Stevanato Group Reports Financial Results for the Second Quarter of 2024
Stevanato Group (NYSE: STVN) reported its Q2 2024 financial results, with revenue increasing 2% to €259.6 million. The Biopharmaceutical and Diagnostic Solutions (BDS) Segment grew 9%, offsetting a 26% decline in the Engineering Segment. High-value solutions represented 40% of total revenue. Diluted EPS was €0.08, and adjusted diluted EPS was €0.09. The company updated its FY 2024 guidance, now expecting revenue between €1,090-1,110 million, adjusted EBITDA of €264-272 million, and adjusted diluted EPS of €0.48-0.50.
Challenges in the Engineering Segment, including project delays and higher costs, led to the guidance revision. The BDS Segment faced temporary inefficiencies due to new facility start-ups and customer vial destocking. Despite these challenges, the company remains focused on executing its strategic priorities and capitalizing on favorable long-term trends in biologics and high-value solutions.
Stevanato Group (NYSE: STVN) ha riportato i risultati finanziari del Q2 2024, con un aumento dei ricavi del 2% a €259,6 milioni. Il segmento Soluzioni Biopharmaceutical e Diagnostiche (BDS) è cresciuto del 9%, compensando un calo del 26% nel segmento Ingegneria. Le soluzioni ad alto valore hanno rappresentato il 40% dei ricavi totali. L'EPS diluito è stato di €0,08, mentre l'EPS diluito rettificato è stato di €0,09. L'azienda ha aggiornato le sue previsioni per l'FY 2024, aspettandosi ora ricavi tra €1.090-1.110 milioni, un EBITDA rettificato di €264-272 milioni e un EPS diluito rettificato di €0,48-0,50.
Le sfide nel segmento Ingegneria, inclusi ritardi nei progetti e costi superiori, hanno portato alla revisione delle previsioni. Il segmento BDS ha affrontato inefficienze temporanee a causa dell'avvio di nuove strutture e dello svuotamento delle fiale da parte dei clienti. Nonostante queste sfide, l'azienda rimane concentrata sull'esecuzione delle sue priorità strategiche e sul capitalizzare le tendenze a lungo termine favorevoli nel settore dei biologici e delle soluzioni ad alto valore.
Stevanato Group (NYSE: STVN) informó sus resultados financieros del Q2 2024, con un aumento de ingresos del 2% a €259,6 millones. El segmento de Soluciones Biofarmacéuticas y Diagnósticas (BDS) creció un 9%, compensando una caída del 26% en el segmento de Ingeniería. Las soluciones de alto valor representaron el 40% de los ingresos totales. El EPS diluido fue de €0,08, y el EPS diluido ajustado fue de €0,09. La empresa actualizó sus previsiones para el FY 2024, esperando ahora ingresos entre €1.090-1.110 millones, un EBITDA ajustado de €264-272 millones, y un EPS diluido ajustado de €0,48-0,50.
Los desafíos en el segmento de Ingeniería, incluidos retrasos en proyectos y mayores costos, llevaron a la revisión de las previsiones. El segmento BDS enfrentó ineficiencias temporales debido a la puesta en marcha de nuevas instalaciones y el desabastecimiento de viales por parte de los clientes. A pesar de estos desafíos, la empresa sigue enfocada en ejecutar sus prioridades estratégicas y capitalizar las tendencias a largo plazo favorables en biológicos y soluciones de alto valor.
Stevanato Group (NYSE: STVN)는 2024년 2분기 재무 결과를 보고했으며, 매출이 2% 증가하여 €259.6백만에 도달했습니다. 생물 의약품 및 진단 솔루션(BDS) 부문은 9% 성장했으며, 엔지니어링 부문은 26% 감소했습니다. 고부가가치 솔루션은 총 매출의 40%를 차지했습니다. 희석된 EPS는 €0.08, 조정된 희석 EPS는 €0.09였습니다. 회사는 2024 회계연도의 가이던스를 업데이트하며, 매출이 €1,090-1,110백만 사이일 것으로 예상하고 조정된 EBITDA는 €264-272백만, 조정된 희석 EPS는 €0.48-0.50으로 예상하고 있습니다.
엔지니어링 부문에서의 프로젝트 지연 및 높은 비용 등의 문제로 인해 가이던스가 수정되었습니다. BDS 부문은 새로운 시설의 가동 시작과 고객의 바이알 재고 감소로 인해 일시적인 비효율성에 직면했습니다. 이러한 도전에도 불구하고, 회사는 전략적 우선사항을 실행하고 생물학 및 고부가가치 솔루션에서 유리한 장기 트렌드를 활용하는 데 집중하고 있습니다.
