summary of Investments in Associate (Details) - Swissfillon AG - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Significant Investments In Associates [Line Items] | |||
At January 1 | € 2,009 | € 1,917 | |
Proportionate share of net profit for the year | 547 | 92 | € (262) |
Derecognition of the associate after minority interest sale | (2,556) | 0 | |
At December 31 | € 0 | € 2,009 | € 1,917 |
Investments in an Associate -_2
Investments in an Associate - Summarised Financial Information Relating to Swissfillon AG (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Current assets | € 865,969 | € 492,775 | ||
Non-current assets | 552,873 | 475,204 | ||
Current liabilities | 338,622 | 316,175 | ||
Non-current liabilities | 238,561 | 341,664 | ||
Equity | 841,659 | 310,140 | € 265,439 | € 231,397 |
Goodwill | 47,243 | 47,243 | ||
Revenue from contracts with customers | 843,920 | 662,037 | 536,539 | |
Depreciation and amortization | 56,383 | 54,103 | 46,217 | |
Profit before tax | 165,673 | 96,279 | 54,714 | |
Income tax expense | 31,404 | 17,682 | 16,007 | |
Net Profit | 134,269 | 78,597 | 38,707 | |
Swissfillon AG | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Current assets | 3,256 | |||
Non-current assets | 8,462 | |||
Current liabilities | 3,429 | |||
Non-current liabilities | 7,152 | |||
Equity | 1,138 | |||
Group's share in equity | 306 | |||
Goodwill | 1,729 | |||
Exchange differences | (26) | |||
Group’s carrying amount of the investment | 0 | 2,009 | 1,917 | |
Revenue from contracts with customers | 11,230 | 5,559 | ||
Cost of materials and services | 4,016 | 2,006 | ||
Personnel expenses | 3,616 | 2,035 | ||
Other operating expenses | 2,120 | 1,487 | ||
Depreciation and amortization | 946 | 824 | ||
Finance costs | 168 | 168 | ||
Profit before tax | 364 | (961) | ||
Income tax expense | 21 | 10 | ||
Net Profit | 343 | (971) | ||
Proportionate share of net profit for the year | € 547 | € 92 | € (262) |
Investments in an Associate -_3
Investments in an Associate - Summarised Financial Information Relating to Swissfillon AG (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Swissfillon AG | |
Disclosure Of Significant Investments In Associates [Line Items] | |
Proportion of ownership interest In associate | 26.94% |
Financial Assets - Investment_2
Financial Assets - Investments FVTPL - Additional Information (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Assets at Fair Value through Profit or Loss | ||
Disclosure Of Financial Assets [Line Items] | ||
Investment measured at fair value through profit or loss | € 1,084 | € 760 |
Investment in Biologix Partners LP | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets investment | € 1,024 | € 745 |
Financial Assets - Composition
Financial Assets - Composition of Financial Assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Financial Assets [Abstract] | ||
Receivables from financing activities | € 447 | € 5,956 |
Other non-current financial assets | 887 | 745 |
Other non-current financial assets | 1,334 | 6,701 |
Fair value of derivatives financial instruments | 49 | 19 |
Other securities | 27,168 | 41,524 |
Other current financial assets | 27,217 | 41,543 |
Financial Assets | € 28,551 | € 48,244 |
Financial Assets - Additional I
Financial Assets - Additional Information (Details) € in Thousands | Dec. 31, 2021EUR (€) |
Disclosure Of Financial Assets [Line Items] | |
Financial loan granted by the Company | € 447 |
Inventories - Inventories, Net
Inventories - Inventories, Net of Allowance for Obsolete and Slow-Moving Goods (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Classes Of Inventories [Abstract] | |||
Raw materials | € 58,484 | € 41,889 | |
Semifinished products | 29,878 | 46,479 | |
Finished products | 64,252 | 55,394 | |
Advances to suppliers | 9,554 | 7,920 | |
Provision from slow moving and obsolescence | (13,251) | (12,309) | € (13,252) |
Total inventories | € 148,917 | € 139,373 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Classes of Inventories [Line Items] | ||
Provision for slow moving and obsolete inventories | € 1,878 | € 2,109 |
Inventories - Changes in Provis
Inventories - Changes in Provision for Slow Moving and Obsolete Inventories (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Classes Of Inventories [Abstract] | ||
Beginning balance | € 12,309 | € 13,252 |
Provision | 1,878 | 2,109 |
Utilizations and other changes | (936) | (3,052) |
Ending balance | € 13,251 | € 12,309 |
Trade Receivables and Contrac_3
Trade Receivables and Contract Assets - Summary of Trade Receivables and Contract Assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade Receivables And Contract Assets [Abstract] | |||
Trade receivables | € 171,803 | € 135,514 | |
Allowance for expected credit losses | (6,544) | (7,696) | € (7,355) |
Total trade receivables | € 165,259 | € 127,818 | |
Expected credit loss rate | 3.80% | 5.70% |
Trade Receivables and Contrac_4
Trade Receivables and Contract Assets - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade Receivables And Contract Assets [Line Items] | |||
Allowance for expected credit losses | € 6,544 | € 7,696 | € 7,355 |
Contract assets | 62,133 | 39,430 | |
Contract assets gross | 138,854 | 86,905 | |
Invoices issued to customers as advances | 76,721 | 47,476 | |
IFRS 9 | |||
Trade Receivables And Contract Assets [Line Items] | |||
Allowance for expected credit losses | € 6,544 | € 7,696 | |
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, 2021 | Dec. 31, 2020 |
Trade Receivables And Contract Assets [Line Items] | ||
Trade receivables | € 171,803 | € 135,514 |
EMEA | ||
Trade Receivables And Contract Assets [Line Items] | ||
Trade receivables | 90,518 | 67,884 |
APAC | ||
Trade Receivables And Contract Assets [Line Items] | ||
Trade receivables | 27,200 | 15,637 |
North America | ||
Trade Receivables And Contract Assets [Line Items] | ||
Trade receivables | 43,762 | 37,261 |
South America | ||
Trade Receivables And Contract Assets [Line Items] | ||
Trade receivables | € 10,323 | € 14,732 |
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, 2021 | Dec. 31, 2020 | |
Trade Receivables And Contract Assets [Abstract] | ||
As at January 1 | € 7,696 | € 7,355 |
Accruals | 3,478 | 1,631 |
Releases | (4,413) | (552) |
Utilizations | (390) | (374) |
Exchange differences | 173 | (364) |
As at December 31 | € 6,544 | € 7,696 |
Tax Receivables and Tax Payab_3
Tax Receivables and Tax Payables - Summary of Breakdown in Account (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Tax Receivables And Tax Payables [Abstract] | ||
Tax Receivables | € 25,063 | € 14,188 |
Tax Payables | € 19,440 | € 18,543 |
Tax Receivables and Tax Payab_4
Tax Receivables and Tax Payables - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | ||
Decrease in tax receivables | € 10,845 | |
Increase in other receivables | 10,845 | |
Decrease in tax payables | 583 | |
Increase in other payables | 583 | |
