Qualitative and Quantitative Information of Financial Risks (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Disclosure of nature and extent of risks arising from financial instruments [abstract] |
|
| Summary of Contracts Holding |
The Group is holding the following contracts:
At December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (2) |
|
Forward |
|
9,467 |
|
— |
|
— |
|
9,467 |
|
443 |
|
Other current financial assets |
Average forward rate (EUR/USD) |
|
|
|
1.047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional amount (1) |
|
Collar options |
|
12,247 |
|
— |
|
— |
|
12,247 |
|
204 |
|
Other current financial assets |
Average forward rate (USD/MXN) |
|
|
|
17.880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional amount (2) |
|
Forward |
|
36,631 |
|
6,807 |
|
— |
|
43,438 |
|
613 |
|
Other current financial assets |
Average forward rate (EUR/USD) |
|
|
|
1.082 |
|
1.090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
65,152 |
|
1,260 |
|
|
(1) Derivatives not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Derivatives designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 at December 31, 2023 and December 31, 2022 are as follows:
At December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fix Through derivatives |
|
|
FIX |
|
|
Floating |
|
|
Total
nominal
amount |
|
|
Effect
amortized
cost |
|
|
Total |
|
|
MtM
IRS
Derivates |
|
|
Line item in
the statement of
financial
position |
|
|
(EUR thousand) |
|
|
|
Bank loans |
|
|
151,927 |
|
|
|
1,805 |
|
|
|
90,404 |
|
|
|
244,136 |
|
|
|
(240 |
) |
|
|
243,896 |
|
|
|
2,461 |
|
|
Non-current financial assets/ Current financial assets/ Current financial liabilities/ Non-current financial liabilities |
Bank overdrafts |
|
|
— |
|
|
|
— |
|
|
|
84,005 |
|
|
|
84,005 |
|
|
|
— |
|
|
|
84,005 |
|
|
|
— |
|
|
Current financial liabilities |
Financial payables for share acquisition |
|
|
— |
|
|
|
175 |
|
|
|
— |
|
|
|
175 |
|
|
|
— |
|
|
|
175 |
|
|
|
— |
|
|
Current financial liabilities |
Notes |
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
50,000 |
|
|
|
(257 |
) |
|
|
49,743 |
|
|
|
— |
|
|
Non-current financial liabilities |
Total |
|
|
151,927 |
|
|
|
51,980 |
|
|
|
174,409 |
|
|
|
378,316 |
|
|
|
(496 |
) |
|
|
377,820 |
|
|
|
2,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Total |
|
|
40 |
% |
|
|
14 |
% |
|
|
46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fix Through derivatives |
|
|
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 |
|
|
Non-current financial assets/ Current financial assets/ 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 of Total |
|
|
66 |
% |
|
|
33 |
% |
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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) |
|
At January 1, 2022 |
|
|
— |
|
|
|
— |
|
Foreign exchange forward |
|
|
(1,084 |
) |
|
|
235 |
|
Tax effect |
|
|
260 |
|
|
|
(56 |
) |
At 31 December, 2022 |
|
|
(824 |
) |
|
|
179 |
|
Foreign exchange forward |
|
|
550 |
|
|
|
(126 |
) |
Tax effect |
|
|
(111 |
) |
|
|
30 |
|
At 31 December, 2023 |
|
|
(385 |
) |
|
|
83 |
|
The risk arising from 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) |
|
At January 1, 2022 |
|
|
1,277 |
|
Interest Rate Swap |
|
|
(7,663 |
) |
Tax effect |
|
|
1,839 |
|
At December 31, 2022 |
|
|
(4,547 |
) |
Interest Rate Swap |
|
|
3,522 |
|
Tax effect |
|
|
(845 |
) |
At December 31, 2023 |
|
|
(1,870 |
) |
|
| Schedule of Interest Rate and Exchange Rate Sensitivity |
At December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate sensitivity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/decrease
in percentage points |
|
|
Effect on operating profit |
|
|
|
(EUR thousand) |
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
(1,506 |
) |
|
|
1,537 |
|
US dollar |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
(4,431 |
) |
|
|
4,705 |
|
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
(7,244 |
) |
|
|
8,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
216 |
|
|
|
(221 |
) |
Mexican Pesos |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
636 |
|
|
|
(676 |
) |
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
1,041 |
|
|
|
(1,150 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
(132 |
) |
|
|
135 |
|
China Renmimbi |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
(388 |
) |
|
|
412 |
|
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
(634 |
) |
|
|
701 |
|
At December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate sensitivity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/decrease
in percentage points |
|
|
Effect on operating profit |
|
|
|
(EUR thousand) |
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
