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Income Tax Benefits / (Expenses) | 12 Months Ended
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Dec. 31, 2022
Disclosure Of Income Tax [Abstract] |
Income Tax Benefits / (Expenses) | 13. Income tax benefits / (expenses) Income tax benefits / (expenses)
|  | For the years ended December 31, |
(Euro thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Current taxes |  |  | (189 | ) |  |  | (856 | ) |  |  | (1,602 | )
Deferred taxes |  |  | 318 |  |  |  | (3,475 | ) |  |  | 3,205 |
Income tax benefits / (expenses) |  |  | 129 |  |  |  | (4,331 | ) |  |  | 1,603 |
Breakdown of difference between statutory and effective tax rates: The effective tax rate is as follows:
|  | For the years ended December 31, |
(Euro thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Loss before tax |  |  | (239,880 | ) |  |  | (72,121 | ) |  |  | (137,260 | )
Total income tax benefits / (expenses) |  |  | 129 |  |  |  | (4,331 | ) |  |  | 1,603 |
Effective tax rate |  |  | 0.05 | % |  |  | (6.01 | %) |  |  | 1.17 | %
The reconciliation between the Group’s theoretical tax and its income taxes is presented in the table below:
|  | For the years ended December 31, |
(Euro thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Loss before tax |  |  | (239,880 | ) |  |  | (72,121 | ) |  |  | (137,260 | )
Group’s weighted theoretical tax (calculated in absolute values on the basis of subsidiaries’ pre-taxable income/loss) |  |  | 57,651 |  |  |  | 18,420 |  |  |  | 37,964 |
Tax effect on: |  |  |  |  |  |  |  |  |  |  |  |
Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays |  |  | (2,458 | ) |  |  | 832 |  |  |  | 5,921 |
Taxes relating to prior years |  |  | 111 |  |  |  | 1,629 |  |  |  | 5,117 |
Deferred tax assets not recognized |  |  | (55,686 | ) |  |  | (25,462 | ) |  |  | (48,189 | )
Other tax items |  |  | 511 |  |  |  | 250 |  |  |  | 790 |
Total income tax benefits / (expenses) |  |  | 129 |  |  |  | (4,331 | ) |  |  | 1,603 |
Deferred tax assets and deferred tax liabilities Deferred taxes reflect the net tax effect of temporary differences between the book value and the taxable amount of assets and liabilities . Breakdown for deferred tax assets and deferred tax liabilities :
(Euro thousands) |  | At December 31, 2021 |  |  | Increase from business combination |  |  | Recognized in profit or loss |  |  | Recognized in other comprehensive loss |  |  | Exchange difference and other |  |  | At December 31, 2022 |
Deferred tax assets arising on : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee benefits |  |  | 2,266 |  |  |  | — |  |  |  | (295 | ) |  |  | (371 | ) |  |  | — |  |  |  | 1,600 |
Property plant and equipment |  |  | 692 |  |  |  | — |  |  |  | 193 |  |  |  | — |  |  |  | — |  |  |  | 885 |
Deferred tax assets on rental contracts; if any |  |  | 2,529 |  |  |  | — |  |  |  | 1,349 |  |  |  | — |  |  |  | 130 |  |  |  | 4,008 |
Intangible assets |  |  | 3,262 |  |  |  | — |  |  |  | (815 | ) |  |  | — |  |  |  | — |  |  |  | 2,447 |
Inventories |  |  | 3,945 |  |  |  | — |  |  |  | 1,250 |  |  |  | — |  |  |  | — |  |  |  | 5,195 |
Provisions and accrued expenses |  |  | 1,803 |  |  |  | — |  |  |  | 810 |  |  |  | — |  |  |  | — |  |  |  | 2,613 |
Receivables and other assets |  |  | 402 |  |  |  | — |  |  |  | (243 | ) |  |  | — |  |  |  | — |  |  |  | 159 |
Tax losses |  |  | 1,940 |  |  |  | — |  |  |  | (1,473 | ) |  |  | — |  |  |  | (276 | ) |  |  | 191 |
Other |  |  | 231 |  |  |  | — |  |  |  | 21 |  |  |  | — |  |  |  | (53 | ) |  |  | 199 |
Total deferred tax assets |  |  | 17,070 |  |  |  | — |  |  |  | 797 |  |  |  | (371 | ) |  |  | (199 | ) |  |  | 17,297 |