Stevanato Group (NYSE: STVN) a rapporté ses résultats financiers du 2ème trimestre 2024, avec une augmentation de 2 % de son chiffre d'affaires à 259,6 millions d'euros. Le segment des Solutions Biopharmaceutiques et Diagnostiques (BDS) a connu une croissance de 9 %, compensant une baisse de 26 % dans le segment Ingénierie. Les solutions à haute valeur ajoutée représentaient 40 % du chiffre d'affaires total. Le BPA dilué était de 0,08 €, et le BPA dilué ajusté était de 0,09 €. L'entreprise a mis à jour ses prévisions pour l'exercice 2024, s'attendant désormais à un chiffre d'affaires compris entre 1.090-1.110 millions d'euros, un EBITDA ajusté de 264-272 millions d'euros et un BPA dilué ajusté de 0,48-0,50 €.
Les défis rencontrés dans le segment Ingénierie, notamment des retards de projets et des coûts plus élevés, ont conduit à la révision des prévisions. Le segment BDS a fait face à des inefficacités temporaires dues aux démarrages de nouvelles installations et à la diminution des stocks de flacons chez les clients. Malgré ces défis, l'entreprise reste concentrée sur l'exécution de ses priorités stratégiques et sur l'exploitation des tendances à long terme favorables dans le domaine des biologiques et des solutions à haute valeur ajoutée.
Stevanato Group (NYSE: STVN) hat die finanziellen Ergebnisse für das Q2 2024 veröffentlicht, wobei die Einnahmen um 2 % auf €259,6 Millionen gestiegen sind. Das Segment Biopharmazeutische und Diagnostische Lösungen (BDS) wuchs um 9 %, wodurch ein Rückgang von 26 % im Ingenieursektor ausgeglichen wurde. Hochwertige Lösungen machten 40 % des Gesamtumsatzes aus. Der verwässerte EPS betrug €0,08, der bereinigte verwässerte EPS lag bei €0,09. Das Unternehmen hat seine Prognose für das Gesamtjahr 2024 aktualisiert und erwartet jetzt Einnahmen zwischen €1.090-1.110 Millionen, einen bereinigten EBITDA von €264-272 Millionen und einen bereinigten verwässerten EPS von €0,48-0,50.
Herausforderungen im Ingenieursektor, darunter Projektverzögerungen und höhere Kosten, führten zur Anpassung der Prognose. Das BDS-Segment hatte aufgrund der Inbetriebnahme neuer Anlagen und der Reduzierung der Kundenlagerbestände vorübergehende Ineffizienzen. Trotz dieser Herausforderungen bleibt das Unternehmen entschlossen, seine strategischen Prioritäten umzusetzen und von den günstigen langfristigen Trends im Bereich Biologika und hochwertigen Lösungen zu profitieren.
- Revenue increased 2% to €259.6 million in Q2 2024
- Biopharmaceutical and Diagnostic Solutions Segment grew 9%
- High-value solutions revenue increased 23% to €103.4 million
- High-value solutions represented 40% of total revenue, up from 33% last year
- Engineering Segment revenue decreased 26% to €37.2 million
- Gross profit margin decreased to 26% from 30.9% in Q2 2023
- Operating profit margin decreased to 10.8% from 17.6% in Q2 2023
- Negative free cash flow of €46.1 million in Q2 2024
- Lowered full-year 2024 guidance due to challenges in the Engineering Segment
Insights
Stevanato Group's Q2 2024 results present a mixed picture. While revenue increased by
The Biopharmaceutical and Diagnostic Solutions (BDS) Segment showed strength with
Investors should monitor the company's efforts to address Engineering Segment issues and the impact of temporary inefficiencies in new facilities. The shift towards high-value solutions is positive, but vial destocking and underutilization of vial lines need attention.
Stevanato's Q2 results reflect broader industry trends in the pharmaceutical and biotechnology sectors. The
However, the vial destocking observed suggests potential inventory adjustments in the pharmaceutical supply chain. This could be a short-term headwind but may stabilize as market dynamics evolve. The challenges in the Engineering Segment, particularly with electronic component delays, highlight the ongoing global supply chain issues affecting specialized manufacturing equipment.
The company's focus on expanding capacity for high-value solutions in strategic locations like Fishers, Indiana and Latina, Italy, positions it well to capitalize on future market growth, especially in biologics and advanced drug delivery systems.
The challenges faced by Stevanato's Engineering Segment, particularly in Denmark, highlight the complexities of scaling up operations for highly customized, complex manufacturing lines. The persistent delays due to electronic component shortages reflect ongoing global supply chain issues in the tech sector.
The company's response, including consolidating operations, streamlining processes and deploying technical experts from Italy to Denmark, demonstrates a proactive approach to addressing these challenges. However, the effectiveness of these measures remains to be seen in the coming quarters.
The focus on advancing the large volume of work in progress is crucial. The success of these projects could significantly impact the segment's performance and the company's overall financial health. Investors should closely monitor the progress of these initiatives and their impact on the Engineering Segment's profitability in future quarters.
