Stevanato Group Reports Financial Results for the Third Quarter of 2024
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 represented 36% 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 to €0.49.
Third Quarter 2024 Results
For the third quarter of 2024, revenue increased 2% (3% on a constant currency basis) compared with the same period last year, to €277.9 million, driven by a 6% increase in the Biopharmaceutical and Diagnostic Solutions (BDS) Segment, which offset a 15% decline in the Engineering Segment.
Revenue from high-value solutions increased to 36% of total revenue in the third quarter of 2024, compared with 32% for the same period last year, driven primarily by increased customer demand for high-performance syringes, and to a lesser extent, other products. As expected, lower revenue from EZ-fill® vials unfavorably impacted the mix within high-value solutions for the third quarter of 2024.
Gross profit margin for the third quarter of 2024 decreased to 26.8%, compared with 30.5% for the same period last year, primarily due to (i) the effects of vial destocking, including underutilization of vial lines, as well as lower revenue from more accretive EZ-fill® vials, (ii) the ongoing temporary inefficiencies related to the start-up of the Company's new
For the third quarter of 2024, operating profit margin decreased to 14.8%, compared with 18.8% for the same period last year, driven primarily by the reduction in gross profit.
Biopharmaceutical and Diagnostic Solutions Segment (BDS)
For the third quarter of 2024, revenue from the BDS Segment grew 6% to €233.0 million (7% on a constant currency basis), compared with the same period last year, driven primarily by growth in high-value syringes and other products, which was offset by a 38% decline in revenue attributable to vials. The decline was more pronounced in more accretive EZ-fill® vials.
Revenue from high-value solutions increased 17% to €100.4 million, while revenue from other containment and delivery solutions was €132.6 million and consistent with the same period last year.
Gross profit margin for the BDS Segment decreased to 28% for the third quarter of 2024, mostly due to the expected temporary effects from (i) vial destocking, and (ii) inefficiencies and higher costs tied to the start-up phase of the Company's new manufacturing facility in
Engineering Segment
For the third quarter of 2024, revenue from the Engineering Segment decreased 15% to €44.8 million, compared with the same period last year.
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 15.6%, compared with 18.5% for the same period last year, driven by higher costs related to certain highly complex projects and expenses tied to our business optimization plan.
Balance Sheet and Cash Flow
As of
As expected, capital expenditures for the third quarter of 2024 totaled €58.8 million, as the Company continues to ramp-up capacity in response to customer demand for high-value solutions in
For the third quarter of 2024, cash flow from operating activities was €18.3 million. For the third quarter of 2024, cash flow used for the purchase of property, plant, and equipment, and intangible assets totaled €47.8 million, driven primarily by capital expenditures supporting strategic initiatives. This resulted in negative free cash flow of €28.4 million for the third quarter of 2024.
Updated 2024 Guidance
The Company is maintaining its full 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 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 to €0.49.
Conference call: The Company will host a conference call and webcast at
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,
About
Founded in 1949,
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 |
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ended |
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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
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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
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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 |
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Operating Profit Margin |
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21.2 |
% |
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11.2 |
% |
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18.8 |
% |
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For the nine months ended
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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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654.3 |
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119.1 |
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— |
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773.4 |
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Inter-Segment |
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3.0 |
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131.2 |
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(134.2 |
) |
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— |
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Revenue |
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657.3 |
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250.3 |
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(134.2 |
) |
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773.4 |
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Gross Profit |
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181.6 |
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36.2 |
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(13.7 |
) |
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204.2 |
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Gross Profit Margin |
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27.6 |
% |
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14.5 |
% |
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26.4 |
% |
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Operating Profit |
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100.2 |
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16.7 |
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(22.6 |
) |
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94.3 |
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Operating Profit Margin |
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15.2 |
% |
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6.7 |
% |
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12.2 |
% |
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For the nine months ended
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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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619.3 |
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145.4 |
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— |
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764.7 |
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Inter-Segment |
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1.4 |
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126.2 |
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(127.6 |
) |
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— |
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Revenue |
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620.7 |
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271.6 |
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(127.6 |
) |
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764.7 |
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Gross Profit |
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202.7 |
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56.9 |
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(21.5 |
) |
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238.1 |
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Gross Profit Margin |
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32.7 |
% |
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20.9 |
% |
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31.1 |
% |
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Operating Profit |
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125.9 |
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38.1 |
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(27.4 |
) |
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136.7 |
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Operating Profit Margin |
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20.3 |
% |
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14.0 |
% |
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17.9 |
% |
Cash Flow |
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(Amounts in € millions) |
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For the three months
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For the nine months
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2024 |
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2023 |
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2024 |
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2023 |
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Cash flow from operating activities |
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18.3 |
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33.5 |
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112.1 |
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95.0 |
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Cash flow used in investing activities |
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(47.6 |
) |
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(132.2 |
) |
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(219.2 |
) |
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(328.9 |
) |
Cash flow from financing activities |
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29.4 |
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101.7 |
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116.9 |
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70.3 |
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Net change in cash and cash equivalents |
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0.1 |
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2.9 |
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9.9 |
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(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 |
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(Amounts in € millions) |
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Three months ended |
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Biopharmaceutical and
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Engineering |
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Reported Revenue (IFRS GAAP) |
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233.0 |
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44.8 |
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Effect of changes in currency translation rates |
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1.7 |
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— |
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Organic Revenue (Non-IFRS GAAP) |
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234.7 |
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44.8 |
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Nine months ended |
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Biopharmaceutical and
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Engineering |
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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 |
|
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 |
|
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 |
|
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 |
|
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
(2) During the three and nine months ended
(3) During the three and the nine months ended
(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 |
|
|
As of |
|
||
|
|
|
|
|
|
|
||
- |
|
|
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) / |
||||||||
(Amounts in € millions) |
||||||||
|
|
As of |
|
|
As of |
|
||
|
|
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/
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