XML 30 R15.htm IDEA: XBRL DOCUMENT
v3.22.1

Property, plant and equipment | 12 Months Ended
--- | ---
Dec. 31, 2021
Disclosure Of Property Plant And Equipment [Abstract] |
Property, plant and equipment | 8 Property, plant and equipment Changes in the carrying amount of property, plant and equipment for the years ended December 31, 2021 and 2020 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, 2019 |  | 170,815 |  |  | 127,465 |  |  | 15,123 |  |  | 13,732 |  |  | 23,375 |  |  | 255 |  |  | 350,765 |
Additions |  | 396 |  |  | 897 |  |  | 119 |  |  | 47 |  |  | 541 |  |  | 580 |  |  | 2,580 |
Disposals |  | (3,364 | ) |  | (3,842 | ) |  | (232 | ) |  | (60 | ) |  | (5,064 | ) |  | — |  |  | (12,562 | )
Reclassifications to assets held for sale |  | (10,828 | ) |  | (15,746 | ) |  | (608 | ) |  | — |  |  | — |  |  | — |  |  | (27,182 | )
Reclassifications from constr. in progress |  | — |  |  | 414 |  |  | — |  |  | — |  |  | — |  |  | (414 | ) |  | — |
Effect of translation adj. |  | (3,814 | ) |  | (965 | ) |  | (68 | ) |  | (638 | ) |  | 560 |  |  | (61 | ) |  | (4,986 | )
Cost as at December 31, 2020 |  | 153,205 |  |  | 108,223 |  |  | 14,334 |  |  | 13,081 |  |  | 19,412 |  |  | 360 |  |  | 308,615 |
Additions |  | 1,064 |  |  | 4,573 |  |  | 363 |  |  | 316 |  |  | 615 |  |  | 110 |  |  | 7,041 |
Disposals |  | (1,023 | ) |  | (1,121 | ) |  | (1,086 | ) |  | (6,744 | ) |  | (1,085 | ) |  | — |  |  | (11,059 | )
Reclassifications from constr. in progress |  | — |  |  | 108 |  |  | 169 |  |  | 32 |  |  | — |  |  | (309 | ) |  | — |
Effect of translation adj. |  | 1,836 |  |  | 341 |  |  | 233 |  |  | 669 |  |  | 1,365 |  |  | (2 | ) |  | 4,442 |
Cost as at December 31, 2021 |  | 155,082 |  |  | 112,124 |  |  | 14,013 |  |  | 7,354 |  |  | 20,307 |  |  | 159 |  |  | 309,039 |
| 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, 2019 |  | (92,305 | ) |  | (113,673 | ) |  | (14,286 | ) |  | (12,996 | ) |  | (14,982 | ) |  | — |  |  | (248,242 | )
Depreciation |  | (3,831 | ) |  | (2,972 | ) |  | (370 | ) |  | (467 | ) |  | (2,242 | ) |  | — |  |  | (9,882 | )
Disposals |  | 7 |  |  | 3,330 |  |  | 219 |  |  | 52 |  |  | 5,017 |  |  |  |  | 8,625 |
Reclassifications to assets held for sale |  | 8,377 |  |  | 14,878 |  |  | 603 |  |  | — |  |  | — |  |  | — |  |  | 23,858 |
Effect of translation adj. |  | 1,589 |  |  | 721 |  |  | 62 |  |  | 711 |  |  | (751 | ) |  | — |  |  | 2,332 |
Accumulated depreciation as at December 31, 2020 |  | (86,163 | ) |  | (97,716 | ) |  | (13,772 | ) |  | (12,700 | ) |  | (12,958 | ) |  | — |  |  | (223,309 | )
Depreciation |  | (3,590 | ) |  | (2,697 | ) |  | (320 | ) |  | (337 | ) |  | (1,631 | ) |  | — |  |  | (8,575 | )
Disposals |  | 125 |  |  | 770 |  |  | 1,032 |  |  | 6,746 |  |  | 1,081 |  |  | — |  |  | 9,754 |
Effect of translation adj. |  | (1,794 | ) |  | (330 | ) |  | (174 | ) |  | (627 | ) |  | (930 | ) |  | — |  |  | (3,855 | )
Accumulated depreciation as at December 31, 2021 |  | (91,422 | ) |  | (99,973 | ) |  | (13,234 | ) |  | (6,918 | ) |  | (14,438 | ) |  | — |  |  | (225,985 | )
Net book value as at December 31, 2019 |  | 78,510 |  |  | 13,792 |  |  | 837 |  |  | 736 |  |  | 8,393 |  |  | 255 |  |  | 102,523 |
Net book value as at December 31, 2020 |  | 67,042 |  |  | 10,507 |  |  | 562 |  |  | 381 |  |  | 6,454 |  |  | 360 |  |  | 85,306 |
Net book value as at December 31, 2021 |  | 63,660 |  |  | 12,151 |  |  | 779 |  |  | 436 |  |  | 5,869 |  |  | 159 |  |  | 83,054 |
Annual rate of depreciation for 2021 and 2020 | 0%-10% |  | 10%-25% |  | 10%-20% |  | 25%-35% |  | 10%-20% |  |  | — |  |  |