PIOMBINO DESE,
Second Quarter 2024 Highlights
-
Revenue for the second quarter of 2024 increased
2% to€259.6 million , compared with the same period last year, and high-value solutions represented40% of total revenue. -
For the second quarter, diluted earnings per share were
€0.08 and adjusted diluted earnings per share were€0.09 . -
Adjusted EBITDA margin for the second quarter was
20.8% . -
The Company is updating its fiscal year 2024 guidance to reflect a revised outlook primarily in the Engineering Segment. The Company now expects revenue in the range of
€1,090 million to€1,110 million , adjusted EBITDA in the range of€264 million to€272 million , and adjusted diluted EPS between€0.48 and€0.50 .
Second Quarter 2024 Results
For the second quarter of 2024, revenue increased
Revenue from high-value solutions increased to
Gross profit margin for the second quarter of 2024 decreased to
For the second quarter of 2024, operating profit margin decreased to
Franco Stevanato, Executive Chairman and Chief Executive Officer, stated, "Our guidance revision is principally due to the ongoing challenges in the Engineering Segment. Over the last four years, the Engineering Segment has experienced significant growth, more than doubling its revenue. We scaled up operations to support this large volume of work, but persistent delays in electronic components hindered our ability to advance projects, many of which were highly customized, complex manufacturing lines. The challenges within the segment are mostly limited to our
Biopharmaceutical and Diagnostic Solutions Segment (BDS)
In the second quarter of 2024, revenue from the BDS Segment grew
As expected, gross profit margin for the BDS Segment decreased to
Engineering Segment
For the second quarter of 2024, revenue from the Engineering Segment decreased
The Company remains focused on executing a large volume of work currently in progress. During the second quarter of 2024, delays on highly customized projects, coupled with immediate actions that were launched in the quarter, led to higher-than-expected costs. The Company has increased resources, consolidated operations in
As a result of these challenges, gross profit margin decreased to
Balance Sheet and Cash Flow
As of June 30, 2024, the Company had cash and cash equivalents of
As expected, capital expenditures for the second quarter of 2024 totaled
For the second quarter of 2024, cash flow from operating activities was
2024 Guidance
The Company is updating its full year 2024 guidance and now expects:
-
Revenue in the range of
€1,090 million to€1,110 million , -
Adjusted EBITDA in the range of
€264 million to€272 million , and -
Adjusted diluted EPS in the range of
€0.48 t o€0.50 .
Executive Chairman and Chief Executive Officer, Franco Stevanato, concluded, "We are focused on solid execution across our main priorities, including the ongoing expansion in Latina, our ramp-up activities in
Conference call: The Company will host a conference call and webcast at 8:30 a.m. (ET) on Tuesday, August 6, 2024, to discuss financial results. During the call, management will refer to a slide presentation which will be available on the morning of the call on the “Financial Results” page under the Investor Relations section of the Company's website.
Pre-registration: Participants who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. We encourage participants to pre-register for the conference call using the following link: STVN conference call pre-registration.
Webcast: A live, listen-only webcast of the call will be available at the following link: STVN webcast.
Dial in: Those who are unable to pre-register may dial in by calling:
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+39 02 802 09 11 |
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+44 1 212 818004 |
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+1 718 705 8796 |
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United States Toll Free: |
+1 855 265 6958 |
Questions during the call: Participants who wish to ask questions during the call should use the HD webphone link: https://hditalia.choruscall.com/?$Y2FsbHR5cGU9MiZpbmZvPWNvbXBhbnk=.
Replay:
The webcast will be archived for three months on the Company’s Investor Relations section of its website.
Forward-Looking Statements
This press release may include forward-looking statements. The words "temporary," "expects," "ongoing," "are," "believe," "will," "drive," "driving," "achieve," "growth," "progress," "remains," "continues," "expected," "improving," "growing," "favorable," "continue," "see," "durable," "strong," "remain," "well positioned," "expand," "create," and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's future financial performance, including revenue, operating expenses and ability to maintain profitability and operational and commercial capabilities; the Company's expectations regarding the development of the industry and the competitive environment in which it operates; the expansion of the Company's plants and its expectations to increase production capacity; the global supply chain and the Company's committed orders; customer demand and customers' ability to destock higher inventories accumulated during the COVID-19 pandemic; the success of the Company's initiatives to optimize the industrial footprint, harmonize processes and enhance supply chain and logistics strategies; the Company's geographical and industrial footprint; and the Company's goals, strategies and investment plans. The forward-looking statements in this press release are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as conditions in the
Non-GAAP Financial Information
This press release contains non-GAAP financial measures. Please refer to the tables included in this press release for a reconciliation of non-GAAP financial measures.
Management monitors and evaluates our operating and financial performance using several non-GAAP financial measures, including Constant Currency Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Profit, Adjusted Operating Profit Margin, Adjusted Income Taxes, Adjusted Net Profit, Adjusted Diluted EPS, Capital Employed, Net Cash/Net Debt, Free Cash Flow, and CAPEX. We believe that these non-GAAP financial measures provide useful and relevant information regarding our performance and improve our ability to assess our financial condition. While similar measures are widely used in the industry in which we operate, the financial measures we use may not be comparable to other similarly titled measures used by other companies, nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS.
