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v3.23.1

Borrowings | 12 Months Ended
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Dec. 31, 2022
Disclosure of detailed information about borrowings [abstract] |
Borrowings | 2 5 . Borrowings The following table provides a breakdown for non-current and current borrowings:
|  | 2022 |  |  | 2021 |
(Euro thousands) |  | Guaranteed |  |  | Secured |  |  | Unsecured |  |  | Total borrowings |  |  | Guaranteed |  |  | Secured |  |  | Unsecured |  |  | Total borrowings |
At January 1, |  |  | 12,457 |  |  |  | 7,840 |  |  |  | 46,474 |  |  |  | 66,771 |  |  |  | 1,500 |  |  |  | 1,452 |  |  |  | 15,885 |  |  |  | 18,837 |
Repayments |  |  | (1,440 | ) |  |  | (112,559 | ) |  |  | (111,018 | ) |  |  | (225,017 | ) |  |  | (2,103 | ) |  |  | (93,709 | ) |  |  | (20,775 | ) |  |  | (116,587 | )
Conversion of debt to equity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (25,035 | ) |  |  | (25,035 | )
Debt restructuring (1) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,380 | ) |  |  | (7,380 | )
Business combination |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,700 |  |  |  | — |  |  |  | 459 |  |  |  | 13,159 |
Proceeds |  |  | 20 |  |  |  | 112,511 |  |  |  | 78,198 |  |  |  | 190,729 |  |  |  | 360 |  |  |  | 99,702 |  |  |  | 76,112 |  |  |  | 176,174 |
Net foreign exchange difference |  |  | — |  |  |  | 491 |  |  |  | 511 |  |  |  | 1,002 |  |  |  | — |  |  |  | 395 |  |  |  | 7,208 |  |  |  | 7,603 |
At December 31 , |  |  | 11,037 |  |  |  | 8,283 |  |  |  | 14,165 |  |  |  | 33,485 |  |  |  | 12,457 |  |  |  | 7,840 |  |  |  | 46,474 |  |  |  | 66,771 |
Repayable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Within one year |  |  | 3,284 |  |  |  | 8,283 |  |  |  | 3,803 |  |  |  | 15,370 |  |  |  | 1,422 |  |  |  | 7,840 |  |  |  | 46,297 |  |  |  | 55,559 |
- In the second year |  |  | 3,337 |  |  |  | — |  |  |  | — |  |  |  | 3,337 |  |  |  | 3,282 |  |  |  | — |  |  |  | — |  |  |  | 3,282 |
- In the third year |  |  | 3,166 |  |  |  | — |  |  |  | — |  |  |  | 3,166 |  |  |  | 3,337 |  |  |  | — |  |  |  | — |  |  |  | 3,337 |
- Over three years |  |  | 1,250 |  |  |  | — |  |  |  | 10,362 |  |  |  | 11,612 |  |  |  | 4,416 |  |  |  | — |  |  |  | 177 |  |  |  | 4,593 |
|  |  | 11,037 |  |  |  | 8,283 |  |  |  | 14,165 |  |  |  | 33,485 |  |  |  | 12,457 |  |  |  | 7,840 |  |  |  | 46,474 |  |  |  | 66,771 |
Portion classified as current liabilities |  |  | (3,284 | ) |  |  | (8,283 | ) |  |  | (3,803 | ) |  |  | (15,370 | ) |  |  | (1,422 | ) |  |  | (7,840 | ) |  |  | (46,297 | ) |  |  | (55,559 | )
Non-current portion |  |  | 7,753 |  |  |  | — |  |  |  | 10,362 |  |  |  | 18,115 |  |  |  | 11,035 |  |  |  | — |  |  |  | 177 |  |  |  | 11,212 |
As at December 31, 202 2 , borrowings amounted to Euro11,037 thousand (December 31, 2021: Euro12,457 thousand) were guaranteed by a third party, SACE S.p.A.,the Italian export credit agency. As at Dece m ber 31, 202 2 , borrowings amounted to Euro8,283 thousand (December 31, 2021: Euro7,840 thousand) were secured by the pledge of assets with carrying values at the end of each reporting period as follows:
|  | At December 31, |
(Euro thousands) |  | 2022 |  |  | 2021 |
Pledge of assets: |  |  |  |  |  |  |  |
- Property, plant and equipment |  |  | 10,535 |  |  |  | 9,345 |
- Inventories |  |  | 20,333 |  |  |  | 19,187 |
- Other current assets |  |  | 2,786 |  |  |  | — |
- Trade receivables |  |  | 2,566 |  |  |  | 2,493 |
At December 31, |  |  | 36,220 |  |  |  | 31,025 |
Apart from the above, certain borrowings are guaranteed by two subsidiaries, namely St. John Knits, Inc. and St. John Canada Corporation as at December 31, 2022. The unsecured borrowings are principally used for operation of the Group. The borrowings at rates ranging from 3.06% to 12.31% (2021: 0.00% to 10.00%) per annum. The main terms of the borrowings are detailed as follows:
|  |  |  |  |  |  |  | At December 31, 2022 |
Borrower |  | Interest rate |  | Terms |  | Expiry date |  | Of which current portion |  |  | Of which non-current portion |
|  |  |  |  |  |  |  | (Euro thousands) |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | January 2023 |  |  | 633 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | February 2023 |  |  | 75 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | March 2023 |  |  | 283 |  |  |  | — |
St. John Knits, Inc. |  | Variable |  | LIBOR+7.50% |  | April 2023 |  |  | 8,283 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | April 2023 |  |  | 296 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | May 2023 |  |  | 294 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | June 2023 |  |  | 317 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | July 2023 |  |  | 606 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | August 2023 |  |  | 269 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | September 2023 |  |  | 269 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | October 2023 |  |  | 263 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | November 2023 |  |  | 229 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | December 2023 |  |  | 269 |  |  |  | — |
Sergio Rossi S.p.A |  | Variable |  | ECB+6.00% |  | September 2025 |  |  | 784 |  |  |  | 1,502 |
Sergio Rossi S.p.A |  | Variable |  | Euribor 3m+1.90% |  | June 2026 |  |  | 2,500 |  |  |  | 6,250 |
Fosun Fashion (Shanghai) Consulting Management Co., Ltd. |  | Fixed |  | 10.00% |  | December 2027 |  |  | — |  |  |  | 10,363 |
Total |  |  |  |  |  |  |  |  | 15,370 |  |  |  | 18,115 |
|  |  |  |  |  |  |  | At December 31, 2021 |
Borrower |  | Interest rate |  | Terms |  | Expiry date |  | Of which current portion |  |  | Of which non-current portion |
|  |  |  |  |  |  |  | (Euro thousands) |
Sergio Rossi S.p.A |  | Fixed |  | 0.90% |  | March 2022 |  |  | 1 |  |  |  | — |
Sergio Rossi S.p.A |  | Fixed |  | 1.45% |  | April 2022 |  |  | 458 |  |  |  | — |
Fosun Fashion Group (Cayman) Limited |  | Fixed |  | 10.00% |  | April 2022 |  |  | 16,337 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | June 2022 |  |  | 166 |  |  |  | — |
Fosun Fashion Group (Cayman) Limited |  | Fixed |  | 10.00% |  | June 2022 |  |  | 23,550 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | August 2022 |  |  | 111 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | September 2022 |  |  | 376 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | October 2022 |  |  | 103 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | November 2022 |  |  | 348 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Fixed |  | 7.50% |  | December 2022 |  |  | 337 |  |  |  | — |
Fosun Fashion (Shanghai) Consulting Management Co., Ltd. |  | Fixed |  | 10.00% |  | December 2022 |  |  | 4,510 |  |  |  | — |
St. John Knits, Inc. |  | Variable |  | LIBOR+7.50% |  | April 2023 |  |  | 7,840 |  |  |  | — |
Fosun Fashion Brand Management Co.,Limited |  | Interest free |  | 0.00% |  | December 2023 |  |  | — |  |  |  | 177 |
Sergio Rossi S.p.A |  | Variable |  | ECB+6.00% |  | September 2025 |  |  | 172 |  |  |  | 2,285 |
Sergio Rossi S.p.A |  | Variable |  | Euribor 3m+1.90% |  | June 2026 |  |  | 1,250 |  |  |  | 8,750 |
Total |  |  |  |  |  |  |  |  | 55,559 |  |  |  | 11,212 |
Notes:
(1) | On July 21, 2021, the Group and each of certain bankers (the “Banks”) entered into a debt restructuring deed (the “Debt Restructuring Deed”), pursuant to which the Banks agree to assign and transfer to the Group all of its rights, titles, benefits and interests in the certain bank borrowings (“Defaulted Bank Borrowings”), for a consideration of approximately Euro8,013 thousand upon fulfilment of certain conditions while the outstanding balance of the Defaulted Bank Borrowings as at the date of the Debt Restructuring Deed was Euro 15,609 thousand.
During the year ended December 31, 2021, the Group has repaid total consideration to the Banks and the Defaulted Bank Borrowings have been fully settled. The Group recognized a gain on the debt restructuring in profit or loss. As at December 31, 2021, the Group is not in breach of any loan covenants of any bank borrowings.

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