Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Qualitative and Quantitative Information of Financial Risks (Tables)

v3.22.1
Qualitative and Quantitative Information of Financial Risks (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Abstract]  
Summary of Contracts Holding

The Group is holding the following contracts:

As at December 31, 2021

 

(EUR thousand)

 

 

 

0 to 6
months

 

6 to 9
months

 

9 to 12
months

 

 

Total

 

 

Carrying
amount

 

 

Line item in the
statement of
financial position

Notional amount

 

Forward

 

 

 

 

 

 

36,702

 

 

 

36,702

 

 

 

(21

)

 

Current financial liabilities

Average forward rate (EUR/DKK)

 

 

 

 

 

 

 

 

7.438

 

 

 

 

 

 

 

 

 

Notional amount

 

Forward

 

 

 

 

 

 

9,372

 

 

 

9,372

 

 

 

50

 

 

Other current financial assets

Average forward rate (EUR/USD)

 

 

 

 

 

 

 

 

1.139

 

 

 

 

 

 

 

 

 

Notional amount

 

Forward

 

 

 

 

 

 

990

 

 

 

990

 

 

 

20

 

 

Other current financial assets

Average forward rate (EUR/JPY)

 

 

 

 

 

 

 

 

128.750

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

47,064

 

 

 

49

 

 

 

 

As at December 31, 2020

 

(EUR thousand)

 

 

 

0 to 6
months

 

6 to 9
months

 

9 to 12
months

 

 

Total

 

 

Carrying
amount

 

 

Line item in the
statement of
financial position

Notional amount

 

Forward

 

 

 

 

 

 

19,554

 

 

 

19,554

 

 

 

(12

)

 

Current financial liabilities

Average forward rate (EUR/DKK)

 

 

 

 

 

 

 

 

7.447

 

 

 

 

 

 

 

 

 

Notional amount

 

Forward

 

 

 

 

 

 

6,246

 

 

 

6,246

 

 

 

19

 

 

Other current financial assets

Average forward rate (EUR/USD)

 

 

 

 

 

 

 

 

1.230

 

 

 

 

 

 

 

 

 

Notional amount

 

Forward

 

 

 

 

 

 

1,203

 

 

 

1,203

 

 

 

(3

)

 

Current financial liabilities

Average forward rate (EUR/CHF)

 

 

 

 

 

 

 

 

1.082

 

 

 

 

 

 

 

 

 

Notional amount

 

Forward

 

 

 

 

 

 

1,008

 

 

 

1,008

 

 

 

(0

)

 

Current financial liabilities

Average forward rate (EUR/JPY)

 

 

 

 

 

 

 

 

126.55

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

28,011

 

 

 

4

 

 

 

 

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 as at December 31, 2021 and December 31, 2020 are as follows:

As at December 31, 2021:

 

(EUR thousand)

 

IRS

 

 

FIX

 

 

Floating

 

 

Total
nominal
amount

 

 

Effect
amortized
cost

 

 

Total

 

 

MtM
IRS
Derivates

 

 

Line item in
the statement of
financial
position

Bank loans

 

 

167,864

 

 

 

2,686

 

 

 

404

 

 

 

170,954

 

 

 

(391

)

 

 

170,563

 

 

 

(1,681

)

 

Current financial liabilities/
Non-current financial liabilities

Bank overdrafts

 

 

 

 

 

 

 

 

37

 

 

 

37

 

 

 

 

 

 

37

 

 

 

 

 

Other financial liabilities

Financial payables for share acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current financial liabilities

Financial liabilities due to related parties

 

 

 

 

 

940

 

 

 

 

 

 

940

 

 

 

 

 

 

940

 

 

 

 

 

Current financial liabilities

Financial liabilities due to other lenders

 

 

 

 

 

2,524

 

 

 

 

 

 

2,524

 

 

 

 

 

 

2,524

 

 

 

 

 

Current financial liabilities/
Non-current financial liabilities

Notes

 

 

 

 

 

50,000

 

 

 

 

 

 

50,000

 

 

 

(380

)

 

 

49,620

 

 

 

 

 

Non-current financial liabilities

Total

 

 

167,864

 

 

 

56,150

 

 

 

441

 

 

 

224,455

 

 

 

(771

)

 

 

223,684

 

 

 

(1,681

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage on Total

 

 

75

%

 

 

25

%

 

 

0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at December 31, 2020:

 

(EUR thousand)

 

IRS

 

 

FIX

 

 

Floating

 

 

Total
nominal
amount

 

 

Effect
amortized
cost

 

 

Total

 

 

MtM
IRS
Derivates

 

 

Line item in
the statement of
financial
position

Bank loans

 

 

229,772

 

 

 

12,838

 

 

 

44,355

 

 

 

286,965

 

 

 

(695

)

 

 

286,270

 

 

 

(4,402

)

 

Current financial liabilities/
Non-current financial liabilities

Bank overdrafts

 

 

 

 

 

 

 

 

582

 

 

 

582

 

 

 

 

 

 

582

 

 

 

 

 

Other financial liabilities

Financial payables for share acquisition

 

 

 

 

 

 

 

 

7,927

 

 

 

7,927

 

 

 

 

 

 

7,927

 

 

 

 

 

Current financial liabilities

Financial liabilities due to related parties

 

 

 

 

 

968

 

 

 

 

 

 

968

 

 

 

 

 

 

968

 

 

 

 

 

Current financial liabilities

Notes

 

 

 

 

 

50,000

 

 

 

 

 

 

50,000

 

 

 

(427

)

 

 

49,573

 

 

 

 

 

Non-current financial liabilities

Total

 

 

229,772

 

 

 

63,806

 

 

 

52,864

 

 

 

346,442

 

 

 

(1,122

)

 

 

345,320

 

 

 

(4,402

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage on Total

 

 

67

%

 

 

18

%

 

 

15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of Hedging on Equity in Cash Flow Hedge Reserve

The risk arising from to 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 in “cash flow hedge reserve”:

 

(EUR thousand)

 

2021

 

 

2020

 

As at 1 January

 

 

3,345

 

 

 

2,796

 

Interest Rate Swap

 

 

(2,721

)

 

 

722

 

Tax effect

 

 

653

 

 

 

(173

)

As at 31 December

 

 

1,277

 

 

 

3,345

 

Schedule of Interest Rate and Exchange Rate Sensitivity

The following table presents an analysis of sensitivity to a change in (i) interest rates on the portion of loans and borrowings affected (nearly zero due to the early repayment of almost all the loans with floating rate), and (ii) exchange rates for the currencies the Group is majorly exposed to. With all other variables held constant, the Group’s marginality is affected as follows:

As at December 31, 2021

 

Interest rate sensitivity

 

 

 

 

 

 

 

 

 

 

(EUR thousand)

 

Increase/decrease
in interest rate

 

Effect on profit
before tax

 

 

 

+20 BP

 

-20 BP

 

 

 

 

 

 

 

 

+50 BP

 

-50 BP

 

 

 

 

 

 

 

 

+100 BP

 

-100 BP

 

 

 

 

 

 

 

Exchange rate sensitivity

 

 

 

 

 

 

 

 

 

 

 

 

(EUR thousand)

 

Increase/decrease
in percentage points

 

 

Effect on EBITDA

 

Euro

 

 

1

%

 

 

(1

)%

 

 

(1,190

)

 

 

1,214

 

US dollar

 

 

3

%

 

 

(3

)%

 

 

(3,500

)

 

 

3,716

 

 

 

 

5

%

 

 

(5

)%

 

 

(5,722

)

 

 

6,324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Euro

 

 

1

%

 

 

(1

)%

 

 

156

 

 

 

(159

)

Mexican Pesos

 

 

3

%

 

 

(3

)%

 

 

459

 

 

 

(487

)

 

 

 

5

%

 

 

(5

)%

 

 

750

 

 

 

(829

)

 

As at December 31, 2020

 

Interest rate sensitivity

 

 

 

 

 

 

 

 

 

 

(EUR thousand)

 

Increase/decrease
in interest rate

 

Effect on profit
before tax

 

 

 

+20 BP

 

-20 BP

 

 

(21

)

 

 