About Stevanato Group
Founded in 1949, Stevanato Group is a leading global provider of drug containment, drug delivery and diagnostic solutions to the pharmaceutical, biotechnology and life sciences industries. The Group delivers an integrated, end-to-end portfolio of products, processes, and services that address customer needs across the entire drug life cycle at each of the development, clinical and commercial stages. Stevanato Group’s core capabilities in scientific research and development, its commitment to technical innovation, and its engineering excellence are central to its ability to offer value added solutions to clients. To learn more, visit: www.stevanatogroup.com.
Consolidated Income Statement |
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(Amounts in € millions, except per share data) |
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For the three months |
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For the six months |
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ended June 30, |
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ended June 30, |
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2024 |
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% |
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2023 |
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% |
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2024 |
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% |
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2023 |
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% |
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Revenue |
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259.6 |
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100.0 |
% |
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255.3 |
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|
|
100.0 |
% |
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495.6 |
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|
|
100.0 |
% |
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493.3 |
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|
|
100.0 |
% |
Costs of sales |
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192.1 |
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|
74.0 |
% |
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176.4 |
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|
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69.1 |
% |
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365.9 |
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|
73.8 |
% |
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338.1 |
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|
68.5 |
% |
Gross Profit |
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|
67.5 |
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26.0 |
% |
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|
78.9 |
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30.9 |
% |
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|
129.7 |
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26.2 |
% |
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155.2 |
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31.5 |
% |
Other operating Income |
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1.0 |
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0.4 |
% |
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4.0 |
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1.6 |
% |
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2.3 |
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0.5 |
% |
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5.2 |
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1.1 |
% |
Selling and Marketing Expenses |
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7.4 |
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2.8 |
% |
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6.8 |
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2.7 |
% |
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13.2 |
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2.7 |
% |
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12.8 |
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2.6 |
% |
Research and Development Expenses |
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8.8 |
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3.4 |
% |
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8.4 |
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3.3 |
% |
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19.5 |
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3.9 |
% |
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16.9 |
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3.4 |
% |
General and Administrative Expenses |
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24.4 |
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9.4 |
% |
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22.9 |
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9.0 |
% |
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46.1 |
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9.3 |
% |
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45.1 |
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9.1 |
% |
Operating Profit |
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28.0 |
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10.8 |
% |
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44.9 |
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17.6 |
% |
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53.3 |
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10.7 |
% |
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85.5 |
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17.3 |
% |
Finance Income |
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2.7 |
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1.0 |
% |
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6.7 |
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2.6 |
% |
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6.8 |
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1.4 |
% |
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11.1 |
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2.3 |
% |
Finance Expense |
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1.5 |
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0.6 |
% |
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7.3 |
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2.9 |
% |
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5.3 |
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1.1 |
% |
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16.3 |
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3.3 |
% |
Profit Before Tax |
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29.2 |
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11.2 |
% |
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44.3 |
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17.4 |
% |
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54.8 |
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11.1 |
% |
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80.4 |
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16.3 |
% |
Income Taxes |
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8.5 |
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3.3 |
% |
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10.0 |
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3.9 |
% |
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15.4 |
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3.1 |
% |
