Stevanato Group Reports Financial Results for the Third Quarter of 2024
Stevanato Group (NYSE: STVN) reported Q3 2024 financial results with revenue increasing 2% to €277.9 million. High-value solutions represented 36% of total revenue. The company maintained its FY2024 revenue guidance of €1,090-1,110 million but lowered adjusted EBITDA guidance to €257-263 million and adjusted EPS to €0.47-0.49.
The Biopharmaceutical and Diagnostic Solutions segment grew 6% to €233.0 million, while Engineering segment declined 15% to €44.8 million. Gross profit margin decreased to 26.8% from 30.5% year-over-year, impacted by vial destocking and startup costs at the U.S. facility.
Stevanato Group (NYSE: STVN) ha riportato i risultati finanziari del terzo trimestre 2024, con un aumento del fatturato del 2% a €277,9 milioni. Le soluzioni ad alto valore hanno rappresentato il 36% del fatturato totale. L'azienda ha mantenuto la previsione di fatturato per l'intero anno 2024 tra €1.090 e €1.110 milioni, ma ha abbassato le stime per l'EBITDA rettificato a €257-263 milioni e per l'EPS rettificato a €0,47-0,49.
Il segmento delle Soluzioni Biomediche e Diagnostiche è cresciuto del 6% a €233,0 milioni, mentre il segmento Ingegneria è diminuito del 15% a €44,8 milioni. Il margine di profitto lordo è sceso al 26,8% rispetto al 30,5% dell’anno precedente, influenzato da una riduzione delle scorte di fiale e dai costi di avviamento presso l'impianto negli Stati Uniti.
Stevanato Group (NYSE: STVN) informó los resultados financieros del tercer trimestre de 2024, con ingresos que aumentaron un 2% a €277,9 millones. Las soluciones de alto valor representaron el 36% de los ingresos totales. La compañía mantuvo su guía de ingresos para el año fiscal 2024 en €1,090-1,110 millones, pero redujo la guía de EBITDA ajustado a €257-263 millones y EPS ajustado a €0,47-0,49.
El segmento de Soluciones Biofarmacéuticas y Diagnósticas creció un 6% a €233,0 millones, mientras que el segmento de Ingeniería disminuyó un 15% a €44,8 millones. El margen de utilidad bruta bajó al 26,8% desde el 30,5% del año anterior, afectado por la reducción de inventarios de viales y los costos de inicio en la instalación de EE. UU.
Stevanato Group (NYSE: STVN)는 2024년 3분기 재무 결과를 발표하며, 수익이 2% 증가하여 €277.9 백만에 달했다고 보고했습니다. 고부가가치 솔루션은 총 수익의 36%를 차지했습니다. 회사는 2024 회계연도 수익 지침을 €1,090-1,110 백만으로 유지했으나, 조정 EBITDA 지침은 €257-263 백만, 조정 EPS는 €0.47-0.49로 하향 조정했습니다.
생물 제약 및 진단 솔루션 부문은 6% 성장하여 €233.0 백만에 이르렀고, 엔지니어링 부문은 15% 감소하여 €44.8 백만에 도달했습니다. 총 이익률은 전년 대비 30.5%에서 26.8%로 감소했으며, 이는 바이알 재고 감소와 미국 시설의 시작 비용에 영향을 받았습니다.
Stevanato Group (NYSE: STVN) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires en hausse de 2% à €277,9 millions. Les solutions à forte valeur ont représenté 36% du chiffre d'affaires total. L'entreprise a maintenu ses prévisions de chiffre d'affaires pour l'exercice 2024 entre €1,090 et €1,110 millions, mais a abaissé ses prévisions d'EBITDA ajusté à €257-263 millions et d'EPS ajusté à €0,47-0,49.
Le segment des Solutions Biopharmaceutiques et Diagnostiques a enregistré une croissance de 6% à €233,0 millions, tandis que le segment Ingénierie a chuté de 15% à €44,8 millions. La marge brute a diminué à 26,8% contre 30,5% l'année précédente, impactée par la réduction des stocks de flacons et les coûts de démarrage de l'usine américaine.
Stevanato Group (NYSE: STVN) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, wobei der Umsatz um 2% auf €277,9 Millionen gestiegen ist. Lösungen mit hohem Wert machten 36% des Gesamtumsatzes aus. Das Unternehmen beibehielt seine Umsatzprognose für das Geschäftsjahr 2024 zwischen €1.090 und €1.110 Millionen, reduzierte aber die Prognose für das bereinigte EBITDA auf €257-263 Millionen und das bereinigte EPS auf €0,47-0,49.
Der Bereich Biopharmazeutische und Diagnoselösungen wuchs um 6% auf €233,0 Millionen, während der Ingenieurbereich um 15% auf €44,8 Millionen zurückging. Die Bruttomarge sank von 30,5% im Vorjahr auf 26,8%, was durch die Reduzierung des Bestands an Vials und die Anlaufkosten bei der US-Anlage beeinflusst wurde.
- Revenue increased 2% YoY to €277.9 million
- High-value solutions revenue grew 17% to €100.4 million
- BDS segment revenue increased 6% to €233.0 million
- First commercial revenue generated from Fishers facility
- Latina project achieved profitability at gross profit level
- Engineering segment revenue declined 15% YoY
- Gross profit margin decreased to 26.8% from 30.5%
- Adjusted EBITDA and EPS guidance lowered
- Negative free cash flow of €28.4 million
- 38% decline in vial revenue
Insights
The Q3 results reveal concerning trends with mixed signals. While revenue grew modestly at
The company's gross profit margin contracted significantly to
The bright spot is the
The operational challenges are more complex than typical startup issues. The U.S. facility in Fishers has begun commercial production but continues to face inefficiencies and elevated validation costs. The Engineering segment's struggles with complex projects point to potential process optimization needs.
The vial line underutilization due to destocking is particularly concerning, as it impacts both capacity utilization and profitability. However, management's indication of stabilizing vial demand suggests potential improvement in 2025. The Latina project achieving profitability at gross profit level is a positive operational milestone.
PIOMBINO DESE,
Third Quarter 2024 Highlights
-
Revenue for the third quarter of 2024 increased
2% to€277.9 million , compared with the same period last year, and high-value solutions represented36% of total revenue. -
For the third quarter, diluted earnings per share were
€0.11 and adjusted diluted earnings per share were€0.12 . -
Adjusted EBITDA margin for the third quarter was
22.9% . -
The Company is maintaining its fiscal year 2024 revenue guidance and continues to expect revenue in the range of
€1,090 million to€1,110 million . The Company is lowering its adjusted EBITDA guidance to a range of€257 million to€263 million , and its adjusted diluted EPS guidance to a range of€0.47 t o€0.49 .
Third Quarter 2024 Results
For the third quarter of 2024, revenue increased
Revenue from high-value solutions increased to
Gross profit margin for the third quarter of 2024 decreased to
For the third quarter of 2024, operating profit margin decreased to
Franco Stevanato, Chief Executive Officer, stated, "While we are maintaining our revenue guidance, we are lowering our adjusted EBITDA and adjusted diluted EPS guidance to reflect higher costs predominantly in the Engineering Segment as we advance our business optimization plan, and to a lesser extent higher costs as we increase our validation activities. We remain focused on execution, and we are making progress on many fronts. Our growth investments are currently ramping, and in the third quarter our Latina project was profitable at the gross profit level, while in
Biopharmaceutical and Diagnostic Solutions Segment (BDS)
For the third quarter of 2024, revenue from the BDS Segment grew
Revenue from high-value solutions increased
Gross profit margin for the BDS Segment decreased to
Engineering Segment
For the third quarter of 2024, revenue from the Engineering Segment decreased
The Company remains focused on executing a large volume of work currently in progress and implementing its business optimization plan, which is designed to address the current challenges, improve the overall health of the business and return the business to profitable growth.
For the third quarter of 2024, gross profit margin decreased to
Balance Sheet and Cash Flow
As of September 30, 2024, the Company had cash and cash equivalents of
As expected, capital expenditures for the third quarter of 2024 totaled
For the third quarter of 2024, cash flow from operating activities was
Updated 2024 Guidance
The Company is maintaining its full year 2024 revenue guidance and continues to expect revenue in the range of
The Company is lowering its guidance for adjusted EBITDA and for adjusted diluted earnings per share to reflect higher costs and now expects:
-
Adjusted EBITDA in the range of
€257 million to€263 million , and -
Adjusted diluted EPS in the range of
€0.47 t o€0.49 .
