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Financial Instruments - Fair values and risk management (Tables)

12 Months Ended

Dec. 31, 2019

Text block [abstract]

Schedule of Classification and Carrying Amounts of Group's Financial Assets and Financial Liabilities

The following tables show the classification and carrying amounts of Group’s financial assets and financial liabilities as at December 31, 2019 and 2018.

Financial assets		31/12/19				31/12/18
Financial assets measured at amortised cost
Other non-current receivables			4,519				4,533
Trade receivables			29,187				40,967
Other current receivables			7,723				9,507
Cash and cash equivalents			39,799				62,131
Total (a)			81,228				117,138
Financial assets measured at fair value
Forward exchange contracts			145				218
Total (b)			145				218
Total financial assets (a+b)			81,373				117,356

Financial assets measured at amortised cost include trade receivables, other receivables (non-current and current) and cash and cash equivalents. Financial assets at fair value reflect the positive change in fair value of forward exchange 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		31/12/19				31/12/18
Financial liabilities measured at amortised cost
Long-term borrowings			18,412				20,943
Lease liabilities			57,367				—
Bank overdrafts and short-term borrowings			24,170				35,148
Trade payables			68,476				77,901
Other payables			22,049				26,914
Total (a)			190,474				160,906
Financial liabilities measured at fair value
Forward exchange contracts			772				320
Total (b)			772				320
Total financial liabilities (a+b)			191,246				161,226

Summary of Carrying Amount and Fair Value of Financial Assets and Financial Liabilities

The following tables show the carrying amount and fair value of Group’s financial assets and financial liabilities as at December 31, 2019 and 2018, other than those with carrying amount that are reasonable approximation of fair value.

		31/12/19								31/12/18
		Carrying amount				Fair value				Carrying amount				Fair value
Financial assets
Forward exchange contracts			145				145				218				218
Financial liabilities
Floating-rate borrowings			9,232				9,322				13,943				13,943
Fixed rate borrowings			9,180				10,256				7,000				7,000
Total long-term borrowings			18,412				19,578				20,943				20,943
Forward exchange contracts			772				772				320				320

Summary of Trade Receivables Past Due

As at December 31, 2019 and 2018 the ageing of trade receivables is as follows:

		31/12/19				31/12/18
Current (not past due)			15,179				24,251
From 1 to 29 days past due			8,570				8,614
From 30 to 60 days past due			1,298				1,409
From 61 to 90 days past due			2,531				1,274
More than 90 days past due			10,308				15,046
Gross trade receivables			37,886				50,594
Allowance for doubtful accounts			(8,699	)			(9,627	)
Net trade receivables			29,187				40,967

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, 2019, 2018 and January 1, 2018, further to the adoption of IFRS 9.

December 31, 2019

		Days past due
		<30 days				30-60 days				61-90 days				> 91 days				Total
Trade receivables subject to collective valuation			4,936				387				—				309				5,632
Trade receivables subject to specific valuation																			32,524
Total gross carrying amount																			37,886
Default rate			0.13	%			1.42	%			3.83	%			27.07	%			—
Expected credit loss			6				5				—				84				95

December 31, 2018

		Days past due
		<30 days				30-60 days				61-90 days				> 91 days				Total
Trade receivables subject to collective valuation			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

		Days past due
		<30 days				30-60 days				61-90 days				> 91 days				Total
Trade receivables subject to collective valuation			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 tables below summarize the remaining contractual maturities of financial liabilities as at December 31, 2019 and 2018.

December 31, 2019

		Less than 2 months				2 to 12 months				1 to 2 years				2 to 5 years				More than 5 years				Total
Long-term borrowings			512				4,222				6,568				5,389				3,525				20,216
Lease liabilities			3,341				10,587				9,972				26,568				17,760				68,228
Bank overdrafts and short-term borrowings			24,170				—				—				—				—				24,170
Trade and other payables			22,049				68,476				—				—				—				90,525
Losses on derivative financial instruments			772				—				—				—				—				772
Total financial liabilities			50,844				83,285				16,540				31,957				21,285				203,911

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			899				10,019				3,416				6,158				1,358				21,850
Bank overdrafts 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			63,281				87,920				3,416				6,158				1,358				162,133

Summary of Sensitivity to Reasonably Possible Change in Interest Rates on that Portion of Loans and Borrowings Affected

The following tables demonstrate 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
December 31, 2019			+45				(51)
December 31, 2019			-45				51
December 31, 2018			+45				(71)
December 31, 2018			-45				71
December 31, 2017			+45				(90)
December 31, 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
December 31, 2019			+5%				3,155
December 31, 2019			-5%				(3,486)
December 31, 2018			+5%				2,776
December 31, 2018			-5%				(3,183)
December 31, 2017			+5%				3,023
December 31, 2017			-5%				(3,449)

Summary of Financial Assets and Financial Liabilities Denominated in Foreign Currency

As at December 31, 2019 and 2018 the Group’s financial assets and financial liabilities denominated in foreign currency are as follows:

Financial assets		31/12/19				31/12/18
Trade receivables			19,807				26,490
Cash and cash equivalents			36,031				49,413
Total financial assets			55,838				75,903

Financial liabilities		31/12/19				31/12/18
Lease liabilities			38,844				—
Bank overdraft and short-term borrowings			253				254
Trade payables			26,065				29,155
Total financial liabilities			65,162				29,409

Summary of Quantitative Information about Exposure to Currency Risk

As at December 31, 2019 and 2018, the summary quantitative data about Group’s exposure to currency risk as reported to the management of the Group is as follows:

December 31, 2019

		Financial Assets (a)				Financial liabilities (b)				Net Exposure (c) = (a)-(b)
Chinese Yuan			20,592				12,071				8,521
U.S. dollars			15,524				26,995				(11,471	)
British pounds			5,984				12,482				(6,498	)
Brazilian Reais			5,975				2,012				3,963
Canadian dollars			3,758				124				3,634
Mexican pesos			984				910				74
Romanian Leu			528				6,673				(6,145	)
Other			2,493				3,895				(1,402	)
Total			55,838				65,162				(9,324	)

December 31, 2018

		Financial Assets (a)				Financial liabilities (b)				Net Exposure (c) = (a)-(b)
Chinese Yuan			27,101				9,726				17,375
U.S. dollars			19,661				8,841				10,820
British pounds			8,696				2,482				6,214
Brazilian Reais			6,211				2,250				3,961
Canadian dollars			3,696				236				3,460
Mexican pesos			3,344				43				3,301
Romanian Leu			886				4,976				(4,090	)
Other			6,308				855				5,453
Total			75,903				29,409				46,494

Summary of Changes in Liabilities Arising from Financing Activities

The following tables show the changes in financial liabilities arising from financing activities for the three years ended December 31, 2019, 2018 and 2017.

December 31, 2019

		Jan. 1, 2019				Cash flows				Changes in fair value				Other changes				Dec. 31, 2019
Long-term borrowings			20,943				(1,365	)			—				(1,166	)			18,412
Lease liabilities			56,758				(11,960	)			—				12,569				57,367
Bank overdrafts and short-term borrowings			35,148				(10,978	)			—				—				24,170
Losses on derivative financial instruments			320				—				452				—				772
Total liabilities from financing activities			113,169				(24,303	)			452				11,403				100,721

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 overdrafts 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 overdrafts 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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