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Financial Instruments - Fair values and risk management (Tables) | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Schedule of Classification and Carrying Amounts of Group's Financial Assets and Financial Liabilities | The following table shows the classification and carrying amounts of Group’s financial assets and financial liabilities as at December 31, 2018, 2017 and January 1, 2017.
Financial assets |  | 31/12/18 |  |  | 31/12/17 |  |  | 01/01/17 |
Financial assets at amortised cost |  |  |  |  |  |  |  |  |  |  |  |
Other non-current receivables |  |  | 4,533 |  |  |  | 1,402 |  |  |  | 2,137 |
Trade receivables |  |  | 40,967 |  |  |  | 37,549 |  |  |  | 40,138 |
Other current receivables |  |  | 9,507 |  |  |  | 12,910 |  |  |  | 18,237 |
Cash and cash equivalents |  |  | 62,131 |  |  |  | 55,035 |  |  |  | 64,981 |
Total (a) |  |  | 117,138 |  |  |  | 106,896 |  |  |  | 125,493 |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts |  |  | 218 |  |  |  | 339 |  |  |  | 223 |
Total (b) |  |  | 218 |  |  |  | 339 |  |  |  | 223 |
Total financial assets (a+b) |  |  | 117,356 |  |  |  | 107,235 |  |  |  | 125,716 |
Financial assets at amortised cost include trade receivables, other receivables and cash and cash equivalent. Financial assets at fair value reflect the positive change in fair value of foreign exchange forward contracts that are not designated as hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for future cash flows from accounts receivables and sale orders.
Financial liabilities |  | 31/12/18 |  |  | 31/12/17 |  |  | 01/01/17 |
Financial liabilities at amortised cost |  |  |  |  |  |  |  |  |  |  |  |
Long-term borrowings |  |  | 20,943 |  |  |  | 25,717 |  |  |  | 17,961 |
Bank overdraft and short-term borrowings |  |  | 35,148 |  |  |  | 25,967 |  |  |  | 24,427 |
Trade payables |  |  | 77,901 |  |  |  | 76,035 |  |  |  | 70,457 |
Other payables |  |  | 26,914 |  |  |  | 27,587 |  |  |  | 29,407 |
Total (a) |  |  | 160,906 |  |  |  | 155,306 |  |  |  | 142,252 |
Financial liabilities at fair value |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts |  |  | 320 |  |  |  | 267 |  |  |  | 1,293 |
Total (b) |  |  | 320 |  |  |  | 267 |  |  |  | 1,293 |
Total financial liabilities (a+b) |  |  | 161,226 |  |  |  | 155,573 |  |  |  | 143,545 |
Summary of Carrying Amount and Fair Value of Financial Assets and Financial Liabilities | The following table shows the carrying amount and fair value of Group’s financial assets and financial liabilities as at December 31, 2018, 2017 and January 1, 2017, other than those with carrying amount that are reasonable approximation of fair value.
Financial assets |  | 31/12/18 |  |  | 31/12/17 |  |  | 01/01/17 |
|  | Carrying amount |  |  | Fair value |  |  | Carrying amount |  |  | Fair value |  |  | Carrying amount |  |  | Fair value |
Forward exchange contracts |  |  | 218 |  |  |  | 218 |  |  |  | 339 |  |  |  | 339 |  |  |  | 223 |  |  |  | 223 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating-rate borrowings |  |  | 13,943 |  |  |  | 13,943 |  |  |  | 18,197 |  |  |  | 18,197 |  |  |  | 16,926 |  |  |  | 16,926 |
Fixed rate borrowings |  |  | 7,000 |  |  |  | 7,000 |  |  |  | 7,520 |  |  |  | 7.520 |  |  |  | 1,035 |  |  |  | 1,035 |
Total long-term borrowings |  |  | 20,943 |  |  |  | 20,943 |  |  |  | 25,717 |  |  |  | 25,717 |  |  |  | 17,961 |  |  |  | 17,961 |
Forward exchange contracts |  |  | 320 |  |  |  | 320 |  |  |  | 267 |  |  |  | 267 |  |  |  | 1,293 |  |  |  | 1,293 |
Summary of Information about Credit Risk Exposure on Trade Receivables Using a Provision Matrix | Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix as at December 31, 2018 and January 1, 2018, further to the adoption of IFRS 9. December 31, 2018
Trade receivables |  | Days past due |  |  |  |
|  | <30 days |  |  | 30-60 days |  |  | 61-90 days |  |  | > 91 days |  |  | Total |
Outstanding trade receivables |  |  | 9,288 |  |  |  | 1,323 |  |  |  | 88 |  |  |  | 669 |  |  |  | 11,368 |
Trade receivables subject to specific valuation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,226 |
Total gross carrying amount |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 50,594 |
Default rate |  |  | 0.10 | % |  |  | 0,99 | % |  |  | 2.90 | % |  |  | 5.80 | % |  |  |  |
Expected credit loss |  |  | 9 |  |  |  | 13 |  |  |  | 3 |  |  |  | 39 |  |  |  | 64 |
January 1, 2018
Trade receivables |  | Days past due |  |  |  |
|  | <30 days |  |  | 30-60 days |  |  | 61-90 days |  |  | > 91 days |  |  | Total |
Outstanding trade receivables |  |  | 11,661 |  |  |  | 651 |  |  |  | 254 |  |  |  | 173 |  |  |  | 12,739 |
Trade receivables subject to specific valuation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35,585 |
Total gross carrying amount |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48,324 |
Default rate |  |  | 0.11 | % |  |  | 1.04 | % |  |  | 2.99 | % |  |  | 5.33 | % |  |  |  |
Expected credit loss |  |  | 13 |  |  |  | 7 |  |  |  | 8 |  |  |  | 9 |  |  |  | 37 |
Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payments | The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments as at December 31, 2018 and 2017.
