XML 92 R77.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Financial Instruments - Fair values and risk management (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022.

Financial assets		31/12/23				31/12/22
Financial assets measured at amortised cost
Other non-current receivables			6,396				5,894
Trade receivables			33,304				39,056
Other current receivables			12,218				16,279
Cash and cash equivalents			33,610				54,475
Total (a)			85,528				115,704
Financial assets measured at fair value
Forward exchange contracts			147				925
Total (b)			147				925
Total financial assets (a+b)			85,675				116,629

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 30, respectively.

Financial liabilities		31/12/23				31/12/22
Financial liabilities measured at amortised cost
Long-term borrowings			17,353				17,289
Lease liabilities			62,327				51,849
Bank overdrafts and short-term borrowings			22,834				29,254
Trade payables			60,888				78,399
Other payables			31,719				34,322
Other non-current liabilities			2,725				—
Total (a)			197,846				211,113
Financial liabilities measured at fair value
Forward exchange contracts			36				66
Total (b)			36				66
Total financial liabilities (a+b)			197,882				211,179

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, 2023 and 2022, other than those with carrying amount that are reasonable approximation of fair value.

		31/12/23								31/12/22
		Carrying amount				Fair value				Carrying amount				Fair value
Financial assets
Forward exchange contracts			147				147				925				925
Financial liabilities
Floating-rate borrowings			7,898				8,200				10,423				10,540
Fixed rate borrowings			9,455				12,459				6,866				7,925
Total long-term borrowings			17,353				20,659				17,289				18,465
Forward exchange contracts			36				36				66				66

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, 2023, 2022 and 2021 are related mainly to trade receivables and are as follows:

		2023				2022				2021
Impairment loss on trade receivables			33				331				110

Summary of Percentage of Revenue and Trade Receivables

		31/12/23				31/12/22				31/12/21
Revenue			26,523				59,838				48,457
Trade receivables			4,198				5,314				6,953

Summary of Insured and Non-insured Trade Receivables

As at December 31, 2023 and 2022, insured and non-insured trade receivables are as follows:

		31/12/23				31/12/22
Insured trade receivables			25,706				25,624
Non-insured trade receivables			11,861				19,036
Gross trade receivables			37,567				44,660
Provision for doubtful accounts			(4,263	)			(5,604	)
Net trade receivables			33,304				39,056

Summary of Trade Receivables Past Due

As at December 31, 2023 and 2022 the ageing of trade receivables is as follows:

		31/12/23				31/12/22
Current (not past due)			25,520				29,111
From 1 to 29 days past due			4,707				7,158
From 30 to 60 days past due			1,053				1,355
From 61 to 90 days past due			429				563
More than 90 days past due			5,858				6,473
Gross trade receivables			37,567				44,660
Provision for doubtful accounts			(4,263	)			(5,604	)
Net trade receivables			33,304				39,056

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, 2023 and 2022, further to the adoption of IFRS 9.

December 31, 2023

		Days past due
		<30 days				30-60 days				61-90 days				> 90 days				Total
Trade receivables subject to collective valuation			1,798				83				78				36				1,995
Trade receivables subject to specific valuation																			35,572
Total gross carrying amount																			37,567
Default rate			0.86	%			13.06	%			37.78	%			95.31	%
Expected credit loss			15				11				29				34				89

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

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, 2023 and 2022. The amounts are gross and undiscounted, and include contractual interest payments and exclude the impact of netting agreements.

December 31, 2023

		Less than 2 months				2 to 12 months				1 to 2 years				2 to 5 years				More than 5 years				Total
Long-term borrowings			674				3,986				4,567				5,341				6,855				21,423
Lease liabilities			2,198				10,856				12,277				30,032				22,706				78,069
Bank overdrafts and short-term borrowings			22,834				—				—				—				—				22,834
Trade and other payables			31,719				63,613				—				—				—				95,332
Losses on derivative financial instruments			36				—				—				—				—				36
Total financial liabilities			57,461				78,455				16,844				35,373				29,561				217,694

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

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, 2023		+45			(40	)
December 31, 2023		-45			40
December 31, 2022		+45			(52	)
December 31, 2022		-45			52
December 31, 2021		+45			(43	)
December 31, 2021		-45			43

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, 2023		+5%			1,707
December 31, 2023		-5%			(1,848	)
December 31, 2022		+5%			4,287
December 31, 2022		-5%			(4,798	)
December 31, 2021		+5%			5,381
December 31, 2021		-5%			(5,113	)

Summary of Financial Assets and Financial Liabilities Denominated in Foreign Currency

As at December 31, 2023 and 2022 the Group’s financial assets and financial liabilities denominated in foreign currency are as follows:

Financial assets		31/12/23				31/12/22
Trade receivables			23,353				25,055
Cash and cash equivalents			29,471				45,820
Total financial assets			52,824				70,875

Financial liabilities		31/12/23				31/12/22
Long-term borrowings			293				461
Lease liabilities			43,152				35,602
Bank overdraft and short-term borrowings			8,826				14,668
Trade payables			23,278				27,169
Total financial liabilities			75,549				77,900

Summary of Quantitative Information about Exposure to Currency Risk

As at December 31, 2023 and 2022, the summary quantitative data about Group’s exposure to currency risk as reported to the management of the Group is as follows:

December 31, 2023

		Financial Assets (a)				Financial liabilities (b)				Net Exposure (c) = (a)-(b)
U.S. dollars			29,865				47,648				(17,783	)
Chinese Yuan			10,280				5,820				4,460
British pounds			3,873				8,126				(4,253	)
Brazilian Reais			4,288				1,596				2,692
Romanian Leu			482				6,583				(6,101	)
Mexican pesos			1,906				1,674				232
Canadian dollars			198				99				99
Other			1,932				4,003				(2,071	)
Total			52,824				75,549				(22,725	)

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	)

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, 2023, 2022 and 2021.