CIT advance payments | € 9,577 | 5,658 |
Tax credit grants received | 8,687 | € 4,887 |
Patent Box credit not yet offset | € 3,191 |
Other Receivables - Summary of
Other Receivables - Summary of Other Receivables (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Receivables [Abstract] | ||
Advances To Suppliers | € 373 | € 416 |
Accrued income and prepayments | 5,555 | 2,105 |
VAT receivables | 18,198 | 10,845 |
Other receivables | 2,215 | 1,458 |
Total other receivables | € 26,341 | € 14,824 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) - EUR (€) € in Thousands | Aug. 18, 2021 | Jul. 20, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||||||
Cash and cash equivalents | € 411,039 | € 115,599 | € 85,386 | € 74,519 | ||
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) € / shares in Units, € in Thousands | Jul. 01, 2021shares | Mar. 04, 2021EUR (€)€ / sharesshares | Dec. 31, 2021EUR (€)shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€) | Jun. 03, 2021EUR (€)shares |
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Paid in share capital | € 21,698 | |||||
Number of paid in capital shares | shares | 295,540,036 | |||||
Nominal value of existing shares eliminated | € 1,000 | |||||
Number of existing issued shares | shares | 100,010,000 | 20,002 | ||||
Additional ordinary shares issued | shares | 99,989,998 | |||||
Par value per share | € / shares | € 0 | |||||
Number of shares after stock split | shares | 272,427,240 | |||||
Equity split ratio | 2,724 | |||||
Maximum number shares increased exclusion of option rights | shares | 40,000,000 | |||||
Increase of share capital | € 412,259 | |||||
Treasury shares | shares | 30,840,555 | 28,493,040 | ||||
Cost of treasury shares | € (27,740) | € (26,189) | ||||
Reserve for actuarial gains/losses | (745) | (675) | ||||
Cash flow hedge reserve | (1,277) | (3,345) | € (2,796) | |||
Currency translation reserve | (22,680) | (34,911) | ||||
Legal reserve | 4,000 | 4,000 | ||||
Other reserves | 38,316 | 36,008 | ||||
Retained earnings | 306,869 | 237,092 | ||||
Net profit attributable to equity holders of the parent | 134,321 | 78,513 | € 39,201 | |||
Non-controlling interests | € (415) | € (355) | ||||
Ordinary Shares | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Number of paid in capital shares | shares | 23,112,796 | |||||
Increase of share capital | € 1,696 | |||||
Treasury Shares | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Number of ordinary shares repurchased | shares | 29 | 850,000 | ||||
Number of ordinary shares repurchased corresponding to split of shares | shares | 394,980 | 2,315,400 | ||||
Ordinary shares repurchased value | 1,791 | |||||
Number of shares transferred | shares | 133,210 | |||||
Number of shares transferred corresponding to split of shares | shares | 362,865 | |||||
Value of shares transferred | € 240 | |||||
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 | Jan. 20, 2021 | Jun. 11, 2020 | Jun. 28, 2019 |
Dividend [Line Items] | |||
Dividends paid, per share | € 630 | € 500 | |
Dividends paid | € 11,200 | € 8,900 | € 6,170 |
Financial liabilities - Additio
Financial liabilities - Additional Information (Details) € in Thousands, $ in Thousands | Oct. 07, 2021EUR (€) | Apr. 16, 2020EUR (€) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Apr. 16, 2020USD ($) |
Disclosure of financial liabilities [line items] | |||||
Financial liabilities | € 248,491 | € 375,358 | |||
Agreement maturity period | 3 years | ||||
Current bank loans | 36,195 | 61,905 | |||
Non-current bank loans | € 134,367 | 224,365 | |||
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 | ||||
SVM Automatik A/S | |||||
Disclosure of financial liabilities [line items] | |||||
% equity interest | 35.00% | ||||
Additional investment for purchasing the remaining interests percentage | € 7,000 | ||||
Medirio SA | Purchase of Residual Shares | |||||
Disclosure of financial liabilities [line items] | |||||
Unpaid amount of residual shares in minority interest | 1,221 | ||||
Put Option Granted | SVM Automatik A/S | |||||
Disclosure of financial liabilities [line items] | |||||
Financial liabilities related to put option | € 6,706 |
Financial liabilities - Summary
Financial liabilities - Summary of Balances in Financial Debt (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Financial Liabilities [Abstract] | ||
Lease liabilities - Right of Use | € 5,553 | € 5,435 |
Bank overdrafts | 37 | 582 |
Bank loans | 36,195 | 61,905 |
Financial liabilities due to related parties | 940 | 968 |
Fair value of derivatives | 1,681 | 4,417 |
Financial payables for shares acquisition | 7,927 | |
Financial liabilities due to other lenders | 1,789 | |
Total current financial liabilities | 46,195 | 81,234 |
Lease liabilities - Right of Use | 17,574 | 20,186 |
Bank loans | 134,367 | 224,365 |
Notes | 49,620 | 49,573 |
Financial liabilities due to other lenders | 735 | |
Total non-current financial liabilities | 202,296 | 294,124 |
Financial Liabilities | € 248,491 | € 375,358 |
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, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2021DKK (kr) | Dec. 31, 2020DKK (kr) | |
Financial Liabilities [Line Items] | ||||
Amount | € 220,219 | € 336,425 | ||
Bank Loans | ||||
Financial Liabilities [Line Items] | ||||
Amount | € 170,562 | € 286,270 | ||
Bank Loans | 2021 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | |||
Amount | € 62,169 | |||
Borrowings, maturity | 2021 | |||
Average Interest Rate | 0.86% | 0.86% | ||
Bank Loans | 2022 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amount | € 36,357 | € 66,251 | ||
Borrowings, maturity | 2022 | 2022 | ||
Average Interest Rate | 1.20% | 0.91% | 1.20% | 0.91% |
Bank Loans | 2023 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amount | € 50,461 | € 65,467 | ||
Borrowings, maturity | 2023 | 2023 | ||
Average Interest Rate | 1.24% | 0.97% | 1.24% | 0.97% |
Bank Loans | 2024 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amount | € 51,664 | € 56,156 | ||
Borrowings, maturity | 2024 | 2024 | ||
Average Interest Rate | 1.28% | 1.08% | 1.28% | 1.08% |
Bank Loans | 2025 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amount | € 24,393 | € 28,843 | ||
Borrowings, maturity | 2025 | 2025 | ||
Average Interest Rate | 1.33% | 1.29% | 1.33% | 1.29% |
Bank Loans | 2026 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amount | € 7,488 | € 7,488 | ||
Borrowings, maturity | 2026 | 2026 | ||
Average Interest Rate | 1.39% | 1.36% | 1.39% | 1.36% |
Bank Loans | 2027 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | EUR | ||
Amount | € 592 | € 591 | ||
Borrowings, maturity | 2027 | 2027 | ||
Average Interest Rate | 1.40% | 0.94% | 1.40% | 0.94% |
Bank Loans | Amortized Cost | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | |||
Amortized Cost | € (393) | |||
Borrowings, maturity | 2022-2027 | |||
Bank Loans | Amortized Cost | 2021-2027 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | |||
