XML 40 R25.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Share capital, reserves and retained earnings | 12 Months Ended
--- | ---
Dec. 31, 2023
Disclosure Of Share Capital Reserves And Retained Earnings [Abstract] |
Share capital, reserves and retained earnings | 18 Share capital, reserves and retained earnings As at December 31, 2023, 2022 and 2021 the equity attributable to owners of the Company is analysed as follows:
|  | 31/12/23 |  |  | 31/12/22 |  |  | 31/12/21 |
Share capital |  |  | 55,073 |  |  |  | 55,073 |  |  |  | 54,853 |
Reserves |  |  | 20,448 |  |  |  | 23,292 |  |  |  | 17,449 |
Retained earnings |  |  | (6,576 | ) |  |  | 9,493 |  |  |  | 10,033 |
Total |  |  | 68,945 |  |  |  | 87,858 |  |  |  | 82,335 |
As at December 31, 2023, the Company’s share capital, which is totally authorized and issued, is composed of 55,073,045 ordinary shares with par value of Euro 1 each, for a total of 55,073. Ordinary shareholders have the right to receive dividends, as approved by shareholders’ meetings, and to express one vote per each share owned. Share capital is owned, as at December 31, 2023, 2022 and 2021, as follows:
|  | 31/12/23 |  |  | 31/12/22 |  |  | 31/12/21 |
Mr. Pasquale Natuzzi |  |  | 56.2 | % |  |  | 56.2 | % |  |  | 56.5 | %
Mrs. Anna Maria Natuzzi |  |  | 2.6 | % |  |  | 2.6 | % |  |  | 2.6 | %
Mrs. Annunziata Natuzzi |  |  | 2.5 | % |  |  | 2.5 | % |  |  | 2.5 | %
Other investors |  |  | 38.7 | % |  |  | 38.7 | % |  |  | 38.4 | %
Total |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | %
An analysis of “Reserves” is as follows:
|  | 31/12/23 |  |  | 31/12/22 |  |  | 31/12/21 |
Legal reserve |  |  | 10,971 |  |  |  | 10,971 |  |  |  | 10,971 |
Majority shareholder capital contribution |  |  | 488 |  |  |  | 488 |  |  |  | 488 |
Shareholders: unpaid share capital |  |  | — |  |  |  | (165 | ) |  |  | — |
Share premium reserve |  |  | 175 |  |  |  | 175 |  |  |  | — |
Stock option reserve |  |  | 1,133 |  |  |  | 824 |  |  |  | — |
Reserve for gain on disposal of Non-controlling interests |  |  | 4,219 |  |  |  | 4,219 |  |  |  | 1,088 |
Foreign operations translation reserve |  |  | 2,335 |  |  |  | 5,468 |  |  |  | 5,899 |
Remeasurement of defined benefit plan |  |  | 1,127 |  |  |  | 1,312 |  |  |  | (997 | )
Total |  |  | 20,448 |  |  |  | 23,292 |  |  |  | 17,449 |
The “Legal reserve” is connected to the requirements of the Italian law, which provide that 5% of net income of the Parent Company is retained as a legal reserve, until such reserve is 20% of the issued share capital. The legal reserve may be utilized to offset losses; any portion which exceeds 20% of the issued share capital is distributable as dividends. The legal reserve totaled 10,971 as at December 31, 2022, 2021 and 2020. The “Majority shareholder capital contribution” is one of the Parent Company’s reserves, which is restricted for capital grants received. The "Shareholders: unpaid share capital" reserve is zero as of December 31, 2023, as the Group collected the residual part of the share capital that was subscribed by a beneficiary of the stock options. The "Share premium reserve" refers to the value of the service provided by the beneficiary who subscribed to the stock option, for the portion accrued in 2022. The "Stock option reserve" represents the value of the services provided as at 31 December 2023 by the beneficiaries of stock option plan and includes both the part accrued but not yet exercised and the part relating to the tranche not yet expired. The “Reserve for gain on disposal of Non-controlling interests” reports, as for December 31, 2022, the recognition, for the share pertaining to the Group, of the contribution by the new shareholder Troung Thanh Furniture (TTF) who carried out the relevant payment in March 2022 for the acquisition of 20% stake in Natuzzi Singapore PTE LTD. No further contribution took place in 2023. The “Foreign operations translation reserve” relates to the translation of foreign subsidiaries’ financial statements for those subsidiaries which have assessed their functional currency being different from Euro. The “Remeasurement of defined benefit plan” refers to the calculation of the present value of the employees’ leaving entitlement at each reporting date, in compliance with applicable regulations and adjusted to take into account actuarial gains or losses. In particular, such actuarial gains or losses are reported in OCI (see note 4 (q)). OCI accumulated in reserves, net of tax, is reported in the following tables.
