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Description of the business and Group composition | 12 Months Ended
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Dec. 31, 2018
Investments accounted for using equity method [abstract] |
Description of the business and Group composition |
2 | Description of the business and Group composition
Natuzzi S.p.A. (“Natuzzi”, the “Company” or the “Parent”) is domiciled in Italy. The Company’s registered office is at via Iazzitello 47, 70029 Santeramo in Colle (Bari). These consolidated financial statements include the accounts of Natuzzi S.p.A and of its subsidiaries (together with the Company, the “Group”). The Group’s primary activity is the design, manufacture and marketing of contemporary and traditional leather and fabric upholstered furniture (see note 6 on operating segment). The financial statements utilized for the consolidation are the financial statements of each Group company as at December 31, 2018, 2017 and January 1, 2017. The 2018 and 2017 financial statements have been adopted by the respective Boards of Directors of the relevant companies. The financial statements of subsidiaries are adjusted, where necessary, to conform to Natuzzi’s accounting principles and policies (see note 4), which are consistent with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS (see note 3(a)). The consolidated financial statements of the Group as at December 31, 2018 and 2017 and the related opening consolidated financial statements as at January 1, 2017 (date of transition to IFRS) have been approved by the Company’s Board of Directors (the Board) on April 10, 2019 and authorised on April 29, 2019. The subsidiaries included in the consolidation as at December 31, 2018, 2017 and January 1, 2017, together with the related percentages of ownership and other information, are as follows:
Name |  | Percentage of 31/12/2018 |  |  | Percentage of 31/12/2017 |  |  | Percentage of 01/01/2017 |  |  | Share/quota capital |  |  | Ownership registered office |  | Activity |
Italsofa Nordeste S/A |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | BRL | 157,654,283 |  |  | Salvador de Bahia, Brazil |  |  | (1 | )
Natuzzi (China) Ltd |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | CNY | 106,414,300 |  |  | Shanghai, China |  |  | (1 | )
Italsofa Romania S.r.l. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | RON | 109,271,750 |  |  | Baia Mare, Romania |  |  | (1 | )
Natco S.p.A. |  |  | 99.99 |  |  |  | 99.99 |  |  |  | 99.99 |  |  | EUR | 4,420,000 |  |  | Santeramo in Colle, Italy |  |  | (2 | )
I.M.P.E. S.p.A. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | EUR | 1,000,000 |  |  | Bari, Italy |  |  | (3 | )
Nacon S.p.A. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | EUR | 2,800,000 |  |  | Santeramo in Colle, Italy |  |  | (4 | )
Lagene S.r.l. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | EUR | 10,000 |  |  | Santeramo in Colle, Italy |  |  | (4 | )
Natuzzi Americas Inc. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | USD | 89 |  |  | High Point, N. Carolina, USA |  |  | (4 | )
Natuzzi Iberica S.A. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | EUR | 386,255 |  |  | Madrid, Spain |  |  | (4 | )
Natuzzi Switzerland AG |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | CHF | 2,000,000 |  |  | Dietikon, Switzerland |  |  | (4 | )
Natuzzi Benelux S.A. |  |  | — |  |  |  | 100.00 |  |  |  | 100.00 |  |  | EUR | 312,000 |  |  | Herentals, Belgium |  |  | (4 | )
Natuzzi Germany Gmbh |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | EUR | 25,000 |  |  | Köln, Germany |  |  | (4 | )
Natuzzi Japan KK |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | JPY | 28,000,000 |  |  | Tokyo, Japan |  |  | (4 | )
Natuzzi Services Limited |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | GBP | 25,349,353 |  |  | London, UK |  |  | (4 | )
Natuzzi Trading (Shanghai) Co., Ltd |  |  | — |  |  |  | 100.00 |  |  |  | 100.00 |  |  | CNY | 13,891,783 |  |  | Shanghai, China |  |  | (4 | )
Natuzzi Russia OOO |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | RUB | 109,138 |  |  | Moscow, Russia |  |  | (4 | )
Natuzzi India Furniture PVT Ltd |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | INR | 16,200,000 |  |  | New Delhi, India |  |  | (4 | )
Natuzzi Florida LLC |  |  | 51.00 |  |  |  | 51.00 |  |  |  | 51.00 |  |  | USD | 4,155,186 |  |  | High Point, N. Carolina, USA |  |  | (4 | )
Natmex S.DE.R.L.DE.C.V |  |  | 99.00 |  |  |  | 99.00 |  |  |  | — |  |  | MXN | 69,195,993 |  |  | Mexico City, Mexico |  |  | (4 | )
Natuzzi France S.a.s. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | EUR | 200,100 |  |  | Paris, France |  |  | (4 | )
Softaly (Furniture) Shanghai Co. Ltd |  |  | 96.50 |  |  |  | 96.50 |  |  |  | 96.50 |  |  | CNY | 100,000 |  |  | Shanghai, China |  |  | (4 | )
Natuzzi Netherlands Holding |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | EUR | 34,605,000 |  |  | Amsterdam, Holland |  |  | (5 | )
New Comfort S.r.l. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | EUR | 20,000 |  |  | Santeramo in Colle, Italy |  |  | (6 | )
Italsofa Shanghai Ltd |  |  | 96.50 |  |  |  | 96.50 |  |  |  | 96.50 |  |  | CNY | 124,154,580 |  |  | Shanghai, China |  |  | (6 | )
Natuzzi Trade Service S.r.l. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | EUR | 14,000,000 |  |  | Santeramo in Colle, Italy |  |  | (6 | )
Natuzzi Oceania PTI Ltd |  |  | 100.00 |  |  |  | 100.00 |  |  |  | 100.00 |  |  | AUD | 320,002 |  |  | Sydney, Australia |  |  | (6 | )
(1) | Manufacture and distribution
(2) | Intragroup leather dyeing and finishing
(3) | Production and distribution of polyurethane foam
(4) | Services and distribution
(5) | Investment holding
(6) | Dormant
As at December 31, 2018 the consolidation area changed due to: (a) the deconsolidation of Natuzzi Trading (Shanghai) Co., Ltd occurred on July 27, 2018 as a consequence of the loss of control (see note 10); (b) the sale of Natuzzi Benelux.

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