XML 73 R58.htm IDEA: XBRL DOCUMENT

Equity-method investees (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Equity Method Investees [Abstract]

Summary of Changes in Carrying Amount of Equity-method investees

Changes in the carrying amount of equity-method investees for the years ended December 31, 2021 and 2020 are analysed as follows.


		Natuzzi Trading Shanghai				Nars Miami LLC				Natuzzi Texas LLC				Natuzzi Store (UK) ltd				Salena S.r.l.				Total
Balance as at December 31, 2019			41,236				106				—				—				—				41,342
Share of profit for the year			1,455				—				—				—				—				1,455
Share of other comprehensive income			(365	)			(8	)			—				—				—				(373	)
Dividends received			(2,335	)			—				—				—				—				(2,335	)
Balance as at December 31, 2020			39,991				98				—				—				—				40,089
Acquisition of non-controlling interests			—				—				270				18				—				288
Share of profit for the year			3,409				152				—				—				—				3,561
Share of other comprehensive income			2,320				8				—				—				—				2,328
Dividends received			(1,490	)			(254	)			—				—				—				(1,744	)
Balance as at December 31, 2021			44,230				4				270				18				—				44,522

Summary of Reconciliation of Fair Value of Retained Interest at the date of loss of control with carrying amount in Consolidated Statement of Financial Position

The following table shows the reconciliation of the carrying amount of the retained interest in Natuzzi Trading Shanghai as at December 31, 2019 with the carrying amount as at December 31, 2020 included in the consolidated statement of financial position.


Carrying amount as at December 31, 2019							41,236
Group’s share of profit for the year			1,873
Elimination of amortisation of Natuzzi’s trademarks			367
Elimination of intercompany profit on inventories			(396	)
Amortisation of intangibles assets			(519	)
Reversal of deferred tax liabilities			130
Group’s share of profit for the year, net of equity method adjustments			1,455				1,455
Group’s share of other comprehensive income							(365	)
Dividends distribution							(2,335	)
Carrying amount as at December 31, 2020							39,991

The following table shows the reconciliation of the carrying amount of the retained interest in Natuzzi Trading Shanghai as at December 31, 2020 with the carrying amount as at December 31, 2021 included in the consolidated statement of financial position.


Carrying amount as at December 31, 2020							39,991
Dividends distribution							(1,490	)
Group’s share of profit for the year			4,065
Elimination of amortisation of Natuzzi’s trademarks			367
Elimination of intercompany profit on inventories			(634	)
Amortisation of intangibles assets			(519	)
Reversal of deferred tax liabilities			130
Group’s share of profit for the year, net of equity method adjustments			3,409				3,409
Group’s share of other comprehensive income							2,320
Carrying amount as at December 31, 2021							44,230

Summarized Statement of Financial Position and Profit or Loss of Joint Venture

Summarised statement of financial position of Natuzzi Trading Shanghai and Group’s share in net assets as at December 31, 2021 and 2020


		31/12/21				31/12/20
Current assets			79,527				60,319
Non-current assets			21,619				20,197
Current liabilities			(50,092	)			(38,427	)
Non-current liabilities			(1,344	)			(2,367	)
Net Assets			49,710				39,722
Group’s share in net assets – 49% of net assets			24,358				19,463
Intangible assets			2,832				3,351
Goodwill			26,140				26,140
Elimination of intercompany profit from licensing Natuzzi’s trademarks			(6,095	)			(6,462	)
Elimination of intercompany profit on inventories			(2,298	)			(1,664	)
Deferred tax liabilities			(707	)			(837	)
Group’s carrying amount of interest			44,230				39,991

Summarised statement of profit or loss of Natuzzi Trading Shanghai and Group’s share of profit for the year ended December 31, 2021, 2020 and 2019


		2021				2020				2019
Revenue			96,272				62,023				52,714
Cost of sales			(57,120	)			(37,414	)			(33,754	)
Other income and expenses, net			(39	)			(413	)			41
Selling expenses			(23,937	)			(17,685	)			(13,570	)
Administrative expenses			(4,983	)			(2,185	)			(1,883	)
Net finance income			1,213				864				1,194
Profit before tax			11,406				5,190				4,742
Income tax expense			(3,111	)			(1,368	)			(1,304	)
Profit for the period			8,295				3,822				3,438
Other comprehensive profit/(loss)			4,734				(744	)			227
Total comprehensive profit for the period			13,029				3,078				3,665
Group’s share of profit for the period – 49%			4,065				1,873				1,684
Elimination of amortisation of Natuzzi’s trademarks			367				367				368
Elimination of intercompany profit on inventories			(634	)			(396	)			(671	)
Amortisation of intangible assets			(519	)			(519	)			(519	)
Deferred tax liabilities			130				130				130
Group’s share of profit/(loss), net of equity method adj.			3,409				1,455				992
Group’s share of other comprehensive income/(loss) for the period			2,320				(365	)			111
Group’s share of total comprehensive income/(loss) for the period			5,729				1,090				1,103
Dividends received by the Group			1,490				2,335				—

Schedule of Cash and Cash Equivalents, Bank Overdrafts and Borrowings

As at December 31, 2021 and 2020 cash and cash equivalents, bank overdrafts and borrowings, lease liabilities current and non-current are set out below.


		31/12/21				31/12/20
Cash and cash equivalents			61,944				43,668
Bank overdrafts and borrowings			—				—
Lease liabilities current			(2,616	)			(2,432	)
Lease liabilities non-current			(1,344	)			(2,367	)
Total, net			57,984				38,869

Depreciation and Amortization, Interest Income, Interest Expense and Income Tax Expense

For the years ended December 31, 2021, 2020 and 2019, depreciation and amortisation, interest income, interest expense and income tax expense are set below.


		2021				2020				2019
Depreciation and amortisation			4,507				4,106				2,916
Interest income			1,529				1,256				1,419
Interest expense			316				392				257
Income tax expense			3,111				1,368				1,304