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Financial risk management (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial risk management [Abstract] |
Disclosure of reconciliation of the Group's cash net of debt | The following table provides a reconciliation of the Group’s cash net of debt:
|  | At December 31, |
(Euro thousands) |  | 2022 |  |  | 2021 |
Cash and cash equivalents |  |  | 91,897 |  |  |  | 88,672 |
Non-current borrowings |  |  | (18,115 | ) |  |  | (11,212 | )
Current borrowings |  |  | (15,370 | ) |  |  | (55,559 | )
Borrowings |  |  | (33,485 | ) |  |  | (66,771 | )
Bank overdrafts |  |  | (148 | ) |  |  | (14 | )
Cash net of debt |  |  | 58,264 |  |  |  | 21,887 |
Disclosure of reconciliation of the group's cash net of debt to total consolidated equity | The ratio of cash net of debt to total consolidated equity was as follows:
|  | At December 31, |
(Euro thousands) |  | 2022 |  |  | 2021 |
Cash net of debt |  |  | (58,264 | ) |  |  | (21,887 | )
Total equity |  |  | 300,806 |  |  |  | 290,826 |
Total capital |  |  | 242,542 |  |  |  | 268,939 |
Gearing ratio |  |  | (24 | % ) |  |  | (8 | % )
Disclosure of Table presents the group's assets and liabilities that are measured at fair value | The following table presents the Group’s assets and liabilities that are measured at fair value at December 31, 2022 and 2021.
|  | At December 31, |
(Euro thousands) |  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |  |  |
Other non-current assets |  |  |  |  |  |  |  |
- Equity investments designated at fair value through profit or loss |  |  |  |  |  |  |  |
Level 1 |  |  | 1,028 |  |  |  | 1,259 |
Level 3 |  |  | 1,347 |  |  |  | 693 |
|  |  | 2,375 |  |  |  | 1,952 |
Liabilities |  |  |  |  |  |  |  |
Other current liabilities |  |  |  |  |  |  |  |
- Warrant liabilities |  |  |  |  |  |  |  |
Level 1 |  |  | 5,826 |  |  |  | — |
Level 3 |  |  | 3,176 |  |  |  | — |
|  |  | 9,002 |  |  |  | — |
Disclosure of Sensitivity analysis of possible change in the main foreign currencies against the Euro | The following table demonstrates the sensitivity at the end of the reporting period to a reasonably possible change in the main foreign currencies against the Euro, with all other variables held constant, of the Group’s loss before tax due to differences arising on settlement or translation of monetary assets and liabilities and the Group’s equity excluding the impact of accumulated losses due to the changes of exchange fluctuation reserve of certain overseas subsidiaries of which the functional currencies are currencies other than Euro.
|  | At December 31, 2022 |  |  | At December 31, 2021 |
(Euro thousands) |  | Increase / (decrease) in loss before tax if Euro strengthens by 5% |  |  | Increase / (decrease) in loss before tax if Euro weakens by 5% |  |  | Increase / (decrease) in loss before tax if Euro strengthens by 5% |  |  | Increase / (decrease) in loss before tax if Euro weakens by 5% |
USD |  |  | (7,610 | ) |  |  | 7,610 |  |  |  | (5,418 | ) |  |  | 5,418 |
CNY |  |  | 138 |  |  |  | (138 | ) |  |  | 180 |  |  |  | (180 | )
HKD |  |  | 1 |  |  |  | (1 | ) |  |  | 123 |  |  |  | (123 | )
GBP |  |  | 108 |  |  |  | (108 | ) |  |  | 78 |  |  |  | (78 | )
Total |  |  | (7,363 | ) |  |  | 7,363 |  |  |  | (5,037 | ) |  |  | 5,037 |
Disclosure of Sensitivity analysis of reasonably possible change in interest rate | The following table demonstrates the sensitivity to a reasonably possible change in interest rate, with all other variables held constant, of the Group’s loss before tax (through the impact on floating rate borrowings).
(Euro thousands) |  | Increase/(decrease) in basis points |  |  | Increase/(decrease) in loss before tax |
2022 |  |  | 100 |  |  |  | 253 |
|  |  | (100 | ) |  |  | (253 | )
2021 |  |  | 100 |  |  |  | 328 |
|  |  | (100 | ) |  |  | (328 | )
Disclosure of trade receivables in financial risk management | The following table provides the aging of trade receivables:
(Euro thousands) |  | Not yet due |  |  | 0-90 days overdue |  |  | 90-180 days overdue |  |  | >180 days overdue |  |  | Total |
Trade receivables, gross |  |  | 33,279 |  |  |  | 10,616 |  |  |  | 4,618 |  |  |  | 6,566 |  |  |  | 55,079 |
Loss allowance |  |  | — |  |  |  | (118 | ) |  |  | (286 | ) |  |  | (5,807 | ) |  |  | (6,211 | )
Total trade receivables at December 31, 2022 |  |  | 33,279 |  |  |  | 10,498 |  |  |  | 4,332 |  |  |  | 759 |  |  |  | 48,868 |
Trade receivables, gross |  |  | 28,046 |  |  |  | 8,879 |  |  |  | 1,420 |  |  |  | 7,744 |  |  |  | 46,089 |
Loss allowance |  |  | — |  |  |  | (63 | ) |  |  | (285 | ) |  |  | (5,960 | ) |  |  | (6,308 | )
Total trade receivables at December 31, 2021 |  |  | 28,046 |  |  |  | 8,816 |  |  |  | 1,135 |  |  |  | 1,784 |  |  |  | 39,781 |
Disclosure of Maturity analysis for derivative financial liabilities | The table below analysis the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
|  | As at December 31, 2022 |
|  | On demand |  |  | Less than 1 year |  |  | 1 to 3 years |  |  | Over 3 years |  |  | Total |
Trade payables |  |  | 34,477 |  |  |  | 38,637 |  |  |  | — |  |  |  | — |  |  |  | 73,114 |
Other current liabilities |  |  | 29,704 |  |  |  | 35,238 |  |  |  | — |  |  |  | — |  |  |  | 64,942 |
Lease liabilities |  |  | — |  |  |  | 38,029 |  |  |  | 55,008 |  |  |  | 63,589 |  |  |  | 156,626 |
Bank overdrafts |  |  | 148 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 148 |
Borrowings |  |  | — |  |  |  | 15,370 |  |  |  | 6,503 |  |  |  | 11,612 |  |  |  | 33,485 |
|  |  | 64,329 |  |  |  | 127,274 |  |  |  | 61,511 |  |  |  | 75,201 |  |  |  | 328,315 |
|  | As at December 31, 2021 |
|  | On demand |  |  | Less than 1 year |  |  | 1 to 3 years |  |  | Over 3 years |  |  | Total |
Trade payables |  |  | 21,993 |  |  |  | 36,158 |  |  |  | — |  |  |  | — |  |  |  | 58,151 |
Other current liabilities |  |  | 17,056 |  |  |  | 8,602 |  |  |  | — |  |  |  | — |  |  |  | 25,658 |
Lease liabilities |  |  | — |  |  |  | 43,687 |  |  |  | 51,091 |  |  |  | 71,814 |  |  |  | 166,592 |
Bank overdrafts |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14 |
Borrowings |  |  | — |  |  |  | 55,559 |  |  |  | 6,619 |  |  |  | 4,593 |  |  |  | 66,771 |
|  |  | 39,063 |  |  |  | 144,006 |  |  |  | 57,710 |  |  |  | 76,407 |  |  |  | 317,186 |

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