December 31, 2023

		Jan. 1, 2023				Cash outflows				Cash inflows				Changes in fair value				Other changes				Dec. 31, 2023
Long-term borrowings			17,290				(8,715	)			10,912				—				(2,134	)			17,353
Lease liabilities			51,849				(11,057	)			—				—				21,535				62,327
Short-term borrowings			27,500				(6,703	)			—				—				—				20,797
Bank overdrafts			1,754				—				283				—				—				2,037
Non-controlling interests			4,698				(135	)			—				—				(220	)			4,343
Total liabilities from financing activities			103,091				(26,610	)			11,195				—				19,181				106,857

Bank overdrafts are used only for cash management purposes.

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.

X

- Definition

The disclosure of the credit risk exposure. Credit risk exposure is the credit risk inherent in an entity’s financial assets and commitments to extend credit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2023-01-01
-Paragraph 35M
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_35M&doctype=Standard
-URIDate 2023-03-23

+ Details

Name:	ifrs-full_DisclosureOfCreditRiskExposureExplanatory
Namespace Prefix:	ifrs-full_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	ifrs-full_DisclosureOfFinancialInstrumentsAbstract
Namespace Prefix:	ifrs-full_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The disclosure of the reconciliation of liabilities arising from financing activities. [Refer: Liabilities arising from financing activities]

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 7
-IssueDate 2023-01-01
-Paragraph 44D
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_44D&doctype=Standard
-URIDate 2023-03-23

+ Details

Name:	ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory
Namespace Prefix:	ifrs-full_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The disclosure of classification of financial assets and liabilities.

+ References

No definition available.

+ Details

Name:	ntz_DisclosureOfClassificationOfFinancialAssetsAndLiabilitiesExplanatory
Namespace Prefix:	ntz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of Detailed Information about Carrying Amounts and Fair Values of Financial Assets and Financial Liabilities [text block]

+ References

No definition available.

+ Details

Name:	ntz_DisclosureOfDetailedInformationAboutCarryingAmountsAndFairValuesOfFinancialAssetsAndFinancialLiabilitiesExplanatory
Namespace Prefix:	ntz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of detailed information about impairment on financial assets explanatory.

+ References

No definition available.

+ Details

Name:	ntz_DisclosureOfDetailedInformationAboutImpairmentOnFinancialAssetsExplanatory
Namespace Prefix:	ntz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of detailed information about insured and non-insured trade receivables.

+ References

No definition available.

+ Details

Name:	ntz_DisclosureOfDetailedInformationAboutInsuredAndNonInsuredTradeReceivablesExplanatory
Namespace Prefix:	ntz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of detailed information about percentage of revenue and trade receivables explanatory.

+ References

No definition available.

+ Details

Name:	ntz_DisclosureOfDetailedInformationAboutPercentageOfRevenueAndTradeReceivablesExplanatory
Namespace Prefix:	ntz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of financial assets and financial liabilities denominated in foreign currency.

+ References

No definition available.

+ Details

Name:	ntz_DisclosureOfFinancialAssetsAndFinancialLiabilitiesDenominatedInForeignCurrencyTextBlock
Namespace Prefix:	ntz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of interest rate sensitivity analysis.

+ References

No definition available.

+ Details

Name:	ntz_DisclosureOfInterestRateSensitivityAnalysisExplanatory
Namespace Prefix:	ntz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure Of Maturity Analysis Of Contractual Undiscounted Cash Flows Of Financial Liabilities [text block]

+ References

No definition available.

+ Details

Name:	ntz_DisclosureOfMaturityAnalysisOfContractualUndiscountedCashFlowsOfFinancialLiabilitiesExplanatory
Namespace Prefix:	ntz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure Of Quantitative Information About Exposure To Currency Risk [Text Block].

+ References

No definition available.

+ Details

Name:	ntz_DisclosureOfQuantitativeInformationAboutExposureToCurrencyRiskTextBlock
Namespace Prefix:	ntz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of sensitivity analysis based on foreign exchange rate and profit before tax [text block]

+ References

No definition available.

+ Details

Name:	ntz_DisclosureOfSensitivityAnalysisBasedOnForeignExchangeRateAndProfitBeforeTaxExplanatory
Namespace Prefix:	ntz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of trade receivables past due.

+ References

No definition available.

+ Details

Name:	ntz_DisclosureOfTradeReceivablesPastDueTextBlock
Namespace Prefix:	ntz_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration