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Description of the business and Group composition | 12 Months Ended
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Dec. 31, 2019
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 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’s legal entity as at December 31, 2019, 2018 and 2017. The 2019, 2018 and 2017 financial statements have been adopted by the respective Boards of Directors of the relevant entities. 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, 2019 have been approved by the Company’s Board of Directors (the Board) on May 22, 2020 and authorised on June 12, 2020. The subsidiaries included in the consolidation as at December 31, 2019 and 2018, together with the related percentages of ownership and other information, are as follows:
Name |  | Percentage of 31/12/2019 |  |  | Percentage of 31/12/2018 |  |  | Share/ quota capital |  |  | Ownership registered office |  | Activity |
Italsofa Romania S.r.l. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | RON 109,271,750 |  |  | Baia Mare, Romania |  |  | (1 | )
Natuzzi (China) Ltd |  |  | 100.00 |  |  |  | 100.00 |  |  |  | CNY 106,414,300 |  |  | Shanghai, China |  |  | (1 | )
Italsofa Nordeste S/A |  |  | 100.00 |  |  |  | 100.00 |  |  |  | BRL 157,654,283 |  |  | Salvador de Bahia, Brazil |  |  | (1 | )
Natco S.p.A. |  |  | 99.99 |  |  |  | 99.99 |  |  |  | EUR 4,420,000 |  |  | Santeramo in Colle, Italy |  |  | (2 | )
I.M.P.E. S.p.A. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | EUR 1,000,000 |  |  | Bari, Italy |  |  | (3 | )
Nacon S.p.A. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | EUR 2,800,000 |  |  | Santeramo in Colle, Italy |  |  | (4 | )
Lagene S.r.l. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | EUR 10,000 |  |  | Santeramo in Colle, Italy |  |  | (4 | )
Natuzzi Americas Inc. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | USD 89 |  |  | High Point, N. Carolina, USA |  |  | (4 | )
Natuzzi Iberica S.A. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | EUR 386,255 |  |  | Madrid, Spain |  |  | (4 | )
Natuzzi Switzerland AG |  |  | 100.00 |  |  |  | 100.00 |  |  |  | CHF 2,000,000 |  |  | Dietikon, Switzerland |  |  | (4 | )
Natuzzi Germany Gmbh |  |  | 100.00 |  |  |  | 100.00 |  |  |  | EUR 25,000 |  |  | Köln, Germany |  |  | (4 | )
Natuzzi Japan KK |  |  | 100.00 |  |  |  | 100.00 |  |  |  | JPY 28,000,000 |  |  | Tokyo, Japan |  |  | (4 | )
Natuzzi Services Limited |  |  | 100.00 |  |  |  | 100.00 |  |  |  | GBP 25,349,353 |  |  | London, UK |  |  | (4 | )
Natuzzi UK Retail Limited |  |  | 70.00 |  |  |  | — |  |  |  | GBP 100 |  |  | Cardiff (UK) |  |  | (4 | )
Natuzzi Russia OOO |  |  | 100.00 |  |  |  | 100.00 |  |  |  | RUB 8,700,000 |  |  | Moscow, Russia |  |  | (4 | )
Natuzzi India Furniture PVT Ltd |  |  | 100.00 |  |  |  | 100.00 |  |  |  | INR 16,200,000 |  |  | New Delhi, India |  |  | (4 | )
Natuzzi Florida LLC |  |  | 51.00 |  |  |  | 51.00 |  |  |  | USD 4,955,186 |  |  | 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 |  |  |  | EUR 200,100 |  |  | Paris, France |  |  | (4 | )
Softaly (Furniture) Shanghai Co. Ltd |  |  | 96.50 |  |  |  | 96.50 |  |  |  | CNY 100,000 |  |  | Shanghai, China |  |  | (4 | )
Natuzzi Oceania PTI Ltd |  |  | 100.00 |  |  |  | 100.00 |  |  |  | AUD 320,002 |  |  | Sydney, Australia |  |  | (4 | )
Natuzzi Netherlands Holding |  |  | 100.00 |  |  |  | 100.00 |  |  |  | EUR 34,605,000 |  |  | Amsterdam, Holland |  |  | (5 | )
New Comfort S.r.l. |  |  | — |  |  |  | 100.00 |  |  |  | EUR 20,000 |  |  | Santeramo in Colle, Italy |  |  | (6 | )
Italsofa Shanghai Ltd |  |  | 96.50 |  |  |  | 96.50 |  |  |  | CNY 124,154,580 |  |  | Shanghai, China |  |  | (6 | )
Natuzzi Trade Service S.r.l. |  |  | 100.00 |  |  |  | 100.00 |  |  |  | EUR 14,000,000 |  |  | Santeramo in Colle, Italy |  |  | (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, 2019 the consolidation area changed due to the set up of Natuzzi UK Retail Limited and the liquidation of New Comfort S.r.l.. 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 1 1 ); (b) the sale of Natuzzi Benelux. The following table summarises the information relating to the only material non-controlling interests related to the Group’s subsidiary Natuzzi Florida LLC, before any intra-group eliminations. Summarized statement of financial position of Natuzzi Florida LLC and Non-controlling interests share in equity as at December 31, 2019 and 2018
|  | 31/12/19 |  |  | 31/12/18 |
Current assets |  |  | 2,870 |  |  |  | 3,890 |
Non-current assets |  |  | 10,479 |  |  |  | 1,713 |
Current liabilities |  |  | (4,186 | ) |  |  | (4,033 | )
Non-current liabilities |  |  | (7,267 | ) |  |  | — |
Net assets |  |  | 1,896 |  |  |  | 1,570 |
Net assets attributable to NCI – 49% |  |  | 929 |  |  |  | 769 |
Summarized statement of profit or loss of Natuzzi Florida LLC and Non-controlling interests share of loss for the year ended December 31, 2019 and 2018
|  | 2019 |  |  | 2018 |
Revenue |  |  | 10,163 |  |  |  | 8,201 |
Expenses |  |  | (10,581 | ) |  |  | (8,540 | )
Loss for the year |  |  | (418 | ) |  |  | (339 | )
Other comprehensive income |  |  | 37 |  |  |  | 57 |
Total comprehensive loss for the year |  |  | (381 | ) |  |  | (282 | )
Loss allocated to NCI – 49% |  |  | (205 | ) |  |  | (166 | )
OCI allocated to NCI |  |  | 18 |  |  |  | 28 |
Cash flow provided by operating activities |  |  | 1,530 |  |  |  | 179 |
Cash flow used in investing activities |  |  | (1,188 | ) |  |  | (543 | )
Cash flow used in financing activities (dividends to NCI: nil) |  |  | (603 | ) |  |  | — |

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- Definition The disclosure of the composition of the group (the parent and all its subsidiaries). [Refer: Subsidiaries [member]; Parent [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 12 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph a -Clause i -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_10_a_i&doctype=Standard -URIDate 2019-03-27 + Details
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