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Financial Instruments - Fair values and risk management (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about 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, 2022 and 2021.

Financial assets		31/12/22				31/12/21
Financial assets measured at amortised cost
Other non-current receivables			5,894				4,854
Trade receivables			39,056				41,259
Other current receivables			16,279				11,018
Cash and cash equivalents			54,475				53,472
Total (a)			115,704				110,603
Financial assets measured at fair value
Forward exchange contracts			925				96
Total (b)			925				96
Total financial assets (a+b)			116,629				110,699

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		31/12/22				31/12/21
Financial liabilities measured at amortised cost
Long-term borrowings			17,289				17,439
Lease liabilities			51,849				57,138
Bank overdrafts and short-term borrowings			29,254				36,147
Trade payables			78,399				89,215
Other payables			34,322				31,453
Total (a)			211,113				231,392
Financial liabilities measured at fair value
Forward exchange contracts			66				691
Total (b)			66				691
Total financial liabilities (a+b)			211,179				232,083

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, 2022 and 2021, other than those with carrying amount that are reasonable approximation of fair value.

		31/12/22								31/12/21
		Carrying amount				Fair value				Carrying amount				Fair value
Financial assets
Forward exchange contracts			925				925				96				96
Financial liabilities
Floating-rate borrowings			10,423				10,540				9,347				9,552
Fixed rate borrowings			6,866				7,925				8,092				9,308
Total long-term borrowings			17,289				18,465				17,439				18,860
Forward exchange contracts			66				66				691				691

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, 2022, 2021 and 2020 are related mainly to trade receivables and are as follows:

		2022				2021				2020
Impairment loss on trade receivables			331				110				1,802

Summary of Percentage of Revenue and Trade Receivables

		31/12/22				31/12/21				31/12/20
Revenue			59,838				48,457				38,401
Trade receivables			5,314				6,953				5,961

Summary of Insured and Non-insured Trade Receivables

As at December 31, 2022 and 2021, insured and non-insured trade receivables are as follows:

		31/12/22				31/12/21
Insured trade receivables			25,624				26,459
Non-insured trade receivables			19,036				20,125
Gross trade receivables			44,660				46,584
Provision for doubtful accounts			(5,604	)			(5,325	)
Net trade receivables			39,056				41,259

Summary of Trade Receivables Past Due

As at December 31, 2022 and 2021 the ageing of trade receivables is as follows:

		31/12/22				31/12/21
Current (not past due)			29,111				30,146
From 1 to 29 days past due			7,158				7,854
From 30 to 60 days past due			1,355				1,030
From 61 to 90 days past due			563				355
More than 90 days past due			6,473				7,199
Gross trade receivables			44,660				46,584
Provision for doubtful accounts			(5,604	)			(5,325	)
Net trade receivables			39,056				41,259

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, 2022 and 2021, further to the adoption of IFRS 9.

December 31, 2022

		Days past due
		<30 days				30-60 days				61-90 days				> 90 days				Total
Trade receivables subject to collective valuation			2,332				68				84				30				2,514
Trade receivables subject to specific valuation																			42,146
Total gross carrying amount																			44,660
Default rate			0.53	%			5.46	%			17.08	%			43.47	%
Expected credit loss			12				4				14				13				43

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

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, 2022 and 2021. The amounts are gross and undiscounted, and include contractual interest payments and exclude the impact of netting agreements.

December 31, 2022

		Less than 2 months				2 to 12 months				1 to 2 years				2 to 5 years				More than 5 years				Total
Long-term borrowings			577				6,015				4,124				5,534				2,273				18,523
Lease liabilities			1,895				11,509				10,190				24,926				12,820				61,340
Bank overdrafts and short-term borrowings			29,254				—				—				—				—				29,254
Trade and other payables			34,322				78,399				—				—				—				112,721
Losses on derivative financial instruments			66				—				—				—				—				66
Total financial liabilities			66,114				95,923				14,314				30,460				15,093				221,904

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

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, 2022		+45			(52	)
December 31, 2022		-45			52
December 31, 2021		+45			(43	)
December 31, 2021		-45			43
December 31, 2020		+45			(38	)
December 31, 2020		-45			38

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, 2022		+5%			4,287
December 31, 2022		-5%			(4,798	)
December 31, 2021		+5%			5,381
December 31, 2021		-5%			(5,113	)
December 31, 2020		+5%			2,161
December 31, 2020		-5%			(2,447	)

Summary of Financial Assets and Financial Liabilities Denominated in Foreign Currency

As at December 31, 2022 and 2021 the Group’s financial assets and financial liabilities denominated in foreign currency are as follows:

Financial assets		31/12/22				31/12/21
Trade receivables			25,055				29,434
Cash and cash equivalents			45,820				48,014
Total financial assets			70,875				77,448

Financial liabilities		31/12/22				31/12/21
Long-term borrowings			461				611
Lease liabilities			35,602				37,643
Bank overdraft and short-term borrowings			14,668				24,783
Trade payables			27,169				35,524
Total financial liabilities			77,900				98,561

Summary of Quantitative Information about Exposure to Currency Risk

As at December 31, 2022 and 2021, the summary quantitative data about Group’s exposure to currency risk as reported to the management of the Group is as follows:

December 31, 2022

		Financial Assets (a)				Financial liabilities (b)				Net Exposure (c) = (a)-(b)
U.S. dollars			35,160				41,618				(6,458	)
Chinese Yuan			14,681				8,206				6,475
British pounds			9,499				10,089				(590	)
Brazilian Reais			4,457				2,371				2,086
Canadian dollars			397				427				(30	)
Romanian Leu			2,723				8,732				(6,009	)
Mexican pesos			1,713				1,850				(137	)
Other			2,245				4,607				(2,362	)
Total			70,875				77,900				(7,025	)

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	)

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, 2022, 2021 and 2020.

December 31, 2022

		Jan. 1, 2022				Cash outflows				Cash inflows				Changes in fair value				Other changes				Dec. 31, 2022
Long-term borrowings			17,439				(4,473	)			4,038				—				286				17,290
Lease liabilities			57,138				(10,049	)			—				—				4,760				51,849
Short-term borrowings			34,924				(7,424	)			—				—				—				27,500
Bank overdrafts			1,223				—				531				—				—				1,754
Non-controlling interests			1,511				(551	)			1,739				—				1,999				4,698
Total liabilities from financing activities			112,235				(22,497	)			6,308				—				7,045				103,091

Bank overdrafts are used only for cash management purposes.

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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