In June 2020, the Parent signed a sale agreement with a third party for the disposal of the land located in the “Santeramo in Colle-Iesce” area, just a few miles away from its headquarters. The cash consideration received by the Parent for such disposal amounts to 2,800. Following such disposal, the Parent realised a loss of 557. Furthermore, if certain conditions included in this sale agreement are met, in the next year the Parent could receive additional consideration of about 2,500 from the acquirer. In March, May and September 2021, the Parent sold to third parties two idle industrial real estate complexes located in the city of Altamura (Bari), just a few miles away from its headquarters (see note 7) and a site located in High Point (North Caroline, USA), for a total cash consideration of 4,254. Following such disposals, the Parent recognised a gain of 1,748. As at December 31, 2021 and 2020, the carrying amount of property, plant and equipment temporarily idle is of 3,240 and 5,247, respectively. As at December 31, 2020 the carrying amount of the property, plant and equipment reclassified to the caption “assets held for sale” is of 3,324 (cost of 27,182 and accumulated depreciation of 23,858). For further details on such reclassifications, reference should be made to note 7. As at December 31, 2021, properties with a carrying amount of 37,210 (45,519 as at December 31, 2020) are subject to registered mortgages to guarantee the long-term borrowings (see note 19). The following tables show a breakdown of property, plant and equipment by country.
|  | 31/12/21 |  |  | 31/12/20 |
Italy |  |  | 45,470 |  |  |  | 45,895 |
Romania |  |  | 18,502 |  |  |  | 19,253 |
United States of America |  |  | 13,884 |  |  |  | 14,778 |
Brazil |  |  | 2,753 |  |  |  | 2,807 |
Europe |  |  | 1,253 |  |  |  | 1,461 |
China |  |  | 810 |  |  |  | 1,109 |
Other countries |  |  | 382 |  |  |  | 3 |
Total |  |  | 83,054 |  |  |  | 85,306 |
The following tables show a breakdown of property, plant and equipment based on the cash generating units in which they are included.
|  | 31/12/21 |  |  | 31/12/20 |
Italian upholstered furniture plant |  |  | 34,704 |  |  |  | 32,401 |
Romanian upholstered furniture plant |  |  | 19,627 |  |  |  | 20,626 |
Brazilian upholstered furniture plant |  |  | 2,978 |  |  |  | 3,048 |
Chinese upholstered furniture plant |  |  | 2,215 |  |  |  | 2,654 |
Others |  |  | 23,530 |  |  |  | 26,577 |
Total |  |  | 83,054 |  |  |  | 85,306 |
As at December 31, 2021, the Group performed the impairment assessment of property, plant and equipment and right-of-use assets included in several cash generating units (CGUs), such as the Italian upholstered furniture plant CGU and certain directly operated retail stores CGUs that presented indicators of impairment. The Group performed the impairment assessment in accordance with its accounting policy discussed in note 4(i). In particular, an impairment loss is recognised if the carrying amount of a CGU exceeds its recoverable amount. The recoverable amount of a CGU is the higher of its value in use, determined using a discounted cash flow method, and its fair value less costs to sell. Further, the significant assumptions used by the Group in estimating the value in use were the annual sales growth rates used to estimate the forecasted revenue for the years 2022-2026, the weighted average cost of capital rates and the long-term growth rates, all of which were determined at CGU level, including the effects of the COVID-19 pandemic and the duration of the resulting economic instability. Such significant assumptions involved a high degree of subjectivity by management and reasonably possible changes to these assumptions had a significant effect on the value in use. Specifically, such assumptions were based on the Group’s future business performances and other forward-looking assumptions that entail significant judgments by management and were heavily impacted by several external events. Finally, cash flow projections for the years 2022-2026 have been derived from the business plan approved by the Board of Directors and forecasts have been developed taking into consideration the track records of actual results reported by the Group. For property, plant and equipment temporarily idle, 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 2021 and 2020 impairment assessment performed by the Group, no impairment losses have emerged for property, plant and equipment.

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for property, plant and equipment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 16 -IssueDate 2021-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=16&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS16_g73-79_TI -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration