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Financial risk management (Tables)

12 Months Ended

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