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17.8 |
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3.6 |
% |
Net Profit |
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20.6 |
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7.9 |
% |
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34.3 |
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13.4 |
% |
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39.4 |
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8.0 |
% |
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62.6 |
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12.7 |
% |
Earnings per share |
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Basic earnings per ordinary share |
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0.08 |
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0.13 |
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0.15 |
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0.24 |
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Diluted earnings per ordinary share |
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0.08 |
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0.13 |
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0.15 |
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0.24 |
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Average shares outstanding |
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272.8 |
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264.7 |
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269.4 |
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264.7 |
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Average shares assuming dilution |
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272.8 |
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265.4 |
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269.4 |
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265.4 |
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Reported Segment Information |
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(Amounts in € millions) |
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For the three months ended June 30, 2024 |
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Biopharmaceutical and Diagnostic Solutions |
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Engineering |
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Adjustments, eliminations and unallocated items |
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Consolidated |
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External Customers |
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222.4 |
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37.2 |
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— |
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259.6 |
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Inter-Segment |
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0.6 |
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42.4 |
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(43.0 |
) |
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— |
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Revenue |
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223.0 |
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79.6 |
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(43.0 |
) |
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259.6 |
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Gross Profit |
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61.7 |
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8.2 |
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(2.4 |
) |
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67.5 |
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Gross Profit Margin |
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27.7 |
% |
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10.3 |
% |
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26.0 |
% |
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Operating Profit |
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32.3 |
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2.1 |
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(6.4 |
) |
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|
28.0 |
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Operating Profit Margin |
|
|
14.5 |
% |
|
|
2.6 |
% |
|
|
|
|
|
10.8 |
% |
|
|
|
For the three months ended June 30, 2023 |
|
|||||||||||||
|
|
Biopharmaceutical and Diagnostic Solutions |
|
Engineering |
|
Adjustments, eliminations and unallocated items |
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
External Customers |
|
|
204.8 |
|
|
|
50.5 |
|
|
|
— |
|
|
|
255.3 |
|
Inter-Segment |
|
|
0.4 |
|
|
|
43.0 |
|
|
|
(43.4 |
) |
|
|
— |
|
Revenue |
|
|
205.2 |
|
|
|
93.5 |
|
|
|
(43.4 |
) |
|
|
255.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Profit |
|
|
64.9 |
|
|
|
21.0 |
|
|
|
(7.0 |
) |
|
|
78.9 |
|
Gross Profit Margin |
|
|
31.6 |
% |
|
|
22.5 |
% |
|
|
|
|
|
30.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Profit |
|
|
40.6 |
|
|
|
14.5 |
|
|
|
(10.2 |
) |
|
|
44.9 |
|
Operating Profit Margin |
|
|
19.8 |
% |
|
|
15.5 |
% |
|
|
|
|
|
17.6 |
% |
|
|
|
For the six months ended June 30, 2024 |
|
|||||||||||||
|
|
Biopharmaceutical and Diagnostic Solutions |
|
Engineering |
|
Adjustments, eliminations and unallocated items |
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
External Customers |
|
|
421.3 |
|
|
|
74.3 |
|
|
|
— |
|
|
|
495.6 |
|
Inter-Segment |
|
|
1.2 |
|
|
|
82.6 |
|
|
|
(83.8 |
) |
|
|
— |
|
Revenue |
|
|
422.5 |
|
|
|
156.9 |
|
|
|
(83.8 |
) |
|
|
495.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Profit |
|
|
115.8 |
|
|
|
21.6 |
|
|
|
(7.6 |
) |
|
|
129.7 |
|
Gross Profit Margin |
|
|
27.4 |
% |
|
|
13.8 |
% |
|
|
|
|
|
26.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Profit |
|
|
60.5 |
|
|
|
7.3 |
|
|
|
(14.5 |
) |
|
|
53.3 |
|
Operating Profit Margin |
|
|
14.3 |
% |
|
|
4.6 |
% |
|
|
|
|
|
10.7 |
% |
|
|
|
For the six months ended June 30, 2023 |
|
|||||||||||||
|
|
Biopharmaceutical and Diagnostic Solutions |
|
Engineering |
|
Adjustments, eliminations and unallocated items |
|
Consolidated |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
External Customers |
|
|
400.4 |
|
|
|
92.9 |
|
|
|
— |
|
|
|
493.3 |
|
Inter-Segment |
|
|
0.8 |
|
|
|
92.3 |
|
|
|
(93.2 |
) |
|
|
— |
|
Revenue |
|
|
401.2 |
|
|
|
185.3 |
|
|
|
(93.2 |
) |
|
|
493.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Profit |
|
|
130.9 |
|
|
|
40.9 |
|
|
|
(16.6 |
) |
|
|
155.2 |
|
Gross Profit Margin |
|
|
32.6 |
% |
|
|
22.1 |
% |
|
|
|
|
|
31.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Profit |
|
|
79.3 |
|
|
|
28.5 |
|
|
|
(22.3 |
) |
|
|
85.5 |
|
Operating Profit Margin |
|
|
19.8 |
% |
|
|
15.4 |
% |
|
|
|
|
|
17.3 |
% |
|
(Amounts in € millions) |
||||||||||||||||
Cash Flow |
||||||||||||||||
|
|
For the three months
|
|
For the six months
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Cash flow from operating activities |
|
|
22.3 |
|
|
|
24.4 |
|
|
|
93.8 |
|
|
|
61.5 |
|
Cash flow used in investing activities |
|
|
(69.5 |
) |
|
|
(81.9 |
) |
|
|
(171.6 |
) |
|
|
(196.8 |
) |
Cash flow (used in)/ from financing activities |
|
|
(59.4 |
) |
|
|
(39.3 |
) |
|
|
87.5 |
|
|
|
(31.3 |
) |
Net change in cash and cash equivalents |
|
|
(106.6 |
) |
|
|
(96.9 |
) |
|
|
9.7 |
|
|
|
(166.5 |
) |
Non GAAP Financial Information
This press release contains non-GAAP financial measures. Please refer to "Non-GAAP Financial Information" on page 4 and the tables included in this press release for a reconciliation of non-GAAP financial measures.
Reconciliation of Revenue to Constant Currency Revenue |
||||||||
(Amounts in € millions) |
||||||||
Three months ended June 30, 2024 |
|
Biopharmaceutical and Diagnostic Solutions |
|
Engineering |
||||
Reported Revenue (IFRS GAAP) |
|
|
222.4 |
|
|
|
37.2 |
|
Effect of changes in currency translation rates |
|
|
(0.1 |
) |
|
|
— |
|
Organic Revenue (Non-IFRS GAAP) |
|
|
222.3 |
|
|
|
37.2 |
|
Six months ended June 30, 2024 |
|
Biopharmaceutical and Diagnostic Solutions |
|
|
Engineering |
|
||
Reported Revenue (IFRS GAAP) |
|
|
421.3 |
|
|
|
74.3 |
|
Effect of changes in currency translation rates |
|
|
1.0 |
|
|
|
— |
|
Organic Revenue (Non-IFRS GAAP) |
|
|
422.3 |
|
|
|
74.3 |
|
Reconciliation of EBITDA |
||||||||||||||||||||||||
(Amounts in € millions) |
||||||||||||||||||||||||
|
|
For the three months
|
|
Change |
|
For the six months
|
|
Change |
||||||||||||||||
|
|
2024 |
|
2023 |
|
% |
|
2024 |
|
2023 |
|
% |
||||||||||||
Net Profit |
|
|
20.6 |
|
|
|
34.3 |
|
|
|
(39.8 |
)% |
|
|
39.4 |
|
|
|
62.6 |
|
|
|
(37.0 |
)% |
Income Taxes |
|
|
8.5 |
|
|
|
10.0 |
|
|
|
(14.8 |
)% |
|
|
15.4 |
|
|
|
17.8 |
|
|
|
(13.4 |
)% |
Finance Income |
|
|
(2.7 |
) |
|
|
(6.7 |
) |
|
|
(59.9 |
)% |
|
|
(6.8 |
) |
|
|
(11.1 |
) |
|
|
(38.5 |
)% |
Finance Expenses |
|
|
1.5 |
|
|
|
7.3 |
|
|
|
(79.5 |
)% |
|
|
5.3 |
|
|
|
16.3 |
|
|
|
(67.7 |
)% |
Operating Profit |
|
|
28.0 |
|
|
|
44.9 |
|
|
|
(37.7 |
)% |
|
|
53.3 |
|
|
|
85.5 |
|
|
|
(37.7 |
)% |
Depreciation and Amortization and Impairment of PPE |
|
|
20.8 |
|
|
|
19.5 |
|
|
|
6.8 |
% |
|
|
42.5 |
|
|
|
37.9 |
|
|
|
12.2 |
% |
EBITDA |
|
|
48.8 |
|
|
|
64.4 |
|
|
|
(24.2 |
)% |
|
|
95.8 |
|
|
|
123.4 |
|
|
|
(22.4 |
)% |
Calculation of Net Profit margin, Operating Profit Margin, Adjusted EBITDA Margin and Adjusted Operating Profit Margin |
||||||||||||||||
(Amounts in € millions) |
||||||||||||||||
|
|
For the three months
|
|
For the six months
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue |
|
|
259.6 |
|
|
|
255.3 |
|
|
|
495.6 |
|
|
|
493.3 |
|
Net Profit Margin (Net Profit/ Revenue) |
|
|
7.9 |
% |
|
|
13.4 |
% |
|
|
8.0 |
% |
|
|
12.7 |
% |
Operating Profit Margin (Operating Profit/ Revenue) |
|
|
10.8 |
% |
|
|
17.6 |
% |
|
|
10.7 |
% |
|
|
17.3 |
% |
Adjusted EBITDA Margin (Adjusted EBITDA/ Revenue) |
|
|
20.8 |
% |
|
|
26.7 |
% |
|
|
21.1 |
% |
|
|
26.4 |
% |
Adjusted Operating Profit Margin (Adjusted Operating Profit/ Revenue) |
|
|
12.8 |
% |
|
|
19.1 |
% |
|
|
12.5 |
% |
|
|
18.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Reported and Adjusted EBITDA, Operating Profit, Income Taxes, Net Profit, and Diluted EPS |
||||||||||||||||||||
(Amounts in € millions, except per share data) |
||||||||||||||||||||
Three months ended June 30, 2024 |
|
EBITDA |
|
Operating Profit |
|
Income Taxes(3) |
|
Net Profit |
|
Diluted EPS |
|
|||||||||
Reported |
|
|
48.8 |
|
|
|
28.0 |
|
|
|
8.5 |
|
|
|
20.6 |
|
|
|
0.08 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Start-up costs new plants (1) |
|
|
3.0 |
|
|
|
3.0 |
|
|
|
0.8 |
|
|
|
2.2 |
|
|
|
0.01 |
|
Restructuring and related charges (2) |
|
|
2.2 |
|
|
|
2.2 |
|
|
|
0.5 |
|
|
|
1.7 |
|
|
|
0.00 |
|
Adjusted |
|
|
54.0 |
|
|
|
33.2 |
|
|
|
9.9 |
|
|
|
24.5 |
|
|
|
0.09 |
|
Adjusted Margin |
|
|
20.8 |
% |
|
|
12.8 |
% |
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2023 |
|
EBITDA |
|
Operating Profit |
