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Property, plant and equipment | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Property, plant and equipment |
8 | Property, plant and equipment
Changes in the carrying amount of property, plant and equipment and accumulated depreciation for the years ended December 31, 2019 and 2018 are analysed in the following tables.
|  | Land and buildings |  |  | Machinery and equipment |  |  | Office furniture and equipment |  |  | Retail gallery and store furnishing |  |  | Leasehold improvements |  |  | Constr. in progress |  |  | Total |
Cost as at December 31, 2017 |  |  | 169,273 |  |  |  | 132,240 |  |  |  | 15,412 |  |  |  | 32,586 |  |  |  | 19,450 |  |  |  | 272 |  |  |  | 369,233 |
Additions |  |  | 646 |  |  |  | 2,320 |  |  |  | 365 |  |  |  | 881 |  |  |  | 2,288 |  |  |  | 660 |  |  |  | 7,160 |
Disposals |  |  | (27 | ) |  |  | (7,905 | ) |  |  | (725 | ) |  |  | (20,329 | ) |  |  | (917 | ) |  |  | — |  |  |  | (29,903 | )
Effect of translation adj. |  |  | 153 |  |  |  | (301 | ) |  |  | 27 |  |  |  | 356 |  |  |  | (85 | ) |  |  | (20 | ) |  |  | 130 |
Cost as at December 31, 2018 |  |  | 170,045 |  |  |  | 126,354 |  |  |  | 15,079 |  |  |  | 13,494 |  |  |  | 20,736 |  |  |  | 912 |  |  |  | 346,620 |
Additions |  |  | 560 |  |  |  | 1,510 |  |  |  | 126 |  |  |  | 285 |  |  |  | 1,671 |  |  |  | 38 |  |  |  | 4,190 |
Disposals |  |  | (3 | ) |  |  | (522 | ) |  |  | (114 | ) |  |  | (4 | ) |  |  | — |  |  |  | — |  |  |  | (643 | )
Reclassifications |  |  | — |  |  |  | 183 |  |  |  | — |  |  |  | — |  |  |  | 545 |  |  |  | (728 | ) |  |  | — |
Effect of translation adj. |  |  | 213 |  |  |  | (60 | ) |  |  | 32 |  |  |  | (43 | ) |  |  | 423 |  |  |  | 33 |  |  |  | 598 |
Cost as at December 31, 2019 |  |  | 170,815 |  |  |  | 127,465 |  |  |  | 15,123 |  |  |  | 13,732 |  |  |  | 23,375 |  |  |  | 255 |  |  |  | 350,765 |
|  | Land and buildings |  |  | Machinery and equipment |  |  | Office furniture and equipment |  |  | Retail gallery and store furnishing |  |  | Leasehold improvements |  |  | Constr. in progress |  |  | Total |
Accumulated depreciation as at December 31, 2017 |  |  | (81,888 | ) |  |  | (114,485 | ) |  |  | (14,252 | ) |  |  | (31,821 | ) |  |  | (11,597 | ) |  |  | — |  |  |  | (254,043 | )
Depreciation |  |  | (4,018 | ) |  |  | (3,381 | ) |  |  | (204 | ) |  |  | (140 | ) |  |  | (2,411 | ) |  |  | — |  |  |  | (10,154 | )
Disposals |  |  | 23 |  |  |  | 7,588 |  |  |  | 369 |  |  |  | 20,060 |  |  |  | 501 |  |  |  | — |  |  |  | 28,541 |
Effect of translation adj. |  |  | (100 | ) |  |  | 484 |  |  |  | 4 |  |  |  | (357 | ) |  |  | 91 |  |  |  | — |  |  |  | 122 |
Accumulated depreciation as at December 31, 2018 |  |  | (85,983 | ) |  |  | (109,794 | ) |  |  | (14,083 | ) |  |  | (12,258 | ) |  |  | (13,416 | ) |  |  | — |  |  |  | (235,534 | )
Depreciation |  |  | (3,984 | ) |  |  | (3,221 | ) |  |  | (381 | ) |  |  | (535 | ) |  |  | (2,848 | ) |  |  | — |  |  |  | (10,969 | )
Disposals |  |  | — |  |  |  | 462 |  |  |  | 112 |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 577 |
Effect of translation adj. |  |  | (2,338 | ) |  |  | (1,120 | ) |  |  | 66 |  |  |  | (206 | ) |  |  | 1,282 |  |  |  | — |  |  |  | (2,316 | )