Amortized Cost | € (695) | |||
Borrowings, maturity | 2021-2027 | |||
Notes | ||||
Financial Liabilities [Line Items] | ||||
Amount | € 49,620 | € 49,573 | ||
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 | 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] | ||||
Amortized Cost | € (380) | |||
Borrowings, maturity | 2022-2028 | |||
Notes | Amortized Cost | 2021-2028 | ||||
Financial Liabilities [Line Items] | ||||
Currency | EUR | |||
Amortized Cost | € (427) | |||
Borrowings, maturity | 2021-2028 | |||
Overdrafts | 2021 | ||||
Financial Liabilities [Line Items] | ||||
Currency | DKK | |||
Amount | € 582 | kr 4,321 | ||
Borrowings, maturity | 2021 | |||
Average Interest Rate | 1.25% | 1.25% | ||
Overdrafts | 2022 | ||||
Financial Liabilities [Line Items] | ||||
Currency | DKK | |||
Amount | € 37 | kr 275 | ||
Borrowings, maturity | 2022 | |||
Average Interest Rate | 1.25% | 1.25% |
Financial liabilities - Summa_3
Financial liabilities - Summary of Analysis of Derivative Assets and Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Liabilities [Line Items] | ||
Carrying amount | € 28,551 | € 48,244 |
Financial liabilities | 248,491 | 375,358 |
Foreign Exchange Forward Contracts | ||
Financial Liabilities [Line Items] | ||
Carrying amount | 49 | 19 |
Financial assets, fair value | 49 | 19 |
Foreign Exchange Forward Contracts | ||
Financial Liabilities [Line Items] | ||
Financial liabilities | 16 | |
Fair value | 16 | |
Interest Rate Swap in Cash Flow Hedges | ||
Financial Liabilities [Line Items] | ||
Financial liabilities | 1,681 | 4,386 |
Fair value | € 1,681 | € 4,386 |
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, 2021 | Dec. 31, 2020 |
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | € 440,011 | € 158,511 |
Financial liabilities, fair value | 1,681 | 12,344 |
Put & Call Related to Financial Liabilities | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial liabilities, fair value | 6,706 | |
Derivatives Financial Liabilities | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial liabilities, fair value | 1,681 | 4,417 |
Payables for Subsidiary Acquisition | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial liabilities, fair value | 1,221 | |
Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 411,039 | 115,599 |
Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 27,888 | 42,152 |
Financial liabilities, fair value | 1,681 | 4,417 |
Level 2 | Derivatives Financial Liabilities | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial liabilities, fair value | 1,681 | 4,417 |
Level 3 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 1,084 | 760 |
Financial liabilities, fair value | 7,927 | |
Level 3 | Put & Call Related to Financial Liabilities | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial liabilities, fair value | 6,706 | |
Level 3 | Payables for Subsidiary Acquisition | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial liabilities, fair value | 1,221 | |
Cash and Cash Equivalents | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 411,039 | 115,599 |
Cash and Cash Equivalents | Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 411,039 | 115,599 |
Equity Investments Others | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 1,084 | 760 |
Equity Investments Others | Level 3 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 1,084 | 760 |
Derivatives Financial Assets | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 49 | 19 |
Derivatives Financial Assets | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 49 | 19 |
Financial Current Assets | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 27,168 | 41,523 |
Financial Current Assets | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 27,168 | 41,523 |
Other Non-Current Financial Assets | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | 671 | 610 |
Other Non-Current Financial Assets | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Financial assets, fair value | € 671 | € 610 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Debt Securities (Details) - PGIM, Inc | 12 Months Ended |
Dec. 31, 2021EUR (€)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, 2021 | Dec. 31, 2020 | |
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 out of Level 1 into Level 2 of fair value hierarchy, liabilities | 0 | 0 |
Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities | 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, 2021 | Dec. 31, 2020 |
Disclosure Of Information About Defined Benefit Plans [Abstract] | ||
Employee severance pay | € 5,895 | € 5,791 |
Jubilee benefits | 253 | 239 |
Other post-employment plans | 699 | 582 |
Long term incentive plan | 3,653 | 1,780 |
Cash settled awards | 21,333 | |
Stock grant plan | 1,353 | |
Total employee benefits | € 11,853 | € 29,725 |
Employee benefits - Summary o_2
Employee benefits - Summary of Group's Liabilities for Employee Benefits (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Defined Benefit Plans [Line Items] | ||
Beginning balance | € 6,612 | € 6,514 |
Interest cost | 50 | 79 |
Current service cost | 531 | 428 |
Benefits paid | (534) | (435) |
Actuarial Gains and Losses | 150 | 152 |
Exchange rate differences | 38 | (126) |
Ending balance | 6,847 | 6,612 |
Recognized in the consolidated income statement | 579 | 516 |
Recognized in the other comprehensive income | 151 | 145 |
Trattamento Fine Rapporto | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Beginning balance | 5,791 | 5,801 |
Interest cost | 18 | 44 |
Current service cost | 402 | 325 |
Benefits paid | (476) | (412) |
Actuarial Gains and Losses | 160 | 33 |
Ending balance | 5,895 | 5,791 |
Recognized in the consolidated income statement | 419 | 369 |
Recognized in the other comprehensive income | 160 | 33 |
Jubilee Benefits | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Beginning balance | 239 | 220 |
Interest cost | 2 | 2 |
Current service cost | 27 | 26 |
Benefits paid | (13) | (16) |
Actuarial Gains and Losses | (2) | 7 |
Ending balance | 253 | 239 |
Recognized in the consolidated income statement | 28 | 36 |
Beneficio por Retiro / Terminacion | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Beginning balance | 552 | 468 |
Interest cost | 29 | 32 |
Current service cost | 95 | 70 |
Benefits paid | (32) | |
Actuarial Gains and Losses | (23) | 108 |
Exchange rate differences | 38 | (126) |
Ending balance | 659 | 552 |
Recognized in the consolidated income statement | 123 | 103 |
Recognized in the other comprehensive income | (23) | 108 |
Severance Payment Slovakia | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Beginning balance | 30 | 25 |
Interest cost | 1 | 1 |
Current service cost | 7 | 7 |
Benefits paid | (13) | (7) |
Actuarial Gains and Losses | 15 | 4 |
Ending balance | 40 | 30 |
Recognized in the consolidated income statement | 8 | 8 |