(1,729 |
) |
|
|
1,764 |
|
US dollar |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
(5,087 |
) |
|
|
5,401 |
|
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
(8,316 |
) |
|
|
9,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
187 |
|
|
|
(191 |
) |
Mexican Pesos |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
551 |
|
|
|
(585 |
) |
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
900 |
|
|
|
(995 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro |
|
|
1 |
% |
|
|
(1 |
)% |
|
|
(93 |
) |
|
|
95 |
|
China Renmimbi |
|
|
3 |
% |
|
|
(3 |
)% |
|
|
(274 |
) |
|
|
291 |
|
|
|
|
5 |
% |
|
|
(5 |
)% |
|
|
(448 |
) |
|
|
495 |
|
The following table presents an analysis of sensitivity to a change in interest rates on the portion of loans and borrowings affected. With all other variables held constant, the Group’s marginality is affected as follows:
At December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate sensitivity |
|
|
|
|
|
|
|
|
|
|
|
|
Increase/decrease
in interest rate |
|
Effect on profit
before tax |
|
|
|
(EUR thousand) |
|
|
|
+20 BP |
|
-20 BP |
|
|
(92 |
) |
|
|
92 |
|
|
|
+50 BP |
|
-50 BP |
|
|
(230 |
) |
|
|
230 |
|
|
|
+100 BP |
|
-100 BP |
|
|
(461 |
) |
|
|
461 |
|
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 |
|
|
— |
|
|
|
— |
|
|
| 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, 2023 and 2022 on the basis of contractual payments of principal portion which have not been discounted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due within
one year |
|
|
Due between
one and five
years |
|
|
Due beyond
five years |
|
|
Total |
|
|
|
(EUR thousand) |
|
Bank overdrafts and short-term loan facilities |
|
|
84,005 |
|
|
|
— |
|
|
|
— |
|
|
|
84,005 |
|
Borrowings from banks (*) |
|
|
51,664 |
|
|
|
192,472 |
|
|
|
— |
|
|
|
244,136 |
|
Notes (*) |
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
|
|
50,000 |
|
Lease liabilities (**) |
|
|
6,370 |
|
|
|
9,781 |
|
|
|
4,975 |
|
|
|
21,125 |
|
Other financial liabilities |
|
|
175 |
|
|
|
— |
|
|
|
— |
|
|
|
175 |
|
Trade payables |
|
|
277,815 |
|
|
|
— |
|
|
|
— |
|
|
|
277,815 |
|
Tax payables |
|
|
30,798 |
|
|
|
— |
|
|
|
— |
|
|
|
30,798 |
|
Other liabilities (***) |
|
|
63,395 |
|
|
|
1,743 |
|
|
|
— |
|
|
|
65,138 |
|
Employee benefits |
|
|
120 |
|
|
|
160 |
|
|
|
7,133 |
|
|
|
7,413 |
|
Total liabilities |
|
|
514,343 |
|
|
|
254,156 |
|
|
|
12,107 |
|
|
|
780,606 |
|
(*) The corresponding balance reported in the consolidated financial statement position is EUR 243,896 thousand and EUR 49,743 thousand respectively and refers to adoption of amortized cost.
(**) The corresponding balance in the consolidated financial statement position is EUR 18,945 thousand and refers to adoption of IFRS 16.
(***) Other liabilities are mainly related to payables to personnel and social security institutions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due within
one year |
|
|
Due between
one and five
years |
|
|
Due beyond
five years |
|
|
Total |
|
|
|
(EUR thousand) |
|
Bank overdrafts and short-term loan facilities |
|
|
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 consolidated financial statement position is EUR 134,587 thousand and EUR 49,681 thousand respectively and refers to adoption of amortized cost.
(**) The corresponding balance in the consolidated financial statement position is EUR 19,982 thousand and refers to adoption of IFRS 16.
(***) Other liabilities are mainly related to payables to personnel and social security institutions.
|
| Summary of Hedging Contracts |
The Group is holding the following hedging contracts (Interest Rate Swaps):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line item in the statement of financial position |
|
Contract notional |
|
|
Currency |
|
Carrying amount at December 31, 2023 |
|
|
Carrying amount at December 31, 2022 |
|
|
|
(EUR thousand) |
|
Non-current financial assets |
|
|
235,000 |
|
|
EUR |
|
|
577 |
|
|
|
2,795 |
|
Current financial assets |
|
|
235,000 |
|
|
EUR |
|
|
2,373 |
|
|
|
3,187 |
|
Non-current financial liabilities |
|
|
70,000 |
|
|
EUR |
|
|
(488 |
) |
|
|
— |
|
|
| Summary of Financial Contracts |
At December 31, 2023, the Group held the following contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity |
|
Contract notional (volume) |
|
|
Unit |
|
Carrying amount at December 31, 2023 |
|
|
Line item in the
statement of
financial position |
|
|
|
|
|
|
|
|
(EUR thousand) |
|
|
|
Gas |
|
|
33,480 |
|
|
MWh |
|
|
— |
|
|
Current financial liabilities |
|
Energy |
|
|
10,132 |
|
|
MWh |
|
|
(20 |
) |
|
Current financial liabilities |
|
Total |
|
|
43,612 |
|
|
|
|
|
(20 |
) |
|
|
|
|