Franco Stevanato, concluded, "Our long-term prospects remain bright and there is much to be excited about. We operate in growing end markets and we continue to deliver organic growth, primarily driven by high-value solutions, the main pillar of our long-range construct. This confirms our strategy that we are investing in the right areas to meet growing customer demand for high-value solutions, driven by strong secular tailwinds. We aim to capitalize on favorable demand trends and set the path to durable organic growth and expanding margins which will drive shareholder value."
Conference call: The Company will host a conference call and webcast at 8:30 a.m. (ET) on Tuesday, November 5, 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 "continues,” “expect,” “ongoing,” “advances,” "increase," “remain,” “are making,” “are ramping,” “remains,” “believes,” “increases,” "aim," “maintaining,” “growing,” “durable,” “expanding,” “drive,” "currently", and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's future financial performance, including revenue, operating expenses and ability to maintain profitability and operational and commercial capabilities; the Company's expectations regarding the development of the industry and the competitive environment in which it operates; the expansion of the Company's plants and its expectations to increase production capacity; the global supply chain and the Company's committed orders; customer demand and customers' ability to destock higher inventories accumulated during the COVID-19 pandemic; the success of the Company's initiatives to optimize the industrial footprint, harmonize processes and enhance supply chain and logistics strategies; the Company's geographical and industrial footprint; and the Company's goals, strategies and investment plans. The forward-looking statements in this press release are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as conditions in the
Non-GAAP Financial Information
This press release contains non-GAAP financial measures. Please refer to the tables included in this press release for a reconciliation of non-GAAP financial measures.
Management monitors and evaluates our operating and financial performance using several non-GAAP financial measures, including Constant Currency Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Profit, Adjusted Operating Profit Margin, Adjusted Income Taxes, Adjusted Net Profit, Adjusted Diluted EPS, Capital Employed, Net Cash/Net Debt, Free Cash Flow, and CAPEX. The Company believes that these non-GAAP financial measures provide useful and relevant information regarding its performance and improve its ability to assess our financial condition. While similar measures are widely used in the industry in which the Company operates, the financial measures it uses may not be comparable to other similarly titled measures used by other companies, nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS.
About Stevanato Group
Founded in 1949, Stevanato Group is a leading global provider of drug containment, drug delivery and diagnostic solutions to the pharmaceutical, biotechnology and life sciences industries. The Group delivers an integrated, end-to-end portfolio of products, processes, and services that address customer needs across the entire drug life cycle at each of the development, clinical and commercial stages. Stevanato Group’s core capabilities in scientific research and development, its commitment to technical innovation, and its engineering excellence are central to its ability to offer value added solutions to clients. To learn more, visit: www.stevanatogroup.com.
Consolidated Income Statement |
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(Amounts in € millions, except per share data) |
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For the three months |
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For the nine months |
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ended September 30, |
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ended September 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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277.9 |
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100.0 |
% |
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271.4 |
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|
100.0 |
% |
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773.4 |
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|
100.0 |
% |
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764.7 |
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|
100.0 |
% |
Costs of sales |
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203.4 |
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73.2 |
% |
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188.5 |
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|
69.5 |
% |
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569.3 |
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|
73.6 |
% |
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526.6 |
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|
68.9 |
% |
Gross Profit |
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|
74.4 |
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|
26.8 |
% |
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|
82.9 |
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30.5 |
% |
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204.2 |
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26.4 |
% |
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238.1 |
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31.1 |
% |
Other operating Income |
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1.3 |
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0.5 |
% |
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2.2 |
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0.8 |
% |
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3.6 |
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0.5 |
% |
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7.4 |
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1.0 |
% |
Selling and Marketing Expenses |
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5.8 |
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2.1 |
% |
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5.0 |
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1.8 |
% |
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19.0 |
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2.5 |
% |
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17.8 |
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2.3 |
% |
Research and Development Expenses |
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6.6 |
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2.4 |
% |
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8.7 |
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3.2 |
% |
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26.1 |
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3.4 |
% |
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25.6 |
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3.3 |
% |
General and Administrative Expenses |
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22.3 |
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8.0 |
% |
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20.2 |
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7.4 |
% |
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68.4 |
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8.8 |
% |
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65.4 |
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8.5 |
% |
Operating Profit |
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41.0 |
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14.8 |
% |
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51.2 |
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18.8 |
% |
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94.3 |
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12.2 |
% |
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136.7 |
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17.9 |
% |
Finance Income |
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6.8 |
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2.4 |
% |
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4.8 |
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1.8 |
% |
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13.6 |
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1.8 |
% |
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15.9 |
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2.1 |
% |
Finance Expense |
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7.0 |
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2.5 |
% |
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5.6 |
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2.1 |
% |
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12.3 |
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1.6 |
% |
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21.9 |
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2.9 |
% |
Profit Before Tax |
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40.8 |
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14.7 |
% |
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50.4 |
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18.6 |
% |
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95.6 |
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12.4 |
% |
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130.7 |
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17.1 |
% |
Income Taxes |
