Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Provisions

v3.25.0.1
Provisions
12 Months Ended
Dec. 31, 2024
Disclosure of other provisions [abstract]  
Provisions

31. Provisions

The balances at December 31, 2024 and 2023 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, 2024

 

 

1,429

 

 

 

659

 

 

 

2,570

 

 

 

380

 

 

 

5,038

 

Accrued during the period

 

 

1,857

 

 

 

36

 

 

 

999

 

 

 

9

 

 

 

2,901

 

Utilization

 

 

(1,129

)

 

 

 

 

 

 

 

 

(42

)

 

 

(1,171

)

Releases

 

 

 

 

 

 

 

 

(78

)

 

 

 

 

 

(78

)

Exchange rate differences

 

 

 

 

 

43

 

 

 

199

 

 

 

 

 

 

242

 

At December 31, 2024

 

 

2,157

 

 

 

738

 

 

 

3,690

 

 

 

347

 

 

 

6,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

1,733

 

 

 

 

 

 

2,406

 

 

 

 

 

 

4,139

 

Non-current

 

 

424

 

 

 

738

 

 

 

1,284

 

 

 

347

 

 

 

2,793

 

 

 

 

 

Provision for
Warranty

 

 

Decommissioning

 

 

Provision for
legal and
sundry risks

 

 

Provision for
agents and
directors
severance
indemnity

 

 

Total

 

 

 

(EUR thousand)

 

At January 1, 2023

 

 

1,102

 

 

 

654

 

 

 

2,770

 

 

 

1,026

 

 

 

5,552

 

Accrued during the period

 

 

1,086

 

 

 

28

 

 

 

160

 

 

 

182

 

 

 

1,456

 

Utilization

 

 

(760

)

 

 

 

 

 

(54

)

 

 

(802

)

 

 

(1,616

)

Releases

 

 

 

 

 

 

 

 

(214

)

 

 

(26

)

 

 

(240

)

Exchange rate differences

 

 

1

 

 

 

(23

)

 

 

(92

)

 

 

 

 

 

(114

)

At December 31, 2023

 

 

1,429

 

 

 

659

 

 

 

2,570

 

 

 

380

 

 

 

5,038

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

1,063

 

 

 

 

 

 

 

 

 

 

 

 

1,063

 

Non-current

 

 

366

 

 

 

659

 

 

 

2,570

 

 

 

380

 

 

 

3,975

 

 

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 goods to 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 or otherwise resolve legal proceeding and disputes. At December 31, 2024 the Group accrued overall EUR 2.4 million related to employment and personnel matters in the United States.

At December 31, 2024 provision for legal and sundry risks also includes accruals in connection with taxation related to personnel severance amounting to EUR 613 thousand and a provision for workers compensation insurance for overall EUR 639 thousand.