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Equity-method investees (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 are analysed as follows.


		Natuzzi Trading Shanghai				Nars Miami LLC				Natuzzi Texas LLC				Natuzzi Store (UK) ltd				Foundation "Made in Italy circolare e sostenibile"				Salena S.r.l.				Total
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
Acquisition of non-controlling interests			—				—				453				—				8				—				461
Share of profit for the year			436				431				(547	)			36				—				—				356
Share of other comprehensive income			(784	)			—				—				—				—				—				(784	)
Dividends received			(3,697	)			—				—				—				—				—				(3,697	)
Share capital reduction			(3,156	)			—				—				—				—				—				(3,156	)
Effect of translation adjustments			—				(4	)			—				(2	)			—				—				(6	)
Balance as at December 31, 2022			37,029				431				176				52				8				—				37,696

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, 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

The following table shows the reconciliation of the carrying amount of the retained interest in Natuzzi Trading Shanghai as at December 31, 2021 with the carrying amount as at December 31, 2022 included in the consolidated statement of financial position.


Carrying amount as at December 31, 2021							44,230
Dividends distribution							(3,697	)
Share capital reduction							(3,156	)
Group’s share of profit for the year			3,020
Elimination of amortisation of Natuzzi’s trademarks			367
Elimination of intercompany profit on inventories			(2,562	)
Amortisation of intangibles assets			(519	)
Reversal of deferred tax liabilities			130
Group’s share of profit for the year, net of equity method adjustments			436				436
Group’s share of other comprehensive income							(784	)
Carrying amount as at December 31, 2022							37,029

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, 2022 and 2021


		31/12/22				31/12/21
Current assets			64,298				79,527
Non-current assets			19,833				21,619
Current liabilities			(42,049	)			(50,092	)
Non-current liabilities			(1,794	)			(1,344	)
Net Assets			40,288				49,710
Group’s share in net assets – 49% of net assets			19,742				24,358
Intangible assets			2,312				2,832
Goodwill			26,140				26,140
Elimination of intercompany profit from licensing Natuzzi’s trademarks			(5,727	)			(6,095	)
Elimination of intercompany profit on inventories			(4,860	)			(2,298	)
Deferred tax liabilities			(578	)			(707	)
Group’s carrying amount of interest			37,029				44,230

Summarised statement of profit or loss of Natuzzi Trading Shanghai and Group’s share of profit for the year ended December 31, 2022, 2021 and 2020


		2022				2021				2020
Revenue			98,483				96,272				62,023
Cost of sales			(60,481	)			(57,120	)			(37,414	)
Other income and expenses, net			(91	)			(39	)			(413	)
Selling expenses			(24,473	)			(23,937	)			(17,685	)
Administrative expenses			(5,665	)			(4,983	)			(2,185	)
Net finance income			1,037				1,213				864
Profit before tax			8,810				11,406				5,190
Income tax expense			(2,646	)			(3,111	)			(1,368	)
Profit for the period			6,164				8,295				3,822
Other comprehensive profit/(loss)			(1,600	)			4,734				(744	)
Total comprehensive profit for the period			4,564				13,029				3,078
Group’s share of profit for the period – 49%			3,020				4,065				1,873
Elimination of amortisation of Natuzzi’s trademarks			367				367				367
Elimination of intercompany profit on inventories			(2,562	)			(634	)			(396	)
Amortisation of intangible assets			(519	)			(519	)			(519	)
Deferred tax liabilities			130				130				130
Group’s share of profit/(loss), net of equity method adj.			436				3,409				1,455
Group’s share of other comprehensive income/(loss) for the period			(784	)			2,320				(365	)
Group’s share of total comprehensive income/(loss) for the period			(348	)			5,729				1,090
Dividends received by the Group			3,697				1,490				2,335

Schedule of Cash and Cash Equivalents, Bank Overdrafts and Borrowings

As at December 31, 2022 and 2021 cash and cash equivalents, bank overdrafts and borrowings, lease liabilities current and non-current are set out below.


		31/12/22				31/12/21
Cash and cash equivalents			32,844				61,944
Bank overdrafts and borrowings			—				—
Lease liabilities current			(2,648	)			(2,616	)
Lease liabilities non-current			(1,794	)			(1,344	)
Total, net			28,402				57,984

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

For the years ended December 31, 2022, 2021 and 2020, depreciation and amortisation, interest income, interest expense and income tax expense are set below.


		2022				2021				2020
Depreciation and amortisation			1,945				4,507				4,106
Interest income			1,729				1,529				1,256
Interest expense			692				316				392
Income tax expense			2,646				3,111				1,368