|
Income Taxes(3) |
|
Net Profit |
|
Diluted EPS |
|
|||||||||
Reported |
|
|
64.4 |
|
|
|
44.9 |
|
|
|
10.0 |
|
|
|
34.3 |
|
|
|
0.13 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Start-up costs new plants (1) |
|
|
3.7 |
|
|
|
3.7 |
|
|
|
1.0 |
|
|
|
2.8 |
|
|
|
0.01 |
|
Restructuring and related charges (2) |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.0 |
|
|
|
0.1 |
|
|
|
0.00 |
|
Adjusted |
|
|
68.2 |
|
|
|
48.7 |
|
|
|
11.0 |
|
|
|
37.0 |
|
|
|
0.14 |
|
Adjusted Margin |
|
|
26.7 |
% |
|
|
19.1 |
% |
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2024 |
|
EBITDA |
|
Operating Profit |
|
Income Taxes(3) |
|
Net Profit |
|
Diluted EPS |
|
|||||||||
Reported |
|
|
95.8 |
|
|
|
53.3 |
|
|
|
15.4 |
|
|
|
39.4 |
|
|
|
0.15 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Start-up costs new plants (1) |
|
|
5.7 |
|
|
|
5.7 |
|
|
|
1.5 |
|
|
|
4.2 |
|
|
|
0.02 |
|
Restructuring and related charges (2) |
|
|
3.1 |
|
|
|
3.1 |
|
|
|
0.8 |
|
|
|
2.4 |
|
|
|
0.01 |
|
Adjusted |
|
|
104.6 |
|
|
|
62.1 |
|
|
|
17.7 |
|
|
|
46.0 |
|
|
|
0.17 |
|
Adjusted Margin |
|
|
21.1 |
% |
|
|
12.5 |
% |
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2023 |
|
EBITDA |
|
Operating Profit |
|
Income Taxes(3) |
|
Net Profit |
|
|
Diluted EPS |
|
||||||||
Reported |
|
|
123.4 |
|
|
|
85.5 |
|
|
|
17.8 |
|
|
|
62.6 |
|
|
|
0.24 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Start-up costs new plants (1) |
|
|
6.6 |
|
|
|
6.6 |
|
|
|
1.8 |
|
|
|
4.8 |
|
|
|
0.01 |
|
Restructuring and related charges (2) |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.0 |
|
|
|
0.1 |
|
|
|
0.00 |
|
Adjusted |
|
|
130.1 |
|
|
|
92.2 |
|
|
|
19.6 |
|
|
|
67.4 |
|
|
|
0.25 |
|
Adjusted Margin |
|
|
26.4 |
% |
|
|
18.7 |
% |
|
|
|
|
|
|
|
|
|
(1) During the three and six months ended June 30, 2024, the Group recorded
(2) During the three and six months ended June 30, 2024, the Group recorded
(3) The income tax adjustment is calculated by multiplying the applicable nominal tax rate to the adjusting items.
Capital Employed |
||||||||
(Amounts in € millions) |
||||||||
|
|
As of June 30,
|
|
As of December 31,
|
||||
|
|
|
|
|
|
|
||
- Goodwill and intangible assets |
|
|
82.2 |
|
|
|
81.0 |
|
- Right of Use assets |
|
|
16.9 |
|
|
|
18.2 |
|
- Property, plant and equipment |
|
|
1,139.5 |
|
|
|
1,028.5 |
|
- Financial assets - investments FVTPL |
|
|
0.4 |
|
|
|
0.7 |
|
- Other non-current financial assets |
|
|
5.4 |
|
|
|
4.5 |
|
- Deferred tax assets |
|
|
82.8 |
|
|
|
76.3 |
|
Non-current assets excluding FV of derivative financial instruments |
|
|
1,327.1 |
|
|
|
1,209.2 |
|
|
|
|
|
|
|
|
||
- Inventories |
|
|
302.8 |
|
|
|
255.3 |
|
- Contract Assets |
|
|
176.0 |
|
|
|
172.6 |
|
- Trade receivables |
|
|
237.0 |
|
|
|
301.8 |
|
- Trade payables |
|
|
(256.9 |
) |
|
|
(277.8 |
) |
- Advances from customers |
|
|
(11.1 |
) |
|
|
(22.9 |
) |
- Non-current advances from customers |
|
|
(47.7 |
) |
|
|
(39.4 |
) |
- Contract Liabilities |
|
|
(23.5 |
) |
|
|
(22.3 |
) |
Trade working capital |
|
|
376.6 |
|
|
|
367.2 |
|
|
|
|
|
|
|
|
||
- Tax receivables and Other receivables |
|
|
73.5 |
|
|
|
58.2 |
|
- Tax payables and Other current liabilities |
|
|
(140.0 |
) |
|
|
(107.0 |
) |
- Current provisions |
|
|
(1.5 |
) |
|
|
(1.1 |
) |
Net working capital |
|
|
308.6 |
|
|
|
317.4 |
|
|
|
|
|
|
|
|
||
- Deferred tax liabilities |