Recognized in the other comprehensive income | € 15 | € 4 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Principal Assumptions Used (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Italy | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Discount Rate % | 0.98% | 0.34% |
Future salary increase % | 0.50% | 0.50% |
Inflation rate % | 1.75% | 0.80% |
Germany | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Discount Rate % | 1.17% | 1.00% |
Mexico | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Discount Rate % | 9.75% | 8.25% |
Future salary increase % | 4.50% | 4.50% |
Inflation rate % | 3.50% | 3.50% |
Slovakia | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Discount Rate % | 0.98% | 4.50% |
Future salary increase % | 6.00% | 6.00% |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Jun. 03, 2021shares | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
Average duration of defined benefit obligation | 15 years | ||
Long-Term Incentive Plan | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Weighted average discount rate | (0.17%) | (0.27%) | |
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 provides for three two-years periods included, respectively, 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, 2021 | Dec. 31, 2020 |
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 | € (58) | € (57) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 67 | 65 |
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 | 101 | 100 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (98) | (97) |
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 | (138) | (137) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | € 144 | € 143 |
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, 2021 | Dec. 31, 2020 | |
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 | 1,780 | |
Interest cost | (7) | |
Current service cost | 1,874 | € 1,780 |
Actuarial Gains and Losses | 6 | |
Ending balance | 3,653 | 1,780 |
Long-Term Incentive Plan | 2020-2023 | ||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | ||
Beginning balance | 1,780 | |
Interest cost | (7) | |
Current service cost | 1,874 | 1,780 |
Actuarial Gains and Losses | 6 | |
Ending balance | € 3,653 | € 1,780 |
Employee Benefits - Summary o_6
Employee Benefits - Summary of Components of Cash Settled Awards Obligation Expense Recognized (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | € 18,893 |
Interest cost | (14) | (21) |
Current service cost | 2,715 | |
Benefits paid | (7,919) | |
Actuarial Gains and Losses | (10,832) | (254) |
Transferred to SGP 2021-2027 | (400) | |
Stock granted | (2,168) | |
Ending balance | 21,333 | |
Cash Settled Awards | Incentive Plan 2012-2021 | ||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | ||
Beginning balance | 13,338 | 13,456 |
Interest cost | (9) | (15) |
Benefits paid | (7,919) | |
Actuarial Gains and Losses | (3,299) | (103) |
Transferred to SGP 2021-2027 | (400) | |
Stock granted | (1,711) | |
Ending balance | 13,338 | |
Cash Settled Awards | Incentive Plan 2018-2022 | ||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | ||
Beginning balance | 7,995 | 5,437 |
Interest cost | (5) | (6) |
Current service cost | 2,715 | |
Actuarial Gains and Losses | (7,533) | (151) |
Stock granted | (457) | |
Ending balance | € 7,995 | |
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) € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |
Transfer from SOP 2012-2021 | € 400 |
Interest cost | 6 |
Current service cost | 947 |
Ending balance | 1,353 |
Stock Grant Plan 2021-2027 | |
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |
Transfer from SOP 2012-2021 | 400 |
Interest cost | 6 |
Current service cost | 947 |
Ending balance | € 1,353 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Other Provisions [Line Items] | ||
Beginning Balance | € 4,384 | € 3,946 |
Arising during the year | 4,462 | 985 |
Utilized | (745) | (46) |
Unused amounts reversed | (4,696) | (392) |
Exchange rate difference | 94 | (109) |
Ending Balance | 3,499 | 4,384 |
Current | 0 | 0 |
Non-current | 3,499 | 4,384 |
Provision For Warranty | ||
Disclosure Of Other Provisions [Line Items] | ||
Beginning Balance | 1,061 | 1,141 |
Arising during the year | 65 | 52 |
Utilized | 0 | 0 |
Unused amounts reversed | (65) | (134) |
Exchange rate difference | 0 | 2 |
Ending Balance | 1,061 | 1,061 |
Current | 0 | 0 |
Non-current | 1,061 | 1,061 |
Decommissioning | ||
Disclosure Of Other Provisions [Line Items] | ||
Beginning Balance | 523 | 548 |
Arising during the year | 23 | 23 |
Utilized | 0 | 0 |
Unused amounts reversed | 0 | 0 |
Exchange rate difference | 45 | (48) |
Ending Balance | 591 | 523 |
Current | 0 | 0 |
Non-current | 591 | 523 |
Provision For Legal and Sundry Risks | ||
Disclosure Of Other Provisions [Line Items] | ||
Beginning Balance | 1,664 | 1,259 |
Arising during the year | 4,235 | 772 |
Utilized | (745) | (46) |
Unused amounts reversed | (4,631) | (258) |
Exchange rate difference | 49 | (63) |
Ending Balance | 572 | 1,664 |
Current | 0 | 0 |
Non-current | 572 | 1,664 |
Provision For Agents and Directors Severance Indemnity | ||
Disclosure Of Other Provisions [Line Items] | ||
Beginning Balance | 1,136 | 998 |
Arising during the year | 139 | 138 |
Utilized | 0 | 0 |
Unused amounts reversed | 0 | 0 |
Exchange rate difference | 0 | 0 |
Ending Balance | 1,275 | 1,136 |
Current | 0 | 0 |
Non-current | € 1,275 | € 1,136 |
Provisions - Additional Informa
Provisions - Additional Information (Details) € in Millions | Dec. 31, 2021EUR (€) |
Disclosure Of Other Provisions [Abstract] | |
Provisions accrual | € 4 |
Other Non Current Liabilities -
Other Non Current Liabilities - Additional Information (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noncurrent Liabilities [Abstract] | ||
Other non-current liabilities | € 1,808 | € 1,808 |
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, 2021 | Dec. 31, 2020 |
Trade And Other Current Payables [Abstract] | ||
Trade payables | € 164,787 | € 118,740 |
Payables to social security institutions | 6,362 | 5,651 |
Payables to personnel | 32,772 | 25,868 |
VAT Payables | 5,195 | 583 |
Other tax payables | 3,181 | 0 |
Accrued Income and Prepayments | 8,222 | 3,509 |
Other current liabilities | 10,081 | 8,655 |
Total trade payables and other current liabilities | € 230,600 | € 163,006 |
Trade Payables and Other Curr_4
Trade Payables and Other Current Liabilities - Additional Information) (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Disclosure of financial liabilities [line items] | |
Other payables average term | 6 months |
Accounting payables related to confirming program | € 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, 2021 | Dec. 31, 2020 |
Deferred Income Including Contract Liabilities [Abstract] | ||
Contract Liabilities | € 18,771 | € 5,031 |
Advances from customers | 23,616 | 48,361 |
Total contract liabilities and advances from customers | 42,387 | 53,392 |
Current | 42,387 | 53,392 |
Non-current | € 0 | € 0 |
Contract Liabilities and Adva_4
Contract Liabilities and Advances from Customers - Additional Information (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Contract liabilities [abstract] | ||
Contract net liabilities | € 18,771 | € 5,031 |
Contract assets gross | 138,854 | 86,905 |
Invoices issued to customers as advances | 76,721 | 47,476 |
Engineering System and In-vitro Diagnostic Business | ||
Contract liabilities [abstract] | ||
Contract assets gross | 27,504 | 10,828 |
Invoices issued to customers as advances | € 46,275 | € 15,859 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | € 25,380 | ||
Depreciation charge for the year | 6,202 | € 5,956 | € 4,861 |
Right of Use assets, Ending balance | 22,690 | 25,380 | |
Cost | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 35,992 | 31,193 | |
Additions | 3,111 | 5,710 | |
Disposals | (1,655) | ||
Exchange rate differences | 960 | (911) | |
Right of Use assets, Ending balance | 38,408 | 35,992 | 31,193 |
Depreciation | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 10,612 | 4,854 | |
Depreciation charge for the year | 6,202 | 5,956 | |
Disposals | (1,337) | ||
Exchange rate differences | 241 | (198) | |
Right of Use assets, Ending balance | 15,718 | 10,612 | 4,854 |
Buildings | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 13,408 | ||
Right of Use assets, Ending balance | 12,927 | 13,408 | |
Buildings | Cost | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 17,969 | 16,239 | |
Additions | 1,549 | 2,602 | |
Disposals | (1,437) | ||
Exchange rate differences | 885 | (872) | |
Right of Use assets, Ending balance | 18,966 | 17,969 | 16,239 |
Buildings | Depreciation | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 4,561 | 2,234 | |
Depreciation charge for the year | 2,579 | 2,523 | |
Disposals | (1,308) | ||
Exchange rate differences | 207 | (196) | |
Right of Use assets, Ending balance | 6,039 | 4,561 | 2,234 |
Plant and Machinery | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 6,309 | ||
Right of Use assets, Ending balance | 4,890 | 6,309 | |
Plant and Machinery | Cost | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 8,691 | 6,930 | |
Additions | 278 | 1,761 | |
Disposals | (199) | ||
Exchange rate differences | 25 | ||
Right of Use assets, Ending balance | 8,795 | 8,691 | 6,930 |
Plant and Machinery | Depreciation | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 2,382 | 852 | |
Depreciation charge for the year | 1,546 | 1,515 | |
Disposals | (26) | ||
Exchange rate differences | 3 | 15 | |
Right of Use assets, Ending balance | 3,905 | 2,382 | 852 |
Industrial Equipment | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 199 | ||
Right of Use assets, Ending balance | 143 | 199 | |
Industrial Equipment | Cost | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 330 | 330 | |
Additions | 16 | ||
Right of Use assets, Ending balance | 346 | 330 | 330 |
Industrial Equipment | Depreciation | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 131 | 65 | |
Depreciation charge for the year | 71 | 66 | |
Right of Use assets, Ending balance | 202 | 131 | 65 |
Other Tangible Assets | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 5,464 | ||
Right of Use assets, Ending balance | 4,729 | 5,464 | |
Other Tangible Assets | Cost | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 9,002 | 7,694 | |
Additions | 1,268 | 1,347 | |
Disposals | (19) | ||
Exchange rate differences | 50 | (39) | |
Right of Use assets, Ending balance | 10,301 | 9,002 | 7,694 |
Other Tangible Assets | Depreciation | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Right of Use assets, Beginning balance | 3,538 | 1,703 | |
Depreciation charge for the year | 2,006 | 1,852 | |
Disposals | (3) | ||
Exchange rate differences | 31 | (17) | |
Right of Use assets, Ending balance | € 5,572 | € 3,538 | € 1,703 |
Leases - Summary of Carrying Am
Leases - Summary of Carrying Amounts of Lease Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Presentation Of Leases For Lessee [Abstract] | |||
Lease liabilities, Beginning balance | € 25,621 | € 26,140 | |
Additions | 2,837 | 5,599 | |
Accretion of interest | 585 | 624 | € 626 |
Payments | (6,498) | (5,906) | (4,741) |
Early terminated contracts | (150) | ||
Exchange difference | 732 | (836) | |
Lease liabilities, Ending balance | 23,127 | 25,621 | € 26,140 |
Lease liabilities, Current | 5,553 | 5,435 | |
Lease liabilities, Non-current | € 17,574 | € 20,186 |
Leases - Summary of Amounts Rec
Leases - Summary of Amounts Recognized in Profit or Loss (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Presentation Of Leases For Lessee [Abstract] | |||
Depreciation expense of Right of Use assets | € 6,202 | € 5,956 | € 4,861 |
Interest on lease liabilities | 585 | 624 | 626 |
Expense relating to short-term leases | 1,252 | 1,901 | 481 |
Expense relating to leases of low-value assets | 5,180 | 3,744 | 3,815 |
Total amount recognized in profit or loss | € 13,219 | € 12,225 | € 9,783 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Proportion of equity interest held by non-controlling interests: | |||
Proportion of equity interest held by non-controlling interests | € 363 | € 439 | |
Profit allocated to material non-controlling interest: | |||
Profit allocated to material non-controlling interest | € 52 | € (84) | € 494 |
Ompi of Japan Co., Ltd. | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
Country | Japan | ||
Percentage of equity interest held by non-controlling interests | 49.00% | 49.00% | |
Proportion of equity interest held by non-controlling interests: | |||
Proportion of equity interest held by non-controlling interests | € 419 | € 487 | |
Profit allocated to material non-controlling interest: | |||
Profit allocated to material non-controlling interest | € 60 | € (76) | 202 |
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 | € (56) | € (48) | |
Profit allocated to material non-controlling interest: | |||
Profit allocated to material non-controlling interest | € (8) | € (8) | € (3) |
Subsidiaries With Material No_4
Subsidiaries With Material Non-controlling Interest - Summarized Income Statement (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Sales | € 843,920 | € 662,037 | € 536,539 |
Cost of Sales | 578,515 | 467,861 | 398,518 |
Gross Profit | 265,405 | 194,176 | 138,021 |
Other operating income | 9,386 | 5,230 | 8,737 |
Selling and marketing expenses | 20,448 | 20,044 | 26,144 |
Research and development expenses | 29,616 | 17,390 | 7,826 |
General and administrative expenses | 62,502 | 58,863 | 50,568 |
Operating Profit | 162,225 | 103,109 | 62,220 |
Interest income | 21,709 | 14,926 | 8,006 |
Interest expense | 18,808 | 21,848 | 15,250 |
Profit Before Tax | 165,673 | 96,279 | 54,714 |
Income taxes | 31,404 | 17,682 | 16,007 |
Net Profit | 134,269 | 78,597 | 38,707 |
Total comprehensive income | 148,510 | 55,307 | 40,238 |
Attributable to non-controlling interests | (52) | 84 | (494) |
