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Related parties | 12 Months Ended
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Dec. 31, 2023
Disclosure Of Related Parties [Abstract] |
Related parties | 43 Related parties Related parties of the Group include mainly associates and joint ventures of the Group and the Group’s key management personnel. The following tables provide the total amount of transactions that have been entered into with related parties for the relevant financial year. (i) Compensation of key management personnel of the Group The compensation of key management personnel of the Group is analysed as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Directors’ fee |  |  | 849 |  |  |  | 854 |  |  |  | 511 |
Short-term employee benefits |  |  | 2,772 |  |  |  | 1,851 |  |  |  | 1,934 |
Social security contributions and defined contribution plans |  |  | 777 |  |  |  | 685 |  |  |  | 692 |
Employee benefit obligations |  |  | 188 |  |  |  | 125 |  |  |  | 132 |
Expenses for stock options |  |  | 587 |  |  |  | 998 |  |  |  | — |
Total |  |  | 5,173 |  |  |  | 4,513 |  |  |  | 3,269 |
The amounts disclosed in the tables are the amounts recognised as an expense during the reporting period related to key management personnel. No loans and/or guarantees have been provided for or agreed to with key management personnel. (ii) Transactions with directors of the Group The aggregate value of transactions and outstanding balances related to directors were as follows.
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | Cost |  |  | Amounts due |  |  | Cost |  |  | Amounts due |  |  | Cost |  |  | Amounts due |
Finished products purchased from TTF |  |  | 1,340 |  |  |  | 412 |  |  |  | 1,852 |  |  |  | 178 |  |  |  | — |  |  |  | — |
Purchase of agency services from the company REFLEX MARKETING |  |  | 992 |  |  |  | 1 |  |  |  | 1,360 |  |  |  | 1 |  |  |  | 998 |  |  |  | 1 |
Total |  |  | 2,332 |  |  |  | 413 |  |  |  | 3,212 |  |  |  | 179 |  |  |  | 998 |  |  |  | 1 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | Income |  |  | Amounts owed |  |  | Income |  |  | Amounts owed |  |  | Income |  |  | Amounts owed |
Selling of finished products to NAT STORE LTD |  |  | 1,631 |  |  |  | 171 |  |  |  | 1,354 |  |  |  | 233 |  |  |  | 1,065 |  |  |  | 441 |
Selling of finished products to IN CASA GROUP PTY |  |  | 1,735 |  |  |  | 732 |  |  |  | 2,401 |  |  |  | 654 |  |  |  | 1,545 |  |  |  | 619 |
Total |  |  | 3,366 |  |  |  | 903 |  |  |  | 3,755 |  |  |  | 887 |  |  |  | 2,610 |  |  |  | 1,060 |
With reference to the advance of 2,500 related to the future increase in share capital received from the majority shareholder of the Parent Company, please refer to note 28 and note 44. With reference to the purchases of finished products from the outsourcer Truong Thanh Furniture Corporation ("TTF"), which since March 2022 has become a minority partner with a 20% stake in the subsidiary Natuzzi Singapore, and whose president, Mr. Mai Hữu Tín, has become a Board Member of the same Natuzzi Singapore, the supply business relationship is based on agreements signed in 2020, which are still in force. With reference to the purchase of agency services from the company REFLEX MARKETING and the sale of finished products to NAT STORE LTD, a company in which Mr. R. Mynett is a partner, who is also a minority shareholder at 30% in the subsidiary Natuzzi UK Retail Limited and its Board Member, the business relationship is based on pre-existing agreements predating the establishment of Natuzzi UK Retail Limited. With reference to the sales of finished products to the company IN CASA GROUP PTY, where Ms. J. Francis serves as director, who is also a Board Member of Natuzzi Oceania PTI Ltd, the business relationship is based on agreements predating her entry into the subsidiary Natuzzi Oceania. From time to time, Directors of the Group, or their related entities, may buy goods from the Group. These purchases are made on the same terms and conditions as those entered into by the Group’s other employees or customers. (iii) Transactions with associates, joint ventures and other related parties The following tables provide the total amount of transactions that have been entered into with such related parties for the relevant financial year. Such transactions have been conducted at arm’s length. December 31, 2023
