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Financial Instruments - Fair values and risk management (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Financial Instruments [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, 2021 and 2020.

Financial assets		31/12/21				31/12/20
Financial assets measured at amortised cost
Other non-current receivables			4,854				3,364
Trade receivables			41,259				33,934
Other current receivables			11,018				9,833
Cash and cash equivalents			53,472				48,187
Total (a)			110,603				95,318
Financial assets measured at fair value
Forward exchange contracts			96				112
Total (b)			96				112
Total financial assets (a+b)			110,699				95,430

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.

For further details on “Trade receivables”, “Other receivables”, “Cash and cash equivalents” and “Forward exchange contracts” reference should be made to notes 15, 12-16, 17 and 29, respectively.

Financial liabilities		31/12/21				31/12/20
Financial liabilities measured at amortised cost
Long-term borrowings			17,439				16,426
Lease liabilities			57,138				53,593
Bank overdrafts and short-term borrowings			36,147				30,812
Trade payables			89,215				74,263
Other payables			31,453				28,269
Total (a)			231,392				203,363
Financial liabilities measured at fair value
Forward exchange contracts			691				253
Total (b)			691				253
Total financial liabilities (a+b)			232,083				203,616

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, 2021 and 2020, other than those with carrying amount that are reasonable approximation of fair value.

		31/12/21								31/12/20
		Carrying amount				Fair value				Carrying amount				Fair value
Financial assets
Forward exchange contracts			96				96				112				112
Financial liabilities
Floating-rate borrowings			9,347				9,552				6,915				6,999
Fixed rate borrowings			8,092				9,308				9,511				10,433
Total long-term borrowings			17,439				18,860				16,426				17,432
Forward exchange contracts			691				691				253				253

Impairment on Financial Assets Recognised in Profit or Loss

Impairment losses on financial assets recognised in profit or loss for the years ended December 31, 2021, 2020 and 2019 are related mainly to trade receivables and are as follows:

		2021				2020				2019
Impairment loss on trade receivables			110				1,802				2,389

Summary of Percentage of Revenue and Trade Receivables

In particular, for such related party customer, the percentage of revenue and trade receivables are reported in the following tables.

		31/12/21				31/12/20				31/12/19
Revenue			48,457				38,401				36,442
Trade receivables			6,953				5,961				3,619

Summary of Insured and Non-insured Trade Receivables

As at December 31, 2021 and 2020, insured and non-insured trade receivables are as follows:

		31/12/21				31/12/20
Insured trade receivables			26,459				21,468
Non-insured trade receivables			20,125				20,347
Gross trade receivables			46,584				41,815
Provision for doubtful accounts			(5,325	)			(7,881	)
Net trade receivables			41,259				33,934

Summary of Trade Receivables Past Due

As at December 31, 2021 and 2020 the ageing of trade receivables is as follows:

		31/12/21				31/12/20
Current (not past due)			30,146				28,919
From 1 to 29 days past due			7,854				3,877
From 30 to 60 days past due			1,030				1,105
From 61 to 90 days past due			355				347
More than 90 days past due			7,199				7,567
Gross trade receivables			46,584				41,815
Provision for doubtful accounts			(5,325	)			(7,881	)
Net trade receivables			41,259				33,934

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, 2021 and 2020, further to the adoption of IFRS 9.

December 31, 2021

		Days past due
		<30 days				30-60 days				61-90 days				> 90 days				Total
Trade receivables subject to collective valuation			15,783				266				6				—				16,055
Trade receivables subject to specific valuation																			30,529
Total gross carrying amount																			46,584
Default rate			0.54	%			5.55	%			12.71	%			28.86	%			—
Expected credit loss			85				15				1				—				101

December 31, 2020

		Days past due
		<30 days				30-60 days				61-90 days				> 90 days				Total
Trade receivables subject to collective valuation			9,480				264				24				239				10,007
Trade receivables subject to specific valuation																			31,808
Total gross carrying amount																			41,815
Default rate			0.56	%			5.79	%			13.08	%			100.00	%
Expected credit loss			53				15				3				239				310

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, 2021 and 2020. The amounts are gross and undiscounted, and include contractual interest payments and exclude the impact of netting agreements.