Ompi of Japan Co., Ltd. | |||
Net Sales | 4,325 | 6,811 | 2,533 |
Cost of Sales | 3,542 | 5,509 | 2,207 |
Gross Profit | 783 | 1,302 | 326 |
Selling and marketing expenses | 299 | 349 | 451 |
Research and development expenses | 150 | 157 | 156 |
General and administrative expenses | 452 | 518 | 437 |
Operating Profit | (118) | 278 | (718) |
Interest income | 37 | 17 | 161 |
Interest expense | 90 | 74 | 32 |
Profit Before Tax | (171) | 221 | (589) |
Income taxes | (48) | 66 | (176) |
Net Profit | (123) | 155 | (413) |
Total comprehensive income | (123) | 155 | (413) |
Attributable to non-controlling interests | (60) | 76 | (202) |
Medirio SA | |||
Research and development expenses | 1,013 | ||
General and administrative expenses | 25 | ||
Operating Profit | (1,038) | ||
Interest income | 4 | ||
Interest expense | 3 | ||
Profit Before Tax | (1,037) | ||
Income taxes | 18 | ||
Net Profit | (1,055) | ||
Total comprehensive income | (1,055) | ||
Attributable to non-controlling interests | (295) | ||
Medical Glass a.s. | |||
Net Sales | 41,643 | 36,852 | 32,811 |
Cost of Sales | 34,425 | 30,039 | 27,661 |
Gross Profit | 7,218 | 6,813 | 5,150 |
Other operating income | 195 | 43 | |
Selling and marketing expenses | 177 | 165 | 123 |
General and administrative expenses | 3,302 | 2,715 | 3,350 |
Operating Profit | 3,934 | 3,976 | 1,677 |
Interest income | 111 | 2 | 4 |
Interest expense | 42 | 30 | 20 |
Profit Before Tax | 4,003 | 3,948 | 1,661 |
Income taxes | 826 | 834 | 387 |
Net Profit | 3,177 | 3,114 | 1,274 |
Total comprehensive income | 3,165 | 3,111 | 1,272 |
Attributable to non-controlling interests | € 8 | € 8 | € 3 |
Subsidiaries With Material No_5
Subsidiaries With Material Non-controlling Interest - Summarize Financial Position (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Total non-current liabilities and provision | € (238,561) | € (341,664) | ||
Total equity | (841,659) | (310,140) | € (265,439) | € (231,397) |
Equity holders of parent | 842,074 | 310,495 | ||
Non-controlling interest | 415 | 355 | ||
Ompi of Japan Co., Ltd. | ||||
Property, plant and equipment and other non-current assets | 534 | 530 | ||
Net working capital | (280) | (628) | ||
Total non-current liabilities and provision | 0 | 0 | ||
Net capital employed | 254 | (98) | ||
Net financial position | (1,233) | (742) | ||
Total equity | (979) | (840) | ||
Equity holders of parent | (500) | (429) | ||
Non-controlling interest | (479) | (411) | ||
Medical Glass a.s. | ||||
Property, plant and equipment and other non-current assets | 13,658 | 12,477 | ||
Net working capital | 5,582 | 7,101 | ||
Total non-current liabilities and provision | (653) | (596) | ||
Net capital employed | 18,587 | 18,982 | ||
Net financial position | 6,204 | 2,711 | ||
Total equity | 24,791 | 21,693 | ||
Equity holders of parent | 24,727 | 21,637 | ||
Non-controlling interest | € 64 | € 56 |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Details) € in Thousands, ¥ in Millions | Nov. 13, 2021 | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2019JPY (¥) | Dec. 31, 2018JPY (¥) |
Disclosure Of Transactions Between Related Parties [Line Items] | ||||||
Revenue From Contracts With Customers | € 843,920 | € 662,037 | € 536,539 | |||
Sale of Residential Flat | ||||||
Disclosure Of Transactions Between Related Parties [Line Items] | ||||||
Revenue From Contracts With Customers | 412 | |||||
Gain on sale of residential flat | € 282 | |||||
Società Agricola Stella S.r.l. | ||||||
Disclosure Of Transactions Between Related Parties [Line Items] | ||||||
Percentage equity interest in subsidiary | 51.00% | |||||
Percentage of equity interest held by non-controlling interests | 49.00% | |||||
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stevanato Holding S.r.l. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Revenues | € 4,475 | ||
Swissfillon AG | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Revenues | 565 | € 790 | € 168 |
Trade receivables | 88 | ||
Winckler & Co. Ltd. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 352 | 350 | 499 |
Trade payables | 29 | 28 | |
Società Agricola Stella S.r.l. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 99 | 72 | 83 |
Trade payables | 54 | 25 | |
Other Assets | 24 | ||
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 | 150 |
Progenitor Capital Partners LLC | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 67 | 84 | 89 |
E & FKH Ejendomme ApS | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 410 | 399 | 391 |
Stevanato Marco | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | (282) | ||
Piovesan Barbara | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 30 | 30 | 30 |
Stevanato Sergio | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 98 | ||
Studio Legale Spinazzi Azzarita Troi | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 578 | 536 | 294 |
Trade payables | 151 | ||
Federici William | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 69 | ||
Fondazione Stevanato | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 180 | € 155 | € 130 |
C.T.S. Studio AS | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Costs | 20 | ||
Trade payables | 2 | ||
Incog Biopharma Services Inc | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Revenues | 671 | ||
Trade receivables | € 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Swissfillon AG | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Interest received | € 10 | € 20 | € 17 |
Financial assets | 1,342 | ||
SE Holdings Co.Ltd. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Interest paid | 5 | 6 | 5 |
Financial liabilities | (940) | (968) | |
Directors and Key Managers | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Interest received | 22 | 53 | € 53 |
Financial assets | € 447 | € 4,614 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Fixed remuneration Annual fee | € 2,196 | € 1,688 | € 1,475 |
Fixed remuneration Fringe benefits | 14 | 28 | 21 |
Pension expense | 50 | 50 | 50 |
Long Term Benefits | (2,966) | 412 | 127 |
Share based compensation | 350 | ||
Total remuneration | € (356) | € 2,178 | € 1,673 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Fixed remuneration Annual fee | € 1,210 | € 1,150 | € 1,231 |
Fixed remuneration Fringe benefits | 21 | 23 | 19 |
Variable remuneration | 1,014 | 698 | 305 |
Pension expense | 85 | 81 | 86 |
Long Term Benefits | (6,007) | 1,254 | 723 |
Share based compensation | 1,536 | ||
Total remuneration | € (2,141) | € 3,206 | € 2,364 |
Commitment and Contingencies -
Commitment and Contingencies - Schedule of Commitments, Guarantees and Contingent Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Contingent Liabilities [Line Items] | ||
Guarantees | € 99,535 | € 86,633 |
Unsecured Guarantees | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Guarantees | 99,535 | 86,633 |
Secured Guarantees | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Guarantees | € 4,707 | € 4,704 |
