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Employees' leaving entitlement (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of information about defined benefit plans [abstract] |
Summary of Changes to Employees' Leaving Entitlement | Changes to employees’ leaving entitlement occurring during 2022 and 2021 are analysed as follows:
|  | 31/12/22 |  |  | 31/12/21 |
Balance at beginning of year |  |  | 15,588 |  |  |  | 15,747 |
Current service cost |  |  | 80 |  |  |  | 103 |
Interest expense |  |  | 151 |  |  |  | 51 |
Benefits paid |  |  | (446 | ) |  |  | (940 | )
Actuarial losses/(gains) |  |  | (2,309 | ) |  |  | 627 |
Balance at end of year |  |  | 13,064 |  |  |  | 15,588 |
Summary of Assumptions Used in Determining Present Value of Defined Benefit Obligation Related to Employee Benefit Obligation | The principal assumptions used in determining the present value of such defined benefit obligation (“DBO”) related to the employee benefit obligation are reported as follows:
|  | 31/12/22 |  | 31/12/21
Annual discount rate |  | 3.63% |  | 0.98%
Annual future salary increase rate |  | 2.30% |  | 1.75%
Annual inflation rate |  | 2.30% |  | 1.75%
Annual DBO increase rate |  | 3.23% |  | 2.81%
Mortality |  | RG48 mortality tables published by the General State Accounting
Inability |  | National Institute for Social Security tables, by age and sex
Retirement |  | 100% upon achievement of AGO requisites
Annual frequency of turnover |  | 2.00% |  | 2.00%
Annual frequency of DBO advances |  | 2.00% |  | 2.00%
Summary of Quantitative Sensitivity Analysis for Significant Assumptions | A quantitative sensitivity analysis for significant assumptions impacting the DBO as at December 31, 2022 and 2021 is reported as follows:
|  | 31/12/22 |  |  | 31/12/21 |
+1% on turnover rate |  |  | 70 |  |  |  | (118 | )
-1% on turnover rate |  |  | (76 | ) |  |  | 130 |
+0.25% on annual inflation rate |  |  | 175 |  |  |  | 232 |
-0.25% on annual inflation rate |  |  | (172 | ) |  |  | (227 | )
+0.25% on annual discount rate |  |  | (268 | ) |  |  | (362 | )
-0.25% on annual discount rate |  |  | 276 |  |  |  | 375 |
Schedule of Expected Payments or Contributions to Defined Benefit Plan | The following are the expected payments of the employees’ leaving entitlement in future years:
|  | 31/12/22 |  |  | 31/12/21 |
Within 1 year |  |  | 1,027 |  |  |  | 769 |
Between 2 and 5 years |  |  | 2,857 |  |  |  | 3,223 |
Schedule of Options Granted to Key Officer Beneficiaries | .
Grant date/beneficiaries |  | Number of equity-based instruments |  | Vesting conditions |  | Contractual life of the options
Three key officers having strategic functions – July 15, 2022 |  | 562,512 ADSs equivalent to 2,812,560 ordinary shares |  | Continuous service status until the vesting date |  | From 1 to 6 years
In particular, the number of ordinary shares of Natuzzi S.p.A. that each of the three beneficiaries can subscribe for pursuant to the relevant award agreements is broken down below and shown in terms of ADS equivalent.