December 31, 2021

		Less than 2 months				2 to 12 months				1 to 2 years				2 to 5 years				More than 5 years				Total
Long-term borrowings			774				3,981				5,935				6,006				2,807				19,503
Lease liabilities			1,889				11,241				12,760				25,659				14,305				65,854
Bank overdrafts and short-term borrowings			36,147				—				—				—				—				36,147
Trade and other payables			31,453				89,215				—				—				—				120,668
Losses on derivative financial instruments			691				—				—				—				—				691
Total financial liabilities			70,954				104,437				18,695				31,665				17,112				242,863

December 31, 2020

		Less than 2 months				2 to 12 months				1 to 2 years				2 to 5 years				More than 5 years				Total
Long-term borrowings			587				7,015				2,642				5,663				2,459				18,366
Lease liabilities			1,844				11,195				11,503				23,958				14,154				62,654
Bank overdrafts and short-term borrowings			30,812				—				—				—				—				30,812
Trade and other payables			28,269				74,263				—				—				—				102,532
Losses on derivative financial instruments			253				—				—				—				—				253
Total financial liabilities			61,765				92,473				14,145				29,621				16,613				214,617

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, 2021		+45			(43	)
December 31, 2021		-45			43
December 31, 2020		+45			(38	)
December 31, 2020		-45			38
December 31, 2019		+45			(51	)
December 31, 2019		-45			51

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.

The Group’s profit before tax is affected through the change in foreign in exchange rates as follows:

		Change in foreign exchange rates		Effect on profit before tax
December 31, 2021		+5%			5,381
December 31, 2021		-5%			(5,113	)
December 31, 2020		+5%			2,161
December 31, 2020		-5%			(2,447	)
December 31, 2019		+5%			3,155
December 31, 2019		-5%			(3,486	)

Summary of Financial Assets and Financial Liabilities Denominated in Foreign Currency

As at December 31, 2021 and 2020 the Group’s financial assets and financial liabilities denominated in foreign currency are as follows:

Financial assets		31/12/21				31/12/20
Trade receivables			29,434				26,269
Cash and cash equivalents			48,014				44,611
Total financial assets			77,448				70,880

Financial liabilities		31/12/21				31/12/20
Long-term borrowings			611				692
Lease liabilities			37,643				35,927
Bank overdraft and short-term borrowings			24,783				18,547
Trade payables			35,524				28,064
Total financial liabilities			98,561				83,230

Summary of Quantitative Information about Exposure to Currency Risk

As at December 31, 2021 and 2020, the summary quantitative data about Group’s exposure to currency risk as reported to the management of the Group is as follows:

December 31, 2021

		Financial Assets (a)				Financial liabilities (b)				Net Exposure (c) = (a)-(b)
U.S. dollars			29,658				46,930				(17,272	)
Chinese Yuan			18,927				14,192				4,735
British pounds			15,027				16,664				(1,637	)
Brazilian Reais			4,334				2,435				1,899
Canadian dollars			2,263				1,290				973
Mexican pesos			1,395				1,883				(488	)
Romanian Leu			666				7,934				(7,268	)
Other			5,178				7,233				(2,055	)
Total			77,448				98,561				(21,113	)

December 31, 2020

		Financial Assets (a)				Financial liabilities (b)				Net Exposure (c) = (a)-(b)
U.S. dollars			26,464				35,295				(8,831	)
Chinese Yuan			21,047				15,999				5,048
British pounds			13,110				16,845				(3,735	)
Brazilian Reais			3,753				2,173				1,580
Canadian dollars			1,693				88				1,605
Romanian Leu			901				7,090				(6,189	)
Mexican pesos			797				1,166				(369	)
Other			3,115				4,574				(1,459	)
Total			70,880				83,230				(12,350	)

Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities

The following tables show the reconciliation of movements of financial liabilities to cash flows arising from financing activities for the three years ended December 31, 2021, 2020 and 2019.

December 31, 2021

		Jan. 1, 2021				Cash outflows				Cash inflows				Changes in fair value				Other changes				Dec. 31, 2021
Long-term borrowings			16,426				(4,788	)			5,873				—				(72	)			17,439
Lease liabilities			53,593				(10,090	)			—				—				13,635				57,138
Short-term borrowings			28,701				—				6,210				—				13				34,924
Bank overdrafts			2,111				(888	)			—				—				—				1,223
Non-controlling interests			1,020				(545	)			144				—				892				1,511
Total liabilities from financing activities			101,851				(16,311	)			12,227				—				14,468				112,235

Bank overdrafts are used only for cash management purposes.

December 31, 2020

		Jan. 1, 2020				Cash outflows				Cash inflows				Changes in fair value				Other changes				Dec. 31, 2020
Long-term borrowings			18,412				(2,675	)			875				—				(186	)			16,426
Lease liabilities			57,367				(9,907	)			—				—				6,133				53,593
Short-term borrowings			22,196				—				6,518				—				(13	)			28,701
Bank overdrafts			1,974				—				137				—				—				2,111
Non-controlling interests			1,692				(388	)			—				—				(284	)			1,020
Total liabilities from financing activities			101,641				(12,970	)			7,530				—				5,650				101,851

Bank overdrafts are used only for cash management purposes.

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