Deferred tax liabilities arising on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible assets |  |  | 51,994 |  |  |  | — |  |  |  | 1,213 |  |  |  | — |  |  |  | — |  |  |  | 53,207 |
Receivables and other assets |  |  | 945 |  |  |  | — |  |  |  | (806 | ) |  |  | — |  |  |  | — |  |  |  | 139 |
Other |  |  | 1,240 |  |  |  | — |  |  |  | 72 |  |  |  | — |  |  |  | 2 |  |  |  | 1,314 |
Total deferred tax liabilities |  |  | 54,179 |  |  |  | — |  |  |  | 479 |  |  |  | — |  |  |  | 2 |  |  |  | 54,660 |
(Euro thousands) |  | At December 31, 2020 |  |  | Increase from business combination |  |  | Recognized in profit or loss |  |  | Recognized in other comprehensive loss |  |  | Exchange difference and other |  |  | At December 31, 2021 |
Deferred tax assets arising on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee benefits |  |  | 2,028 |  |  |  | — |  |  |  | 196 |  |  |  | 42 |  |  |  | — |  |  |  | 2,266 |
Property plant and equipment |  |  | 117 |  |  |  | — |  |  |  | 583 |  |  |  | — |  |  |  | (8 | ) |  |  | 692 |
Deferred tax assets on rental contracts; if any |  |  | 4,711 |  |  |  | 570 |  |  |  | (3,060 | ) |  |  | — |  |  |  | 308 |  |  |  | 2,529 |
Intangible assets |  |  | 1,213 |  |  |  | 2,049 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,262 |
Inventories |  |  | 1,143 |  |  |  | 3,078 |  |  |  | (276 | ) |  |  | — |  |  |  | — |  |  |  | 3,945 |
Provisions and accrued expenses |  |  | 1,673 |  |  |  | 103 |  |  |  | 27 |  |  |  | — |  |  |  | — |  |  |  | 1,803 |
Receivables and other assets |  |  | 395 |  |  |  | 521 |  |  |  | (514 | ) |  |  | — |  |  |  | — |  |  |  | 402 |
Tax losses |  |  | 2,156 |  |  |  | — |  |  |  | (308 | ) |  |  | — |  |  |  | 92 |  |  |  | 1,940 |
Other |  |  | 172 |  |  |  | 153 |  |  |  | (94 | ) |  |  | — |  |  |  | — |  |  |  | 231 |
Total deferred tax assets |  |  | 13,608 |  |  |  | 6,474 |  |  |  | (3,446 | ) |  |  | 42 |  |  |  | 392 |  |  |  | 17,070 |
Deferred tax liabilities arising on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible assets |  |  | 51,131 |  |  |  | 863 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51,994 |
Receivables and other assets |  |  | 1,436 |  |  |  | — |  |  |  | (491 | ) |  |  | — |  |  |  | — |  |  |  | 945 |
Other |  |  | 717 |  |  |  | 3 |  |  |  | 520 |  |  |  | — |  |  |  | — |  |  |  | 1,240 |
Total deferred tax liabilities |  |  | 53,284 |  |  |  | 866 |  |  |  | 29 |  |  |  | — |  |  |  | — |  |  |  | 54,179 |
Each company in the Group decides to recognize deferred tax assets by assessing whether the conditions exist for the future recoverability of such assets by taking into account the basis of the most recent forecasts. Deferred tax assets and deferred tax liabilities of individual companies are offset where they may be legally offset and management has the intention to settle them through netting. The following table provides the details of tax losses carried forward for which no deferred tax assets were recognized:
|  | At December 31, |
(Euro thousands) |  | 2022 |  |  | 2021 |
Expiry within 5 years |  |  | 57,616 |  |  |  | 76,457 |
Expiry over 5 years |  |  | 154,293 |  |  |  | 141,342 |
No expiration |  |  | 712,965 |  |  |  | 569,948 |
Total tax losses carried forward |  |  | 924,874 |  |  |  | 787,747 |
The Group’s management updated the deferred tax assets recognized on tax loss carry forward taking into consideration, for their recoverability, the macroeconomic scenario and the business developments of each of the Group’s companies.

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