|  | 31/12/23 |  |  | 31/12/22 |  |  | 31/12/21 |
Foreign operation translation |  |  | 2,335 |  |  |  | 5,468 |  |  |  | 5,899 |
Remeasurement of defined benefit plan |  |  | 1,127 |  |  |  | 1,312 |  |  |  | (997 | )
Owners of the Company |  |  | 3,462 |  |  |  | 6,780 |  |  |  | 4,902 |
Non-controlling interests |  |  | (17 | ) |  |  | 144 |  |  |  | (27 | )
Total OCI |  |  | 3,445 |  |  |  | 6,924 |  |  |  | 4,875 |
The disaggregation of changes of OCI by each type of reserve in equity is shown in the tables below. Year ended December 31, 2023
|  | Foreign operations translation reserve |  |  | Remeasurement of defined benefit plan |  |  | Total |
Exchange difference on translation of foreign operations |  |  | (2,003 | ) |  |  | — |  |  |  | (2,003 | )
Share of OCI of equity-method investees |  |  | (1,257 | ) |  |  | — |  |  |  | (1,257 | )
Actuarial gains/(losses) on employees’ leaving entitlement |  |  | — |  |  |  | (185 | ) |  |  | (185 | )
Total |  |  | (3,260 | ) |  |  | (185 | ) |  |  | (3,445 | )
Year ended December 31, 2022
|  | Foreign operations translation reserve |  |  | Remeasurement of defined benefit plan |  |  | Total |
Exchange difference on translation of foreign operations |  |  | 524 |  |  |  | — |  |  |  | 524 |
Share of OCI of equity-method investees |  |  | (784 | ) |  |  | — |  |  |  | (784 | )
Actuarial gains/(losses) on employees’ leaving entitlement |  |  | — |  |  |  | 2,309 |  |  |  | 2,309 |
Total |  |  | (260 | ) |  |  | 2,309 |  |  |  | 2,049 |
Year ended December 31, 2021
|  | Foreign operations translation reserve |  |  | Remeasurement of defined benefit plan |  |  | Total |
Exchange difference on translation of foreign operations |  |  | 1,709 |  |  |  | — |  |  |  | 1,709 |
Share of OCI of equity-method investees |  |  | 2,328 |  |  |  | — |  |  |  | 2,328 |
Actuarial gains/(losses) on employees’ leaving entitlement |  |  | — |  |  |  | (627 | ) |  |  | (627 | )
Total |  |  | 4,037 |  |  |  | (627 | ) |  |  | 3,410 |
The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital. The Group monitors capital using a ratio of “net debt” to “equity”. Net debt is calculated as total liabilities (as shown in the consolidated statement of financial position) less cash and cash equivalents. Equity comprises all components of equity. As at December 31, 2023, the Group’s policy is to keep the ratio below 3.20. The Group’s net debt to equity ratio as at December 31, 2023 and 2022 is as follows:
|  | 31/12/23 |  |  | 31/12/22 |
Total liabilities |  |  | 265,059 |  |  |  | 276,051 |
Less cash and cash equivalents |  |  | (33,610 | ) |  |  | (54,475 | )
Net debt (a) |  |  | 231,449 |  |  |  | 221,576 |
Total equity (b) |  |  | 73,288 |  |  |  | 92,556 |
Net debt to equity ratio (a/b) |  |  | 3.16 |  |  |  | 2.39 |

X
- Definition The entire disclosure for share capital, reserves and other equity interest. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 79 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_79&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure Of Share Capital Reserves And Retained Earnings Abstract + References No definition available. + Details
Name: | ntz_DisclosureOfShareCapitalReservesAndRetainedEarningsAbstract
Namespace Prefix: | ntz_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration