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Description of the business and Group composition | 12 Months Ended
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Dec. 31, 2022
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, 2022, 2021 and 2020. The 2022, 2021 and 2020 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, 2022 have been approved by the Company’s Board of Directors (the Board) on April 13, 2023 and authorised on April 28, 2023. The subsidiaries included in the consolidation as at December 31, 2022 and 2021, together with the related percentages of ownership and other information, are as follows:
Name | Percentage of 31/12/2022 |  | Percentage of 31/12/2021 |  | 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)
Natuzzi Quanjiao Limited |  | 100.00 |  |  | — |  | CNY 10,000,000 |  | Quanjiao County-Anhui province, China |  | (1)
Natco S.p.A. |  | 99.99 |  |  | 99.99 |  | EUR 4,420,000 |  | Santeramo in Colle, Italy |  | (2)
Nacon S.p.A. |  | 100.00 |  |  | 100.00 |  | EUR 2,800,000 |  | Santeramo in Colle, Italy |  | (3)
Lagene S.r.l. |  | 100.00 |  |  | 100.00 |  | EUR 10,000 |  | Santeramo in Colle, Italy |  | (3)
Natuzzi Americas Inc. |  | 100.00 |  |  | 100.00 |  | USD 89 |  | High Point, N. Carolina, USA |  | (3)
Natuzzi Florida LLC |  | 51.00 |  |  | 51.00 |  | USD 4,955,186 |  | High Point, N. Carolina, USA |  | (3)
Natuzzi Iberica S.A. |  | 100.00 |  |  | 100.00 |  | EUR 386,255 |  | Madrid, Spain |  | (3)
Natuzzi Switzerland AG |  | 100.00 |  |  | 100.00 |  | CHF 2,000,000 |  | Dietikon, Switzerland |  | (3)
Natuzzi Services Limited |  | 100.00 |  |  | 100.00 |  | GBP 25,349,353 |  | London, UK |  | (3)
Natuzzi UK Retail Limited |  | 70.00 |  |  | 70.00 |  | GBP 100 |  | Cardiff, UK |  | (3)
Natuzzi Germany Gmbh |  | 100.00 |  |  | 100.00 |  | EUR 25,000 |  | Köln, Germany |  | (3)
Natuzzi Japan KK |  | 74.40 |  |  | 93.00 |  | JPY 28,000,000 |  | Tokyo, Japan |  | (3)
Natuzzi Russia OOO |  | 100.00 |  |  | 100.00 |  | RUB 8,700,000 |  | Moscow, Russia |  | (3)
Natmx S.DE.R.L.DE.C.V |  | 100.00 |  |  | 100.00 |  | MXN 68,504,040 |  | Mexico City, Mexico |  | (3)
Natuzzi France S.a.s. |  | 100.00 |  |  | 100.00 |  | EUR 600,100 |  | Paris, France |  | (3)
Natuzzi Oceania PTI Ltd |  | 74.40 |  |  | 93.00 |  | AUD 320,002 |  | Sydney, Australia |  | (3)
Natuzzi Singapore PTE. LTD. |  | 74.40 |  |  | 93.00 |  | USD 7,654,207 |  | Singapore, Republic of Singapore |  | (3)
Natuzzi Netherlands Holding |  | 100.00 |  |  | 100.00 |  | EUR 34,605,000 |  | Amsterdam, Holland |  | (4)
Natuzzi Trade Service S.r.l. |  | 100.00 |  |  | 100.00 |  | EUR 14,000,000 |  | Santeramo in Colle, Italy |  | (5)
(1) Manufacture and distribution (2) Intragroup leather dyeing and finishing (3) Services and distribution (4) Investment holding (5) Dormant As at December 31, 2022, the consolidation area changed due to the following events. In August 2021, the Parent has entered into a “Subscription and Shareholders Agreement” (the “Agreement”) with Truong Thanh Furniture Corporation (“TTF”), a company incorporated under the laws of the Republic of Vietnam and which is engaged in production and distribution of furniture, to form a partnership aimed at strengthening the Group’s operations in the “Asia-Pacific” (APAC) region, excluding Greater China (the “Rest of the APAC Territory”). In March 2022, based on such agreement, TTF acquired a 20% stake in the Group’s subsidiary Natuzzi Singapore, which is engaged in sales and distribution of furniture and upholstery products under the trademarks of the Group in the Rest of the APAC Territory. In 2022, TTF made the payment of US $ 5,357 (equivalent to 4,885) by subscribing shares equal to 20% of the subsidiary Natuzzi Singapore. Pursuant to this Agreement, the Parent maintains a majority of the board members of Natuzzi Singapore. As a result of this transaction, the Parent's stake in Natuzzi Singapore is 74.4% whereas the stake of minority shareholders is 25.6%. Furthermore, no business combinations have occurred in 2022 and 2021. During 2022, Natuzzi Quanjiao Limited, a new production company located in China and controlled 100% indirectly through Natuzzi China, became operational. 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, 2022 and 2021
|  | 31/12/22 |  |  | 31/12/21 |
Current assets |  |  | 11,684 |  |  |  | 8,494 |
Non-current assets |  |  | 12,337 |  |  |  | 10,924 |
Current liabilities |  |  | (9,246 | ) |  |  | (8,142 | )
Non-current liabilities |  |  | (8,473 | ) |  |  | (8,125 | )
Net assets |  |  | 6,302 |  |  |  | 3,151 |
Net assets attributable to NCI – 49% |  |  | 3,088 |  |  |  | 1,544 |
Summarised statement of profit or loss of Natuzzi Florida LLC and Non-controlling interests share of loss for the years ended December 31, 2022 and 2021.
|  | 2022 |  |  | 2021 |
Revenue |  |  | 21,481 |  |  |  | 16,578 |
Expenses |  |  | (18,488 | ) |  |  | (14,955 | )
Profit/(loss) for the year |  |  | 2,993 |  |  |  | 1,623 |
Other comprehensive income/(loss) |  |  | 195 |  |  |  | 184 |
Total comprehensive income/(loss) for the year |  |  | 3,188 |  |  |  | 1,807 |
Profit/(loss) allocated to NCI – 49% |  |  | 1,467 |  |  |  | 795 |
Other comprehensive income/(loss) allocated to NCI |  |  | 96 |  |  |  | 90 |
Cash flow provided by operating activities |  |  | 1,464 |  |  |  | 4,160 |
Cash flow used in investing activities |  |  | (599 | ) |  |  | (12 | )
Cash flow used in financing activities (dividends to NCI: 589) |  |  | (1,892 | ) |  |  | (1,561 | )

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