Commitment and Contingencies _2
Commitment and Contingencies - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Contingent Liabilities [Line Items] | ||
Guarantees | € 99,535 | € 86,633 |
Secured Guarantees | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Guarantees | 4,707 | 4,704 |
Credit Institutions and Insurance Companies | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Guarantees | 39,907 | 28,710 |
Nordea Bank on Behalf of SVM Automatik AS | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Commitments and risks assumed | 17,482 | 17,471 |
Nordea Bank on Behalf of SVM Innoscan AS | ||
Disclosure Of Contingent Liabilities [Line Items] | ||
Commitments and risks assumed | 9,413 | 9,407 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Foreign currency exchange gain (loss) | € (2,584) | € (448) | € (545) |
Trade receivables | 171,803 | 135,514 | |
Trade receivables not overdue | 133,671 | ||
Trade receivables overdue | 38,132 | ||
Allowance for doubtful accounts | 6,544 | € 7,696 | |
Overdue Within 90 days | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Trade receivables overdue | 30,149 | ||
Overdue Between 90 and 180 days | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Trade receivables overdue | 1,217 | ||
Overdue Between 181 and 365 days | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Trade receivables overdue | 1,047 | ||
Overdue Beyond 365 days | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Trade receivables overdue | € 5,719 |
Qualitative and Quantitative _4
Qualitative and Quantitative Information of Financial Risks - Summary of Contracts Holding (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2021EUR (€)€ / kr€ / $€ / ¥ | Dec. 31, 2020EUR (€)€ / $€ / kr€ / SFr€ / ¥ | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial liabilities, Carrying amount | € (248,491) | € (375,358) |
Financial assets, Carrying amount | 28,551 | 48,244 |
Forward Currency Contracts | Currency Exchange Rate Risk | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Notional amount | 47,064 | 28,011 |
Forward Currency Contracts | Currency Exchange Rate Risk | Carrying Amount | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial Assets and Liabilities Carrying Value | 49 | 4 |
Forward Currency Contracts | Currency Exchange Rate Risk | DKK | Current Financial Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Notional amount | 36,702 | 19,554 |
Forward Currency Contracts | Currency Exchange Rate Risk | DKK | 9 to 12 Months | Current Financial Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Notional amount | € 36,702 | € 19,554 |
Average forward rate | € / kr | 7.438 | 7.447 |
Forward Currency Contracts | Currency Exchange Rate Risk | DKK | Carrying Amount | Current Financial Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial liabilities, Carrying amount | € (21) | € (12) |
Forward Currency Contracts | Currency Exchange Rate Risk | USD | Other Current Financial Assets | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Notional amount | 9,372 | 6,246 |
Forward Currency Contracts | Currency Exchange Rate Risk | USD | 9 to 12 Months | Other Current Financial Assets | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Notional amount | € 9,372 | € 6,246 |
Average forward rate | € / $ | 1.139 | 1.230 |
Forward Currency Contracts | Currency Exchange Rate Risk | USD | Carrying Amount | Other Current Financial Assets | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, Carrying amount | € 50 | € 19 |
Forward Currency Contracts | Currency Exchange Rate Risk | CHF | Current Financial Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Notional amount | 1,203 | |
Forward Currency Contracts | Currency Exchange Rate Risk | CHF | 9 to 12 Months | Current Financial Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Notional amount | € 1,203 | |
Average forward rate | € / SFr | 1.082 | |
Forward Currency Contracts | Currency Exchange Rate Risk | CHF | Carrying Amount | Current Financial Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial liabilities, Carrying amount | € (3) | |
Forward Currency Contracts | Currency Exchange Rate Risk | JPY | Current Financial Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Notional amount | 1,008 | |
Forward Currency Contracts | Currency Exchange Rate Risk | JPY | Other Current Financial Assets | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Notional amount | 990 | |
Forward Currency Contracts | Currency Exchange Rate Risk | JPY | 9 to 12 Months | Current Financial Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Notional amount | € 1,008 | |
Average forward rate | € / ¥ | 126.55 | |
Forward Currency Contracts | Currency Exchange Rate Risk | JPY | 9 to 12 Months | Other Current Financial Assets | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Notional amount | € 990 | |
Average forward rate | € / ¥ | 128.750 | |
Forward Currency Contracts | Currency Exchange Rate Risk | JPY | Carrying Amount | Current Financial Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial liabilities, Carrying amount | € 0 | |
Forward Currency Contracts | Currency Exchange Rate Risk | JPY | Carrying Amount | Other Current Financial Assets | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, Carrying amount | € 20 |
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, 2021EUR (€) | Dec. 31, 2020EUR (€) | |
Notes | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total | € 49,620 | € 49,573 |
Interest Rate Risk | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 224,455 | 346,442 |
Financial liabilities, effect amortized cost | (771) | (1,122) |
Total | 223,684 | 345,320 |
Interest Rate Risk | IRS | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 167,864 | € 229,772 |
Percentage on Total | 0.75 | 0.67 |
Interest Rate Risk | FIX | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 56,150 | € 63,806 |
Percentage on Total | 0.25 | 0.18 |
Interest Rate Risk | Floating | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 441 | € 52,864 |
Percentage on Total | 0 | 0.15 |
Interest Rate Risk | MtM IRS Derivatives | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
MtM Derivates | € (1,681) | € (4,402) |
Interest Rate Risk | Bank Loans | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 170,954 | 286,965 |
Financial liabilities, effect amortized cost | (391) | (695) |
Total | € 170,563 | € 286,270 |
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 | Bank Loans | IRS | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 167,864 | € 229,772 |
Interest Rate Risk | Bank Loans | FIX | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 2,686 | 12,838 |
Interest Rate Risk | Bank Loans | Floating | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 404 | 44,355 |
Interest Rate Risk | Bank Loans | MtM IRS Derivatives | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
MtM Derivates | (1,681) | (4,402) |
Interest Rate Risk | Bank Overdrafts | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 37 | 582 |
Total | € 37 | € 582 |
Line item in the statement of financial position | Other financial liabilities | Other financial liabilities |
Interest Rate Risk | Bank Overdrafts | Floating | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 37 | € 582 |
Interest Rate Risk | Financial Payables for Share Acquisition | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | 7,927 | |
Total | € 7,927 | |
Line item in the statement of financial position | Current financial liabilities | Current financial liabilities |
Interest Rate Risk | Financial Payables for Share Acquisition | Floating | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Total nominal amount | € 7,927 | |
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 | € 940 | 968 |
Total | € 940 | € 968 |
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 | € 940 | € 968 |
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 | 2,524 | |
Total | € 2,524 | |
Line item in the statement of financial position | 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 | 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 | (380) | (427) |
Total | € 49,620 | € 49,573 |
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, 2021 | Dec. 31, 2020 | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Abstract] | ||
As at 1 January | € 3,345 | € 2,796 |
Interest Rate Swap | (2,721) | 722 |
Tax effect | 653 | (173) |
As at 31 December | € 1,277 | € 3,345 |
Qualitative and Quantitative _7
Qualitative and Quantitative Information of Financial Risks - Schedule of Interest Rate Sensitivity (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020EUR (€) | |
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) |
Effect on profit before tax due to increase in interest rate | € (21) | |
Effect on profit before tax due to decrease in interest rate | € 11 | |
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) |
Effect on profit before tax due to increase in interest rate | € (111) | |
Effect on profit before tax due to decrease in interest rate | € 26 | |
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) |
Effect on profit before tax due to increase in interest rate | € (406) | |
Effect on profit before tax due to decrease in interest rate | € 53 |
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, 2021EUR (€) | Dec. 31, 2020EUR (€) | |
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 | € (1,190) | € (862) |
Effect on EBITDA, decreases due to exchange rate | € 1,214 | € 879 |
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 | € 156 | € 128 |
Effect on EBITDA, decreases due to exchange rate | € (159) | € (131) |
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 | € (3,500) | € (2,534) |
Effect on EBITDA, decreases due to exchange rate | € 3,716 | € 2,691 |
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 | € (5,722) | € (4,144) |
Effect on EBITDA, decreases due to exchange rate | € 6,324 | € 4,580 |
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 | € 459 | € 377 |
Effect on EBITDA, decreases due to exchange rate | € (487) | € (400) |
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 | € 750 | € 616 |
Effect on EBITDA, decreases due to exchange rate | € (829) | € (681) |
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, 2021 | Dec. 31, 2020 |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | € 513,914 | € 588,053 |
Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 295,209 | 259,150 |
Due Between One and Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 161,153 | 263,025 |
Due Beyond Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 57,552 | 65,878 |
Bank Overdrafts | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 37 | 582 |
Bank Overdrafts | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 37 | 582 |
Borrowings From Banks | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 170,954 | 286,965 |
Borrowings From Banks | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 36,357 | 62,169 |
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 | 134,006 | 216,717 |
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 | 8,079 |
Notes | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 50,000 | 50,000 |
Notes | Due Beyond Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 50,000 | 50,000 |
Lease Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 25,758 | 28,528 |
Lease Liabilities | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 6,046 | 5,954 |
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 | 12,751 | 14,868 |
Lease Liabilities | Due Beyond Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 6,961 | 7,706 |
Other Financial Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 3,464 | 8,896 |
Other Financial Liabilities | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 2,729 | 8,896 |
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 | 164,787 | 118,740 |
Trade Payables | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 164,787 | 118,740 |
Tax Payables | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 19,440 | 19,126 |
Tax Payables | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 19,440 | 19,126 |
Other Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 67,621 | 45,491 |
Other Liabilities | Due Within One Year | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 65,813 | 43,683 |
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 | 1,808 | 1,715 |
Other Liabilities | Due Beyond Five Years | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 93 | |
Employee Benefits | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial And Other Liabilities | 11,853 | 29,725 |
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 | € 29,725 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Amount | € 220,219 | € 336,425 | |
Lease liabilities | 23,127 | 25,621 | € 26,140 |
Bank Loans | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Amount | 170,562 | 286,270 | |
Notes | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Financial liabilities | € 49,620 | € 49,573 |
Covid-19 Pandemic - Additional
Covid-19 Pandemic - Additional Information (Details) | Dec. 31, 2021 |
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 | 90.00% |
Events after the Reporting Pe_2
Events after the Reporting Period - Additional Information (Details) € in Thousands | Feb. 23, 2022EUR (€) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Feb. 25, 2022USD ($) |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Purchase of property consideration amount | € 107,691 | € 89,565 | € 68,092 | ||
Purchase of Property | Nuova Ompi S.r.l. | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Purchase of property consideration amount | € 16,000 | ||||
First Partnership Agreement | Top of Range | BARDA | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Government grants | $ | $ 95,000,000 |