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Income tax expense (Tables) | 12 Months Ended
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Dec. 31, 2022
Major components of tax expense (income) [abstract] |
Summary of Income Tax Rates | Italian companies are subject to two enacted income taxes at the following rates:
|  | 2022 |  |  | 2021 |  |  | 2020 |
IRES (state tax) |  |  | 24.00 | % |  |  | 24.00 | % |  |  | 24.00 | %
IRAP (regional tax) |  |  | 4.82 | % |  |  | 4.82 | % |  |  | 4.82 | %
Summary of Total Income Taxes | Total income taxes for the years ended December 31, 2022, 2021 and 2020 are allocated as follows:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |  |
- Domestic |  |  | (838 | ) |  |  | (2,116 | ) |  |  | (2,221 | )
- Foreign |  |  | (1,582 | ) |  |  | (3,170 | ) |  |  | (1,545 | )
Total (a) |  |  | (2,420 | ) |  |  | (5,286 | ) |  |  | (3,766 | )
Deferred: |  |  |  |  |  |  |  |  |
- Domestic |  |  | — |  |  |  | — |  |  |  | 430 |
- Foreign |  |  | 147 |  |  |  | 897 |  |  |  | (1,005 | )
Total (b) |  |  | 147 |  |  |  | 897 |  |  |  | (575 | )
Total (a + b) |  |  | (2,273 | ) |  |  | (4,389 | ) |  |  | (4,341 | )
Summary of Consolidated Profit (Loss) Before Income Taxes and Non-Controlling Interest | Consolidated profit/(loss) before income taxes and Non-controlling interests of the consolidated statement of profit or loss for the years ended December 31, 2022, 2021 and 2020, is analysed as follows:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Domestic |  |  | (7,448 | ) |  |  | (1,551 | ) |  |  | (17,049 | )
Foreign |  |  | 11,009 |  |  |  | 10,325 |  |  |  | (3,516 | )
Total |  |  | 3,561 |  |  |  | 8,774 |  |  |  | (20,565 | )
Reconciliation of Income Tax Expense | The effective income taxes differ from the expected income tax expense (computed by applying the IRES state tax, which is 24% for 2022, 2021 and 2020, to profit before income taxes and non-controlling interests) as follows:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Expected tax benefit (expense) at statutory tax rates |  |  | (855 | ) |  |  | (2,106 | ) |  |  | 4,936 |
Effect of: |  |  |  |  |  |  |  |  |
- Tax exempt income |  |  | 2,618 |  |  |  | 2,320 |  |  |  | 4,806 |
- Aggregate effect of different tax rates in foreign jurisdictions |  |  | (79 | ) |  |  | 191 |  |  |  | 322 |
- Italian regional tax |  |  | (28 | ) |  |  | (78 | ) |  |  | (24 | )
- Non-deductible expenses |  |  | (1,635 | ) |  |  | (5,152 | ) |  |  | (5,575 | )
- Tax effect on unremitted earnings |  |  | (755 | ) |  |  | (515 | ) |  |  | (1,024 | )
- Non taxable gain from disposal of a subsidiary |  |  | — |  |  |  | 1,057 |  |  |  | — |
- Chinese withholding tax on income not recoverable |  |  | — |  |  |  | (699 | ) |  |  | (1,396 | )
- Effect of net change in deferred tax assets unrecognised |  |  | (1,539 | ) |  |  | 593 |  |  |  | (6,386 | )
Actual tax charge |  |  | (2,273 | ) |  |  | (4,389 | ) |  |  | (4,341 | )
Summary of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as at December 31, 2022 and 2021 are presented below:
Deferred tax assets |  | 31/12/22 |  |  | 31/12/21 |
Inventories obsolescence |  |  | 745 |  |  |  | 633 |
Provision for contingent liabilities |  |  | 492 |  |  |  | 466 |
Other temporary differences |  |  | 22 |  |  |  | 174 |
Intercompany profit on inventories |  |  | 706 |  |  |  | 22 |
Total deferred tax assets |  |  | 1,965 |  |  |  | 1,295 |
Deferred tax liabilities |  | 31/12/22 |  |  | 31/12/21 |
Withholding tax on unremitted earnings of subsidiaries |  |  | (516 | ) |  |  | (516 | )
Withholding tax on liquidation of subsidiaries |  |  | (480 | ) |  |  | (482 | )
IAS 19 adjustment - employees’ leaving entitlement |  |  | (302 | ) |  |  | — |
Unrealised net gains on foreign exchange rate |  |  | (479 | ) |  |  | (258 | )
