{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "SAF": "http://safilogroup.com/2023-12-31", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://safilogroup.com/2023-12-31/81560026FA1A26642782-2023-12-31.xsd" ] }, "facts": { "f24172": { "value": "74898000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24179": { "value": "77710000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24192": { "value": "203075000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24197": { "value": "382000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "ifrs-full:CategoriesOfRelatedPartiesAxis": "ifrs-full:RelatedPartiesMember", "unit": "iso4217:EUR" } }, "f24202": { "value": "214034000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24207": { "value": "328000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:CategoriesOfRelatedPartiesAxis": "ifrs-full:RelatedPartiesMember", "unit": "iso4217:EUR" } }, "f24218": { "value": "228991000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24225": { "value": "258980000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24240": { "value": "585000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24247": { "value": "698000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24261": { "value": "40119000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentAssets", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24268": { "value": "44878000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentAssets", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24281": { "value": "547667000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24288": { "value": "596300000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24333": { "value": "88750000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24340": { "value": "109088000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24354": { "value": "33988000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24361": { "value": "38997000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24375": { "value": "108117000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24382": { "value": "132993000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24395": { "value": "33682000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24402": { "value": "34895000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24415": { "value": "35320000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24422": { "value": "36274000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24437": { "value": "271000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24444": { "value": "780000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24458": { "value": "7668000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24466": { "value": "8623000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24483": { "value": "307795000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24490": { "value": "361649000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24521": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24527": { "value": "2320000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24553": { "value": "855462000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24560": { "value": "960268000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24685": { "value": "30250000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24692": { "value": "30000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24706": { "value": "9643000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24714": { "value": "9051000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24728": { "value": "172107000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24733": { "value": "33000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "ifrs-full:CategoriesOfRelatedPartiesAxis": "ifrs-full:RelatedPartiesMember", "unit": "iso4217:EUR" } }, "f24738": { "value": "180701000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24743": { "value": "83000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:CategoriesOfRelatedPartiesAxis": "ifrs-full:RelatedPartiesMember", "unit": "iso4217:EUR" } }, "f24754": { "value": "23382000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24761": { "value": "22492000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24776": { "value": "3909000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24784": { "value": "7656000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24803": { "value": "0", "decimals": -3, "dimensions": { "concept": "SAF:CurrentLiabilitiesForOptionsOnNonControllingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24809": { "value": "6195000", "decimals": -3, "dimensions": { "concept": "SAF:CurrentLiabilitiesForOptionsOnNonControllingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24824": { "value": "40772000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24831": { "value": "47291000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24845": { "value": "9017000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24853": { "value": "9166000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24866": { "value": "289081000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24873": { "value": "312552000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24913": { "value": "88345000", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24920": { "value": "117329000", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24934": { "value": "29359000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24941": { "value": "34727000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24956": { "value": "9734000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisionsForEmployeeBenefits", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24964": { "value": "13975000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisionsForEmployeeBenefits", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24978": { "value": "9443000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherLongtermProvisions", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f24986": { "value": "14512000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherLongtermProvisions", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25000": { "value": "10291000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25007": { "value": "12863000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25022": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25028": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25044": { "value": "20770000", "decimals": -3, "dimensions": { "concept": "SAF:NonCurrentLiabilitiesForOptionsOnNonControllingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25051": { "value": "13349000", "decimals": -3, "dimensions": { "concept": "SAF:NonCurrentLiabilitiesForOptionsOnNonControllingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25067": { "value": "2653000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25075": { "value": "2041000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25089": { "value": "170596000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25096": { "value": "208796000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25121": { "value": "459676000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25128": { "value": "521348000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25166": { "value": "384858000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25173": { "value": "384846000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25186": { "value": "27388000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25193": { "value": "692521000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25208": { "value": "-8668000", "decimals": -3, "dimensions": { "concept": "SAF:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriod", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25215": { "value": "-722392000", "decimals": -3, "dimensions": { "concept": "SAF:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriod", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25229": { "value": "271000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfCashFlowHedges", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25236": { "value": "780000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfCashFlowHedges", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25252": { "value": "-24649000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25259": { "value": "54160000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25277": { "value": "379200000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25284": { "value": "409915000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25309": { "value": "16586000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25316": { "value": "29005000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25340": { "value": "395786000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25347": { "value": "438920000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25373": { "value": "855462000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25380": { "value": "960268000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25468": { "value": "1024732000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25473": { "value": "1287000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:CategoriesOfRelatedPartiesAxis": "ifrs-full:RelatedPartiesMember", "unit": "iso4217:EUR" } }, "f25481": { "value": "1076745000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25486": { "value": "1204000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:CategoriesOfRelatedPartiesAxis": "ifrs-full:RelatedPartiesMember", "unit": "iso4217:EUR" } }, "f25499": { "value": "438997000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25508": { "value": "479296000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25534": { "value": "585735000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25543": { "value": "597450000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25571": { "value": "428780000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SalesAndMarketingExpense", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25576": { "value": "52000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SalesAndMarketingExpense", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:CategoriesOfRelatedPartiesAxis": "ifrs-full:RelatedPartiesMember", "unit": "iso4217:EUR" } }, "f25583": { "value": "420488000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SalesAndMarketingExpense", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25589": { "value": "74000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SalesAndMarketingExpense", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:CategoriesOfRelatedPartiesAxis": "ifrs-full:RelatedPartiesMember", "unit": "iso4217:EUR" } }, "f25601": { "value": "138080000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GeneralAndAdministrativeExpense", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25606": { "value": "50000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GeneralAndAdministrativeExpense", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:CategoriesOfRelatedPartiesAxis": "ifrs-full:RelatedPartiesMember", "unit": "iso4217:EUR" } }, "f25613": { "value": "128426000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GeneralAndAdministrativeExpense", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25619": { "value": "30000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GeneralAndAdministrativeExpense", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:CategoriesOfRelatedPartiesAxis": "ifrs-full:RelatedPartiesMember", "unit": "iso4217:EUR" } }, "f25632": { "value": "-11214000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25641": { "value": "-78000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25667": { "value": "7661000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25677": { "value": "48458000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25709": { "value": "-7895000", "decimals": -3, "dimensions": { "concept": "SAF:GainsLossesOnValuationOnLiabilitiesForOptionsGrantedToNonControllingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25718": { "value": "31191000", "decimals": -3, "dimensions": { "concept": "SAF:GainsLossesOnValuationOnLiabilitiesForOptionsGrantedToNonControllingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25732": { "value": "-19223000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25741": { "value": "-15512000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25769": { "value": "-19456000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25778": { "value": "64136000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25805": { "value": "6633000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25814": { "value": "11788000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25841": { "value": "-26089000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25850": { "value": "52349000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25894": { "value": "-24649000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25903": { "value": "54160000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25918": { "value": "-1440000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25927": { "value": "-1811000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f25972": { "value": "-0.06", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f25981": { "value": "0.131", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f26015": { "value": "-0.059", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f26024": { "value": "0.13", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f26094": { "value": "-26089000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26099": { "value": "52349000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26134": { "value": "-330000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26139": { "value": "2750000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26155": { "value": "-330000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26161": { "value": "2750000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26196": { "value": "-510000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26201": { "value": "780000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26217": { "value": "-16832000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26222": { "value": "17023000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26237": { "value": "-17342000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26242": { "value": "17803000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26262": { "value": "-17671000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26267": { "value": "20553000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26287": { "value": "-43760000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26292": { "value": "72903000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26322": { "value": "-41709000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26327": { "value": "72918000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26340": { "value": "-2051000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26345": { "value": "-16000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26357": { "value": "-43760000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26362": { "value": "72903000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "pp-value-1-1": { "value": "Consolidated statement of cash flows The accounting policies described here below have been applied for the preparation of the present report and comply with those adopted for the financial report as of 31 December 2022. The new amendments and accounting standards, described below, have not had any significant impacts on this report. The consolidated financial statements are based on the going concern assumption, despite a context still characterized by considerable uncertainty, the Group, taking into account its financial solidity, the actions undertaken to mitigate risks and its business model, believes that there are no elements that may rise any uncertainty on the going concern assumption, in accordance with paragraph 25 of IAS 1. The consolidated financial statements for the year ended 31 December 2023 and 31 December 2022 were prepared in accordance with IFRSs issued by the International Accounting Standard Board (\u201cIASB\u201d) and endorsed by the European Commission, as well as with the measures enacted to implement article 9 of Legislative Decree no. 38/2005. IFRSs include also all the interpretations of the International Financial Reporting Interpretations Commitee (\u201cIFRIC\u201d), previously called Standing Interpretations Commitee (\u201cSIC\u201d). The consolidated financial statements were prepared in accordance with \u201ccost\u201d criteria with the exception of some financial assets and liabilities, including derivative instruments, for which the \u201cfair value\u201d criterion was adopted. Preparation of the annual report in accordance with IFRSs requires management to make estimates and assumptions that may affect the amounts reported in the financial statements and explanatory notes. Actual results may differ from these estimates. The areas of the financial statements that are most affected by such estimates and assumptions are listed in section 2.23 \u201cUse of estimates\u201d. Except for what is described below about those accounting policies which changed due to new accounting standards and new IFRIC interpretations, in preparing these consolidated financial statements the same accounting principles and criteria of the consolidated financial statements as at 31 December 2022 have been applied. Furthermore, the Group has adopted the following new standards and amendments, effective from 1 January 2023: - on 18 May 2017 and 25 June 2020 , the IASB published respectively the IFRS 17 Insurance Contracts and its Amendments; - on 9 December 2021, the IASB published the amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information; - on 12 February 2021, the IASB published the amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; - on 7 May 2021, the IASB published the amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction; - on 23 May 2023, the IASB published the amendments to IAS 12 Income taxes International Tax Reform \u2013 Pillar Two Model Rules. With reference to the Pillar Two Model Rules, effective from 1 January 2024 Safilo Group, as Multinational Group of enterprises that \u2013 together with its indirect reference shareholder HAL Holding N.V. \u2013 meets the 750 million euro annual consolidated revenue threshold in at least two of the four preceding years, falls within the application of the Pillar Two income taxes provided for by the Council Directive (EU) 2022/2523 enacted in Italy by Legislative Decree 209/2023, aimed at ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the European Union. In accordance with paragraph 4.A of IAS 12 that provides for a temporary exception to such Principle in relation to the accounting and disclosure of information on deferred tax assets and liabilities arising from the jurisdictional implementation of the Pillar Two Model Rules, in the current financial statements no information are communicated and no deferred assets and liabilities are recorded in relation to the income taxes deriving from the implementation of the Pillar Two Model Rules. The Group has complied with the above new amendments in preparing this report, their application had no significant impact on the Group consolidated financial statements. At the date of this report the following amendments have been endorsed by the European Union applicable to the Group and effective for annual periods beginning on or after 1 January 2024 that have not been early adopted by the Group in preparing this report: - on 23 January 2020, the IASB published an amendment called \u201cAmendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current\u201d. On 31 October 2022 the IASB published an amendment called \u201cAmendments to IAS 1 Presentation of Financial Statements: Non-Current Liabilities with Covenants\u201d. The documents aim to clarify how to classify debts and other short or long-term liabilities. The changes come into effect from 1 January 2024; - on 22 September 2022, the IASB published the amendment to IFRS 16 Lease Liability in a Sale and Leaseback. The document aims to clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. The changes come into effect from 1 January 2024. The Group will comply with these new standards and amendments based on their relevant effective dates, and their application is not expected to have any material impact on the Group consolidated financial statements. In addition, the European Union has not yet completed its endorsement process for the following standards and amendments at the date of this report: - on 25 May 2023 the IASB published amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements. The changes will come into effect from 1 January 2024; - on 15 August 2023 the IASB published amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. The Group will comply with these new standards and amendments based on their relevant effective dates when endorsed by the European Union and it will evaluate their potential impacts on the consolidated financial statements. Safilo presents the income statement by function (so-called \u201ccost of sales\u201d). This is considered to be more representative with respect to presentation by type of expenses, as it conforms more closely to the internal reporting and business model and is in line with international practice in the eyewear sector. For the balance sheet, a distinction is made in the assets and liabilities between current and non-current as described in paragraphs 60 and following of IAS 1. The indirect method for the cash flow statement was used. Therefore, the net profit of the period is adjusted by the effects of non-monetary transactions, changes in working capital and cash flows from investing and financing activities. In compliance with paragraph 85 of IAS 1 some dedicated items have been introduced on the face of the balance sheet and on the income statement to separately disclose the balances related to the financial liability for the options on non-controlling interests of some investments and its related fair value changes to profit and loss: - \u201cLiabilities for options on non-controlling interests\u201d in the sections \u201cCurrent and Non current liabilities\u201d of the statement of the financial position; - \u201cGains/(losses) on liabilities for options on non-controlling interests\u201d in the section related to the \u201cFinancial income/(charges)\u201d of the income statement; - \u201cNon-monetary changes related to liabilities for options on non-controlling interests\" in the statement of cash flows.The Group\u2019s consolidated financial statements as of 31 December 2023 include the parent company, Safilo Group S.p.A., and 43 subsidiaries accounted for on a line-by-line basis, with the parent company holding, directly or indirectly, the majority of voting rights. During 2023 the Group\u2019s consolidation area changed as follows: - on 6 April 2023 the liquidation of the company Safilo Trading (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 30 June 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 5.7% of non-controlling interests increasing its controlling stake in Priv\u00e9 Revaux from 82.8% to 88.5%; - on 1 August 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 10% of non-controlling interests increasing its controlling stake in Blenders LLC from 70.0% to 80.0%; - on August 2023 the liquidation of the company Safilo Eyewear (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 24 November 2023 the liquidation of the company Safilo d.o.o. (Ormo\u017e) has been completed and the company has been de-registered. At 31 December 2023 the direct and indirect holdings included in the scope of consolidation under the line-by-line method, in addition to the parent company Safilo Group S.p.A., were the following: Currency Share capital % interest held ITALIAN COMPANIES Safilo S.p.A. \u2013 Padua EUR 66.176.000 100,0 Lenti S.r.l. \u2013 Bergamo EUR 500.000 100,0 Safilo Industrial S.r.l. - Padua EUR 41.634.703 100,0 FOREIGN COMPANIES Safilo International B.V. - Amsterdam (NL) EUR 24.165.700 100,0 Safilo Benelux S.A. - Zaventem (B) EUR 560.000 100,0 Safilo Espana S.L. - Madrid (E) EUR 3.896.370 100,0 Safilo France S.a.r.l. - Paris (F) EUR 960.000 100,0 Safilo Gmbh - Cologne (D) EUR 511.300 100,0 Safilo Nordic AB - Taby (S) SEK 500.000 100,0 Safilo CIS - LLC - Moscow (Russia) RUB 10.000.000 100,0 Safilo Far East Ltd. - Hong Kong (RC) HKD 49.700.000 100,0 Safint Optical Investment Ltd - Hong Kong (RC) HKD 10.000 100,0 Safilo Hong-Kong Ltd \u2013 Hong Kong (RC) HKD 100.000 100,0 Safilo Singapore Pte Ltd - Singapore (SGP) SGD 400.000 100,0 Safilo Optical Sdn Bhd \u2013 Kuala Lumpur (MAL) MYR 100.000 100,0 Safilo Eyewear (Shanghai) Co Ltd - (RC) CNY 1.000.000 100,0 Safilo Eyewear (Suzhou) Industries Limited - (RC) CNY 129.704.740 100,0 Safilo Hellas Ottica S.a. \u2013 Athens (GR) EUR 489.990 100,0 Safilo Nederland B.V. - Bilthoven (NL) EUR 18.200 100,0 Safilo South Africa (Pty) Ltd. \u2013 Bryanston (ZA) ZAR 3.583 100,0 Safilo Austria Gmbh -Traun (A) EUR 217.582 100,0 Safilo Japan Co Ltd - Tokyo (J) JPY 100.000.000 100,0 Safilo Do Brasil Ltda \u2013 Sao Paulo (BR) BRL 197.135.000 100,0 Safilo Portugal Lda \u2013 Lisbon (P) EUR 500.000 100,0 Safilo Switzerland AG \u2013 Zurich (CH) CHF 1.000.000 100,0 Safilo Polska sp. z.o.o. - Warsaw (PL) PLN 50.000 100,0 Safilo India Pvt. Ltd - Bombay (IND) INR 42.000.000 100,0 Safilo Australia Pty Ltd.- Sydney (AUS) AUD 3.000.000 100,0 Safilo UK Ltd. - London (GB) GBP 250 100,0 Safilo America Inc. - Delaware (USA) USD 8.419 100,0 Safilo USA Inc. - New Jersey (USA) USD 23.289 100,0 Safilo Services LLC - New Jersey (USA) USD - 100,0 Smith Sport Optics Inc. - Idaho (USA) USD 12.087 100,0 Solstice Marketing Corp. \u2013 Delaware (USA) USD 1.000 100,0 Safilo de Mexico S.A. de C.V. - Distrito Federal (MEX) MXP 10.035.575 100,0 Safilo Canada Inc. - Montreal (CAN) CAD 100.000 100,0 Canam Sport Eyewear Inc. - Montreal (CAN) CAD 199.975 100,0 Safilo Optik Ticaret Limited \u015eirketi - Istanbul (TR) TRL 1.516.000 100,0 Safilo Middle East FZE - Dubai (UAE) AED 3.570.000 100,0 Priv\u00e8 Goods LLC. - Delaware (USA) USD 19.919.335 88,5 Priv\u00e8 Capsules LLC - Delaware (USA) USD - 88,5 Blenders Eyewear LLC - Delaware (USA) USD 1.000 80,0 PorSa Eyewear (Xiamen) Co Ltd.- (RC) CNY 1.000.000 100,0 The companies in which the Group exercises control (\u201csubsidiary companies\u201d), as defined in IFRS 10, either due to direct shareholdings or by indirectly holding the majority of the voting rights, having the power to determine even indirectly the financial and managerial choices of the companies and thus obtaining the relative benefits regardless of the relationships deriving from the share ownership, are consolidated using the line-by-line method. Potential exercisable voting rights existing at the balance sheet date are considered in order to determine control. The subsidiary companies are consolidated from the date on which control is assumed and are deconsolidated from the date when control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is measured as the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the consolidated statement of income. With regards to the accounting for transactions and events that result in a change in the Group\u2019s interest in its subsidiaries and the attribution of a subsidiary\u2019s losses to non-controlling interests, IAS 27 (revised 2008) specifies that once control has been obtained, further transactions whereby the parent entity acquires additional equity interests from non-controlling interests, or disposes of equity interests without losing control are transactions with owners and therefore shall be accounted for as equity transactions. It follows that the carrying amounts of the controlling and non-controlling interests must be adjusted to reflect the changes in their relative interests in the subsidiary and any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. There is no consequential adjustment to the carrying amount of goodwill and no gain or loss is recognized in profit or loss. Upon consolidation, the amounts resulting from intra-group operations between consolidated companies are eliminated, in particular in relation to receivables and payables at the balance sheet date, costs and revenues as well as financial income and charges. In addition, gains and losses between the subsidiary companies that are fully consolidated are also eliminated. The accounting principles adopted by the subsidiary companies have been modified where necessary, to comply with those adopted by the parent company. Non-controlling interests and the amount of net profit attributable to them are shown separately under \u201cNon-controlling interests\u201d and \u201cProfit for the period attributale to non-controlling interests\u201d in the consolidated balance sheet and income statement, respectively. All consolidated subsidiaries close their fiscal year on December 31, with the exception of Safilo India Pvt Ltd. which closes its financial year on 31 March, and economic and financial statements are then prepared by the subsidiary in order to allow the Parent Company to prepare the consolidated financial statements as of December 31. The holdings in companies/entities in which a significant influence is exercised (\u201cassociated companies\u201d), that is presumed to exist when the percentage held is between 20% and 50%, are valued under the \u201cequity\u201d method. Due to the application of the equity method, the value of the investment is aligned to the shareholders\u2019 equity that is adjusted, where necessary, to reflect the application of the IFRS approved by the European Commission, and includes the recording of any goodwill identified at the moment of acquisition. The share of gains/losses realized by the associated companies after the acquisition is recorded on the income statement, while the share of movements of reserves after the acquisition is recorded in the equity reserves. When the share of losses of the Group in an associated company is equal to or exceeds its holding in the associated company, taking into account all receivables not guaranteed, the value of the investment is fully written down and the Group does not record further losses above its share, except where the Group has the obligation to cover these losses. Gains and losses not realized that are generated on operations with associated companies are eliminated for the part pertaining to the Group. Information according to business sector and geographic area is given pursuant to IFRS 8 \u2013 Operating Segments. The criteria applied for identifying the operating sector are inspired by the methods through which management, at the highest decision-making level, manages the Group and reviews the operating results for the purposes of adopting decisions regarding the resources to be allocated and evaluating of the results themselves. Following the sale of the Group's residual retail business during 2019, information by business sector is provided at the level of the Group as a whole. The grouping by geographic area depends on the location of the registered head office of each Group company, therefore, the sales identified in accordance with this segmentation are determined by origin of invoicing and not by target market. Foreign currency transactions are converted into the functional currency using the exchange rates prevailing on the date of the transaction. Exchange rate gains and losses resulting from such transactions and from the translation of assets and liabilities in foreign currencies at the exchange rates at end of the year are accounted for in the income statement. The rules for the conversion of financial statements of companies expressed in currencies different from the Euro are the following: \u2022 assets and liabilities are converted using the exchange rates prevailing on the balance sheet date; \u2022 costs, revenues, income and charges are converted at the average exchange rate of the period; \u2022 the \u201ctranslation difference reserve\u201d includes foreign exchange differences generated from the conversion of the opening shareholders\u2019 equity and the movements during the year at a rate different from that at the end of the year; \u2022 the goodwill and fair value adjustments related to the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate at the end of the period. The exchange rates applied in the conversion of financial statements prepared in currencies other than Euro at 31 December 2023 and 31 December 2022 are detailed in the following table; appreciation (figures with a minus sign in the table below) indicates an increase in the value of the currency against the Euro. As of (Apprec.)/ Deprec. Average for (Apprec.)/ Deprec. Currency Code December 31, D2023 ecember 31, 2022 % 2023 2022 % US Dollar USD 1.1050 1.0666 3.6% 1.0813 1.0531 2.7% Hong-Kong Dollar HKD 8.6314 8.3163 3.8% 8.4650 8.2451 2.7% Swiss Franc CHF 0.9260 0.9847 -6.0% 0.9718 1.0047 -3.3% Canadian Dollar CAD 1.4642 1.4440 1.4% 1.4595 1.3695 6.6% Japanese Yen YEN 156.3300 140.6600 11.1% 151.9903 138.0274 10.1% British Pound GBP 0.8691 0.8869 -2.0% 0.8698 0.8528 2.0% Swedish Krown SEK 11.0960 11.1218 -0.2% 11.4788 10.6296 8.0% Australian Dollar AUD 1.6263 1.5693 3.6% 1.6288 1.5167 7.4% South-African Rand ZAR 20.3477 18.0986 12.4% 19.9551 17.2086 16.0% Russian Ruble RUB 99.9723 78.4308 27.5% 92.4381 73.5002 25.8% Brasilian Real BRL 5.3618 5.6386 -4.9% 5.4010 5.4399 -0.7% Indian Rupee INR 91.9045 88.1710 4.2% 89.3001 82.6864 8.0% Singapore Dollar SGD 1.4591 1.4300 2.0% 1.4523 1.4512 0.1% Malaysian Ringgit MYR 5.0775 4.6984 8.1% 4.9320 4.6279 6.6% Chinese Renminbi CNY 7.8509 7.3582 6.7% 7.6600 7.0788 8.2% Korean Won KRW 1,433.660 1,344.090 6.7% 1,412.880 1,358.0734 4.0% Mexican Peso MXN 18.7231 20.8560 -10.2% 19.1830 21.1869 -9.5% Turkish Lira TRY 32.6531 19.9649 63.6% 25.7597 17.4088 48.0% Dirham UAE AED 4.0581 3.9171 3.6% 3.9710 3.8673 2.7% Polish Zloty PLN 4.3395 4.6808 -7.3% 4.5420 4.6861 -3.1% Tangible fixed assets are assessed at purchase or production cost, net of accumulated depreciation and of any possible loss in value. The cost includes all charges directly incurred in bringing assets to their current location and condition. Costs incurred after purchase of assets are recorded only if they increase the future economic benefits of the asset they refer to. Charges incurred for the maintenance and repairs of ordinary and/or cyclical nature are directly charged to the income statement of the period in which the costs are incurred. The capitalization of costs relating to the expansion, modernization or improvement of proprietary structural assets or of those used by third parties, is made only when they satisfy the requirements to be separately classified as an asset or part of an asset. The book value is adjusted for depreciation on a systematic basis, over the useful life. Capitalized costs for leasehold improvements are attributed to the category of the assets they refer to and are depreciated over the shorter of either the remaining duration of the rental contract or the remaining useful lifetime of the assets improved. When circumstances indicate that there may be a permanent impairment in value, an estimate is made of the recoverable amount of the asset, and any loss is recorded in the income statement. When the reasons for the previously recognized impairment no longer exist, the book value of the asset is restated through profit or loss, up to the value at which the asset would have been recognized in the absence of impairment and net of amortization. Depreciation of tangible assets is calculated on a straight-line basis over the estimated useful lifetime of the asset, in accordance with the following depreciation rates: Category Useful lifetime in years Buildings 15-40 Plant, machinery and equipment 3-15 Furniture, office equipment and vehicles 3-8 Land is not depreciated. When the asset to be depreciated is composed of separately identifiable elements whose useful lifetime differs significantly from that of the other parts of the asset, the depreciation is made separately for each part of the asset, with the application of the \u201ccomponent approach\u201d principle. The remaining value of the assets and their useful lifetime are reviewed at the end of each financial year. The capital gains or losses from the sale of the fixed assets are posted to the income statement and valued as the difference between the sale proceeds and the net book value. Assets held through lease contracts (both finance and operating) are recognized according to the IFRS 16 standard, which provide a definition of leases based on the control (right of use) of an asset considering: identification of the asset, right to replace it, right to obtain all economic benefits and the right to manage the use of the asset. The standard establishes a model to recognize and measure lease contracts for the lessee through the posting of the asset (also in operating leases) offset by a financial debt. Assets held through lease contracts, are recognized as assets of the Group at the present value of their contractual lease payments. The corresponding liability due to the lessor is recorded on the financial statements under financial debts. The assets are depreciated over the duration of the lease contract. The Group has elected to apply the exemptions stated by the Standard that allow to keep leases off balance if they have an initial contractual duration of less than or equal to 12 months (IFRS16.5-a) or if they refer to a low-value asset (IFRS16.5-b), according to these exemptions these contracts are still recorded as lease and rent expenses on a straight-line basis in the income statement over the duration of the lease contract. Management considered the clarifications included in the \u201cIFRIC Agenda Decision\u201d of November 2019 relating to the determination of the lease term. In particular, it was considered that: - the buildings in which the manufacturing plants are located are all owned by the Group; - the contracts for the properties in which the main office locations and logistic centers are located were recently signed and have a residual duration which is still significant; - the contracts relating to the properties in which the office locations of lesser importance are located have characteristics for which their abandonment would not entail a \u201cmore than insignificant penalty\u201d. These considerations led to the confirmation of the lease terms previously identified on the basis of the remaining contractual durations.Intangible assets consist of clearly identifiable non-monetary assets, without any physical substance and capable of generating future economic benefits. These assets are recognized at purchase and/or production cost, including the costs of bringing the asset to its current use, net of accumulated amortization and any impairment. Amortization begins when the asset is available for use and is allocated in equal instalments over the course of its useful life. When circumstances indicate that there may be an impairment loss, an estimate is made of the recoverable amount of the asset, and any impairment is recognized through the income statement. When the reasons for the previously recognized impairment no longer exist, the book value of the asset is restated through the income statement, up to the value at which the asset would have been recognized in the absence of impairment and net of amortization. Goodwill is measured as the excess of the aggregate of the consideration transferred in the business combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree's identifiable net assets. The selection of the measurement method is made on a transaction-by transaction basis. Goodwill is not amortised but is tested for impairment at least once a year or whenever there are any impairment indicators. After initial recognition, goodwill is valued at cost, net of any accumulated impairment. When a company or a business unit previously purchased is sold and that acquisition led to goodwill, in measuring the gain or loss on the sale, consideration is given to the corresponding residual value of goodwill. Goodwill and fair value adjustments generated from the acquisition of a foreign company are recorded in the relative foreign currencies and are converted at the exchange rate at the end of the period. Trademarks are recorded at cost. They have a definite useful lifetime and are recorded at cost net of any accumulated amortization. Amortization is calculated on a straight-line basis allocating the cost of trademarks over the relative useful lifetime generally between 15 and 20 years, determined on the basis of independent analyzes and market benchmarks. The useful life and residual value are reviewed at each end of the period. If necessary, the occurrence of changes in the useful life or residual value is recognized prospectively as a change in accounting estimates. All software licenses purchased are capitalized on the basis of the costs incurred for their acquisition and in bringing them to their current condition. Amortization is calculated on a straight-line basis over their estimated useful lifetime (between 3 to 5 years). The costs associated with the development and maintenance of software programs are posted to the income statement of the period in which they were incurred. The costs directly associated with the production of unique and identifiable software products controlled by the Group are recorded as intangible fixed assets on the balance sheet only if the following conditions are respected: the costs can be reliably calculated, the Group has the technical and financial resources to complete the products and intends to conclude such activities, the technical feasibility of the products is guaranteed and the use of the products will generate probable future economic benefits for more than one year. Direct costs include costs relating to employees developing the software as well as any appropriate share of general costs. Following the IFRIC\u2019s agenda decision guidance published in April 2021 related to the capitalization of costs of configuring or customizing software applications under \u2018Software as a Service\u2019 (\u2018SaaS\u2019) arrangements, the Group, starting from the 2021 Annual Report, has changed its accounting policy related to the capitalization of these costs. For those software as a service arrangements (Saas) where the Group does not have control of the developed software, the costs of configuring or customizing software applications under SaaS are not capitalized as intangible assets but posted to income statement in the operating expenses.Assets with an indefinite useful life are not subject to amortization but undergo an impairment test at least on an annual basis to monitor whether their book value has been reduced. Assets subject to amortization undergo impairment tests when events or circumstances arise that indicate that the book value cannot be recovered. In both cases any loss in value is posted for the share of book value exceeding the recoverable value. This value is the higher of either the fair value of the asset net of the costs for sale or its value for use. If the value in use of an asset cannot be established individually, the recoverable value of the unit that generates cash flows (so-called \"cash generating unit\u201d or CGU) to which the asset belongs must be established. Assets are grouped at the level of the cash generating units (CGU) that are the base for interpreting the Group performance. The Group then discounts to present value the future estimated cash flows generated by these CGUs by applying a discount rate that reflects the current time value for money and the specific risks associated with the business. When a loss on an asset, other than goodwill, no longer exists or is reduced, the book value of the asset or cash-generating unit is increased to the new estimated recoverable value, which cannot exceed the value that would have been established if there had been no loss due to reduction in value. A reversal of loss in value is calculated according to the revaluation model and recorded in the income statement in accordance with the provisions of IAS 16.All the financial assets recognized that fall within the scope of application of IFRS 9 must subsequently be recognized at amortized cost or at fair value on the basis of the entity's business model for the management of financial assets and characteristics relating to contractual cash flows of the financial activity. Specifically: \u2022 Debt instruments held in the context of a business model whose objective is the possession of financial assets aimed at collecting contractual cash flows, and which have cash flows represented solely by capital payments and interest on the principal amount to be returned, are subsequently valued at amortized cost; \u2022 Debt instruments held in the context of a business model whose objective is achieved both through the collection of contractual cash flows and through the sale of financial assets, and which have cash flows represented solely by capital payments and interest on amount of the capital to be repaid, are subsequently measured at fair value with changes recorded in the other components of the comprehensive income statement (FVTOCI); \u2022 All other debt instruments, including the liability for options on non-controlling interests, and investments in equity instruments are subsequently measured at fair value, with changes recognized in profit (loss) for the year (FVTPL). Notwithstanding the foregoing, the Group may make the following irrevocable selection/designation upon initial recognition of a financial asset: \u2022 The Group may make an irrevocable choice to present subsequent changes in the fair value of an investment in equity instruments that are neither held for trading nor a potential consideration recognized by a purchaser in a business combination transaction in the other components of the comprehensive income statement; \u2022 The Group may irrevocably designate an investment in debt instruments that meets the amortized cost or FVTOCI criteria as measured at fair value, with changes recognized in profit (loss) for the year (FVTPL) if this eliminates or reduces significantly an accounting asymmetry. During the current year, the Group has not designated any investments in debt instruments that meet the amortized cost or FVTOCI criteria as measured at fair value recorded in profit (loss) for the year. When an investment in a debt instrument measured as FVTOCI is eliminated, the cumulative gain (loss) previously recognized under the other components of the comprehensive income statement is reclassified from equity to profit (loss) for the year through a correction from reclassification. On the other hand, when an investment in a representative instrument of capital designated as valued FVTOCI is eliminated, the cumulative gain (loss) previously recognized among the other components of the comprehensive income statement is subsequently transferred to retained earnings without passing through the income statement. Debt instruments subsequently valued at amortized cost or FVTOCI are subject to impairment. IFRS 9 introduced the classification and measurement of financial liabilities with reference to the recognition of fair value changes attributable to changes in the credit risk of the issuer, for financial liabilities designated by the Group as FVTPL. In particular, IFRS 9 requires that changes in the fair value of financial liabilities that are attributable to changes in the credit risk of these liabilities are presented in the other components of the comprehensive income statement, unless the recognition in the other components of the comprehensive income statement do not originate or increase an accounting asymmetry in profit (loss) for the year. Changes in fair value attributable to the credit risk of a financial liability are not subsequently reclassified to profit (loss) for the year but are instead transferred to retained earnings when the liability is de-recognized. Borrowings are initially recognized at fair value less any transaction costs. After initial recognition, they are recognized at amortized cost; all differences between the amount financed (net of initial transaction costs) and the face value are recognized in profit or loss over the duration of the loan using the effective interest method. If there is a significant variation in the expected cash flow that can be reliably estimated by management, the value of the loans is recalculated to reflect the expected change in the cash flow. The value of the loans is recalculated on the basis of the discounted value of the new expected cash flow and the internal rate of return. Borrowings are classified under current liabilities unless the company has an unconditional right to defer the payment for at least twelve months after the balance sheet date, and are removed from the balance sheet when they expire and the Group has transferred all risks and obligations relating to the instrument. All derivative financial instruments are measured at fair value, in accordance with IFRS 9. When the financial instruments possess the characteristics required to be recorded according to hedge accounting, the following accounting procedures are applied: \u2022 Fair value hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the current value of an asset or liability on the financial statements attributable to a specific risk that can determine effects on the income statement, the profit or loss after the initial valuation of the fair value of the hedge instruments is recognized in the income statement. The profit or loss on the hedged item, related to the hedged risk, changes the book value of that item and is recognized in the income statement. \u2022 Cash flow hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the cash flows of an asset or liability recorded on the financial statements or of an operation considered highly probable and which may have effects on the income statement, the effective portion of the profits or losses of the financial instrument is recognized in an equity reserve. The cumulative profits or losses are reversed from equity and recorded in the income statement in the same period as the operation that is hedged. The profits or losses associated with a hedge or with that part of the hedge that has become ineffective, are immediately recorded in the income statement. If a hedge instrument or a relation of a hedge is closed, but the hedged operation has not yet been realized, the cumulative profits and losses, up to that moment recorded in equity, are recognized in the income statement when the relative operation is realized. If the operation hedged is no longer considered probable, the profits or losses not yet realized in equity are recognized immediately in the income statement. IFRS 9 requires that the expenses and income deriving from hedges are recognized as an adjustment to the initial carrying amount of the non-financial elements hedged (basis adjustment). In addition, transfers from the hedging reserve to the initial carrying amount of the hedged item are not reclassified adjustments based on IAS 1 Presentation of Financial Statements. The hedging income and losses subject to the basis adjustment are categorized as amounts that will not subsequently be reclassified to profit or loss or to the other elements of the comprehensive income statement. This is consistent with the practice of the Group prior to the adoption of IFRS 9. In line with previous years, when a forward contract is used in a cash flow hedge or fair value hedge relationship, the Group has designated the change in fair value of the entire forward contract, including the forward points, as a hedging instrument. When option contracts are used to hedge highly probable scheduled transactions, the Group only designates the intrinsic value of the options as a hedging instrument. Based on IFRS 9, changes in the time value of options relating to the hedged item are recognized in the other elements of the comprehensive income statement and are accumulated in the equity reserve. The amounts accumulated in equity are either reclassified to profit or loss for the period when the hedged item influences the profit (loss) for the period or removed directly from equity and included in the carrying amount of the non-financial item. IFRS 9 requires that the accounting treatment related to the unspecified time value of an option be applied retrospectively. If hedge accounting cannot be applied, the profits or losses deriving from the fair value of the derivative financial instruments are immediately recognized in the income statement.Inventories are measured at the lower of either the purchase or production cost and the net realizable value. The cost of raw materials and purchased finished products is calculated using the \u201cweighted average cost\u201d method or the standard cost where it approximates actual cost. The cost of semi-finished products and internally produced finished products includes raw material, direct labor costs and the indirect costs allocated based on normal production capacity. The net realizable value is determined on the basis of the estimated selling price under normal market conditions, net of direct sales costs. Allowances for obsolete and slow-moving goods are calculated for raw materials and semi-finished products on the base of their future use in the production process and for finished goods on the base of their future recoverability through the sale, taking into account market trends, consumer demand, past experience, historical results achieved and the recoverability of the goods value in ordinary market conditions. Against the value of stock as determined above, provisions are made in order to take account of obsolete or slow-moving stock.Trade receivables are initially classified on the financial statements at their current value and subsequently recalculated with the \u201camortized cost\u201d method, net of any write-downs for loss in value. A provision for doubtful accounts is allocated when there is evidence that the Group may not succeed in collecting the original amount due. The provisions allocated for doubtful accounts are recorded in the income statement. Trade receivables are reviewed and assessed for impairment based on the model of expected losses using reasonable and supportable available information in accordance with the requirements of IFRS 9 to determine the credit risk of the respective items at the date they were initially recognized. According to the analysis performed, in consideration of the Group's business characteristics and the evaluation of the trading policies currently in use the Group accrues an additional credit loss allowance that covers the potential additional credit risk expected on the amount overdue and not impaired and on the amount not overdue. The Group from time to time also transfers some trade receivables to factoring companies. In case such receivables represent legally sold credit, that do not comply with all the conditions of IFRS 9, they are not removed from the balance sheet, but are maintained on the financial statement with a contra entry as a financial debt towards the factoring company. Trade payables are initially classified on the financial statements at their current value and subsequently recalculated with the \u201camortized cost\u201d method. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. Cash and cash equivalents include cash, bank deposits on demand and other highly liquid short-term investments available within three months. Bank overdrafts are posted under current liabilities.Pension plans The Group recognizes different forms of defined benefit plans and defined contribution plans, in line with the local conditions and practices in the countries in which it carries out its activities. The premiums paid for defined contribution plans are recorded in the income statement for the part matured in the year. The defined benefit plans are based on the working life of the employees and on the remuneration received by the employee during a predetermined period of employment. The obligation of the company to finance the defined benefit plans and the annual cost recognized in the income statement are determined by independent consultants using the \u201cprojected unit credit\u201d method. The related costs are recorded in the income statement on the basis of the estimated employment period of employees. The Group recognises all the actuarial gains and losses in equity, via the consolidated statement of comprehensive income, in the year in which these arise. The employee severance fund of Italian companies (\u201cTFR\u201d) has always been considered to be a defined benefit plan however, following the changes to the discipline that governs the employment severance fund introduced by thItalian law no. 296 of 27 December 2006 (\u201cFinancial Law 2007\u201d) and subsequent Decrees and Regulations issued in the first months of 2007, Safilo Group, on the basis of the generally agreed interpretations, has decided that: st\u2022 the portion of the employee benefit liability accruing from 1 January 2007, whether transferred to selected pension funds or transferred to the treasury account established with INPS, must be classified as a \u201cdefined contribution plan\u201d; \u2022 the portion of the employee benefit liability accruing as of 31 December 2006, must be classified as a \u201cdefined benefit plan\u201d requiring actuarial valuations that exclude future increases in salaries. For an analysis of the accounting effects deriving from this decision, see paragraph 4.17 \u201cEmployees benefits\u201d. Remuneration plans under the form of share capital participation The Group recognizes additional benefits to some employees through \"equity settled\" type stock options. In accordance with IFRS 2 - Share-based payments, the current value of the stock options determined at the vesting date through the application of the \"Black & Scholes\" method is recognized in the income statement under personnel costs in constant quotas over the period between the vesting date of the stock options and the maturity date, counterbalanced by an equity reserve. The effects of the vesting conditions not related to the market are not taken into consideration in the fair value of the vested options but are material to measurement of the number of options which are expected to be exercised. At the balance sheet date the Group revises its estimates on the number of options which are expected to be exercised. The impact of the revision of the original estimates is recognized in profit or loss over the maturity period, with a balance entry in equity reserves. When the stock option is exercised, the amounts received by the employee, net of the costs directly attributable to the transaction, are credited to share capital for an amount equal to the par value of the issued shares and to the share premium reserve for the remaining part. The Group records provisions for risks and charges when: \u2022 it has a legal or constructive obligation to third parties; \u2022 it is probable that it will be necessary to use resources of the Group to settle the obligation; \u2022 a reliable estimate of the amount can be made; \u2022 changes in estimates are recorded in the income statement of the period in which the changes occur. The item includes also the product warranty provision to cover the estimated cost of product warranties. Management establishes the amount of this provision on the basis of past trends relating to the frequency and average cost of under-warranty repairs and replacement in accordance with the law. These warranties are standard warranties on quality defectives in accordance with the law. Pursuant to the contractual terms, the non-controlling interests held by the minority equity holders of the subsidiaries Priv\u00e9 Goods LLC and Blenders Eyewear LLC are subject to customary reciprocal put and call options. More specifically, the put and call options for: \u2022 Priv\u00e9 Goods LLC may be exercised in each of the years 2023 and 2024 for one third of the minority interests and in 2025 for the remaining portion, at a price calculated as a function of a specific multiple applicable to the value of the EBITDA of the company achieved in the fiscal year preceding that of exercise of the relative option and adjusted to take into account the net financial position of the Company. On 30 June 2023, the Group exercised the first tranche of the option; \u2022 Blenders Eyewear LLC the put and call options originally may be exercised in each of the years 2023 and 2024 for one third of the minority interests and in 2025 for the remaining portion, at a price calculated as a function of a specific multiple applicable to the value of the arithmetic average of the EBITDA of the company achieved over the last two consecutive fiscal years preceding that of exercise of the relative option and adjusted to take into account the net financial position of the company. In March 2023, the Group agreed an extension of the second and third tranche of the put and call options on the non-controlling interest in Blenders, from 2024 and 2025 to 2026 and 2027 respectively. On 1 August 2023, the Group exercised the first tranche of the option on 10% of the minority shareholdings. These options generated liabilities for options on non-controlling interest in the Group consolidated financial statements at the acquisition date valued at their fair value using a discounted cash-flow approach based on the business plans underlying the acquisitions. The value of the liabilities is regularly updated on the basis of updated business plans, any liability fair value change is reported in the financial item \u201cGains/(losses) for options on non-controlling interests\u201d in the income statement.The Group\u2019s primary revenue segment is the selling of eyewear products in the wholesale channel through its subsidiary network and a network of independent distribution partners. Moreover, for certain brands in its portfolio the Group sells its eyewear products directly to its customers through its online sales channel, mainly in the North America market. Revenues include the fair value of the sale of goods and services, less VAT, returns and discounts. In particular, the Group recognizes the revenues when the control over goods sold is transferred to the customer, assumed at the shipment date, in accordance with the sales terms agreed. According to the standard contractual conditions applied by the Group, customers may have a right of return. If the sale includes the right for the client to return unsold goods, at the time of sale, a liability is recognized and a corresponding adjustment of revenues for the goods whose return is estimated. The Group recognised expected returns from sales of products by reducing revenue and recognised the cost relating to these returns by reducing cost of sales. In accordance with IFRS 15, the Group recognises the amount corresponding to the sales value of expected returns in the item Trade Payables and the amount corresponding to the cost of the products in the item Inventory. Based on historical experience and specific knowledge of customers, the Group estimates the amount of returns expected to be received on the entire portfolio using the expected value method. Warranty terms coincide with regulatory requirements and warranties cannot be sold or extended separately, as such, they are not capable of generating separate revenues. There are no services associated to the sale of goods to customers. The contracts with customers may recognize to the customer the right to incentives for the marketing and advertising activity performed by them on behalf of Safilo. The Group concluded that, according to IFRS 15 criteria, these are consideration paid to customer for distinct services and, as a consequence, recognizes them as expenses. This item does not include transportation costs charged to customers which have been classified as a reduction of the respective cost item.The Group recognizes public contributions when there is reasonable certainty that they will be received and that the conditions required for the contribution have been or will be respected. The contributions received are recorded in the income statement for the time required to relate them to the relative costs and they are considered as deferred income.The Group recognizes royalty expenses in accordance with the accrual principle and in compliance with the substance of the contracts agreed.Dividends are recorded when the right of the Shareholders to receive the payment arises, which normally occurs when the Shareholders' meeting resolves the distribution of dividends. The distribution of dividends is therefore recorded as a liability on the financial statements in the period in which the distribution is approved by the Shareholders' meeting. Income taxes include all taxes calculated on the taxable profits of the companies of the Group. Income taxes are recognized on the income statement, with the exception of those relating to accounts that are directly credited or debited to equity, in which case the tax effect is recognized directly in equity. Taxes not related to income (e.g. property taxes) are recorded within operating costs. Income tax expense also includes any provisions to cover risks arising from disputes over taxes inclusive of amounts related to taxes due and any penalties. Deferred taxes are calculated on fiscal losses that can be carried forward and all the temporary differences between the carrying amount of an asset or liability in the statement of financial position and its tax bases. Deferred tax assets are recognized only for those amounts where it is probable there will be future taxable income allowing for recovery of the amounts. Current and deferred tax assets and liabilities are offset when the income tax is applied by the same tax authority and when there is a legal right to offsetting. The deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates/laws that have been enacted or substantively enacted by the end of the reporting period in the countries in which the Group operates.Basic earnings per share are calculated by dividing the profit or loss of the Group by the weighted average number of ordinary shares outstanding during the year. In order to calculate the diluted earnings per share, the weighted average number of shares outstanding is adjusted for the dilution potential on ordinary shares (e.g. for stock options and convertible bonds), while the profit or loss of the Group is adjusted to take into account the effects, net of income taxes, of the conversion. The preparation of the consolidated financial statements requires the Directors to apply accounting standards and methods that, in some circumstances, are based on difficult and subjective valuations and estimates based on past experience and assumptions which are from time to time considered reasonable and realistic according to the relative circumstances. The application of these estimates and assumptions affects the amounts posted in the financial statements, such as the balance sheet, the income statement, the cash flow statement and the notes thereto. Actual results of the balances on the financial statements, resulting from the above-mentioned estimates and assumptions, may differ from those reported on the financial statements due to the uncertainty which characterizes the assumptions and the conditions on which the estimates are based. The macroeconomic environment, resulting from a combination of geopolitical risks consequents to the still ongoing Ukraine - Russian invasion and to the Israel and Hamas conflict represented an extraordinary circumstance that had direct and indirect repercussions on economic activity and has created a general environment of uncertainty. Also environmental responsibility risks and the transitory risks related to the regulation changes associated with the fight against the \u201cclimate change\u201d may have an impact in term of future uncertainty. Financial statements assumptions and estimates have taken into consideration the uncertainties deriving from the above circumstances. For more details see also the Report on Operations on the paragraph related to the \u201cMain critical risk factors for the Group\u201d. The accounting standards that are more subject to the directors\u2019 estimates and for which a change in the underlying conditions or the assumptions may have a significant impact on the consolidated financial statements of the Group are described briefly below. \u2022 Goodwill: in accordance with the accounting standards adopted for the preparation of the financial statements, the Group tests goodwill at least once a year in order to ascertain the existence of any loss in value to be recorded in the income statement. In particular, the test results in the determination of the fair value allocated to the cash-generating units. This value is determined according to their current value in use. The assessment process of the impairment test is complex and is based on assumptions concerning, among other things, the forecast of expected cash flows of the CGU, the determination of appropriate discounting rates (WACC) and long-term growth (g-rate). These estimates depend on factors that may change over time with consequent effects, which may be significant, compared to the Directors\u2019 assessments. Consistent with the indications of the main regulators, to meet the difficulties of making accurate estimates of future flows, the Directors performed their estimate considering independent sources and analysts\u2019 projections and carried out the test performing some sensitivity analyses relating to the main inputs of the calculation. In addition, it is considered also the identified potential impact of the climate change on the estimated cash flows. As suggested by regulators and standard setters, the uncertainties have been reflected in the estimate of cash flows, rather than adding a risk premium to the discount rate. \u2022 Write-down of fixed assets: in accordance with the accounting standards applied by the Group, the fixed assets are verified to ascertain if there has been a loss in value which is recorded by means of a write-down, when it is considered there will be difficulty in recovering the relative net book value through use. The verification of the existence of such difficulty requires the Directors to make valuations based on the information available within the Group and from the market, as well as historical experience. In addition, when it is deemed that there may be a potential loss in value, the Group determines this using the most appropriate technical valuation methods available. Proper identification of the indicators of contingent impairment as well as the estimates used to determine them depend on factors which may vary over time, influencing the Directors\u2019 measurements and estimates. \u2022 Allowance for bad or doubtful debts: the allowance for bad or doubtful debts reflects management\u2019s best estimate regarding losses concerning the credit portfolio towards the final client. This estimate is based on the losses expected by the Group, determined on the basis of past experience for similar credits, current and historic overdue, careful monitoring of credit quality and projections regarding the economic and market conditions. Management in its estimate considered also the economic conditions present in the various markets in which the Group operates and the consequent possible future losses on debts originated by contingent situations in those markets. \u2022 Allowance for inventory obsolescence: the Group produces and sells goods subject to changes in market trends and consumer demand, consequently a significant level of judgment is required in determining the appropriate write-down of inventories based on sales forecasts. The inventory of finished products which are obsolete or slow moving are regularly subjected to specific assessment tests, which take into consideration past experience, historic results and the probability of sale under normal market conditions. If the need to reduce the value of the stock should arise following these analyses, management proceeds with the appropriate write-downs. \u2022 Product warranty provision: when a product is sold, the Group estimates the relative costs of performing work under warranty and allocates a provision on the basis of historic information and a series of statistical data regarding the nature, frequency and the average cost of such work. The Group works constantly to minimize the costs of work performed under guarantee and to improve the quality of its products. The warranty provision is dependent on the amount of sales. \u2022 (Contingent) liabilities: the Group is subject to legal and tax actions regarding different types of problems; due to uncertainties relating to proceedings and the complexity of such proceedings, management consults its lawyers, and other legal and fiscal experts, and when expenditure is considered probable and the amount can be reasonably estimated, adequate funds are allocated. \u2022 Pension plans: the companies of the Group participate in pension plans, the costs of which are calculated by the management, with the assistance of the Group\u2019s actuarial consultants, on the basis of statistical assumptions and assessment factors regarding in particular the discount rate to be used, relative mortality and resignation rates. \u2022 Deferred taxes: deferred tax assets are accounted for on the basis of the expectations of future taxable income. The assessment of the recoverability of deferred tax assets derives from specific assumptions about the probability that taxable income will be realized in future years and that these are sufficient to allow the recovery of deferred tax assets. These valuations are based on assumptions that may not even be realized or are realized to an insufficient extent compared to what is necessary to fully recover the deferred tax assets recorded in the financial statements, and therefore their variation could have significant effects on the valuation of deferred tax assets.\u2022 Leases: the calculation of the value of the right of use assets arising from lease contracts, and of the related financial liabilities, represents a significant Management's estimate. In particular, a high level of judgment is applied in the determination of the lease term and in the calculation of the incremental borrowing rate. The determination of the lease term takes into consideration the contractual terms while, with reference to the renewal clauses, the Group applies a genera \"no renewal\" rule. The incremental borrowing rate is built considering the asset type, the jurisdiction in which it is obtained and the currency of the contract. \u2022 Options on minority interests: the contractual purchase terms of some investments in subsidiaries also included reciprocal put and call options on the non-controlling interests, for which the Group has recognized a liability whose valuation is highly dependent on the expectations of management regarding the future performance of the acquired companies.The fair value of the financial instruments traded on an active market is based on the listed price at the balance sheet date. The fair value of the financial instruments not traded on an active market is calculated in accordance with valuation techniques and models that are widely used in financial sectors and in particular: \u2022 the fair value of interest rate swaps is calculated on the basis of the current value of future cash flows; \u2022 the fair value of the forward currency hedging contracts is determined on the basis of the current value of the differences between the contracted forward exchange rate and the spot market rate at the balance sheet date; \u2022 the fair value of stock options is calculated using the Black & Scholes model.The operations of Safilo Group are subject to various financial risks, in particular: \u2022 credit risks, related to normal business relations with clients and to financial assets in the financial statements; \u2022 market risks (mainly interest and exchange rate risks), since the Group operates internationally and uses financial instruments that generate interest; \u2022 liquidity risks, concerning the ability to promptly find resources on financial markets under normal market conditions when needed. The Group constantly monitors the financial risks to which it is exposed, in order to assess potentially negative effects in advance and to take appropriate corrective measures with the aim of eliminating or, at least, limiting the negative effects deriving from the risks in question. The assessment of financial risks has been influenced by the macroeconomic environment, resulting from a combination of remaining pandemic-related effects and geopolitical risks consequents to Russia\u2019s invasion in Ukraine and to the Israel and Hamas conflict. The risks to which the Group is exposed are managed centrally on the basis of hedging policies that may also include the use of derivative instruments with the aim of minimizing the effects deriving from exchange rate (especially in relation to the US dollar) and interest rate fluctuations. The Group strives to reduce risk deriving from the insolvency of its customers through rules ensuring that sales are made to reliable and solvent customers. The relative assessment is based on information regarding the solvency of customers and statistical historical data. However, credit risk is mitigated by the fact that credit exposure is spread over a very large number of clients. The markets economic and financial conditions have accentuated the risk of potential insolvency, in a differentiated way according to the categories of customers and geographical areas such as emerging markets. In reaction to this changed context, the Group strengthened the policies described and maintained constant monitoring of the individual credit positions. Positions of a significant amount for which the Group recognizes that total or partial recovery will be effectively impossible, also taking into account any guarantees obtained, as well as the charges and expenses that will have to be sustained for the attempted credit recovery, are subject to individual write-down. In compliance with IFRS 9, management has also considered potential risks associated with specific categories of customers or certain geographic areas. The Group\u2019s theoretical maximum exposure to the credit risk at the date of the balance sheet is represented by the book value of the financial assets. As required by IFRS 7, paragraph 36, the table below analyses the age of receivables as of 31 December 2023 and 31 December 2022: December 31, 2023 December 31, 2022 (Euro/000) Ageing of trade receivables Nominal value Allowance Net value Nominal value Allowance Net value Overdue and impaired up to 3 months 497 (497) - 933 (933) - 3 to 6 months 1,042 (1,042) - 1,001 (1,001) - 6 to 9 months 1,358 (1,358) - 2,327 (2,327) - from 9 to 12 months 676 (676) - 424 (424) - from 12 to 24 months 2,252 (2,252) - 1,522 (1,522) - over 24 months 3,920 (3,920) - 4,602 (4,602) - Grand total 9,744 (9,744) - 10,809 (10,809) - Overdue and not impaired up to 1 month 12,063 12,063 16,789 16,789 from 1 to 3 months 5,502 5,502 6,871 6,871 3 to 6 months 6,533 6,533 4,511 4,511 6 to 9 months 1,796 1,796 2,262 2,262 from 9 to 12 months 582 582 970 970 from 12 to 24 months 1,071 (410) 660 2,374 (429) 1,945 over 24 months 310 (310) - 95 (95) - Grand total 27,856 (720) 27,136 33,872 (524) 33,348 Neither overdue nor impaired 175,994 (55) 175,939 181,078 (392) 180,685 Grand total 213,594 (10,519) 203,075 225,758 (11,725) 214,033 At 31 December 2023 past due receivables for which no allowance for bad debts was considered, as the Group considered them fully collectible, amounted to 27,856 thousand Euro (compared to 33,872 thousand Euro at 31 December 2022). Of these, receivables that were more than 12 months past due amounted to 1,381 thousand Euro (compared to 2,468 thousand Euro at 31 December 2022) but accounted for 0.7% of the Group\u2019s total trade receivable compared to 1.1% in the previous year. In accordance with the requirements of IFRS 9, the Group has assessed the existing trade receivables for impairment based on the model of expected losses, as at 31 December 2023 the provision for doubtful accounts includes a credit loss allowance of 0.8 million Euro (0.9 million Euro at 31 December 2022) that covers the potential additional credit risk expected on the amount overdue and not impaired and on the amount not past due. Market risks can be divided into the following categories: Exchange rate risk The Group operates internationally and is therefore exposed to risks deriving from variations in exchange rates that may influence the value of its shareholders\u2019 equity and financial results. In 2023, fluctuations in the exchange rates of the main currencies have been less relevant than in the previous year, when they were significantly affected by the general macroeconomic context. The Group tries to reduce the effects deriving from currency fluctuations by means of a \u201cnatural hedging\u201d between revenues and costs denominated in the same foreign currency (mainly in US dollar). The remaining exposure can be hedged with currency forward contracts (\u201cplain vanilla\u201d) always expiring in less than 12 months. As far as sensitivity analysis is concerned, an increase or decrease of 10% of Euro against the US Dollar and the Hong Kong Dollar would result respectively in a decrease or an increase of the 2023 net sales of around 42,033 thousand Euro (around 45,815 thousand Euro in 2022) and in a not material impact on the net result of the Group (around 3,399 thousand Euro in 2022). While an increase or decrease of 10% of Euro against currencies that showed a relevant variation (Brazilian Real, Turkish Lira, Russian Ruble and South Africa Rand) would result overall in a decrease or an increase of the 2023 net sales of around 4,991 thousand Euro (5,176 thousand Euro in 2022) and in a decrease or an increase of the net profit of the Group of around 814 thousand Euro (1,057 thousand Euro in 2022). Furthermore, the Group owns shareholdings in subsidiaries located in areas outside the European Monetary Union, the variations in the net assets, deriving from fluctuations in the exchange rates of the local currency against the Euro, are recorded in a reserve of the consolidated shareholders\u2019 equity named \u201ctranslation reserve\u201d. The table below summarizes the net financial assets of the Group per currency at 31 December 2023 and 31 December 2022: (Euro/000) December 31, 2023 December 31, 2022 USD 272,869 289,995 HKD 76,287 77,609 CNY 76,491 77,486 GBP 1,157 4,995 CAD 22,538 21,238 CHF 1,797 1,572 BRL 20,330 14,249 EUR (87,106) (59,224) Other currencies 11,423 11,000 Total 395,786 438,920 In terms of translation risk related to the conversion of the equity of the companies in foreign currencies other than the Euro, the sensitivity analysis shows that a possible revaluation or devaluation of 10% of Euro against those currencies, would respectively cause a decrease or increase in Group net equity of about 43,899 thousand Euro (about 45,286 thousand Euro in 2022), of which about 2,106 thousand Euro related to currencies that showed a relevant variation (Brazilian Real, Turkish Lira, Russian Ruble and South Africa Rand). The table below summarizes the financial assets and liabilities of the Group per currency at 31 December 2023 and 31 December 2022: (Euro/000) December 31, 2023 Euro US Dollar Other currencies Total Cash in hand and at bank 16,421 34,194 24,284 74,899 Trade receivables, net 65,269 75,547 62,258 203,074 Derivative financial instruments 585 - - 585 Other current assets 13,078 14,870 12,171 40,119 Total current financial assets 95,353 124,611 98,713 318,677 Derivative financial instruments 271 - - 271 Other non-current assets 5,623 344 1,702 7,668 Total non-current financial assets 5,894 344 1,702 7,939 Trade payables 73,817 81,368 16,922 172,106 Short-term borrowings 30,250 - - 30,250 Lease liabilities 2,803 4,660 2,180 9,643 Derivative financial instruments 3,909 - - 3,909 Liabilities for options on non-controlling interests - - - - Tax payables and other current liabilities 26,146 20,063 17,946 64,155 Total current financial liabilities 136,925 106,091 37,047 280,063 Long-term borrowings 88,345 - - 88,345 Lease liabilities 3,591 24,096 1,671 29,359 Derivative financial instruments - - - - Liabilities for options on non-controlling interests - 20,770 - 20,770 Other non-current liabilities 2,379 246 28 2,653 Total non-current financial liabilities 94,316 45,113 1,699 141,127 (Euro/000) December 31, 2022 Euro US Dollar Other currencies Total Cash in hand and at bank 28,049 26,304 23,357 77,710 Trade receivables, net 70,038 83,974 60,020 214,032 Derivative financial instruments 698 - - 698 Other current assets 15,606 15,955 13,317 44,878 Total current financial assets 114,392 126,233 96,694 337,318 Derivative financial instruments 780 - - 780 Other non-current assets 5,314 492 2,817 8,623 Total non-current financial assets 6,094 492 2,817 9,403 Trade payables 73,140 88,592 18,969 180,700 Short-term borrowings 30,000 - - 30,000 Lease liabilities 2,371 4,328 2,351 9,051 Derivative financial instruments 7,656 - - 7,656 Liabilities for options on non-controlling interests - 6,195 - 6,195 Tax payables and other current liabilities 30,133 19,618 20,032 69,783 Total current financial liabilities 143,300 118,734 41,351 303,385 Long-term borrowings 117,330 - - 117,330 Lease liabilities 3,522 28,457 2,748 34,727 Derivative financial instruments - - - - Liabilities for options on non-controlling interests - 13,349 - 13,349 Other non-current liabilities 1,170 679 192 2,041 Total non-current financial liabilities 122,021 42,486 2,940 167,447 Changes in fair value riskThe Group holds some assets that are subject to variations in value over time according to the variations of the market on which they are traded. With regard to trade payables and receivables and other current and non-current assets, it is assumed that their book value is approximately equal to their fair value. Interest rate riskBorrowing exposes the Group to the risk of variations in interest rates. In particular, floating-rate borrowings are subject to a cash flow risk. The Group constantly monitors its exposure to changes in interest rates, and manages this risk through interest rate swaps (IRSs). The interest rate swap contracts are stipulated with primary financial institutions and, at the beginning of the hedge, the formal designation is made and the documentation relating to the hedge is prepared. At 31 December 2023 the floating interest-bearing loans of the Group\u2019s total borrowings were hedged by interest rate swap contracts for an amount of 64,000 thousand Euro (52% of outstanding borrowings), at the 31 December 2022 the floating interest-bearing loans were hedged for 80,000 thousand Euro (54% of outstanding borrowings) The table below summarizes the breakdown by maturity date of the nominal value (gross of 3,405 thousand Euro of transaction costs) for the floating and fixed interest-bearing loans, as at 31 December 2023 and 31 December 2022: December 31, 2023 Floating Fixed Total (Euro/000) within 1 year 30,250 - 30,250 between 1 and 2 years 30,500 - 30,500 between 3 and 5 years 61,250 - 61,250 beyond 5 years - - - Total 122,000 - 122,000 December 31, 2022 Floating Fixed Total (Euro/000) within 1 year 30,000 - 30,000 between 1 and 2 years 30,000 - 30,000 between 3 and 5 years 92,000 - 92,000 beyond 5 years - - - Total 152,000 - 152,000 The following table summarizes the main characteristics of the most significant variable and fixed rate medium and long term borrowings outstanding at 31 December 2023 and 31 December 2022:December 31, 2023 Currency Nominal interest rate Nominal value Book value Expiry (Euro/000) Term Loan Facility Euro Euribor 120,000 116,595 30 June 2027 Capex Facility line Euro Euribor 2,000 2,000 30 June 2027 December 31, 2022 Currency Nominal interest rate Nominal value Book value Expiry (Euro/000) Term Loan Facility Euro Euribor 150,000 145,329 30 June 2027 Capex Facility line Euro Euribor 2,000 2,000 30 June 2027 As far as sensitivity analysis is concerned, a positive (negative) variation of 50 bps in the level of the short-term interest rates applied to the unhedged portion of the floating-rate borrowings would have had an impact in term of greater (lower) 2023 annual financial charges, on a pre-tax basis, of 339 thousand Euro (231 thousand Euro impact at 31 December 2022). This risk could affect the inability to find the necessary financial resources to support the operating activities at favorable market terms within the necessary timeframe. The Group companies\u2019 cash flows, borrowing requirements and liquidity are constantly monitored at central level by the Group\u2019s Treasury in order to ensure an effective and efficient use of the available cash. The following table details the credit lines granted to the Group, utilizations and net available amounts: December 31, 2023 Credit lines granted Uses Credit lines available (Euro/000) Credit lines on bank accounts and short-term bank loans 17,631 - 17,631 Credit lines on long-term bank loans 270,000 122,000 148,000 Total 287,631 122,000 165,631 December 31, 2022 Credit lines granted Uses Credit lines available (Euro/000) Credit lines on bank accounts and short-term bank loans 17,611 - 17,611 Credit lines on long-term loans 300,000 152,000 148,000 Total 317,611 152,000 165,611 The credit lines on loans are related to the committed, unsubordinated and unsecured new financing agreement with maturity September 2027 consisting of a Term Loan Facility of 120,000 thousand Euro, a Revolving Credit Facility of 75,000 thousand Euro and a Capex Facility line of 75,000 thousand Euro, for a total amount equal to 270,000 thousand Euro (used for 122,000 thousand Euro at 31 December 2023). The table below summarizes the financial assets and liabilities of the Group by maturity, undiscounted and inclusive of the interest payments, at 31 December 2023 and 31 December 2022: (Euro/000) December 31, 2023 within 1 year between 1 and 2 years between 3 and 5 years beyond 5 years Total Cash in hand and at bank 74,898 - - - 74,898 Trade receivables, net 203,074 - - - 203,074 Derivative financial instruments 585 271 - - 856 Other current assets 40,119 - - - 40,119 Other non-current assets - 7,358 249 61 7,668 Total financial assets 318,676 7,629 249 61 326,615 Trade payables 172,106 - - - 172,106 Tax payables 23,382 - - - 23,382 Borrowings 30,250 29,365 58,980 - 118,595 Interest payments 8,142 6,107 6,107 - 20,355 Lease liability 9,643 7,415 15,903 6,041 39,002 Derivative financial instruments 3,909 - - - 3,909 Other current liabilities 40,773 - - - 40,773 Liabilities for options on non-controlling interests - - 20,770 - 20,770 Other non-current liabilities - 2,520 27 107 2,653 Total financial liabilities 288,205 45,406 101,787 6,147 441,545 (Euro/000) December 31, 2022 within 1 year between 1 and 3 years between 3 and 5 years beyond 5 years Total Cash in hand and at bank 77,710 - - - 77,710 Trade receivables, net 214,034 - - - 214,034 Derivative financial instruments 698 - 780 - 1,478 Other current assets 44,878 - - - 44,878 Other non-current assets - 4,795 3,700 128 8,623 Total financial assets 337,320 4,795 4,480 128 346,723 Trade payables 180,701 - - - 180,701 Tax payables 22,492 - - - 22,492 Borrowings 30,000 27,600 89,730 - 147,330 Interest payments 8,186 6,462 8,798 - 23,446 Lease liability 9,051 8,047 16,029 10,652 43,778 Derivative financial instruments 7,656 - - - 7,656 Other current liabilities 47,291 - - - 47,291 Liabilities for options on non-controlling interests 6,195 6,675 6,675 - 19,545 Other non-current liabilities - 1,444 283 314 2,041 Total financial liabilities 311,572 50,227 121,514 10,966 494,279 The table below shows the financial instruments reported on the balance sheet, according to the analyses requested by IFRS 7, with indication of the valuation criteria applied and, in the case of \u201cfinancial instruments measured at fair value\u201d, the impact on the income statement or the shareholders' equity. If applicable, the last column of the table shows the fair value of the financial instrument. Financial instruments Financial instruments at fair value through Financial instruments at amortised cost Current value at Dec. 31, 2023 Fair value at Dec. 31, 2023 (Euro/000) Income Statement Other comprehensive income (OCI) ASSETS Cash in hand and at bank - - 74,898 74,898 74,898 Trade receivables, net - - 203,075 203,075 203,075 Derivative financial instruments 585 271 - 855 855 Other current assets - - 40,119 40,119 40,119 Other non-current assets - - 7,668 7,668 7,668 Total assets 585 271 325,760 326,615 326,615 LIABILITIES Borrowings - - 118,595 118,595 118,595 Lease liability - - 39,002 39,002 39,002 Derivative financial instruments 3,909 - - 3,909 3,909 Other current liabilities - - 40,772 40,772 40,772 Liability for options on non-controlling interests 20,770 - - 20,770 20,770 Other non-current liabilities - - 2,653 2,653 2,653 Total liabilities 24,680 - 201,023 225,702 225,702 Financial instruments Financial instruments at fair value through Financial instruments at amortised cost Current value at Dec. 31, 2022 Fair value at Dec. 31, 2022 (Euro/000) Income Statement Other comprehensive income (OCI) ASSETS Cash in hand and at bank - - 77,710 77,710 77,710 Trade receivables, net - - 214,034 214,034 214,034 Derivative financial instruments 698 780 - 1,478 1,478 Other current assets - - 44,878 44,878 44,878 Other non-current assets - - 8,623 8,623 8,623 Total assets 698 780 345,244 346,722 346,722 LIABILITIES Borrowings - - 147,329 147,329 147,329 Lease liability - - 43,778 43,778 43,778 Derivative financial instruments 7,656 - - 7,656 7,656 Other current liabilities - - 47,291 47,291 47,291 Liability for options on non-controlling interests 19,545 - - 19,545 19,545 Other non-current liabilities - - 2,041 2,041 2,041 Total liabilities 27,200 - 240,439 267,639 267,639 Financial instruments reported in the balance sheet valued at the fair value, according to IFRS 13, are classified in the three-level hierarchy that reflects the significance of the input used in determining the fair value.The three levels of fair value of the hierarchy are:\u2022 Level 1 \u2013 if the instrument is quoted in an active market; \u2022 Level 2 - if the fair value is measured based on valuation techniques for which all significant inputs are based on observable market data, other than quotations of the financial instrument; \u2022 Level 3 \u2013 if the fair value is calculated based on valuation techniques for which any significant input is not based on observable market data. The following table shows the liabilities and assets valued at their fair value at 31 December 2023, split by hierarchical level of the fair value. (Euro/000) Level 1 Level 2 Level 3 Total Derivative financial instruments - 855 - 855 Total assets - 855 - 855 Derivative financial instruments - (3,909) - (3,909) Liability for options on non-controlling interests - - (20,770) (20,770) Total liabilities - (3,909) (20,770) (24,680) In 2023 there have been no transfers from level 1 to level 2 and from level 2 to level 3 and vice versa. (Euro/ 000) December 31, 2023 December 31, 2022 Cash and cash equivalents 74,898 77,710 This account totals 74,898 thousand Euro compared to 77,710 thousand Euro at 31 December 2022 and represents the momentary availability of cash invested at market rates. The book value of the available liquidity is aligned with its fair value at the reporting date. The related credit risk is very limited as the counterparties are leading banks. As of 31 December 2023, about 26% of the cash balance resided in the Italian companies, about 34% in the North America entities, 19% in the European entities, while the remaining 21% was attributable to several other Group entities. Management has established policies to make existing cash readily available for any need of the Group.This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Gross value trade receivables 213,594 225,758 Allowance for doubtful accounts (-) (10,519) (11,725) Net value 203,075 214,034 The allowance for doubtful accounts includes the provision for insolvency posted on the income statement under the item \"general and administrative expenses\" (note 5.4). The following table shows changes in the allowance for doubtful accounts: (Euro/000) January 1, 2023 Addition Use/Release (-) Transl. diff. December 31, 2023 Allowance for doubtful accounts (-) 11,725 2,048 (3,053) (200) 10,519 (Euro/000) January 1, 2022 Addition Use/Release (-) Transl. diff. December 31, 2022 Allowance for doubtful accounts (-) 16,762 1,550 (6,975) 388 11,725 In accordance with the requirements of IFRS 9, the Group has reviewed and assessed the overdue trade receivables for impairment and, according to the analysis performed, has accrued an allowance for doubtful accounts equal to 2,048 thousand Euro, also in consideration of the current and prospective risk on the global markets under the ongoing macro economic scenario. The decrease of the period equal to Euro 3,053 thousand is mainly related to the use of the allowance to cover the impact of the write-off of the already impaired accounts receivables considered as definitively not recoverable. In accordance with the requirements of IFRS 9, the Group has assessed the existing trade receivables for impairment based on the model of expected losses, as at 31 December 2023 the provision for doubtful accounts includes a credit loss allowance of 0.8 million Euro (0.9 million Euro at 31 December 2022) that covers the potential additional credit risk expected on the amount overdue and not impaired and on the amount not past due. The Group has no particular concentration of credit risk, as its credit exposure is spread over a large number of clients and geographies. The carrying amount of the trade receivables, is considered to be approximately equal to their fair value. Further information about the impairment of trade receivables and the Group\u2019s exposure to credit risk can be found in note 3 paragraph \u201cCredit risks\u201d.This item breaks down as follows:(Euro/000) December 31, 2023 December 31, 2022 Raw materials 51,588 74,277 Work in progress 3,335 5,212 Finished goods 228,158 238,766 Gross inventories 283,081 318,255 Provision for obsolete inventories (-) (54,090) (59,274) Total 228,991 258,980 In order to deal with obsolete or slow-moving stock, a specific provision has been allocated, calculated for raw materials and semi-finished products on the base of their future use in the production process and for finished goods on the base of their future recoverability through the sale, taking into account market trends, consumer demand, past experience, historical results achieved and the recoverability of the goods value in ordinary market conditions. The effects of the termination of some licenses were also considered. This item is charged in the income statement in \u201ccost of sales\u201d (note 5.2). The movements in the period are shown below: (Euro/000) January 1, 2023 Posted to income statement Transl. diff. December 31, 2023 Inventory gross value 318,255 (26,632) (8,542) 283,081 Provision for obsolete inventories (-) (59,274) 3,980 1,205 (54,090) Total net 258,980 (22,652) (7,338) 228,991 (Euro/000) January 1, 2022 Posted to income statement Transl. diff. December 31, 2022 Inventory gross value 302,556 8,500 7,199 318,255 Provision for obsolete inventories (-) (68,127) 9,118 (266) (59,274) Total net 234,430 17,618 6,933 258,980 The following table summarizes the amounts of financial instruments:(Euro/000) December 31, 2023 December 31, 2022 Current assets: - Foreign currency contracts - Fair value through P&L 585 698 Non-current assets: - Interest rate swaps - cash flow hedge 271 780 Current liabilities: - Foreign currency contracts - Fair value through P&L (3,909) (7,656) Total Net (3,054) (6,177) The market value of the forward contracts is calculated using the present value of the differences between the contractual forward exchange rate and the market forward exchange rate. At the reporting date, the Group had contracts for hedging against exchange rate fluctuations for a negative net market value of 3,324 thousand Euro (negative for 6,958 thousand Euro at 31 December 2022). The following table summarizes the characteristics and fair value of foreign currency forward contracts: December 31, 2023 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Fair value hedge within 1 year 189,530 585 (3,909) Total forward contracts 189,530 585 (3,909) _____________________________________________________________________ 112 December 31, 2022 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Fair value hedge within 1 year 198,947 698 (7,656) Total forward contracts 198,947 698 (7,656) The net market value of interest rate swap (IRS) contracts was positive for 271 thousand Euro. The Group\u2019s policies for managing interest rate risk are designated to hedge of the exposure to variability in future interest cash flows given this, the related hedging effect must be suspended in the cash flow reserve and recognized in profit or loss in subsequent years when the expected flows actually emerge. The following table summarizes the characteristics and fair value of IRS contracts:December 31, 2023 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Cash flow hedge 2025 64,000 271 - Total IRS contracts 64,000 271 - December 31, 2022 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Cash flow hedge 2025 80,000 780 - Total IRS contracts 80,000 780 - This item breaks down as follows:(Euro/000) December 31, 2023 December 31, 2022 VAT receivable 7,670 9,772 Income tax receivables 19,307 17,169 Prepayments and accrued income 6,452 9,398 Other receivables 6,689 8,539 Total 40,119 44,878 Income tax receivables are mainly related to tax credits and advance payments made during the financial year which will be offset against the related tax payables. Prepayments and accrued income amounted to 6,452 thousand Euro compared to 9,398 thousand Euro at 31 December 2022, and mainly relate to royalties and advertising expenses, prepaid insurance and other prepaid expenses. Other current receivables amounted to 6,689 thousand Euro, compared to 8,539 thousand Euro of 31 December 2022. The balance mainly includes deposit payments due within 12 months and other receivables related to the ordinary business. These other current receivables are expected to be recovered in the coming months and are reasonably certain in term of fulfillment conditions. It is considered that the book value of the other current assets is approximately equal to their fair value. The table below summarises the changes in the tangible assets: (Euro/000) January 1, 2023 Increase Decrease Reclass. Reclass. assets held for sale Transl. diff. December 31, 2023 Gross value Land and buildings 121,200 2,305 (14) (845) (13,162) (1,815) 107,669 Plant and machinery 176,106 1,385 (2,910) 418 (39,756) (1,668) 133,574 Equipment and other assets 122,299 6,838 (628) 474 (4,356) (3,325) 121,301 Advance payments 65 - (18) (47) - - - Total 419,670 10,527 (3,571) - (57,274) (6,808) 362,545 Accumulated depreciation Land and buildings 61,078 5,102 (3) 17 (9,072) (781) 56,341 Plant and machinery 149,674 5,506 (2,405) - (35,824) (1,227) 115,724 Equipment and other assets 99,830 9,936 (591) (17) (4,756) (2,672) 101,730 Total 310,582 20,544 (2.999) - (49.652) (4,680) 273,795 Net value 109,088 (10,017) (572) - (7,622) (2,128) 88,750 (Euro/000) January 1, 2022 Increase Decrease Reclass. Transl. diff. December 31, 2022 Gross value Land and buildings 118,911 2,816 (465) (135) 74 121,200 Plant and machinery 175,998 2,337 (1,951) - (277) 176,106 Equipment and other assets 136,213 7,559 (23,051) 135 1,443 122,299 Advance payments 43 22 - - - 65 Total 431,164 12,733 (25,467) - 1,239 419,670 Accumulated depreciation Land and buildings 57,670 3,519 (618) 376 130 61,078 Plant and machinery 146,267 5,347 (1,738) - (202) 149,674 Equipment and other assets 111,613 10,638 (22,911) (376) 865 99,830 Total 315,551 19,504 (25,267) - 794 310,582 Net value 115,613 (6,771) (200) - 446 109,088 Tangible assets in the financial period record an increase for new investments equal to 10,527 thousand Euro, a decrease for depreciation and write-down equal to 20,544 thousand Euro, a net decrease for disposal equal to 572 thousand Euro and for the reclassification to assets held for sale equal to 7,622 thousand Euro. Investments in tangible assets in the financial period equal to 10,527 thousand Euro (12,733 thousand Euro in the previous year), are related to: - Euro 6,069 thousand in the production facilities, mainly for the purchase and production of equipment for new models; - Euro 2,619 thousand in the U.S. companies, mainly for fixtures in retail stores of Blenders and logistic equipment in the Denver distribution centre; - Euro 1,265 thousand in the Italian distribution centre mainly for the upgrade of logistic equipment; - the remaining part in the other companies of the Group. On the base of the analyses performed, management believes that for the tangible assets on hand as at 31 December 2023 there are no indicators of loss of value. The balance related to the reclassification to \"Assets held for sale\" refers to the assets of the italian production plant sited in Longarone. As at 31 December 2022 the item was equal to 2,320 thousand Euro and was related to the real estate of one of the two industrial units of the Longarone production site, which had been downsized in 2020. In 2023 the Group in consideration of the product portfolio evolution and of the persistent production overcapacity has announced the intention to dispose the entire Longarone production site and the advanced negotiations with Thelios S.p.A., a player in the eyewear sector and part of the LVMH Group, and with Innovatek S.r.l., an Italian eyewear contractor manufacturer. In line with IFRS 5 all fixed assets of the Longarone production site that were subject to these two negotiations have been reclassified as \u201cassets held for sale\u201d, for a total net book value of 7,622 thousand Euro. On 31 October 2023 the Group announced the signing of the deeds for the transfer of the industrial assets of the Longarone plant to Th\u00e9lios S.p.A. and Innovatek S.r.l.. The operation has been finalised for a sale consideration of 10.7 million Euro, against which the Group sold fixed assets for a total net book value of 9.9 million Euro after having recognized write-downs of fixed assets equal to approximately 3.2 million Euro. The operation also involved the transfer of liabilities relating to personnel, for defined benefit plan liabilities and payroll accruals, equal to approximately 5.8 million Euro and non-recurring costs connected to the deal equal to approximately 10 million Euro. Despite the complex situation, the agreement has guaranteed the full employment of all the workers, allowing for the preservation of the sector\u2019s existing know-how thanks to the effective support of the local public institutions and the trade unions, to reach the conditions for the best possible outcome. Following the completion of the disposal plan of Longarone site at 31 December 2023 the Group doesn\u2019t report any residual amount in the item \u201cassets held for sale\u201d.The table below summarises the changes in the Right of Use assets, mainly related to real estate rent contracts and to long term operating lease contracts for company cars. (Euro/000) January 1, 2023 Increase Decrease Transl. diff. December 31, 2023 Gross value Buildings Right of Use 58,742 3,748 (4,908) (1,552) 56,031 Other assets Right of Use 8,127 2,869 (2,351) (77) 8,568 Total 66,869 6,617 (7,258) (1,629) 64,599 Accumulated depreciation Buildings Right of Use 24,074 8,120 (4,836) (620) 26,738 Other assets Right of Use 3,798 2,225 (2,100) (50) 3,874 Total 27,872 10,345 (6,936) (670) 30,611 Net value 38,997 (3,728) (322) (959) 33,988 (Euro/000) January 1, 2022 Increase Decrease Transl. diff. December 31, 2022 Gross value Buildings Right of Use 49,449 8,556 (1,600) 2,337 58,742 Other assets Right of Use 8,664 2,322 (2,865) 7 8,127 Total 58,112 10,877 (4,465) 2,345 66,869 Accumulated depreciation Buildings Right of Use 16,964 8,097 (1,606) 619 24,074 Other assets Right of Use 4,230 2,229 (2,664) 3 3,798 Total 21,194 10,326 (4,270) 622 27,872 Net value 36,918 551 (195) 1,723 38,997 Investments in Right of Use in the financial period amount to 6,617 thousand Euro (10,877 thousand Euro in the previous year) related for the building to the opening of one new Blenders retail store, by the ordinary renewal of some locations of the commercial subsidiaries and for the other assets to the renewal of the expired operating lease contracts for company cars.The following table shows changes in intangible assets: (Euro/000) January 1, 2023 Increase Decrease Reclass. Reclass. assets held for sale Transl. diff. December 31, 2023 Gross value Software 100,520 1,705 (87) (9) (217) (638) 101,275 Trademarks and licenses 154,909 772 - - - (3,424) 152,257 Other intangible assets 32,387 343 (233) - - (1,004) 31,493 Total 287,817 2,820 (319) (9) (217) (5,066) 285,026 Accumulated amortization Software 87,839 5,495 24 (9) (193) (598) 92,558 Trademarks and licenses 51,332 7,933 - - - (591) 58,674 Other intangible assets 15,653 10,904 (233) - - (648) 25,677 Total 154,824 24,332 (209) (9) (193) (1,836) 176,909 Net value 132,993 (21,513) (110) - (24) (3,229) 108,117 (Euro/000) January 1, 2022 Increase Decrease Reclass. Transl. diff. December 31, 2022 Gross value Software 97,304 2,685 (149) 11 670 100,520 Trademarks and licenses 148,933 241 - - 5,736 154,909 Other intangible assets 30,656 382 (156) - 1,504 32,387 Total 276,892 3,308 (305) 11 7,910 287,817 Accumulated amortization Software 81,342 6,092 (16) 11 410 87,839 Trademarks and licenses 43,675 7,229 - - 427 51,332 Other intangible assets 10,216 5,239 (115) - 313 15,653 Total 135,233 18,560 (130) 11 1,150 154,824 Net value 141,659 (15,252) (175) - 6,761 132,993 Intangible assets in the financial period record an increase for new investments equal to 2,820 thousand Euro, a decrease for depreciation and write-down equal to 24,332 thousand Euro, a net decrease for disposal equal to 110 thousand Euro and for reclassification to assets held for sale equal to 24 thousand Euro. The item trademarks and licenses mainly includes the value of proprietary brands acquired from third parties during business combinations and valued in the purchase price allocation of such transactions. These brands have a finite useful life and are amortized over a useful life between 15 and 20 years, determined on the basis of independent analyzes and market benchmarks. On the base of the analyses performed, management believes that for the intangible assets on hand as at 31 December 2023 there are no indicators of loss of value. Investments in intangible assets made during the year amount to 2,820 thousand Euro (3,308 thousand Euro in the previous year). The investments mainly relate to the continuing implementation of the integrated information system (ERP) in the Group\u2019s subsidiaries and to the digital transformation projects. Investments of 11,740 thousand Euro (9,703 thousand Euro in the previous year) relating the implementation of cloud-based software-as-a-service (SaaS) agreements, have been expensed as EDP service costs, in line with the accounting policy introduced by the Group in 2021 to comply with the guidelines of the IFRIC agenda on SaaS arrangements published in April 2021. Depreciation and amortization for tangible and intangible assets is allocated over the following income statement items: (Euro/000) Notes 2023 2022 Var. Cost of sales 5.2 13,737 12,536 1,201 Selling and marketing expenses 5.3 3,756 3,220 536 General and administrative expenses 5.4 27,384 22,308 5,076 Amortization and depreciation 44,877 38,064 6,813 Cost of sales - Right of Use depreciation 5.2 1,221 1,197 25 Selling and marketing expenses - Right of Use depreciation 5.3 4,677 4,813 (136) General and administrative expenses - Right of Use depreciation 5.4 4,447 4,317 130 Depreciation Right of Use - IFRS 16 10,345 10,326 19 Total 55,222 48,390 6,832 Amortization and depreciation equal 44,877 thousand Euro (38,064 thousand Euro in the previous period). The increase for 6,813 thousand Euro is mainly due to non-recurring tangible assets write-downs equal to 12,812 thousand Euro that have affected the item \u201ccost of sales\" for 4,147 thousand Euro mainly related to the write-down of the Longarone plant assets at their recoverable value through the sale, in the context of the transaction described in the Note 4.6 paragraph \u201cNon-current assets held for sale\u201d, and the item \u201cgeneral and administrative\u201d for 8,665 thousand Euro related to the partial write-down of some intangible assets identified in the purchase price allocation of a previous business combination. These non-recurring write-downs were partially offset by a reduction in the ordinary amortization and depreciation. The Right of Use depreciations in 2023 are equal to 10,345 thousand Euro (10,326 thousand Euro in the previous year). The Group does not recognize as intangible assets the research and development costs related to both technological and production process developments and product design. During the year the Group incurred costs for research and development equal to 14,000 thousand Euro (14,420 thousand Euro in the previous year). The item refers to goodwill which arose from the acquisitions in 2020 of Priv\u00e9 Revaux and Blenders. A single CGU has been identified, representing the whole Group, to which the entire amount of goodwill has been allocated: this allocation is consistent with the strategy underlying the acquisitions, that, beyond the acquisition of two new brands, will enable the whole Group to compete more effectively in the fast-growing digital sales and communication channels. The identification of a single CGU is consistent with the strategic vision that the directors have of the Group and reflects the way in which management monitors operations and makes decisions on the maintenance or sale of assets and with the high level of interdependence of the cash in flows of the Group. Strategy, goal setting, operations management, as well as reporting and incentive systems are managed at a corporate level, leaving to the local units deployment and tailoring to the specific market. The allocation to a single CGU is consistent with the approach adopted for the preparation of the previous year financial statements. The following table shows changes in Goodwill: (Euro/000) January 1, 2023 Increase Decrease Transl. diff. December 31, 2023 Goodwill 34,895 - - (1,213) 33,682 (Euro/000) January 1, 2022 Increase Decrease Transl. diff. December 31, 2022 Goodwill 32,861 - - 2,033 34,895 In 2023 the item recorded a decrease of 1,213 thousand Euro due to foreign currency translation. The approach followed and the assumptions made to perform the impairment test are described below. For the unique identified CGU of the Group, the recoverable amount is based on its value in use determined based on estimated future cash flow projections. On 14 March 2024 the Board of Directors has approved the 2024-2028 Financial Projections that confirms the main goals and strategies defined in the Group Business Plan presented to the markets on 10 March 2023. For the purposes of the impairment test, these financial projections take the requirements of IAS 36 into consideration, specifically those that require that the estimate of future cash flows excludes those cash flows that are expected to arise from improving or enhancing asset performance. Accordingly, potential new acquisitions effect included in the Financial projection 2024-2028, have not been considered for the purposes of the impairment test. In estimating the growth in the plan period, the Group has taken into consideration both its own internal expectations as well as indications obtained from independent external sources. The main objectives and strategies underlying Safilo\u2019s 2024-2028 business plan are: \u2022 Sales growth, which maximizes customer service and meets the needs of the different consumer segments; \u2022 Margin expansion and a more flexible operating cost structure; \u2022 Positive cash flow generation that feeds and supports the Group's organic and external growth. The Group\u2019s strategies will continue to leverage two main enablers: \u2022 the end-to-end Digitalization of its business model, with the aim of transversally enhancing data analytics, optimizing processes, operations and time to market; \u2022 a Sustainability roadmap in support of the Group\u2019s business targets, driven through an agenda of clear and shared objectives. The impairment test methodology used for the execution of the impairment test at the date of 31 December 2023 is consistent with the criteria used for the 2022 financial statements and considers the following factors: \u2022 Management used the most recent information available to calculate the WACC (weighted average cost of capital), in particular: risk free rate, market risk premium, beta, specific risk premium for Safilo, Cost of debt (including lease liabilties), debt/equity structure. As recommended by regulators, the WACC has not been adjusted for the macroeconomic enviroment with uncertainties instead being reflected in the cash flows; \u2022 the growth rates for the years following the plan\u2019s horizon (\u201cg\u201d rate) have been analytically reviewed for each single country in which the Group operates in, and have been adapted to the rate of inflation expected by analysts for 2028. To calculate the present value, the future cash flows thus obtained were discounted to their present value at a discount rate (WACC) as at the test\u2019s date of reference that took into account the specificities of each geography where the Group operates. The cash flows generated after the horizon considered were determined on the basis of perpetual growth rates considered adequate with reference to the economic conditions of the country of reference. The following table summarizes the WACC and \u201cg\u201d rates used by the Group for the impairment test: Key assumptions \"WACC\" discount rate Growth rate \"g\" December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Safilo Group 8.55% 10.12% 2.13% 2.07% The impairment test carried out did not highlight any loss in value. Management has performed sensitivities to test the cover of Net Invested Capital based on different scenarios where key parameters like WACC and Free Cash Flows have been progressively modelled. With reference to the break-even level: to obtain an enterprise value equal to the net invested capital as of 31 December 2023, including goodwill, EBITDA and related cash flows could be reduced by 55% or WACC could be increased by +6.5%. After completing the process described, management concluded that no impairment loss needs to be recognized at the date of 31 December 2023. Management has used the most reliable information available at this moment. In monitoring the goodwill value, management has taken into consideration also exogenous factors, such as the stock market capitalization, which is higher than the Group's net equity. The stock market valuation in general may be subject to different expectations and various fluctuations and hence in practice different valuation methods exist, such as those based on expected cash flows. Management believe that the assumptions incorporated in the Financial Projections 2024-2028 underlying the impairment test are reasonable and that the Group has the necessary skills and resources to meet planned goals.The following table shows the amounts of deferred tax assets and liabilities, net of the write-downs applied: (Euro/000) December 31, 2023 December 31, 2022 Deferred tax assets 199,207 191,262 Valuation Allowance (-) (163,887) (154,989) Net deferred tax assets 35,320 36,273 Deferred tax liabilities (10,291) (12,863) Total net 25,029 23,410 The deferred tax assets, net of deferred tax liabilities, have been reviewed and reduced by a valuation allowance in relation to some Group companies to the extent it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The valuation allowance for deferred tax assets as of 31 December 2023 amounts to 163,887 thousand Euro (154,989 thousand Euro at 31 December 2022). This valuation allowance can be reversed in future years to the extent that it is probable that taxable profits will be available against which the deductible temporary differences and tax losses can be utilized. The table below provides details of the items generating temporary differences on which deferred tax assets and liabilities were calculated. Deferred tax assetsPosted to (Euro/000) January 1, 2023 Income Statement Equity Transl. diff. December 31, 2023 - Tax losses carried forward 119,426 13,039 - (311) 132,154 - Inventories 23,947 (2,907) - (297) 20,743 - Taxed provisions 7,258 472 (145) (7) 7,578 - Intangible assets 2,779 31 - (3) 2,807 - Tangible assets 4,556 (819) - 37 3,774 - Taxed financial interests 16,424 2,039 - (4) 18,459 - Other temporary differences 16,872 (2,772) (42) (367) 13,692 - Total deferred tax assets 191,262 9,084 (187) (952) 199,207 - Valuation allowance of deferred tax assets on tax losses (111,599) (14,271) - 171 (125,699) - Valuation allowance of deferred tax assets on other temporary differences (43,389) 5,164 144 (105) (38,187) - Total allowance on deferred tax assets (154,989) (9,108) 144 66 (163,887) Total net 36,273 (24) (43) (886) 35,320 Deferred tax liabilities Posted to (Euro/000) January 1, 2023 Income Statement Equity Transl. diff. December 31, 2023 - Depreciation differences 8,144 (2,883) - (188) 5,073 - Goodwill 2,513 556 - (99) 2,970 - Inventories 167 (54) - 12 125 - Receivables and payables 384 (42) - (8) 334 - Other temporary differences 1,655 183 - (49) 1,789 Total 12,863 (2,240) - (332) 10,291 The table below shows the Group\u2019s total unused tax losses available for carry-forward by expiration date, the related deferred tax assets and the valuation allowance amounts. The deferred tax assets calculated on the tax losses available for carry-forward of some Group companies amount to a total of 132,154 thousand Euro. These deferred tax assets have been written down by a valuation allowance of 125,699 thousand Euro, since at present their recovery via the generation of future taxable profit is not considered probable. Expiration date Tax losses Tax benefit (Euro/000) 2025 4,145 1,360 2026 3,549 1,169 2027 1,047 328 2029 28 9 2030 781 257 2031 467 147 2032 8 3 Unlimited 514,091 124,773 Other tax losses relating local taxes: Various 4,109 Total 524,116 132,154 Valuation Allowance (-) (125,699) Total deferred tax assets on losses carried forward 6,455 The following table shows deferred tax assets and liabilities split between the portion due within one year and the portion due after more than one year.