Accumulated depreciation as at December 31, 2019 |  |  | (92,305 | ) |  |  | (113,673 | ) |  |  | (14,286 | ) |  |  | (12,996 | ) |  |  | (14,982 | ) |  |  | — |  |  |  | (248,242 | )
Net book value as at December 31, 2017 |  |  | 87,385 |  |  |  | 17,755 |  |  |  | 1,160 |  |  |  | 765 |  |  |  | 7,853 |  |  |  | 272 |  |  |  | 115,190 |
Net book value as at December 31, 2018 |  |  | 84,062 |  |  |  | 16,560 |  |  |  | 996 |  |  |  | 1,236 |  |  |  | 7,320 |  |  |  | 912 |  |  |  | 111,086 |
Net book value as at December 31, 2019 |  |  | 78,510 |  |  |  | 13,792 |  |  |  | 837 |  |  |  | 736 |  |  |  | 8,393 |  |  |  | 255 |  |  |  | 102,523 |
Annual rate of depreciation for 2019 and 2018 |  |  | 0%-10% |  |  |  | 10%-25% |  |  |  | 10%-20% |  |  |  | 25%-35% |  |  |  | 10%-20% |  |  |  | — |  |  |  |  |
As at December 31, 2019, properties with a carrying amount of 47,865 (as at December 31, 2018 26,932) are subject to registered mortgages to guarantee the long-term borrowings (see note 19). The following tables show property, plant and equipment by country.
|  | 31/12/19 |  |  | 31/12/18 |
Italy |  |  | 57,035 |  |  |  | 61,271 |
Romania |  |  | 19,831 |  |  |  | 23,406 |
United States of America |  |  | 17,800 |  |  |  | 17,830 |
Brazil |  |  | 4,250 |  |  |  | 4,552 |
China |  |  | 2,334 |  |  |  | 2,562 |
Europe |  |  | 1,260 |  |  |  | 1,463 |
Other countries |  |  | 13 |  |  |  | 2 |
Total |  |  | 102,523 |  |  |  | 111,086 |
As at December 31, 2019 and 2018, the carrying amount of property, plant and equipment not in use is of 10,468 and 10,795, respectively. The Company plans to sell such assets in the next years. In 2019 and 2018, the Company performed an impairment test in accordance with its accounting policy over those property, plant and equipment for which events and changes in circumstances indicated that the carrying amount of certain assets or Cash Generating Units (CGUs) may not be recoverable. For property, plant and equipment in use, the Company determined the recoverable amount as value in use using the discounted cash flow method, at the lowest level for which identifiable cash flows are independent of other cash flows, and compared it with the carrying value. Cash flow projections have been derived from the budget approved by the Board of Directors. Forecasts have been developed taking into consideration the track records of actual results reported by the Company. For property, plant and equipment not in use, the fair value less costs to sell was estimated through independent third-party appraisals, which assessed the fair value of land and buildings using the comparable market method and assessed the fair value of machinery and equipment using the depreciated replacement cost method, adjusted for an obsolescence rate and a marketability rate. As a result of the 2019 and 2018 impairment review of the Company’s property, plant and equipment, no impairment losses have emerged.

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- Definition The entire disclosure for property, plant and equipment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 16 -IssueDate 2019-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=16&code=ifrs-tx-2019-en-r&doctype=Standard&dita_xref=IAS16_g73-79_TI -URIDate 2019-03-27 + Details
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