Income Tax (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Major components of tax expense (income) [abstract] |
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| Summary of Income Tax Expense |
Income tax expense is as follows:
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For the year ended December 31, |
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2024 |
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2023 |
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2022 |
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(EUR thousand) |
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Current income tax: |
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Current taxes |
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58,572 |
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62,610 |
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57,400 |
|
Prior years taxes |
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(841 |
) |
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(1,932 |
) |
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|
215 |
|
Deferred tax: |
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Deferred taxes |
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(15,209 |
) |
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(16,815 |
) |
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(12,990 |
) |
Income tax expense reported in the statement of profit or loss |
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42,522 |
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43,863 |
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44,625 |
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| Summary of Deferred Tax Charged to OCI |
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For the year ended December 31, |
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2024 |
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2023 |
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2022 |
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(EUR thousand) |
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Deferred tax related to items recognized in OCI during in the year: |
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Gains/(losses) from remeasurement of employee of defined benefit plans and of agent termination plans |
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(7 |
) |
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15 |
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(236 |
) |
Change in the fair value of hedging instruments |
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1,119 |
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|
932 |
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(2,043 |
) |
Deferred tax charged to OCI |
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1,112 |
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|
947 |
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(2,279 |
) |
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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 year ended December 31, |
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2024 |
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2023 |
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2022 |
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(EUR thousand) |
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Accounting profit before income tax |
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160,288 |
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189,553 |
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187,641 |
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Statutory income tax rate of 27.9% |
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44,720 |
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52,885 |
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52,202 |
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Prior years taxes |
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(841 |
) |
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(1,932 |
) |
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|
215 |
|
DTA not recognized on tax losses carry-forward for the current fiscal year |
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1,770 |
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1,854 |
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|
750 |
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DTA recognized on tax losses carry-forward from previous years |
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(1,272 |
) |
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(2,810 |
) |
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— |
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Tax effect on distributed dividends |
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507 |
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827 |
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— |
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Tax effect on unremitted earnings |
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— |
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— |
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1,488 |
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Tax grants/not taxable items |
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(2,774 |
) |
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(5,097 |
) |
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(8,477 |
) |
Different foreign tax rate effect |
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412 |
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(2,244 |
) |
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(1,553 |
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DTA/DTL effect previous years |
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— |
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380 |
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— |
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At the effective income tax rate of 26.5% (23.1% in 2023, 23.8% in 2022) |
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42,522 |
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43,863 |
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44,625 |
|
Income tax expense reported in the income statement |
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42,522 |
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43,863 |
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|
44,625 |
|
The Group's effective tax rate for the year ended December 31, 2024, increased to 26.5% compared to
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| 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, |
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2024 |
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2023 |
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(EUR thousand) |
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Timing of unrecognized tax losses carry-forwards |
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Unlimited |
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10,488 |
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8,377 |
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Total unrecognized tax losses |
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10,488 |
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8,377 |
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The change in unrecognized tax losses was related to an increase in tax losses in the U.S. subsidiary Balda C Brewer.
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| Summary of Deferred Tax Assets and Deferred Tax Liabilities |
The analysis of deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023 is as follows:
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At December 31, |
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At December 31, |
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2024 |
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2023 |
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(EUR thousand) |
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Intangible assets |
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1,520 |
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(1,649 |
) |
Property, plant and equipment |
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37,818 |
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30,150 |
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Contract balances |
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(11,485 |
) |
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(13,552 |
) |
Revaluations of investment properties to fair value |
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4,722 |
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5,712 |
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Expected credit losses |
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1,309 |
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1,279 |
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Derivatives |
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412 |
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(708 |
) |
Leases |
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682 |
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|
308 |
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Long term incentives |
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— |
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12 |
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Provisions |
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7,540 |
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6,845 |
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Accruals and other provisions |
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|
947 |
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|
578 |
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Tax losses carry forward |
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41,175 |
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36,251 |
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Unremitted earnings |
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(2,260 |
) |
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(2,260 |
) |
Start up costs IPO SG spa |
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1,342 |
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2,684 |
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Borrowing costs capitalized |
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(2,075 |
) |
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(550 |
) |
Other effects |
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1,137 |
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1,527 |
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Deferred tax assets, net |
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82,784 |
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66,627 |
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Reflected in the statement of financial position as follows: |
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Deferred tax assets |
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95,344 |
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76,251 |
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Deferred tax liabilities |
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(12,560 |
) |
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(9,624 |
) |
Deferred tax assets, net |
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82,784 |
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66,627 |
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| Schedule of Reconciliation of Net Deferred Tax Assets |
The reconciliation of net deferred tax assets is as follows:
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2024 |
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2023 |
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(EUR thousand) |
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As of January 1 |
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66,627 |
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|
48,258 |
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Tax expense during the period recognized in profit or loss |
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15,209 |
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16,815 |
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Tax income/(expense) during the period recognized in OCI |
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1,112 |
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|
947 |
|
Other effect |
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(164 |
) |
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|
607 |
|
As at December 31 |
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82,784 |
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66,627 |
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