Stevanato Group(STVN)2024-11-05 21:10Financial Performance - Revenue for Q3 2024 was €277.87 million, a 2% increase from €271.42 million in Q3 2023[13]. - Gross profit decreased to €74.44 million in Q3 2024, down 10% from €82.89 million in Q3 2023[13]. - Operating profit for the nine months ended September 30, 2024, was €94.29 million, a decline of 31% compared to €136.67 million for the same period in 2023[13]. - Net profit for Q3 2024 was €30.02 million, a decrease of 21% from €37.89 million in Q3 2023[13]. - Basic earnings per share for Q3 2024 was €0.11, down from €0.14 in Q3 2023[13]. - Total comprehensive income for Q3 2024 was a loss of €2.58 million, compared to a gain of €42.80 million in Q3 2023[15]. - For the nine months ended September 30, 2024, total revenue reached EUR 773,441 thousand, a 1.5% increase from EUR 764,715 thousand in the same period of 2023[53]. - Gross profit for the nine months ended September 30, 2024, was EUR 204,165 thousand, down from EUR 238,058 thousand in 2023, reflecting a decrease of 14.2%[53]. - Operating profit for the nine months ended September 30, 2024, decreased to EUR 94,285 thousand, compared to EUR 136,673 thousand in 2023, a decline of 30.9%[56]. - The net profit attributable to equity holders for Q3 2024 was EUR 30.0 million, a decline of 20.8% from EUR 37.9 million in Q3 2023[176]. Assets and Liabilities - Total assets increased to EUR 2,213,843 thousand as of September 30, 2024, up from EUR 2,071,577 thousand at December 31, 2023, representing a growth of approximately 6.85%[16]. - Total liabilities decreased to EUR 891,547 thousand at September 30, 2024, compared to EUR 938,931 thousand at December 31, 2023, a reduction of about 5.0%[16]. - Total assets as of September 30, 2024, were €2,386 billion, compared to €2,213 billion as of December 31, 2023, indicating an increase of approximately 7.8%[52]. - Total liabilities as of September 30, 2024, were €1.078 billion, compared to €891.547 million as of December 31, 2023, reflecting an increase of about 21.0%[52]. - Current financial liabilities decreased significantly to EUR 75,614 thousand as of September 30, 2024, down from EUR 143,277 thousand at December 31, 2023, a reduction of about 47.3%[16]. - Total financial liabilities decreased to EUR 364,986 thousand at September 30, 2024, from EUR 398,916 thousand at December 31, 2023[125]. Cash Flow and Investments - Net cash flows from operating activities increased to EUR 112,141 thousand, up 18.0% from EUR 95,019 thousand in the same period last year[20]. - Cash flows used in investing activities decreased to EUR (219,179) thousand, a reduction of 33.5% compared to EUR (328,937) thousand in 2023[20]. - Cash and cash equivalents increased to EUR 77,996 thousand at September 30, 2024, compared to EUR 69,602 thousand at December 31, 2023, representing a growth of approximately 12.1%[16]. - Cash and cash equivalents increased to EUR 77,996 thousand as of September 30, 2024, up from EUR 69,602 thousand at December 31, 2023, representing an increase of 12.93%[131]. - Capital expenditures related to ongoing infrastructure investments were approximately EUR 92.2 million, net of expected contributions from BARDA for the new U.S. facility[92]. Research and Development - Research and development expenses for the nine months ended September 30, 2024, were €26.10 million, slightly up from €25.61 million in the same period of 2023[13]. - Research and development expenses for the nine months ended September 30, 2024, totaled EUR 26,103 thousand, compared to EUR 25,605 thousand in 2023, indicating a slight increase of 1.9%[53]. - The company has secured a leadership position in drug development and delivery through significant investment in research and development[167]. Market and Production - The Group initiated commercial production at its new EZ-fill® manufacturing hub in Fishers, Indiana, in Q3 2024, with customer validations expected to continue into 2026[22]. - The Group has ten production plants globally, with new facilities in Piombino Dese and Latina starting commercial production in 2023[22]. - The Group is focused on expanding its global capacity for high-value solutions products[22]. - Approximately 85% of total revenue for the first nine months of 2024 came from the Biopharmaceutical and Diagnostic Solutions segment[184]. - The company operates ten production plants globally, with expansions in the U.S. and Italy to increase capacity for premium EZ-Fill® products[174]. Financial Risks - The Group is exposed to financial risks including foreign currency exchange rates, liquidity risk, credit risk, and commodity price fluctuations, which could significantly impact its financial position and cash flows[46]. - The average foreign exchange rate for the US dollar was 1.0871 for the nine months ended September 30, 2024, compared to 1.0833 for the same period in 2023, showing a slight increase[49]. Employee and Shareholder Information - The company has a Long Term Incentive Plan running from January 1, 2023, to December 31, 2027, which includes two sub-plans with performance criteria based on revenue growth and ROIC[139]. - The company granted 145,670 Performance Share Units (PSUs) and 145,670 Restricted Share Units (RSUs) in 2023, with 1,390 forfeited by year-end[147]. - At September 30, 2024, the outstanding number of PSUs was 187,909 and RSUs was 173,458[147].