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Equity-method investees (Tables) | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Summary of Changes in Carrying Amount of Equity-method investees | Changes in the carrying amount of equity-method investees for the years ended December 31, 2019 and 2018 are analysed as follows.
|  | Natuzzi Trading Shanghai |  |  | Nars Miami LLC |  |  | Salena S.r.l. |  |  | Other |  |  | Total |
Balance as at December 31, 2017 |  |  | — |  |  |  | 45 |  |  |  | — |  |  |  | 34 |  |  |  | 79 |
Acquisition of non-controlling interests |  |  | 48,024 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48,024 |
Elimination of intercompany profit |  |  | (7,350 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,350 | )
Share of profit/(loss) for the year |  |  | (295 | ) |  |  | 39 |  |  |  | — |  |  |  | (34 | ) |  |  | (290 | )
Share of other comprehensive income |  |  | (246 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (246 | )
Effect of translation adjustments |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 3 |
Balance as at December 31, 2018 |  |  | 40,133 |  |  |  | 87 |  |  |  | — |  |  |  | — |  |  |  | 40,220 |
Share of profit for the year |  |  | 992 |  |  |  | 19 |  |  |  | — |  |  |  | — |  |  |  | 1,011 |
Share of other comprehensive income |  |  | 111 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 111 |
Balance as at December 31, 2019 |  |  | 41,236 |  |  |  | 106 |  |  |  | — |  |  |  | — |  |  |  | 41,342 |
Schedule of Fair Values of Identifiable Assets and Liabilities and Cash Flow Deriving from Transaction of Subsidiary | The fair values of the identifiable assets and liabilities of Natuzzi Trading Shanghai as at the date control was lost were the following:
Assets |  |  |  |
Property, plant and equipment |  |  | 541 |
Intangible assets |  |  | 9,397 |
Other non-current assets |  |  | 271 |
Deferred tax assets |  |  | 167 |
Inventories |  |  | 851 |
Trade receivables |  |  | 243 |
Other current receivables |  |  | 388 |
Restricted cash for capital contribution |  |  | 35,000 |
Cash and cash equivalents |  |  | 4,886 |
Total assets (a) |  |  | 51,744 |
Liabilities |  |  |  |
Deferred tax liabilities |  |  | 2,349 |
Trade payables |  |  | 992 |
Other payables |  |  | 3,710 |
Liabilities for current income tax |  |  | 31 |
Total liabilities (b) |  |  | 7,082 |
Total identifiable net assets at fair value c = (a-b) |  |  | 44,662 |
49% interest measured at fair value (c x 49%) |  |  | 21,884 |
Goodwill arising on the transaction |  |  | 26,140 |
Fair value of the retained 49% interest |  |  | 48,024 |
Details of the net cash flows deriving from the transaction are as follows:
Cash received for the disposal of the 23.54% interest |  |  | 30,000 |
Chinese withholding tax |  |  | (2,958 | )
Cash and cash equivalents of Natuzzi Trading Shanghai |  |  | (4,886 | )
Net cash flows as per cash flows statement |  |  | 22,156 |
Summary of Reconciliation of Fair Value of Retained Interest at the date of loss of control with carrying amount in Consolidated Statement of Financial Position | The following table shows the reconciliation of the fair value of the retained interest in Natuzzi Trading Shanghai at the date of loss of control with the carrying amount as at December 31, 2018 included in the consolidated statement of financial position.
Fair value at the date of loss of control |  |  |  |  |  |  | 48,024 |
Elimination of intercompany profit from licensing Natuzzi trademarks |  |  |  |  |  |  | (7,350 | )
Group’s share of profit for the year |  |  | 311 |  |  |  |  |
Elimination of amortisation of Natuzzi’s trademarks |  |  | 153 |  |  |  |  |
Elimination of intercompany profit on inventories |  |  | (597 | ) |  |  |  |
Amortisation of intangibles assets |  |  | (216 | ) |  |  |  |
Reversal of deferred tax liabilities |  |  | 54 |  |  |  |  |
Group’s share of loss for the year, net of equity method adjustments |  |  | (295 | ) |  |  | (295 | )
Group’s share of other comprehensive income |  |  |  |  |  |  | (246 | )
Carrying amount as at December 31, 2018 |  |  |  |  |  |  | 40,133 |
The following table shows the reconciliation of the carrying amount of the retained interest in Natuzzi Trading Shanghai as at December 31, 2018 with the carrying amount as at December 31, 2019 included in the consolidated statement of financial position.