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10.8 |
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3.9 |
% |
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12.5 |
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4.6 |
% |
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26.2 |
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3.4 |
% |
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30.3 |
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4.0 |
% |
Net Profit |
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30.0 |
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10.8 |
% |
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37.9 |
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14.0 |
% |
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69.4 |
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9.0 |
% |
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100.4 |
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13.1 |
% |
Earnings per share |
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Basic earnings per ordinary share |
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0.11 |
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0.14 |
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0.26 |
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0.38 |
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Diluted earnings per ordinary share |
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0.11 |
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0.14 |
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0.26 |
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0.38 |
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Average shares outstanding |
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272.9 |
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264.9 |
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270.5 |
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264.8 |
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Average shares assuming dilution |
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272.9 |
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265.0 |
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270.6 |
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264.8 |
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Reported Segment Information |
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(Amounts in € millions) |
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For the three months ended September 30, 2024
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Biopharmaceutical
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Engineering |
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Adjustments,
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Consolidated |
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External Customers |
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233.0 |
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44.8 |
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— |
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277.9 |
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Inter-Segment |
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1.8 |
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48.6 |
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(50.4 |
) |
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— |
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Revenue |
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234.9 |
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93.4 |
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(50.4 |
) |
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277.9 |
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Gross Profit |
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65.9 |
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14.6 |
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(6.0 |
) |
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74.4 |
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Gross Profit Margin |
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28.0 |
% |
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15.6 |
% |
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26.8 |
% |
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Operating Profit |
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39.7 |
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9.5 |
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(8.1 |
) |
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|
41.0 |
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Operating Profit Margin |
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16.9 |
% |
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10.1 |
% |
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|