December 31, 2018 |  | Less than 2 months |  |  | 2 to 12 months |  |  | 1 to 2 years |  |  | 2 to 5 years |  |  | More than 5 years |  |  | Total |
Long-term borrowings |  |  | 860 |  |  |  | 9,722 |  |  |  | 3,177 |  |  |  | 5,381 |  |  |  | 1,803 |  |  |  | 20,943 |
Bank overdraft and short-term borrowings |  |  | 35,148 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 35,148 |
Trade and other payables |  |  | 26,914 |  |  |  | 77,901 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 104,815 |
Losses on derivative financial instruments |  |  | 320 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 320 |
Total financial liabilities |  |  | 63,242 |  |  |  | 87,623 |  |  |  | 3,177 |  |  |  | 5,381 |  |  |  | 1,803 |  |  |  | 161,226 |
December 31, 2017 |  | Less than 2 months |  |  | 2 to 12 months |  |  | 1 to 2 years |  |  | 2 to 5 years |  |  | More than 5 years |  |  | Total |
Long-term borrowings |  |  | 314 |  |  |  | 4,526 |  |  |  | 10,576 |  |  |  | 7,455 |  |  |  | 2,846 |  |  |  | 25,717 |
Bank overdraft and short-term borrowings |  |  | 25,967 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25,967 |
Trade and other payables |  |  | 27,587 |  |  |  | 76,035 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 103,622 |
Losses on derivative financial instruments |  |  | 267 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 267 |
Total financial liabilities |  |  | 54,135 |  |  |  | 80,561 |  |  |  | 10,576 |  |  |  | 7,455 |  |  |  | 2,846 |  |  |  | 155,573 |
January 1, 2017 |  | Less than 2 months |  |  | 2 to 12 months |  |  | 1 to 2 years |  |  | 2 to 5 years |  |  | More than 5 years |  |  | Total |
Long-term borrowings |  |  | 659 |  |  |  | 10,973 |  |  |  | 2,853 |  |  |  | 3,476 |  |  |  | — |  |  |  | 17,961 |
Bank overdraft and short-term borrowings |  |  | 24,427 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,427 |
Trade and other payables |  |  | 29,407 |  |  |  | 70,457 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 99,864 |
Losses on derivative financial instruments |  |  | 1,293 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,293 |
Total financial liabilities |  |  | 55,786 |  |  |  | 81,430 |  |  |  | 2,853 |  |  |  | 3,476 |  |  |  | — |  |  |  | 143,545 |
Summary of Sensitivity to Reasonably Possible Change in Interest Rates on that Portion of Loans and Borrowings Affected | The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Group’s profit before tax is affected through the impact on floating rate borrowings as follows:
|  | Increase/decrease in basis points |  |  | Effect on profit before tax |
2018 |  |  | + 45 |  |  |  | (71 | )
2018 |  |  | - 45 |  |  |  | 71 |
2017 |  |  | - 45 |  |  |  | (90 | )
2017 |  |  | - 45 |  |  |  | 78 |
Summary of Sensitivity to Reasonably Possible Change in Foreign Exchange Rates and Impact on Profit Before Tax | The following tables demonstrate the sensitivity to a reasonably possible change in foreign exchange rates, with all other variables held constant.
|  | Change in foreign exchange rates |  |  | Effect on profit before tax |
2018 |  |  | +5 | % |  |  | 2,776 |
2018 |  |  | -5 | % |  |  | (3,183 | )
2017 |  |  | +5 | % |  |  | 3,023 |
2017 |  |  | -5 | % |  |  | (3,449 | )
Summary of Changes in Liabilities Arising from Financing Activities | The following tables show the changes in liabilities arising from financing activities for the two years ended as at December 31, 2018.
December 31, 2018 |  | Jan 1, 2018 |  |  | Cash flows |  |  | Changes in fair value |  |  | Dec 31, 2018 |
Long-term borrowings |  |  | 25,717 |  |  |  | (4,774 | ) |  |  | — |  |  |  | 20,943 |
Bank overdraft and short term borrowings |  |  | 25,967 |  |  |  | 9,181 |  |  |  | — |  |  |  | 35,148 |
Losses on derivative financial instruments |  |  | 267 |  |  |  | — |  |  |  | 53 |  |  |  | 320 |
Total liabilities from financing activities |  |  | 51,951 |  |  |  | 4,407 |  |  |  | 53 |  |  |  | 56,411 |
December 31, 2017 |  | Jan 1, 2017 |  |  | Cash flows |  |  | Changes in fair value |  |  | Dec 31, 2017 |
Long-term borrowings |  |  | 17,961 |  |  |  | 7,756 |  |  |  | — |  |  |  | 25,717 |
Bank overdraft and short term borrowings |  |  | 24,427 |  |  |  | 1,540 |  |  |  | — |  |  |  | 25,967 |
Losses on derivative financial instruments |  |  | 1,293 |  |  |  | — |  |  |  | (1,026 | ) |  |  | 267 |
Total liabilities from financing activities |  |  | 43,681 |  |  |  | 9,296 |  |  |  | (1,026 | ) |  |  | 51,951 |

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