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Employees' Leaving Entitlement (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of information about defined benefit plans [abstract]  
Summary of Changes to Employees' Leaving Entitlement

Changes to employees’ leaving entitlement occurring during 2024 and 2023 are analysed as follows:

 

 

 

31/12/24

 

 

31/12/23

 

Balance at beginning of year

 

 

12,389

 

 

 

13,064

 

Current service cost

 

 

77

 

 

 

91

 

Interest expense

 

 

364

 

 

 

451

 

Benefits paid

 

 

(1,116

)

 

 

(1,402

)

Actuarial losses/(gains)

 

 

(68

)

 

 

185

 

Balance at end of year

 

 

11,646

 

 

 

12,389

 
Summary of Assumptions Used in Determining Present Value of Defined Benefit Obligation Related to Employee Benefit Obligation

The principal assumptions used in determining the present value of such defined benefit obligation (“DBO”) related to the employee benefit obligation are reported as follows:

 

 

 

31/12/24

 

31/12/23

Annual discount rate

 

3.18%

 

3.08%

Annual future salary increase rate

 

2.00%

 

2.00%

Annual inflation rate

 

2.00%

 

2.00%

Annual DBO increase rate

 

3.00%

 

3.00%

Mortality

 

RG48 mortality tables published by the General State Accounting

Inability

 

National Institute for Social Security tables, by age and sex

Retirement

 

100% upon achievement of AGO requisites

Annual frequency of turnover

 

2.00%

 

2.00%

Annual frequency of DBO advances

 

2.00%

 

2.00%
Summary of Quantitative Sensitivity Analysis for Significant Assumptions

A quantitative sensitivity analysis for significant assumptions impacting the DBO as at December 31, 2023 and 2022 is reported as follows:

 

 

 

31/12/24

 

 

31/12/23

 

+1.00% on turnover rate

 

 

39

 

 

 

40

 

-1.00% on turnover rate

 

 

(42

)

 

 

(43

)

+0.25% on annual inflation rate

 

 

143

 

 

 

158

 

-0.25% on annual inflation rate

 

 

(141

)

 

 

(155

)

+0.25% on annual discount rate

 

 

(220

)

 

 

(242

)

-0.25% on annual discount rate

 

 

226

 

 

 

250

 
Schedule of Expected Payments or Contributions to Defined Benefit Plan

The following are the expected payments of the employees’ leaving entitlement in future years:

 

 

 

31/12/24

 

 

31/12/23

 

Within 1 year

 

 

742

 

 

 

1,154

 

Between 2 and 5 years

 

 

3,263

 

 

 

2,902

 
Schedule of Options Granted to Key Officer Beneficiaries

The terms and conditions of the award agreements entered into are set forth below.

 

Grant date/beneficiaries

 

Number of equity-based instruments

 

Vesting conditions

 

Contractual life of the options

Three key officers having strategic functions – July 15, 2022

 

562,512 ADSs equivalent to
2,812,560 ordinary shares

 

Continuous service status until the vesting date

 

From 1 to 6 years

In particular, the number of ordinary shares of Natuzzi S.p.A. that each of the three beneficiaries can subscribe for pursuant to the relevant award agreements is broken down below and shown in terms of ADS equivalent.

Vesting Date

 

Beneficiary 1

 

 

Beneficiary 2

 

 

Beneficiary 3

 

 

Total

 

15/Aug/22

 

 

36,533

 

 

 

6,583

 

 

 

44,000

 

 

 

87,116

 

31/May/23

 

 

54,800

 

 

 

9,874

 

 

 

33,000

 

 

 

97,674

 

31/May/24

 

 

54,800

 

 

 

9,874

 

 

 

38,338

 

 

 

103,012

 

31/May/25

 

 

73,067

 

 

 

13,165

 

 

 

5,338

 

 

 

91,570

 

31/May/26

 

 

73,067

 

 

 

13,165

 

 

 

5,338

 

 

 

91,570

 

31/May/27

 

 

73,067

 

 

 

13,165

 

 

 

5,338

 

 

 

91,570

 

Total

 

 

365,334

 

 

 

65,826

 

 

 

131,352

 

 

 

562,512

 
Summary of Inputs Used in Measurement of Fair Values at Grant Date of Equity Settled Share-based Payment Plans

The inputs used in the measurement of the fair values at grant date of the stock options were as follows:

Input data

 

Beneficiary 1

 

 

Beneficiary 2

 

 

Beneficiary 3
(sub 1)

 

 

Beneficiary 3
(sub 2)

 

Fair value of the ADS option at grant date

 

$

4.3900

 

 

$

4.3000

 

 

$

4.5300

 

 

$

3.3700

 

EURUSD exchange rate at grant date

 

n.a.

 

 

n.a.

 

 

 

1.0059

 

 

n.a.

 

Closing price of the ADS at grant date

 

$

8.8700

 

 

$

8.8700

 

 

$

8.8700

 

 

$

8.8700

 

Currency of the exercise price

 

U.S. dollar

 

 

U.S. dollar

 

 

Euro

 

 

U.S. dollar

 

Exercise price

 

$

14.5950

 

 

$

15.3450

 

 

$

5.0295

 

 

$

15.6000

 

Expected volatility of the stock price (weighted-average)

 

 

67.73

%

 

 

67.73

%

 

 

67.73

%

 

 

67.73

%

Expected volatility of the EURUSD exchange rate

 

n.a.

 

 

n.a.

 

 

 

7.27

%

 

n.a.

 

Expected life (weighted-average) *

 

2.72 years

 

 

2.72 years

 

 

0.51 years

 

 

0.59 years

 

Expected dividends

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Risk-free interest rate (based on government bonds)

 

 

2.80

%

 

 

2.80

%

 

 

2.80

%

 

 

2.80

%

(*) average of the different vesting dates.
Schedule of Number and Weighted-Average Exercise Prices of Share Options

The number and weighted-average exercise prices of the stock options granted in 2024 are the following:

 

 

Number of options (ADS)

 

 

Weighted-average exercise price (ADS)

 

Outstanding as at January 1, 2024

 

 

431,160

 

 

$

14.71

 

Granted during the year

 

 

—

 

 

 

—

 

Forfeited during the year

 

 

—

 

 

 

—

 

Exercised during the year

 

 

—

 

 

 

—

 

Outstanding as at December 31, 2024

 

 

431,160

 

 

$

14.71

 

Exercisable as at December 31, 2024

 

 

172,464

 

 

$

14.71