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Related parties
12 Months Ended
Dec. 31, 2020
Disclosure Of Related Parties [Abstract]  
Related parties

43

Related parties

Related parties of the Group include mainly associates and joint ventures of the Group and the Group’s key management personnel.

The following tables provide the total amount of transactions that have been entered into with related parties for the relevant financial year.

(i) Compensation of key management personnel of the Group

The compensation of key management personnel of the Group is analysed as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

Directors’ fee

 

 

412

 

 

 

400

 

 

 

387

 

Short-term employee benefits

 

 

2,026

 

 

 

1,704

 

 

 

1,875

 

Social security contributions and defined contribution plans

 

 

634

 

 

 

563

 

 

 

500

 

Employee benefit obligations

 

 

137

 

 

 

118

 

 

 

110

 

Total

 

 

3,209

 

 

 

2,785

 

 

 

2,872

 

 

The amounts disclosed in the tables are the amounts recognised as an expense during the reporting period related to key management personnel. No loans and/or guarantees have been provided for or agreed to with key management personnel.

(ii) Transactions with directors of the Group

The aggregate value of transactions and outstanding balances related to directors were as follows.

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

Cost

 

 

Amounts

due

 

 

Cost

 

 

Amounts

due

 

 

Cost

 

 

Amounts

due

 

Legal services

 

 

392

 

 

 

 

 

 

32

 

 

 

 

 

 

 

 

 

 

Consultancy fees for business strategy

 

 

 

 

 

 

 

 

133

 

 

 

 

 

 

286

 

 

 

16

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

392

 

 

 

 

 

 

165

 

 

 

 

 

 

286

 

 

 

16

 

 

The Parent used the legal services of BonelliErede law firm, of which one of the Parent’s director is a partner, mainly for assistance with the request for a long-term loan and the sale of certain non-current assets, for a total fee amounting to 392 and 32 for the years ended December 31, 2020 and 2019, respectively. Amounts were billed based on market rates for such services and were due and payable under normal payment terms.

Furthermore, the Parent used the consultancy services of a former Director for assistance about business strategy, for a total fee amounting to 133 and 286 for the years ended December 31, 2019 and 2018, respectively. Amounts were billed based on market rates for such services and were due and payable under normal payment terms.

For the advance of 2,500 for the future capital increase received from the Parent’s majority shareholder and Chief Executive Officer, see note 27.

From time to time, Directors of the Group, or their related entities, may buy goods from the Group. These purchases are made on the same terms and conditions as those entered into by the Group’s other employees or customers.

(iii) Transactions with associates, joint ventures and other related parties

The following tables provide the total amount of transactions that have been entered into with such related parties for the relevant financial year. Such transactions have been conducted at arm’s length.

December 31, 2020

 

 

 

Sales

 

 

Expenses

 

 

Amounts

owed by

related

parties

 

 

Amounts

due to

related

parties

 

Natuzzi Trading Shanghai Co, Ltd. (joint venture)

 

 

38,401

 

 

 

9

 

 

 

5,961

 

 

 

 

Nars Miami LLCC (associate)

 

 

406

 

 

 

 

 

 

27

 

 

 

 

Natuzzi Design S.a.s.

 

 

1,734

 

 

 

 

 

 

888

 

 

 

 

Natuzzi Arredamenti S.r.l.

 

 

827

 

 

 

 

 

 

279

 

 

 

 

Natuzzi Sofa S.r.l.

 

 

238

 

 

 

 

 

 

47

 

 

 

 

NA.FO. S.r.l.

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

41,606

 

 

 

9

 

 

 

7,202

 

 

 

 

 

December 31, 2019

 

 

 

Sales

 

 

Expenses

 

 

Amounts

owed by

related

parties

 

 

Amounts

due to

related

parties

 

Natuzzi Trading Shanghai Co, Ltd. (joint venture)

 

 

36,442

 

 

 

124

 

 

 

3,619

 

 

 

124

 

Nars Miami LLCC (associate)

 

 

646

 

 

 

 

 

 

169

 

 

 

 

Natuzzi Design S.a.s.

 

 

1,686

 

 

 

 

 

 

1,013

 

 

 

 

Natuzzi Arredamenti S.r.l.

 

 

842

 

 

 

 

 

 

367

 

 

 

 

Natuzzi Sofa S.r.l.

 

 

249

 

 

 

 

 

 

67

 

 

 

 

Total

 

 

39,865

 

 

 

124

 

 

 

5,235

 

 

 

124

 

 

December 31, 2018

 

 

 

Sales

 

 

Expenses

 

 

Amounts

owed by

related

parties

 

 

Amounts

due to

related

parties

 

Natuzzi Trading Shanghai Co, Ltd. (joint venture)

 

 

12,589

 

 

 

1,001

 

 

 

7,383

 

 

 

1,001

 

Nars Miami LLCC (associate)

 

 

776

 

 

 

 

 

 

191

 

 

 

 

Natuzzi Design S.a.s.

 

 

1,750

 

 

 

 

 

 

1,338

 

 

 

 

Natuzzi Arredamenti S.r.l.

 

 

1,010

 

 

 

 

 

 

343

 

 

 

 

Natuzzi Sofa S.r.l.

 

 

291

 

 

 

 

 

 

78

 

 

 

 

NA.FO. S.r.l.

 

 

 

 

 

 

 

 

 

 

 

3

 

Total

 

 

16,416

 

 

 

1,001

 

 

 

9,333

 

 

 

1,004