|
|
14.8 |
% |
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For the three months ended September 30, 2023
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Biopharmaceutical
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Engineering |
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Adjustments,
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Consolidated |
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External Customers |
|
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218.9 |
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52.5 |
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— |
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|
271.4 |
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Inter-Segment |
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0.6 |
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|
33.9 |
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(34.5 |
) |
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— |
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Revenue |
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219.5 |
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|
86.4 |
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(34.5 |
) |
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|
271.4 |
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Gross Profit |
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71.8 |
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16.0 |
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(4.9 |
) |
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|
82.9 |
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Gross Profit Margin |
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32.7 |
% |
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18.5 |
% |
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30.5 |
% |
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Operating Profit |
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46.6 |
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|
9.7 |
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(5.1 |
) |
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|
51.2 |
|
Operating Profit Margin |
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21.2 |
% |
|
|
11.2 |
% |
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|
|
|
|
18.8 |
% |
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For the nine months ended September 30, 2024
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Biopharmaceutical
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Engineering |
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Adjustments,
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Consolidated |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
External Customers |
|
|
654.3 |
|
|
|
119.1 |
|
|
|
— |
|
|
|
773.4 |
|
Inter-Segment |
|
|
3.0 |
|
|
|
131.2 |
|
|
|
(134.2 |
) |
|
|
— |
|
Revenue |
|
|
657.3 |
|
|
|
250.3 |
|
|
|
(134.2 |
) |
|
|
773.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Profit |
|
|
181.6 |
|
|
|
36.2 |
|
|
|
(13.7 |
) |
|
|
204.2 |
|
Gross Profit Margin |
|
|
27.6 |
% |
|
|
14.5 |
% |
|
|
|
|
|
26.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Profit |
|
|
100.2 |
|
|
|
16.7 |
|
|
|
(22.6 |
) |
|
|
94.3 |
|
Operating Profit Margin |
|
|
15.2 |
% |
|
|
6.7 |
% |
|
|
|
|
|
12.2 |
% |
|
|
For the nine months ended September 30, 2023
|
|
|||||||||||||
|
|
Biopharmaceutical
|
|
|
Engineering |
|
|
Adjustments,
|
|
|
Consolidated |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
External Customers |
|
|
619.3 |
|
|
|
145.4 |
|
|
|
— |
|
|
|
764.7 |
|
Inter-Segment |
|
|
1.4 |
|
|
|
126.2 |
|
|
|
(127.6 |
) |
|
|
— |
|
Revenue |
|
|
620.7 |
|
|
|
271.6 |
|
|
|
(127.6 |
) |
|
|
764.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Profit |
|
|
202.7 |
|
|
|
56.9 |
|
|
|
(21.5 |
) |
|
|
238.1 |
|
Gross Profit Margin |
|
|
32.7 |
% |
|
|
20.9 |
% |
|
|
|
|
|
31.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Profit |
|
|
125.9 |
|
|
|
38.1 |
|
|
|
(27.4 |
) |
|
|
136.7 |
|
Operating Profit Margin |
|
|
20.3 |
% |
|
|
14.0 |
% |
|
|
|
|
|
17.9 |
% |
Cash Flow |
||||||||||||||||
(Amounts in € millions) |
||||||||||||||||
|
|
For the three months
|
|
|
For the nine months
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Cash flow from operating activities |
|
|
18.3 |
|
|
|
33.5 |
|
|
|
112.1 |
|
|
|
95.0 |
|
Cash flow used in investing activities |
|
|
(47.6 |
) |
|
|
(132.2 |
) |
|
|
(219.2 |
) |
|
|
(328.9 |
) |
Cash flow from financing activities |
|
|
29.4 |
|
|
|
101.7 |
|
|
|
116.9 |
|
|
|
70.3 |
|
Net change in cash and cash equivalents |
|
|
0.1 |
|
|
|
2.9 |
|
|
|
9.9 |
|
|
|
(163.6 |
) |
Non GAAP Financial Information
This press release contains non-GAAP financial measures. Please refer to the "Non-GAAP Financial Information" 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 September 30, 2024 |
