| Summary of Movements in Leased Right of Use Assets |
Movements in the leased right of use assets in 2023 are shown below:
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Buildings |
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Plant and
machinery |
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Industrial
equipment |
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Other
tangible
assets |
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Total |
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(EUR thousand) |
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Cost |
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At January 1, 2022 |
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18,966 |
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8,795 |
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346 |
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10,301 |
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38,408 |
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Additions |
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1,554 |
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— |
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— |
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1,371 |
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2,925 |
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Disposals |
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(610 |
) |
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— |
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— |
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(137 |
) |
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(747 |
) |
Exchange rate differences |
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|
608 |
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20 |
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— |
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|
16 |
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|
644 |
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At December 31, 2022 |
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20,518 |
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8,815 |
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346 |
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11,551 |
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41,230 |
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Acquisition of Perugini S.r.l. |
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— |
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1,085 |
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— |
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80 |
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1,165 |
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Additions |
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3,112 |
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— |
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— |
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1,686 |
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4,798 |
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Disposals |
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(139 |
) |
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— |
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— |
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(63 |
) |
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(202 |
) |
Exchange rate differences |
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(471 |
) |
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(12 |
) |
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— |
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1 |
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(482 |
) |
At December 31, 2023 |
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23,020 |
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9,888 |
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|
346 |
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13,255 |
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46,509 |
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Depreciation |
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At January 1, 2022 |
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6,039 |
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3,905 |
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202 |
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5,572 |
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15,718 |
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Depreciation charge for the year |
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2,658 |
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1,553 |
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72 |
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2,041 |
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6,324 |
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Disposals |
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(131 |
) |
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— |
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— |
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(87 |
) |
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(218 |
) |
Exchange rate differences |
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109 |
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3 |
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— |
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5 |
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117 |
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At December 31, 2022 |
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8,675 |
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5,461 |
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274 |
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7,531 |
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21,941 |
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Acquisition of Perugini S.r.l. |
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— |
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356 |
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— |
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|
74 |
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|
430 |
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Depreciation charge for the year |
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2,873 |
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1,480 |
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|
48 |
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1,846 |
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6,247 |
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Disposals |
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(98 |
) |
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— |
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— |
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(60 |
) |
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(158 |
) |
Exchange rate differences |
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(186 |
) |
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(6 |
) |
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— |
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(8 |
) |
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(200 |
) |
At December 31, 2023 |
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11,264 |
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7,291 |
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|
322 |
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9,383 |
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28,260 |
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Net book value |
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At December 31, 2023 |
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11,756 |
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2,597 |
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24 |
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3,872 |
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18,249 |
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At December 31, 2022 |
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11,843 |
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3,354 |
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72 |
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4,020 |
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19,289 |
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| Summary of Carrying Amounts of Lease Liabilities |
Set out below are the carrying amounts of lease liabilities and the movements during the period:
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2023 |
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2022 |
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(EUR thousand) |
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At January 1 |
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19,982 |
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23,127 |
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Additions |
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4,589 |
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2,866 |
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Acquisition of Perugini S.r.l. |
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|
621 |
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— |
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Accretion of interest |
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|
581 |
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|
573 |
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Payments |
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(6,521 |
) |
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(6,595 |
) |
Early terminated contracts |
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(22 |
) |
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(527 |
) |
Exchange rate difference |
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(285 |
) |
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|
538 |
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At December 31 |
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18,945 |
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19,982 |
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Current |
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5,841 |
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5,325 |
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Non-current |
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13,104 |
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14,657 |
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| Summary of Amounts Recognized in Profit or Loss |
The following are the amounts recognized in profit or loss:
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For the year ended December 31, |
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2023 |
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2022 |
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2021 |
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(EUR thousand) |
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Depreciation expense of right of use assets |
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6,247 |
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6,325 |
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6,202 |
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Interest expense on lease liabilities |
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581 |
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573 |
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585 |
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Expense relating to short-term leases |
|
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2,118 |
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1,673 |
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1,252 |
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Expense relating to leases of low-value assets |
|
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4,749 |
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3,968 |
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5,180 |
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Total amount recognized in profit or loss |
|
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13,695 |
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12,539 |
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13,219 |
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At December 31, 2023 the Group signed (i) a binding offer for a seven-year property lease for a total undiscounted liability amounting to approximately EUR 1,250 thousand and (ii) a three-year property lease agreement for a total undiscounted liability amounting to approximately EUR 457 thousand. Both leases start in 2024.
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