| Summary of employee benefits |
Employee benefits are analyzed as follows:
|
|
|
|
|
|
|
|
|
|
|
At December 31, |
|
|
At December 31, |
|
(EUR thousand) |
|
2021 |
|
|
2020 |
|
Employee severance pay |
|
|
5,895 |
|
|
|
5,791 |
|
Jubilee benefits |
|
|
253 |
|
|
|
239 |
|
Other post-employment plans |
|
|
699 |
|
|
|
582 |
|
Long term incentive plan |
|
|
3,653 |
|
|
|
1,780 |
|
Cash settled awards |
|
|
— |
|
|
|
21,333 |
|
Stock grant plan |
|
|
1,353 |
|
|
|
— |
|
Total employee benefits |
|
|
11,853 |
|
|
|
29,725 |
|
|
| Summary of group's liabilities for employee benefits |
The Group’s liabilities for employee benefits are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(EUR thousand) |
|
Trattamento
Fine
Rapporto |
|
|
Jubilee
Benefits |
|
|
Beneficio
por Retiro /
Terminacion |
|
|
Severance
Payment
Slovakia |
|
|
Total |
|
At January 1, 2020 |
|
|
5,801 |
|
|
|
220 |
|
|
|
468 |
|
|
|
25 |
|
|
|
6,514 |
|
Interest cost |
|
|
44 |
|
|
|
2 |
|
|
|
32 |
|
|
|
1 |
|
|
|
79 |
|
Current service cost |
|
|
325 |
|
|
|
26 |
|
|
|
70 |
|
|
|
7 |
|
|
|
428 |
|
Benefits paid |
|
|
(412 |
) |
|
|
(16 |
) |
|
|
— |
|
|
|
(7 |
) |
|
|
(435 |
) |
Actuarial Gains and Losses |
|
|
33 |
|
|
|
7 |
|
|
|
108 |
|
|
|
4 |
|
|
|
152 |
|
Exchange rate differences |
|
|
— |
|
|
|
— |
|
|
|
(126 |
) |
|
|
— |
|
|
|
(126 |
) |
At December 31, 2020 |
|
|
5,791 |
|
|
|
239 |
|
|
|
552 |
|
|
|
30 |
|
|
|
6,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized in the consolidated income statement |
|
|
369 |
|
|
|
36 |
|
|
|
103 |
|
|
|
8 |
|
|
|
516 |
|
Recognized in the other comprehensive income |
|
|
33 |
|
|
|
— |
|
|
|
108 |
|
|
|
4 |
|
|
|
145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2021 |
|
|
5,791 |
|
|
|
239 |
|
|
|
552 |
|
|
|
30 |
|
|
|
6,612 |
|
Interest cost |
|
|
18 |
|
|
|
2 |
|
|
|
29 |
|
|
|
1 |
|
|
|
50 |
|
Current service cost |
|
|
402 |
|
|
|
27 |
|
|
|
95 |
|
|
|
7 |
|
|
|
531 |
|
Benefits paid |
|
|
(476 |
) |
|
|
(13 |
) |
|
|
(32 |
) |
|
|
(13 |
) |
|
|
(534 |
) |
Actuarial Gains and Losses |
|
|
160 |
|
|
|
(2 |
) |
|
|
(23 |
) |
|
|
15 |
|
|
|
150 |
|
Exchange rate differences |
|
|
— |
|
|
|
— |
|
|
|
38 |
|
|
|
— |
|
|
|
38 |
|
At December 31, 2021 |
|
|
5,895 |
|
|
|
253 |
|
|
|
659 |
|
|
|
40 |
|
|
|
6,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized in the consolidated income statement |
|
|
419 |
|
|
|
28 |
|
|
|
123 |
|
|
|
8 |
|
|
|
579 |
|
Recognized in the other comprehensive income |
|
|
160 |
|
|
|
— |
|
|
|
(23 |
) |
|
|
15 |
|
|
|
151 |
|
|
| Summary of assumptions used for determining defined benefit obligations and quantitative impact |
The principal assumptions used for determining the obligations under the plan described are as follows:
As at December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance indemnity |
|
|
|
Italy |
|
|
Germany |
|
|
Mexico |
|
|
Slovakia |
|
Discount Rate % |
|
|
0.98 |
% |
|
|
1.17 |
% |
|
|
9.75 |
% |
|
|
0.98 |
% |
Future salary increase % |
|
|
0.50 |
% |
|
|
— |
|
|
|
4.50 |
% |
|
|
6.00 |
% |
Inflation rate % |
|
|
1.75 |
% |
|
|
— |
|
|
|
3.50 |
% |
|
|
— |
|
As at December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance indemnity |
|