|
Biopharmaceutical and
|
|
|
Engineering |
|
||
Reported Revenue (IFRS GAAP) |
|
|
233.0 |
|
|
|
44.8 |
|
Effect of changes in currency translation rates |
|
|
1.7 |
|
|
|
— |
|
Organic Revenue (Non-IFRS GAAP) |
|
|
234.7 |
|
|
|
44.8 |
|
Nine months ended September 30, 2024 |
|
Biopharmaceutical and
|
|
|
Engineering |
|
||
Reported Revenue (IFRS GAAP) |
|
|
654.3 |
|
|
|
119.1 |
|
Effect of changes in currency translation rates |
|
|
2.7 |
|
|
|
0.1 |
|
Organic Revenue (Non-IFRS GAAP) |
|
|
657.0 |
|
|
|
119.2 |
|
Reconciliation of EBITDA |
||||||||||||||||||||||||
(Amounts in € millions) |
||||||||||||||||||||||||
|
|
For the three months
|
|
|
Change |
|
|
For the nine months
|
|
|
Change |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% |
|
|
2024 |
|
|
2023 |
|
|
% |
|
||||||
Net Profit |
|
|
30.0 |
|
|
|
37.9 |
|
|
|
(20.8 |
)% |
|
|
69.4 |
|
|
|
100.4 |
|
|
|
(30.9 |
)% |
Income Taxes |
|
|
10.8 |
|
|
|
12.5 |
|
|
|
(13.9 |
)% |
|
|
26.2 |
|
|
|
30.3 |
|
|
|
(13.6 |
)% |
Finance Income |
|
|
(6.8 |
) |
|
|
(4.8 |
) |
|
|
41.1 |
% |
|
|
(13.6 |
) |
|
|
(15.9 |
) |
|
|
(14.5 |
)% |
Finance Expenses |
|
|
7.0 |
|
|
|
5.6 |
|
|
|
26.1 |
% |
|
|
12.3 |
|
|
|
21.9 |
|
|
|
(43.8 |
)% |
Operating Profit |
|
|
41.0 |
|
|
|
51.2 |
|
|
|
(19.8 |
)% |
|
|
94.3 |
|
|
|
136.7 |
|
|
|
(31.0 |
)% |
Depreciation and Amortization and Impairment of PPE |
|
|
18.4 |
|
|
|
20.5 |
|
|
|
(10.2 |
)% |
|
|
60.9 |
|
|
|
58.4 |
|
|
|
4.3 |
% |
EBITDA |
|
|
59.5 |
|
|
|
71.7 |
|
|
|
(17.1 |
)% |
|
|
155.2 |
|
|
|
195.1 |
|
|
|
(20.5 |
)% |
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 nine months
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue |
|
|
277.9 |
|
|
|
271.4 |
|
|
|
773.4 |
|
|
|
764.7 |
|
Net Profit Margin (Net Profit/ Revenue) |
|
|
10.8 |
% |
|
|
14.0 |
% |
|
|
9.0 |
% |
|
|
13.1 |
% |
Operating Profit Margin (Operating Profit/ Revenue) |
|
|
14.8 |
% |
|
|
18.8 |
% |
|
|
12.2 |
% |
|
|
17.9 |
% |
Adjusted EBITDA Margin (Adjusted EBITDA/ Revenue) |
|
|
22.9 |
% |
|
|
27.5 |
% |
|
|
21.8 |
% |
|
|
26.8 |
% |
Adjusted Operating Profit Margin (Adjusted Operating Profit/ Revenue) |
|
|
16.3 |
% |
|
|
20.0 |
% |
|
|
13.9 |
% |
|
|
19.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30, 2024 |
|
EBITDA |
|
|
Operating Profit |
|
|
Income Taxes (4) |
|
|
Net Profit |
|
|
Diluted EPS |
|
|||||
Reported |
|
|
59.5 |
|
|
|
41.0 |
|
|
|
10.8 |
|
|
|
30.0 |
|
|
|
0.11 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Start-up costs new plants (1) |
|
|
3.5 |
|
|
|
3.5 |
|
|
|
1.0 |
|
|
|
2.6 |
|
|
|
0.01 |
|
Restructuring and related charges (2) |
|
|
0.5 |
|
|
|
0.5 |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
0.00 |
|
Other severance costs (3) |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.00 |
|
Adjusted |
|
|
63.7 |
|
|
|
45.2 |
|
|
|
11.9 |
|
|
|
33.1 |
|
|
|
0.12 |
|
Adjusted Margin |
|
|
22.9 |
% |
|
|
16.3 |
% |
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2023 |
|
EBITDA |
|
|
Operating Profit |
|
|
Income Taxes (4) |
|
|
Net Profit |
|
|
Diluted EPS |
|
|||||
Reported |
|
|
71.7 |
|
|
|
51.2 |
|
|
|
12.5 |
|
|
|
37.9 |
|
|
|
0.14 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Start-up costs new plants (1) |
|
|
2.8 |
|
|
|
2.8 |
|
|
|
0.7 |
|
|
|
2.1 |
|
|
|
0.01 |
|
Restructuring and related charges (2) |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.0 |
|
|
|
0.1 |
|
|
|
0.00 |
|
Adjusted |
|
|
74.7 |
|
|
|
54.2 |
|
|
|
13.3 |
|
|
|
40.1 |
|
|
|
0.15 |
|
Adjusted Margin |
|
|
27.5 |
% |
|
|
20.0 |
% |
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
|
EBITDA |
|
|
Operating Profit |
|
|
Income Taxes (4) |
|
|
Net Profit |
|
|
Diluted EPS |
|
|||||
Reported |
|
|
155.2 |
|
|
|
94.3 |
|
|
|
26.2 |
|
|
|
69.4 |
|
|
|
0.26 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Start-up costs new plants (1) |
|
|
9.2 |
|
|
|
9.2 |
|
|
|
2.5 |
|
|
|
6.7 |
|
|
|
0.02 |
|
Restructuring and related charges (2) |
|
|
3.6 |
|
|
|
3.6 |
|
|
|
0.9 |
|
|
|
2.7 |
|
|
|
0.01 |
|
Other severance costs (3) |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.00 |
|
Adjusted |
|
|
168.3 |
|
|
|
107.3 |
|
|
|
29.6 |
|
|
|
79.1 |
|
|
|
0.29 |
|
Adjusted Margin |
|
|
21.8 |
% |
|
|
13.9 |
% |
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2023 |
|
EBITDA |
|
|
Operating Profit |
|
|
Income Taxes (4) |
|
|
Net Profit |
|
|
Diluted EPS |
|
|||||
Reported |
|
|
195.1 |
|
|
|
136.7 |
|
|
|
30.3 |
|
|
|
100.4 |
|
|
|
0.38 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Start-up costs new plants (1) |
|
|
9.4 |
|
|
|
9.4 |
|
|
|
2.5 |
|
|
|
6.9 |
|
|
|
0.03 |
|
Restructuring and related charges (2) |
|
|
0.3 |
|
|
|
0.3 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.00 |
|
Adjusted |
|
|
204.8 |
|
|
|
146.4 |
|
|
|
32.9 |
|
|
|
107.5 |
|
|
|
0.41 |
|
Adjusted Margin |
|
|
26.8 |
% |
|
|
19.1 |
% |
