Income Tax (Tables)
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12 Months Ended |
Dec. 31, 2021 |
|---|
| Major Components Of Tax Expense Income [Abstract] |
|
| Summary of Income Tax Expense |
Income tax expense is as follows:
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For the years ended December 31, |
|
(EUR thousand) |
|
2021 |
|
|
2020 |
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|
2019 |
|
Current income tax: |
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|
|
|
|
|
|
|
|
Current Taxes |
|
|
35,093 |
|
|
|
28,604 |
|
|
|
18,883 |
|
Prior Years Taxes |
|
|
(6,544 |
) |
|
|
918 |
|
|
|
1,620 |
|
Deferred tax: |
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|
|
|
|
|
|
|
|
Deferred Taxes |
|
|
2,855 |
|
|
|
(11,840 |
) |
|
|
(4,496 |
) |
Income tax expense reported in the statement of profit or loss |
|
|
31,404 |
|
|
|
17,682 |
|
|
|
16,007 |
|
|
| Summary of Deferred Tax Charged to OCI |
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For the years ended
December 31, |
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(EUR thousand) |
|
2021 |
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|
2020 |
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|
2019 |
|
Deferred tax related to items recognized in OCI during in the year: |
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|
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Gains/(losses) from remeasurement of employee of defined benefit plans and of agent termination plans |
|
|
26 |
|
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|
15 |
|
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|
86 |
|
Change in the fair value of hedging instruments |
|
|
(653 |
) |
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173 |
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|
216 |
|
Deferred tax charged to OCI |
|
|
(627 |
) |
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|
188 |
|
|
|
302 |
|
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| Schedule of Reconciliation of Effective Tax Rate |
The table below provides a reconciliation between actual income tax expense and the theoretical income tax expense, calculated on the basis of the applicable corporate tax rate in effect in Italy.
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For the years ended December 31, |
|
(EUR thousand) |
|
2021 |
|
|
2020 |
|
|
2019 |
|
Accounting profit before income tax |
|
|
165,673 |
|
|
|
96,279 |
|
|
|
54,714 |
|
Statutory income tax rate of 27.9% |
|
|
46,223 |
|
|
|
26,862 |
|
|
|
15,265 |
|
Prior years taxes |
|
|
(6,544 |
) |
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|
918 |
|
|
|
1,620 |
|
DTA recognized on tax losses carry-forward |
|
|
(1,947 |
) |
|
|
(41 |
) |
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|
720 |
|
Taxes effect on unremitted earnings |
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|
400 |
|
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|
1,248 |
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|
210 |
|
Utilization of tax losses carry-forward not recognized on DTA |
|
|
— |
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|
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— |
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|
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(1,759 |
) |
Not deductible expenses |
|
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— |
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— |
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|
535 |
|
Step up |
|
|
— |
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|
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(7,926 |
) |
|
|
— |
|
Change notional rate |
|
|
— |
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|
361 |
|
|
|
— |
|
Tax grants/not taxable items |
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(1,157 |
) |
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(2,146 |
) |
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|
(449 |
) |
Tax exemption on gain from the sale of an associate |
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(3,378 |
) |
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— |
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|
|
— |
|
Different foreign tax rate effect |
|
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(2,193 |
) |
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(1,594 |
) |
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|
(135 |
) |
At the effective income tax rate of 18.96% (18.40% in 2020, 29.30% in 2019) |
|
|
31,404 |
|
|
|
17,682 |
|
|
|
16,007 |
|
Income tax expense reported in the statement of profit or loss |
|
|
31,404 |
|
|
|
17,682 |
|
|
|
16,007 |
|
|
| Summary of Timing of Tax Losses Carryforwards |
The breakdown on the timing of tax losses carry-forwards is as follows:
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At December 31, |
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At December 31, |
|
(EUR thousand) |
|
2021 |
|
|
2020 |
|
Timing of unrecognized tax losses carry-forwards |
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2022 |
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|
16 |
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|
15 |
|
2023 |
|
|
320 |
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|
306 |
|
2024 |
|
|
351 |
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|
336 |
|
2025 |
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|
315 |
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|
304 |
|
2026 |
|
|
318 |
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|
262 |
|
2027 |
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|
274 |
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|
283 |
|
Unlimited |
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|
2,206 |
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|
7,288 |
|
Total unrecognized tax losses |
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|
3,800 |
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|
8,794 |
|
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| Summary of Deferred Tax Assets and Deferred Tax Liabilities |
The analysis of deferred tax assets and deferred tax liabilities as at December 31, 2021 and 2020 is as follows:
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Consolidated statement
of financial position |
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At December 31, |
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At December 31, |
|
(EUR thousand) |
|
2021 |
|
|
2020 |
|
Other intangible assets |
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|
(3,167 |
) |
|
|
(3,914 |
) |
Tangible assets |
|
|
12,178 |
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|
|
10,530 |
|
Work in progress |
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|
(5,156 |
) |
|
|
(4,581 |
) |
Revaluations of investment properties to fair value |
|
|
8,009 |
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|
9,104 |
|
Expected credit losses of debt financial assets |
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|
1,429 |
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|
1,683 |
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Derivatives |
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|
403 |
|
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|
1,056 |
|
Leases |
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|
251 |
|
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|
178 |
|
Long term incentives |
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|
816 |
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|
1,057 |
|
Cash settled awards |
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|
325 |
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|
5,120 |
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Provisions |
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|
2,351 |
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|
5,413 |
|
Accruals and other provisions |
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|
62 |
|
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|
906 |
|
Tax losses carry forward |
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|
14,888 |
|
|
|
8,636 |
|
Dividends |
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|
(1,300 |
) |
|
|
(1,200 |
) |
Start up costs IPO SG spa |
|
|
5,369 |
|
|
|
— |
|
Other effects |
|
|
314 |
|
|
|
(59 |
) |
Deferred tax assets, net |
|
|
36,772 |
|
|
|
33,929 |
|
Reflected in the statement of financial position as follows: |
|
|
|
|
|
|
Deferred tax assets |
|
|
55,877 |
|
|
|
45,552 |
|
Deferred tax liabilities |
|
|
(19,105 |
) |
|
|
(11,623 |
) |
Deferred tax assets, net |
|
|
36,772 |
|
|
|
33,929 |
|
|
| Schedule of Reconciliation of Net Deferred Tax Assets |
The reconciliation of net deferred tax assets is as follows:
|
|
|
|
|
|
|
|
|
(EUR thousand) |
|
2021 |
|
|
2020 |
|
As of January 1 |
|
|
33,929 |
|
|
|
22,669 |
|
Tax expense during the period recognized in profit or loss |
|
|
(2,855 |
) |
|
|
11,840 |
|
Tax income/(expense) during the period recognized in OCI |
|
|
(627 |
) |
|
|
188 |
|
DTA on IPO transaction costs on capital increase |
|
|
6,711 |
|
|
|
— |
|
Other effect |
|
|
(386 |
) |
|
|
(768 |
) |
As at December 31 |
|
|
36,772 |
|
|
|
33,929 |
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|