Investor Presentaiton
Reconciliation of Non-GAAP Financial Measures (3/9)
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 December 31,
EBITDA
2023
Operating
Profit
Income
Taxes (3)
Net Profit
Diluted
EPS
Operating
Income
Diluted
Year ended December 31, 2023
EBITDA
Profit
Taxes (3)
Net Profit
EPS
Reported
279.2
200.7
43.9
145.7
0.55
Reported
84.1
64.0
13.6
45.2
0.17
Adjusting items:
Adjusting items:
Start-up costs new plants (1)
12.0
12.0
3.2
8.8
0.03
Start-up costs new plants (1)
2.6
2.6
0.7
1.9
0.01
Restructuring and related charges (2)
0.3
0.3
0.1
0.2
0.00
Adjusted
86.7
66.6
14.3
47.1
0.18
Adjusted
291.5
213.0
47.2
154.7
0.58
Adjusted Margin
27.0%
20.8%
Adjusted Margin
26.9%
19.6%
Three months ended December 31,
EBITDA
2022
Operating
Profit
Income
Taxes (3)
Net Profit
Diluted
EPS
Operating
Income
Diluted
Year ended December 31, 2022
EBITDA
Net Profit
Profit
Taxes (3)
EPS
Reported
80.2
63.1
15.5
48.3
0.18
Reported
257.3
192.4
44.6
143.0
0.54
Adjusting items:
Adjusting items:
Start-up costs U.S. plant (1)
1.6
1.6
0.4
1.2
0.01
Start-up costs U.S. plant (1)
6.2
6.2
1.6
4.6
0.02
Restructuring and related charges (2)
Adjusted
0.1
0.1
0.1
0.00
Restructuring and related charges (2)
0.1
0.1
0.1
0.00
Adjusted Margin
81.9
28.0%
64.8
22.2%
15.9
49.6
0.19
Adjusted
Adjusted Margin
263.6
198.7
46.2
147.7
0.56
26.8%
20.2%
(1) During the three months and the year ended December 31, 2023, the Group recorded €2.6 million and €12.0 million, respectively, of start-up costs for the new plants in Fishers, Indiana, United States, and in Latina, Italy.
These costs are primarily related to labor costs incurred prior to the start-up of commercial operations that are associated with the training and travel of personnel who are employed in the production of our products which require
specialized knowledge. During the three months and the year ended December 31, 2022, the Group recorded €1.6 million and €6.2 million, respectively, of start-up costs for the new plants in Fishers, Indiana, United States, in
Zhangjiagang, China, and in Latina, Italy.
(2) During the year ended December 31, 2023, the Group recorded €0.3 million of restructuring and related charges among general and administrative expenses. These are mainly employee costs related to the reorganization of
some business functions. During the three months and the year ended December 31, 2022, the Group recorded €0.1 million in restructuring and related charges for the merger of Innoscan A/S into SVM Automatik A/S.
(3) The income tax adjustment is calculated by multiplying the applicable nominal tax rate to the adjusting items.
SG, Stevanato Group
Stevanato Group Investor Presentation, March 2024
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