Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Provisions

v3.22.4
Provisions
 12 Months Ended
Dec. 31, 2022
Disclosure of other provisions [abstract]  
Provisions

31. Provisions

The balances as of December 31, 2022 are detailed below:

 

 

 

Provision for
Warranty

 

 

Decommissioning

 

 

Provision for
legal and
sundry risks

 

 

Provision for
agents and
directors
severance
indemnity

 

 

Total

 

 

 

(EUR thousand)

 

At January 1, 2022

 

 

1,061

 

 

 

591

 

 

 

572

 

 

 

1,275

 

 

 

3,499

 

Arising during the year

 

 

90

 

 

 

27

 

 

 

2,373

 

 

 

82

 

 

 

2,572

 

Utilized

 

 

(49

)

 

 

—

 

 

 

(114

)

 

 

(265

)

 

 

(428

)

Unused amounts reversed

 

 

—

 

 

 

—

 

 

 

(63

)

 

 

(68

)

 

 

(131

)

Exchange rate difference

 

 

—

 

 

 

36

 

 

 

2

 

 

 

2

 

 

 

40

 

At December 31, 2022

 

 

1,102

 

 

 

654

 

 

 

2,770

 

 

 

1,026

 

 

 

5,552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Non-current

 

 

1,102

 

 

 

654

 

 

 

2,770

 

 

 

1,026

 

 

 

5,552

 

 

 

 

Provision for
Warranty

 

 

Decommissioning

 

 

Provision for
legal and
sundry risks

 

 

Provision for
agents and
directors
severance
indemnity

 

 

Total

 

 

 

(EUR thousand)

 

At January 1, 2021

 

 

1,061

 

 

 

523

 

 

 

1,664

 

 

 

1,136

 

 

 

4,384

 

Arising during the year

 

 

65

 

 

 

23

 

 

 

4,235

 

 

 

139

 

 

 

4,462

 

Utilized

 

 

—

 

 

 

—

 

 

 

(745

)

 

 

—

 

 

 

(745

)

Unused amounts reversed

 

 

(65

)

 

 

—

 

 

 

(4,631

)

 

 

—

 

 

 

(4,696

)

Exchange rate difference

 

 

—

 

 

 

45

 

 

 

49

 

 

 

—

 

 

 

94

 

At December 31, 2021

 

 

1,061

 

 

 

591

 

 

 

572

 

 

 

1,275

 

 

 

3,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Non-current

 

 

1,061

 

 

 

591

 

 

 

572

 

 

 

1,275

 

 

 

3,499

 

 

The warranty provision represents the best estimate of commitments given by the Group for contractual, legal, or constructive obligations arising from product warranties given for a specified period of time. Such provisions are recognized on shipment of the goods to the customers. The warranty provision is estimated on the basis of the Group’s past experience and contractual terms. Related costs are recognized within cost of sales.

The provision for legal proceeding and sundry risks represents management’s best estimate of the expenditures expected to be required to settle on otherwise resolve legal proceeding and disputes. As of December 31, 2022 the Group accrued EUR 1.4 million related to employment and personnel matters in the United States.

As of December 31, 2022 provision for legal and sundry risks also include accruals in connection with taxation related to personnel severance amounting to EUR 610 thousand and a provision for workers compensation insurance for overall EUR 538 thousand.