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Employee Benefits
 12 Months Ended
Dec. 31, 2022
Employee Benefits [Abstract]  
Disclosure of employee benefits [text block]
2
8
. Employee benefits
The following table shows the employee benefits of the Group.
 
 
  
At December 31,
 
(Euro thousands)
  
2022
 
  
2021
 
Post-employee benefits
      12,543        16,016  
Other long-term employee benefits
      2,585        2,448  
    
 
 
     
 
 
  
Total long-term employee benefits
   
 
15,128
     
 
18,464
 
    
 
 
     
 
 
  
The net balance of post-employee benefits as at December 31, 2022 is a liability of Euro12,543 thousand (Euro16,016 thousand as of December 31, 2021) and
a
ll the benefits are classified as defined-benefit plans.
The following table presents the changes in long-term employee benefits:
 
(Euro thousands)
   
Defined-benefit

plan in Italy (TFR)
     
Defined-benefit

plans in Austria
     
Other long-term

employee benefits
     
Total
  
At January 1, 2021
   
 
2,492
 
   
 
14,555
 
   
 
2,038
 
   
 
19,085
 
Business combination
      962        —          —          962  
Current service costs
      83        609        747        1,439  
Interest expenses
      6        107        10        123  
Actuarial losses in other comprehensive loss
      360        120        —          480  
Actuarial gains in profit or loss
      —          —          (184 )       (184 ) 
Benefits paid
      (909 )       (2,289 )       (169 )       (3,367 ) 
Contributions
      —          (100 )       —          (100 ) 
Exchange differences
      3        17        6        26  
    
 
 
     
 
 
     
 
 
     
 
 
  
At December 31, 2021
   
 
2,997
 
   
 
13,019
 
   
 
2,448
 
   
 
18,464
 
Current service costs
      61        547        546        1,154  
Interest expenses
      33        137        19        189  
Actuarial gains in other comprehensive loss
      (425 )      (1,690 )      (69 )      (2,184 )
Actuarial gains in profit or loss
      —        —          (152 )      (152 )
Benefits paid
      (305 )      (1,565 )      (137 )      (2,007 )
Contributions
      —        (277 )      (70 )      (347 )
Exchange difference
s
      —        11        —          11  
    
 
 
     
 
 
     
 
 
     
 
 
  
At December 31, 2022
     
2,361
       
10,182
       
2,585
       
15,128
  
    
 
 
     
 
 
     
 
 
     
 
 
  
The current service costs and interest expenses are recognized in the statement of profit or loss. The actuarial differences for other long-term employee benefits are also recognized in the statement of profit or loss.
 
The breakdown of the d
e
fined-benefit obligations by type of benefit plan is as follows:
 
 
  
At December 31,
 
(Euro thousands)
  
2022
 
  
2021
 
Defined-benefit plan in Italy
  
  
- Italian leaving indemnities
      2,361        2,997  
    
 
 
     
 
 
  
Defined-benefit plans in Austria
                  
- Severance payments
      6,201        8,139  
- Pensions liability
      3,981        4,880  
    
 
 
     
 
 
  
       10,182        13,019  
    
 
 
 
   
 
 
  
Total defined-benefit obligations
     
12,543
 
   
 
16,016
 
    
 
 
     
 
 
  
Defined-benefit plan in Italy
Defined-benefit plan in Italy was Trattamento di Fine Rapporto (“TFR”), a legally required end-of-service allowance, paid regardless of the reason for the employee’s departure from the company.
Defined-benefit plans in Austria
These commitments include the legal requirements for entitled employees who joined the Austrian parent company before 2003 to a
one-off
severance compensation payment if their employment relationship is terminated or when they retire. The amount of these payments depends on the length of service and the employee’s wages or salaries at the end of employment. These commitments include individual commitments to three former Management Board members.
As at December 31, 2022, the fair value of defined-benefit plans attributable to Group companies operating in the Austria is a net recognized commitment of Euro10.18 m
illion (December 31, 2021: Euro
13.02 
million). It is detailed below:
 
 
  
At December 31,
 
(Euro thousands)
  
2022
 
  
2021
 
Fair value of plan liabilities
      11,612        14,263  
Fair value of plan assets
      (1,430 )      (1,244 ) 
    
 
 
     
 
 
  
Defined-benefit plans in Austria
     
10,182
     
 
13,019
 
    
 
 
     
 
 
  
 
The composition of the m
a
in plan assets on the reporting date is as follows:
 
 
  
At December 31,
 
(Euro thousands)
  
2022
 
  
2021
 
Equity investments
      666        614  
Real estates
      423        323  
Bonds
      137        130  
Alternative investments
      108        65  
Liquid funds
     
96
        112  
    
 
 
     
 
 
  
Total plan assets
   
 
1,430
     
 
1,244
 
    
 
 
     
 
 
  
The main actuarial assumptions used are as follows:
 
 
  
At December 31, 2022
  
 
  
At December 31, 2021
 
 
  
Defined-benefit

plan in

Italy (TFR)
 
  
Defined-benefit

plans in

Austria
  
 
  
Defined-benefit

plan in

Italy (TFR)
 
  
Defined-benefit

plans in

Austria
 
 
  
 
 
  
 
  
 
  
 
 
  
 
 
Average duration of plan (years)
      8.5~17.47        7.60~11.00          9.80~14.90        9.10~13.20  
Discount rate
      3.01%~3.86%        4.09%~4.16%          0.44%        0.99%~1.23%  
Inflation rate
      2.59%~4.53%        N.A.          1.75%        N.A.  
Salary increase rate
      2.55%        3.00%~7.50%          2.81%        2.30%  
For the demographic assumptions used in measuring the defined benefit liabilities, the figure used as a benchmark for the mortality rate is the standard one for each local population, broken down by age and gender, while for
the
staff turnover rate annual frequencies have been calc
ulated based o
n the individual companies’ data.
With respect to the December 31, 2022 liability, a sensitivity analysis was
performed
on
the
main actuarial
variables
such as discount rate, salary changes and inflation rate. The analysis did not lead to significant changes in the liability, except for the sensitivity analysis conducted on the discount rate. A 100-basis-point decrease in the discount rate would result in a Euro1.20 million increase in the amount of the defined-benefit obligation as of December 31, 2021 (December 31, 2021: Euro1.80 million).