(Euro/000) December 31, 2023 December 31, 2022 Deferred tax assets - recoverable within one year 23,367 20,074 - recoverable beyond one year 11,952 16,199 Total 35,320 36,273 Deferred tax liabilities - recoverable within one year (462) (555) - recoverable beyond one year (9,829) (12,308) Total (10,291) (12,863) Total net 25,029 23,410 The table below shows details of non-current assets: (Euro/000) December 31, 2023 December 31, 2022 Long-term guarantee deposits 1,183 2,199 Other long-term receivables 5,388 4,172 Long-term tax receivables 1,097 2,251 Total 7,668 8,623 Long-term guarantee deposits mainly refer to security deposits for leasing contracts related to buildings used by some of the Group\u2019s companies. Other long-term receivables mainly refer to the cash consideration for the disposal of the office real estate near the Padua Headquarters, finalised in 2021. The receivable has been discounted to its present value and will be collected through monthly instalments along a four year payment period according to the contract. Long-term tax receivables mainly refer to VAT and other income tax receivables of some Group companies. It is considered that the book value of the other non-current assets is approximately equal to their fair value.This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Short-term portion of long-term bank loans 30,250 30,000 Short-term borrowings 30,250 30,000 Long-term bank loans 88,345 117,329 Long-term borrowings 88,345 117,329 Short-term portion of financial lease liability IFRS 16 9,643 9,051 Long-term portion of financial lease liability IFRS 16 29,359 34,727 Financial lease liability IFRS 16 39,002 43,778 Total 157,597 191,107 Borrowings At 31 December 2023 the Group has bank loans for a total amount of 118,595 thousand Euro of which 30,250 thousand Euro classified as short-term and 88,345 thousand Euro as long-term (147,329 thousand Euro as at 31 December 2022 of which 30,000 thousand Euro classified as short-term and 117,329 thousand Euro as long-term). The breakdown of bank loans by facility is detailed as follows: - 120,000 thousand Euro related to the Term Loan Facility and 2,000 thousand Euro related to the partial drawn of the Capex Facility Line. Both facilities are carried at amortized cost, meaning that the total outstanding transaction costs are amortized along the duration of the facility and reported as reduction of the par values. This reduces the amount of the two facilities by 3,405 thousand Euro, bringing their combined net value to 118,595 thousand Euro (147,329 thousand Euro as at 31 December 2022); - The Group\u2019s Revolving Credit Facility (75,000 thousand Euro) has not been drawn as at 31 December 2023 (no amount drawn also as at 31 December 2022). The above facilities are part of the financing agreement signed by the Group on 29 September 2022 for a total outstanding amount at 31 December 2023 of Euro 270,000,000, maturing in September 2027 and consisting of a Term Loan Facility of Euro 120,000,000, a Revolving Credit Facility of Euro 75,000,000 and a Capex Facility Line of Euro 75,000,000. These committed, unsubordinated and unsecured facility agreements are subject to customary operating and financial covenants, based on the ratio net debt/EBITDA adjusted. At 31 December 2023 the Group complies with all the outstanding covenants. In 2023 total interest expenses on borrowings are 10,037 thousand Euro (6,509 thousand Euro in 2022) of which figurative interest, calculated according to amortized cost method, are 1,266 thousand Euro (1,531 thousand in 2022). The Term Loan Facility, matures in September 2027, with a repayment profile in ten semi-annual instalments starting from June 2023. Here below we report the maturity analysis of the nominal value of the long-term bank loans, gross of 3,405 thousand Euro of transaction costs (4,671 thousand Euro in 2022):(Euro/000) December 31, 2023 December 31, 2022 From 1 to 2 years 30,500 30,000 From 2 to 3 years 30,500 30,000 From 3 to 4 years 30,750 30,000 From 4 to 5 years - 32,000 Beyond 5 years - - Total 91,750 122,000 The Group, as at 31 December 2023, has no financial borrowings in currencies other than Euro, details on the Group\u2019s exposure to interest rate and liquidity risks arising from borrowings are set out in the paragraphs relating to risk management (see note 3). Financial Lease liability The IFRS 16 financial lease liability, as at 31 December 2023, amounts to 39,002 thousand Euro of which 9,643 thousand Euro as short term, and 29,359 thousand Euro as long term. Here below we report the maturity analysis of the long term IFRS 16 financial lease liability: (Euro/000) December 31, 2023 December 31, 2022 From 1 to 2 years 7,415 8,047 From 2 to 3 years 6,221 6,160 From 3 to 4 years 5,218 5,139 From 4 to 5 years 4,465 4,730 Beyond 5 years 6,041 10,652 Total 29,359 34,727 Net Financial Position The following table shows the breakdown of net financial debt. This has been calculated consistently with the ESMA communication 32-382-1138 issued on 4 March 2021 implementing the European regulation UE 2017/1129 and in line with the CONSOB attention notice 5/21 of 29April 2021. Net financial debt December 31, 2023 December 31, 2022 Change (Euro/000) A Cash 74,898 77,710 (2,811) B Cash equivalents - - - C Other current financial assets - - - D Liquidity (A + B + C) 74,898 77,710 (2,811) E Current financial debt (including debt instruments, but excluding current portion of non-current financial debt) - - - F Current portion of non-current financial debt (39,893) (39,051) (843) G Current financial indebtedness (E + F ) (39,893) (39,051) (843) H Net current financial indebtedness (G - D) 35,005 38,659 (3,654) I Non-current financial debt (excluding current portion and debt instruments) (117,704) (152,057) 34,353 J Debt instruments - - - K Non-current trade and other payables - - - L Non-current financial indebtedness (I + J + K) (117,704) (152,057) 34,353 M Total financial indebtedness (H + L) (82,699) (113,398) 30,699 The Group Net financial debt reported in the above table does not include the valuation of derivative financial instruments (negative for 3.054 thousand Euro as at 31 December 2023) and the liabilities for options on non-controlling interests described respectively in note 4.4 and 4.18 of this report. In compliance with the ESMA communication 32-382-1138 of 4 March 2021 and the Consob attention notice 5/21 of 29 April 2021, it is specified that at 31 December 2023 the indirect or contingent indebtedness of the Group, includes \"liabilities for options on non-controlling interests\u201d equal to 20,770 thousand of Euro as disclosed in note 4.18. In compliance with the same communication, it is specified that the balance sheet also presents a liability for \u201cemployee benefit obligations\u201d equal to 9,734 thousand Euro as disclosed in note 4.17, and \u201cprovisions for risks\u201d for a total of 18,460 thousand Euro as disclosed in note 4.16. This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Trade payables for: Purchase of raw materials 25,055 25,383 Purchase of finished goods 63,007 64,066 Supplies from subcontractors 3,682 3,322 Tangible and intangible assets 1,895 2,816 Commissions 2,333 4,443 Royalties 12,333 10,776 Advertising and marketing costs 13,336 11,351 Services 43,113 49,251 Sales returns liabilities (Refund Liability) 7,353 9,295 Total 172,107 180,701 Sales returns liabilities refer to the amount accrued against the risk of returns of products sold and delivered to customers that, based on the relevant trade terms, might be returned. This sum is charged to the income statement and is deducted directly from sales. The refund liability refers to well identified items and customers and management has elements to estimate the liability with a high level of reliability. This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Income tax payables 14,120 12,964 VAT payables 4,463 3,820 Other taxes payables 4,799 5,709 Total 23,382 22,492 At 31 December 2023 tax payables amounted to Euro 23,382 thousand (compared to Euro 22,492 thousand at 31 December 2022). Of this sum Euro 14,120 thousand referred to income tax for the period, Euro 4,463 thousand to VAT payables and Euro 4,799 thousand to taxes withheld, current and local taxes. The provision for the year\u2019s current income tax is shown in note 5.8 concerning income tax. This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Payables to personnel and social security institutions 26,039 31,918 Agent fee payables 200 173 Payables to pension funds 1,109 1,370 Accrued advertising and sponsorship costs 743 781 Accrued interests on long-term loans 89 53 Other accruals and deferred income 8,563 9,422 Other current liabilities 4,030 3,574 Total 40,772 47,291 Payables to personnel and social security institutions mainly refer to salaries and wages for December and for holidays accrued but not taken at the reporting date. This item breaks down as follows: (Euro/000) January 1, 2023 Increase Decrease Reclass Transl. diff. December 31, 2023 Product warranty provision 5,706 366 (2,677) - (58) 3,337 Agents' severance indemnity 2,396 243 (647) - - 1,992 Other provisions for risks and charges 6,410 1,762 (1,812) (2,250) 5 4,114 Provisions for risks - long term 14,512 2,370 (5,136) (2,250) (53) 9,443 Product warranty provision 2,167 2 (113) - (67) 1,989 Provision for corporate restructuring 1,296 9,062 (9,760) - - 597 Other provisions for risks and charges 5,704 219 (1,740) 2,250 (1) 6,431 Provisions for risks - short term 9,166 9,282 (11,613) 2,250 (68) 9,017 Total 23,678 11,653 (16,749) - (121) 18,460 (Euro/000) January 1, 2022 Increase Decrease Transl. diff. December 31, 2022 Product warranty provision 5,764 561 (707) 89 5,706 Agents' severance indemnity 2,736 230 (571) 1 2,396 Other provisions for risks and charges 6,645 2,143 (2,437) 59 6,410 Provisions for risks - long term 15,144 2,934 (3,715) 149 14,512 Product warranty provision 1,978 124 (22) 87 2,167 Provision for corporate restructuring 7,795 1,296 (7,795) - 1,296 Other provisions for risks and charges 6,004 728 (1,035) 8 5,704 Provisions for risks - short term 15,776 2,147 (8,852) 95 9,166 Total 30,921 5,081 (12,567) 244 23,678 The product warranty provision was recorded against the costs to be incurred for the replacement of products sold before the balance sheet date, estimated on the base of historical information and of some statistical data regarding the nature, frequency and average cost of the warranty substitutions. The agents\u2019 severance indemnity was created against the risk deriving from the payment of indemnities in the case of termination of the agency agreement. This provision has been calculated based on existing laws at the balance sheet date considering all the future expected financial cash outflows. Provision for corporate restructuring includes the estimated liability arising from the reorganization projects under way. The balance was mainly related to the Italian companies restructuring plan, the increase of the period equal to Euro 9,062 thousand refers to the disposal plan of the entire Longarone production site announced in March 2023, this amount has been reported as a non-recurring expense in the item \u201cother operating expenses\u201d. With the finalization of the deal in October 2023 the provision has been fully utilized, the residual balance as at 31 December 2023 is related to some minor restructuring projects still in place. Provisions for other risks and charges refer to the best estimate made by management of the liabilities to be recognized in relation to proceedings arisen against suppliers, tax authorities and other counterparts. The estimate of the above-mentioned allowances takes into account, where applicable, the opinion of legal consultants and other experts, the company\u2019s past experience and others\u2019 in similar situations, as well as the intention of the company to take further actions in each case. The provision in the consolidated financial statements is the sum of the individual accruals made by each company of the Group. The above-mentioned allowances are considered adequate to cover the existing risks.This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Defined contribution plan 12 15 Defined benefit plan 9,722 13,959 Total 9,734 13,975 During the financial years under analysis, the item related to defined benefit plans showed the following movements:(Euro/000) January 1, 2023 Addition Actuarial (gains)/losses Uses Reclass. liabilities held for sale Transl. diff. December 31, 2023 Defined benefit plan 13,959 976 287 (901) (4,579) (20) 9,722 (Euro/000) January 1, 2022 Addition Actuarial (gains)/losses Uses Transl. diff. December 31, 2022 Defined benefit plan 18,979 644 (2,850) (2,813) (1) 13,959 The reclassification to 'Liabilities held for sale' refers to the employee benefit liability of the Longarone production site, which was disposed during the year. The decrease of 901 thousand Euros during the period is attributed to the uses for the ordinary termination. This item refers to different forms of defined benefit and defined contribution pension plans, in line with the local conditions and practices in the countries in which the Group carries out its business. The employee severance fund of Italian companies (\u201cTFR\u201d), which constitutes the main part of the balance related the defined benefit plan, has historically been considered to be a defined benefit plan. However, following the changes in legislation governing the employment severance fund introduced by Italian law no. 296 of 27 December 2006 (\u201cFinancial Law 2007\u201d) and subsequent Decrees and Regulations issued in the first months of 2007, Safilo Group, on the basis of generally agreed interpretations, has considered that the portion of the employee benefit liability accrued from 1 January 2007, whether transferred to selected pension funds or transferred to the treasury account established with INPS, is classified as a \u201cdefined contribution plan\u201d while the portion of the employee benefit liability accrued as of 31 December 2006 is classified as a \u201cdefined benefit plan\u201d requiring actuarial valuations that exclude future increases in salaries. The employee severance fund of Italian companies (\u201cTFR\u201d) has no plan assets at its service. Actuarial estimates used for calculating the employee severance liability accrued up to 31 December 2006 are based on a system of assumptions based on demographic parameters, economic parameters and financial parameters. The demographic parameters are normally summarized in tables based on samples from different institutes (ISTAT, INAIL, INPS, Italian General Accounts Office, etc.). The economic parameters principally refer to long-term inflation rates and the financial yield rate, crucial for the valuation of amounts accrued in the reserve for termination benefits. The main financial parameter is given by the discount rate. The annual discount rate used to calculate the present value of the obligation was derived by the Iboxx Corporate AA index with a duration comparable to the duration of the collective of workers covered by the assessment. The principal assumptions used for the purpose of the actuarial valuations as at 31 December 2023 and 31 December 2022 are summarized here follow: 2023 2022 Discount rate 3.08% 3.63% Inflation rate 2.00% 2.30% Rate of benefit increase 3.00% 3.23% Below depicts the sensitivity of the Group\u2019s defined benefit obligations to changes in the principal assumptions. (Eur/000) Assumption Change Increase Decrease Inflation 1,00% 363 (347) Discount rate 1,00% (530) 591 Life expectancy 1 year (18) 18 The amounts related to defined benefit plans recorded in the statement of comprehensive income can be divided as follows:(Euro/000) 2023 2022 Service cost (552) (531) Interest cost (424) (113) Actuarial gain/(loss) (287) 2,850 Total (1,262) 2,206 s (Euro/000) January 1, 2023 Increase Decrease Reclass. Transl. diff. December 31, 2023 Short term - liabilities for options on non-controlling interests 6,195 - (5,948) (248) - - Long term - liabilities for options on non-controlling interests 13,349 7,895 - 248 (721) 20,770 19,545 7,895 (5,948) - (721) 20,770 The amount equal to 20,770 thousand Euro of long-term liability refers to the put and call options liability on the non-controlling interests of the business combinations finalised in 2020 in Priv\u00e9 Goods LLC and Blenders Eyewear LLC. Pursuant to the contractual terms the non-controlling interests held by the minority equity holders of these two investments are subject to customary reciprocal put and call options. More specifically, the put and call options were to be exercised in each of the years 2023 and 2024 for one third of the minority interests and in 2025 for the remaining portions. In the first half of 2023 the Group has already finalised the exercise of the first option on Priv\u00e9 Revaux non-controlling interests, following this event pursuant to the contractual terms the Group has increased its controlling stake in Priv\u00e9 Revaux from 82.8% to 88.5% in exchange for a nominal amount. On Blenders non-controlling interests, the exercise of the first option on an additional 10% of the interests, that has increased the Group controlling stake from 70% to 80%, has been finalised in the third quarter of 2023 in exchange for an amount of 5,948 thousand Euro. In March 2023, the Group has also agreed an extension of the second and third tranche of the put and call options on the non-controlling interest in Blenders, from 2024 and 2025 to 2026 and 2027 respectively. Following the above extension, the option fair value liability recorded an increase equal to 7,895 thousand Euro reported as financial loss in the item \u201cGains/(losses) for options on non-controlling interests\u201d in the income statement. Furthermore, the value of the liability was adjusted for a translation difference due to the Euro/US exchange rate fluctuation and for the accretion consequent to the financial discounting of the long-term debt. Movements in the item were as follows:(Euro/000) January 1, 2023 Increase Decrease Reclass. Transl. diff. December 31, 2023 Other non current liabilities 2,041 634 - - (23) 2,653 2,041 634 - - (23) 2,653 The \u201cother non-current liabilities\u201d include the estimate of the tax liability equal to 2,215 thousand Euro (compared to 960 thousand Euro as at 31 December 2022) accrued according to the IFRIC 23, on the basis of the assessment of the limited uncertain tax treatment identified within the Group.Shareholders\u2019 equity is the value contributed by the shareholders of Safilo Group S.p.A. (the share capital and the share premium reserve), plus the value generated by the Group in terms of profit gained from its operations (profit carried forward and other reserves). On 31 December 2023, Group shareholders\u2019 equity totaled 379,200 thousand Euro versus Euro 409,915 thousand Euro on 31 December 2022. At 31 December 2023 the share capital of the Parent Company, Safilo Group S.p.A., amounts to Euro 384,857,848 consisting of no. 413,745,466 ordinary shares with no par value (413,687,781 ordinary shares as at 31 December 2022). In 2023 new ordinary shares equal to a number of 57,685 were issued, resulting from the execution of a share capital increase to the service of the stock option plan named \u201cStock Option Plan 2017 \u2013 2020\u201d.At 31 December 2023, the share premium reserve of the parent company, Safilo Group S.p.A. totaled Euro 27,388,371 (compared to Euro 692,520,684 at the end of the previous year). The decrease equal to Euro 665,132,313 is due to its utilization to integrally cover the losses carried-forward resolved with the shareholders\u2019 approval of the 2022 statutory report, net of the increase for the above new shares issued. This item includes both the reserves of the subsidiary companies generated after their inclusion in the consolidation area and the translation differences deriving from the translation into Euro of the financial statements of consolidated companies denominated in other currencies. During the year, the movements of the item \u201cretained earnings and other reserve\u201d mainly refer to: - an decrease of 16,832 thousand Euro due to the translation differences coming from the translation of the subsidiaries\u2019 financial statements into Euro; - an increase of 459 thousand Euro related to the cost of the period of the stock option plans in place; - a decrease of 330 thousand Euro due to the actuarial valuation, net of the tax effect, of the employee termination indemnities of defined benefit plans; - an increase of 680 thousand Euro mainly related to transactions with minority interests. The Group has distributed dividends to the minority interests of the subsidiary Blenders Eyewear LLC equal to 552 thousand Euro, this amount has reduced the equity related to the non-controlling interests. The cash flow hedge reserve equal to 271 thousand Euro refers to the current value of derivative instruments related to interest rate swap contracts that cover the variable interest rate risk on future financial interest payments. As at 31 December 2023 the Group has in place the following Stock Option Plans: 2017-2020, 2020-2022 and the new 2023-2025 Plan. The first Plan was deliberated by the Ordinary Shareholders\u2019 meeting held on 26 April 2017, in which the Shareholders approved the issue of up to 2,500,000 (adjusted after the 2018 capital increase to 2,891,425) new ordinary shares to be offered to directors and/or employees of the Company and its subsidiaries. The 2020-2022 Plan was deliberated by the Ordinary Shareholders\u2019 Meeting held on 28 April 2020, in which the Shareholders approved the issue up to 7,000,000 new ordinary shares to be offered to directors and/or employees of the Company and its subsidiaries. On 27 April 2023 the Ordinary Shareholders\u2019 Meeting approved the Stock Option Plan 2023-2025 which provides for the assignment of a maximum of 22,000,000 options (corresponding to a maximum number of 22,000,000 ordinary shares of the Company) in favour of executive directors who are also employees and other employees of the Company and/or other companies within the Group. Information relating to the tranches of the Stock Options Plans granted on 31 December 2023 are shown below. Grant date No. of options Fair value in Euro Maturity Stock Option Plan 2017-2020 Third tranche 30 April 2019 643,413 0.18 31 May 2027 Stock Option Plan 2020-2022 First tranche 31 July 2020 2,895,376 0.18 30 June 2028 Second tranche 11 March 2021 3,106,148 0.27 30 June 2029 Stock Option Plan 2023-2025 First tranche 11 September 2023 7,640,000 0.28 30 June 2031 The fair value of the stock options was estimated on the vesting date based on the Black-Scholes model. The main market inputs of the model used are shown below: Share price at grant date Exercise price in Euro Expected volatility Free risk rate Stock Option Plan 2017-2020 Third tranche 0.81 0.68 36.20% 0.087% Stock Option Plan 2020-2022 First tranche 0.63 0.63 47.78% -0.392% Second tranche 0.93 0.87 45.67% -0.290% Stock Option Plan 2023-2025 First tranche 0.93 0.97 38.20% 3.010% The table below shows the changes in the stock option plans which occurred during the year: No. of options Average exercise price in Euro Stock Option Plan 2017-2020 Outstanding at the beginning of the period 773,205 0.68 Granted - - Forfeited - - Exercised (57,686) 0.68 Expired (72,107) 0.68 Outstanding at period-end 643,413 0.68 Stock Option Plan 2020-2022 Outstanding at the beginning of the period 7,343,823 0.76 Granted - - Forfeited (709,976) 0.87 Exercised - - Expired (632,322) 0.63 Outstanding at period-end 6,001,524 0.76 Stock Option Plan 2023-2025 Outstanding at the beginning of the period - - Granted 7,940,000 0.97 Forfeited (300,000) 0.97 Exercised - - Expired - - Outstanding at period-end 7,640,000 0.97 During the year, a total of 704,429 options expired, of which 72,107 from the third tranche of the Plan 2017-2020 and 632,322 of the Plan 2020-2022 and 57,686 options of the Plan 2017-2020 were exercised. Additionally, 1,009,976 options were forfeited of which 709,976 of the Plan 2020-2022 and 300,000 of the Plan 2023-2025, in the period 7,940,000 options of the Plan 2023-2025 were granted. The options outstanding of the third tranche of the Plan 2017-2020, equal to 643,413 options, are exercisable until 31 May 2027, the first and the second tranche of the Plan 2020-2022, equal respectively to 2,895,376 and to 3,106,148 options, are exercisable until 30 June 2028 and 30 June 2029 respectively, the first tranche of the Plan 2023-2025 equal to 7,640,000 is exercisable until 30 June 2031. At the date of the approval of these financial statements the options vested and exercisable still outstanding are the one related to the Plan 2017-2020 equal to 643,413. The exercise price for the options of the third tranche of the Plan 2017-2020 is equal to 0.68 Euro with a remaining contract life of 3.4 years, for the first and the second tranche of the Plan 2020-2022 the exercise prices are equal to respectively 0.63 and 0.87 Euro with a remaining contract life of 4.5 and 5.5 years respectively, while for the first tranche of the Plan 2023-2025 the exercise prices is equal to 0.97 Euro with a remaining contract life of 7.5. The adoption of these plans has affected the income statement for the period for a cost of 459 thousand Euro (748 thousand Euro in 2022). No changes or cancellations have been occurred on the above described Plans.The Group\u2019s primary revenues are the selling of eyewear products in the wholesale channel through its subsidiary network and a network of independent distribution partners. Moreover, the Group sell its eyewear products directly to its customers through its online sales channel for some brands of its portfolio, mainly in the North America market. 2023 Group sales amounted to 1,024,732 thousand Euro, showing a decrease of 4.8% compared to the previous year (1,076,745 thousand Euro). For a discussion on sales trends and the disaggregated sales by geographical regions, reference should be made to the report on operations section of the Group\u2019s economic results.This item breaks down as follows: (Euro/000) 2023 2022 Purchase of raw materials and finished goods 311,125 375,240 Capitalisation of costs for increase in tangible assets (-) (3,001) (2,955) Change in inventories 22,652 (17,618) Wages and social security contributions 73,511 80,826 Subcontracting costs 9,357 13,201 Amortization and depreciation 13,737 12,536 Depreciation Right of Use - IFRS 16 1,221 1,197 Rental and operating leases 1,387 1,574 Offset Rental and operating leases - IFRS 16 (1,288) (1,276) Utilities, security and cleaning 5,940 9,699 Other industrial costs 4,355 6,871 Total 438,997 479,296 Cost of sales decreased by Euro 40,299 thousand (or 8.4%), from Euro 479,296 thousand in 2022, to Euro 438,997 thousand in 2023. Wages and social security contributions decreased by Euro 7,315 thousand (or 9.1%) from Euro 80,826 thousand to Euro 73,511 thousand in 2023, benefitting from the savings provided by the reshaping of the industrial capacity according to the Group manufacturing footprint. Amortization and depreciation increased by Euro 1,201 thousand (or 9.6%) from Euro 12,536 thousand in 2022 to Euro 13,737 thousand in 2023. The item was affected by non-recurring tangible assets write-downs equal to 4,147 thousand Euro mainly related to the write-down of the Longarone plant assets. Changes in inventories can be broken down as follows: (Euro/000) 2023 2022 Finished products 8,259 (13,331) Work-in-progress 1,682 1,594 Raw materials 12,711 (5,882) Total 22,652 (17,618) This item breaks down as follows: (Euro/000) 2023 2022 Payroll and social security contributions 116,217 108,220 Sales commissions 43,749 49,821 Royalty expenses 61,178 60,225 Advertising and promotional costs 132,476 134,574 Amortization and depreciation 3,756 3,220 Depreciation Right of Use - IFRS 16 4,677 4,813 Logistic costs 37,647 34,203 Consultants fees 1,552 1,504 Rental and operating leases 7,995 8,111 Offset Rental and operating leases - IFRS 16 (5,515) (5,570) Utilities, security and cleaning 1,425 1,126 Provision for risks 1,423 358 Other sales and marketing expenses 22,199 19,884 Total 428,780 420,488 Selling and marketing expenses increased by Euro 8,292 thousand (or 2.0%), from Euro 420,488 thousand in 2022 to Euro 428,780 thousand in 2023. This was due to the increase of payroll and social security contributions by Euro 7,998 thousand (or 7.4%), logistic costs by Euro 3,444 thousand (or 10.1%) and other sales and marketing expenses by 2,315 thousand Euro (or 11.6%), partially offset by a decrease of the sales commissions by Euro 6,071 thousand (or -12.2%), and advertising and promotional costs by Euro 2,099 thousand (or -1.6%). This item breaks down as follows: (Euro/ 000) 2023 2022 Payroll and social security contributions 49,327 48,896 Allowance and write-off of doubtful accounts 504 (898) Amortization and depreciation 27,384 22,308 Depreciation Right of Use - IFRS 16 4,447 4,317 Professional services 15,051 15,073 Rental and operating leases 6,083 5,651 Offset Rental and operating leases - IFRS 16 (5,036) (4,972) EDP costs 28,964 25,482 Insurance costs 1,951 2,187 Utilities, security and cleaning 3,412 4,059 Taxes (other than on income) 1,035 1,489 Other general and administrative expenses 4,959 4,835 Total 138,080 128,426 General and administrative expenses increased by Euro 9,654 thousand (or 7.5%), from Euro 128,426 thousand in 2022 to Euro 138,080 thousand in 2023. This was mainly due to an increase of EDP expenses by Euro 3,482 thousand (or 13.7%), from Euro 25,482 thousand in 2022 to Euro 28,964 thousand in 2023. The increase of the EDP expenses is mainly related to the cost incurred for the implementation of the latest generation integrated information system (ERP) which are cloud-based and hence structured as a software as-a-service (SaaS) agreement. Safilo has therefore fully expensed the related amount of 11,740 thousand Euro (9,703 thousand Euro in the previous year) as EDP service costs, in line with the accounting policy introduced by the Group in 2021 to comply with the guidelines of the IFRIC agenda on SaaS arrangements published in April 2021. Depreciation and amortization increased by 5,076 thousand Euro, from 22,308 thousand in 2022 to Euro 27,384 thousand in 2023. This was mainly due to the non-recurring amortization of 8,665 thousand Euro related to the partial write-down of some intangible assets identified in the purchase price allocation of a previous business combination. The average number of employees by rank is shown below: 2023 2022 Executives 85 93 Clerks and middle management 2,054 2,152 Factory workers 2,029 2,190 Total 4,168 4,435 The reduction of the average number of employees by 267 is mainly due to the restructuring of the Group\u2019s manufacturing footprint with the disposal of the Longarone production site at the end of October 2023. This item breaks down as follows: (Euro/000) 2023 2022 Losses on disposal of assets (403) (31) Other operating expenses (16,842) (11,079) Gains on disposal of assets 988 268 Other operating income 5,043 10,764 Total (11,214) (78) Other operating income and expenses include cost and revenue components either not related to the Group\u2019s ordinary operations or that are considered by management to be of non-recurring nature. The item \u201cother operating expenses\u201d is mainly related to the non-recurring costs (excluding the inventory obsolescence accruals and the write-down of the fixed assets) incurred for the disposal of Longarone plant to third parties, the termination of some exiting licensed brands and some other restructuring expenses. During the previous period under \u201cother operating expenses\u201d non-recurring costs of Euro 7,969 thousand were accounted for mainly related to some special projects and restructuring expenses, \u201cOther operating income\u201d includes a non-recurring income of Euro 3,600 thousand due to the release of an excess restructuring provision in relation to the completion of the restructuring plan announced in 2019.The item refers to the gain or loss deriving from the changes in the fair value of the liability related the the put and call options on the non-controlling interests of the two business combinations finalized in the first half of 2020 (for more details see the note 4.18). As at 31 December 2023 the fair value of the liability following the extension of the second and third tranche of the put and call options on the non-controlling interest in Blenders, from 2024 and 2025 to 2026 and 2027 respectively, recorded an increase equal to 7,895 thousand Euro reported as financial loss in this item of the income statement (a gain of 31,191 thousand Euro in the previous period). This item breaks down as follows: (Euro/000) 2023 2022 Nominal interest expenses on loans (8,771) (4,978) Figurative interest expenses on loans (1,266) (1,531) Interest expenses on operating leases - IFRS 16 (1,745) (1,862) Bank commissions (7,379) (7,271) Other financial charges (1,425) (937) Total financial charges (20,586) (16,578) Interest income 1,063 596 Other financial income 2,737 2,402 Total financial income 3,800 2,998 Positive exchange rate differences 19,971 46,700 Negative exchange rate differences (22,407) (48,632) Total exchange rate differences, net (2,437) (1,933) Total financial charges, net (19,223) (15,512) Total net financial charges increased by Euro 3,710 thousand from Euro 15,512 thousand in 2022 to Euro 19,223 thousand in 2023. Excluding the accounting effect of the IFRS 16 interest expenses equal to Euro 1,745 thousand, interest on loans increased by Euro 3,529 thousand, from Euro 6,509 thousand in 2022 to Euro 10,037 thousand in 2023. Net exchange rate differences are equal to a loss of Euro 2,437 thousand in 2023 (a loss of Euro 1,933 thousand in 2022). The items \u201cfigurative interest expenses on loans\u201d is related to the additional figurative interest component calculated according to the amortised cost method on the basis of the effective interest rate including any transaction costs.This item breaks down as follows: (Euro/000) 2023 2022 Current tax (8,849) (9,764) Deferred tax 2,216 (2,023) Total (6,633) (11,788) Income taxes decreased by 5,155 thousand Euro from an expense of 11,788 thousand Euro in 2022 to an expense of 6,633 thousand Euro in 2023. The taxes for the year can be reconciled with the theoretical taxes that would be expected at consolidated level as follows: (Euro/000) % 2023 % 2022 Profit before taxation 100% (19,456) 100% 64,136 Income tax benefit (expense) at statutory rate -24.0% 4,669 -24.0% (15,393) Taxes relating to prior years -6.6% 1,286 0.3% 184 Foreign tax rate differential -5.7% 1,104 -2.8% (1,801) Non taxable income 2.4% (469) 13.6% 8,716 Non deductible costs 15.2% (2,957) -4.6% (2,973) Non-recognition of new DTAs and write-off of existing DTAs 101.4% (19,720) -16.2% (10,403) Benefit arising from unrecognized DTA of prior years -52.7% 10,250 15.1% 9,686 Deferred tax expense for changes in tax rate -0.6% 112 -0.1% (35) Tax Credit and tax relief -0.1% 19 0.0% 0 Other differences 4.8% (926) 0.4% 231 Total 34.1% (6,633) -18.4% (11,788) Theoretical income taxes are calculated at 24.0 % on the consolidated result before tax. This percentage represents the statutory corporate income tax rate (IRES) applicable at the Italian holding company level. The Group\u2019s effective tax rate was primarily affected by the write down of deferred tax assets mainly related to the Italian legal entities with a further increase of the deferred tax assets valuation allowance.The exposure to the Pillar Two income taxes of the Global Minimum Tax derives from the level of effective taxation realized in each jurisdiction in which the entities of the Multinational Group (and any joint ventures) are present; such level of effective taxation depends on numerous factors, also interconnected between them, such as in particular the profit there generated, the nominal tax rate level, the tax rules for the calculation of the taxable income, the existence, form and benefiting of incentives or other tax benefits applicable in the specific jurisdiction. Considering the novelty and complexities in calculating the effective taxation level, for the first years of implementation (that is for periods starting before December 31, 2026 and ending not after than June 30, 2028) the Pillar Two rules provide for the possibility of applying a simplified regime mainly based on accounting information available for each relevant jurisdiction (so called transitional regime, with safe harbors predominantly based on Country-by-Country Report (CbCR) data, hereinafter also referred to as \u201ctransitional CbCR safe harbors\u201d) and based on which the reduction of the implementation costs and the reduction to nil of the Pillar Two taxes in case of meeting of one of the three provided tests. Taking into account the known or reasonably estimable information at the reporting date, even if such information do not currently reflect all specific regulations of the Pillar Two Model Rules connected to the localization and operations of all the entities of the Safilo Group in all the single jurisdictions in which the same operates, and considering that at the reporting date there is information that is not known or reasonably estimable, the Safilo Group exposure in the jurisdictions in which it operates to Pillar Two income taxes arising from such legislation at the reporting date, also based on the transitional CbCR safe harbors, is valued as not material. In particular, based on information known or reasonably estimable: \u2022 with reference to the majority of the entities of the Safilo Group, that are located in jurisdictions that meet at least one of the three tests provided for by the transitional CbCR safe harbors, the conditions for the non-application of the Pillar Two income taxes are met, and \u2022 for the remaining entities of the Safilo Group, that are located in jurisdictions that do not meet any of the three tests provided for by the transitional CbCR safe harbors, the exposure is not material, since the level of the effective taxation in such jurisdictions proxies the minimum rate of 15% or the potential estimated impact on the profits in such jurisdictions (in particular in the United Arab Emirates) is not material in relation to the total profits of the Safilo Group. The Safilo Group, with the support of external consultants, is getting organized and prepared for the compliance fulfilments connected to the Pillar Two Model Rules, also with the objective of managing the exposure in the future years, by the setting up of adequate systems and procedures aimed at: \u2022 the identification, localization and characterization, also ongoing, of all entities of the Safilo Group relevant for the Pillar Two model rules purposes, and \u2022 computing the simplified tests (so called transitional CbCR safe harbors) for each of the relevant jurisdictions, with the aim of benefiting of the relevant advantages in terms of reduction of the fulfilments costs and of the reduction to nil of the Pillar Two taxes, and \u2022 performing the complete and detailed calculations of the amounts relevant as requested by the Pillar Two for any jurisdictions that might not meet any of the above mentioned tests. Since the Pillar Two Model Rules are not effective at the financial year reporting date, no current tax expense related to the Pillar Two income taxes are recorded. The calculation of basic and diluted earnings per share is shown in the tables below: Basic 2023 2022 Profit/(Loss) for ordinary shares (in Euro/000) (24,649) 54,160 Average number of ordinary shares (in thousands) 413,733 413,599 Earnings/(Losses) per share - basic (in Euro) (0.060) 0.131 Diluted 2023 2022 Profit/(Loss) for ordinary shares (in Euro/000) (24,649) 54,160 Average number of ordinary shares (in thousands) 413,733 413,599 Dilution effects: - stock option (in thousands) 3,553 3,831 Total 417,286 417,430 Earnings/(Losses) per share - diluted (in Euro) (0.059) 0.130 The parent company Safilo Group S.p.A. did not distribute dividends to shareholders during the period. Following the divestiture of the Group\u2019s retail operations in 2019, the Group considers a sole operating segment. Below we report the geographical segment information. It should be noted that the grouping by geographic area depends on the location of the registered head office of each Group company; therefore, the sales such identified are determined by origin of invoicing and not by target market as disclosed in the \u201cReport on Operations\u201d. Non-current assets do not include derivative financial instruments and deferred tax assets. Breakdown of revenues and non-current assets by geographic area Revenue from external customers Non-current assets (Euro/000) 2023 2022 December 31, 2023 December 31, 2022 (1)Italy213,610 220,641 83,274 105,296 (2)Europe240,643 242,305 6,081 2,830 (3)America517,078 564,020 157,462 183,960 (4)Asia53,400 49,780 25,388 30,033 Total 1,024,732 1,076,745 272,204 322,120 (1) Operating companies with registered head office in Italy. (2) Operating companies with registered head office in European countries (other than Italy), United Arab Emirates and in South Africa. (3) Operating companies with registered head office in USA, Canada, Mexico and Brazil. (4) Operating companies with registered head office in the Far East, Australia and India. In compliance with applicable legislative and regulatory requirements, on 23 March 2007 the parent company\u2019s Board of Directors passed a resolution indicating and adopting a number of guidelines to govern transactions of major strategic, economic, capital or financial significance for the Company \u2013 including those undertaken with related parties. The aim of the guidelines is to establish competences and responsibilities concerning significant transactions and to assure their transparency and material and procedural correctness. Our notion of related party is based on the definition given in IAS 24. Following the resolution CONSOB 17721 of 12 March 2010, as amended by Resolution No. 17389 of 23 June 2010, the Board of Directors of 5 November 2010 approved the \"Regulations for the transactions with related parties\", which replaces those guidelines, by adopting procedures that ensure transparency and fairness and procedural related party transactions. The tables below shows the operating and financial figures determined by related party transactions as of 31 December 2023 and 31 December 2022. Related parties transactions (Euro/000)Relationship December 31 2023 December 31 2022 Receivables Companies controlled by HAL Holding N.V. (a) 382 328 Total 382 328 Payables Companies controlled by HAL Holding N.V. (a) 23 53 HAL Investments B.V. (a) 10 30 Total 33 83 Related parties transactions (Euro/000)Relationship 2023 2022 Revenues Companies controlled by HAL Holding N.V. (a) 1,287 1,204 Total 1,287 1,204 Operating expenses Companies controlled by HAL Holding N.V. (a) 52 74 HAL Investments B.V. (a) 50 30 Total 102 104 (a) Companies controlled by Group's reference Shareholder Transactions with related parties, including intercompany transactions, involve the purchase and sale of products and provision of services on an arm\u2019s length basis, similarly to what is done in transactions with third parties. With regards to the table above, the companies controlled by HAL Holding N.V. refers to transaction with a minor retail chain belonging the Group\u2019s reference shareholder. The remuneration of the Group\u2019s Directors, Statutory Auditors and Strategic Management is reported below: (Euro/000)2023 2022 Directors - Salaries and short term compensations 3,165 3,769 - Non monetary benefits 35 28 - Other compensations 88 87 - Indemnity for end of position or cessation of employment relationship - - - Fair value of equity compensations 204 252 Statutory auditors - Fixed compensations and compensations for participation in committees 243 303 Managers with strategic responsabilities - Salaries ad short term compensations 446 719 - Non monetary benefits 14 11 - Other compensations - 3 - Indemnity for end of position or cessation of employment relationship - - - Fair value of equity compensations 25 52 Total 4,221 5,224 The Group does not have any significant contingent liabilities not covered by adequate provisions. Nevertheless, as of the balance sheet date, various legal actions involving the parent company and certain Group companies were pending and mainly against sales representatives. These actions are considered to be groundless and/or their eventual negative outcome cannot be determined at this stage. At the balance sheet date, the Group had contracts in force with licensors for the production and sale of sunglasses and frames bearing their trademark. The contracts generally establish minimum guaranteed for royalties and advertising expenses. Commitments related to these minimum guaranteed, estimated on the basis of information available at the reporting date, are summarized detailed by maturity as follow: Licensing commitments December 31, 2023 December 31, 2022 (Euro/000) within 1 year 75,682 89,045 between 1 and 3 years 147,502 162,074 between 3 and 5 years 128,418 42,147 beyond 5 years 156,059 12,913 Total 507,661 306,180 The increase of the commitments amounts compared to 31 December 2022, mainly in the maturities beyond 3 years is due to the renewal of some license agreements signed in the period. Subsequent to 31 December 2023 through the approval date of this report, no significant events occurred which would have impacted the financial and economic results shown pursuant to IAS 10 - Events after the reporting period. The following table, prepared in accordance with Art. 149-duodecies of the Regulation on Issuers issued by Consob, reports the amount of fees charged in 2023 and 2022 relating to the audit and other audit related services rendered by the same Audit company. The Shareholders' Meeting held on 27 April 2023, upon proposal of the Board of Statutory Auditors, appointed PricewaterhouseCoopers S.p.A. as external Audit Company for the financial years from 2023 to 2031. The 2022 fees, shown in the table, referred to the auditing firm Deloitte & Touche whose assignment ended with the approval of the financial statements for the 2022 financial year. (Eur/000) (*)Audit Company Safilo Group's company which received services 2023 2022 Audit PricewaterhouseCoopers S.p.A. Holding Company - Safilo Group S.p.A. 170 61 PricewaterhouseCoopers S.p.A. Subsidaries 119 146 Network PricewaterhouseCoopers S.p.A. Subsidaries 1,096 1,050 Attestation PricewaterhouseCoopers S.p.A. Holding Company - Safilo Group S.p.A. 26 60 PricewaterhouseCoopers S.p.A. Subsidaries 19 19 Network PricewaterhouseCoopers S.p.A. Subsidaries - - Other services PricewaterhouseCoopers S.p.A. Holding Company - Safilo Group S.p.A. - - PricewaterhouseCoopers S.p.A. Subsidaries - - Network PricewaterhouseCoopers S.p.A. Subsidaries - 3 Total 1,430 1,339 (*) in 2022 the entity that provided the audit services was Deloitte & Touche S.p.A and its network. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-1-2": { "value": "Consolidated statement of cash flows ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26442": { "value": "77710000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26447": { "value": "99002000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26480": { "value": "-26089000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26485": { "value": "52349000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26500": { "value": "44877000", "decimals": -3, "dimensions": { "concept": "SAF:AdjustmentsForDepreciationAndAmortisationExpenseOtherThanRightOfUseAssets", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26505": { "value": "38064000", "decimals": -3, "dimensions": { "concept": "SAF:AdjustmentsForDepreciationAndAmortisationExpenseOtherThanRightOfUseAssets", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26518": { "value": "10345000", "decimals": -3, "dimensions": { "concept": "SAF:AdjustmentsForDepreciationRightOfUseAssets", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26523": { "value": "10326000", "decimals": -3, "dimensions": { "concept": "SAF:AdjustmentsForDepreciationRightOfUseAssets", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26542": { "value": "-7895000", "decimals": -3, "dimensions": { "concept": "SAF:AdjustmentsForGainsLossesOnValuationOnLiabilitiesForOptionsGrantedToNonControllingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26548": { "value": "31191000", "decimals": -3, "dimensions": { "concept": "SAF:AdjustmentsForGainsLossesOnValuationOnLiabilitiesForOptionsGrantedToNonControllingInterests", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26559": { "value": "-9662000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26564": { "value": "-9067000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26576": { "value": "8974000", "decimals": -3, "dimensions": { "concept": "SAF:AdjustmentsForInterestExpenseOtherThanLeaseLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26582": { "value": "5912000", "decimals": -3, "dimensions": { "concept": "SAF:AdjustmentsForInterestExpenseOtherThanLeaseLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26597": { "value": "1745000", "decimals": -3, "dimensions": { "concept": "SAF:AdjustmentsForInterestExpenseOnLeaseLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26603": { "value": "1862000", "decimals": -3, "dimensions": { "concept": "SAF:AdjustmentsForInterestExpenseOnLeaseLiabilities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26616": { "value": "6633000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26622": { "value": "11788000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26641": { "value": "44718000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26646": { "value": "80043000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26666": { "value": "6335000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26672": { "value": "-36222000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26684": { "value": "22652000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26689": { "value": "-17618000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26701": { "value": "-5751000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26706": { "value": "-14842000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26717": { "value": "7702000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26723": { "value": "8467000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26737": { "value": "-9432000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26742": { "value": "-2138000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26753": { "value": "8050000", "decimals": -3, "dimensions": { "concept": "SAF:InterestPaidOtherThanLeaseLiabilitiesClassifiedAsOperatingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26758": { "value": "4266000", "decimals": -3, "dimensions": { "concept": "SAF:InterestPaidOtherThanLeaseLiabilitiesClassifiedAsOperatingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26771": { "value": "1745000", "decimals": -3, "dimensions": { "concept": "SAF:InterestPaidOnLeaseLiabilitiesClassifiedAsOperatingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26776": { "value": "1862000", "decimals": -3, "dimensions": { "concept": "SAF:InterestPaidOnLeaseLiabilitiesClassifiedAsOperatingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26788": { "value": "8717000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26793": { "value": "2405000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26808": { "value": "47712000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26813": { "value": "9156000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26847": { "value": "10527000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26852": { "value": "12733000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26866": { "value": "10513000", "decimals": -3, "dimensions": { "concept": "SAF:ProceedsFromSalesOfPropertyPlantAndEquipmentAndProceedsFromDisposalOfNonCurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsClassifiedAsInvestingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26871": { "value": "196000", "decimals": -3, "dimensions": { "concept": "SAF:ProceedsFromSalesOfPropertyPlantAndEquipmentAndProceedsFromDisposalOfNonCurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsClassifiedAsInvestingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26884": { "value": "-5948000", "decimals": -3, "dimensions": { "concept": "SAF:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesAndCashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26889": { "value": "0", "decimals": -3, "dimensions": { "concept": "SAF:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesAndCashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26901": { "value": "-2686000", "decimals": -3, "dimensions": { "concept": "SAF:ProceedsFromSalesOfIntangibleAssetsAndPurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26906": { "value": "-3131000", "decimals": -3, "dimensions": { "concept": "SAF:ProceedsFromSalesOfIntangibleAssetsAndPurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26921": { "value": "-8648000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26927": { "value": "-15669000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26963": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26967": { "value": "147001000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26979": { "value": "30000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26984": { "value": "153000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f26998": { "value": "9956000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27003": { "value": "10026000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27017": { "value": "39000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27022": { "value": "89000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27033": { "value": "552000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27038": { "value": "875000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27053": { "value": "-40469000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27058": { "value": "-16811000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27077": { "value": "-1405000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27083": { "value": "-23324000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27104": { "value": "-1407000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27109": { "value": "2032000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27125": { "value": "-1407000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27131": { "value": "2032000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27159": { "value": "74898000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27164": { "value": "77710000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27272": { "value": "384846000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27277": { "value": "692521000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27283": { "value": "107421000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27289": { "value": "780000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27293": { "value": "-775653000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27299": { "value": "409915000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27304": { "value": "29005000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27309": { "value": "438920000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27335": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27339": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27343": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27347": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27351": { "value": "-24649000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27356": { "value": "-24649000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27361": { "value": "-1440000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27366": { "value": "-26089000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27380": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27384": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27388": { "value": "-16221000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27393": { "value": "-510000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27398": { "value": "-330000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27403": { "value": "-17060000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27408": { "value": "-611000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27413": { "value": "-17671000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27428": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27432": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27436": { "value": "-16221000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27441": { "value": "-510000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27447": { "value": "-24979000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27452": { "value": "-41709000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27457": { "value": "-2051000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27463": { "value": "-43760000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27472": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27476": { "value": "-665160000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27481": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27485": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27489": { "value": "665160000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27493": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27497": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27501": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27516": { "value": "12000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27521": { "value": "27000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27525": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27529": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27533": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27538": { "value": "39000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27542": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27547": { "value": "39000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27557": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27561": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27565": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27569": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27573": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27577": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27581": { "value": "552000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27586": { "value": "552000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27606": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27610": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27614": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27618": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27622": { "value": "9282000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27626": { "value": "9282000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27630": { "value": "-9282000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27635": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27648": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27652": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27656": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27660": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27665": { "value": "459000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27670": { "value": "459000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27674": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27679": { "value": "459000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27686": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27690": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27694": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27698": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27702": { "value": "1213000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27706": { "value": "1213000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27710": { "value": "-533000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27716": { "value": "680000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27746": { "value": "384858000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27750": { "value": "27388000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27754": { "value": "91200000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27759": { "value": "271000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27763": { "value": "-124517000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27769": { "value": "379200000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27774": { "value": "16586000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27779": { "value": "395786000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27862": { "value": "384820000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27868": { "value": "692458000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27873": { "value": "92193000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27877": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27881": { "value": "-842730000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27887": { "value": "326741000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27892": { "value": "39346000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27897": { "value": "366087000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27923": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27927": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27931": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27935": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27940": { "value": "54160000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27946": { "value": "54160000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f27951": { "value": "-1811000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f27956": { "value": "52349000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f27969": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f27973": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f27978": { "value": "15228000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f27984": { "value": "780000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f27990": { "value": "2750000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f27997": { "value": "18758000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f28003": { "value": "1796000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f28009": { "value": "20553000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f28023": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f28027": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f28031": { "value": "15228000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f28036": { "value": "780000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f28040": { "value": "56910000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f28044": { "value": "72918000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f28048": { "value": "-16000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f28054": { "value": "72903000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f28070": { "value": "26000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f28075": { "value": "63000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f28079": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f28083": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f28087": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f28092": { "value": "89000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f28096": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f28101": { "value": "89000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f28111": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f28115": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f28119": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f28123": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f28127": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f28131": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f28135": { "value": "876000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f28140": { "value": "876000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f28160": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f28164": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f28168": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f28172": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f28177": { "value": "9419000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f28184": { "value": "9419000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f28190": { "value": "-9419000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f28195": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f28209": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f28213": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f28217": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f28221": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f28226": { "value": "748000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f28232": { "value": "748000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f28237": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f28242": { "value": "748000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f28249": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f28253": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f28257": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f28261": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f28265": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f28269": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f28273": { "value": "-31000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f28278": { "value": "-31000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:81560026FA1A26642782", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f28311": { "value": "384846000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f28317": { "value": "692521000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f28323": { "value": "107421000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f28329": { "value": "780000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f28333": { "value": "-775653000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "SAF:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f28339": { "value": "409915000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f28344": { "value": "29005000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f28349": { "value": "438920000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "pp-value-2-1": { "value": "Established in 1934 in Italy\u2019s Veneto region, Safilo Group is one of the eyewear industry\u2019s principal players in the design, manufacturing and distribution of optical frames, sunglasses, sports eyewear, goggles and helmets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4-1": { "value": " Safilo Group S.p.A.,", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5-1": { "value": "n Italy ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6-1": { "value": " Padua, Settima Strada 15, Italy.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6-2": { "value": " Padua, Settima Strada 15, Italy.", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6-3": { "value": " Padua, Settima Strada 15, Italy.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-8-1": { "value": " S.p.A. ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-9-1": { "value": " Safilo Group S.p.A. ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-10-1": { "value": " Safilo Group S.p.A. ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-11-2": { "value": "The accounting policies described here below have been applied for the preparation of the present report and comply with those adopted for the financial report as of 31 December 2022. The new amendments and accounting standards, described below, have not had any significant impacts on this report. The consolidated financial statements are based on the going concern assumption, despite a context still characterized by considerable uncertainty, the Group, taking into account its financial solidity, the actions undertaken to mitigate risks and its business model, believes that there are no elements that may rise any uncertainty on the going concern assumption, in accordance with paragraph 25 of IAS 1. The consolidated financial statements for the year ended 31 December 2023 and 31 December 2022 were prepared in accordance with IFRSs issued by the International Accounting Standard Board (\u201cIASB\u201d) and endorsed by the European Commission, as well as with the measures enacted to implement article 9 of Legislative Decree no. 38/2005. IFRSs include also all the interpretations of the International Financial Reporting Interpretations Commitee (\u201cIFRIC\u201d), previously called Standing Interpretations Commitee (\u201cSIC\u201d). The consolidated financial statements were prepared in accordance with \u201ccost\u201d criteria with the exception of some financial assets and liabilities, including derivative instruments, for which the \u201cfair value\u201d criterion was adopted. Preparation of the annual report in accordance with IFRSs requires management to make estimates and assumptions that may affect the amounts reported in the financial statements and explanatory notes. Actual results may differ from these estimates. The areas of the financial statements that are most affected by such estimates and assumptions are listed in section 2.23 \u201cUse of estimates\u201d. Except for what is described below about those accounting policies which changed due to new accounting standards and new IFRIC interpretations, in preparing these consolidated financial statements the same accounting principles and criteria of the consolidated financial statements as at 31 December 2022 have been applied. Furthermore, the Group has adopted the following new standards and amendments, effective from 1 January 2023: - on 18 May 2017 and 25 June 2020 , the IASB published respectively the IFRS 17 Insurance Contracts and its Amendments; - on 9 December 2021, the IASB published the amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information; - on 12 February 2021, the IASB published the amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; - on 7 May 2021, the IASB published the amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction; - on 23 May 2023, the IASB published the amendments to IAS 12 Income taxes International Tax Reform \u2013 Pillar Two Model Rules. With reference to the Pillar Two Model Rules, effective from 1 January 2024 Safilo Group, as Multinational Group of enterprises that \u2013 together with its indirect reference shareholder HAL Holding N.V. \u2013 meets the 750 million euro annual consolidated revenue threshold in at least two of the four preceding years, falls within the application of the Pillar Two income taxes provided for by the Council Directive (EU) 2022/2523 enacted in Italy by Legislative Decree 209/2023, aimed at ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the European Union. In accordance with paragraph 4.A of IAS 12 that provides for a temporary exception to such Principle in relation to the accounting and disclosure of information on deferred tax assets and liabilities arising from the jurisdictional implementation of the Pillar Two Model Rules, in the current financial statements no information are communicated and no deferred assets and liabilities are recorded in relation to the income taxes deriving from the implementation of the Pillar Two Model Rules. The Group has complied with the above new amendments in preparing this report, their application had no significant impact on the Group consolidated financial statements. At the date of this report the following amendments have been endorsed by the European Union applicable to the Group and effective for annual periods beginning on or after 1 January 2024 that have not been early adopted by the Group in preparing this report: - on 23 January 2020, the IASB published an amendment called \u201cAmendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current\u201d. On 31 October 2022 the IASB published an amendment called \u201cAmendments to IAS 1 Presentation of Financial Statements: Non-Current Liabilities with Covenants\u201d. The documents aim to clarify how to classify debts and other short or long-term liabilities. The changes come into effect from 1 January 2024; - on 22 September 2022, the IASB published the amendment to IFRS 16 Lease Liability in a Sale and Leaseback. The document aims to clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. The changes come into effect from 1 January 2024. The Group will comply with these new standards and amendments based on their relevant effective dates, and their application is not expected to have any material impact on the Group consolidated financial statements. In addition, the European Union has not yet completed its endorsement process for the following standards and amendments at the date of this report: - on 25 May 2023 the IASB published amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements. The changes will come into effect from 1 January 2024; - on 15 August 2023 the IASB published amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. The Group will comply with these new standards and amendments based on their relevant effective dates when endorsed by the European Union and it will evaluate their potential impacts on the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-11-3": { "value": "The accounting policies described here below have been applied for the preparation of the present report and comply with those adopted for the financial report as of 31 December 2022. The new amendments and accounting standards, described below, have not had any significant impacts on this report. The consolidated financial statements are based on the going concern assumption, despite a context still characterized by considerable uncertainty, the Group, taking into account its financial solidity, the actions undertaken to mitigate risks and its business model, believes that there are no elements that may rise any uncertainty on the going concern assumption, in accordance with paragraph 25 of IAS 1. The consolidated financial statements for the year ended 31 December 2023 and 31 December 2022 were prepared in accordance with IFRSs issued by the International Accounting Standard Board (\u201cIASB\u201d) and endorsed by the European Commission, as well as with the measures enacted to implement article 9 of Legislative Decree no. 38/2005. IFRSs include also all the interpretations of the International Financial Reporting Interpretations Commitee (\u201cIFRIC\u201d), previously called Standing Interpretations Commitee (\u201cSIC\u201d). The consolidated financial statements were prepared in accordance with \u201ccost\u201d criteria with the exception of some financial assets and liabilities, including derivative instruments, for which the \u201cfair value\u201d criterion was adopted. Preparation of the annual report in accordance with IFRSs requires management to make estimates and assumptions that may affect the amounts reported in the financial statements and explanatory notes. Actual results may differ from these estimates. The areas of the financial statements that are most affected by such estimates and assumptions are listed in section 2.23 \u201cUse of estimates\u201d. Except for what is described below about those accounting policies which changed due to new accounting standards and new IFRIC interpretations, in preparing these consolidated financial statements the same accounting principles and criteria of the consolidated financial statements as at 31 December 2022 have been applied. Furthermore, the Group has adopted the following new standards and amendments, effective from 1 January 2023: - on 18 May 2017 and 25 June 2020 , the IASB published respectively the IFRS 17 Insurance Contracts and its Amendments; - on 9 December 2021, the IASB published the amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information; - on 12 February 2021, the IASB published the amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; - on 7 May 2021, the IASB published the amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction; - on 23 May 2023, the IASB published the amendments to IAS 12 Income taxes International Tax Reform \u2013 Pillar Two Model Rules. With reference to the Pillar Two Model Rules, effective from 1 January 2024 Safilo Group, as Multinational Group of enterprises that \u2013 together with its indirect reference shareholder HAL Holding N.V. \u2013 meets the 750 million euro annual consolidated revenue threshold in at least two of the four preceding years, falls within the application of the Pillar Two income taxes provided for by the Council Directive (EU) 2022/2523 enacted in Italy by Legislative Decree 209/2023, aimed at ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the European Union. In accordance with paragraph 4.A of IAS 12 that provides for a temporary exception to such Principle in relation to the accounting and disclosure of information on deferred tax assets and liabilities arising from the jurisdictional implementation of the Pillar Two Model Rules, in the current financial statements no information are communicated and no deferred assets and liabilities are recorded in relation to the income taxes deriving from the implementation of the Pillar Two Model Rules. The Group has complied with the above new amendments in preparing this report, their application had no significant impact on the Group consolidated financial statements. At the date of this report the following amendments have been endorsed by the European Union applicable to the Group and effective for annual periods beginning on or after 1 January 2024 that have not been early adopted by the Group in preparing this report: - on 23 January 2020, the IASB published an amendment called \u201cAmendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current\u201d. On 31 October 2022 the IASB published an amendment called \u201cAmendments to IAS 1 Presentation of Financial Statements: Non-Current Liabilities with Covenants\u201d. The documents aim to clarify how to classify debts and other short or long-term liabilities. The changes come into effect from 1 January 2024; - on 22 September 2022, the IASB published the amendment to IFRS 16 Lease Liability in a Sale and Leaseback. The document aims to clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. The changes come into effect from 1 January 2024. The Group will comply with these new standards and amendments based on their relevant effective dates, and their application is not expected to have any material impact on the Group consolidated financial statements. In addition, the European Union has not yet completed its endorsement process for the following standards and amendments at the date of this report: - on 25 May 2023 the IASB published amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements. The changes will come into effect from 1 January 2024; - on 15 August 2023 the IASB published amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. The Group will comply with these new standards and amendments based on their relevant effective dates when endorsed by the European Union and it will evaluate their potential impacts on the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-82-2": { "value": "Safilo presents the income statement by function (so-called \u201ccost of sales\u201d). This is considered to be more representative with respect to presentation by type of expenses, as it conforms more closely to the internal reporting and business model and is in line with international practice in the eyewear sector. For the balance sheet, a distinction is made in the assets and liabilities between current and non-current as described in paragraphs 60 and following of IAS 1. In compliance with paragraph 85 of IAS 1 some dedicated items have been introduced on the face of the balance sheet and on the income statement to separately disclose the balances related to the financial liability for the options on non-controlling interests of some investments and its related fair value changes to profit and loss: - \u201cLiabilities for options on non-controlling interests\u201d in the sections \u201cCurrent and Non current liabilities\u201d of the statement of the financial position; - \u201cGains/(losses) on liabilities for options on non-controlling interests\u201d in the section related to the \u201cFinancial income/(charges)\u201d of the income statement; - \u201cNon-monetary changes related to liabilities for options on non-controlling interests\" in the statement of cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-82-3": { "value": "Safilo presents the income statement by function (so-called \u201ccost of sales\u201d). This is considered to be more representative with respect to presentation by type of expenses, as it conforms more closely to the internal reporting and business model and is in line with international practice in the eyewear sector. For the balance sheet, a distinction is made in the assets and liabilities between current and non-current as described in paragraphs 60 and following of IAS 1. In compliance with paragraph 85 of IAS 1 some dedicated items have been introduced on the face of the balance sheet and on the income statement to separately disclose the balances related to the financial liability for the options on non-controlling interests of some investments and its related fair value changes to profit and loss: - \u201cLiabilities for options on non-controlling interests\u201d in the sections \u201cCurrent and Non current liabilities\u201d of the statement of the financial position; - \u201cGains/(losses) on liabilities for options on non-controlling interests\u201d in the section related to the \u201cFinancial income/(charges)\u201d of the income statement; - \u201cNon-monetary changes related to liabilities for options on non-controlling interests\" in the statement of cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-82-4": { "value": "Safilo presents the income statement by function (so-called \u201ccost of sales\u201d). This is considered to be more representative with respect to presentation by type of expenses, as it conforms more closely to the internal reporting and business model and is in line with international practice in the eyewear sector. For the balance sheet, a distinction is made in the assets and liabilities between current and non-current as described in paragraphs 60 and following of IAS 1. In compliance with paragraph 85 of IAS 1 some dedicated items have been introduced on the face of the balance sheet and on the income statement to separately disclose the balances related to the financial liability for the options on non-controlling interests of some investments and its related fair value changes to profit and loss: - \u201cLiabilities for options on non-controlling interests\u201d in the sections \u201cCurrent and Non current liabilities\u201d of the statement of the financial position; - \u201cGains/(losses) on liabilities for options on non-controlling interests\u201d in the section related to the \u201cFinancial income/(charges)\u201d of the income statement; - \u201cNon-monetary changes related to liabilities for options on non-controlling interests\" in the statement of cash flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-87-2": { "value": "The indirect method for the cash flow statement was used. Therefore, the net profit of the period is adjusted by the effects of non-monetary transactions, changes in working capital and cash flows from investing and financing activities. The Group\u2019s consolidated financial statements as of 31 December 2023 include the parent company, Safilo Group S.p.A., and 43 subsidiaries accounted for on a line-by-line basis, with the parent company holding, directly or indirectly, the majority of voting rights. During 2023 the Group\u2019s consolidation area changed as follows: - on 6 April 2023 the liquidation of the company Safilo Trading (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 30 June 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 5.7% of non-controlling interests increasing its controlling stake in Priv\u00e9 Revaux from 82.8% to 88.5%; - on 1 August 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 10% of non-controlling interests increasing its controlling stake in Blenders LLC from 70.0% to 80.0%; - on August 2023 the liquidation of the company Safilo Eyewear (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 24 November 2023 the liquidation of the company Safilo d.o.o. (Ormo\u017e) has been completed and the company has been de-registered. At 31 December 2023 the direct and indirect holdings included in the scope of consolidation under the line-by-line method, in addition to the parent company Safilo Group S.p.A., were the following: Currency Share capital % interest held ITALIAN COMPANIES Safilo S.p.A. \u2013 Padua EUR 66.176.000 100,0 Lenti S.r.l. \u2013 Bergamo EUR 500.000 100,0 Safilo Industrial S.r.l. - Padua EUR 41.634.703 100,0 FOREIGN COMPANIES Safilo International B.V. - Amsterdam (NL) EUR 24.165.700 100,0 Safilo Benelux S.A. - Zaventem (B) EUR 560.000 100,0 Safilo Espana S.L. - Madrid (E) EUR 3.896.370 100,0 Safilo France S.a.r.l. - Paris (F) EUR 960.000 100,0 Safilo Gmbh - Cologne (D) EUR 511.300 100,0 Safilo Nordic AB - Taby (S) SEK 500.000 100,0 Safilo CIS - LLC - Moscow (Russia) RUB 10.000.000 100,0 Safilo Far East Ltd. - Hong Kong (RC) HKD 49.700.000 100,0 Safint Optical Investment Ltd - Hong Kong (RC) HKD 10.000 100,0 Safilo Hong-Kong Ltd \u2013 Hong Kong (RC) HKD 100.000 100,0 Safilo Singapore Pte Ltd - Singapore (SGP) SGD 400.000 100,0 Safilo Optical Sdn Bhd \u2013 Kuala Lumpur (MAL) MYR 100.000 100,0 Safilo Eyewear (Shanghai) Co Ltd - (RC) CNY 1.000.000 100,0 Safilo Eyewear (Suzhou) Industries Limited - (RC) CNY 129.704.740 100,0 Safilo Hellas Ottica S.a. \u2013 Athens (GR) EUR 489.990 100,0 Safilo Nederland B.V. - Bilthoven (NL) EUR 18.200 100,0 Safilo South Africa (Pty) Ltd. \u2013 Bryanston (ZA) ZAR 3.583 100,0 Safilo Austria Gmbh -Traun (A) EUR 217.582 100,0 Safilo Japan Co Ltd - Tokyo (J) JPY 100.000.000 100,0 Safilo Do Brasil Ltda \u2013 Sao Paulo (BR) BRL 197.135.000 100,0 Safilo Portugal Lda \u2013 Lisbon (P) EUR 500.000 100,0 Safilo Switzerland AG \u2013 Zurich (CH) CHF 1.000.000 100,0 Safilo Polska sp. z.o.o. - Warsaw (PL) PLN 50.000 100,0 Safilo India Pvt. Ltd - Bombay (IND) INR 42.000.000 100,0 Safilo Australia Pty Ltd.- Sydney (AUS) AUD 3.000.000 100,0 Safilo UK Ltd. - London (GB) GBP 250 100,0 Safilo America Inc. - Delaware (USA) USD 8.419 100,0 Safilo USA Inc. - New Jersey (USA) USD 23.289 100,0 Safilo Services LLC - New Jersey (USA) USD - 100,0 Smith Sport Optics Inc. - Idaho (USA) USD 12.087 100,0 Solstice Marketing Corp. \u2013 Delaware (USA) USD 1.000 100,0 Safilo de Mexico S.A. de C.V. - Distrito Federal (MEX) MXP 10.035.575 100,0 Safilo Canada Inc. - Montreal (CAN) CAD 100.000 100,0 Canam Sport Eyewear Inc. - Montreal (CAN) CAD 199.975 100,0 Safilo Optik Ticaret Limited \u015eirketi - Istanbul (TR) TRL 1.516.000 100,0 Safilo Middle East FZE - Dubai (UAE) AED 3.570.000 100,0 Priv\u00e8 Goods LLC. - Delaware (USA) USD 19.919.335 88,5 Priv\u00e8 Capsules LLC - Delaware (USA) USD - 88,5 Blenders Eyewear LLC - Delaware (USA) USD 1.000 80,0 PorSa Eyewear (Xiamen) Co Ltd.- (RC) CNY 1.000.000 100,0 The companies in which the Group exercises control (\u201csubsidiary companies\u201d), as defined in IFRS 10, either due to direct shareholdings or by indirectly holding the majority of the voting rights, having the power to determine even indirectly the financial and managerial choices of the companies and thus obtaining the relative benefits regardless of the relationships deriving from the share ownership, are consolidated using the line-by-line method. Potential exercisable voting rights existing at the balance sheet date are considered in order to determine control. The subsidiary companies are consolidated from the date on which control is assumed and are deconsolidated from the date when control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is measured as the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the consolidated statement of income. With regards to the accounting for transactions and events that result in a change in the Group\u2019s interest in its subsidiaries and the attribution of a subsidiary\u2019s losses to non-controlling interests, IAS 27 (revised 2008) specifies that once control has been obtained, further transactions whereby the parent entity acquires additional equity interests from non-controlling interests, or disposes of equity interests without losing control are transactions with owners and therefore shall be accounted for as equity transactions. It follows that the carrying amounts of the controlling and non-controlling interests must be adjusted to reflect the changes in their relative interests in the subsidiary and any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. There is no consequential adjustment to the carrying amount of goodwill and no gain or loss is recognized in profit or loss. Upon consolidation, the amounts resulting from intra-group operations between consolidated companies are eliminated, in particular in relation to receivables and payables at the balance sheet date, costs and revenues as well as financial income and charges. In addition, gains and losses between the subsidiary companies that are fully consolidated are also eliminated. The accounting principles adopted by the subsidiary companies have been modified where necessary, to comply with those adopted by the parent company. Non-controlling interests and the amount of net profit attributable to them are shown separately under \u201cNon-controlling interests\u201d and \u201cProfit for the period attributale to non-controlling interests\u201d in the consolidated balance sheet and income statement, respectively. All consolidated subsidiaries close their fiscal year on December 31, with the exception of Safilo India Pvt Ltd. which closes its financial year on 31 March, and economic and financial statements are then prepared by the subsidiary in order to allow the Parent Company to prepare the consolidated financial statements as of December 31. The holdings in companies/entities in which a significant influence is exercised (\u201cassociated companies\u201d), that is presumed to exist when the percentage held is between 20% and 50%, are valued under the \u201cequity\u201d method. Due to the application of the equity method, the value of the investment is aligned to the shareholders\u2019 equity that is adjusted, where necessary, to reflect the application of the IFRS approved by the European Commission, and includes the recording of any goodwill identified at the moment of acquisition. The share of gains/losses realized by the associated companies after the acquisition is recorded on the income statement, while the share of movements of reserves after the acquisition is recorded in the equity reserves. When the share of losses of the Group in an associated company is equal to or exceeds its holding in the associated company, taking into account all receivables not guaranteed, the value of the investment is fully written down and the Group does not record further losses above its share, except where the Group has the obligation to cover these losses. Gains and losses not realized that are generated on operations with associated companies are eliminated for the part pertaining to the Group. Information according to business sector and geographic area is given pursuant to IFRS 8 \u2013 Operating Segments. The criteria applied for identifying the operating sector are inspired by the methods through which management, at the highest decision-making level, manages the Group and reviews the operating results for the purposes of adopting decisions regarding the resources to be allocated and evaluating of the results themselves. Following the sale of the Group's residual retail business during 2019, information by business sector is provided at the level of the Group as a whole. The grouping by geographic area depends on the location of the registered head office of each Group company, therefore, the sales identified in accordance with this segmentation are determined by origin of invoicing and not by target market. Foreign currency transactions are converted into the functional currency using the exchange rates prevailing on the date of the transaction. Exchange rate gains and losses resulting from such transactions and from the translation of assets and liabilities in foreign currencies at the exchange rates at end of the year are accounted for in the income statement. The rules for the conversion of financial statements of companies expressed in currencies different from the Euro are the following: \u2022 assets and liabilities are converted using the exchange rates prevailing on the balance sheet date; \u2022 costs, revenues, income and charges are converted at the average exchange rate of the period; \u2022 the \u201ctranslation difference reserve\u201d includes foreign exchange differences generated from the conversion of the opening shareholders\u2019 equity and the movements during the year at a rate different from that at the end of the year; \u2022 the goodwill and fair value adjustments related to the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate at the end of the period. The exchange rates applied in the conversion of financial statements prepared in currencies other than Euro at 31 December 2023 and 31 December 2022 are detailed in the following table; appreciation (figures with a minus sign in the table below) indicates an increase in the value of the currency against the Euro. As of (Apprec.)/ Deprec. Average for (Apprec.)/ Deprec. Currency Code December 31, D2023 ecember 31, 2022 % 2023 2022 % US Dollar USD 1.1050 1.0666 3.6% 1.0813 1.0531 2.7% Hong-Kong Dollar HKD 8.6314 8.3163 3.8% 8.4650 8.2451 2.7% Swiss Franc CHF 0.9260 0.9847 -6.0% 0.9718 1.0047 -3.3% Canadian Dollar CAD 1.4642 1.4440 1.4% 1.4595 1.3695 6.6% Japanese Yen YEN 156.3300 140.6600 11.1% 151.9903 138.0274 10.1% British Pound GBP 0.8691 0.8869 -2.0% 0.8698 0.8528 2.0% Swedish Krown SEK 11.0960 11.1218 -0.2% 11.4788 10.6296 8.0% Australian Dollar AUD 1.6263 1.5693 3.6% 1.6288 1.5167 7.4% South-African Rand ZAR 20.3477 18.0986 12.4% 19.9551 17.2086 16.0% Russian Ruble RUB 99.9723 78.4308 27.5% 92.4381 73.5002 25.8% Brasilian Real BRL 5.3618 5.6386 -4.9% 5.4010 5.4399 -0.7% Indian Rupee INR 91.9045 88.1710 4.2% 89.3001 82.6864 8.0% Singapore Dollar SGD 1.4591 1.4300 2.0% 1.4523 1.4512 0.1% Malaysian Ringgit MYR 5.0775 4.6984 8.1% 4.9320 4.6279 6.6% Chinese Renminbi CNY 7.8509 7.3582 6.7% 7.6600 7.0788 8.2% Korean Won KRW 1,433.660 1,344.090 6.7% 1,412.880 1,358.0734 4.0% Mexican Peso MXN 18.7231 20.8560 -10.2% 19.1830 21.1869 -9.5% Turkish Lira TRY 32.6531 19.9649 63.6% 25.7597 17.4088 48.0% Dirham UAE AED 4.0581 3.9171 3.6% 3.9710 3.8673 2.7% Polish Zloty PLN 4.3395 4.6808 -7.3% 4.5420 4.6861 -3.1% Tangible fixed assets are assessed at purchase or production cost, net of accumulated depreciation and of any possible loss in value. The cost includes all charges directly incurred in bringing assets to their current location and condition. Costs incurred after purchase of assets are recorded only if they increase the future economic benefits of the asset they refer to. Charges incurred for the maintenance and repairs of ordinary and/or cyclical nature are directly charged to the income statement of the period in which the costs are incurred. The capitalization of costs relating to the expansion, modernization or improvement of proprietary structural assets or of those used by third parties, is made only when they satisfy the requirements to be separately classified as an asset or part of an asset. The book value is adjusted for depreciation on a systematic basis, over the useful life. Capitalized costs for leasehold improvements are attributed to the category of the assets they refer to and are depreciated over the shorter of either the remaining duration of the rental contract or the remaining useful lifetime of the assets improved. When circumstances indicate that there may be a permanent impairment in value, an estimate is made of the recoverable amount of the asset, and any loss is recorded in the income statement. When the reasons for the previously recognized impairment no longer exist, the book value of the asset is restated through profit or loss, up to the value at which the asset would have been recognized in the absence of impairment and net of amortization. Depreciation of tangible assets is calculated on a straight-line basis over the estimated useful lifetime of the asset, in accordance with the following depreciation rates: Category Useful lifetime in years Buildings 15-40 Plant, machinery and equipment 3-15 Furniture, office equipment and vehicles 3-8 Land is not depreciated. When the asset to be depreciated is composed of separately identifiable elements whose useful lifetime differs significantly from that of the other parts of the asset, the depreciation is made separately for each part of the asset, with the application of the \u201ccomponent approach\u201d principle. The remaining value of the assets and their useful lifetime are reviewed at the end of each financial year. The capital gains or losses from the sale of the fixed assets are posted to the income statement and valued as the difference between the sale proceeds and the net book value. Assets held through lease contracts (both finance and operating) are recognized according to the IFRS 16 standard, which provide a definition of leases based on the control (right of use) of an asset considering: identification of the asset, right to replace it, right to obtain all economic benefits and the right to manage the use of the asset. The standard establishes a model to recognize and measure lease contracts for the lessee through the posting of the asset (also in operating leases) offset by a financial debt. Assets held through lease contracts, are recognized as assets of the Group at the present value of their contractual lease payments. The corresponding liability due to the lessor is recorded on the financial statements under financial debts. The assets are depreciated over the duration of the lease contract. The Group has elected to apply the exemptions stated by the Standard that allow to keep leases off balance if they have an initial contractual duration of less than or equal to 12 months (IFRS16.5-a) or if they refer to a low-value asset (IFRS16.5-b), according to these exemptions these contracts are still recorded as lease and rent expenses on a straight-line basis in the income statement over the duration of the lease contract. Management considered the clarifications included in the \u201cIFRIC Agenda Decision\u201d of November 2019 relating to the determination of the lease term. In particular, it was considered that: - the buildings in which the manufacturing plants are located are all owned by the Group; - the contracts for the properties in which the main office locations and logistic centers are located were recently signed and have a residual duration which is still significant; - the contracts relating to the properties in which the office locations of lesser importance are located have characteristics for which their abandonment would not entail a \u201cmore than insignificant penalty\u201d. These considerations led to the confirmation of the lease terms previously identified on the basis of the remaining contractual durations.Intangible assets consist of clearly identifiable non-monetary assets, without any physical substance and capable of generating future economic benefits. These assets are recognized at purchase and/or production cost, including the costs of bringing the asset to its current use, net of accumulated amortization and any impairment. Amortization begins when the asset is available for use and is allocated in equal instalments over the course of its useful life. When circumstances indicate that there may be an impairment loss, an estimate is made of the recoverable amount of the asset, and any impairment is recognized through the income statement. When the reasons for the previously recognized impairment no longer exist, the book value of the asset is restated through the income statement, up to the value at which the asset would have been recognized in the absence of impairment and net of amortization. Goodwill is measured as the excess of the aggregate of the consideration transferred in the business combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree's identifiable net assets. The selection of the measurement method is made on a transaction-by transaction basis. Goodwill is not amortised but is tested for impairment at least once a year or whenever there are any impairment indicators. After initial recognition, goodwill is valued at cost, net of any accumulated impairment. When a company or a business unit previously purchased is sold and that acquisition led to goodwill, in measuring the gain or loss on the sale, consideration is given to the corresponding residual value of goodwill. Goodwill and fair value adjustments generated from the acquisition of a foreign company are recorded in the relative foreign currencies and are converted at the exchange rate at the end of the period. Trademarks are recorded at cost. They have a definite useful lifetime and are recorded at cost net of any accumulated amortization. Amortization is calculated on a straight-line basis allocating the cost of trademarks over the relative useful lifetime generally between 15 and 20 years, determined on the basis of independent analyzes and market benchmarks. The useful life and residual value are reviewed at each end of the period. If necessary, the occurrence of changes in the useful life or residual value is recognized prospectively as a change in accounting estimates. All software licenses purchased are capitalized on the basis of the costs incurred for their acquisition and in bringing them to their current condition. Amortization is calculated on a straight-line basis over their estimated useful lifetime (between 3 to 5 years). The costs associated with the development and maintenance of software programs are posted to the income statement of the period in which they were incurred. The costs directly associated with the production of unique and identifiable software products controlled by the Group are recorded as intangible fixed assets on the balance sheet only if the following conditions are respected: the costs can be reliably calculated, the Group has the technical and financial resources to complete the products and intends to conclude such activities, the technical feasibility of the products is guaranteed and the use of the products will generate probable future economic benefits for more than one year. Direct costs include costs relating to employees developing the software as well as any appropriate share of general costs. Following the IFRIC\u2019s agenda decision guidance published in April 2021 related to the capitalization of costs of configuring or customizing software applications under \u2018Software as a Service\u2019 (\u2018SaaS\u2019) arrangements, the Group, starting from the 2021 Annual Report, has changed its accounting policy related to the capitalization of these costs. For those software as a service arrangements (Saas) where the Group does not have control of the developed software, the costs of configuring or customizing software applications under SaaS are not capitalized as intangible assets but posted to income statement in the operating expenses.Assets with an indefinite useful life are not subject to amortization but undergo an impairment test at least on an annual basis to monitor whether their book value has been reduced. Assets subject to amortization undergo impairment tests when events or circumstances arise that indicate that the book value cannot be recovered. In both cases any loss in value is posted for the share of book value exceeding the recoverable value. This value is the higher of either the fair value of the asset net of the costs for sale or its value for use. If the value in use of an asset cannot be established individually, the recoverable value of the unit that generates cash flows (so-called \"cash generating unit\u201d or CGU) to which the asset belongs must be established. Assets are grouped at the level of the cash generating units (CGU) that are the base for interpreting the Group performance. The Group then discounts to present value the future estimated cash flows generated by these CGUs by applying a discount rate that reflects the current time value for money and the specific risks associated with the business. When a loss on an asset, other than goodwill, no longer exists or is reduced, the book value of the asset or cash-generating unit is increased to the new estimated recoverable value, which cannot exceed the value that would have been established if there had been no loss due to reduction in value. A reversal of loss in value is calculated according to the revaluation model and recorded in the income statement in accordance with the provisions of IAS 16.All the financial assets recognized that fall within the scope of application of IFRS 9 must subsequently be recognized at amortized cost or at fair value on the basis of the entity's business model for the management of financial assets and characteristics relating to contractual cash flows of the financial activity. Specifically: \u2022 Debt instruments held in the context of a business model whose objective is the possession of financial assets aimed at collecting contractual cash flows, and which have cash flows represented solely by capital payments and interest on the principal amount to be returned, are subsequently valued at amortized cost; \u2022 Debt instruments held in the context of a business model whose objective is achieved both through the collection of contractual cash flows and through the sale of financial assets, and which have cash flows represented solely by capital payments and interest on amount of the capital to be repaid, are subsequently measured at fair value with changes recorded in the other components of the comprehensive income statement (FVTOCI); \u2022 All other debt instruments, including the liability for options on non-controlling interests, and investments in equity instruments are subsequently measured at fair value, with changes recognized in profit (loss) for the year (FVTPL). Notwithstanding the foregoing, the Group may make the following irrevocable selection/designation upon initial recognition of a financial asset: \u2022 The Group may make an irrevocable choice to present subsequent changes in the fair value of an investment in equity instruments that are neither held for trading nor a potential consideration recognized by a purchaser in a business combination transaction in the other components of the comprehensive income statement; \u2022 The Group may irrevocably designate an investment in debt instruments that meets the amortized cost or FVTOCI criteria as measured at fair value, with changes recognized in profit (loss) for the year (FVTPL) if this eliminates or reduces significantly an accounting asymmetry. During the current year, the Group has not designated any investments in debt instruments that meet the amortized cost or FVTOCI criteria as measured at fair value recorded in profit (loss) for the year. When an investment in a debt instrument measured as FVTOCI is eliminated, the cumulative gain (loss) previously recognized under the other components of the comprehensive income statement is reclassified from equity to profit (loss) for the year through a correction from reclassification. On the other hand, when an investment in a representative instrument of capital designated as valued FVTOCI is eliminated, the cumulative gain (loss) previously recognized among the other components of the comprehensive income statement is subsequently transferred to retained earnings without passing through the income statement. Debt instruments subsequently valued at amortized cost or FVTOCI are subject to impairment. IFRS 9 introduced the classification and measurement of financial liabilities with reference to the recognition of fair value changes attributable to changes in the credit risk of the issuer, for financial liabilities designated by the Group as FVTPL. In particular, IFRS 9 requires that changes in the fair value of financial liabilities that are attributable to changes in the credit risk of these liabilities are presented in the other components of the comprehensive income statement, unless the recognition in the other components of the comprehensive income statement do not originate or increase an accounting asymmetry in profit (loss) for the year. Changes in fair value attributable to the credit risk of a financial liability are not subsequently reclassified to profit (loss) for the year but are instead transferred to retained earnings when the liability is de-recognized. Borrowings are initially recognized at fair value less any transaction costs. After initial recognition, they are recognized at amortized cost; all differences between the amount financed (net of initial transaction costs) and the face value are recognized in profit or loss over the duration of the loan using the effective interest method. If there is a significant variation in the expected cash flow that can be reliably estimated by management, the value of the loans is recalculated to reflect the expected change in the cash flow. The value of the loans is recalculated on the basis of the discounted value of the new expected cash flow and the internal rate of return. Borrowings are classified under current liabilities unless the company has an unconditional right to defer the payment for at least twelve months after the balance sheet date, and are removed from the balance sheet when they expire and the Group has transferred all risks and obligations relating to the instrument. All derivative financial instruments are measured at fair value, in accordance with IFRS 9. When the financial instruments possess the characteristics required to be recorded according to hedge accounting, the following accounting procedures are applied: \u2022 Fair value hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the current value of an asset or liability on the financial statements attributable to a specific risk that can determine effects on the income statement, the profit or loss after the initial valuation of the fair value of the hedge instruments is recognized in the income statement. The profit or loss on the hedged item, related to the hedged risk, changes the book value of that item and is recognized in the income statement. \u2022 Cash flow hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the cash flows of an asset or liability recorded on the financial statements or of an operation considered highly probable and which may have effects on the income statement, the effective portion of the profits or losses of the financial instrument is recognized in an equity reserve. The cumulative profits or losses are reversed from equity and recorded in the income statement in the same period as the operation that is hedged. The profits or losses associated with a hedge or with that part of the hedge that has become ineffective, are immediately recorded in the income statement. If a hedge instrument or a relation of a hedge is closed, but the hedged operation has not yet been realized, the cumulative profits and losses, up to that moment recorded in equity, are recognized in the income statement when the relative operation is realized. If the operation hedged is no longer considered probable, the profits or losses not yet realized in equity are recognized immediately in the income statement. IFRS 9 requires that the expenses and income deriving from hedges are recognized as an adjustment to the initial carrying amount of the non-financial elements hedged (basis adjustment). In addition, transfers from the hedging reserve to the initial carrying amount of the hedged item are not reclassified adjustments based on IAS 1 Presentation of Financial Statements. The hedging income and losses subject to the basis adjustment are categorized as amounts that will not subsequently be reclassified to profit or loss or to the other elements of the comprehensive income statement. This is consistent with the practice of the Group prior to the adoption of IFRS 9. In line with previous years, when a forward contract is used in a cash flow hedge or fair value hedge relationship, the Group has designated the change in fair value of the entire forward contract, including the forward points, as a hedging instrument. When option contracts are used to hedge highly probable scheduled transactions, the Group only designates the intrinsic value of the options as a hedging instrument. Based on IFRS 9, changes in the time value of options relating to the hedged item are recognized in the other elements of the comprehensive income statement and are accumulated in the equity reserve. The amounts accumulated in equity are either reclassified to profit or loss for the period when the hedged item influences the profit (loss) for the period or removed directly from equity and included in the carrying amount of the non-financial item. IFRS 9 requires that the accounting treatment related to the unspecified time value of an option be applied retrospectively. If hedge accounting cannot be applied, the profits or losses deriving from the fair value of the derivative financial instruments are immediately recognized in the income statement.Inventories are measured at the lower of either the purchase or production cost and the net realizable value. The cost of raw materials and purchased finished products is calculated using the \u201cweighted average cost\u201d method or the standard cost where it approximates actual cost. The cost of semi-finished products and internally produced finished products includes raw material, direct labor costs and the indirect costs allocated based on normal production capacity. The net realizable value is determined on the basis of the estimated selling price under normal market conditions, net of direct sales costs. Allowances for obsolete and slow-moving goods are calculated for raw materials and semi-finished products on the base of their future use in the production process and for finished goods on the base of their future recoverability through the sale, taking into account market trends, consumer demand, past experience, historical results achieved and the recoverability of the goods value in ordinary market conditions. Against the value of stock as determined above, provisions are made in order to take account of obsolete or slow-moving stock.Trade receivables are initially classified on the financial statements at their current value and subsequently recalculated with the \u201camortized cost\u201d method, net of any write-downs for loss in value. A provision for doubtful accounts is allocated when there is evidence that the Group may not succeed in collecting the original amount due. The provisions allocated for doubtful accounts are recorded in the income statement. Trade receivables are reviewed and assessed for impairment based on the model of expected losses using reasonable and supportable available information in accordance with the requirements of IFRS 9 to determine the credit risk of the respective items at the date they were initially recognized. According to the analysis performed, in consideration of the Group's business characteristics and the evaluation of the trading policies currently in use the Group accrues an additional credit loss allowance that covers the potential additional credit risk expected on the amount overdue and not impaired and on the amount not overdue. The Group from time to time also transfers some trade receivables to factoring companies. In case such receivables represent legally sold credit, that do not comply with all the conditions of IFRS 9, they are not removed from the balance sheet, but are maintained on the financial statement with a contra entry as a financial debt towards the factoring company. Trade payables are initially classified on the financial statements at their current value and subsequently recalculated with the \u201camortized cost\u201d method. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. Cash and cash equivalents include cash, bank deposits on demand and other highly liquid short-term investments available within three months. Bank overdrafts are posted under current liabilities.Pension plans The Group recognizes different forms of defined benefit plans and defined contribution plans, in line with the local conditions and practices in the countries in which it carries out its activities. The premiums paid for defined contribution plans are recorded in the income statement for the part matured in the year. The defined benefit plans are based on the working life of the employees and on the remuneration received by the employee during a predetermined period of employment. The obligation of the company to finance the defined benefit plans and the annual cost recognized in the income statement are determined by independent consultants using the \u201cprojected unit credit\u201d method. The related costs are recorded in the income statement on the basis of the estimated employment period of employees. The Group recognises all the actuarial gains and losses in equity, via the consolidated statement of comprehensive income, in the year in which these arise. The employee severance fund of Italian companies (\u201cTFR\u201d) has always been considered to be a defined benefit plan however, following the changes to the discipline that governs the employment severance fund introduced by thItalian law no. 296 of 27 December 2006 (\u201cFinancial Law 2007\u201d) and subsequent Decrees and Regulations issued in the first months of 2007, Safilo Group, on the basis of the generally agreed interpretations, has decided that: st\u2022 the portion of the employee benefit liability accruing from 1 January 2007, whether transferred to selected pension funds or transferred to the treasury account established with INPS, must be classified as a \u201cdefined contribution plan\u201d; \u2022 the portion of the employee benefit liability accruing as of 31 December 2006, must be classified as a \u201cdefined benefit plan\u201d requiring actuarial valuations that exclude future increases in salaries. For an analysis of the accounting effects deriving from this decision, see paragraph 4.17 \u201cEmployees benefits\u201d. Remuneration plans under the form of share capital participation The Group recognizes additional benefits to some employees through \"equity settled\" type stock options. In accordance with IFRS 2 - Share-based payments, the current value of the stock options determined at the vesting date through the application of the \"Black & Scholes\" method is recognized in the income statement under personnel costs in constant quotas over the period between the vesting date of the stock options and the maturity date, counterbalanced by an equity reserve. The effects of the vesting conditions not related to the market are not taken into consideration in the fair value of the vested options but are material to measurement of the number of options which are expected to be exercised. At the balance sheet date the Group revises its estimates on the number of options which are expected to be exercised. The impact of the revision of the original estimates is recognized in profit or loss over the maturity period, with a balance entry in equity reserves. When the stock option is exercised, the amounts received by the employee, net of the costs directly attributable to the transaction, are credited to share capital for an amount equal to the par value of the issued shares and to the share premium reserve for the remaining part. The Group records provisions for risks and charges when: \u2022 it has a legal or constructive obligation to third parties; \u2022 it is probable that it will be necessary to use resources of the Group to settle the obligation; \u2022 a reliable estimate of the amount can be made; \u2022 changes in estimates are recorded in the income statement of the period in which the changes occur. The item includes also the product warranty provision to cover the estimated cost of product warranties. Management establishes the amount of this provision on the basis of past trends relating to the frequency and average cost of under-warranty repairs and replacement in accordance with the law. These warranties are standard warranties on quality defectives in accordance with the law. Pursuant to the contractual terms, the non-controlling interests held by the minority equity holders of the subsidiaries Priv\u00e9 Goods LLC and Blenders Eyewear LLC are subject to customary reciprocal put and call options. More specifically, the put and call options for: \u2022 Priv\u00e9 Goods LLC may be exercised in each of the years 2023 and 2024 for one third of the minority interests and in 2025 for the remaining portion, at a price calculated as a function of a specific multiple applicable to the value of the EBITDA of the company achieved in the fiscal year preceding that of exercise of the relative option and adjusted to take into account the net financial position of the Company. On 30 June 2023, the Group exercised the first tranche of the option; \u2022 Blenders Eyewear LLC the put and call options originally may be exercised in each of the years 2023 and 2024 for one third of the minority interests and in 2025 for the remaining portion, at a price calculated as a function of a specific multiple applicable to the value of the arithmetic average of the EBITDA of the company achieved over the last two consecutive fiscal years preceding that of exercise of the relative option and adjusted to take into account the net financial position of the company. In March 2023, the Group agreed an extension of the second and third tranche of the put and call options on the non-controlling interest in Blenders, from 2024 and 2025 to 2026 and 2027 respectively. On 1 August 2023, the Group exercised the first tranche of the option on 10% of the minority shareholdings. These options generated liabilities for options on non-controlling interest in the Group consolidated financial statements at the acquisition date valued at their fair value using a discounted cash-flow approach based on the business plans underlying the acquisitions. The value of the liabilities is regularly updated on the basis of updated business plans, any liability fair value change is reported in the financial item \u201cGains/(losses) for options on non-controlling interests\u201d in the income statement.The Group\u2019s primary revenue segment is the selling of eyewear products in the wholesale channel through its subsidiary network and a network of independent distribution partners. Moreover, for certain brands in its portfolio the Group sells its eyewear products directly to its customers through its online sales channel, mainly in the North America market. Revenues include the fair value of the sale of goods and services, less VAT, returns and discounts. In particular, the Group recognizes the revenues when the control over goods sold is transferred to the customer, assumed at the shipment date, in accordance with the sales terms agreed. According to the standard contractual conditions applied by the Group, customers may have a right of return. If the sale includes the right for the client to return unsold goods, at the time of sale, a liability is recognized and a corresponding adjustment of revenues for the goods whose return is estimated. The Group recognised expected returns from sales of products by reducing revenue and recognised the cost relating to these returns by reducing cost of sales. In accordance with IFRS 15, the Group recognises the amount corresponding to the sales value of expected returns in the item Trade Payables and the amount corresponding to the cost of the products in the item Inventory. Based on historical experience and specific knowledge of customers, the Group estimates the amount of returns expected to be received on the entire portfolio using the expected value method. Warranty terms coincide with regulatory requirements and warranties cannot be sold or extended separately, as such, they are not capable of generating separate revenues. There are no services associated to the sale of goods to customers. The contracts with customers may recognize to the customer the right to incentives for the marketing and advertising activity performed by them on behalf of Safilo. The Group concluded that, according to IFRS 15 criteria, these are consideration paid to customer for distinct services and, as a consequence, recognizes them as expenses. This item does not include transportation costs charged to customers which have been classified as a reduction of the respective cost item.The Group recognizes public contributions when there is reasonable certainty that they will be received and that the conditions required for the contribution have been or will be respected. The contributions received are recorded in the income statement for the time required to relate them to the relative costs and they are considered as deferred income.The Group recognizes royalty expenses in accordance with the accrual principle and in compliance with the substance of the contracts agreed.Dividends are recorded when the right of the Shareholders to receive the payment arises, which normally occurs when the Shareholders' meeting resolves the distribution of dividends. The distribution of dividends is therefore recorded as a liability on the financial statements in the period in which the distribution is approved by the Shareholders' meeting. Income taxes include all taxes calculated on the taxable profits of the companies of the Group. Income taxes are recognized on the income statement, with the exception of those relating to accounts that are directly credited or debited to equity, in which case the tax effect is recognized directly in equity. Taxes not related to income (e.g. property taxes) are recorded within operating costs. Income tax expense also includes any provisions to cover risks arising from disputes over taxes inclusive of amounts related to taxes due and any penalties. Deferred taxes are calculated on fiscal losses that can be carried forward and all the temporary differences between the carrying amount of an asset or liability in the statement of financial position and its tax bases. Deferred tax assets are recognized only for those amounts where it is probable there will be future taxable income allowing for recovery of the amounts. Current and deferred tax assets and liabilities are offset when the income tax is applied by the same tax authority and when there is a legal right to offsetting. The deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates/laws that have been enacted or substantively enacted by the end of the reporting period in the countries in which the Group operates.Basic earnings per share are calculated by dividing the profit or loss of the Group by the weighted average number of ordinary shares outstanding during the year. In order to calculate the diluted earnings per share, the weighted average number of shares outstanding is adjusted for the dilution potential on ordinary shares (e.g. for stock options and convertible bonds), while the profit or loss of the Group is adjusted to take into account the effects, net of income taxes, of the conversion. The fair value of the financial instruments traded on an active market is based on the listed price at the balance sheet date. The fair value of the financial instruments not traded on an active market is calculated in accordance with valuation techniques and models that are widely used in financial sectors and in particular: \u2022 the fair value of interest rate swaps is calculated on the basis of the current value of future cash flows; \u2022 the fair value of the forward currency hedging contracts is determined on the basis of the current value of the differences between the contracted forward exchange rate and the spot market rate at the balance sheet date; \u2022 the fair value of stock options is calculated using the Black & Scholes model.Financial instruments reported in the balance sheet valued at the fair value, according to IFRS 13, are classified in the three-level hierarchy that reflects the significance of the input used in determining the fair value.The three levels of fair value of the hierarchy are:\u2022 Level 1 \u2013 if the instrument is quoted in an active market; \u2022 Level 2 - if the fair value is measured based on valuation techniques for which all significant inputs are based on observable market data, other than quotations of the financial instrument; \u2022 Level 3 \u2013 if the fair value is calculated based on valuation techniques for which any significant input is not based on observable market data. The following table shows the liabilities and assets valued at their fair value at 31 December 2023, split by hierarchical level of the fair value. (Euro/000) Level 1 Level 2 Level 3 Total Derivative financial instruments - 855 - 855 Total assets - 855 - 855 Derivative financial instruments - (3,909) - (3,909) Liability for options on non-controlling interests - - (20,770) (20,770) Total liabilities - (3,909) (20,770) (24,680) In 2023 there have been no transfers from level 1 to level 2 and from level 2 to level 3 and vice versa.The Group does not recognize as intangible assets the research and development costs related to both technological and production process developments and product design. In compliance with applicable legislative and regulatory requirements, on 23 March 2007 the parent company\u2019s Board of Directors passed a resolution indicating and adopting a number of guidelines to govern transactions of major strategic, economic, capital or financial significance for the Company \u2013 including those undertaken with related parties. The aim of the guidelines is to establish competences and responsibilities concerning significant transactions and to assure their transparency and material and procedural correctness. Our notion of related party is based on the definition given in IAS 24. Following the resolution CONSOB 17721 of 12 March 2010, as amended by Resolution No. 17389 of 23 June 2010, the Board of Directors of 5 November 2010 approved the \"Regulations for the transactions with related parties\", which replaces those guidelines, by adopting procedures that ensure transparency and fairness and procedural related party transactions. The tables below shows the operating and financial figures determined by related party transactions as of 31 December 2023 and 31 December 2022. Related parties transactions (Euro/000)Relationship December 31 2023 December 31 2022 Receivables Companies controlled by HAL Holding N.V. (a) 382 328 Total 382 328 Payables Companies controlled by HAL Holding N.V. (a) 23 53 HAL Investments B.V. (a) 10 30 Total 33 83 Related parties transactions (Euro/000)Relationship 2023 2022 Revenues Companies controlled by HAL Holding N.V. (a) 1,287 1,204 Total 1,287 1,204 Operating expenses Companies controlled by HAL Holding N.V. (a) 52 74 HAL Investments B.V. (a) 50 30 Total 102 104 (a) Companies controlled by Group's reference Shareholder Transactions with related parties, including intercompany transactions, involve the purchase and sale of products and provision of services on an arm\u2019s length basis, similarly to what is done in transactions with third parties. With regards to the table above, the companies controlled by HAL Holding N.V. refers to transaction with a minor retail chain belonging the Group\u2019s reference shareholder. The remuneration of the Group\u2019s Directors, Statutory Auditors and Strategic Management is reported below: (Euro/000)2023 2022 Directors - Salaries and short term compensations 3,165 3,769 - Non monetary benefits 35 28 - Other compensations 88 87 - Indemnity for end of position or cessation of employment relationship - - - Fair value of equity compensations 204 252 Statutory auditors - Fixed compensations and compensations for participation in committees 243 303 Managers with strategic responsabilities - Salaries ad short term compensations 446 719 - Non monetary benefits 14 11 - Other compensations - 3 - Indemnity for end of position or cessation of employment relationship - - - Fair value of equity compensations 25 52 Total 4,221 5,224 At the balance sheet date, the Group had contracts in force with licensors for the production and sale of sunglasses and frames bearing their trademark. The contracts generally establish minimum guaranteed for royalties and advertising expenses. Commitments related to these minimum guaranteed, estimated on the basis of information available at the reporting date, are summarized detailed by maturity as follow: Licensing commitments December 31, 2023 December 31, 2022 (Euro/000) within 1 year 75,682 89,045 between 1 and 3 years 147,502 162,074 between 3 and 5 years 128,418 42,147 beyond 5 years 156,059 12,913 Total 507,661 306,180 The increase of the commitments amounts compared to 31 December 2022, mainly in the maturities beyond 3 years is due to the renewal of some license agreements signed in the period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-87-3": { "value": "The indirect method for the cash flow statement was used. Therefore, the net profit of the period is adjusted by the effects of non-monetary transactions, changes in working capital and cash flows from investing and financing activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-99-2": { "value": "The Group\u2019s consolidated financial statements as of 31 December 2023 include the parent company, Safilo Group S.p.A., and 43 subsidiaries accounted for on a line-by-line basis, with the parent company holding, directly or indirectly, the majority of voting rights. During 2023 the Group\u2019s consolidation area changed as follows: - on 6 April 2023 the liquidation of the company Safilo Trading (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 30 June 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 5.7% of non-controlling interests increasing its controlling stake in Priv\u00e9 Revaux from 82.8% to 88.5%; - on 1 August 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 10% of non-controlling interests increasing its controlling stake in Blenders LLC from 70.0% to 80.0%; - on August 2023 the liquidation of the company Safilo Eyewear (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 24 November 2023 the liquidation of the company Safilo d.o.o. (Ormo\u017e) has been completed and the company has been de-registered. At 31 December 2023 the direct and indirect holdings included in the scope of consolidation under the line-by-line method, in addition to the parent company Safilo Group S.p.A., were the following: Currency Share capital % interest held ITALIAN COMPANIES Safilo S.p.A. \u2013 Padua EUR 66.176.000 100,0 Lenti S.r.l. \u2013 Bergamo EUR 500.000 100,0 Safilo Industrial S.r.l. - Padua EUR 41.634.703 100,0 FOREIGN COMPANIES Safilo International B.V. - Amsterdam (NL) EUR 24.165.700 100,0 Safilo Benelux S.A. - Zaventem (B) EUR 560.000 100,0 Safilo Espana S.L. - Madrid (E) EUR 3.896.370 100,0 Safilo France S.a.r.l. - Paris (F) EUR 960.000 100,0 Safilo Gmbh - Cologne (D) EUR 511.300 100,0 Safilo Nordic AB - Taby (S) SEK 500.000 100,0 Safilo CIS - LLC - Moscow (Russia) RUB 10.000.000 100,0 Safilo Far East Ltd. - Hong Kong (RC) HKD 49.700.000 100,0 Safint Optical Investment Ltd - Hong Kong (RC) HKD 10.000 100,0 Safilo Hong-Kong Ltd \u2013 Hong Kong (RC) HKD 100.000 100,0 Safilo Singapore Pte Ltd - Singapore (SGP) SGD 400.000 100,0 Safilo Optical Sdn Bhd \u2013 Kuala Lumpur (MAL) MYR 100.000 100,0 Safilo Eyewear (Shanghai) Co Ltd - (RC) CNY 1.000.000 100,0 Safilo Eyewear (Suzhou) Industries Limited - (RC) CNY 129.704.740 100,0 Safilo Hellas Ottica S.a. \u2013 Athens (GR) EUR 489.990 100,0 Safilo Nederland B.V. - Bilthoven (NL) EUR 18.200 100,0 Safilo South Africa (Pty) Ltd. \u2013 Bryanston (ZA) ZAR 3.583 100,0 Safilo Austria Gmbh -Traun (A) EUR 217.582 100,0 Safilo Japan Co Ltd - Tokyo (J) JPY 100.000.000 100,0 Safilo Do Brasil Ltda \u2013 Sao Paulo (BR) BRL 197.135.000 100,0 Safilo Portugal Lda \u2013 Lisbon (P) EUR 500.000 100,0 Safilo Switzerland AG \u2013 Zurich (CH) CHF 1.000.000 100,0 Safilo Polska sp. z.o.o. - Warsaw (PL) PLN 50.000 100,0 Safilo India Pvt. Ltd - Bombay (IND) INR 42.000.000 100,0 Safilo Australia Pty Ltd.- Sydney (AUS) AUD 3.000.000 100,0 Safilo UK Ltd. - London (GB) GBP 250 100,0 Safilo America Inc. - Delaware (USA) USD 8.419 100,0 Safilo USA Inc. - New Jersey (USA) USD 23.289 100,0 Safilo Services LLC - New Jersey (USA) USD - 100,0 Smith Sport Optics Inc. - Idaho (USA) USD 12.087 100,0 Solstice Marketing Corp. \u2013 Delaware (USA) USD 1.000 100,0 Safilo de Mexico S.A. de C.V. - Distrito Federal (MEX) MXP 10.035.575 100,0 Safilo Canada Inc. - Montreal (CAN) CAD 100.000 100,0 Canam Sport Eyewear Inc. - Montreal (CAN) CAD 199.975 100,0 Safilo Optik Ticaret Limited \u015eirketi - Istanbul (TR) TRL 1.516.000 100,0 Safilo Middle East FZE - Dubai (UAE) AED 3.570.000 100,0 Priv\u00e8 Goods LLC. - Delaware (USA) USD 19.919.335 88,5 Priv\u00e8 Capsules LLC - Delaware (USA) USD - 88,5 Blenders Eyewear LLC - Delaware (USA) USD 1.000 80,0 PorSa Eyewear (Xiamen) Co Ltd.- (RC) CNY 1.000.000 100,0 The companies in which the Group exercises control (\u201csubsidiary companies\u201d), as defined in IFRS 10, either due to direct shareholdings or by indirectly holding the majority of the voting rights, having the power to determine even indirectly the financial and managerial choices of the companies and thus obtaining the relative benefits regardless of the relationships deriving from the share ownership, are consolidated using the line-by-line method. Potential exercisable voting rights existing at the balance sheet date are considered in order to determine control. The subsidiary companies are consolidated from the date on which control is assumed and are deconsolidated from the date when control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is measured as the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the consolidated statement of income. With regards to the accounting for transactions and events that result in a change in the Group\u2019s interest in its subsidiaries and the attribution of a subsidiary\u2019s losses to non-controlling interests, IAS 27 (revised 2008) specifies that once control has been obtained, further transactions whereby the parent entity acquires additional equity interests from non-controlling interests, or disposes of equity interests without losing control are transactions with owners and therefore shall be accounted for as equity transactions. It follows that the carrying amounts of the controlling and non-controlling interests must be adjusted to reflect the changes in their relative interests in the subsidiary and any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. There is no consequential adjustment to the carrying amount of goodwill and no gain or loss is recognized in profit or loss. Upon consolidation, the amounts resulting from intra-group operations between consolidated companies are eliminated, in particular in relation to receivables and payables at the balance sheet date, costs and revenues as well as financial income and charges. In addition, gains and losses between the subsidiary companies that are fully consolidated are also eliminated. The accounting principles adopted by the subsidiary companies have been modified where necessary, to comply with those adopted by the parent company. Non-controlling interests and the amount of net profit attributable to them are shown separately under \u201cNon-controlling interests\u201d and \u201cProfit for the period attributale to non-controlling interests\u201d in the consolidated balance sheet and income statement, respectively. All consolidated subsidiaries close their fiscal year on December 31, with the exception of Safilo India Pvt Ltd. which closes its financial year on 31 March, and economic and financial statements are then prepared by the subsidiary in order to allow the Parent Company to prepare the consolidated financial statements as of December 31. The holdings in companies/entities in which a significant influence is exercised (\u201cassociated companies\u201d), that is presumed to exist when the percentage held is between 20% and 50%, are valued under the \u201cequity\u201d method. Due to the application of the equity method, the value of the investment is aligned to the shareholders\u2019 equity that is adjusted, where necessary, to reflect the application of the IFRS approved by the European Commission, and includes the recording of any goodwill identified at the moment of acquisition. The share of gains/losses realized by the associated companies after the acquisition is recorded on the income statement, while the share of movements of reserves after the acquisition is recorded in the equity reserves. When the share of losses of the Group in an associated company is equal to or exceeds its holding in the associated company, taking into account all receivables not guaranteed, the value of the investment is fully written down and the Group does not record further losses above its share, except where the Group has the obligation to cover these losses. Gains and losses not realized that are generated on operations with associated companies are eliminated for the part pertaining to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-99-3": { "value": "The Group\u2019s consolidated financial statements as of 31 December 2023 include the parent company, Safilo Group S.p.A., and 43 subsidiaries accounted for on a line-by-line basis, with the parent company holding, directly or indirectly, the majority of voting rights. During 2023 the Group\u2019s consolidation area changed as follows: - on 6 April 2023 the liquidation of the company Safilo Trading (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 30 June 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 5.7% of non-controlling interests increasing its controlling stake in Priv\u00e9 Revaux from 82.8% to 88.5%; - on 1 August 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 10% of non-controlling interests increasing its controlling stake in Blenders LLC from 70.0% to 80.0%; - on August 2023 the liquidation of the company Safilo Eyewear (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 24 November 2023 the liquidation of the company Safilo d.o.o. (Ormo\u017e) has been completed and the company has been de-registered. At 31 December 2023 the direct and indirect holdings included in the scope of consolidation under the line-by-line method, in addition to the parent company Safilo Group S.p.A., were the following: Currency Share capital % interest held ITALIAN COMPANIES Safilo S.p.A. \u2013 Padua EUR 66.176.000 100,0 Lenti S.r.l. \u2013 Bergamo EUR 500.000 100,0 Safilo Industrial S.r.l. - Padua EUR 41.634.703 100,0 FOREIGN COMPANIES Safilo International B.V. - Amsterdam (NL) EUR 24.165.700 100,0 Safilo Benelux S.A. - Zaventem (B) EUR 560.000 100,0 Safilo Espana S.L. - Madrid (E) EUR 3.896.370 100,0 Safilo France S.a.r.l. - Paris (F) EUR 960.000 100,0 Safilo Gmbh - Cologne (D) EUR 511.300 100,0 Safilo Nordic AB - Taby (S) SEK 500.000 100,0 Safilo CIS - LLC - Moscow (Russia) RUB 10.000.000 100,0 Safilo Far East Ltd. - Hong Kong (RC) HKD 49.700.000 100,0 Safint Optical Investment Ltd - Hong Kong (RC) HKD 10.000 100,0 Safilo Hong-Kong Ltd \u2013 Hong Kong (RC) HKD 100.000 100,0 Safilo Singapore Pte Ltd - Singapore (SGP) SGD 400.000 100,0 Safilo Optical Sdn Bhd \u2013 Kuala Lumpur (MAL) MYR 100.000 100,0 Safilo Eyewear (Shanghai) Co Ltd - (RC) CNY 1.000.000 100,0 Safilo Eyewear (Suzhou) Industries Limited - (RC) CNY 129.704.740 100,0 Safilo Hellas Ottica S.a. \u2013 Athens (GR) EUR 489.990 100,0 Safilo Nederland B.V. - Bilthoven (NL) EUR 18.200 100,0 Safilo South Africa (Pty) Ltd. \u2013 Bryanston (ZA) ZAR 3.583 100,0 Safilo Austria Gmbh -Traun (A) EUR 217.582 100,0 Safilo Japan Co Ltd - Tokyo (J) JPY 100.000.000 100,0 Safilo Do Brasil Ltda \u2013 Sao Paulo (BR) BRL 197.135.000 100,0 Safilo Portugal Lda \u2013 Lisbon (P) EUR 500.000 100,0 Safilo Switzerland AG \u2013 Zurich (CH) CHF 1.000.000 100,0 Safilo Polska sp. z.o.o. - Warsaw (PL) PLN 50.000 100,0 Safilo India Pvt. Ltd - Bombay (IND) INR 42.000.000 100,0 Safilo Australia Pty Ltd.- Sydney (AUS) AUD 3.000.000 100,0 Safilo UK Ltd. - London (GB) GBP 250 100,0 Safilo America Inc. - Delaware (USA) USD 8.419 100,0 Safilo USA Inc. - New Jersey (USA) USD 23.289 100,0 Safilo Services LLC - New Jersey (USA) USD - 100,0 Smith Sport Optics Inc. - Idaho (USA) USD 12.087 100,0 Solstice Marketing Corp. \u2013 Delaware (USA) USD 1.000 100,0 Safilo de Mexico S.A. de C.V. - Distrito Federal (MEX) MXP 10.035.575 100,0 Safilo Canada Inc. - Montreal (CAN) CAD 100.000 100,0 Canam Sport Eyewear Inc. - Montreal (CAN) CAD 199.975 100,0 Safilo Optik Ticaret Limited \u015eirketi - Istanbul (TR) TRL 1.516.000 100,0 Safilo Middle East FZE - Dubai (UAE) AED 3.570.000 100,0 Priv\u00e8 Goods LLC. - Delaware (USA) USD 19.919.335 88,5 Priv\u00e8 Capsules LLC - Delaware (USA) USD - 88,5 Blenders Eyewear LLC - Delaware (USA) USD 1.000 80,0 PorSa Eyewear (Xiamen) Co Ltd.- (RC) CNY 1.000.000 100,0 The companies in which the Group exercises control (\u201csubsidiary companies\u201d), as defined in IFRS 10, either due to direct shareholdings or by indirectly holding the majority of the voting rights, having the power to determine even indirectly the financial and managerial choices of the companies and thus obtaining the relative benefits regardless of the relationships deriving from the share ownership, are consolidated using the line-by-line method. Potential exercisable voting rights existing at the balance sheet date are considered in order to determine control. The subsidiary companies are consolidated from the date on which control is assumed and are deconsolidated from the date when control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is measured as the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the consolidated statement of income. With regards to the accounting for transactions and events that result in a change in the Group\u2019s interest in its subsidiaries and the attribution of a subsidiary\u2019s losses to non-controlling interests, IAS 27 (revised 2008) specifies that once control has been obtained, further transactions whereby the parent entity acquires additional equity interests from non-controlling interests, or disposes of equity interests without losing control are transactions with owners and therefore shall be accounted for as equity transactions. It follows that the carrying amounts of the controlling and non-controlling interests must be adjusted to reflect the changes in their relative interests in the subsidiary and any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. There is no consequential adjustment to the carrying amount of goodwill and no gain or loss is recognized in profit or loss. Upon consolidation, the amounts resulting from intra-group operations between consolidated companies are eliminated, in particular in relation to receivables and payables at the balance sheet date, costs and revenues as well as financial income and charges. In addition, gains and losses between the subsidiary companies that are fully consolidated are also eliminated. The accounting principles adopted by the subsidiary companies have been modified where necessary, to comply with those adopted by the parent company. Non-controlling interests and the amount of net profit attributable to them are shown separately under \u201cNon-controlling interests\u201d and \u201cProfit for the period attributale to non-controlling interests\u201d in the consolidated balance sheet and income statement, respectively. All consolidated subsidiaries close their fiscal year on December 31, with the exception of Safilo India Pvt Ltd. which closes its financial year on 31 March, and economic and financial statements are then prepared by the subsidiary in order to allow the Parent Company to prepare the consolidated financial statements as of December 31. The holdings in companies/entities in which a significant influence is exercised (\u201cassociated companies\u201d), that is presumed to exist when the percentage held is between 20% and 50%, are valued under the \u201cequity\u201d method. Due to the application of the equity method, the value of the investment is aligned to the shareholders\u2019 equity that is adjusted, where necessary, to reflect the application of the IFRS approved by the European Commission, and includes the recording of any goodwill identified at the moment of acquisition. The share of gains/losses realized by the associated companies after the acquisition is recorded on the income statement, while the share of movements of reserves after the acquisition is recorded in the equity reserves. When the share of losses of the Group in an associated company is equal to or exceeds its holding in the associated company, taking into account all receivables not guaranteed, the value of the investment is fully written down and the Group does not record further losses above its share, except where the Group has the obligation to cover these losses. Gains and losses not realized that are generated on operations with associated companies are eliminated for the part pertaining to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-99-4": { "value": "The Group\u2019s consolidated financial statements as of 31 December 2023 include the parent company, Safilo Group S.p.A., and 43 subsidiaries accounted for on a line-by-line basis, with the parent company holding, directly or indirectly, the majority of voting rights. During 2023 the Group\u2019s consolidation area changed as follows: - on 6 April 2023 the liquidation of the company Safilo Trading (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 30 June 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 5.7% of non-controlling interests increasing its controlling stake in Priv\u00e9 Revaux from 82.8% to 88.5%; - on 1 August 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 10% of non-controlling interests increasing its controlling stake in Blenders LLC from 70.0% to 80.0%; - on August 2023 the liquidation of the company Safilo Eyewear (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 24 November 2023 the liquidation of the company Safilo d.o.o. (Ormo\u017e) has been completed and the company has been de-registered. At 31 December 2023 the direct and indirect holdings included in the scope of consolidation under the line-by-line method, in addition to the parent company Safilo Group S.p.A., were the following: Currency Share capital % interest held ITALIAN COMPANIES Safilo S.p.A. \u2013 Padua EUR 66.176.000 100,0 Lenti S.r.l. \u2013 Bergamo EUR 500.000 100,0 Safilo Industrial S.r.l. - Padua EUR 41.634.703 100,0 FOREIGN COMPANIES Safilo International B.V. - Amsterdam (NL) EUR 24.165.700 100,0 Safilo Benelux S.A. - Zaventem (B) EUR 560.000 100,0 Safilo Espana S.L. - Madrid (E) EUR 3.896.370 100,0 Safilo France S.a.r.l. - Paris (F) EUR 960.000 100,0 Safilo Gmbh - Cologne (D) EUR 511.300 100,0 Safilo Nordic AB - Taby (S) SEK 500.000 100,0 Safilo CIS - LLC - Moscow (Russia) RUB 10.000.000 100,0 Safilo Far East Ltd. - Hong Kong (RC) HKD 49.700.000 100,0 Safint Optical Investment Ltd - Hong Kong (RC) HKD 10.000 100,0 Safilo Hong-Kong Ltd \u2013 Hong Kong (RC) HKD 100.000 100,0 Safilo Singapore Pte Ltd - Singapore (SGP) SGD 400.000 100,0 Safilo Optical Sdn Bhd \u2013 Kuala Lumpur (MAL) MYR 100.000 100,0 Safilo Eyewear (Shanghai) Co Ltd - (RC) CNY 1.000.000 100,0 Safilo Eyewear (Suzhou) Industries Limited - (RC) CNY 129.704.740 100,0 Safilo Hellas Ottica S.a. \u2013 Athens (GR) EUR 489.990 100,0 Safilo Nederland B.V. - Bilthoven (NL) EUR 18.200 100,0 Safilo South Africa (Pty) Ltd. \u2013 Bryanston (ZA) ZAR 3.583 100,0 Safilo Austria Gmbh -Traun (A) EUR 217.582 100,0 Safilo Japan Co Ltd - Tokyo (J) JPY 100.000.000 100,0 Safilo Do Brasil Ltda \u2013 Sao Paulo (BR) BRL 197.135.000 100,0 Safilo Portugal Lda \u2013 Lisbon (P) EUR 500.000 100,0 Safilo Switzerland AG \u2013 Zurich (CH) CHF 1.000.000 100,0 Safilo Polska sp. z.o.o. - Warsaw (PL) PLN 50.000 100,0 Safilo India Pvt. Ltd - Bombay (IND) INR 42.000.000 100,0 Safilo Australia Pty Ltd.- Sydney (AUS) AUD 3.000.000 100,0 Safilo UK Ltd. - London (GB) GBP 250 100,0 Safilo America Inc. - Delaware (USA) USD 8.419 100,0 Safilo USA Inc. - New Jersey (USA) USD 23.289 100,0 Safilo Services LLC - New Jersey (USA) USD - 100,0 Smith Sport Optics Inc. - Idaho (USA) USD 12.087 100,0 Solstice Marketing Corp. \u2013 Delaware (USA) USD 1.000 100,0 Safilo de Mexico S.A. de C.V. - Distrito Federal (MEX) MXP 10.035.575 100,0 Safilo Canada Inc. - Montreal (CAN) CAD 100.000 100,0 Canam Sport Eyewear Inc. - Montreal (CAN) CAD 199.975 100,0 Safilo Optik Ticaret Limited \u015eirketi - Istanbul (TR) TRL 1.516.000 100,0 Safilo Middle East FZE - Dubai (UAE) AED 3.570.000 100,0 Priv\u00e8 Goods LLC. - Delaware (USA) USD 19.919.335 88,5 Priv\u00e8 Capsules LLC - Delaware (USA) USD - 88,5 Blenders Eyewear LLC - Delaware (USA) USD 1.000 80,0 PorSa Eyewear (Xiamen) Co Ltd.- (RC) CNY 1.000.000 100,0 The companies in which the Group exercises control (\u201csubsidiary companies\u201d), as defined in IFRS 10, either due to direct shareholdings or by indirectly holding the majority of the voting rights, having the power to determine even indirectly the financial and managerial choices of the companies and thus obtaining the relative benefits regardless of the relationships deriving from the share ownership, are consolidated using the line-by-line method. Potential exercisable voting rights existing at the balance sheet date are considered in order to determine control. The subsidiary companies are consolidated from the date on which control is assumed and are deconsolidated from the date when control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is measured as the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the consolidated statement of income. With regards to the accounting for transactions and events that result in a change in the Group\u2019s interest in its subsidiaries and the attribution of a subsidiary\u2019s losses to non-controlling interests, IAS 27 (revised 2008) specifies that once control has been obtained, further transactions whereby the parent entity acquires additional equity interests from non-controlling interests, or disposes of equity interests without losing control are transactions with owners and therefore shall be accounted for as equity transactions. It follows that the carrying amounts of the controlling and non-controlling interests must be adjusted to reflect the changes in their relative interests in the subsidiary and any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. There is no consequential adjustment to the carrying amount of goodwill and no gain or loss is recognized in profit or loss. Upon consolidation, the amounts resulting from intra-group operations between consolidated companies are eliminated, in particular in relation to receivables and payables at the balance sheet date, costs and revenues as well as financial income and charges. In addition, gains and losses between the subsidiary companies that are fully consolidated are also eliminated. The accounting principles adopted by the subsidiary companies have been modified where necessary, to comply with those adopted by the parent company. Non-controlling interests and the amount of net profit attributable to them are shown separately under \u201cNon-controlling interests\u201d and \u201cProfit for the period attributale to non-controlling interests\u201d in the consolidated balance sheet and income statement, respectively. All consolidated subsidiaries close their fiscal year on December 31, with the exception of Safilo India Pvt Ltd. which closes its financial year on 31 March, and economic and financial statements are then prepared by the subsidiary in order to allow the Parent Company to prepare the consolidated financial statements as of December 31. The holdings in companies/entities in which a significant influence is exercised (\u201cassociated companies\u201d), that is presumed to exist when the percentage held is between 20% and 50%, are valued under the \u201cequity\u201d method. Due to the application of the equity method, the value of the investment is aligned to the shareholders\u2019 equity that is adjusted, where necessary, to reflect the application of the IFRS approved by the European Commission, and includes the recording of any goodwill identified at the moment of acquisition. The share of gains/losses realized by the associated companies after the acquisition is recorded on the income statement, while the share of movements of reserves after the acquisition is recorded in the equity reserves. When the share of losses of the Group in an associated company is equal to or exceeds its holding in the associated company, taking into account all receivables not guaranteed, the value of the investment is fully written down and the Group does not record further losses above its share, except where the Group has the obligation to cover these losses. Gains and losses not realized that are generated on operations with associated companies are eliminated for the part pertaining to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-99-6": { "value": "The Group\u2019s consolidated financial statements as of 31 December 2023 include the parent company, Safilo Group S.p.A., and 43 subsidiaries accounted for on a line-by-line basis, with the parent company holding, directly or indirectly, the majority of voting rights. During 2023 the Group\u2019s consolidation area changed as follows: - on 6 April 2023 the liquidation of the company Safilo Trading (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 30 June 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 5.7% of non-controlling interests increasing its controlling stake in Priv\u00e9 Revaux from 82.8% to 88.5%; - on 1 August 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 10% of non-controlling interests increasing its controlling stake in Blenders LLC from 70.0% to 80.0%; - on August 2023 the liquidation of the company Safilo Eyewear (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 24 November 2023 the liquidation of the company Safilo d.o.o. (Ormo\u017e) has been completed and the company has been de-registered. At 31 December 2023 the direct and indirect holdings included in the scope of consolidation under the line-by-line method, in addition to the parent company Safilo Group S.p.A., were the following: Currency Share capital % interest held ITALIAN COMPANIES Safilo S.p.A. \u2013 Padua EUR 66.176.000 100,0 Lenti S.r.l. \u2013 Bergamo EUR 500.000 100,0 Safilo Industrial S.r.l. - Padua EUR 41.634.703 100,0 FOREIGN COMPANIES Safilo International B.V. - Amsterdam (NL) EUR 24.165.700 100,0 Safilo Benelux S.A. - Zaventem (B) EUR 560.000 100,0 Safilo Espana S.L. - Madrid (E) EUR 3.896.370 100,0 Safilo France S.a.r.l. - Paris (F) EUR 960.000 100,0 Safilo Gmbh - Cologne (D) EUR 511.300 100,0 Safilo Nordic AB - Taby (S) SEK 500.000 100,0 Safilo CIS - LLC - Moscow (Russia) RUB 10.000.000 100,0 Safilo Far East Ltd. - Hong Kong (RC) HKD 49.700.000 100,0 Safint Optical Investment Ltd - Hong Kong (RC) HKD 10.000 100,0 Safilo Hong-Kong Ltd \u2013 Hong Kong (RC) HKD 100.000 100,0 Safilo Singapore Pte Ltd - Singapore (SGP) SGD 400.000 100,0 Safilo Optical Sdn Bhd \u2013 Kuala Lumpur (MAL) MYR 100.000 100,0 Safilo Eyewear (Shanghai) Co Ltd - (RC) CNY 1.000.000 100,0 Safilo Eyewear (Suzhou) Industries Limited - (RC) CNY 129.704.740 100,0 Safilo Hellas Ottica S.a. \u2013 Athens (GR) EUR 489.990 100,0 Safilo Nederland B.V. - Bilthoven (NL) EUR 18.200 100,0 Safilo South Africa (Pty) Ltd. \u2013 Bryanston (ZA) ZAR 3.583 100,0 Safilo Austria Gmbh -Traun (A) EUR 217.582 100,0 Safilo Japan Co Ltd - Tokyo (J) JPY 100.000.000 100,0 Safilo Do Brasil Ltda \u2013 Sao Paulo (BR) BRL 197.135.000 100,0 Safilo Portugal Lda \u2013 Lisbon (P) EUR 500.000 100,0 Safilo Switzerland AG \u2013 Zurich (CH) CHF 1.000.000 100,0 Safilo Polska sp. z.o.o. - Warsaw (PL) PLN 50.000 100,0 Safilo India Pvt. Ltd - Bombay (IND) INR 42.000.000 100,0 Safilo Australia Pty Ltd.- Sydney (AUS) AUD 3.000.000 100,0 Safilo UK Ltd. - London (GB) GBP 250 100,0 Safilo America Inc. - Delaware (USA) USD 8.419 100,0 Safilo USA Inc. - New Jersey (USA) USD 23.289 100,0 Safilo Services LLC - New Jersey (USA) USD - 100,0 Smith Sport Optics Inc. - Idaho (USA) USD 12.087 100,0 Solstice Marketing Corp. \u2013 Delaware (USA) USD 1.000 100,0 Safilo de Mexico S.A. de C.V. - Distrito Federal (MEX) MXP 10.035.575 100,0 Safilo Canada Inc. - Montreal (CAN) CAD 100.000 100,0 Canam Sport Eyewear Inc. - Montreal (CAN) CAD 199.975 100,0 Safilo Optik Ticaret Limited \u015eirketi - Istanbul (TR) TRL 1.516.000 100,0 Safilo Middle East FZE - Dubai (UAE) AED 3.570.000 100,0 Priv\u00e8 Goods LLC. - Delaware (USA) USD 19.919.335 88,5 Priv\u00e8 Capsules LLC - Delaware (USA) USD - 88,5 Blenders Eyewear LLC - Delaware (USA) USD 1.000 80,0 PorSa Eyewear (Xiamen) Co Ltd.- (RC) CNY 1.000.000 100,0 The companies in which the Group exercises control (\u201csubsidiary companies\u201d), as defined in IFRS 10, either due to direct shareholdings or by indirectly holding the majority of the voting rights, having the power to determine even indirectly the financial and managerial choices of the companies and thus obtaining the relative benefits regardless of the relationships deriving from the share ownership, are consolidated using the line-by-line method. Potential exercisable voting rights existing at the balance sheet date are considered in order to determine control. The subsidiary companies are consolidated from the date on which control is assumed and are deconsolidated from the date when control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is measured as the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the consolidated statement of income. With regards to the accounting for transactions and events that result in a change in the Group\u2019s interest in its subsidiaries and the attribution of a subsidiary\u2019s losses to non-controlling interests, IAS 27 (revised 2008) specifies that once control has been obtained, further transactions whereby the parent entity acquires additional equity interests from non-controlling interests, or disposes of equity interests without losing control are transactions with owners and therefore shall be accounted for as equity transactions. It follows that the carrying amounts of the controlling and non-controlling interests must be adjusted to reflect the changes in their relative interests in the subsidiary and any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. There is no consequential adjustment to the carrying amount of goodwill and no gain or loss is recognized in profit or loss. Upon consolidation, the amounts resulting from intra-group operations between consolidated companies are eliminated, in particular in relation to receivables and payables at the balance sheet date, costs and revenues as well as financial income and charges. In addition, gains and losses between the subsidiary companies that are fully consolidated are also eliminated. The accounting principles adopted by the subsidiary companies have been modified where necessary, to comply with those adopted by the parent company. Non-controlling interests and the amount of net profit attributable to them are shown separately under \u201cNon-controlling interests\u201d and \u201cProfit for the period attributale to non-controlling interests\u201d in the consolidated balance sheet and income statement, respectively. All consolidated subsidiaries close their fiscal year on December 31, with the exception of Safilo India Pvt Ltd. which closes its financial year on 31 March, and economic and financial statements are then prepared by the subsidiary in order to allow the Parent Company to prepare the consolidated financial statements as of December 31. The holdings in companies/entities in which a significant influence is exercised (\u201cassociated companies\u201d), that is presumed to exist when the percentage held is between 20% and 50%, are valued under the \u201cequity\u201d method. Due to the application of the equity method, the value of the investment is aligned to the shareholders\u2019 equity that is adjusted, where necessary, to reflect the application of the IFRS approved by the European Commission, and includes the recording of any goodwill identified at the moment of acquisition. The share of gains/losses realized by the associated companies after the acquisition is recorded on the income statement, while the share of movements of reserves after the acquisition is recorded in the equity reserves. When the share of losses of the Group in an associated company is equal to or exceeds its holding in the associated company, taking into account all receivables not guaranteed, the value of the investment is fully written down and the Group does not record further losses above its share, except where the Group has the obligation to cover these losses. Gains and losses not realized that are generated on operations with associated companies are eliminated for the part pertaining to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-99-7": { "value": "The Group\u2019s consolidated financial statements as of 31 December 2023 include the parent company, Safilo Group S.p.A., and 43 subsidiaries accounted for on a line-by-line basis, with the parent company holding, directly or indirectly, the majority of voting rights. During 2023 the Group\u2019s consolidation area changed as follows: - on 6 April 2023 the liquidation of the company Safilo Trading (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 30 June 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 5.7% of non-controlling interests increasing its controlling stake in Priv\u00e9 Revaux from 82.8% to 88.5%; - on 1 August 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 10% of non-controlling interests increasing its controlling stake in Blenders LLC from 70.0% to 80.0%; - on August 2023 the liquidation of the company Safilo Eyewear (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 24 November 2023 the liquidation of the company Safilo d.o.o. (Ormo\u017e) has been completed and the company has been de-registered. At 31 December 2023 the direct and indirect holdings included in the scope of consolidation under the line-by-line method, in addition to the parent company Safilo Group S.p.A., were the following: Currency Share capital % interest held ITALIAN COMPANIES Safilo S.p.A. \u2013 Padua EUR 66.176.000 100,0 Lenti S.r.l. \u2013 Bergamo EUR 500.000 100,0 Safilo Industrial S.r.l. - Padua EUR 41.634.703 100,0 FOREIGN COMPANIES Safilo International B.V. - Amsterdam (NL) EUR 24.165.700 100,0 Safilo Benelux S.A. - Zaventem (B) EUR 560.000 100,0 Safilo Espana S.L. - Madrid (E) EUR 3.896.370 100,0 Safilo France S.a.r.l. - Paris (F) EUR 960.000 100,0 Safilo Gmbh - Cologne (D) EUR 511.300 100,0 Safilo Nordic AB - Taby (S) SEK 500.000 100,0 Safilo CIS - LLC - Moscow (Russia) RUB 10.000.000 100,0 Safilo Far East Ltd. - Hong Kong (RC) HKD 49.700.000 100,0 Safint Optical Investment Ltd - Hong Kong (RC) HKD 10.000 100,0 Safilo Hong-Kong Ltd \u2013 Hong Kong (RC) HKD 100.000 100,0 Safilo Singapore Pte Ltd - Singapore (SGP) SGD 400.000 100,0 Safilo Optical Sdn Bhd \u2013 Kuala Lumpur (MAL) MYR 100.000 100,0 Safilo Eyewear (Shanghai) Co Ltd - (RC) CNY 1.000.000 100,0 Safilo Eyewear (Suzhou) Industries Limited - (RC) CNY 129.704.740 100,0 Safilo Hellas Ottica S.a. \u2013 Athens (GR) EUR 489.990 100,0 Safilo Nederland B.V. - Bilthoven (NL) EUR 18.200 100,0 Safilo South Africa (Pty) Ltd. \u2013 Bryanston (ZA) ZAR 3.583 100,0 Safilo Austria Gmbh -Traun (A) EUR 217.582 100,0 Safilo Japan Co Ltd - Tokyo (J) JPY 100.000.000 100,0 Safilo Do Brasil Ltda \u2013 Sao Paulo (BR) BRL 197.135.000 100,0 Safilo Portugal Lda \u2013 Lisbon (P) EUR 500.000 100,0 Safilo Switzerland AG \u2013 Zurich (CH) CHF 1.000.000 100,0 Safilo Polska sp. z.o.o. - Warsaw (PL) PLN 50.000 100,0 Safilo India Pvt. Ltd - Bombay (IND) INR 42.000.000 100,0 Safilo Australia Pty Ltd.- Sydney (AUS) AUD 3.000.000 100,0 Safilo UK Ltd. - London (GB) GBP 250 100,0 Safilo America Inc. - Delaware (USA) USD 8.419 100,0 Safilo USA Inc. - New Jersey (USA) USD 23.289 100,0 Safilo Services LLC - New Jersey (USA) USD - 100,0 Smith Sport Optics Inc. - Idaho (USA) USD 12.087 100,0 Solstice Marketing Corp. \u2013 Delaware (USA) USD 1.000 100,0 Safilo de Mexico S.A. de C.V. - Distrito Federal (MEX) MXP 10.035.575 100,0 Safilo Canada Inc. - Montreal (CAN) CAD 100.000 100,0 Canam Sport Eyewear Inc. - Montreal (CAN) CAD 199.975 100,0 Safilo Optik Ticaret Limited \u015eirketi - Istanbul (TR) TRL 1.516.000 100,0 Safilo Middle East FZE - Dubai (UAE) AED 3.570.000 100,0 Priv\u00e8 Goods LLC. - Delaware (USA) USD 19.919.335 88,5 Priv\u00e8 Capsules LLC - Delaware (USA) USD - 88,5 Blenders Eyewear LLC - Delaware (USA) USD 1.000 80,0 PorSa Eyewear (Xiamen) Co Ltd.- (RC) CNY 1.000.000 100,0 The companies in which the Group exercises control (\u201csubsidiary companies\u201d), as defined in IFRS 10, either due to direct shareholdings or by indirectly holding the majority of the voting rights, having the power to determine even indirectly the financial and managerial choices of the companies and thus obtaining the relative benefits regardless of the relationships deriving from the share ownership, are consolidated using the line-by-line method. Potential exercisable voting rights existing at the balance sheet date are considered in order to determine control. The subsidiary companies are consolidated from the date on which control is assumed and are deconsolidated from the date when control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is measured as the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the consolidated statement of income. With regards to the accounting for transactions and events that result in a change in the Group\u2019s interest in its subsidiaries and the attribution of a subsidiary\u2019s losses to non-controlling interests, IAS 27 (revised 2008) specifies that once control has been obtained, further transactions whereby the parent entity acquires additional equity interests from non-controlling interests, or disposes of equity interests without losing control are transactions with owners and therefore shall be accounted for as equity transactions. It follows that the carrying amounts of the controlling and non-controlling interests must be adjusted to reflect the changes in their relative interests in the subsidiary and any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. There is no consequential adjustment to the carrying amount of goodwill and no gain or loss is recognized in profit or loss. Upon consolidation, the amounts resulting from intra-group operations between consolidated companies are eliminated, in particular in relation to receivables and payables at the balance sheet date, costs and revenues as well as financial income and charges. In addition, gains and losses between the subsidiary companies that are fully consolidated are also eliminated. The accounting principles adopted by the subsidiary companies have been modified where necessary, to comply with those adopted by the parent company. Non-controlling interests and the amount of net profit attributable to them are shown separately under \u201cNon-controlling interests\u201d and \u201cProfit for the period attributale to non-controlling interests\u201d in the consolidated balance sheet and income statement, respectively. All consolidated subsidiaries close their fiscal year on December 31, with the exception of Safilo India Pvt Ltd. which closes its financial year on 31 March, and economic and financial statements are then prepared by the subsidiary in order to allow the Parent Company to prepare the consolidated financial statements as of December 31. The holdings in companies/entities in which a significant influence is exercised (\u201cassociated companies\u201d), that is presumed to exist when the percentage held is between 20% and 50%, are valued under the \u201cequity\u201d method. Due to the application of the equity method, the value of the investment is aligned to the shareholders\u2019 equity that is adjusted, where necessary, to reflect the application of the IFRS approved by the European Commission, and includes the recording of any goodwill identified at the moment of acquisition. The share of gains/losses realized by the associated companies after the acquisition is recorded on the income statement, while the share of movements of reserves after the acquisition is recorded in the equity reserves. When the share of losses of the Group in an associated company is equal to or exceeds its holding in the associated company, taking into account all receivables not guaranteed, the value of the investment is fully written down and the Group does not record further losses above its share, except where the Group has the obligation to cover these losses. Gains and losses not realized that are generated on operations with associated companies are eliminated for the part pertaining to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-99-8": { "value": "The Group\u2019s consolidated financial statements as of 31 December 2023 include the parent company, Safilo Group S.p.A., and 43 subsidiaries accounted for on a line-by-line basis, with the parent company holding, directly or indirectly, the majority of voting rights. During 2023 the Group\u2019s consolidation area changed as follows: - on 6 April 2023 the liquidation of the company Safilo Trading (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 30 June 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 5.7% of non-controlling interests increasing its controlling stake in Priv\u00e9 Revaux from 82.8% to 88.5%; - on 1 August 2023 pursuant to the contractual terms of the acquisition the Group has exercised the first tranche of its put and call option on 10% of non-controlling interests increasing its controlling stake in Blenders LLC from 70.0% to 80.0%; - on August 2023 the liquidation of the company Safilo Eyewear (Shenzhen) Co. Ltd. (PRC) has been completed and the company has been de-registered; - on 24 November 2023 the liquidation of the company Safilo d.o.o. (Ormo\u017e) has been completed and the company has been de-registered. At 31 December 2023 the direct and indirect holdings included in the scope of consolidation under the line-by-line method, in addition to the parent company Safilo Group S.p.A., were the following: Currency Share capital % interest held ITALIAN COMPANIES Safilo S.p.A. \u2013 Padua EUR 66.176.000 100,0 Lenti S.r.l. \u2013 Bergamo EUR 500.000 100,0 Safilo Industrial S.r.l. - Padua EUR 41.634.703 100,0 FOREIGN COMPANIES Safilo International B.V. - Amsterdam (NL) EUR 24.165.700 100,0 Safilo Benelux S.A. - Zaventem (B) EUR 560.000 100,0 Safilo Espana S.L. - Madrid (E) EUR 3.896.370 100,0 Safilo France S.a.r.l. - Paris (F) EUR 960.000 100,0 Safilo Gmbh - Cologne (D) EUR 511.300 100,0 Safilo Nordic AB - Taby (S) SEK 500.000 100,0 Safilo CIS - LLC - Moscow (Russia) RUB 10.000.000 100,0 Safilo Far East Ltd. - Hong Kong (RC) HKD 49.700.000 100,0 Safint Optical Investment Ltd - Hong Kong (RC) HKD 10.000 100,0 Safilo Hong-Kong Ltd \u2013 Hong Kong (RC) HKD 100.000 100,0 Safilo Singapore Pte Ltd - Singapore (SGP) SGD 400.000 100,0 Safilo Optical Sdn Bhd \u2013 Kuala Lumpur (MAL) MYR 100.000 100,0 Safilo Eyewear (Shanghai) Co Ltd - (RC) CNY 1.000.000 100,0 Safilo Eyewear (Suzhou) Industries Limited - (RC) CNY 129.704.740 100,0 Safilo Hellas Ottica S.a. \u2013 Athens (GR) EUR 489.990 100,0 Safilo Nederland B.V. - Bilthoven (NL) EUR 18.200 100,0 Safilo South Africa (Pty) Ltd. \u2013 Bryanston (ZA) ZAR 3.583 100,0 Safilo Austria Gmbh -Traun (A) EUR 217.582 100,0 Safilo Japan Co Ltd - Tokyo (J) JPY 100.000.000 100,0 Safilo Do Brasil Ltda \u2013 Sao Paulo (BR) BRL 197.135.000 100,0 Safilo Portugal Lda \u2013 Lisbon (P) EUR 500.000 100,0 Safilo Switzerland AG \u2013 Zurich (CH) CHF 1.000.000 100,0 Safilo Polska sp. z.o.o. - Warsaw (PL) PLN 50.000 100,0 Safilo India Pvt. Ltd - Bombay (IND) INR 42.000.000 100,0 Safilo Australia Pty Ltd.- Sydney (AUS) AUD 3.000.000 100,0 Safilo UK Ltd. - London (GB) GBP 250 100,0 Safilo America Inc. - Delaware (USA) USD 8.419 100,0 Safilo USA Inc. - New Jersey (USA) USD 23.289 100,0 Safilo Services LLC - New Jersey (USA) USD - 100,0 Smith Sport Optics Inc. - Idaho (USA) USD 12.087 100,0 Solstice Marketing Corp. \u2013 Delaware (USA) USD 1.000 100,0 Safilo de Mexico S.A. de C.V. - Distrito Federal (MEX) MXP 10.035.575 100,0 Safilo Canada Inc. - Montreal (CAN) CAD 100.000 100,0 Canam Sport Eyewear Inc. - Montreal (CAN) CAD 199.975 100,0 Safilo Optik Ticaret Limited \u015eirketi - Istanbul (TR) TRL 1.516.000 100,0 Safilo Middle East FZE - Dubai (UAE) AED 3.570.000 100,0 Priv\u00e8 Goods LLC. - Delaware (USA) USD 19.919.335 88,5 Priv\u00e8 Capsules LLC - Delaware (USA) USD - 88,5 Blenders Eyewear LLC - Delaware (USA) USD 1.000 80,0 PorSa Eyewear (Xiamen) Co Ltd.- (RC) CNY 1.000.000 100,0 The companies in which the Group exercises control (\u201csubsidiary companies\u201d), as defined in IFRS 10, either due to direct shareholdings or by indirectly holding the majority of the voting rights, having the power to determine even indirectly the financial and managerial choices of the companies and thus obtaining the relative benefits regardless of the relationships deriving from the share ownership, are consolidated using the line-by-line method. Potential exercisable voting rights existing at the balance sheet date are considered in order to determine control. The subsidiary companies are consolidated from the date on which control is assumed and are deconsolidated from the date when control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is measured as the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the consolidated statement of income. With regards to the accounting for transactions and events that result in a change in the Group\u2019s interest in its subsidiaries and the attribution of a subsidiary\u2019s losses to non-controlling interests, IAS 27 (revised 2008) specifies that once control has been obtained, further transactions whereby the parent entity acquires additional equity interests from non-controlling interests, or disposes of equity interests without losing control are transactions with owners and therefore shall be accounted for as equity transactions. It follows that the carrying amounts of the controlling and non-controlling interests must be adjusted to reflect the changes in their relative interests in the subsidiary and any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. There is no consequential adjustment to the carrying amount of goodwill and no gain or loss is recognized in profit or loss. Upon consolidation, the amounts resulting from intra-group operations between consolidated companies are eliminated, in particular in relation to receivables and payables at the balance sheet date, costs and revenues as well as financial income and charges. In addition, gains and losses between the subsidiary companies that are fully consolidated are also eliminated. The accounting principles adopted by the subsidiary companies have been modified where necessary, to comply with those adopted by the parent company. Non-controlling interests and the amount of net profit attributable to them are shown separately under \u201cNon-controlling interests\u201d and \u201cProfit for the period attributale to non-controlling interests\u201d in the consolidated balance sheet and income statement, respectively. All consolidated subsidiaries close their fiscal year on December 31, with the exception of Safilo India Pvt Ltd. which closes its financial year on 31 March, and economic and financial statements are then prepared by the subsidiary in order to allow the Parent Company to prepare the consolidated financial statements as of December 31. The holdings in companies/entities in which a significant influence is exercised (\u201cassociated companies\u201d), that is presumed to exist when the percentage held is between 20% and 50%, are valued under the \u201cequity\u201d method. Due to the application of the equity method, the value of the investment is aligned to the shareholders\u2019 equity that is adjusted, where necessary, to reflect the application of the IFRS approved by the European Commission, and includes the recording of any goodwill identified at the moment of acquisition. The share of gains/losses realized by the associated companies after the acquisition is recorded on the income statement, while the share of movements of reserves after the acquisition is recorded in the equity reserves. When the share of losses of the Group in an associated company is equal to or exceeds its holding in the associated company, taking into account all receivables not guaranteed, the value of the investment is fully written down and the Group does not record further losses above its share, except where the Group has the obligation to cover these losses. Gains and losses not realized that are generated on operations with associated companies are eliminated for the part pertaining to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-309-9": { "value": "The companies in which the Group exercises control (\u201csubsidiary companies\u201d), as defined in IFRS 10, either due to direct shareholdings or by indirectly holding the majority of the voting rights, having the power to determine even indirectly the financial and managerial choices of the companies and thus obtaining the relative benefits regardless of the relationships deriving from the share ownership, are consolidated using the line-by-line method. Potential exercisable voting rights existing at the balance sheet date are considered in order to determine control. The subsidiary companies are consolidated from the date on which control is assumed and are deconsolidated from the date when control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is measured as the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the consolidated statement of income. With regards to the accounting for transactions and events that result in a change in the Group\u2019s interest in its subsidiaries and the attribution of a subsidiary\u2019s losses to non-controlling interests, IAS 27 (revised 2008) specifies that once control has been obtained, further transactions whereby the parent entity acquires additional equity interests from non-controlling interests, or disposes of equity interests without losing control are transactions with owners and therefore shall be accounted for as equity transactions. It follows that the carrying amounts of the controlling and non-controlling interests must be adjusted to reflect the changes in their relative interests in the subsidiary and any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. There is no consequential adjustment to the carrying amount of goodwill and no gain or loss is recognized in profit or loss. Upon consolidation, the amounts resulting from intra-group operations between consolidated companies are eliminated, in particular in relation to receivables and payables at the balance sheet date, costs and revenues as well as financial income and charges. In addition, gains and losses between the subsidiary companies that are fully consolidated are also eliminated. The accounting principles adopted by the subsidiary companies have been modified where necessary, to comply with those adopted by the parent company. Non-controlling interests and the amount of net profit attributable to them are shown separately under \u201cNon-controlling interests\u201d and \u201cProfit for the period attributale to non-controlling interests\u201d in the consolidated balance sheet and income statement, respectively. All consolidated subsidiaries close their fiscal year on December 31, with the exception of Safilo India Pvt Ltd. which closes its financial year on 31 March, and economic and financial statements are then prepared by the subsidiary in order to allow the Parent Company to prepare the consolidated financial statements as of December 31. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-363-3": { "value": "Information according to business sector and geographic area is given pursuant to IFRS 8 \u2013 Operating Segments. The criteria applied for identifying the operating sector are inspired by the methods through which management, at the highest decision-making level, manages the Group and reviews the operating results for the purposes of adopting decisions regarding the resources to be allocated and evaluating of the results themselves. Following the sale of the Group's residual retail business during 2019, information by business sector is provided at the level of the Group as a whole. The grouping by geographic area depends on the location of the registered head office of each Group company, therefore, the sales identified in accordance with this segmentation are determined by origin of invoicing and not by target market. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-372-3": { "value": "Foreign currency transactions are converted into the functional currency using the exchange rates prevailing on the date of the transaction. Exchange rate gains and losses resulting from such transactions and from the translation of assets and liabilities in foreign currencies at the exchange rates at end of the year are accounted for in the income statement. The rules for the conversion of financial statements of companies expressed in currencies different from the Euro are the following: \u2022 assets and liabilities are converted using the exchange rates prevailing on the balance sheet date; \u2022 costs, revenues, income and charges are converted at the average exchange rate of the period; \u2022 the \u201ctranslation difference reserve\u201d includes foreign exchange differences generated from the conversion of the opening shareholders\u2019 equity and the movements during the year at a rate different from that at the end of the year; \u2022 the goodwill and fair value adjustments related to the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate at the end of the period. The exchange rates applied in the conversion of financial statements prepared in currencies other than Euro at 31 December 2023 and 31 December 2022 are detailed in the following table; appreciation (figures with a minus sign in the table below) indicates an increase in the value of the currency against the Euro. As of (Apprec.)/ Deprec. Average for (Apprec.)/ Deprec. Currency Code December 31, D2023 ecember 31, 2022 % 2023 2022 % US Dollar USD 1.1050 1.0666 3.6% 1.0813 1.0531 2.7% Hong-Kong Dollar HKD 8.6314 8.3163 3.8% 8.4650 8.2451 2.7% Swiss Franc CHF 0.9260 0.9847 -6.0% 0.9718 1.0047 -3.3% Canadian Dollar CAD 1.4642 1.4440 1.4% 1.4595 1.3695 6.6% Japanese Yen YEN 156.3300 140.6600 11.1% 151.9903 138.0274 10.1% British Pound GBP 0.8691 0.8869 -2.0% 0.8698 0.8528 2.0% Swedish Krown SEK 11.0960 11.1218 -0.2% 11.4788 10.6296 8.0% Australian Dollar AUD 1.6263 1.5693 3.6% 1.6288 1.5167 7.4% South-African Rand ZAR 20.3477 18.0986 12.4% 19.9551 17.2086 16.0% Russian Ruble RUB 99.9723 78.4308 27.5% 92.4381 73.5002 25.8% Brasilian Real BRL 5.3618 5.6386 -4.9% 5.4010 5.4399 -0.7% Indian Rupee INR 91.9045 88.1710 4.2% 89.3001 82.6864 8.0% Singapore Dollar SGD 1.4591 1.4300 2.0% 1.4523 1.4512 0.1% Malaysian Ringgit MYR 5.0775 4.6984 8.1% 4.9320 4.6279 6.6% Chinese Renminbi CNY 7.8509 7.3582 6.7% 7.6600 7.0788 8.2% Korean Won KRW 1,433.660 1,344.090 6.7% 1,412.880 1,358.0734 4.0% Mexican Peso MXN 18.7231 20.8560 -10.2% 19.1830 21.1869 -9.5% Turkish Lira TRY 32.6531 19.9649 63.6% 25.7597 17.4088 48.0% Dirham UAE AED 4.0581 3.9171 3.6% 3.9710 3.8673 2.7% Polish Zloty PLN 4.3395 4.6808 -7.3% 4.5420 4.6861 -3.1% ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-372-4": { "value": "Foreign currency transactions are converted into the functional currency using the exchange rates prevailing on the date of the transaction. Exchange rate gains and losses resulting from such transactions and from the translation of assets and liabilities in foreign currencies at the exchange rates at end of the year are accounted for in the income statement. The rules for the conversion of financial statements of companies expressed in currencies different from the Euro are the following: \u2022 assets and liabilities are converted using the exchange rates prevailing on the balance sheet date; \u2022 costs, revenues, income and charges are converted at the average exchange rate of the period; \u2022 the \u201ctranslation difference reserve\u201d includes foreign exchange differences generated from the conversion of the opening shareholders\u2019 equity and the movements during the year at a rate different from that at the end of the year; \u2022 the goodwill and fair value adjustments related to the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate at the end of the period. The exchange rates applied in the conversion of financial statements prepared in currencies other than Euro at 31 December 2023 and 31 December 2022 are detailed in the following table; appreciation (figures with a minus sign in the table below) indicates an increase in the value of the currency against the Euro. As of (Apprec.)/ Deprec. Average for (Apprec.)/ Deprec. Currency Code December 31, D2023 ecember 31, 2022 % 2023 2022 % US Dollar USD 1.1050 1.0666 3.6% 1.0813 1.0531 2.7% Hong-Kong Dollar HKD 8.6314 8.3163 3.8% 8.4650 8.2451 2.7% Swiss Franc CHF 0.9260 0.9847 -6.0% 0.9718 1.0047 -3.3% Canadian Dollar CAD 1.4642 1.4440 1.4% 1.4595 1.3695 6.6% Japanese Yen YEN 156.3300 140.6600 11.1% 151.9903 138.0274 10.1% British Pound GBP 0.8691 0.8869 -2.0% 0.8698 0.8528 2.0% Swedish Krown SEK 11.0960 11.1218 -0.2% 11.4788 10.6296 8.0% Australian Dollar AUD 1.6263 1.5693 3.6% 1.6288 1.5167 7.4% South-African Rand ZAR 20.3477 18.0986 12.4% 19.9551 17.2086 16.0% Russian Ruble RUB 99.9723 78.4308 27.5% 92.4381 73.5002 25.8% Brasilian Real BRL 5.3618 5.6386 -4.9% 5.4010 5.4399 -0.7% Indian Rupee INR 91.9045 88.1710 4.2% 89.3001 82.6864 8.0% Singapore Dollar SGD 1.4591 1.4300 2.0% 1.4523 1.4512 0.1% Malaysian Ringgit MYR 5.0775 4.6984 8.1% 4.9320 4.6279 6.6% Chinese Renminbi CNY 7.8509 7.3582 6.7% 7.6600 7.0788 8.2% Korean Won KRW 1,433.660 1,344.090 6.7% 1,412.880 1,358.0734 4.0% Mexican Peso MXN 18.7231 20.8560 -10.2% 19.1830 21.1869 -9.5% Turkish Lira TRY 32.6531 19.9649 63.6% 25.7597 17.4088 48.0% Dirham UAE AED 4.0581 3.9171 3.6% 3.9710 3.8673 2.7% Polish Zloty PLN 4.3395 4.6808 -7.3% 4.5420 4.6861 -3.1% ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-576-3": { "value": "Tangible fixed assets are assessed at purchase or production cost, net of accumulated depreciation and of any possible loss in value. The cost includes all charges directly incurred in bringing assets to their current location and condition. Costs incurred after purchase of assets are recorded only if they increase the future economic benefits of the asset they refer to. Capitalized costs for leasehold improvements are attributed to the category of the assets they refer to and are depreciated over the shorter of either the remaining duration of the rental contract or the remaining useful lifetime of the assets improved. When circumstances indicate that there may be a permanent impairment in value, an estimate is made of the recoverable amount of the asset, and any loss is recorded in the income statement. When the reasons for the previously recognized impairment no longer exist, the book value of the asset is restated through profit or loss, up to the value at which the asset would have been recognized in the absence of impairment and net of amortization. Depreciation of tangible assets is calculated on a straight-line basis over the estimated useful lifetime of the asset, in accordance with the following depreciation rates: Category Useful lifetime in years Buildings 15-40 Plant, machinery and equipment 3-15 Furniture, office equipment and vehicles 3-8 Land is not depreciated. When the asset to be depreciated is composed of separately identifiable elements whose useful lifetime differs significantly from that of the other parts of the asset, the depreciation is made separately for each part of the asset, with the application of the \u201ccomponent approach\u201d principle. The remaining value of the assets and their useful lifetime are reviewed at the end of each financial year. The capital gains or losses from the sale of the fixed assets are posted to the income statement and valued as the difference between the sale proceeds and the net book value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-576-4": { "value": "Tangible fixed assets are assessed at purchase or production cost, net of accumulated depreciation and of any possible loss in value. The cost includes all charges directly incurred in bringing assets to their current location and condition. Costs incurred after purchase of assets are recorded only if they increase the future economic benefits of the asset they refer to. Capitalized costs for leasehold improvements are attributed to the category of the assets they refer to and are depreciated over the shorter of either the remaining duration of the rental contract or the remaining useful lifetime of the assets improved. When circumstances indicate that there may be a permanent impairment in value, an estimate is made of the recoverable amount of the asset, and any loss is recorded in the income statement. When the reasons for the previously recognized impairment no longer exist, the book value of the asset is restated through profit or loss, up to the value at which the asset would have been recognized in the absence of impairment and net of amortization. Depreciation of tangible assets is calculated on a straight-line basis over the estimated useful lifetime of the asset, in accordance with the following depreciation rates: Category Useful lifetime in years Buildings 15-40 Plant, machinery and equipment 3-15 Furniture, office equipment and vehicles 3-8 Land is not depreciated. When the asset to be depreciated is composed of separately identifiable elements whose useful lifetime differs significantly from that of the other parts of the asset, the depreciation is made separately for each part of the asset, with the application of the \u201ccomponent approach\u201d principle. The remaining value of the assets and their useful lifetime are reviewed at the end of each financial year. The capital gains or losses from the sale of the fixed assets are posted to the income statement and valued as the difference between the sale proceeds and the net book value. Intangible assets consist of clearly identifiable non-monetary assets, without any physical substance and capable of generating future economic benefits. These assets are recognized at purchase and/or production cost, including the costs of bringing the asset to its current use, net of accumulated amortization and any impairment. Amortization begins when the asset is available for use and is allocated in equal instalments over the course of its useful life. When circumstances indicate that there may be an impairment loss, an estimate is made of the recoverable amount of the asset, and any impairment is recognized through the income statement. When the reasons for the previously recognized impairment no longer exist, the book value of the asset is restated through the income statement, up to the value at which the asset would have been recognized in the absence of impairment and net of amortization. Goodwill is measured as the excess of the aggregate of the consideration transferred in the business combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree's identifiable net assets. The selection of the measurement method is made on a transaction-by transaction basis. Goodwill is not amortised but is tested for impairment at least once a year or whenever there are any impairment indicators. After initial recognition, goodwill is valued at cost, net of any accumulated impairment. When a company or a business unit previously purchased is sold and that acquisition led to goodwill, in measuring the gain or loss on the sale, consideration is given to the corresponding residual value of goodwill. Goodwill and fair value adjustments generated from the acquisition of a foreign company are recorded in the relative foreign currencies and are converted at the exchange rate at the end of the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-576-5": { "value": "Tangible fixed assets are assessed at purchase or production cost, net of accumulated depreciation and of any possible loss in value. The cost includes all charges directly incurred in bringing assets to their current location and condition. Costs incurred after purchase of assets are recorded only if they increase the future economic benefits of the asset they refer to. Capitalized costs for leasehold improvements are attributed to the category of the assets they refer to and are depreciated over the shorter of either the remaining duration of the rental contract or the remaining useful lifetime of the assets improved. When circumstances indicate that there may be a permanent impairment in value, an estimate is made of the recoverable amount of the asset, and any loss is recorded in the income statement. When the reasons for the previously recognized impairment no longer exist, the book value of the asset is restated through profit or loss, up to the value at which the asset would have been recognized in the absence of impairment and net of amortization. Depreciation of tangible assets is calculated on a straight-line basis over the estimated useful lifetime of the asset, in accordance with the following depreciation rates: Category Useful lifetime in years Buildings 15-40 Plant, machinery and equipment 3-15 Furniture, office equipment and vehicles 3-8 Land is not depreciated. When the asset to be depreciated is composed of separately identifiable elements whose useful lifetime differs significantly from that of the other parts of the asset, the depreciation is made separately for each part of the asset, with the application of the \u201ccomponent approach\u201d principle. The remaining value of the assets and their useful lifetime are reviewed at the end of each financial year. The capital gains or losses from the sale of the fixed assets are posted to the income statement and valued as the difference between the sale proceeds and the net book value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-580-3": { "value": "Charges incurred for the maintenance and repairs of ordinary and/or cyclical nature are directly charged to the income statement of the period in which the costs are incurred. The capitalization of costs relating to the expansion, modernization or improvement of proprietary structural assets or of those used by third parties, is made only when they satisfy the requirements to be separately classified as an asset or part of an asset. The book value is adjusted for depreciation on a systematic basis, over the useful life. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-615-3": { "value": "Assets held through lease contracts (both finance and operating) are recognized according to the IFRS 16 standard, which provide a definition of leases based on the control (right of use) of an asset considering: identification of the asset, right to replace it, right to obtain all economic benefits and the right to manage the use of the asset. The standard establishes a model to recognize and measure lease contracts for the lessee through the posting of the asset (also in operating leases) offset by a financial debt. Assets held through lease contracts, are recognized as assets of the Group at the present value of their contractual lease payments. The corresponding liability due to the lessor is recorded on the financial statements under financial debts. The assets are depreciated over the duration of the lease contract. The Group has elected to apply the exemptions stated by the Standard that allow to keep leases off balance if they have an initial contractual duration of less than or equal to 12 months (IFRS16.5-a) or if they refer to a low-value asset (IFRS16.5-b), according to these exemptions these contracts are still recorded as lease and rent expenses on a straight-line basis in the income statement over the duration of the lease contract. Management considered the clarifications included in the \u201cIFRIC Agenda Decision\u201d of November 2019 relating to the determination of the lease term. In particular, it was considered that: - the buildings in which the manufacturing plants are located are all owned by the Group; - the contracts for the properties in which the main office locations and logistic centers are located were recently signed and have a residual duration which is still significant; - the contracts relating to the properties in which the office locations of lesser importance are located have characteristics for which their abandonment would not entail a \u201cmore than insignificant penalty\u201d. These considerations led to the confirmation of the lease terms previously identified on the basis of the remaining contractual durations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-636-4": { "value": "Intangible assets consist of clearly identifiable non-monetary assets, without any physical substance and capable of generating future economic benefits. These assets are recognized at purchase and/or production cost, including the costs of bringing the asset to its current use, net of accumulated amortization and any impairment. Amortization begins when the asset is available for use and is allocated in equal instalments over the course of its useful life. When circumstances indicate that there may be an impairment loss, an estimate is made of the recoverable amount of the asset, and any impairment is recognized through the income statement. When the reasons for the previously recognized impairment no longer exist, the book value of the asset is restated through the income statement, up to the value at which the asset would have been recognized in the absence of impairment and net of amortization. Goodwill is measured as the excess of the aggregate of the consideration transferred in the business combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree's identifiable net assets. The selection of the measurement method is made on a transaction-by transaction basis. Goodwill is not amortised but is tested for impairment at least once a year or whenever there are any impairment indicators. After initial recognition, goodwill is valued at cost, net of any accumulated impairment. When a company or a business unit previously purchased is sold and that acquisition led to goodwill, in measuring the gain or loss on the sale, consideration is given to the corresponding residual value of goodwill. Goodwill and fair value adjustments generated from the acquisition of a foreign company are recorded in the relative foreign currencies and are converted at the exchange rate at the end of the period. Trademarks are recorded at cost. They have a definite useful lifetime and are recorded at cost net of any accumulated amortization. Amortization is calculated on a straight-line basis allocating the cost of trademarks over the relative useful lifetime generally between 15 and 20 years, determined on the basis of independent analyzes and market benchmarks. The useful life and residual value are reviewed at each end of the period. If necessary, the occurrence of changes in the useful life or residual value is recognized prospectively as a change in accounting estimates. All software licenses purchased are capitalized on the basis of the costs incurred for their acquisition and in bringing them to their current condition. Amortization is calculated on a straight-line basis over their estimated useful lifetime (between 3 to 5 years). The costs associated with the development and maintenance of software programs are posted to the income statement of the period in which they were incurred. The costs directly associated with the production of unique and identifiable software products controlled by the Group are recorded as intangible fixed assets on the balance sheet only if the following conditions are respected: the costs can be reliably calculated, the Group has the technical and financial resources to complete the products and intends to conclude such activities, the technical feasibility of the products is guaranteed and the use of the products will generate probable future economic benefits for more than one year. Direct costs include costs relating to employees developing the software as well as any appropriate share of general costs. Following the IFRIC\u2019s agenda decision guidance published in April 2021 related to the capitalization of costs of configuring or customizing software applications under \u2018Software as a Service\u2019 (\u2018SaaS\u2019) arrangements, the Group, starting from the 2021 Annual Report, has changed its accounting policy related to the capitalization of these costs. For those software as a service arrangements (Saas) where the Group does not have control of the developed software, the costs of configuring or customizing software applications under SaaS are not capitalized as intangible assets but posted to income statement in the operating expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-636-5": { "value": "Intangible assets consist of clearly identifiable non-monetary assets, without any physical substance and capable of generating future economic benefits. These assets are recognized at purchase and/or production cost, including the costs of bringing the asset to its current use, net of accumulated amortization and any impairment. Amortization begins when the asset is available for use and is allocated in equal instalments over the course of its useful life. When circumstances indicate that there may be an impairment loss, an estimate is made of the recoverable amount of the asset, and any impairment is recognized through the income statement. When the reasons for the previously recognized impairment no longer exist, the book value of the asset is restated through the income statement, up to the value at which the asset would have been recognized in the absence of impairment and net of amortization. Goodwill is measured as the excess of the aggregate of the consideration transferred in the business combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree's identifiable net assets. The selection of the measurement method is made on a transaction-by transaction basis. Goodwill is not amortised but is tested for impairment at least once a year or whenever there are any impairment indicators. After initial recognition, goodwill is valued at cost, net of any accumulated impairment. When a company or a business unit previously purchased is sold and that acquisition led to goodwill, in measuring the gain or loss on the sale, consideration is given to the corresponding residual value of goodwill. Goodwill and fair value adjustments generated from the acquisition of a foreign company are recorded in the relative foreign currencies and are converted at the exchange rate at the end of the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-636-6": { "value": "Intangible assets consist of clearly identifiable non-monetary assets, without any physical substance and capable of generating future economic benefits. These assets are recognized at purchase and/or production cost, including the costs of bringing the asset to its current use, net of accumulated amortization and any impairment. Amortization begins when the asset is available for use and is allocated in equal instalments over the course of its useful life. When circumstances indicate that there may be an impairment loss, an estimate is made of the recoverable amount of the asset, and any impairment is recognized through the income statement. When the reasons for the previously recognized impairment no longer exist, the book value of the asset is restated through the income statement, up to the value at which the asset would have been recognized in the absence of impairment and net of amortization. Goodwill is measured as the excess of the aggregate of the consideration transferred in the business combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree's identifiable net assets. The selection of the measurement method is made on a transaction-by transaction basis. Goodwill is not amortised but is tested for impairment at least once a year or whenever there are any impairment indicators. After initial recognition, goodwill is valued at cost, net of any accumulated impairment. When a company or a business unit previously purchased is sold and that acquisition led to goodwill, in measuring the gain or loss on the sale, consideration is given to the corresponding residual value of goodwill. Goodwill and fair value adjustments generated from the acquisition of a foreign company are recorded in the relative foreign currencies and are converted at the exchange rate at the end of the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-636-7": { "value": "Intangible assets consist of clearly identifiable non-monetary assets, without any physical substance and capable of generating future economic benefits. These assets are recognized at purchase and/or production cost, including the costs of bringing the asset to its current use, net of accumulated amortization and any impairment. Amortization begins when the asset is available for use and is allocated in equal instalments over the course of its useful life. When circumstances indicate that there may be an impairment loss, an estimate is made of the recoverable amount of the asset, and any impairment is recognized through the income statement. When the reasons for the previously recognized impairment no longer exist, the book value of the asset is restated through the income statement, up to the value at which the asset would have been recognized in the absence of impairment and net of amortization. Goodwill is measured as the excess of the aggregate of the consideration transferred in the business combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree's identifiable net assets. The selection of the measurement method is made on a transaction-by transaction basis. Goodwill is not amortised but is tested for impairment at least once a year or whenever there are any impairment indicators. After initial recognition, goodwill is valued at cost, net of any accumulated impairment. When a company or a business unit previously purchased is sold and that acquisition led to goodwill, in measuring the gain or loss on the sale, consideration is given to the corresponding residual value of goodwill. Goodwill and fair value adjustments generated from the acquisition of a foreign company are recorded in the relative foreign currencies and are converted at the exchange rate at the end of the period. Trademarks are recorded at cost. They have a definite useful lifetime and are recorded at cost net of any accumulated amortization. Amortization is calculated on a straight-line basis allocating the cost of trademarks over the relative useful lifetime generally between 15 and 20 years, determined on the basis of independent analyzes and market benchmarks. The useful life and residual value are reviewed at each end of the period. If necessary, the occurrence of changes in the useful life or residual value is recognized prospectively as a change in accounting estimates. All software licenses purchased are capitalized on the basis of the costs incurred for their acquisition and in bringing them to their current condition. Amortization is calculated on a straight-line basis over their estimated useful lifetime (between 3 to 5 years). The costs associated with the development and maintenance of software programs are posted to the income statement of the period in which they were incurred. The costs directly associated with the production of unique and identifiable software products controlled by the Group are recorded as intangible fixed assets on the balance sheet only if the following conditions are respected: the costs can be reliably calculated, the Group has the technical and financial resources to complete the products and intends to conclude such activities, the technical feasibility of the products is guaranteed and the use of the products will generate probable future economic benefits for more than one year. Direct costs include costs relating to employees developing the software as well as any appropriate share of general costs. Following the IFRIC\u2019s agenda decision guidance published in April 2021 related to the capitalization of costs of configuring or customizing software applications under \u2018Software as a Service\u2019 (\u2018SaaS\u2019) arrangements, the Group, starting from the 2021 Annual Report, has changed its accounting policy related to the capitalization of these costs. For those software as a service arrangements (Saas) where the Group does not have control of the developed software, the costs of configuring or customizing software applications under SaaS are not capitalized as intangible assets but posted to income statement in the operating expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-662-2": { "value": "Trademarks are recorded at cost. They have a definite useful lifetime and are recorded at cost net of any accumulated amortization. Amortization is calculated on a straight-line basis allocating the cost of trademarks over the relative useful lifetime generally between 15 and 20 years, determined on the basis of independent analyzes and market benchmarks. The useful life and residual value are reviewed at each end of the period. If necessary, the occurrence of changes in the useful life or residual value is recognized prospectively as a change in accounting estimates. All software licenses purchased are capitalized on the basis of the costs incurred for their acquisition and in bringing them to their current condition. Amortization is calculated on a straight-line basis over their estimated useful lifetime (between 3 to 5 years). The costs associated with the development and maintenance of software programs are posted to the income statement of the period in which they were incurred. The costs directly associated with the production of unique and identifiable software products controlled by the Group are recorded as intangible fixed assets on the balance sheet only if the following conditions are respected: the costs can be reliably calculated, the Group has the technical and financial resources to complete the products and intends to conclude such activities, the technical feasibility of the products is guaranteed and the use of the products will generate probable future economic benefits for more than one year. Direct costs include costs relating to employees developing the software as well as any appropriate share of general costs. Following the IFRIC\u2019s agenda decision guidance published in April 2021 related to the capitalization of costs of configuring or customizing software applications under \u2018Software as a Service\u2019 (\u2018SaaS\u2019) arrangements, the Group, starting from the 2021 Annual Report, has changed its accounting policy related to the capitalization of these costs. For those software as a service arrangements (Saas) where the Group does not have control of the developed software, the costs of configuring or customizing software applications under SaaS are not capitalized as intangible assets but posted to income statement in the operating expenses.The following table shows changes in intangible assets: (Euro/000) January 1, 2023 Increase Decrease Reclass. Reclass. assets held for sale Transl. diff. December 31, 2023 Gross value Software 100,520 1,705 (87) (9) (217) (638) 101,275 Trademarks and licenses 154,909 772 - - - (3,424) 152,257 Other intangible assets 32,387 343 (233) - - (1,004) 31,493 Total 287,817 2,820 (319) (9) (217) (5,066) 285,026 Accumulated amortization Software 87,839 5,495 24 (9) (193) (598) 92,558 Trademarks and licenses 51,332 7,933 - - - (591) 58,674 Other intangible assets 15,653 10,904 (233) - - (648) 25,677 Total 154,824 24,332 (209) (9) (193) (1,836) 176,909 Net value 132,993 (21,513) (110) - (24) (3,229) 108,117 (Euro/000) January 1, 2022 Increase Decrease Reclass. Transl. diff. December 31, 2022 Gross value Software 97,304 2,685 (149) 11 670 100,520 Trademarks and licenses 148,933 241 - - 5,736 154,909 Other intangible assets 30,656 382 (156) - 1,504 32,387 Total 276,892 3,308 (305) 11 7,910 287,817 Accumulated amortization Software 81,342 6,092 (16) 11 410 87,839 Trademarks and licenses 43,675 7,229 - - 427 51,332 Other intangible assets 10,216 5,239 (115) - 313 15,653 Total 135,233 18,560 (130) 11 1,150 154,824 Net value 141,659 (15,252) (175) - 6,761 132,993 Intangible assets in the financial period record an increase for new investments equal to 2,820 thousand Euro, a decrease for depreciation and write-down equal to 24,332 thousand Euro, a net decrease for disposal equal to 110 thousand Euro and for reclassification to assets held for sale equal to 24 thousand Euro. The item trademarks and licenses mainly includes the value of proprietary brands acquired from third parties during business combinations and valued in the purchase price allocation of such transactions. These brands have a finite useful life and are amortized over a useful life between 15 and 20 years, determined on the basis of independent analyzes and market benchmarks. On the base of the analyses performed, management believes that for the intangible assets on hand as at 31 December 2023 there are no indicators of loss of value. Investments in intangible assets made during the year amount to 2,820 thousand Euro (3,308 thousand Euro in the previous year). The investments mainly relate to the continuing implementation of the integrated information system (ERP) in the Group\u2019s subsidiaries and to the digital transformation projects. Investments of 11,740 thousand Euro (9,703 thousand Euro in the previous year) relating the implementation of cloud-based software-as-a-service (SaaS) agreements, have been expensed as EDP service costs, in line with the accounting policy introduced by the Group in 2021 to comply with the guidelines of the IFRIC agenda on SaaS arrangements published in April 2021. The item refers to goodwill which arose from the acquisitions in 2020 of Priv\u00e9 Revaux and Blenders. A single CGU has been identified, representing the whole Group, to which the entire amount of goodwill has been allocated: this allocation is consistent with the strategy underlying the acquisitions, that, beyond the acquisition of two new brands, will enable the whole Group to compete more effectively in the fast-growing digital sales and communication channels. The identification of a single CGU is consistent with the strategic vision that the directors have of the Group and reflects the way in which management monitors operations and makes decisions on the maintenance or sale of assets and with the high level of interdependence of the cash in flows of the Group. Strategy, goal setting, operations management, as well as reporting and incentive systems are managed at a corporate level, leaving to the local units deployment and tailoring to the specific market. The allocation to a single CGU is consistent with the approach adopted for the preparation of the previous year financial statements. The following table shows changes in Goodwill: (Euro/000) January 1, 2023 Increase Decrease Transl. diff. December 31, 2023 Goodwill 34,895 - - (1,213) 33,682 (Euro/000) January 1, 2022 Increase Decrease Transl. diff. December 31, 2022 Goodwill 32,861 - - 2,033 34,895 In 2023 the item recorded a decrease of 1,213 thousand Euro due to foreign currency translation. The approach followed and the assumptions made to perform the impairment test are described below. For the unique identified CGU of the Group, the recoverable amount is based on its value in use determined based on estimated future cash flow projections. On 14 March 2024 the Board of Directors has approved the 2024-2028 Financial Projections that confirms the main goals and strategies defined in the Group Business Plan presented to the markets on 10 March 2023. For the purposes of the impairment test, these financial projections take the requirements of IAS 36 into consideration, specifically those that require that the estimate of future cash flows excludes those cash flows that are expected to arise from improving or enhancing asset performance. Accordingly, potential new acquisitions effect included in the Financial projection 2024-2028, have not been considered for the purposes of the impairment test. In estimating the growth in the plan period, the Group has taken into consideration both its own internal expectations as well as indications obtained from independent external sources. The main objectives and strategies underlying Safilo\u2019s 2024-2028 business plan are: \u2022 Sales growth, which maximizes customer service and meets the needs of the different consumer segments; \u2022 Margin expansion and a more flexible operating cost structure; \u2022 Positive cash flow generation that feeds and supports the Group's organic and external growth. The Group\u2019s strategies will continue to leverage two main enablers: \u2022 the end-to-end Digitalization of its business model, with the aim of transversally enhancing data analytics, optimizing processes, operations and time to market; \u2022 a Sustainability roadmap in support of the Group\u2019s business targets, driven through an agenda of clear and shared objectives. The impairment test methodology used for the execution of the impairment test at the date of 31 December 2023 is consistent with the criteria used for the 2022 financial statements and considers the following factors: \u2022 Management used the most recent information available to calculate the WACC (weighted average cost of capital), in particular: risk free rate, market risk premium, beta, specific risk premium for Safilo, Cost of debt (including lease liabilties), debt/equity structure. As recommended by regulators, the WACC has not been adjusted for the macroeconomic enviroment with uncertainties instead being reflected in the cash flows; \u2022 the growth rates for the years following the plan\u2019s horizon (\u201cg\u201d rate) have been analytically reviewed for each single country in which the Group operates in, and have been adapted to the rate of inflation expected by analysts for 2028. To calculate the present value, the future cash flows thus obtained were discounted to their present value at a discount rate (WACC) as at the test\u2019s date of reference that took into account the specificities of each geography where the Group operates. The cash flows generated after the horizon considered were determined on the basis of perpetual growth rates considered adequate with reference to the economic conditions of the country of reference. The following table summarizes the WACC and \u201cg\u201d rates used by the Group for the impairment test: Key assumptions \"WACC\" discount rate Growth rate \"g\" December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Safilo Group 8.55% 10.12% 2.13% 2.07% The impairment test carried out did not highlight any loss in value. Management has performed sensitivities to test the cover of Net Invested Capital based on different scenarios where key parameters like WACC and Free Cash Flows have been progressively modelled. With reference to the break-even level: to obtain an enterprise value equal to the net invested capital as of 31 December 2023, including goodwill, EBITDA and related cash flows could be reduced by 55% or WACC could be increased by +6.5%. After completing the process described, management concluded that no impairment loss needs to be recognized at the date of 31 December 2023. Management has used the most reliable information available at this moment. In monitoring the goodwill value, management has taken into consideration also exogenous factors, such as the stock market capitalization, which is higher than the Group's net equity. The stock market valuation in general may be subject to different expectations and various fluctuations and hence in practice different valuation methods exist, such as those based on expected cash flows. Management believe that the assumptions incorporated in the Financial Projections 2024-2028 underlying the impairment test are reasonable and that the Group has the necessary skills and resources to meet planned goals.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-684-3": { "value": "Assets with an indefinite useful life are not subject to amortization but undergo an impairment test at least on an annual basis to monitor whether their book value has been reduced. Assets subject to amortization undergo impairment tests when events or circumstances arise that indicate that the book value cannot be recovered. In both cases any loss in value is posted for the share of book value exceeding the recoverable value. This value is the higher of either the fair value of the asset net of the costs for sale or its value for use. If the value in use of an asset cannot be established individually, the recoverable value of the unit that generates cash flows (so-called \"cash generating unit\u201d or CGU) to which the asset belongs must be established. Assets are grouped at the level of the cash generating units (CGU) that are the base for interpreting the Group performance. The Group then discounts to present value the future estimated cash flows generated by these CGUs by applying a discount rate that reflects the current time value for money and the specific risks associated with the business. When a loss on an asset, other than goodwill, no longer exists or is reduced, the book value of the asset or cash-generating unit is increased to the new estimated recoverable value, which cannot exceed the value that would have been established if there had been no loss due to reduction in value. A reversal of loss in value is calculated according to the revaluation model and recorded in the income statement in accordance with the provisions of IAS 16.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-684-4": { "value": "Assets with an indefinite useful life are not subject to amortization but undergo an impairment test at least on an annual basis to monitor whether their book value has been reduced. Assets subject to amortization undergo impairment tests when events or circumstances arise that indicate that the book value cannot be recovered. In both cases any loss in value is posted for the share of book value exceeding the recoverable value. This value is the higher of either the fair value of the asset net of the costs for sale or its value for use. If the value in use of an asset cannot be established individually, the recoverable value of the unit that generates cash flows (so-called \"cash generating unit\u201d or CGU) to which the asset belongs must be established. Assets are grouped at the level of the cash generating units (CGU) that are the base for interpreting the Group performance. The Group then discounts to present value the future estimated cash flows generated by these CGUs by applying a discount rate that reflects the current time value for money and the specific risks associated with the business. When a loss on an asset, other than goodwill, no longer exists or is reduced, the book value of the asset or cash-generating unit is increased to the new estimated recoverable value, which cannot exceed the value that would have been established if there had been no loss due to reduction in value. A reversal of loss in value is calculated according to the revaluation model and recorded in the income statement in accordance with the provisions of IAS 16.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-684-5": { "value": "Assets with an indefinite useful life are not subject to amortization but undergo an impairment test at least on an annual basis to monitor whether their book value has been reduced. Assets subject to amortization undergo impairment tests when events or circumstances arise that indicate that the book value cannot be recovered. In both cases any loss in value is posted for the share of book value exceeding the recoverable value. This value is the higher of either the fair value of the asset net of the costs for sale or its value for use. If the value in use of an asset cannot be established individually, the recoverable value of the unit that generates cash flows (so-called \"cash generating unit\u201d or CGU) to which the asset belongs must be established. Assets are grouped at the level of the cash generating units (CGU) that are the base for interpreting the Group performance. The Group then discounts to present value the future estimated cash flows generated by these CGUs by applying a discount rate that reflects the current time value for money and the specific risks associated with the business. When a loss on an asset, other than goodwill, no longer exists or is reduced, the book value of the asset or cash-generating unit is increased to the new estimated recoverable value, which cannot exceed the value that would have been established if there had been no loss due to reduction in value. A reversal of loss in value is calculated according to the revaluation model and recorded in the income statement in accordance with the provisions of IAS 16.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-684-6": { "value": "Assets with an indefinite useful life are not subject to amortization but undergo an impairment test at least on an annual basis to monitor whether their book value has been reduced. Assets subject to amortization undergo impairment tests when events or circumstances arise that indicate that the book value cannot be recovered. In both cases any loss in value is posted for the share of book value exceeding the recoverable value. This value is the higher of either the fair value of the asset net of the costs for sale or its value for use. If the value in use of an asset cannot be established individually, the recoverable value of the unit that generates cash flows (so-called \"cash generating unit\u201d or CGU) to which the asset belongs must be established. Assets are grouped at the level of the cash generating units (CGU) that are the base for interpreting the Group performance. The Group then discounts to present value the future estimated cash flows generated by these CGUs by applying a discount rate that reflects the current time value for money and the specific risks associated with the business. When a loss on an asset, other than goodwill, no longer exists or is reduced, the book value of the asset or cash-generating unit is increased to the new estimated recoverable value, which cannot exceed the value that would have been established if there had been no loss due to reduction in value. A reversal of loss in value is calculated according to the revaluation model and recorded in the income statement in accordance with the provisions of IAS 16.