|
|
Italy |
|
|
Germany |
|
|
Mexico |
|
|
Slovakia |
|
Discount Rate % |
|
|
0.34 |
% |
|
|
1.00 |
% |
|
|
8.25 |
% |
|
|
4.50 |
% |
Future salary increases % |
|
|
0.50 |
% |
|
|
— |
|
|
|
4.50 |
% |
|
|
6.00 |
% |
Inflation rate % |
|
|
0.80 |
% |
|
|
— |
|
|
|
3.50 |
% |
|
|
— |
|
A quantitative sensitivity analysis for significant assumptions impacting defined benefits obligation as at December 31, 2021 and December 31, 2020 is reported as follows:
|
|
|
|
|
|
|
|
|
|
|
At December 31, |
|
|
At December 31, |
|
(EUR thousand) |
|
2021 |
|
|
2020 |
|
Turnover rate +1,00% |
|
|
(58 |
) |
|
|
(57 |
) |
Turnover rate -1,00% |
|
|
67 |
|
|
|
65 |
|
Inflation rate +0,25% |
|
|
101 |
|
|
|
100 |
|
Inflation rate -0,25% |
|
|
(98 |
) |
|
|
(97 |
) |
Annual discount rate +0,25% |
|
|
(138 |
) |
|
|
(137 |
) |
Annual discount rate -0,25% |
|
|
144 |
|
|
|
143 |
|
|
| Summary of components of liabilities for long-term incentive plan, cash settled awards and stock grant plan |
The Group’s liability for the Long-term Incentive plan is as follows:
|
|
|
|
|
|
|
|
|
(EUR thousand) |
|
Long Term Incentive Plan 2020-2023 |
|
|
Total |
|
At January 1, 2020 |
|
|
— |
|
|
|
— |
|
Current service cost |
|
|
1,780 |
|
|
|
1,780 |
|
At December 31, 2020 |
|
|
1,780 |
|
|
|
1,780 |
|
Interest cost |
|
|
(7 |
) |
|
|
(7 |
) |
Current service cost |
|
|
1,874 |
|
|
|
1,874 |
|
Actuarial Gains and Losses * |
|
|
6 |
|
|
|
6 |
|
At December 31, 2021 |
|
|
3,653 |
|
|
|
3,653 |
|
*According to IAS 19, Actuarial Gains and Losses are recognized in profit or loss
The following table summarize the components of the cash settled awards obligation expense recognized in the statement of profit or loss and amounts recognized in the statement of financial position:
|
|
|
|
|
|
|
|
|
|
|
|
|
(EUR thousand) |
|
Incentive plan 2012-2021 |
|
|
Incentive plan 2018-2022 |
|
|
Total |
|
At January 1, 2020 |
|
|
13,456 |
|
|
|
5,437 |
|
|
|
18,893 |
|
Interest cost |
|
|
(15 |
) |
|
|
(6 |
) |
|
|
(21 |
) |
Current service cost |
|
|
— |
|
|
|
2,715 |
|
|
|
2,715 |
|
Actuarial Gains and Losses * |
|
|
(103 |
) |
|
|
(151 |
) |
|
|
(254 |
) |
At December 31, 2020 |
|
|
13,338 |
|
|
|
7,995 |
|
|
|
21,333 |
|
Interest cost |
|
|
(9 |
) |
|
|
(5 |
) |
|
|
(14 |
) |
Benefits paid |
|
|
(7,919 |
) |
|
|
— |
|
|
|
(7,919 |
) |
Actuarial Gains and Losses * |
|
|
(3,299 |
) |
|
|
(7,533 |
) |
|
|
(10,832 |
) |
Transferred to SGP 2021-2027 |
|
|
(400 |
) |
|
|
— |
|
|
|
(400 |
) |
Stocks granted |
|
|
(1,711 |
) |
|
|
(457 |
) |
|
|
(2,168 |
) |
At December 31, 2021 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
*According to IAS 19, Actuarial Gains and Losses are recognized in profit or loss
The following table summarize the IAS 19 components of the obligation expense recognized in the statement of profit or loss and amounts recognized in the statement of financial position:
|
|
|
|
|
|
|
|
|
(EUR thousand) |
|
Stock grant plan 2021-2027 |
|
|
Total |
|
At January 1, 2021 |
|
|
— |
|
|
|
— |
|
Transfer from SOP 2012-2021 |
|
|
400 |
|
|
|
400 |
|
Interest cost |
|
|
6 |
|
|
|
6 |
|
Current service cost |
|
|
947 |
|
|
|
947 |
|
At December 31, 2021 |
|
|
1,353 |
|
|
|
1,353 |
|
|