Stevanato Group S.p.a. · NYSE:STVN
Stevanato — FY2021 Earnings Presentation
27 slides from Stevanato's earnings presentation, Mar 8, 2022
Slide 1: Fourth Quarter and Year End 2021 Financial Results
Fourth Quarter and Year End 2021 Financial Results March 8, 2021 Exhibit 99.1
Slide 2: Safe-Harbor Statement
Safe-Harbor Statement Forward-Looking Statements This presentation contains certain forward-looking statements which include, or may include, words such as "future "expect", "expected", "progress", "intended", "will", "planned", "on track", "targeted", "estimate", "estimating", "anticipate", "antici
Slide 3: Earnings Call Speakers
Franco Stevanato Executive Board Chairman Stevanato Group Fourth Quarter & Full Year 2021 Earnings Call Speakers Fourth Quarter and Full Year 2021 Financial Results Franco Moro CEO Marco Dal Lago CFO Lisa Miles SVP IR
Slide 4: Fiscal 2021: A Landmark Year for Stevanato Group with Successful IPO
Fiscal 2021 A Landmark Year for Stevanato Group with Successful IPO Fourth Quarter and Full Year 2021 Financial Results € in Millions FY 2021 FY 2020 FY 2019 Revenue 844 662 537 Gross profit 265 194 138 Gross profit margin 31.4% 29.3% 25.7% Operating profit 162 103 62 Operating profit margin 19.2% 1
Slide 5: Full Year 2021 Financial and Operational Results Highlights
Full Year 2021 Financial and Operational Results Highlights Strong sales, and continued progress on investments, innovation, and capacity expansion sets the foundation for durable organic growth New order intake and backlog are important indicators of our future growth prospects and ongoing favorabl
Slide 6: High Value Solutions Growth (HVS)
High Value Solutions Growth (HVS) Expect trend to continue as customers choose ready-to-use platforms because they reduce customers’ total cost of ownership, get treatments to market faster and increase quality and flexibility Fourth Quarter and Full Year 2021 Financial Results REVENUE SHARE FROM “H
Slide 7: BARDA Agreement
BARDA will invest up to approximately $95 million for Stevanato to increase planned manufacturing capacity in Indiana for both standard and EZ-fill® vials Intended to help strengthen U.S. government’s domestic capabilities for national defense readiness and preparedness programs for current and futu
Slide 8: FY 2022 Industrial Plan Updates
Facility in Indiana remains on track. Construction to continue into 2023, followed by startup and validation – with revenue generation by late 2023-early 2024 Pace of demand increased since last year. In response, moving forward with incremental investments in Italy to further shore up capacity unti
Slide 9: Actively Managing Complexities: Inflation & Supply Chain Update
Actively Managing Complexities Pandemic presenting challenges to all businesses Worked hard to effectively manage in 2021 Keeping sharp focus on inventory management, manufacturing, and on-time delivery to customers Capturing cost increases and raising prices accordingly Omicron variant - Experience
Slide 10: 2022 Strategic Operational Priorities
Adding incremental capacity in Italy in response to rising demand as customers move up the value chain Advancing our expansion plans in the U.S. and China, as we diversify our industrial footprint and enhance our proximity to customers Continuing our investments in R&D to accelerate our market-leadi
Slide 11: Fiscal 2021: Double Digit Revenue Growth
Fiscal 2021: Double Digit Revenue Growth Fourth Quarter and Full Year 2021 Financial Results Q4 2021 better than expected driven by Engineering Segment due to customers’ ongoing capital deployment to satisfy demand FY 2021 revenue increase driven by growth in both segments €232.6 €206.7 In Q4 2021,
Slide 12: High-Value Solutions Snapshot
High-Value Solutions Snapshot HVS Q4 YOY GROWTH (IN € MILLIONS) +62.9% Fourth Quarter and Full Year 2021 Financial Results +42% Our long-term trajectory remains unchanged with a targeted mix of mid-thirty percent by 2026, contributing to the expansion of EBITDA margins over the long-term HVS FY YOY
Slide 13: Q4 2021 & FY 2021 Margin and EPS Snapshot
Q4 2021 & FY 2021 Margin and EPS Snapshot overall_0_132573506445777536 columns_7_132584762853721572 3_1_132573506445777536 6_1_132573506445777536 9_1_132573506445777536 12_1_132573506445777536 13_1_132573506445777536 14_1_132573506445777536 15_1_132573506445777536 18_1_132573506445777536 21_1_132573