Carrying amount as at December 31, 2018 |  |  |  |  |  |  | 40,133 |
Group’s share of profit for the year |  |  | 1,684 |  |  |  |  |
Elimination of amortisation of Natuzzi’s trademarks |  |  | 368 |  |  |  |  |
Elimination of intercompany profit on inventories |  |  | (671 | ) |  |  |  |
Amortisation of intangibles assets |  |  | (519 | ) |  |  |  |
Reversal of deferred tax liabilities |  |  | 130 |  |  |  |  |
Group’s share of profit for the year, net of equity method adjustments |  |  | 992 |  |  |  | 992 |
Group’s share of other comprehensive income |  |  |  |  |  |  | 111 |
Carrying amount as at December 31, 2019 |  |  |  |  |  |  | 41,236 |
Schedule of Cash and Cash Equivalents, Bank Overdrafts and Borrowings | As at December 31, 2019 and 2018 cash and cash equivalents, bank overdrafts and borrowings, lease liabilities current and non-current are set out below.
|  | 31/12/19 |  |  | 31/12/18 |
Cash and cash equivalents |  |  | 37,049 |  |  |  | 32,845 |
Bank overdrafts and borrowings |  |  | — |  |  |  | (360 | )
Lease liabilities current |  |  | (1,982 | ) |  |  | — |
Lease liabilities non-current |  |  | (5,004 | ) |  |  | — |
Total, net |  |  | 30,063 |  |  |  | 32,485 |
Summarized Statement of Financial Position and Profit or Loss of Joint Venture | Summarised statement of financial position of Natuzzi Trading Shanghai and Group’s share in equity as at December 31, 2019 and 2018
|  | 31/12/19 |  |  | 31/12/18 |
Current assets |  |  | 48,910 |  |  |  | 42,288 |
Non-current assets |  |  | 23,166 |  |  |  | 15,785 |
Current liabilities |  |  | (25,663 | ) |  |  | (20,328 | )
Non-current liabilities |  |  | (5,004 | ) |  |  | — |
Equity |  |  | 41,409 |  |  |  | 37,745 |
Group’s share in equity – 49% |  |  | 20,290 |  |  |  | 18,495 |
Intangible assets |  |  | 3,870 |  |  |  | 4,389 |
Goodwill |  |  | 26,140 |  |  |  | 26,140 |
Elimination of intercompany profit from licensing Natuzzi’s trademarks |  |  | (6,829 | ) |  |  | (7,197 | )
Elimination of intercompany profit on inventories |  |  | (1,268 | ) |  |  | (597 | )
Deferred tax liabilities |  |  | (967 | ) |  |  | (1,097 | )
Group’s carrying amount of the investment |  |  | 41,236 |  |  |  | 40,133 |
Summarised statement of profit or loss of Natuzzi Trading Shanghai and Group’s share of profit for the year ended December 31, 2019 and for the period July 27, 2018 – December 31, 2018
|  | 2019 |  |  | 2018 |
Revenue |  |  | 52,714 |  |  |  | 13,836 |
Cost of sales |  |  | (33,754 | ) |  |  | (8,197 | )
Other income and expenses, net |  |  | 41 |  |  |  | 919 |
Selling expenses |  |  | (13,570 | ) |  |  | (5,141 | )
Administrative expenses |  |  | (1,883 | ) |  |  | (632 | )
Net finance income |  |  | 1,194 |  |  |  | 350 |
Profit before tax |  |  | 4,742 |  |  |  | 1,135 |
Income tax expense |  |  | (1,304 | ) |  |  | (500 | )
Profit for the period |  |  | 3,438 |  |  |  | 635 |
Other comprehensive profit/(loss) |  |  | 227 |  |  |  | (503 | )
Total comprehensive profit for the period |  |  | 3,665 |  |  |  | 132 |
Group’s share of profit for the period – 49% |  |  | 1,684 |  |  |  | 311 |
Elimination of amortisation of Natuzzi’s trademarks |  |  | 368 |  |  |  | 153 |
Elimination of intercompany profit on inventories |  |  | (671 | ) |  |  | (597 | )
Amortisation of intangible assets |  |  | (519 | ) |  |  | (216 | )
Deferred tax liabilities |  |  | 130 |  |  |  | 54 |
Group’s share of profit/(loss) for the period, net of equity method adj. |  |  | 992 |  |  |  | (295 | )
Group’s share of other comprehensive income/(loss) for the period |  |  | 111 |  |  |  | (246 | )
Group’s share of total comprehensive income/(loss) for the period |  |  | 1,103 |  |  |  | (541 | )

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