Other temporary differences |  |  | (152 | ) |  |  | (149 | )
Total deferred tax liabilities |  |  | (1,929 | ) |  |  | (1,405 | )
Summary of Movements in deferred Tax Balances | Movements in deferred tax balances occurred during 2020, 2021 and 2022 are analysed as follows:
|  | Def. tax assets |  |  | Def. tax liabilities |  |  | Total |
Balance as at December 31, 2019 |  |  | 1,974 |  |  |  | (1,891 | ) |  |  | 83 |
Recognised in profit or loss |  |  | 49 |  |  |  | (624 | ) |  |  | (575 | )
Recognised in OCI |  |  | — |  |  |  | — |  |  |  | — |
Recognised directly in equity |  |  | — |  |  |  | — |  |  |  | — |
Balance as at December 31, 2020 |  |  | 2,023 |  |  |  | (2,515 | ) |  |  | (492 | )
Recognised in profit or loss |  |  | (728 | ) |  |  | 1,110 |  |  |  | 382 |
Recognised in OCI |  |  | — |  |  |  | — |  |  |  | — |
Recognised directly in equity |  |  | — |  |  |  | — |  |  |  | — |
Balance as at December 31, 2021 |  |  | 1,295 |  |  |  | (1,405 | ) |  |  | (110 | )
Recognised in profit or loss |  |  | 670 |  |  |  | (524 | ) |  |  | 146 |
Recognised in OCI |  |  | — |  |  |  | — |  |  |  | — |
Recognised directly in equity |  |  | — |  |  |  | — |  |  |  | — |
Balance as at December 31, 2022 |  |  | 1,965 |  |  |  | (1,929 | ) |  |  | 36 |
Summary of Reconciliation of Deferred Tax Assets and Liabilities Included in Consolidated Statements of Financial Position | The following tables show the reconciliation of deferred tax assets and deferred tax liabilities with the balances included in the consolidated statements of financial position as at December 31, 2022 and 2021.
|  | 31/12/22 |  |  | 31/12/21 |
Deferred tax assets |  |  | 1,965 |  |  |  | 1,295 |
Deferred tax liabilities compensated |  |  | (933 | ) |  |  | (409 | )
Net deferred tax assets |  |  | 1,032 |  |  |  | 886 |
Deferred tax liabilities |  |  | (996 | ) |  |  | (996 | )
Summary of Unrecognised Deferred Tax Assets | As at December 31, 2022 and 2021 deferred tax assets have not been recognised in respect of the following items, because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom.
Unrecognised deferred tax assets |  | 31/12/22 |  |  | 31/12/21 |
|  | Gross Amount |  | Tax effect |  |  | Gross Amount |  | Tax effect |
Tax loss carry-forwards |  |  | 366,175 |  |  | 90,713 |  |  |  | 368,779 |  |  | 88,328 |
Provision for contingent liabilities |  |  | 7,673 |  |  | 2,207 |  |  |  | 12,231 |  |  | 2,888 |
Inventory obsolescence |  |  | 8,266 |  |  | 2,327 |  |  |  | 11,985 |  |  | 2,560 |
Allowance for doubtful accounts |  |  | 5,125 |  |  | 1,230 |  |  |  | 6,810 |  |  | 1,540 |
Intercompany profit on inventories |  |  | 4,716 |  |  | 1,359 |  |  |  | 5,676 |  |  | 1,614 |
Provision for warranties |  |  | 3,375 |  |  | 973 |  |  |  | 3,117 |  |  | 898 |
Impairment of non-financial assets |  |  | 3,284 |  |  | 870 |  |  |  | 3,989 |  |  | 1,018 |
IAS 19 adjustment - employees’ leaving entitlement |  |  | — |  |  | — |  |  |  | 1,807 |  |  | 434 |
Other temporary differences |  |  | 10,868 |  |  | 1,925 |  |  |  | 9,734 |  |  | 1,455 |
Total unrecognised deferred tax assets |  |  | 409,482 |  |  | 101,604 |  |  |  | 424,128 |  |  | 100,735 |
Summary of Tax Loss Carry Forward | As at December 31, 2022 and 2021 the tax losses carried-forward of the Group expire as follows:
|  | 2022 |  |  | Expire date |  |  | 2021 |  |  | Expire date |
Expire in five years |  |  | 5,132 |  |  | 2023-2027 |  |  |  | 6,207 |  |  | 2022-2026 |
Expire after five years |  |  | 347 |  |  | > 2027 |  |  |  | 3,257 |  |  | > 2026 |
Never expire |  |  | 360,696 |  |  |  | — |  |  |  | 359,316 |  |  |  | — |
Total |  |  | 366,175 |  |  |  |  |  |  | 368,780 |  |  |  |

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