XML 33 R18.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Equity-method investees | 12 Months Ended
--- | ---
Dec. 31, 2023
Disclosure Of Equity Method Investees [Abstract] |
Equity-method investees | 11 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 |
As at December 31, 2023 and 2022 equity-method investees include: (a) the 49% stake in the joint venture Natuzzi Trading Shanghai; (b) the 49% stake in the associate Nars Miami LLC; (c) the 51% stake in the joint venture Natuzzi Texas LLC; (d) the 30% stake in the associate Natuzzi Store (UK) ltd; (e) the 49% interest in the associate Salena S.r.l., whose carrying value was totally impaired in 2014 in consideration of some legal disputes among shareholders. All such investments are accounted for using the equity method. (i) Disclosures on Natuzzi Trading (Shanghai) Co. Ltd., joint venture 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 |
Summarised financial information of the joint venture Natuzzi Trading Shanghai, based on its IFRS financial statements, and reconciliation with the carrying amount of the Group’s share in net assets and in profit or loss as reported in the consolidated financial statements are set out below. 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 |
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 |
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 |
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 |
(ii) Disclosures on Nars Miami LLC, associate Nars Miami LLC, an immaterial associate, is engaged in the sale of the Group’s upholstery furniture and home furnishings accessories to end customers, under a franchisee agreement. The principal place of business of such associate is in Miami, Florida (USA). (iii) Disclosures on Natuzzi Texas LLC, joint venture Natuzzi Texas LLC is an immaterial joint venture, set up in 2021, which is engaged in the sale of the Group’s Natuzzi upholstery furniture and home furnishings accessories to end consumers through directly-operated single-brand stores (Natuzzi Italia stores). The company opened its first store in February 2022. (iv) Disclosures on Natuzzi Stores (UK) Ltd, associate Natuzzi Stores (UK) Ltd is an immaterial associate, in which the Group acquired a 30% stake in early 2021. Natuzzi Stores (UK) Ltd is engaged in the sale of upholstered furniture and home furnishings accessories to end consumers through directly-operated Natuzzi Italia mono-brand stores.

X
- Definition The disclosure of investments accounted for using the equity method. [Refer: Investments accounted for using equity method] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure Of Equity Method Investees Abstract + References No definition available. + Details
Name: | ntz_DisclosureOfEquityMethodInvesteesAbstract
Namespace Prefix: | ntz_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration