Qualitative and Quantitative Information of Financial Risks (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Disclosure of nature and extent of risks arising from financial instruments [abstract] |
|
| Summary of Contracts Holding |
The Group is holding the following contracts:
As at December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0 to 6
months |
|
6 to 9
months |
|
9 to 12
months |
|
Total |
|
Carrying
amount |
|
Line item in the
statement of
financial position |
|
|
(EUR thousand) |
Notional amount (1) |
|
Forward |
|
40,000 |
|
|
|
10,000 |
|
50,000 |
|
1,658 |
|
Other current financial assets |
Average forward rate (EUR/USD) |
|
|
|
1.031 |
|
|
|
1.084 |
|
— |
|
|
|
|
Notional amount (2) |
|
Forward |
|
|
|
15,000 |
|
25,000 |
|
40,000 |
|
849 |
|
Other current financial assets |
Average forward rate (EUR/USD) |
|
|
|
|
|
1.060 |
|
1.064 |
|
— |
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
90,000 |
|
2,507 |
|
|
(1) Derivatives not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Derivatives designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0 to 6
months |
|
6 to 9
months |
|
9 to 12
months |
|
|
Total |
|
|
Carrying
amount |
|
|
Line item in the
statement of
financial position |
|
|
(EUR thousand) |
Notional amount |
|
Forward |
|
|
|
|
|
|
36,702 |
|
|
|
36,702 |
|
|
|
(21 |
) |
|
Current financial liabilities |
Average forward rate (EUR/DKK) |
|
|
|
|
|
|
|
|
7.438 |
|
|
|
— |
|
|
|
|
|
|
Notional amount |
|
Forward |
|
|
|
|
|
|
9,372 |
|
|
|
9,372 |
|
|
|
50 |
|
|
Other current financial assets |
Average forward rate (EUR/USD) |
|
|
|
|
|
|
|
|
1.139 |
|
|
|
— |
|
|
|
|
|
|
Notional amount |
|
Forward |
|
|
|
|
|
|
990 |
|
|
|
990 |
|
|
|
20 |
|
|
Other current financial assets |
Average forward rate (EUR/JPY) |
|
|
|
|
|
|
|
|
128.750 |
|
|
|
— |
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
47,064 |
|
|
|
49 |
|
|
|
|
| Financial Liabilities Composition and Impact of Hedging Instrument on Statement of Financial Position |
The financial liabilities composition and the impact of the hedging instrument on the statement of financial position as at December 31, 2022 and December 31, 2021 are as follows:
As at December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRS |
|
|
FIX |
|
|
Floating |
|
|
Total
nominal
amount |
|
|
Effect
amortized
cost |
|
|
Total |
|
|
MtM
IRS
Derivates |
|
|
Line item in
the statement of
financial
position |
|
|
(EUR thousand) |
|
|
|
Bank loans |
|
|
131,946 |
|
|
|
2,467 |
|
|
|
404 |
|
|
|
134,817 |
|
|
|
(230 |
) |
|
|
134,587 |
|
|
|
5,983 |
|
|
Current financial liabilities/
Non-current financial liabilities |
Bank overdrafts |
|
|
— |
|
|
|
13,244 |
|
|
|
|
|
|
13,244 |
|
|
|
— |
|
|
|
13,244 |
|
|
|
— |
|
|
Other financial liabilities |
Financial payables for share acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Current financial liabilities |
Financial liabilities due to related parties |
|
|
— |
|
|
|
871 |
|
|
|
— |
|
|
|
871 |
|
|
|
— |
|
|
|
871 |
|
|
|
— |
|
|
Current financial liabilities |
Financial liabilities due to other lenders |
|
|
— |
|
|
|
— |
|
|
|
796 |
|
|
|
796 |
|
|
|
— |
|
|
|
796 |
|
|
|
— |
|
|
Current financial liabilities/
Non-current financial liabilities |
Notes |
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
50,000 |
|
|
|
(319 |
) |
|
|
49,681 |
|
|
|
— |
|
|
Non-current financial liabilities |
Total |
|
|
131,946 |
|
|
|
66,582 |
|
|
|
1,200 |
|
|
|
199,728 |
|
|
|
(549 |
) |
|
|
199,179 |
|
|
|
5,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage on Total |
|
|
66 |
% |
|
|
33 |
% |
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRS |
|
|
FIX |
|
|
Floating |
|
|
Total
nominal
amount |
|
|
Effect
amortized
cost |
|
|
Total |
|
|
MtM
IRS
Derivates |
|
|
Line item in
the statement of
financial
position |
|
|
(EUR thousand) |
|
|
|
Bank loans |
|
|
167,864 |
|
|
|
2,686 |
|
|
|
404 |
|
|
|
170,954 |
|
|
|
(391 |
) |
|
|
170,563 |
|
|
|
(1,681 |
) |
|
Current financial liabilities/
Non-current financial liabilities |
Bank overdrafts |
|
|
— |
|
|
|
— |
|
|
|
37 |
|
|
|
37 |
|
|
|
— |
|
|
|
37 |
|
|
|
— |
|
|
Other financial liabilities |
Financial payables for share acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Current financial liabilities |
Financial liabilities due to related parties |
|
|
— |
|
|
|
940 |
|
|
|
— |
|
|
|
940 |
|
|
|
— |
|
|
|
940 |
|
|
|
— |
|
|
Current financial liabilities |
Financial liabilities due to other lenders |
|
|
— |
|
|
|
2,524 |
|
|
|
— |
|
|
|
2,524 |
|
|
|
— |
|
|
|
2,524 |
|
|
|
— |
|
|
Current financial liabilities/
Non-current financial liabilities |
Notes |
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
50,000 |
|
|
|
(380 |
) |
|
|
49,620 |
|
|
|
— |
|
|
Non-current financial liabilities |
Total |
|
|
167,864 |
|
|
|
56,150 |
|
|
|
441 |
|
|
|
224,455 |
|
|
|
(771 |
) |
|
|
223,684 |
|
|
|
(1,681 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage on Total |
|
|
75 |
% |
|
|
25 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Impact of Hedging on Equity in Cash Flow Hedge Reserve |
Set out below is the impact of hedging on equity:
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Hedge Reserve |
|
|
Cost of Hedging Reserve |
|
|
|
(EUR thousand) |
|
As at January 1, 2022 |
|
|
— |
|
|
|
— |
|
Foreign exchange forward |
|
|
(1,084 |
) |
|
|
235 |
|
Tax effect |
|
|
260 |
|
|
|
(56 |
) |
As at 31 December, 2022 |
|
|
(824 |
) |
|
|
179 |
|
The risk arising from to net investment in foreign subsidiaries is monitored; no active hedging is currently being performed. With regard to commodity risk, the Group enters into fixed-price contracts for certain utilities.
Set out below is the impact of hedging on equity:
|
|
|
|
|
|
|
Cash Flow Hedge Reserve |
|
|
|
(EUR thousand) |
|
As January 1, 2021 |
|
|
3,345 |
|
Interest Rate Swap |
|
|
(2,721 |
) |
Tax effect |
|
|
653 |
|
As at December 31, 2021 |
|
|
1,277 |
|
Interest Rate Swap |
|
|
(7,663 |
) |
Tax effect |
|
|
1,839 |
|
As at December 31, 2022 |
|
|
(4,547 |
) |
|
| Schedule of Interest Rate and Exchange Rate Sensitivity |
The following table presents an analysis of sensitivity to a change in (i) interest rates on the portion of loans and borrowings affected (nearly zero due to the early repayment of almost all the loans with floating rate), and (ii) exchange rates for the
currencies the Group is majorly exposed to. With all other variables held constant, the Group’s marginality is affected as follows:
As at December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate sensitivity |
|
|
|
|
|
|
|
|
|
|
|
|
Increase/decrease
in interest rate |
|
Effect on profit
before tax |
|
|
|
(EUR thousand) |
|
|
|
+20 BP |
|
-20 BP |
|
|
— |
|
|
|
— |
|
|
|
+50 BP |
|
-50 BP |
|
|
— |
|
|
|
— |
|
|
|
+100 BP |
|
-100 BP |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate sensitivity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/decrease
in percentage points |
|
|
Effect on EBITDA |
|
|
|
(EUR thousand) |
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
(1,752 |
) |
|
|
1,788 |
|
US dollar |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
(5,154 |
) |
|
|
5,473 |
|
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
(8,427 |
) |
|
|
9,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
140 |
|
|
|
(143 |
) |
Mexican Pesos |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
411 |
|
|
|
(437 |
) |
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
673 |
|
|
|
(744 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
(116 |
) |
|
|
118 |
|
China Renmimbi |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
(340 |
) |
|
|
361 |
|
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
(556 |
) |
|
|
615 |
|
As at December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate sensitivity |
|
|
|
|
|
|
|
|
|
|
|
|
Increase/decrease
in interest rate |
|
Effect on profit
before tax |
|
|
|
(EUR thousand) |
|
|
|
+20 BP |
|
-20 BP |
|
|
— |
|
|
|
— |
|
|
|
+50 BP |
|
-50 BP |
|
|
— |
|
|
|
— |
|
|
|
+100 BP |
|
-100 BP |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate sensitivity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/decrease
in percentage points |
|
|
Effect on EBITDA |
|
|
|
(EUR thousand) |
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
(1,190 |
) |
|
|
1,214 |
|
US dollar |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
(3,500 |
) |
|
|
3,716 |
|
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
(5,722 |
) |
|
|
6,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
156 |
|
|
|
(159 |
) |
Mexican Pesos |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
459 |
|
|
|
(487 |
) |
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
750 |
|
|
|
(829 |
) |
|
| Schedule of Due Dates of Financial and Other Liabilities |
The following table summarizes the due dates of the Group’s financial and other liabilities at December 31, 2022 and at December 31, 2021 on the basis of contractual payments which have not been discounted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due within
one year |
|
|
Due between
one and five
years |
|
|
Due beyond
five years |
|
|
Total |
|
|
|
(EUR thousand) |
|
Bank overdrafts |
|
|
13,244 |
|
|
|
— |
|
|
|
— |
|
|
|
13,244 |
|
Borrowings from banks (*) |
|
|
50,680 |
|
|
|
84,136 |
|
|
|
— |
|
|
|
134,816 |
|
Notes (*) |
|
|
— |
|
|
|
25,000 |
|
|
|
25,000 |
|
|
|
50,000 |
|
Lease liabilities (**) |
|
|
5,785 |
|
|
|
10,362 |
|
|
|
6,211 |
|
|
|
22,358 |
|
Other Financial liabilities |
|
|
1,666 |
|
|
|
— |
|
|
|
— |
|
|
|
1,666 |
|
Trade payables |
|
|
239,180 |
|
|
|
— |
|
|
|
— |
|
|
|
239,180 |
|
Tax payables |
|
|
41,655 |
|
|
|
— |
|
|
|
— |
|
|
|
41,655 |
|
Other liabilities |
|
|
69,499 |
|
|
|
18,060 |
|
|
|
— |
|
|
|
87,559 |
|
Employee Benefits |
|
|
2,187 |
|
|
|
— |
|
|
|
6,127 |
|
|
|
8,314 |
|
Total liabilities |
|
|
423,896 |
|
|
|
137,558 |
|
|
|
37,338 |
|
|
|
598,792 |
|
(*) The corresponding balance reported in the financial statement position is EUR 134,587 thousand and EUR 49,681 thousand respectively at 31 December 2022 and refers to adoption of amortized cost.
(**) The corresponding balance in the financial statement position is EUR 19,982 thousand and refers to adoption of IFRS 16.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due within
one year |
|
|
Due between
one and five
years |
|
|
Due beyond
five years |
|
|
Total |
|
|
|
(EUR thousand) |
|
Bank overdrafts |
|
|
37 |
|
|
|
— |
|
|
|
— |
|
|
|
37 |
|
Borrowings from banks (*) |
|
|
36,357 |
|
|
|
134,006 |
|
|
|
591 |
|
|
|
170,954 |
|
Notes (*) |
|
|
— |
|
|
|
— |
|
|
|
50,000 |
|
|
|
50,000 |
|
Lease liabilities (**) |
|
|
6,046 |
|
|
|
12,751 |
|
|
|
6,961 |
|
|
|
25,758 |
|
Other Financial liabilities |
|
|
2,729 |
|
|
|
735 |
|
|
|
|
|
|
3,464 |
|
Trade payables |
|
|
164,787 |
|
|
|
— |
|
|
|
— |
|
|
|
164,787 |
|
Tax payables |
|
|
19,440 |
|
|
|
— |
|
|
|
— |
|
|
|
19,440 |
|
Other liabilities |
|
|
65,813 |
|
|
|
1,808 |
|
|
|
0 |
|
|
|
67,621 |
|
Employee Benefits |
|
|
— |
|
|
|
11,853 |
|
|
|
— |
|
|
|
11,853 |
|
Total liabilities |
|
|
295,209 |
|
|
|
161,153 |
|
|
|
57,552 |
|
|
|
513,914 |
|
(*) The corresponding balance reported in the financial statement position is EUR 170,562 thousand and EUR 49,620 thousand respectively at 31 December 2021 and refers to adoption of amortized cost.
(**) The corresponding balance in the financial statement position is EUR 23,127 thousand and refers to adoption of IFRS 16.
|