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Provisions
12 Months Ended
Dec. 31, 2023
Provisions [abstract]  
Provisions

17. PROVISIONS

Details of the provisions are as follows:

 

At December 31, 2023

 

Non-current

 

 

 

 

 

Current

 

 

 

 

(In thousand Euros)

 

Other

 

 

Service warranties

 

 

Total Non-current

 

 

Service warranties

 

 

Total Current

 

Carrying amount at the beginning of the year

 

 

120

 

 

 

1,319

 

 

 

1,439

 

 

 

1,318

 

 

 

1,318

 

Business combinations (Note 6)

 

 

10,405

 

 

 

 

 

 

10,405

 

 

 

 

 

 

 

Charge / (Credit) to results:

 

 

1,127

 

 

 

865

 

 

 

1,992

 

 

 

434

 

 

 

434

 

(+) additional provisions recognized (net)

 

 

1,245

 

 

 

3,060

 

 

 

4,305

 

 

 

 

 

 

 

(+/-) Short-term transferred

 

 

 

 

 

(1,752

)

 

 

(1,752

)

 

 

1,752

 

 

 

1,752

 

(-) Amounts used during the year

 

 

(118

)

 

 

(443

)

 

 

(561

)

 

 

(1,318

)

 

 

(1,318

)

Carrying amount at year end

 

 

11,652

 

 

 

2,184

 

 

 

13,836

 

 

 

1,752

 

 

 

1,752

 

 

At December 31, 2022

 

Non-current

 

 

 

 

 

Current

 

 

 

 

(In thousand Euros)

 

Other

 

 

Service warranties

 

 

Total Non-current

 

 

Service warranties

 

 

Total Current

 

Carrying amount at the beginning of the year

 

 

4

 

 

 

358

 

 

 

362

 

 

 

541

 

 

 

541

 

Charge / (Credit) to results:

 

 

116

 

 

 

961

 

 

 

1,077

 

 

 

777

 

 

 

777

 

(+) additional provisions recognized (net)

 

 

117

 

 

 

2,935

 

 

 

3,052

 

 

 

 

 

 

 

(+/-) Short-term transferred

 

 

 

 

 

(1,416

)

 

 

(1,416

)

 

 

1,415

 

 

 

1,415

 

(-) Amounts used during the year

 

 

(1

)

 

 

(558

)

 

 

(559

)

 

 

(638

)

 

 

(638

)

Carrying amount at year end

 

 

120

 

 

 

1,319

 

 

 

1,439

 

 

 

1,318

 

 

 

1,318

 

 

Service warranties

Products developed and sold by the Group are under warranty for a period of three years and, therefore, a provision is made annually to cover the estimated costs that could be incurred in relation to projects and products under warranty at year end. This provision is calculated based on an estimate of warranty costs incurred and their relation to the volume of sales under warranty.

Other provisions

As of December 31, 2023, “Other” provisions caption includes mainly the contingent consideration (earn-out) related to Ares and put option liability related to ABL acquisition (Note 6) amounting to Euros 11,341 thousand and a provision for indemnities or an amount of Euros 311 thousand.