Vesting Date |  | Beneficiary 1 |  |  | Beneficiary 2 |  |  | Beneficiary 3 |  |  | Total |
15/Aug/22 |  |  | 36,533 |  |  |  | 6,583 |  |  |  | 44,000 |  |  |  | 87,116 |
31/May/23 |  |  | 54,800 |  |  |  | 9,874 |  |  |  | 33,000 |  |  |  | 97,674 |
31/May/24 |  |  | 54,800 |  |  |  | 9,874 |  |  |  | 38,338 |  |  |  | 103,012 |
31/May/25 |  |  | 73,067 |  |  |  | 13,165 |  |  |  | 5,338 |  |  |  | 91,570 |
31/May/26 |  |  | 73,067 |  |  |  | 13,165 |  |  |  | 5,338 |  |  |  | 91,570 |
31/May/27 |  |  | 73,067 |  |  |  | 13,165 |  |  |  | 5,338 |  |  |  | 91,570 |
Total |  |  | 365,334 |  |  |  | 65,826 |  |  |  | 131,352 |  |  |  | 562,512 |
The date by which the options can be exercised is December 31, 2027 for beneficiaries 1 and 2 and December 31 of each vesting year up to December 31, 2027 for beneficiary 3. In particular, beneficiary 3 has been granted two sets of stock options with different exercise prices: the first set vesting through December 31, 2024 and granting such beneficiary the right to subscribe for up to 550,000 ordinary shares of Natuzzi S.p.A. (equivalent to 110,000 ADSs) and the second set vesting through December 31, 2027 and granting such beneficiary the right to subscribe for up to 106,760 ordinary shares of Natuzzi S.p.A. (equivalent to 21,352 ADSs)
Summary of Inputs Used in Measurement of Fair Values at Grant Date of Equity Settled Share-based Payment Plans | :
Input data |  | Beneficiary 1 |  |  | Beneficiary 2 |  |  | Beneficiary 3 (sub 1) |  |  | Beneficiary 3 (sub 2) |
Fair value of the ADS option at grant date |  | $ | 4.3900 |  |  | $ | 4.3000 |  |  | $ | 4.5300 |  |  | $ | 3.3700 |
EURUSD exchange rate at grant date |  | n.a. |  |  | n.a. |  |  |  | 1.0059 |  |  | n.a. |
Closing price of the ADS at grant date |  | $ | 8.8700 |  |  | $ | 8.8700 |  |  | $ | 8.8700 |  |  | $ | 8.8700 |
Currency of the exercise price |  | U.S. dollar |  |  | U.S. dollar |  |  | Euro |  |  | U.S. dollar |
Exercise price |  | $ | 14.5950 |  |  | $ | 15.3450 |  |  | $ | 5.0295 |  |  | $ | 15.6000 |
Expected volatility of the stock price (weighted-average) |  |  | 67.73 | % |  |  | 67.73 | % |  |  | 67.73 | % |  |  | 67.73 | %
Expected volatility of the EURUSD exchange rate |  | n.a. |  |  | n.a. |  |  |  | 7.27 | % |  | n.a. |
Expected life (weighted-average) * |  | 2.72 years |  |  | 2.72 years |  |  | 0.51 years |  |  | 0.59 years |
Expected dividends |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Risk-free interest rate (based on government bonds) |  |  | 2.80 | % |  |  | 2.80 | % |  |  | 2.80 | % |  |  | 2.80 | %
(*) average of the different vesting dates.
Schedule of Number and Weighted-Average Exercise Prices of Share Options | :
|  | Number of options (ADS) |  |  | Weighted-average exercise price (ADS) |
Outstanding as at January 1, 2022 |  |  | — |  |  |  | — |
Granted during the year |  |  | 562,512 |  |  | $ | 12.85 |
Forfeited during the year |  |  | — |  |  |  | — |
Exercised during the year |  |  | 44,000 |  |  | $ | 5.03 |
Outstanding as at December 31, 2022 |  |  | 518,512 |  |  | $ | 13.51 |
Exercisable as at December 31, 2022 |  |  | 43,116 |  |  | $ | 14.71 |
There are no further options granted during the year in addition to those granted on 15 July 2022. Furthermore, since the Group did not have a stock option plan in 2021 and 2020, no comparative information has been provided

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- Definition The disclosure of an analysis of the present value of a defined benefit obligation that distinguishes the nature, characteristics and risks of the obligation. Such a disclosure could distinguish: (a) between amounts owing to active members, deferred members, and pensioners; (b) between vested benefits and accrued but not vested benefits; and (c) between conditional benefits, amounts attributable to future salary increases and other benefits. [Refer: Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name IAS -Number 19 -IssueDate 2022-03-24 -Paragraph 137 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2022-en-r&anchor=para_137&doctype=Standard -URIDate 2022-03-24 + Details
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- Definition The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's share options. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2022-03-24 -Paragraph 47 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2022-en-r&anchor=para_47_a&doctype=Standard -URIDate 2022-03-24 + Details
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- Definition The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2022-03-24 -Paragraph 140 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2022-en-r&anchor=para_140_a&doctype=Standard -URIDate 2022-03-24 + Details
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- Definition The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2022-03-24 -Paragraph 145 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2022-en-r&anchor=para_145&doctype=Standard -URIDate 2022-03-24 + Details
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- Definition The disclosure of the general terms and conditions of share-based payment arrangements. [Refer: Share-based payment arrangements [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2022-03-24 -Paragraph 45 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2022-en-r&anchor=para_45&doctype=Standard -URIDate 2022-03-24 + Details
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