11

 

 

 

+50 BP

 

-50 BP

 

 

(111

)

 

 

26

 

 

 

+100 BP

 

-100 BP

 

 

(406

)

 

 

53

 

 

Exchange rate sensitivity

 

 

 

 

 

 

 

 

 

 

 

 

(EUR thousand)

 

Increase/decrease
in percentage points

 

 

Effect on EBITDA

 

Euro

 

 

1

%

 

 

(1

)%

 

 

(862

)

 

 

879

 

US dollar

 

 

3

%

 

 

(3

)%

 

 

(2,534

)

 

 

2,691

 

 

 

 

5

%

 

 

(5

)%

 

 

(4,144

)

 

 

4,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Euro

 

 

1

%

 

 

(1

)%

 

 

128

 

 

 

(131

)

Mexican Pesos

 

 

3

%

 

 

(3

)%

 

 

377

 

 

 

(400

)

 

 

 

5

%

 

 

(5

)%

 

 

616

 

 

 

(681

)

 

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, 2021 and at December 31, 2020 on the basis of contractual payments which have not been discounted:

 

As at December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

(EUR thousand)

 

Due within
one year

 

 

Due between
one and five
years

 

 

Due beyond
five years

 

 

Total

 

Bank overdrafts

 

 

37

 

 

 

 

 

 

 

 

 

37

 

Borrowings from banks (*)

 

 

36,357

 

 

 

134,006

 

 

 

591

 

 

 

170,954

 

Notes (*)

 

 

 

 

 

 

 

 

50,000

 

 

 

50,000

 

Lease liabilities (**)

 

 

6,046

 

 

 

12,751

 

 

 

6,961

 

 

 

25,758

 

Other Financial liabilities

 

 

2,729

 

 

 

735

 

 

 

 

 

 

3,464

 

Trade payables

 

 

164,787

 

 

 

 

 

 

 

 

 

164,787

 

Tax payables

 

 

19,440

 

 

 

 

 

 

 

 

 

19,440

 

Other liabilities

 

 

65,813

 

 

 

1,808

 

 

 

 

 

 

67,621

 

Employee Benefits

 

 

 

 

 

11,853

 

 

 

 

 

 

11,853

 

Total liabilities

 

 

295,209

 

 

 

161,153

 

 

 

57,552

 

 

 

513,914

 

(*) The corresponding balance reported in the financial statement position is EUR 170,562 thousand and EUR 49,620 thousand respectively at 31 December 2021 and refers to adoption of amortized cost.

(**) The corresponding balance in the financial statement position is EUR 23,127 thousand and refers to adoption of IFRS 16.

 

As at December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

(EUR thousand)

 

Due within
one year

 

 

Due between
one and five
years

 

 

Due beyond
five years

 

 

Total

 

Bank overdrafts

 

 

582

 

 

 

 

 

 

 

 

 

582

 

Borrowings from banks (*)

 

 

62,169

 

 

 

216,717

 

 

 

8,079

 

 

 

286,965

 

Notes (*)

 

 

 

 

 

 

 

 

50,000

 

 

 

50,000

 

Lease liabilities (**)

 

 

5,954

 

 

 

14,868

 

 

 

7,706

 

 

 

28,528

 

Other Financial liabilities

 

 

8,896

 

 

 

 

 

 

 

 

 

8,896

 

Trade payables

 

 

118,740

 

 

 

 

 

 

 

 

 

118,740

 

Tax payables

 

 

19,126

 

 

 

 

 

 

 

 

 

19,126

 

Other liabilities

 

 

43,683

 

 

 

1,715

 

 

 

93

 

 

 

45,491

 

Employee Benefits

 

 

 

 

 

29,725

 

 

 

 

 

 

29,725

 

Total liabilities

 

 

259,150

 

 

 

263,025

 

 

 

65,878

 

 

 

588,053

 

(*) The corresponding balance reported in the financial statement position is EUR 286,270 thousand and EUR 49,573 thousand respectively at 31 December 2020 and refers to adoption of amortized cost.

(**) The corresponding balance in the financial statement position is EUR 25,621 thousand and refers to adoption of IFRS 16.