Slide 14: Q4 & FY 2021 Segment Financial Summary
Q4 & FY 2021 Segment Financial Summary Segment Overview BIOPHARMACEUTICAL AND DIAGNOSTIC SEGMENT (BDS) Revenue increases for the quarter and the year driven by growth in core products and HVS. HVS accounted for 35.7% and 29.8% of revenue in Q4 2021 and FY 2021, respectively. Mix shift led to expande
Slide 15: Strong Financial Position
Strong Financial Position Fourth Quarter and Full Year 2021 Financial Results YEAR ENDED DECEMBER 31, 2021 €189.8M Net Financial Position €122.1M Capital Expenditures €133.3M Cash from Operations €25.1M Free Cash Flow* €411M Total Cash and Cash Equivalents * Free Cash Flow is a non-GAAP measure. Ple
Slide 16: CAPEX Crosswalk
CAPEX Crosswalk in € millions Capital Expenditures 2022 Fourth Quarter and Full Year 2021 Financial Results FY 2022E 35%-40% of revenue CAPEX ESTIMATE UPDATE CapEx in 2021 was ~€122.1 million. This was lower than our initial expectations mostly due to timing and the shifting of spend into 2022 We es
Slide 17: Establishing 2022 Guidance
Establishing 2022 Guidance Based on mid-point of revenue range, approximately 75% of forecasted revenue is in the form of backlog Expect Covid contributions in the mid-teens as percent of revenue Currently expect that revenue will be stronger in the 2H of 2022 versus the 1H of 2022, aligning to our
Slide 18: In Summary
In Summary Fourth Quarter and Full Year 2021 Financial Results Among the leaders in premium drug packaging and engineering, serving as a vital link to the safety and effective administration of our customers injectable treatments, diagnostic tests, and therapies. We have a relentless focus on drivin
Slide 19: Notes to Non-GAAP Financial Measures
Notes to Non-GAAP Financial Measures: This presentation contains non-GAAP 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 Oper
Slide 20: Reconciliation of Revenue to Constant Currency Revenue
Reconciliation of Non-GAAP Measures (Unaudited) Reconciliation of Constant Currency Reconciliation of Revenue to Constant Currency Revenue (Amounts in € millions) Fourth Quarter and Full Year 2021 Financial Results
Slide 21: Reconciliation of EBITDA
Reconciliation of Non-GAAP Measures (Unaudited) Reconciliation EBITDA Reconciliation of EBITDA (Unaudited) (Amounts in € millions) Fourth Quarter and Full Year 2021 Financial Results For the three months ended December 31, Change For the years ended December 31, Change 2021 2020 % 2021 2020 % Net Pr
Slide 22: Reconciliation of Reported and Adjusted EBITDA, Operating Profit, Net Profit
Reconciliation of Non-GAAP Measures (Unaudited) Reconciliation of Reported and Adjusted EBITDA, Operating Profit, Net Income Taxes, Net Profit and Diluted EPS (Unaudited) (Amounts in € millions, except per share data) (1) During the year ended December 31, 2021, the Group recorded €1.2 million in re
Slide 23: Reconciliation of Reported and Adjusted EBITDA, Operating Profit, Net Profit
Reconciliation of Non-GAAP Measures (Unaudited) Reconciliation of Reported and Adjusted EBITDA, Operating Profit, Net Income Taxes, Net Profit and Diluted EPS (Unaudited) (Amounts in € millions, except per share data) (1) During the year ended December 31, 2021, the Group recorded €1.2 million in re
Slide 24: Reconciliation of Free Cash Flow
Reconciliation of Non-GAAP Measures (Unaudited) Reconciliation of Free Cash Flow Free Cash Flow (Amounts in € millions) Fourth Quarter and Full Year 2021 Financial Results
Slide 25: Reconciliation of Net Debt
Reconciliation of Non-GAAP Measures (Unaudited) Reconciliation of Net Debt Net Cash / (Debt) (Amounts in € millions) Fourth Quarter and Full Year 2021 Financial Results
Slide 26: Reconciliation of Adjusted Guidance
Reconciliation of Non-GAAP Measures (Unaudited) Reconciliation of Adjusted Guidance Reconciliation of 2022 Guidance for Adjusted EBITDA, Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted EPS (Unaudited) (Amounts in € millions, except per share data) Fourth Quarter and Full Year 202
Slide 27: Contacts
Contacts: Media Stevanato Group media@stevanatogroup.com Investor Relations Lisa Miles Lisa.miles@stevanatogroup.com