XML 24 R9.htm IDEA: XBRL DOCUMENT
v3.22.1

Description of the business and Group composition | 12 Months Ended
--- | ---
Dec. 31, 2021
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, Italy). 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, 2021, 2020 and 2019. The 2021, 2020 and 2019 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, 2021 have been approved by the Company’s Board of Directors (the Board) on April 07, 2022 and authorised on April 28, 2022. The subsidiaries included in the consolidation as at December 31, 2021 and 2020, together with the related percentages of ownership and other information, are as follows:
Name | Percentage of 31/12/2021 |  | Percentage of 31/12/2020 |  | 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 159,300,558 |  | Salvador de Bahia, Brazil |  | (1)
Natco S.p.A. |  | 99.99 |  |  | 99.99 |  | EUR 4,420,000 |  | Santeramo in Colle, Italy |  | (2)
IMPE S.p.A. |  | — |  |  | 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 Florida LLC |  | 51.00 |  |  | 51.00 |  | USD 4,955,186 |  | 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 Services Limited |  | 100.00 |  |  | 100.00 |  | GBP 25,349,353 |  | London, UK |  | (4)
Natuzzi UK Retail Limited |  | 70.00 |  |  | 70.00 |  | GBP 100 |  | Cardiff, UK |  | (4)
Natuzzi Germany Gmbh |  | 100.00 |  |  | 100.00 |  | EUR 25,000 |  | Köln, Germany |  | (4)
Natuzzi Japan KK |  | 93.00 |  |  | 100.00 |  | JPY 28,000,000 |  | Tokyo, Japan |  | (4)
Natuzzi Russia OOO |  | 100.00 |  |  | 100.00 |  | RUB 8,700,000 |  | Moscow, Russia |  | (4)
Natmx S.DE.R.L.DE.C.V |  | 100.00 |  |  | 99.00 |  | MXN 68,504,040 |  | Mexico City, Mexico |  | (4)
Natuzzi France S.a.s. |  | 100.00 |  |  | 100.00 |  | EUR 200,100 |  | Paris, France |  | (4)
Natuzzi Oceania PTI Ltd |  | 93.00 |  |  | 100.00 |  | AUD 320,002 |  | Sydney, Australia |  | (4)
Natuzzi Singapore PTE. LTD. |  | 93.00 |  |  | 100.00 |  | USD 2,297,207 |  | Singapore, Republic of Singapore |  | (4)
Natuzzi Netherlands Holding |  | 100.00 |  |  | 100.00 |  | EUR 34,605,000 |  | Amsterdam, Holland |  | (5)
Natuzzi Trade Service S.r.l. |  | 100.00 |  |  | 100.00 |  | EUR 14,000,000 |  | Santeramo in Colle, Italy |  | (6)
Softaly (Furniture) Shanghai Co. Ltd |  | — |  |  | 96.50 |  | CNY 100,000 |  | Shanghai, China |  | (6)
Natuzzi India Furniture PVT Ltd |  | — |  |  | 100.00 |  | INR 16,200,000 |  | New Delhi, India |  | (6)
Italsofa Shanghai Ltd |  | — |  |  | 96.50 |  | USD 5,000,000 |  | Shanghai, China |  | (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, 2021, the consolidation area changed due to the following events. On January 8, 2021, the Parent signed a “Share Sell and Purchase agreement” with Vita Group for the sale of its entire interest in the subsidiary IMPE S.p.A.. This transaction was finalized on March 1, 2021. Following the finalization of such transaction, the Parent deconsolidated IMPE S.p.A. starting from March 1, 2021, date of loss of control. For further details on such transaction, reference should be made to note 7. In January 2021, the Parent sold 7% of Natuzzi Singapore PTE. LTD. to a related party. This transaction was executed through a 1,300 capital injection by the related party into this subsidiary, increasing its share capital, in exchange for the 7% interest. Following the completion of such capital increase, the Parent has a 93% stake in Natuzzi Singapore. This transaction was undertaken to increase the Parent’s sales of finished goods in the Asian-Pacific countries other than China. During 2021, the Parent liquidated Italsofa Shanghai Ltd., Softaly (Furniture) Shanghai Co. Ltd. and Natuzzi India Furniture PVT. Ltd.. Furthermore, in 2021, Natuzzi (China) Ltd set up the component, Natuzzi Quanjiao Limited in China. As at December 31, 2020 the consolidation area changed due to the set up of Natuzzi Singapore PTE. LTD. Furthermore, no business combinations have occurred in 2021 and 2020. The following table summarises the information relating to the only material non-controlling interests (NCI) related to the Group’s subsidiary Natuzzi Florida LLC, before any intra-group eliminations. Summarised statement of financial position of Natuzzi Florida LLC and Non-controlling interests share in equity as at December 31, 2021 and 2020
|  | 31/12/21 |  |  | 31/12/20 |
Current assets |  |  | 8,494 |  |  |  | 4,122 |
Non-current assets |  |  | 10,924 |  |  |  | 8,093 |
Current liabilities |  |  | (8,142 | ) |  |  | (4,995 | )
Non-current liabilities |  |  | (8,125 | ) |  |  | (5,876 | )
Net assets |  |  | 3,151 |  |  |  | 1,344 |
Net assets attributable to NCI – 49% |  |  | 1,544 |  |  |  | 659 |
Summarised statement of profit or loss of Natuzzi Florida LLC and Non-controlling interests share of loss for the years ended December 31, 2021 and 2020
|  | 2021 |  |  | 2020 |
Revenue |  |  | 16,578 |  |  |  | 9,756 |
Expenses |  |  | (14,955 | ) |  |  | (10,177 | )
Profit/(loss) for the year |  |  | 1,623 |  |  |  | (421 | )
Other comprehensive income/(loss) |  |  | 184 |  |  |  | (131 | )
Total comprehensive income/(loss) for the year |  |  | 1,807 |  |  |  | (552 | )
Profit/(loss) allocated to NCI – 49% |  |  | 795 |  |  |  | (206 | )
Other comprehensive income/(loss) allocated to NCI |  |  | 90 |  |  |  | (64 | )
Cash flow provided by operating activities |  |  | 4,160 |  |  |  | 2,350 |
Cash flow used in investing activities |  |  | (12 | ) |  |  | (119 | )
Cash flow used in financing activities (dividends to NCI: nil) |  |  | (1,561 | ) |  |  | (1,266 | )

X
- 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 2021-01-01 -Paragraph 10 -Subparagraph a -Clause i -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_10_a_i&doctype=Standard -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfCompositionOfGroupExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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