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Financial Risk Management | 12 Months Ended
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Dec. 31, 2023
Disclosure of Financial Risk Management [Abstract] |
Financial Risk Management | 26. FINANCIAL RISK MANAGEMENT Risk management policies are established by management, having previously been approved by the Company’s directors. Based on these policies, the Finance department has established a number of procedures and controls to identify, measure and manage risks associated with the use of financial instruments. These policies, inter alia, prohibit the Company from speculating with derivatives. Any activity involving financial instruments exposes the Company to credit risk, market risk and liquidity risk. a) Credit risk Credit risk arises from possible losses deriving from failure to comply with contractual obligations on the part of the Group’s counterparties, i.e., the possibility of not recovering financial assets at the amount recognized and within the established term. The maximum credit risk exposure is as follows:
|  | December 31, 2023 |  |  | December 31, 2022 |
(In thousand Euros) |  | Non-current |  |  | Current |  |  | Non-current |  |  | Current |
Customer sales and services |  |  | — |  |  |  | 43,258 |  |  |  | — |  |  |  | 39,797 |
Other receivables |  |  | — |  |  |  | 140 |  |  |  | — |  |  |  | 16 |
Loans to employees |  |  | 180 |  |  |  | 18 |  |  |  | — |  |  |  | 14 |
Trade and other financial receivables |  |  | 180 |  |  |  | 43,416 |  |  |  | — |  |  |  | 39,827 |
Loans granted to Joint Venture |  |  |  |  |  |  |  |  |  |  |  |
Guarantee deposit |  |  | 1,341 |  |  |  | — |  |  |  | 1,133 |  |  |  | — |
Non-current financial assets |  |  | 1,521 |  |  |  | — |  |  |  | 1,133 |  |  |  | — |
Guarantee deposit |  |  |  |  |  | 82 |  |  |  |  |  |  | 560 |
Financial investments |  |  | — |  |  |  | 5,728 |  |  |  | — |  |  |  | 5,397 |
Other current financial assets |  |  | — |  |  |  | 5,810 |  |  |  | — |  |  |  | 5,957 |
Total |  |  | 1,521 |  |  |  | 49,226 |  |  |  | 1,133 |  |  |  | 45,784 |
The Sales and Finance departments establish credit limits for each customer based on information received from an entity specializing in commercial solvency analysis. Refer to Note 13B for further disclosure on the expected credit loss of customer sales and services. b) Market risk Market risk arises from possible losses deriving from fluctuations in the fair value or in future cash flows of financial instruments because of changes in market prices. Market risk includes interest rate, currency and other price risks. Interest rate risk Interest rate risk arises from possible losses due to changes in the fair value or the future cash flows of a financial instrument because of fluctuations in market interest rates.
(In thousand Euros) |  | Currency |  | December 31, 2023 |  |  | December 31, 2022 |
Fixed rate Loan |  | EUR |  |  | 27,926 |  |  |  | 32,125 |
Floating rate loan |  | EUR |  |  | 179,431 |  |  |  | 101,502 |
Total |  |  |  |  | 207,357 |  |  |  | 133,627 |
A 100 basis point change in interest rates would mean an increase (decrease) in profit or loss at December 31, 2023 of Euros 1,951 thousand (Euros (1,317) thousand at December 31, 2022). This calculation assumes that the change occurred on the date of the report applied to the risk exposures existing on that date. This analysis assumes that all other variables are held constant and considers the effect of interest rates.
|  | 2023 |  |  | 2022 |  |  | 2021 |
(In thousand Euros) |  | Profit or loss |  |  | Profit or loss |  |  | Profit or loss |
|  | 100 bp increase |  |  | 100 bp decrease |  |  | 100 bp increase |  |  | 100 bp decrease |  |  | 100 bp increase |  |  | 100 bp decrease |
Floating rate loan |  |  | (1,951 | ) |  |  | 1,951 |  |  |  | (1,317 | ) |  |  | 1,317 |  |  |  | (691 | ) |  |  | 691 |
Currency risk Currency risk is the risk of possible losses due to changes in the fair value of and future cash flows from financial instruments as a result of exchange rate fluctuations. Cash and cash equivalents, trade and other financial receivables and other current assets / deferred charges are primarily the items included within the Group’s assets and liabilities that are denominated in a currency other than the functional currency. The following table shows the sensitivity of monetary assets and liabilities to a reasonably possible strengthening (weakening) of the Euro in each of the foreign currencies as of December 31. This analysis assumes that all other variables, particularly interest rates, remain constant and ignores any impact from anticipated sales and purchases. The Group’s exposure to foreign currency exchange for all other currencies is not significant.
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | Profit or loss |  |  | Profit or loss |  |  | Profit or loss |
(In thousand Euros) |  | Strengthening |  |  | Weakening |  |  | Strengthening |  |  | Weakening |  |  | Strengthening |  |  | Weakening |
USD (10% movement) |  |  | (1,270 | ) |  |  | 1,552 |  |  |  | (565 | ) |  |  | 691 |  |  |  | (8,819 | ) |  |  | 10,779 |
Other market price risk The Group has derivative warrant liabilities (see Note 13) measured at FVTPL. The derivative warrant liabilities of Euros 3,119 thousand at December 31, 2023 (Euros 5,834 thousand at December 31, 2022) included a fair value adjustment of Euros 6,476 thousand compared to December 31, 2022. A change of the warrant price by 1% would result in an increase/decrease of the underlying warrant liabilities of Euros 31 thousand (2022: Euros 58 thousand). c) Liquidity risk Liquidity risk arises where the Group might not hold, or have access to, sufficient liquid funds at an appropriate cost to settle its payment obligations at any given time. Details of working capital are as follows:
(In thousand Euros) |  | December 31, 2023 |  |  | December 31, 2022 |
Current assets |  |  | 256,924 |  |  |  | 255,171 |
Current liabilities |  |  | 190,774 |  |  |  | 178,793 |
Total |  |  | 66,150 |  |  |  | 76,378 |
The working capital presented by the Group is sufficient to cover the various commitments arising from its activity. Details of the maturities, by year, of the principal of the loans and borrowings at December 31, are as follows:
|  | December 31, 2023 |
(In Euros) |  | Capital |  |  | Interest |  |  | Total |
2024 |  |  | 126,496 |  |  |  | 9,682 |  |  |  | 136,179 |
2025 |  |  | 25,533 |  |  |  | 5,784 |  |  |  | 31,317 |
2026 |  |  | 22,859 |  |  |  | 3,520 |  |  |  | 26,379 |
2027 |  |  | 15,831 |  |  |  | 1,868 |  |  |  | 17,699 |
2028 |  |  | 12,017 |  |  |  | 815 |  |  |  | 12,831 |
More than five years |  |  | 4,621 |  |  |  | 163 |  |  |  | 4,784 |
Total |  |  | 207,357 |  |  |  | 21,832 |  |  |  | 229,189 |
|  | December 31, 2022 |
(In Euros) |  | Capital |  |  | Interest |  |  | Total |
2023 |  |  | 89,268 |  |  |  | 3,428 |  |  |  | 92,696 |
2024 |  |  | 12,063 |  |  |  | 2,785 |  |  |  | 14,848 |
2025 |  |  | 10,688 |  |  |  | 2,014 |  |  |  | 12,702 |
2026 |  |  | 8,024 |  |  |  | 1,398 |  |  |  | 9,422 |
2027 |  |  | 6,907 |  |  |  | 838 |  |  |  | 7,745 |
More than five years |  |  | 6,677 |  |  |  | 759 |  |  |  | 7,436 |
Total |  |  | 133,627 |  |  |  | 11,222 |  |  |  | 144,849 |
d) Capital management For the purpose of the Group’s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the Parent. The primary objective of the Group’s capital management is to maximize shareholder value. The Group manages its capital structure and makes adjustments to compensate for changes in economic conditions or its financial requirements in order to execute its business plans. The Group may also issue new shares or issue/repay debt financial instruments to maintain or adjust the capital structure. The Group monitors capital management to ensure that it meets its financial needs to achieve its business objectives while maintaining its solvency. No changes were made in the objectives, policies or processes for managing capital during the years ended December 31, 2023 and 2022.

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- Definition The disclosure of the entity's financial risk management practices and policies. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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