|
|
|
|
|
|
|
|
|
(1) During the three and nine months ended September 30, 2024, the Group recorded
(2) During the three and nine months ended September 30, 2024, the Group recorded
(3) During the three and the nine months ended September 30, 2024, the Group recorded
(4) The income tax adjustment is calculated by multiplying the applicable nominal tax rate to the adjusting items.
Capital Employed |
||||||||
(Amounts in € millions) |
||||||||
|
|
As of September 30,
|
|
|
As of December 31, 2023 |
|
||
|
|
|
|
|
|
|
||
- Goodwill and intangible assets |
|
|
83.1 |
|
|
|
81.0 |
|
- Right of Use assets |
|
|
16.8 |
|
|
|
18.2 |
|
- Property, plant and equipment |
|
|
1,157.7 |
|
|
|
1,028.5 |
|
- Financial assets - investments FVTPL |
|
|
0.2 |
|
|
|
0.7 |
|
- Other non-current financial assets |
|
|
5.5 |
|
|
|
4.5 |
|
- Deferred tax assets |
|
|
87.0 |
|
|
|
76.3 |
|
Non-current assets excluding FV of derivative financial instruments |
|
|
1,350.3 |
|
|
|
1,209.2 |
|
|
|
|
|
|
|
|
||
- Inventories |
|
|
286.6 |
|
|
|
255.3 |
|
- Contract Assets |
|
|
166.0 |
|
|
|
172.6 |
|
- Trade receivables |
|
|
268.1 |
|
|
|
301.8 |
|
- Trade payables |
|
|
(246.1 |
) |
|
|
(277.8 |
) |
- Advances from customers |
|
|
(7.0 |
) |
|
|
(22.9 |
) |
- Non-current advances from customers |
|
|
(51.0 |
) |
|
|
(39.4 |
) |
- Contract Liabilities |
|
|
(23.2 |
) |
|
|
(22.3 |
) |
Trade working capital |
|
|
393.3 |
|
|
|
367.2 |
|
|
|
|
|
|
|
|
||
- Tax receivables and Other receivables |
|
|
62.3 |
|
|
|
58.2 |
|
- Tax payables and Other current liabilities |
|
|
(123.2 |
) |
|
|
(107.0 |
) |
- Current provisions |
|
|
(1.9 |
) |
|
|
(1.1 |
) |
Net working capital |
|
|
330.4 |
|
|
|
317.4 |
|
|
|
|
|
|
|
|
||
- Deferred tax liabilities |
|
|
(10.8 |
) |
|
|
(9.6 |
) |
- Employees benefits |
|
|
(7.2 |
) |
|
|
(7.4 |
) |
- Non-current provisions |
|
|
(3.9 |
) |
|
|
(4.0 |
) |
- Other non-current liabilities |
|
|
(52.2 |
) |
|
|
(48.5 |
) |
Total non-current liabilities and provisions |
|
|
(74.1 |
) |
|
|
(69.5 |
) |
|
|
|
|
|
|
|
||
Capital employed |
|
|
1,606.6 |
|
|
|
1,457.1 |
|
|
|
|
|
|
|
|
||
Net (debt) /cash |
|
|
(284.3 |
) |
|
|
(324.4 |
) |
|
|
|
|
|
|
|
||
Total Equity |
|
|
(1,322.3 |
) |
|
|
(1,132.6 |
) |
|
|
|
|
|
|
|
||
Total equity and net (debt)/ cash |
|
|
(1,606.6 |
) |
|
|
(1,457.1 |
) |
|
|
|
|
|
|
|
Free Cash Flow |
||||||||||||||||
(Amounts in € millions) |
||||||||||||||||
|
|
For the three months
|
|
|
For the nine months
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net cash flow from operating activities |
|
|
18.3 |
|
|
|
33.5 |
|
|
|
112.1 |
|
|
|
95.0 |
|
Interest paid |
|
|
1.5 |
|
|
|
1.0 |
|
|
|
3.8 |
|
|
|
2.4 |
|
Interest received |
|
|
(0.5 |
) |
|
|
(0.1 |
) |
|
|
(1.7 |
) |
|
|
(0.7 |
) |
Purchase of property, plant and equipment |
|
|
(44.6 |
) |
|
|
(131.3 |
) |
|
|
(213.7 |
) |
|
|
(351.2 |
) |
Proceeds from sale of property, plant and equipment |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
3.1 |
|
|
|
0.1 |
|
Purchase of intangible assets |
|
|
(3.2 |
) |
|
|
(1.0 |
) |
|
|
(8.7 |
) |
|
|
(3.6 |
) |
Free Cash Flow |
|
|
(28.4 |
) |
|
|
(97.8 |
) |
|
|
(105.0 |
) |
|
|
(257.9 |
) |
Net (Debt) / Net Cash |
||||||||
(Amounts in € millions) |
||||||||
|
|
As of September 30, |
|
|
As of December 31, |
|
||
|
|
2024 |
|
|
2023 |
|
||
Non-current financial liabilities |
|
|
(289.4 |
) |
|
|
(255.6 |
) |
Current financial liabilities |
|
|
(75.6 |
) |
|
|
(143.3 |
) |
Other non-current financial assets - Fair value of derivatives financial instruments |
|
|
— |
|
|
|
0.6 |
|
Other current financial assets |
|
|
2.6 |
|
|
|
4.4 |
|
Cash and cash equivalents |
|
|
78.0 |
|
|
|
69.6 |
|
Net (Debt)/ Cash |
|
|
(284.3 |
) |
|
|
(324.4 |
) |
CAPEX |
||||||||||||||||||||||||
(Amounts in € millions) |
||||||||||||||||||||||||
|
|
For the three months
|
|
|
Change |
|
|
For the nine months
|
|
|
Change |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
€ |
|
|
2024 |
|
|
2023 |
|
|
€ |
|
||||||
Addition to Property, plants and equipment |
|
|
55.6 |
|
|
|
106.2 |
|
|
|
(50.6 |
) |
|
|
197.9 |
|
|
|
355.0 |
|
|
|
(157.1 |
) |
Addition to Intangible Assets |
|
|
3.2 |
|
|
|
1.0 |
|
|
|
2.2 |
|
|
|
8.7 |
|
|
|
3.6 |
|
|
|
5.1 |
|
CAPEX |
|
|
58.8 |
|
|
|
107.2 |
|
|
|
(48.4 |
) |
|
|
206.6 |
|
|
|
358.5 |
|
|
|
(152.0 |
) |
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 |
|
|
239.9 - 245.9 |
|
155.8 - 161.8 |
|
115.0 - 119.4 |
|
0.42 - 0.44 |
|
Adjusting items |
|
|
— |
|
|
17.1 |
|
17.1 |
|
12.7 |
|
0.05 |
Adjusted |
|
1,090.0 - 1,110.0 |
|
|
257.0 - 263.0 |
|
172.9 - 178.9 |
|
127.6 - 132.1 |
|
0.47 - 0.49 |
|
*Amounts may not add due to rounding
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105298990/en/
Media
Stevanato Group
media@stevanatogroup.com
Investor Relations
Lisa Miles
lisa.miles@stevanatogroup.com
Source: Stevanato Group
FAQ
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