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Equity-method investees (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022 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, 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 |
Acquisition of non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | — |
Share of profit for the year |  |  | 2,873 |  |  |  | 197 |  |  |  | (688 | ) |  |  | 515 |  |  |  | — |  |  |  | — |  |  |  | 2,897 |
Loss allowance |  |  | — |  |  |  | — |  |  |  | 502 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 502 |
Share of other comprehensive income |  |  | (1,257 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,257 | )
Dividends received |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Share capital reduction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Effect of translation adjustments |  |  | — |  |  |  | (19 | ) |  |  | 10 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | (7 | )
Balance as at December 31, 2023 |  |  | 38,645 |  |  |  | 609 |  |  |  | — |  |  |  | 569 |  |  |  | 8 |  |  |  | — |  |  |  | 39,831 |
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, 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 |
The following table shows the reconciliation of the carrying amount of the retained interest in Natuzzi Trading Shanghai as at December 31, 2022 with the carrying amount as at December 31, 2023 included in the consolidated statement of financial position.
Carrying amount as at December 31, 2022 |  |  |  |  |  | 37,029 |
Dividends distribution |  |  |  |  |  | — |
Share capital reduction |  |  |  |  |  | — |
Group’s share of profit for the year |  |  | 751 |  |  |  |
Elimination of amortisation of Natuzzi’s trademarks |  |  | 367 |  |  |  |
Elimination of intercompany profit on inventories |  |  | 2,144 |  |  |  |
Amortisation of intangibles assets |  |  | (519 | ) |  |  |
Reversal of deferred tax liabilities |  |  | 130 |  |  |  |
Group’s share of profit for the year, net of equity method adjustments |  |  | 2,873 |  |  |  | 2,873 |
Group’s share of other comprehensive income |  |  |  |  |  | (1,257 | )
Carrying amount as at December 31, 2023 |  |  |  |  |  | 38,645 |
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, 2023 and 2022
|  | 31/12/23 |  |  | 31/12/22 |
Current assets |  |  | 54,190 |  |  |  | 64,298 |
Non-current assets |  |  | 16,681 |  |  |  | 19,833 |
Current liabilities |  |  | (28,413 | ) |  |  | (42,049 | )
Non-current liabilities |  |  | (3,222 | ) |  |  | (1,794 | )
Net Assets |  |  | 39,236 |  |  |  | 40,288 |
Group’s share in net assets – 49% of net assets |  |  | 19,226 |  |  |  | 19,742 |
Intangible assets |  |  | 1,796 |  |  |  | 2,312 |
Goodwill |  |  | 26,140 |  |  |  | 26,140 |
Elimination of intercompany profit from licensing Natuzzi’s trademarks |  |  | (5,357 | ) |  |  | (5,727 | )
Elimination of intercompany profit on inventories |  |  | (2,712 | ) |  |  | (4,860 | )
Deferred tax liabilities |  |  | (448 | ) |  |  | (578 | )
Group’s carrying amount of interest |  |  | 38,645 |  |  |  | 37,029 |
Summarised statement of profit or loss of Natuzzi Trading Shanghai and Group’s share of profit for the year ended December 31, 2023, 2022 and 2021.
|  | 2023 |  |  | 2022 |  |  | 2021 |
Revenue |  |  | 69,939 |  |  |  | 98,483 |  |  |  | 96,272 |
Cost of sales |  |  | (39,823 | ) |  |  | (60,481 | ) |  |  | (57,120 | )
Other income and expenses, net |  |  | (747 | ) |  |  | (91 | ) |  |  | (39 | )
Selling expenses |  |  | (24,297 | ) |  |  | (24,473 | ) |  |  | (23,937 | )
Administrative expenses |  |  | (3,332 | ) |  |  | (5,665 | ) |  |  | (4,983 | )
Net finance income |  |  | 315 |  |  |  | 1,037 |  |  |  | 1,213 |
Profit before tax |  |  | 2,055 |  |  |  | 8,810 |  |  |  | 11,406 |
Income tax expense |  |  | (522 | ) |  |  | (2,646 | ) |  |  | (3,111 | )
Profit for the period |  |  | 1,533 |  |  |  | 6,164 |  |  |  | 8,295 |
Other comprehensive profit/(loss) |  |  | (2,565 | ) |  |  | (1,600 | ) |  |  | 4,734 |
Total comprehensive profit for the period |  |  | (1,032 | ) |  |  | 4,564 |  |  |  | 13,029 |
Group’s share of profit for the period – 49% |  |  | 751 |  |  |  | 3,020 |  |  |  | 4,065 |
Elimination of amortisation of Natuzzi’s trademarks |  |  | 367 |  |  |  | 367 |  |  |  | 367 |
Elimination of intercompany profit on inventories |  |  | 2,144 |  |  |  | (2,562 | ) |  |  | (634 | )
Amortisation of intangible assets |  |  | (519 | ) |  |  | (519 | ) |  |  | (519 | )
Deferred tax liabilities |  |  | 130 |  |  |  | 130 |  |  |  | 130 |
Group’s share of profit/(loss), net of equity method adj. |  |  | 2,873 |  |  |  | 436 |  |  |  | 3,409 |
Group’s share of other comprehensive income/(loss) for the period |  |  | (1,257 | ) |  |  | (784 | ) |  |  | 2,320 |
Group’s share of total comprehensive income/(loss) for the period |  |  | 1,616 |  |  |  | (348 | ) |  |  | 5,729 |
Dividends received by the Group |  |  | — |  |  |  | 3,697 |  |  |  | 1,490 |
Schedule of Cash and Cash Equivalents, Bank Overdrafts and Borrowings | As at December 31, 2023 and 2022 cash and cash equivalents, bank overdrafts and borrowings, lease liabilities current and non-current are set out below.
|  | 31/12/23 |  |  | 31/12/22 |
Cash and cash equivalents |  |  | 31,706 |  |  |  | 32,844 |
Bank overdrafts and borrowings |  |  | — |  |  |  | — |
Lease liabilities current |  |  | (1,570 | ) |  |  | (2,648 | )
Lease liabilities non-current |  |  | (3,222 | ) |  |  | (1,794 | )
Total, net |  |  | 26,914 |  |  |  | 28,402 |
Depreciation and Amortization, Interest Income, Interest Expense and Income Tax Expense | For the years ended December 31, 2023, 2022 and 2021, depreciation and amortisation, interest income, interest expense and income tax expense are set below.
|  | 2023 |  |  | 2022 |  |  | 2021 |
Depreciation and amortisation |  |  | 5,571 |  |  |  | 1,945 |  |  |  | 4,507 |
Interest income |  |  | 557 |  |  |  | 1,729 |  |  |  | 1,529 |
Interest expense |  |  | 242 |  |  |  | 692 |  |  |  | 316 |
Income tax expense |  |  | 522 |  |  |  | 2,646 |  |  |  | 3,111 |

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