|
|
(10.6 |
) |
|
|
(9.6 |
) |
- Employees benefits |
|
|
(7.2 |
) |
|
|
(7.4 |
) |
- Non-current provisions |
|
|
(4.1 |
) |
|
|
(4.0 |
) |
- Other non-current liabilities |
|
|
(51.3 |
) |
|
|
(48.5 |
) |
Total non-current liabilities and provisions |
|
|
(73.2 |
) |
|
|
(69.5 |
) |
|
|
|
|
|
|
|
||
Capital employed |
|
|
1,562.4 |
|
|
|
1,457.1 |
|
|
|
|
|
|
|
|
||
Net (debt) /cash |
|
|
(238.2 |
) |
|
|
(324.4 |
) |
|
|
|
|
|
|
|
||
Total Equity |
|
|
(1,324.2 |
) |
|
|
(1,132.6 |
) |
|
|
|
|
|
|
|
||
Total equity and net (debt)/ cash |
|
|
(1,562.4 |
) |
|
|
(1,457.1 |
) |
|
|
|
|
|
|
|
Free Cash Flow |
||||||||||||||||
(Amounts in € millions) |
||||||||||||||||
|
|
For the three months
|
|
For the six months
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net cash flow from operating activities |
|
|
22.3 |
|
|
|
24.4 |
|
|
|
93.8 |
|
|
|
61.5 |
|
Interest paid |
|
|
1.7 |
|
|
|
0.5 |
|
|
|
2.3 |
|
|
|
1.4 |
|
Interest received |
|
|
(1.0 |
) |
|
|
(0.3 |
) |
|
|
(1.2 |
) |
|
|
(0.5 |
) |
Purchase of property, plant and equipment |
|
|
(68.7 |
) |
|
|
(92.2 |
) |
|
|
(169.2 |
) |
|
|
(219.9 |
) |
Proceeds from sale of property, plant and equipment |
|
|
3.0 |
|
|
|
— |
|
|
|
3.0 |
|
|
|
— |
|
Purchase of intangible assets |
|
|
(3.4 |
) |
|
|
(1.5 |
) |
|
|
(5.5 |
) |
|
|
(2.6 |
) |
Free Cash Flow |
|
|
(46.1 |
) |
|
|
(69.1 |
) |
|
|
(76.8 |
) |
|
|
(160.1 |
) |
(Net Debt) / Net Cash |
||||||||
(Amounts in € millions) |
||||||||
|
|
As of June 30, |
|
As of December 31, |
||||
|
|
2024 |
|
2023 |
||||
Non-current financial liabilities |
|
|
(252.4 |
) |
|
|
(255.6 |
) |
Current financial liabilities |
|
|
(66.5 |
) |
|
|
(143.3 |
) |
Other non-current financial assets - Fair value of derivatives financial instruments |
|
|
0.3 |
|
|
|
0.6 |
|
Other current financial assets |
|
|
2.3 |
|
|
|
4.4 |
|
Cash and cash equivalents |
|
|
78.1 |
|
|
|
69.6 |
|
Net (Debt)/ Cash |
|
|
(238.2 |
) |
|
|
(324.4 |
) |
CAPEX |
||||||||||||||||||||||||
(Amounts in € millions) |
||||||||||||||||||||||||
|
|
For the three months
|
|
Change |
|
For the six months
|
|
Change |
|
|||||||||||||||
|
|
2024 |
|
2023 |
|
€ |
|
2024 |
|
2023 |
|
€ |
||||||||||||
Addition to Property, plants and equipment |
|
|
72.6 |
|
|
|
136.7 |
|
|
|
(64.1 |
) |
|
|
142.3 |
|
|
|
248.8 |
|
|
|
(106.5 |
) |
Addition to Intangible Assets |
|
|
3.3 |
|
|
|
1.5 |
|
|
|
1.8 |
|
|
|
5.5 |
|
|
|
2.6 |
|
|
|
2.9 |
|
CAPEX |
|
|
75.9 |
|
|
|
138.2 |
|
|
|
(62.3 |
) |
|
|
147.8 |
|
|
|
251.4 |
|
|
|
(103.6 |
) |
Reconciliation of 2024 Guidance (Updated) |
|||||||||||
Reported and Adjusted EBITDA, Operating Profit, Net Profit, Diluted EPS |
|||||||||||
(Amounts in € millions, except per share data) |
|||||||||||
|
|
Revenue |
|
EBITDA |
|
Operating Profit |
|
Net Profit |
|
Diluted EPS |
|
Reported |
|
1,090.0 - 1,110.0 |
|
|
248.9 - 256.9 |
|
162.9 - 170.9 |
|
119.5 - 125.5 |
|
0.44 - 0.46 |
Adjusting items |
|
— |
|
|
15.1 |
|
15.1 |
|
11.3 |
|
0.04 |
Adjusted |
|
1,090.0 - 1,110.0 |
|
|
264.0 - 272.0 |
|
178.0 - 186.0 |
|
130.8 - 136.8 |
|
0.48 - 0.50 |
*Amounts may not add due to rounding
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806167819/en/
Media
Stevanato Group
media@stevanatogroup.com
Investor Relations
Lisa Miles
lisa.miles@stevanatogroup.com
Source: Stevanato Group S.p.A.
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