|  | Sales |  |  | Expenses |  |  | Dividends received |  |  | Amounts owed by related parties |  |  | Amounts due to related parties |
Natuzzi Trading Shanghai Co, Ltd. (joint venture) |  |  | 26,523 |  |  |  | — |  |  |  | — |  |  |  | 4,198 |  |  |  | — |
Nars Miami LLCC (associate) |  |  | 167 |  |  |  | 431 |  |  |  | — |  |  |  | 103 |  |  |  | 75 |
Natuzzi Texas LLC (joint venture) |  |  | 1,951 |  |  |  | — |  |  |  | — |  |  |  | 2,598 |  |  |  | — |
Natuzzi Stores (UK) LTD (associate) |  |  | 5,876 |  |  |  | — |  |  |  | — |  |  |  | 44 |  |  |  | — |
Natuzzi Design S.a.s. (other related party) |  |  | 2,130 |  |  |  | — |  |  |  | — |  |  |  | 724 |  |  |  | — |
Natuzzi Arredamenti S.r.l. (other related party) |  |  | 1,619 |  |  |  | — |  |  |  | — |  |  |  | 243 |  |  |  | — |
Natuzzi Sofa S.r.l. (other related party) |  |  | 385 |  |  |  | — |  |  |  | — |  |  |  | 56 |  |  |  | — |
Total |  |  | 38,651 |  |  |  | 431 |  |  |  | — |  |  |  | 7,966 |  |  |  | 75 |
December 31, 2022
|  | Sales |  |  | Expenses |  |  | Dividends received |  |  | Amounts owed by related parties |  |  | Amounts due to related parties |
Natuzzi Trading Shanghai Co, Ltd. (joint venture) |  |  | 59,838 |  |  |  | — |  |  |  | 3,697 |  |  |  | 5,314 |  |  |  | — |
Nars Miami LLCC (associate) |  |  | 1,484 |  |  |  | 16 |  |  |  | — |  |  |  | 231 |  |  |  | 59 |
Natuzzi Texas LLC (joint venture) |  |  | 992 |  |  |  | — |  |  |  | — |  |  |  | 1,193 |  |  |  | — |
Natuzzi Stores (UK) LTD (associate) |  |  | 7,110 |  |  |  | — |  |  |  | — |  |  |  | 14 |  |  |  | — |
Natuzzi Design S.a.s. (other related party) |  |  | 2,550 |  |  |  | — |  |  |  | — |  |  |  | 426 |  |  |  | — |
Natuzzi Arredamenti S.r.l. (other related party) |  |  | 1,734 |  |  |  | 26 |  |  |  | — |  |  |  | 231 |  |  |  | — |
Natuzzi Sofa S.r.l. (other related party) |  |  | 399 |  |  |  | — |  |  |  | — |  |  |  | 48 |  |  |  | — |
Total |  |  | 74,107 |  |  |  | 42 |  |  |  | 3,697 |  |  |  | 7,457 |  |  |  | 59 |
December 31, 2021
|  | Sales |  |  | Expenses |  |  | Dividends received |  |  | Amounts owed by related parties |  |  | Amounts due to related parties |
Natuzzi Trading Shanghai Co, Ltd. (joint venture) |  |  | 48,457 |  |  |  | — |  |  |  | 1,490 |  |  |  | 6,953 |  |  |  | — |
Nars Miami LLCC (associate) |  |  | 806 |  |  |  | — |  |  |  | 254 |  |  |  | 123 |  |  |  | — |
Natuzzi Texas LLC (joint venture) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Natuzzi Stores (UK) LTD (associate) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Natuzzi Design S.a.s. (other related party) |  |  | 1,820 |  |  |  | — |  |  |  | — |  |  |  | 710 |  |  |  | — |
Natuzzi Arredamenti S.r.l. (other related party) |  |  | 989 |  |  |  | — |  |  |  | — |  |  |  | 191 |  |  |  | — |
Natuzzi Sofa S.r.l. (other related party) |  |  | 232 |  |  |  | — |  |  |  | — |  |  |  | 51 |  |  |  | — |
Total |  |  | 52,304 |  |  |  | — |  |  |  | 1,744 |  |  |  | 8,028 |  |  |  | — |
All outstanding balances with these related parties are priced on an arm’s length basis and are to be settled in cash within three months of the reporting date. None of the balances are secured. No guarantees have been given or received. To support the activities of such joint ventures and associates, the Group and the other investors in these entities have agreed to make additional contributions in proportion to their interests to make up any losses, if required. There are no borrowings received from or given to the above joint ventures, associates and other related parties, for the years ended December 31, 2023, 2022 and 2021.

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