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-700-2": { "value": "All the financial assets recognized that fall within the scope of application of IFRS 9 must subsequently be recognized at amortized cost or at fair value on the basis of the entity's business model for the management of financial assets and characteristics relating to contractual cash flows of the financial activity. Specifically: \u2022 Debt instruments held in the context of a business model whose objective is the possession of financial assets aimed at collecting contractual cash flows, and which have cash flows represented solely by capital payments and interest on the principal amount to be returned, are subsequently valued at amortized cost; \u2022 Debt instruments held in the context of a business model whose objective is achieved both through the collection of contractual cash flows and through the sale of financial assets, and which have cash flows represented solely by capital payments and interest on amount of the capital to be repaid, are subsequently measured at fair value with changes recorded in the other components of the comprehensive income statement (FVTOCI); \u2022 All other debt instruments, including the liability for options on non-controlling interests, and investments in equity instruments are subsequently measured at fair value, with changes recognized in profit (loss) for the year (FVTPL). Notwithstanding the foregoing, the Group may make the following irrevocable selection/designation upon initial recognition of a financial asset: \u2022 The Group may make an irrevocable choice to present subsequent changes in the fair value of an investment in equity instruments that are neither held for trading nor a potential consideration recognized by a purchaser in a business combination transaction in the other components of the comprehensive income statement; \u2022 The Group may irrevocably designate an investment in debt instruments that meets the amortized cost or FVTOCI criteria as measured at fair value, with changes recognized in profit (loss) for the year (FVTPL) if this eliminates or reduces significantly an accounting asymmetry. During the current year, the Group has not designated any investments in debt instruments that meet the amortized cost or FVTOCI criteria as measured at fair value recorded in profit (loss) for the year. When an investment in a debt instrument measured as FVTOCI is eliminated, the cumulative gain (loss) previously recognized under the other components of the comprehensive income statement is reclassified from equity to profit (loss) for the year through a correction from reclassification. On the other hand, when an investment in a representative instrument of capital designated as valued FVTOCI is eliminated, the cumulative gain (loss) previously recognized among the other components of the comprehensive income statement is subsequently transferred to retained earnings without passing through the income statement. Debt instruments subsequently valued at amortized cost or FVTOCI are subject to impairment. IFRS 9 introduced the classification and measurement of financial liabilities with reference to the recognition of fair value changes attributable to changes in the credit risk of the issuer, for financial liabilities designated by the Group as FVTPL. In particular, IFRS 9 requires that changes in the fair value of financial liabilities that are attributable to changes in the credit risk of these liabilities are presented in the other components of the comprehensive income statement, unless the recognition in the other components of the comprehensive income statement do not originate or increase an accounting asymmetry in profit (loss) for the year. Changes in fair value attributable to the credit risk of a financial liability are not subsequently reclassified to profit (loss) for the year but are instead transferred to retained earnings when the liability is de-recognized. All derivative financial instruments are measured at fair value, in accordance with IFRS 9. When the financial instruments possess the characteristics required to be recorded according to hedge accounting, the following accounting procedures are applied: \u2022 Fair value hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the current value of an asset or liability on the financial statements attributable to a specific risk that can determine effects on the income statement, the profit or loss after the initial valuation of the fair value of the hedge instruments is recognized in the income statement. The profit or loss on the hedged item, related to the hedged risk, changes the book value of that item and is recognized in the income statement. \u2022 Cash flow hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the cash flows of an asset or liability recorded on the financial statements or of an operation considered highly probable and which may have effects on the income statement, the effective portion of the profits or losses of the financial instrument is recognized in an equity reserve. The cumulative profits or losses are reversed from equity and recorded in the income statement in the same period as the operation that is hedged. The profits or losses associated with a hedge or with that part of the hedge that has become ineffective, are immediately recorded in the income statement. If a hedge instrument or a relation of a hedge is closed, but the hedged operation has not yet been realized, the cumulative profits and losses, up to that moment recorded in equity, are recognized in the income statement when the relative operation is realized. If the operation hedged is no longer considered probable, the profits or losses not yet realized in equity are recognized immediately in the income statement. IFRS 9 requires that the expenses and income deriving from hedges are recognized as an adjustment to the initial carrying amount of the non-financial elements hedged (basis adjustment). In addition, transfers from the hedging reserve to the initial carrying amount of the hedged item are not reclassified adjustments based on IAS 1 Presentation of Financial Statements. The hedging income and losses subject to the basis adjustment are categorized as amounts that will not subsequently be reclassified to profit or loss or to the other elements of the comprehensive income statement. This is consistent with the practice of the Group prior to the adoption of IFRS 9. In line with previous years, when a forward contract is used in a cash flow hedge or fair value hedge relationship, the Group has designated the change in fair value of the entire forward contract, including the forward points, as a hedging instrument. When option contracts are used to hedge highly probable scheduled transactions, the Group only designates the intrinsic value of the options as a hedging instrument. Based on IFRS 9, changes in the time value of options relating to the hedged item are recognized in the other elements of the comprehensive income statement and are accumulated in the equity reserve. The amounts accumulated in equity are either reclassified to profit or loss for the period when the hedged item influences the profit (loss) for the period or removed directly from equity and included in the carrying amount of the non-financial item. IFRS 9 requires that the accounting treatment related to the unspecified time value of an option be applied retrospectively. If hedge accounting cannot be applied, the profits or losses deriving from the fair value of the derivative financial instruments are immediately recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-700-3": { "value": "All the financial assets recognized that fall within the scope of application of IFRS 9 must subsequently be recognized at amortized cost or at fair value on the basis of the entity's business model for the management of financial assets and characteristics relating to contractual cash flows of the financial activity. Specifically: \u2022 Debt instruments held in the context of a business model whose objective is the possession of financial assets aimed at collecting contractual cash flows, and which have cash flows represented solely by capital payments and interest on the principal amount to be returned, are subsequently valued at amortized cost; \u2022 Debt instruments held in the context of a business model whose objective is achieved both through the collection of contractual cash flows and through the sale of financial assets, and which have cash flows represented solely by capital payments and interest on amount of the capital to be repaid, are subsequently measured at fair value with changes recorded in the other components of the comprehensive income statement (FVTOCI); \u2022 All other debt instruments, including the liability for options on non-controlling interests, and investments in equity instruments are subsequently measured at fair value, with changes recognized in profit (loss) for the year (FVTPL). Notwithstanding the foregoing, the Group may make the following irrevocable selection/designation upon initial recognition of a financial asset: \u2022 The Group may make an irrevocable choice to present subsequent changes in the fair value of an investment in equity instruments that are neither held for trading nor a potential consideration recognized by a purchaser in a business combination transaction in the other components of the comprehensive income statement; \u2022 The Group may irrevocably designate an investment in debt instruments that meets the amortized cost or FVTOCI criteria as measured at fair value, with changes recognized in profit (loss) for the year (FVTPL) if this eliminates or reduces significantly an accounting asymmetry. During the current year, the Group has not designated any investments in debt instruments that meet the amortized cost or FVTOCI criteria as measured at fair value recorded in profit (loss) for the year. When an investment in a debt instrument measured as FVTOCI is eliminated, the cumulative gain (loss) previously recognized under the other components of the comprehensive income statement is reclassified from equity to profit (loss) for the year through a correction from reclassification. On the other hand, when an investment in a representative instrument of capital designated as valued FVTOCI is eliminated, the cumulative gain (loss) previously recognized among the other components of the comprehensive income statement is subsequently transferred to retained earnings without passing through the income statement. Debt instruments subsequently valued at amortized cost or FVTOCI are subject to impairment. IFRS 9 introduced the classification and measurement of financial liabilities with reference to the recognition of fair value changes attributable to changes in the credit risk of the issuer, for financial liabilities designated by the Group as FVTPL. In particular, IFRS 9 requires that changes in the fair value of financial liabilities that are attributable to changes in the credit risk of these liabilities are presented in the other components of the comprehensive income statement, unless the recognition in the other components of the comprehensive income statement do not originate or increase an accounting asymmetry in profit (loss) for the year. Changes in fair value attributable to the credit risk of a financial liability are not subsequently reclassified to profit (loss) for the year but are instead transferred to retained earnings when the liability is de-recognized. All derivative financial instruments are measured at fair value, in accordance with IFRS 9. When the financial instruments possess the characteristics required to be recorded according to hedge accounting, the following accounting procedures are applied: \u2022 Fair value hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the current value of an asset or liability on the financial statements attributable to a specific risk that can determine effects on the income statement, the profit or loss after the initial valuation of the fair value of the hedge instruments is recognized in the income statement. The profit or loss on the hedged item, related to the hedged risk, changes the book value of that item and is recognized in the income statement. \u2022 Cash flow hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the cash flows of an asset or liability recorded on the financial statements or of an operation considered highly probable and which may have effects on the income statement, the effective portion of the profits or losses of the financial instrument is recognized in an equity reserve. The cumulative profits or losses are reversed from equity and recorded in the income statement in the same period as the operation that is hedged. The profits or losses associated with a hedge or with that part of the hedge that has become ineffective, are immediately recorded in the income statement. If a hedge instrument or a relation of a hedge is closed, but the hedged operation has not yet been realized, the cumulative profits and losses, up to that moment recorded in equity, are recognized in the income statement when the relative operation is realized. If the operation hedged is no longer considered probable, the profits or losses not yet realized in equity are recognized immediately in the income statement. IFRS 9 requires that the expenses and income deriving from hedges are recognized as an adjustment to the initial carrying amount of the non-financial elements hedged (basis adjustment). In addition, transfers from the hedging reserve to the initial carrying amount of the hedged item are not reclassified adjustments based on IAS 1 Presentation of Financial Statements. The hedging income and losses subject to the basis adjustment are categorized as amounts that will not subsequently be reclassified to profit or loss or to the other elements of the comprehensive income statement. This is consistent with the practice of the Group prior to the adoption of IFRS 9. In line with previous years, when a forward contract is used in a cash flow hedge or fair value hedge relationship, the Group has designated the change in fair value of the entire forward contract, including the forward points, as a hedging instrument. When option contracts are used to hedge highly probable scheduled transactions, the Group only designates the intrinsic value of the options as a hedging instrument. Based on IFRS 9, changes in the time value of options relating to the hedged item are recognized in the other elements of the comprehensive income statement and are accumulated in the equity reserve. The amounts accumulated in equity are either reclassified to profit or loss for the period when the hedged item influences the profit (loss) for the period or removed directly from equity and included in the carrying amount of the non-financial item. IFRS 9 requires that the accounting treatment related to the unspecified time value of an option be applied retrospectively. If hedge accounting cannot be applied, the profits or losses deriving from the fair value of the derivative financial instruments are immediately recognized in the income statement.The following table summarizes the amounts of financial instruments:(Euro/000) December 31, 2023 December 31, 2022 Current assets: - Foreign currency contracts - Fair value through P&L 585 698 Non-current assets: - Interest rate swaps - cash flow hedge 271 780 Current liabilities: - Foreign currency contracts - Fair value through P&L (3,909) (7,656) Total Net (3,054) (6,177) The market value of the forward contracts is calculated using the present value of the differences between the contractual forward exchange rate and the market forward exchange rate. At the reporting date, the Group had contracts for hedging against exchange rate fluctuations for a negative net market value of 3,324 thousand Euro (negative for 6,958 thousand Euro at 31 December 2022). The following table summarizes the characteristics and fair value of foreign currency forward contracts: December 31, 2023 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Fair value hedge within 1 year 189,530 585 (3,909) Total forward contracts 189,530 585 (3,909) _____________________________________________________________________ 112 December 31, 2022 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Fair value hedge within 1 year 198,947 698 (7,656) Total forward contracts 198,947 698 (7,656) The net market value of interest rate swap (IRS) contracts was positive for 271 thousand Euro. The Group\u2019s policies for managing interest rate risk are designated to hedge of the exposure to variability in future interest cash flows given this, the related hedging effect must be suspended in the cash flow reserve and recognized in profit or loss in subsequent years when the expected flows actually emerge. The following table summarizes the characteristics and fair value of IRS contracts:December 31, 2023 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Cash flow hedge 2025 64,000 271 - Total IRS contracts 64,000 271 - December 31, 2022 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Cash flow hedge 2025 80,000 780 - Total IRS contracts 80,000 780 - ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-700-5": { "value": "All the financial assets recognized that fall within the scope of application of IFRS 9 must subsequently be recognized at amortized cost or at fair value on the basis of the entity's business model for the management of financial assets and characteristics relating to contractual cash flows of the financial activity. Specifically: \u2022 Debt instruments held in the context of a business model whose objective is the possession of financial assets aimed at collecting contractual cash flows, and which have cash flows represented solely by capital payments and interest on the principal amount to be returned, are subsequently valued at amortized cost; \u2022 Debt instruments held in the context of a business model whose objective is achieved both through the collection of contractual cash flows and through the sale of financial assets, and which have cash flows represented solely by capital payments and interest on amount of the capital to be repaid, are subsequently measured at fair value with changes recorded in the other components of the comprehensive income statement (FVTOCI); \u2022 All other debt instruments, including the liability for options on non-controlling interests, and investments in equity instruments are subsequently measured at fair value, with changes recognized in profit (loss) for the year (FVTPL). Notwithstanding the foregoing, the Group may make the following irrevocable selection/designation upon initial recognition of a financial asset: \u2022 The Group may make an irrevocable choice to present subsequent changes in the fair value of an investment in equity instruments that are neither held for trading nor a potential consideration recognized by a purchaser in a business combination transaction in the other components of the comprehensive income statement; \u2022 The Group may irrevocably designate an investment in debt instruments that meets the amortized cost or FVTOCI criteria as measured at fair value, with changes recognized in profit (loss) for the year (FVTPL) if this eliminates or reduces significantly an accounting asymmetry. During the current year, the Group has not designated any investments in debt instruments that meet the amortized cost or FVTOCI criteria as measured at fair value recorded in profit (loss) for the year. When an investment in a debt instrument measured as FVTOCI is eliminated, the cumulative gain (loss) previously recognized under the other components of the comprehensive income statement is reclassified from equity to profit (loss) for the year through a correction from reclassification. On the other hand, when an investment in a representative instrument of capital designated as valued FVTOCI is eliminated, the cumulative gain (loss) previously recognized among the other components of the comprehensive income statement is subsequently transferred to retained earnings without passing through the income statement. Debt instruments subsequently valued at amortized cost or FVTOCI are subject to impairment. IFRS 9 introduced the classification and measurement of financial liabilities with reference to the recognition of fair value changes attributable to changes in the credit risk of the issuer, for financial liabilities designated by the Group as FVTPL. In particular, IFRS 9 requires that changes in the fair value of financial liabilities that are attributable to changes in the credit risk of these liabilities are presented in the other components of the comprehensive income statement, unless the recognition in the other components of the comprehensive income statement do not originate or increase an accounting asymmetry in profit (loss) for the year. Changes in fair value attributable to the credit risk of a financial liability are not subsequently reclassified to profit (loss) for the year but are instead transferred to retained earnings when the liability is de-recognized. All derivative financial instruments are measured at fair value, in accordance with IFRS 9. When the financial instruments possess the characteristics required to be recorded according to hedge accounting, the following accounting procedures are applied: \u2022 Fair value hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the current value of an asset or liability on the financial statements attributable to a specific risk that can determine effects on the income statement, the profit or loss after the initial valuation of the fair value of the hedge instruments is recognized in the income statement. The profit or loss on the hedged item, related to the hedged risk, changes the book value of that item and is recognized in the income statement. \u2022 Cash flow hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the cash flows of an asset or liability recorded on the financial statements or of an operation considered highly probable and which may have effects on the income statement, the effective portion of the profits or losses of the financial instrument is recognized in an equity reserve. The cumulative profits or losses are reversed from equity and recorded in the income statement in the same period as the operation that is hedged. The profits or losses associated with a hedge or with that part of the hedge that has become ineffective, are immediately recorded in the income statement. If a hedge instrument or a relation of a hedge is closed, but the hedged operation has not yet been realized, the cumulative profits and losses, up to that moment recorded in equity, are recognized in the income statement when the relative operation is realized. If the operation hedged is no longer considered probable, the profits or losses not yet realized in equity are recognized immediately in the income statement. IFRS 9 requires that the expenses and income deriving from hedges are recognized as an adjustment to the initial carrying amount of the non-financial elements hedged (basis adjustment). In addition, transfers from the hedging reserve to the initial carrying amount of the hedged item are not reclassified adjustments based on IAS 1 Presentation of Financial Statements. The hedging income and losses subject to the basis adjustment are categorized as amounts that will not subsequently be reclassified to profit or loss or to the other elements of the comprehensive income statement. This is consistent with the practice of the Group prior to the adoption of IFRS 9. In line with previous years, when a forward contract is used in a cash flow hedge or fair value hedge relationship, the Group has designated the change in fair value of the entire forward contract, including the forward points, as a hedging instrument. When option contracts are used to hedge highly probable scheduled transactions, the Group only designates the intrinsic value of the options as a hedging instrument. Based on IFRS 9, changes in the time value of options relating to the hedged item are recognized in the other elements of the comprehensive income statement and are accumulated in the equity reserve. The amounts accumulated in equity are either reclassified to profit or loss for the period when the hedged item influences the profit (loss) for the period or removed directly from equity and included in the carrying amount of the non-financial item. IFRS 9 requires that the accounting treatment related to the unspecified time value of an option be applied retrospectively. If hedge accounting cannot be applied, the profits or losses deriving from the fair value of the derivative financial instruments are immediately recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-700-6": { "value": "All the financial assets recognized that fall within the scope of application of IFRS 9 must subsequently be recognized at amortized cost or at fair value on the basis of the entity's business model for the management of financial assets and characteristics relating to contractual cash flows of the financial activity. Specifically: \u2022 Debt instruments held in the context of a business model whose objective is the possession of financial assets aimed at collecting contractual cash flows, and which have cash flows represented solely by capital payments and interest on the principal amount to be returned, are subsequently valued at amortized cost; \u2022 Debt instruments held in the context of a business model whose objective is achieved both through the collection of contractual cash flows and through the sale of financial assets, and which have cash flows represented solely by capital payments and interest on amount of the capital to be repaid, are subsequently measured at fair value with changes recorded in the other components of the comprehensive income statement (FVTOCI); \u2022 All other debt instruments, including the liability for options on non-controlling interests, and investments in equity instruments are subsequently measured at fair value, with changes recognized in profit (loss) for the year (FVTPL). Notwithstanding the foregoing, the Group may make the following irrevocable selection/designation upon initial recognition of a financial asset: \u2022 The Group may make an irrevocable choice to present subsequent changes in the fair value of an investment in equity instruments that are neither held for trading nor a potential consideration recognized by a purchaser in a business combination transaction in the other components of the comprehensive income statement; \u2022 The Group may irrevocably designate an investment in debt instruments that meets the amortized cost or FVTOCI criteria as measured at fair value, with changes recognized in profit (loss) for the year (FVTPL) if this eliminates or reduces significantly an accounting asymmetry. During the current year, the Group has not designated any investments in debt instruments that meet the amortized cost or FVTOCI criteria as measured at fair value recorded in profit (loss) for the year. When an investment in a debt instrument measured as FVTOCI is eliminated, the cumulative gain (loss) previously recognized under the other components of the comprehensive income statement is reclassified from equity to profit (loss) for the year through a correction from reclassification. On the other hand, when an investment in a representative instrument of capital designated as valued FVTOCI is eliminated, the cumulative gain (loss) previously recognized among the other components of the comprehensive income statement is subsequently transferred to retained earnings without passing through the income statement. Debt instruments subsequently valued at amortized cost or FVTOCI are subject to impairment. IFRS 9 introduced the classification and measurement of financial liabilities with reference to the recognition of fair value changes attributable to changes in the credit risk of the issuer, for financial liabilities designated by the Group as FVTPL. In particular, IFRS 9 requires that changes in the fair value of financial liabilities that are attributable to changes in the credit risk of these liabilities are presented in the other components of the comprehensive income statement, unless the recognition in the other components of the comprehensive income statement do not originate or increase an accounting asymmetry in profit (loss) for the year. Changes in fair value attributable to the credit risk of a financial liability are not subsequently reclassified to profit (loss) for the year but are instead transferred to retained earnings when the liability is de-recognized. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-700-7": { "value": "All the financial assets recognized that fall within the scope of application of IFRS 9 must subsequently be recognized at amortized cost or at fair value on the basis of the entity's business model for the management of financial assets and characteristics relating to contractual cash flows of the financial activity. Specifically: \u2022 Debt instruments held in the context of a business model whose objective is the possession of financial assets aimed at collecting contractual cash flows, and which have cash flows represented solely by capital payments and interest on the principal amount to be returned, are subsequently valued at amortized cost; \u2022 Debt instruments held in the context of a business model whose objective is achieved both through the collection of contractual cash flows and through the sale of financial assets, and which have cash flows represented solely by capital payments and interest on amount of the capital to be repaid, are subsequently measured at fair value with changes recorded in the other components of the comprehensive income statement (FVTOCI); \u2022 All other debt instruments, including the liability for options on non-controlling interests, and investments in equity instruments are subsequently measured at fair value, with changes recognized in profit (loss) for the year (FVTPL). Notwithstanding the foregoing, the Group may make the following irrevocable selection/designation upon initial recognition of a financial asset: \u2022 The Group may make an irrevocable choice to present subsequent changes in the fair value of an investment in equity instruments that are neither held for trading nor a potential consideration recognized by a purchaser in a business combination transaction in the other components of the comprehensive income statement; \u2022 The Group may irrevocably designate an investment in debt instruments that meets the amortized cost or FVTOCI criteria as measured at fair value, with changes recognized in profit (loss) for the year (FVTPL) if this eliminates or reduces significantly an accounting asymmetry. During the current year, the Group has not designated any investments in debt instruments that meet the amortized cost or FVTOCI criteria as measured at fair value recorded in profit (loss) for the year. When an investment in a debt instrument measured as FVTOCI is eliminated, the cumulative gain (loss) previously recognized under the other components of the comprehensive income statement is reclassified from equity to profit (loss) for the year through a correction from reclassification. On the other hand, when an investment in a representative instrument of capital designated as valued FVTOCI is eliminated, the cumulative gain (loss) previously recognized among the other components of the comprehensive income statement is subsequently transferred to retained earnings without passing through the income statement. Debt instruments subsequently valued at amortized cost or FVTOCI are subject to impairment. IFRS 9 introduced the classification and measurement of financial liabilities with reference to the recognition of fair value changes attributable to changes in the credit risk of the issuer, for financial liabilities designated by the Group as FVTPL. In particular, IFRS 9 requires that changes in the fair value of financial liabilities that are attributable to changes in the credit risk of these liabilities are presented in the other components of the comprehensive income statement, unless the recognition in the other components of the comprehensive income statement do not originate or increase an accounting asymmetry in profit (loss) for the year. Changes in fair value attributable to the credit risk of a financial liability are not subsequently reclassified to profit (loss) for the year but are instead transferred to retained earnings when the liability is de-recognized. Borrowings are initially recognized at fair value less any transaction costs. After initial recognition, they are recognized at amortized cost; all differences between the amount financed (net of initial transaction costs) and the face value are recognized in profit or loss over the duration of the loan using the effective interest method. If there is a significant variation in the expected cash flow that can be reliably estimated by management, the value of the loans is recalculated to reflect the expected change in the cash flow. The value of the loans is recalculated on the basis of the discounted value of the new expected cash flow and the internal rate of return. Borrowings are classified under current liabilities unless the company has an unconditional right to defer the payment for at least twelve months after the balance sheet date, and are removed from the balance sheet when they expire and the Group has transferred all risks and obligations relating to the instrument. All derivative financial instruments are measured at fair value, in accordance with IFRS 9. When the financial instruments possess the characteristics required to be recorded according to hedge accounting, the following accounting procedures are applied: \u2022 Fair value hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the current value of an asset or liability on the financial statements attributable to a specific risk that can determine effects on the income statement, the profit or loss after the initial valuation of the fair value of the hedge instruments is recognized in the income statement. The profit or loss on the hedged item, related to the hedged risk, changes the book value of that item and is recognized in the income statement. \u2022 Cash flow hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the cash flows of an asset or liability recorded on the financial statements or of an operation considered highly probable and which may have effects on the income statement, the effective portion of the profits or losses of the financial instrument is recognized in an equity reserve. The cumulative profits or losses are reversed from equity and recorded in the income statement in the same period as the operation that is hedged. The profits or losses associated with a hedge or with that part of the hedge that has become ineffective, are immediately recorded in the income statement. If a hedge instrument or a relation of a hedge is closed, but the hedged operation has not yet been realized, the cumulative profits and losses, up to that moment recorded in equity, are recognized in the income statement when the relative operation is realized. If the operation hedged is no longer considered probable, the profits or losses not yet realized in equity are recognized immediately in the income statement. IFRS 9 requires that the expenses and income deriving from hedges are recognized as an adjustment to the initial carrying amount of the non-financial elements hedged (basis adjustment). In addition, transfers from the hedging reserve to the initial carrying amount of the hedged item are not reclassified adjustments based on IAS 1 Presentation of Financial Statements. The hedging income and losses subject to the basis adjustment are categorized as amounts that will not subsequently be reclassified to profit or loss or to the other elements of the comprehensive income statement. This is consistent with the practice of the Group prior to the adoption of IFRS 9. In line with previous years, when a forward contract is used in a cash flow hedge or fair value hedge relationship, the Group has designated the change in fair value of the entire forward contract, including the forward points, as a hedging instrument. When option contracts are used to hedge highly probable scheduled transactions, the Group only designates the intrinsic value of the options as a hedging instrument. Based on IFRS 9, changes in the time value of options relating to the hedged item are recognized in the other elements of the comprehensive income statement and are accumulated in the equity reserve. The amounts accumulated in equity are either reclassified to profit or loss for the period when the hedged item influences the profit (loss) for the period or removed directly from equity and included in the carrying amount of the non-financial item. IFRS 9 requires that the accounting treatment related to the unspecified time value of an option be applied retrospectively. If hedge accounting cannot be applied, the profits or losses deriving from the fair value of the derivative financial instruments are immediately recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-700-8": { "value": "All the financial assets recognized that fall within the scope of application of IFRS 9 must subsequently be recognized at amortized cost or at fair value on the basis of the entity's business model for the management of financial assets and characteristics relating to contractual cash flows of the financial activity. Specifically: \u2022 Debt instruments held in the context of a business model whose objective is the possession of financial assets aimed at collecting contractual cash flows, and which have cash flows represented solely by capital payments and interest on the principal amount to be returned, are subsequently valued at amortized cost; \u2022 Debt instruments held in the context of a business model whose objective is achieved both through the collection of contractual cash flows and through the sale of financial assets, and which have cash flows represented solely by capital payments and interest on amount of the capital to be repaid, are subsequently measured at fair value with changes recorded in the other components of the comprehensive income statement (FVTOCI); \u2022 All other debt instruments, including the liability for options on non-controlling interests, and investments in equity instruments are subsequently measured at fair value, with changes recognized in profit (loss) for the year (FVTPL). Notwithstanding the foregoing, the Group may make the following irrevocable selection/designation upon initial recognition of a financial asset: \u2022 The Group may make an irrevocable choice to present subsequent changes in the fair value of an investment in equity instruments that are neither held for trading nor a potential consideration recognized by a purchaser in a business combination transaction in the other components of the comprehensive income statement; \u2022 The Group may irrevocably designate an investment in debt instruments that meets the amortized cost or FVTOCI criteria as measured at fair value, with changes recognized in profit (loss) for the year (FVTPL) if this eliminates or reduces significantly an accounting asymmetry. During the current year, the Group has not designated any investments in debt instruments that meet the amortized cost or FVTOCI criteria as measured at fair value recorded in profit (loss) for the year. When an investment in a debt instrument measured as FVTOCI is eliminated, the cumulative gain (loss) previously recognized under the other components of the comprehensive income statement is reclassified from equity to profit (loss) for the year through a correction from reclassification. On the other hand, when an investment in a representative instrument of capital designated as valued FVTOCI is eliminated, the cumulative gain (loss) previously recognized among the other components of the comprehensive income statement is subsequently transferred to retained earnings without passing through the income statement. Debt instruments subsequently valued at amortized cost or FVTOCI are subject to impairment. IFRS 9 introduced the classification and measurement of financial liabilities with reference to the recognition of fair value changes attributable to changes in the credit risk of the issuer, for financial liabilities designated by the Group as FVTPL. In particular, IFRS 9 requires that changes in the fair value of financial liabilities that are attributable to changes in the credit risk of these liabilities are presented in the other components of the comprehensive income statement, unless the recognition in the other components of the comprehensive income statement do not originate or increase an accounting asymmetry in profit (loss) for the year. Changes in fair value attributable to the credit risk of a financial liability are not subsequently reclassified to profit (loss) for the year but are instead transferred to retained earnings when the liability is de-recognized. All derivative financial instruments are measured at fair value, in accordance with IFRS 9. When the financial instruments possess the characteristics required to be recorded according to hedge accounting, the following accounting procedures are applied: \u2022 Fair value hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the current value of an asset or liability on the financial statements attributable to a specific risk that can determine effects on the income statement, the profit or loss after the initial valuation of the fair value of the hedge instruments is recognized in the income statement. The profit or loss on the hedged item, related to the hedged risk, changes the book value of that item and is recognized in the income statement. \u2022 Cash flow hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the cash flows of an asset or liability recorded on the financial statements or of an operation considered highly probable and which may have effects on the income statement, the effective portion of the profits or losses of the financial instrument is recognized in an equity reserve. The cumulative profits or losses are reversed from equity and recorded in the income statement in the same period as the operation that is hedged. The profits or losses associated with a hedge or with that part of the hedge that has become ineffective, are immediately recorded in the income statement. If a hedge instrument or a relation of a hedge is closed, but the hedged operation has not yet been realized, the cumulative profits and losses, up to that moment recorded in equity, are recognized in the income statement when the relative operation is realized. If the operation hedged is no longer considered probable, the profits or losses not yet realized in equity are recognized immediately in the income statement. IFRS 9 requires that the expenses and income deriving from hedges are recognized as an adjustment to the initial carrying amount of the non-financial elements hedged (basis adjustment). In addition, transfers from the hedging reserve to the initial carrying amount of the hedged item are not reclassified adjustments based on IAS 1 Presentation of Financial Statements. The hedging income and losses subject to the basis adjustment are categorized as amounts that will not subsequently be reclassified to profit or loss or to the other elements of the comprehensive income statement. This is consistent with the practice of the Group prior to the adoption of IFRS 9. In line with previous years, when a forward contract is used in a cash flow hedge or fair value hedge relationship, the Group has designated the change in fair value of the entire forward contract, including the forward points, as a hedging instrument. When option contracts are used to hedge highly probable scheduled transactions, the Group only designates the intrinsic value of the options as a hedging instrument. Based on IFRS 9, changes in the time value of options relating to the hedged item are recognized in the other elements of the comprehensive income statement and are accumulated in the equity reserve. The amounts accumulated in equity are either reclassified to profit or loss for the period when the hedged item influences the profit (loss) for the period or removed directly from equity and included in the carrying amount of the non-financial item. IFRS 9 requires that the accounting treatment related to the unspecified time value of an option be applied retrospectively. If hedge accounting cannot be applied, the profits or losses deriving from the fair value of the derivative financial instruments are immediately recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-700-9": { "value": "All the financial assets recognized that fall within the scope of application of IFRS 9 must subsequently be recognized at amortized cost or at fair value on the basis of the entity's business model for the management of financial assets and characteristics relating to contractual cash flows of the financial activity. Specifically: \u2022 Debt instruments held in the context of a business model whose objective is the possession of financial assets aimed at collecting contractual cash flows, and which have cash flows represented solely by capital payments and interest on the principal amount to be returned, are subsequently valued at amortized cost; \u2022 Debt instruments held in the context of a business model whose objective is achieved both through the collection of contractual cash flows and through the sale of financial assets, and which have cash flows represented solely by capital payments and interest on amount of the capital to be repaid, are subsequently measured at fair value with changes recorded in the other components of the comprehensive income statement (FVTOCI); \u2022 All other debt instruments, including the liability for options on non-controlling interests, and investments in equity instruments are subsequently measured at fair value, with changes recognized in profit (loss) for the year (FVTPL). Notwithstanding the foregoing, the Group may make the following irrevocable selection/designation upon initial recognition of a financial asset: \u2022 The Group may make an irrevocable choice to present subsequent changes in the fair value of an investment in equity instruments that are neither held for trading nor a potential consideration recognized by a purchaser in a business combination transaction in the other components of the comprehensive income statement; \u2022 The Group may irrevocably designate an investment in debt instruments that meets the amortized cost or FVTOCI criteria as measured at fair value, with changes recognized in profit (loss) for the year (FVTPL) if this eliminates or reduces significantly an accounting asymmetry. During the current year, the Group has not designated any investments in debt instruments that meet the amortized cost or FVTOCI criteria as measured at fair value recorded in profit (loss) for the year. When an investment in a debt instrument measured as FVTOCI is eliminated, the cumulative gain (loss) previously recognized under the other components of the comprehensive income statement is reclassified from equity to profit (loss) for the year through a correction from reclassification. On the other hand, when an investment in a representative instrument of capital designated as valued FVTOCI is eliminated, the cumulative gain (loss) previously recognized among the other components of the comprehensive income statement is subsequently transferred to retained earnings without passing through the income statement. Debt instruments subsequently valued at amortized cost or FVTOCI are subject to impairment. IFRS 9 introduced the classification and measurement of financial liabilities with reference to the recognition of fair value changes attributable to changes in the credit risk of the issuer, for financial liabilities designated by the Group as FVTPL. In particular, IFRS 9 requires that changes in the fair value of financial liabilities that are attributable to changes in the credit risk of these liabilities are presented in the other components of the comprehensive income statement, unless the recognition in the other components of the comprehensive income statement do not originate or increase an accounting asymmetry in profit (loss) for the year. Changes in fair value attributable to the credit risk of a financial liability are not subsequently reclassified to profit (loss) for the year but are instead transferred to retained earnings when the liability is de-recognized. All derivative financial instruments are measured at fair value, in accordance with IFRS 9. When the financial instruments possess the characteristics required to be recorded according to hedge accounting, the following accounting procedures are applied: \u2022 Fair value hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the current value of an asset or liability on the financial statements attributable to a specific risk that can determine effects on the income statement, the profit or loss after the initial valuation of the fair value of the hedge instruments is recognized in the income statement. The profit or loss on the hedged item, related to the hedged risk, changes the book value of that item and is recognized in the income statement. \u2022 Cash flow hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the cash flows of an asset or liability recorded on the financial statements or of an operation considered highly probable and which may have effects on the income statement, the effective portion of the profits or losses of the financial instrument is recognized in an equity reserve. The cumulative profits or losses are reversed from equity and recorded in the income statement in the same period as the operation that is hedged. The profits or losses associated with a hedge or with that part of the hedge that has become ineffective, are immediately recorded in the income statement. If a hedge instrument or a relation of a hedge is closed, but the hedged operation has not yet been realized, the cumulative profits and losses, up to that moment recorded in equity, are recognized in the income statement when the relative operation is realized. If the operation hedged is no longer considered probable, the profits or losses not yet realized in equity are recognized immediately in the income statement. IFRS 9 requires that the expenses and income deriving from hedges are recognized as an adjustment to the initial carrying amount of the non-financial elements hedged (basis adjustment). In addition, transfers from the hedging reserve to the initial carrying amount of the hedged item are not reclassified adjustments based on IAS 1 Presentation of Financial Statements. The hedging income and losses subject to the basis adjustment are categorized as amounts that will not subsequently be reclassified to profit or loss or to the other elements of the comprehensive income statement. This is consistent with the practice of the Group prior to the adoption of IFRS 9. In line with previous years, when a forward contract is used in a cash flow hedge or fair value hedge relationship, the Group has designated the change in fair value of the entire forward contract, including the forward points, as a hedging instrument. When option contracts are used to hedge highly probable scheduled transactions, the Group only designates the intrinsic value of the options as a hedging instrument. Based on IFRS 9, changes in the time value of options relating to the hedged item are recognized in the other elements of the comprehensive income statement and are accumulated in the equity reserve. The amounts accumulated in equity are either reclassified to profit or loss for the period when the hedged item influences the profit (loss) for the period or removed directly from equity and included in the carrying amount of the non-financial item. IFRS 9 requires that the accounting treatment related to the unspecified time value of an option be applied retrospectively. If hedge accounting cannot be applied, the profits or losses deriving from the fair value of the derivative financial instruments are immediately recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-700-10": { "value": "All the financial assets recognized that fall within the scope of application of IFRS 9 must subsequently be recognized at amortized cost or at fair value on the basis of the entity's business model for the management of financial assets and characteristics relating to contractual cash flows of the financial activity. Specifically: \u2022 Debt instruments held in the context of a business model whose objective is the possession of financial assets aimed at collecting contractual cash flows, and which have cash flows represented solely by capital payments and interest on the principal amount to be returned, are subsequently valued at amortized cost; \u2022 Debt instruments held in the context of a business model whose objective is achieved both through the collection of contractual cash flows and through the sale of financial assets, and which have cash flows represented solely by capital payments and interest on amount of the capital to be repaid, are subsequently measured at fair value with changes recorded in the other components of the comprehensive income statement (FVTOCI); \u2022 All other debt instruments, including the liability for options on non-controlling interests, and investments in equity instruments are subsequently measured at fair value, with changes recognized in profit (loss) for the year (FVTPL). Notwithstanding the foregoing, the Group may make the following irrevocable selection/designation upon initial recognition of a financial asset: \u2022 The Group may make an irrevocable choice to present subsequent changes in the fair value of an investment in equity instruments that are neither held for trading nor a potential consideration recognized by a purchaser in a business combination transaction in the other components of the comprehensive income statement; \u2022 The Group may irrevocably designate an investment in debt instruments that meets the amortized cost or FVTOCI criteria as measured at fair value, with changes recognized in profit (loss) for the year (FVTPL) if this eliminates or reduces significantly an accounting asymmetry. During the current year, the Group has not designated any investments in debt instruments that meet the amortized cost or FVTOCI criteria as measured at fair value recorded in profit (loss) for the year. When an investment in a debt instrument measured as FVTOCI is eliminated, the cumulative gain (loss) previously recognized under the other components of the comprehensive income statement is reclassified from equity to profit (loss) for the year through a correction from reclassification. On the other hand, when an investment in a representative instrument of capital designated as valued FVTOCI is eliminated, the cumulative gain (loss) previously recognized among the other components of the comprehensive income statement is subsequently transferred to retained earnings without passing through the income statement. Debt instruments subsequently valued at amortized cost or FVTOCI are subject to impairment. IFRS 9 introduced the classification and measurement of financial liabilities with reference to the recognition of fair value changes attributable to changes in the credit risk of the issuer, for financial liabilities designated by the Group as FVTPL. In particular, IFRS 9 requires that changes in the fair value of financial liabilities that are attributable to changes in the credit risk of these liabilities are presented in the other components of the comprehensive income statement, unless the recognition in the other components of the comprehensive income statement do not originate or increase an accounting asymmetry in profit (loss) for the year. Changes in fair value attributable to the credit risk of a financial liability are not subsequently reclassified to profit (loss) for the year but are instead transferred to retained earnings when the liability is de-recognized. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-731-11": { "value": "IFRS 9 introduced the classification and measurement of financial liabilities with reference to the recognition of fair value changes attributable to changes in the credit risk of the issuer, for financial liabilities designated by the Group as FVTPL. In particular, IFRS 9 requires that changes in the fair value of financial liabilities that are attributable to changes in the credit risk of these liabilities are presented in the other components of the comprehensive income statement, unless the recognition in the other components of the comprehensive income statement do not originate or increase an accounting asymmetry in profit (loss) for the year. Changes in fair value attributable to the credit risk of a financial liability are not subsequently reclassified to profit (loss) for the year but are instead transferred to retained earnings when the liability is de-recognized. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-739-4": { "value": "Borrowings are initially recognized at fair value less any transaction costs. After initial recognition, they are recognized at amortized cost; all differences between the amount financed (net of initial transaction costs) and the face value are recognized in profit or loss over the duration of the loan using the effective interest method. If there is a significant variation in the expected cash flow that can be reliably estimated by management, the value of the loans is recalculated to reflect the expected change in the cash flow. The value of the loans is recalculated on the basis of the discounted value of the new expected cash flow and the internal rate of return. Borrowings are classified under current liabilities unless the company has an unconditional right to defer the payment for at least twelve months after the balance sheet date, and are removed from the balance sheet when they expire and the Group has transferred all risks and obligations relating to the instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-739-5": { "value": "Borrowings are initially recognized at fair value less any transaction costs. After initial recognition, they are recognized at amortized cost; all differences between the amount financed (net of initial transaction costs) and the face value are recognized in profit or loss over the duration of the loan using the effective interest method. If there is a significant variation in the expected cash flow that can be reliably estimated by management, the value of the loans is recalculated to reflect the expected change in the cash flow. The value of the loans is recalculated on the basis of the discounted value of the new expected cash flow and the internal rate of return. Borrowings are classified under current liabilities unless the company has an unconditional right to defer the payment for at least twelve months after the balance sheet date, and are removed from the balance sheet when they expire and the Group has transferred all risks and obligations relating to the instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-739-6": { "value": "Borrowings are initially recognized at fair value less any transaction costs. After initial recognition, they are recognized at amortized cost; all differences between the amount financed (net of initial transaction costs) and the face value are recognized in profit or loss over the duration of the loan using the effective interest method. If there is a significant variation in the expected cash flow that can be reliably estimated by management, the value of the loans is recalculated to reflect the expected change in the cash flow. The value of the loans is recalculated on the basis of the discounted value of the new expected cash flow and the internal rate of return. Borrowings are classified under current liabilities unless the company has an unconditional right to defer the payment for at least twelve months after the balance sheet date, and are removed from the balance sheet when they expire and the Group has transferred all risks and obligations relating to the instrument. All derivative financial instruments are measured at fair value, in accordance with IFRS 9. When the financial instruments possess the characteristics required to be recorded according to hedge accounting, the following accounting procedures are applied: \u2022 Fair value hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the current value of an asset or liability on the financial statements attributable to a specific risk that can determine effects on the income statement, the profit or loss after the initial valuation of the fair value of the hedge instruments is recognized in the income statement. The profit or loss on the hedged item, related to the hedged risk, changes the book value of that item and is recognized in the income statement. \u2022 Cash flow hedge \u2013 if a derivative financial instrument is designated as a hedge for the exposure of changes in the cash flows of an asset or liability recorded on the financial statements or of an operation considered highly probable and which may have effects on the income statement, the effective portion of the profits or losses of the financial instrument is recognized in an equity reserve. The cumulative profits or losses are reversed from equity and recorded in the income statement in the same period as the operation that is hedged. The profits or losses associated with a hedge or with that part of the hedge that has become ineffective, are immediately recorded in the income statement. If a hedge instrument or a relation of a hedge is closed, but the hedged operation has not yet been realized, the cumulative profits and losses, up to that moment recorded in equity, are recognized in the income statement when the relative operation is realized. If the operation hedged is no longer considered probable, the profits or losses not yet realized in equity are recognized immediately in the income statement. IFRS 9 requires that the expenses and income deriving from hedges are recognized as an adjustment to the initial carrying amount of the non-financial elements hedged (basis adjustment). In addition, transfers from the hedging reserve to the initial carrying amount of the hedged item are not reclassified adjustments based on IAS 1 Presentation of Financial Statements. The hedging income and losses subject to the basis adjustment are categorized as amounts that will not subsequently be reclassified to profit or loss or to the other elements of the comprehensive income statement. This is consistent with the practice of the Group prior to the adoption of IFRS 9. In line with previous years, when a forward contract is used in a cash flow hedge or fair value hedge relationship, the Group has designated the change in fair value of the entire forward contract, including the forward points, as a hedging instrument. When option contracts are used to hedge highly probable scheduled transactions, the Group only designates the intrinsic value of the options as a hedging instrument. Based on IFRS 9, changes in the time value of options relating to the hedged item are recognized in the other elements of the comprehensive income statement and are accumulated in the equity reserve. The amounts accumulated in equity are either reclassified to profit or loss for the period when the hedged item influences the profit (loss) for the period or removed directly from equity and included in the carrying amount of the non-financial item. IFRS 9 requires that the accounting treatment related to the unspecified time value of an option be applied retrospectively. If hedge accounting cannot be applied, the profits or losses deriving from the fair value of the derivative financial instruments are immediately recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-786-3": { "value": "Inventories are measured at the lower of either the purchase or production cost and the net realizable value. The cost of raw materials and purchased finished products is calculated using the \u201cweighted average cost\u201d method or the standard cost where it approximates actual cost. The cost of semi-finished products and internally produced finished products includes raw material, direct labor costs and the indirect costs allocated based on normal production capacity. The net realizable value is determined on the basis of the estimated selling price under normal market conditions, net of direct sales costs. Allowances for obsolete and slow-moving goods are calculated for raw materials and semi-finished products on the base of their future use in the production process and for finished goods on the base of their future recoverability through the sale, taking into account market trends, consumer demand, past experience, historical results achieved and the recoverability of the goods value in ordinary market conditions. Against the value of stock as determined above, provisions are made in order to take account of obsolete or slow-moving stock.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-797-3": { "value": "Trade receivables are initially classified on the financial statements at their current value and subsequently recalculated with the \u201camortized cost\u201d method, net of any write-downs for loss in value. A provision for doubtful accounts is allocated when there is evidence that the Group may not succeed in collecting the original amount due. The provisions allocated for doubtful accounts are recorded in the income statement. Trade receivables are reviewed and assessed for impairment based on the model of expected losses using reasonable and supportable available information in accordance with the requirements of IFRS 9 to determine the credit risk of the respective items at the date they were initially recognized. According to the analysis performed, in consideration of the Group's business characteristics and the evaluation of the trading policies currently in use the Group accrues an additional credit loss allowance that covers the potential additional credit risk expected on the amount overdue and not impaired and on the amount not overdue. The Group from time to time also transfers some trade receivables to factoring companies. In case such receivables represent legally sold credit, that do not comply with all the conditions of IFRS 9, they are not removed from the balance sheet, but are maintained on the financial statement with a contra entry as a financial debt towards the factoring company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-797-4": { "value": "Trade receivables are initially classified on the financial statements at their current value and subsequently recalculated with the \u201camortized cost\u201d method, net of any write-downs for loss in value. A provision for doubtful accounts is allocated when there is evidence that the Group may not succeed in collecting the original amount due. The provisions allocated for doubtful accounts are recorded in the income statement. Trade receivables are reviewed and assessed for impairment based on the model of expected losses using reasonable and supportable available information in accordance with the requirements of IFRS 9 to determine the credit risk of the respective items at the date they were initially recognized. According to the analysis performed, in consideration of the Group's business characteristics and the evaluation of the trading policies currently in use the Group accrues an additional credit loss allowance that covers the potential additional credit risk expected on the amount overdue and not impaired and on the amount not overdue. The Group from time to time also transfers some trade receivables to factoring companies. In case such receivables represent legally sold credit, that do not comply with all the conditions of IFRS 9, they are not removed from the balance sheet, but are maintained on the financial statement with a contra entry as a financial debt towards the factoring company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-811-3": { "value": "Trade payables are initially classified on the financial statements at their current value and subsequently recalculated with the \u201camortized cost\u201d method. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-814-3": { "value": "Cash and cash equivalents include cash, bank deposits on demand and other highly liquid short-term investments available within three months. Bank overdrafts are posted under current liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-816-3": { "value": "Pension plans The Group recognizes different forms of defined benefit plans and defined contribution plans, in line with the local conditions and practices in the countries in which it carries out its activities. The premiums paid for defined contribution plans are recorded in the income statement for the part matured in the year. The defined benefit plans are based on the working life of the employees and on the remuneration received by the employee during a predetermined period of employment. The obligation of the company to finance the defined benefit plans and the annual cost recognized in the income statement are determined by independent consultants using the \u201cprojected unit credit\u201d method. The related costs are recorded in the income statement on the basis of the estimated employment period of employees. The Group recognises all the actuarial gains and losses in equity, via the consolidated statement of comprehensive income, in the year in which these arise. The employee severance fund of Italian companies (\u201cTFR\u201d) has always been considered to be a defined benefit plan however, following the changes to the discipline that governs the employment severance fund introduced by thItalian law no. 296 of 27 December 2006 (\u201cFinancial Law 2007\u201d) and subsequent Decrees and Regulations issued in the first months of 2007, Safilo Group, on the basis of the generally agreed interpretations, has decided that: st\u2022 the portion of the employee benefit liability accruing from 1 January 2007, whether transferred to selected pension funds or transferred to the treasury account established with INPS, must be classified as a \u201cdefined contribution plan\u201d; \u2022 the portion of the employee benefit liability accruing as of 31 December 2006, must be classified as a \u201cdefined benefit plan\u201d requiring actuarial valuations that exclude future increases in salaries. For an analysis of the accounting effects deriving from this decision, see paragraph 4.17 \u201cEmployees benefits\u201d. Remuneration plans under the form of share capital participation The Group recognizes additional benefits to some employees through \"equity settled\" type stock options. In accordance with IFRS 2 - Share-based payments, the current value of the stock options determined at the vesting date through the application of the \"Black & Scholes\" method is recognized in the income statement under personnel costs in constant quotas over the period between the vesting date of the stock options and the maturity date, counterbalanced by an equity reserve. The effects of the vesting conditions not related to the market are not taken into consideration in the fair value of the vested options but are material to measurement of the number of options which are expected to be exercised. At the balance sheet date the Group revises its estimates on the number of options which are expected to be exercised. The impact of the revision of the original estimates is recognized in profit or loss over the maturity period, with a balance entry in equity reserves. When the stock option is exercised, the amounts received by the employee, net of the costs directly attributable to the transaction, are credited to share capital for an amount equal to the par value of the issued shares and to the share premium reserve for the remaining part. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-816-4": { "value": "Pension plans The Group recognizes different forms of defined benefit plans and defined contribution plans, in line with the local conditions and practices in the countries in which it carries out its activities. The premiums paid for defined contribution plans are recorded in the income statement for the part matured in the year. The defined benefit plans are based on the working life of the employees and on the remuneration received by the employee during a predetermined period of employment. The obligation of the company to finance the defined benefit plans and the annual cost recognized in the income statement are determined by independent consultants using the \u201cprojected unit credit\u201d method. The related costs are recorded in the income statement on the basis of the estimated employment period of employees. The Group recognises all the actuarial gains and losses in equity, via the consolidated statement of comprehensive income, in the year in which these arise. The employee severance fund of Italian companies (\u201cTFR\u201d) has always been considered to be a defined benefit plan however, following the changes to the discipline that governs the employment severance fund introduced by thItalian law no. 296 of 27 December 2006 (\u201cFinancial Law 2007\u201d) and subsequent Decrees and Regulations issued in the first months of 2007, Safilo Group, on the basis of the generally agreed interpretations, has decided that: st\u2022 the portion of the employee benefit liability accruing from 1 January 2007, whether transferred to selected pension funds or transferred to the treasury account established with INPS, must be classified as a \u201cdefined contribution plan\u201d; \u2022 the portion of the employee benefit liability accruing as of 31 December 2006, must be classified as a \u201cdefined benefit plan\u201d requiring actuarial valuations that exclude future increases in salaries. For an analysis of the accounting effects deriving from this decision, see paragraph 4.17 \u201cEmployees benefits\u201d. Remuneration plans under the form of share capital participation The Group recognizes additional benefits to some employees through \"equity settled\" type stock options. In accordance with IFRS 2 - Share-based payments, the current value of the stock options determined at the vesting date through the application of the \"Black & Scholes\" method is recognized in the income statement under personnel costs in constant quotas over the period between the vesting date of the stock options and the maturity date, counterbalanced by an equity reserve. The effects of the vesting conditions not related to the market are not taken into consideration in the fair value of the vested options but are material to measurement of the number of options which are expected to be exercised. At the balance sheet date the Group revises its estimates on the number of options which are expected to be exercised. The impact of the revision of the original estimates is recognized in profit or loss over the maturity period, with a balance entry in equity reserves. When the stock option is exercised, the amounts received by the employee, net of the costs directly attributable to the transaction, are credited to share capital for an amount equal to the par value of the issued shares and to the share premium reserve for the remaining part. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-816-5": { "value": "Pension plans The Group recognizes different forms of defined benefit plans and defined contribution plans, in line with the local conditions and practices in the countries in which it carries out its activities. The premiums paid for defined contribution plans are recorded in the income statement for the part matured in the year. The defined benefit plans are based on the working life of the employees and on the remuneration received by the employee during a predetermined period of employment. The obligation of the company to finance the defined benefit plans and the annual cost recognized in the income statement are determined by independent consultants using the \u201cprojected unit credit\u201d method. The related costs are recorded in the income statement on the basis of the estimated employment period of employees. The Group recognises all the actuarial gains and losses in equity, via the consolidated statement of comprehensive income, in the year in which these arise. The employee severance fund of Italian companies (\u201cTFR\u201d) has always been considered to be a defined benefit plan however, following the changes to the discipline that governs the employment severance fund introduced by thItalian law no. 296 of 27 December 2006 (\u201cFinancial Law 2007\u201d) and subsequent Decrees and Regulations issued in the first months of 2007, Safilo Group, on the basis of the generally agreed interpretations, has decided that: st\u2022 the portion of the employee benefit liability accruing from 1 January 2007, whether transferred to selected pension funds or transferred to the treasury account established with INPS, must be classified as a \u201cdefined contribution plan\u201d; \u2022 the portion of the employee benefit liability accruing as of 31 December 2006, must be classified as a \u201cdefined benefit plan\u201d requiring actuarial valuations that exclude future increases in salaries. For an analysis of the accounting effects deriving from this decision, see paragraph 4.17 \u201cEmployees benefits\u201d. Remuneration plans under the form of share capital participation The Group recognizes additional benefits to some employees through \"equity settled\" type stock options. In accordance with IFRS 2 - Share-based payments, the current value of the stock options determined at the vesting date through the application of the \"Black & Scholes\" method is recognized in the income statement under personnel costs in constant quotas over the period between the vesting date of the stock options and the maturity date, counterbalanced by an equity reserve. The effects of the vesting conditions not related to the market are not taken into consideration in the fair value of the vested options but are material to measurement of the number of options which are expected to be exercised. At the balance sheet date the Group revises its estimates on the number of options which are expected to be exercised. The impact of the revision of the original estimates is recognized in profit or loss over the maturity period, with a balance entry in equity reserves. When the stock option is exercised, the amounts received by the employee, net of the costs directly attributable to the transaction, are credited to share capital for an amount equal to the par value of the issued shares and to the share premium reserve for the remaining part. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-851-3": { "value": "The Group records provisions for risks and charges when: \u2022 it has a legal or constructive obligation to third parties; \u2022 it is probable that it will be necessary to use resources of the Group to settle the obligation; \u2022 a reliable estimate of the amount can be made; \u2022 changes in estimates are recorded in the income statement of the period in which the changes occur. The item includes also the product warranty provision to cover the estimated cost of product warranties. Management establishes the amount of this provision on the basis of past trends relating to the frequency and average cost of under-warranty repairs and replacement in accordance with the law. These warranties are standard warranties on quality defectives in accordance with the law. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-860-3": { "value": "Pursuant to the contractual terms, the non-controlling interests held by the minority equity holders of the subsidiaries Priv\u00e9 Goods LLC and Blenders Eyewear LLC are subject to customary reciprocal put and call options. More specifically, the put and call options for: \u2022 Priv\u00e9 Goods LLC may be exercised in each of the years 2023 and 2024 for one third of the minority interests and in 2025 for the remaining portion, at a price calculated as a function of a specific multiple applicable to the value of the EBITDA of the company achieved in the fiscal year preceding that of exercise of the relative option and adjusted to take into account the net financial position of the Company. On 30 June 2023, the Group exercised the first tranche of the option; \u2022 Blenders Eyewear LLC the put and call options originally may be exercised in each of the years 2023 and 2024 for one third of the minority interests and in 2025 for the remaining portion, at a price calculated as a function of a specific multiple applicable to the value of the arithmetic average of the EBITDA of the company achieved over the last two consecutive fiscal years preceding that of exercise of the relative option and adjusted to take into account the net financial position of the company. In March 2023, the Group agreed an extension of the second and third tranche of the put and call options on the non-controlling interest in Blenders, from 2024 and 2025 to 2026 and 2027 respectively. On 1 August 2023, the Group exercised the first tranche of the option on 10% of the minority shareholdings. These options generated liabilities for options on non-controlling interest in the Group consolidated financial statements at the acquisition date valued at their fair value using a discounted cash-flow approach based on the business plans underlying the acquisitions. The value of the liabilities is regularly updated on the basis of updated business plans, any liability fair value change is reported in the financial item \u201cGains/(losses) for options on non-controlling interests\u201d in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-881-3": { "value": "The Group\u2019s primary revenue segment is the selling of eyewear products in the wholesale channel through its subsidiary network and a network of independent distribution partners. Moreover, for certain brands in its portfolio the Group sells its eyewear products directly to its customers through its online sales channel, mainly in the North America market. Revenues include the fair value of the sale of goods and services, less VAT, returns and discounts. In particular, the Group recognizes the revenues when the control over goods sold is transferred to the customer, assumed at the shipment date, in accordance with the sales terms agreed. According to the standard contractual conditions applied by the Group, customers may have a right of return. If the sale includes the right for the client to return unsold goods, at the time of sale, a liability is recognized and a corresponding adjustment of revenues for the goods whose return is estimated. The Group recognised expected returns from sales of products by reducing revenue and recognised the cost relating to these returns by reducing cost of sales. In accordance with IFRS 15, the Group recognises the amount corresponding to the sales value of expected returns in the item Trade Payables and the amount corresponding to the cost of the products in the item Inventory. Based on historical experience and specific knowledge of customers, the Group estimates the amount of returns expected to be received on the entire portfolio using the expected value method. Warranty terms coincide with regulatory requirements and warranties cannot be sold or extended separately, as such, they are not capable of generating separate revenues. There are no services associated to the sale of goods to customers. The contracts with customers may recognize to the customer the right to incentives for the marketing and advertising activity performed by them on behalf of Safilo. The Group concluded that, according to IFRS 15 criteria, these are consideration paid to customer for distinct services and, as a consequence, recognizes them as expenses. This item does not include transportation costs charged to customers which have been classified as a reduction of the respective cost item.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-881-4": { "value": "The Group\u2019s primary revenue segment is the selling of eyewear products in the wholesale channel through its subsidiary network and a network of independent distribution partners. Moreover, for certain brands in its portfolio the Group sells its eyewear products directly to its customers through its online sales channel, mainly in the North America market. Revenues include the fair value of the sale of goods and services, less VAT, returns and discounts. In particular, the Group recognizes the revenues when the control over goods sold is transferred to the customer, assumed at the shipment date, in accordance with the sales terms agreed. According to the standard contractual conditions applied by the Group, customers may have a right of return. If the sale includes the right for the client to return unsold goods, at the time of sale, a liability is recognized and a corresponding adjustment of revenues for the goods whose return is estimated. The Group recognised expected returns from sales of products by reducing revenue and recognised the cost relating to these returns by reducing cost of sales. In accordance with IFRS 15, the Group recognises the amount corresponding to the sales value of expected returns in the item Trade Payables and the amount corresponding to the cost of the products in the item Inventory. Based on historical experience and specific knowledge of customers, the Group estimates the amount of returns expected to be received on the entire portfolio using the expected value method. Warranty terms coincide with regulatory requirements and warranties cannot be sold or extended separately, as such, they are not capable of generating separate revenues. There are no services associated to the sale of goods to customers. The contracts with customers may recognize to the customer the right to incentives for the marketing and advertising activity performed by them on behalf of Safilo. The Group concluded that, according to IFRS 15 criteria, these are consideration paid to customer for distinct services and, as a consequence, recognizes them as expenses. This item does not include transportation costs charged to customers which have been classified as a reduction of the respective cost item.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-904-3": { "value": "The Group recognizes public contributions when there is reasonable certainty that they will be received and that the conditions required for the contribution have been or will be respected. The contributions received are recorded in the income statement for the time required to relate them to the relative costs and they are considered as deferred income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-908-3": { "value": "The Group recognizes royalty expenses in accordance with the accrual principle and in compliance with the substance of the contracts agreed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-910-3": { "value": "Dividends are recorded when the right of the Shareholders to receive the payment arises, which normally occurs when the Shareholders' meeting resolves the distribution of dividends. The distribution of dividends is therefore recorded as a liability on the financial statements in the period in which the distribution is approved by the Shareholders' meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-914-3": { "value": "Income taxes include all taxes calculated on the taxable profits of the companies of the Group. Income taxes are recognized on the income statement, with the exception of those relating to accounts that are directly credited or debited to equity, in which case the tax effect is recognized directly in equity. Taxes not related to income (e.g. property taxes) are recorded within operating costs. Income tax expense also includes any provisions to cover risks arising from disputes over taxes inclusive of amounts related to taxes due and any penalties. Deferred taxes are calculated on fiscal losses that can be carried forward and all the temporary differences between the carrying amount of an asset or liability in the statement of financial position and its tax bases. Deferred tax assets are recognized only for those amounts where it is probable there will be future taxable income allowing for recovery of the amounts. Current and deferred tax assets and liabilities are offset when the income tax is applied by the same tax authority and when there is a legal right to offsetting. The deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates/laws that have been enacted or substantively enacted by the end of the reporting period in the countries in which the Group operates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-929-3": { "value": "Basic earnings per share are calculated by dividing the profit or loss of the Group by the weighted average number of ordinary shares outstanding during the year. In order to calculate the diluted earnings per share, the weighted average number of shares outstanding is adjusted for the dilution potential on ordinary shares (e.g. for stock options and convertible bonds), while the profit or loss of the Group is adjusted to take into account the effects, net of income taxes, of the conversion. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-934-2": { "value": "The preparation of the consolidated financial statements requires the Directors to apply accounting standards and methods that, in some circumstances, are based on difficult and subjective valuations and estimates based on past experience and assumptions which are from time to time considered reasonable and realistic according to the relative circumstances. The application of these estimates and assumptions affects the amounts posted in the financial statements, such as the balance sheet, the income statement, the cash flow statement and the notes thereto. Actual results of the balances on the financial statements, resulting from the above-mentioned estimates and assumptions, may differ from those reported on the financial statements due to the uncertainty which characterizes the assumptions and the conditions on which the estimates are based. The macroeconomic environment, resulting from a combination of geopolitical risks consequents to the still ongoing Ukraine - Russian invasion and to the Israel and Hamas conflict represented an extraordinary circumstance that had direct and indirect repercussions on economic activity and has created a general environment of uncertainty. Also environmental responsibility risks and the transitory risks related to the regulation changes associated with the fight against the \u201cclimate change\u201d may have an impact in term of future uncertainty. Financial statements assumptions and estimates have taken into consideration the uncertainties deriving from the above circumstances. For more details see also the Report on Operations on the paragraph related to the \u201cMain critical risk factors for the Group\u201d. The accounting standards that are more subject to the directors\u2019 estimates and for which a change in the underlying conditions or the assumptions may have a significant impact on the consolidated financial statements of the Group are described briefly below. \u2022 Goodwill: in accordance with the accounting standards adopted for the preparation of the financial statements, the Group tests goodwill at least once a year in order to ascertain the existence of any loss in value to be recorded in the income statement. In particular, the test results in the determination of the fair value allocated to the cash-generating units. This value is determined according to their current value in use. The assessment process of the impairment test is complex and is based on assumptions concerning, among other things, the forecast of expected cash flows of the CGU, the determination of appropriate discounting rates (WACC) and long-term growth (g-rate). These estimates depend on factors that may change over time with consequent effects, which may be significant, compared to the Directors\u2019 assessments. Consistent with the indications of the main regulators, to meet the difficulties of making accurate estimates of future flows, the Directors performed their estimate considering independent sources and analysts\u2019 projections and carried out the test performing some sensitivity analyses relating to the main inputs of the calculation. In addition, it is considered also the identified potential impact of the climate change on the estimated cash flows. As suggested by regulators and standard setters, the uncertainties have been reflected in the estimate of cash flows, rather than adding a risk premium to the discount rate. \u2022 Write-down of fixed assets: in accordance with the accounting standards applied by the Group, the fixed assets are verified to ascertain if there has been a loss in value which is recorded by means of a write-down, when it is considered there will be difficulty in recovering the relative net book value through use. The verification of the existence of such difficulty requires the Directors to make valuations based on the information available within the Group and from the market, as well as historical experience. In addition, when it is deemed that there may be a potential loss in value, the Group determines this using the most appropriate technical valuation methods available. Proper identification of the indicators of contingent impairment as well as the estimates used to determine them depend on factors which may vary over time, influencing the Directors\u2019 measurements and estimates. \u2022 Allowance for bad or doubtful debts: the allowance for bad or doubtful debts reflects management\u2019s best estimate regarding losses concerning the credit portfolio towards the final client. This estimate is based on the losses expected by the Group, determined on the basis of past experience for similar credits, current and historic overdue, careful monitoring of credit quality and projections regarding the economic and market conditions. Management in its estimate considered also the economic conditions present in the various markets in which the Group operates and the consequent possible future losses on debts originated by contingent situations in those markets. \u2022 Allowance for inventory obsolescence: the Group produces and sells goods subject to changes in market trends and consumer demand, consequently a significant level of judgment is required in determining the appropriate write-down of inventories based on sales forecasts. The inventory of finished products which are obsolete or slow moving are regularly subjected to specific assessment tests, which take into consideration past experience, historic results and the probability of sale under normal market conditions. If the need to reduce the value of the stock should arise following these analyses, management proceeds with the appropriate write-downs. \u2022 Product warranty provision: when a product is sold, the Group estimates the relative costs of performing work under warranty and allocates a provision on the basis of historic information and a series of statistical data regarding the nature, frequency and the average cost of such work. The Group works constantly to minimize the costs of work performed under guarantee and to improve the quality of its products. The warranty provision is dependent on the amount of sales. \u2022 (Contingent) liabilities: the Group is subject to legal and tax actions regarding different types of problems; due to uncertainties relating to proceedings and the complexity of such proceedings, management consults its lawyers, and other legal and fiscal experts, and when expenditure is considered probable and the amount can be reasonably estimated, adequate funds are allocated. \u2022 Pension plans: the companies of the Group participate in pension plans, the costs of which are calculated by the management, with the assistance of the Group\u2019s actuarial consultants, on the basis of statistical assumptions and assessment factors regarding in particular the discount rate to be used, relative mortality and resignation rates. \u2022 Deferred taxes: deferred tax assets are accounted for on the basis of the expectations of future taxable income. The assessment of the recoverability of deferred tax assets derives from specific assumptions about the probability that taxable income will be realized in future years and that these are sufficient to allow the recovery of deferred tax assets. These valuations are based on assumptions that may not even be realized or are realized to an insufficient extent compared to what is necessary to fully recover the deferred tax assets recorded in the financial statements, and therefore their variation could have significant effects on the valuation of deferred tax assets.\u2022 Leases: the calculation of the value of the right of use assets arising from lease contracts, and of the related financial liabilities, represents a significant Management's estimate. In particular, a high level of judgment is applied in the determination of the lease term and in the calculation of the incremental borrowing rate. The determination of the lease term takes into consideration the contractual terms while, with reference to the renewal clauses, the Group applies a genera \"no renewal\" rule. The incremental borrowing rate is built considering the asset type, the jurisdiction in which it is obtained and the currency of the contract. \u2022 Options on minority interests: the contractual purchase terms of some investments in subsidiaries also included reciprocal put and call options on the non-controlling interests, for which the Group has recognized a liability whose valuation is highly dependent on the expectations of management regarding the future performance of the acquired companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-934-3": { "value": "The preparation of the consolidated financial statements requires the Directors to apply accounting standards and methods that, in some circumstances, are based on difficult and subjective valuations and estimates based on past experience and assumptions which are from time to time considered reasonable and realistic according to the relative circumstances. The application of these estimates and assumptions affects the amounts posted in the financial statements, such as the balance sheet, the income statement, the cash flow statement and the notes thereto. Actual results of the balances on the financial statements, resulting from the above-mentioned estimates and assumptions, may differ from those reported on the financial statements due to the uncertainty which characterizes the assumptions and the conditions on which the estimates are based. The macroeconomic environment, resulting from a combination of geopolitical risks consequents to the still ongoing Ukraine - Russian invasion and to the Israel and Hamas conflict represented an extraordinary circumstance that had direct and indirect repercussions on economic activity and has created a general environment of uncertainty. Also environmental responsibility risks and the transitory risks related to the regulation changes associated with the fight against the \u201cclimate change\u201d may have an impact in term of future uncertainty. Financial statements assumptions and estimates have taken into consideration the uncertainties deriving from the above circumstances. For more details see also the Report on Operations on the paragraph related to the \u201cMain critical risk factors for the Group\u201d. The accounting standards that are more subject to the directors\u2019 estimates and for which a change in the underlying conditions or the assumptions may have a significant impact on the consolidated financial statements of the Group are described briefly below. \u2022 Goodwill: in accordance with the accounting standards adopted for the preparation of the financial statements, the Group tests goodwill at least once a year in order to ascertain the existence of any loss in value to be recorded in the income statement. In particular, the test results in the determination of the fair value allocated to the cash-generating units. This value is determined according to their current value in use. The assessment process of the impairment test is complex and is based on assumptions concerning, among other things, the forecast of expected cash flows of the CGU, the determination of appropriate discounting rates (WACC) and long-term growth (g-rate). These estimates depend on factors that may change over time with consequent effects, which may be significant, compared to the Directors\u2019 assessments. Consistent with the indications of the main regulators, to meet the difficulties of making accurate estimates of future flows, the Directors performed their estimate considering independent sources and analysts\u2019 projections and carried out the test performing some sensitivity analyses relating to the main inputs of the calculation. In addition, it is considered also the identified potential impact of the climate change on the estimated cash flows. As suggested by regulators and standard setters, the uncertainties have been reflected in the estimate of cash flows, rather than adding a risk premium to the discount rate. \u2022 Write-down of fixed assets: in accordance with the accounting standards applied by the Group, the fixed assets are verified to ascertain if there has been a loss in value which is recorded by means of a write-down, when it is considered there will be difficulty in recovering the relative net book value through use. The verification of the existence of such difficulty requires the Directors to make valuations based on the information available within the Group and from the market, as well as historical experience. In addition, when it is deemed that there may be a potential loss in value, the Group determines this using the most appropriate technical valuation methods available. Proper identification of the indicators of contingent impairment as well as the estimates used to determine them depend on factors which may vary over time, influencing the Directors\u2019 measurements and estimates. \u2022 Allowance for bad or doubtful debts: the allowance for bad or doubtful debts reflects management\u2019s best estimate regarding losses concerning the credit portfolio towards the final client. This estimate is based on the losses expected by the Group, determined on the basis of past experience for similar credits, current and historic overdue, careful monitoring of credit quality and projections regarding the economic and market conditions. Management in its estimate considered also the economic conditions present in the various markets in which the Group operates and the consequent possible future losses on debts originated by contingent situations in those markets. \u2022 Allowance for inventory obsolescence: the Group produces and sells goods subject to changes in market trends and consumer demand, consequently a significant level of judgment is required in determining the appropriate write-down of inventories based on sales forecasts. The inventory of finished products which are obsolete or slow moving are regularly subjected to specific assessment tests, which take into consideration past experience, historic results and the probability of sale under normal market conditions. If the need to reduce the value of the stock should arise following these analyses, management proceeds with the appropriate write-downs. \u2022 Product warranty provision: when a product is sold, the Group estimates the relative costs of performing work under warranty and allocates a provision on the basis of historic information and a series of statistical data regarding the nature, frequency and the average cost of such work. The Group works constantly to minimize the costs of work performed under guarantee and to improve the quality of its products. The warranty provision is dependent on the amount of sales. \u2022 (Contingent) liabilities: the Group is subject to legal and tax actions regarding different types of problems; due to uncertainties relating to proceedings and the complexity of such proceedings, management consults its lawyers, and other legal and fiscal experts, and when expenditure is considered probable and the amount can be reasonably estimated, adequate funds are allocated. \u2022 Pension plans: the companies of the Group participate in pension plans, the costs of which are calculated by the management, with the assistance of the Group\u2019s actuarial consultants, on the basis of statistical assumptions and assessment factors regarding in particular the discount rate to be used, relative mortality and resignation rates. \u2022 Deferred taxes: deferred tax assets are accounted for on the basis of the expectations of future taxable income. The assessment of the recoverability of deferred tax assets derives from specific assumptions about the probability that taxable income will be realized in future years and that these are sufficient to allow the recovery of deferred tax assets. These valuations are based on assumptions that may not even be realized or are realized to an insufficient extent compared to what is necessary to fully recover the deferred tax assets recorded in the financial statements, and therefore their variation could have significant effects on the valuation of deferred tax assets.\u2022 Leases: the calculation of the value of the right of use assets arising from lease contracts, and of the related financial liabilities, represents a significant Management's estimate. In particular, a high level of judgment is applied in the determination of the lease term and in the calculation of the incremental borrowing rate. The determination of the lease term takes into consideration the contractual terms while, with reference to the renewal clauses, the Group applies a genera \"no renewal\" rule. The incremental borrowing rate is built considering the asset type, the jurisdiction in which it is obtained and the currency of the contract. \u2022 Options on minority interests: the contractual purchase terms of some investments in subsidiaries also included reciprocal put and call options on the non-controlling interests, for which the Group has recognized a liability whose valuation is highly dependent on the expectations of management regarding the future performance of the acquired companies.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-1022-3": { "value": "The fair value of the financial instruments traded on an active market is based on the listed price at the balance sheet date. The fair value of the financial instruments not traded on an active market is calculated in accordance with valuation techniques and models that are widely used in financial sectors and in particular: \u2022 the fair value of interest rate swaps is calculated on the basis of the current value of future cash flows; \u2022 the fair value of the forward currency hedging contracts is determined on the basis of the current value of the differences between the contracted forward exchange rate and the spot market rate at the balance sheet date; \u2022 the fair value of stock options is calculated using the Black & Scholes model.Financial instruments reported in the balance sheet valued at the fair value, according to IFRS 13, are classified in the three-level hierarchy that reflects the significance of the input used in determining the fair value.The three levels of fair value of the hierarchy are:\u2022 Level 1 \u2013 if the instrument is quoted in an active market; \u2022 Level 2 - if the fair value is measured based on valuation techniques for which all significant inputs are based on observable market data, other than quotations of the financial instrument; \u2022 Level 3 \u2013 if the fair value is calculated based on valuation techniques for which any significant input is not based on observable market data. The following table shows the liabilities and assets valued at their fair value at 31 December 2023, split by hierarchical level of the fair value. (Euro/000) Level 1 Level 2 Level 3 Total Derivative financial instruments - 855 - 855 Total assets - 855 - 855 Derivative financial instruments - (3,909) - (3,909) Liability for options on non-controlling interests - - (20,770) (20,770) Total liabilities - (3,909) (20,770) (24,680) In 2023 there have been no transfers from level 1 to level 2 and from level 2 to level 3 and vice versa.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-1030-2": { "value": "The operations of Safilo Group are subject to various financial risks, in particular: \u2022 credit risks, related to normal business relations with clients and to financial assets in the financial statements; \u2022 market risks (mainly interest and exchange rate risks), since the Group operates internationally and uses financial instruments that generate interest; \u2022 liquidity risks, concerning the ability to promptly find resources on financial markets under normal market conditions when needed. The Group constantly monitors the financial risks to which it is exposed, in order to assess potentially negative effects in advance and to take appropriate corrective measures with the aim of eliminating or, at least, limiting the negative effects deriving from the risks in question. The assessment of financial risks has been influenced by the macroeconomic environment, resulting from a combination of remaining pandemic-related effects and geopolitical risks consequents to Russia\u2019s invasion in Ukraine and to the Israel and Hamas conflict. The risks to which the Group is exposed are managed centrally on the basis of hedging policies that may also include the use of derivative instruments with the aim of minimizing the effects deriving from exchange rate (especially in relation to the US dollar) and interest rate fluctuations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-1045-2": { "value": "The Group strives to reduce risk deriving from the insolvency of its customers through rules ensuring that sales are made to reliable and solvent customers. The relative assessment is based on information regarding the solvency of customers and statistical historical data. However, credit risk is mitigated by the fact that credit exposure is spread over a very large number of clients. The markets economic and financial conditions have accentuated the risk of potential insolvency, in a differentiated way according to the categories of customers and geographical areas such as emerging markets. In reaction to this changed context, the Group strengthened the policies described and maintained constant monitoring of the individual credit positions. Positions of a significant amount for which the Group recognizes that total or partial recovery will be effectively impossible, also taking into account any guarantees obtained, as well as the charges and expenses that will have to be sustained for the attempted credit recovery, are subject to individual write-down. In compliance with IFRS 9, management has also considered potential risks associated with specific categories of customers or certain geographic areas. The Group\u2019s theoretical maximum exposure to the credit risk at the date of the balance sheet is represented by the book value of the financial assets. As required by IFRS 7, paragraph 36, the table below analyses the age of receivables as of 31 December 2023 and 31 December 2022: December 31, 2023 December 31, 2022 (Euro/000) Ageing of trade receivables Nominal value Allowance Net value Nominal value Allowance Net value Overdue and impaired up to 3 months 497 (497) - 933 (933) - 3 to 6 months 1,042 (1,042) - 1,001 (1,001) - 6 to 9 months 1,358 (1,358) - 2,327 (2,327) - from 9 to 12 months 676 (676) - 424 (424) - from 12 to 24 months 2,252 (2,252) - 1,522 (1,522) - over 24 months 3,920 (3,920) - 4,602 (4,602) - Grand total 9,744 (9,744) - 10,809 (10,809) - Overdue and not impaired up to 1 month 12,063 12,063 16,789 16,789 from 1 to 3 months 5,502 5,502 6,871 6,871 3 to 6 months 6,533 6,533 4,511 4,511 6 to 9 months 1,796 1,796 2,262 2,262 from 9 to 12 months 582 582 970 970 from 12 to 24 months 1,071 (410) 660 2,374 (429) 1,945 over 24 months 310 (310) - 95 (95) - Grand total 27,856 (720) 27,136 33,872 (524) 33,348 Neither overdue nor impaired 175,994 (55) 175,939 181,078 (392) 180,685 Grand total 213,594 (10,519) 203,075 225,758 (11,725) 214,033 At 31 December 2023 past due receivables for which no allowance for bad debts was considered, as the Group considered them fully collectible, amounted to 27,856 thousand Euro (compared to 33,872 thousand Euro at 31 December 2022). Of these, receivables that were more than 12 months past due amounted to 1,381 thousand Euro (compared to 2,468 thousand Euro at 31 December 2022) but accounted for 0.7% of the Group\u2019s total trade receivable compared to 1.1% in the previous year. In accordance with the requirements of IFRS 9, the Group has assessed the existing trade receivables for impairment based on the model of expected losses, as at 31 December 2023 the provision for doubtful accounts includes a credit loss allowance of 0.8 million Euro (0.9 million Euro at 31 December 2022) that covers the potential additional credit risk expected on the amount overdue and not impaired and on the amount not past due. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-1276-2": { "value": "Market risks can be divided into the following categories: Exchange rate risk The Group operates internationally and is therefore exposed to risks deriving from variations in exchange rates that may influence the value of its shareholders\u2019 equity and financial results. In 2023, fluctuations in the exchange rates of the main currencies have been less relevant than in the previous year, when they were significantly affected by the general macroeconomic context. The Group tries to reduce the effects deriving from currency fluctuations by means of a \u201cnatural hedging\u201d between revenues and costs denominated in the same foreign currency (mainly in US dollar). The remaining exposure can be hedged with currency forward contracts (\u201cplain vanilla\u201d) always expiring in less than 12 months. As far as sensitivity analysis is concerned, an increase or decrease of 10% of Euro against the US Dollar and the Hong Kong Dollar would result respectively in a decrease or an increase of the 2023 net sales of around 42,033 thousand Euro (around 45,815 thousand Euro in 2022) and in a not material impact on the net result of the Group (around 3,399 thousand Euro in 2022). While an increase or decrease of 10% of Euro against currencies that showed a relevant variation (Brazilian Real, Turkish Lira, Russian Ruble and South Africa Rand) would result overall in a decrease or an increase of the 2023 net sales of around 4,991 thousand Euro (5,176 thousand Euro in 2022) and in a decrease or an increase of the net profit of the Group of around 814 thousand Euro (1,057 thousand Euro in 2022). Furthermore, the Group owns shareholdings in subsidiaries located in areas outside the European Monetary Union, the variations in the net assets, deriving from fluctuations in the exchange rates of the local currency against the Euro, are recorded in a reserve of the consolidated shareholders\u2019 equity named \u201ctranslation reserve\u201d. The table below summarizes the net financial assets of the Group per currency at 31 December 2023 and 31 December 2022: (Euro/000) December 31, 2023 December 31, 2022 USD 272,869 289,995 HKD 76,287 77,609 CNY 76,491 77,486 GBP 1,157 4,995 CAD 22,538 21,238 CHF 1,797 1,572 BRL 20,330 14,249 EUR (87,106) (59,224) Other currencies 11,423 11,000 Total 395,786 438,920 In terms of translation risk related to the conversion of the equity of the companies in foreign currencies other than the Euro, the sensitivity analysis shows that a possible revaluation or devaluation of 10% of Euro against those currencies, would respectively cause a decrease or increase in Group net equity of about 43,899 thousand Euro (about 45,286 thousand Euro in 2022), of which about 2,106 thousand Euro related to currencies that showed a relevant variation (Brazilian Real, Turkish Lira, Russian Ruble and South Africa Rand). The table below summarizes the financial assets and liabilities of the Group per currency at 31 December 2023 and 31 December 2022: (Euro/000) December 31, 2023 Euro US Dollar Other currencies Total Cash in hand and at bank 16,421 34,194 24,284 74,899 Trade receivables, net 65,269 75,547 62,258 203,074 Derivative financial instruments 585 - - 585 Other current assets 13,078 14,870 12,171 40,119 Total current financial assets 95,353 124,611 98,713 318,677 Derivative financial instruments 271 - - 271 Other non-current assets 5,623 344 1,702 7,668 Total non-current financial assets 5,894 344 1,702 7,939 Trade payables 73,817 81,368 16,922 172,106 Short-term borrowings 30,250 - - 30,250 Lease liabilities 2,803 4,660 2,180 9,643 Derivative financial instruments 3,909 - - 3,909 Liabilities for options on non-controlling interests - - - - Tax payables and other current liabilities 26,146 20,063 17,946 64,155 Total current financial liabilities 136,925 106,091 37,047 280,063 Long-term borrowings 88,345 - - 88,345 Lease liabilities 3,591 24,096 1,671 29,359 Derivative financial instruments - - - - Liabilities for options on non-controlling interests - 20,770 - 20,770 Other non-current liabilities 2,379 246 28 2,653 Total non-current financial liabilities 94,316 45,113 1,699 141,127 (Euro/000) December 31, 2022 Euro US Dollar Other currencies Total Cash in hand and at bank 28,049 26,304 23,357 77,710 Trade receivables, net 70,038 83,974 60,020 214,032 Derivative financial instruments 698 - - 698 Other current assets 15,606 15,955 13,317 44,878 Total current financial assets 114,392 126,233 96,694 337,318 Derivative financial instruments 780 - - 780 Other non-current assets 5,314 492 2,817 8,623 Total non-current financial assets 6,094 492 2,817 9,403 Trade payables 73,140 88,592 18,969 180,700 Short-term borrowings 30,000 - - 30,000 Lease liabilities 2,371 4,328 2,351 9,051 Derivative financial instruments 7,656 - - 7,656 Liabilities for options on non-controlling interests - 6,195 - 6,195 Tax payables and other current liabilities 30,133 19,618 20,032 69,783 Total current financial liabilities 143,300 118,734 41,351 303,385 Long-term borrowings 117,330 - - 117,330 Lease liabilities 3,522 28,457 2,748 34,727 Derivative financial instruments - - - - Liabilities for options on non-controlling interests - 13,349 - 13,349 Other non-current liabilities 1,170 679 192 2,041 Total non-current financial liabilities 122,021 42,486 2,940 167,447 Changes in fair value riskThe Group holds some assets that are subject to variations in value over time according to the variations of the market on which they are traded. With regard to trade payables and receivables and other current and non-current assets, it is assumed that their book value is approximately equal to their fair value. Interest rate riskBorrowing exposes the Group to the risk of variations in interest rates. In particular, floating-rate borrowings are subject to a cash flow risk. The Group constantly monitors its exposure to changes in interest rates, and manages this risk through interest rate swaps (IRSs). The interest rate swap contracts are stipulated with primary financial institutions and, at the beginning of the hedge, the formal designation is made and the documentation relating to the hedge is prepared. At 31 December 2023 the floating interest-bearing loans of the Group\u2019s total borrowings were hedged by interest rate swap contracts for an amount of 64,000 thousand Euro (52% of outstanding borrowings), at the 31 December 2022 the floating interest-bearing loans were hedged for 80,000 thousand Euro (54% of outstanding borrowings) The table below summarizes the breakdown by maturity date of the nominal value (gross of 3,405 thousand Euro of transaction costs) for the floating and fixed interest-bearing loans, as at 31 December 2023 and 31 December 2022: December 31, 2023 Floating Fixed Total (Euro/000) within 1 year 30,250 - 30,250 between 1 and 2 years 30,500 - 30,500 between 3 and 5 years 61,250 - 61,250 beyond 5 years - - - Total 122,000 - 122,000 December 31, 2022 Floating Fixed Total (Euro/000) within 1 year 30,000 - 30,000 between 1 and 2 years 30,000 - 30,000 between 3 and 5 years 92,000 - 92,000 beyond 5 years - - - Total 152,000 - 152,000 The following table summarizes the main characteristics of the most significant variable and fixed rate medium and long term borrowings outstanding at 31 December 2023 and 31 December 2022:December 31, 2023 Currency Nominal interest rate Nominal value Book value Expiry (Euro/000) Term Loan Facility Euro Euribor 120,000 116,595 30 June 2027 Capex Facility line Euro Euribor 2,000 2,000 30 June 2027 December 31, 2022 Currency Nominal interest rate Nominal value Book value Expiry (Euro/000) Term Loan Facility Euro Euribor 150,000 145,329 30 June 2027 Capex Facility line Euro Euribor 2,000 2,000 30 June 2027 As far as sensitivity analysis is concerned, a positive (negative) variation of 50 bps in the level of the short-term interest rates applied to the unhedged portion of the floating-rate borrowings would have had an impact in term of greater (lower) 2023 annual financial charges, on a pre-tax basis, of 339 thousand Euro (231 thousand Euro impact at 31 December 2022). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-1792-2": { "value": "This risk could affect the inability to find the necessary financial resources to support the operating activities at favorable market terms within the necessary timeframe. The Group companies\u2019 cash flows, borrowing requirements and liquidity are constantly monitored at central level by the Group\u2019s Treasury in order to ensure an effective and efficient use of the available cash. The following table details the credit lines granted to the Group, utilizations and net available amounts: December 31, 2023 Credit lines granted Uses Credit lines available (Euro/000) Credit lines on bank accounts and short-term bank loans 17,631 - 17,631 Credit lines on long-term bank loans 270,000 122,000 148,000 Total 287,631 122,000 165,631 December 31, 2022 Credit lines granted Uses Credit lines available (Euro/000) Credit lines on bank accounts and short-term bank loans 17,611 - 17,611 Credit lines on long-term loans 300,000 152,000 148,000 Total 317,611 152,000 165,611 The credit lines on loans are related to the committed, unsubordinated and unsecured new financing agreement with maturity September 2027 consisting of a Term Loan Facility of 120,000 thousand Euro, a Revolving Credit Facility of 75,000 thousand Euro and a Capex Facility line of 75,000 thousand Euro, for a total amount equal to 270,000 thousand Euro (used for 122,000 thousand Euro at 31 December 2023). The table below summarizes the financial assets and liabilities of the Group by maturity, undiscounted and inclusive of the interest payments, at 31 December 2023 and 31 December 2022: (Euro/000) December 31, 2023 within 1 year between 1 and 2 years between 3 and 5 years beyond 5 years Total Cash in hand and at bank 74,898 - - - 74,898 Trade receivables, net 203,074 - - - 203,074 Derivative financial instruments 585 271 - - 856 Other current assets 40,119 - - - 40,119 Other non-current assets - 7,358 249 61 7,668 Total financial assets 318,676 7,629 249 61 326,615 Trade payables 172,106 - - - 172,106 Tax payables 23,382 - - - 23,382 Borrowings 30,250 29,365 58,980 - 118,595 Interest payments 8,142 6,107 6,107 - 20,355 Lease liability 9,643 7,415 15,903 6,041 39,002 Derivative financial instruments 3,909 - - - 3,909 Other current liabilities 40,773 - - - 40,773 Liabilities for options on non-controlling interests - - 20,770 - 20,770 Other non-current liabilities - 2,520 27 107 2,653 Total financial liabilities 288,205 45,406 101,787 6,147 441,545 (Euro/000) December 31, 2022 within 1 year between 1 and 3 years between 3 and 5 years beyond 5 years Total Cash in hand and at bank 77,710 - - - 77,710 Trade receivables, net 214,034 - - - 214,034 Derivative financial instruments 698 - 780 - 1,478 Other current assets 44,878 - - - 44,878 Other non-current assets - 4,795 3,700 128 8,623 Total financial assets 337,320 4,795 4,480 128 346,723 Trade payables 180,701 - - - 180,701 Tax payables 22,492 - - - 22,492 Borrowings 30,000 27,600 89,730 - 147,330 Interest payments 8,186 6,462 8,798 - 23,446 Lease liability 9,051 8,047 16,029 10,652 43,778 Derivative financial instruments 7,656 - - - 7,656 Other current liabilities 47,291 - - - 47,291 Liabilities for options on non-controlling interests 6,195 6,675 6,675 - 19,545 Other non-current liabilities - 1,444 283 314 2,041 Total financial liabilities 311,572 50,227 121,514 10,966 494,279 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-2107-2": { "value": "The table below shows the financial instruments reported on the balance sheet, according to the analyses requested by IFRS 7, with indication of the valuation criteria applied and, in the case of \u201cfinancial instruments measured at fair value\u201d, the impact on the income statement or the shareholders' equity. If applicable, the last column of the table shows the fair value of the financial instrument. Financial instruments Financial instruments at fair value through Financial instruments at amortised cost Current value at Dec. 31, 2023 Fair value at Dec. 31, 2023 (Euro/000) Income Statement Other comprehensive income (OCI) ASSETS Cash in hand and at bank - - 74,898 74,898 74,898 Trade receivables, net - - 203,075 203,075 203,075 Derivative financial instruments 585 271 - 855 855 Other current assets - - 40,119 40,119 40,119 Other non-current assets - - 7,668 7,668 7,668 Total assets 585 271 325,760 326,615 326,615 LIABILITIES Borrowings - - 118,595 118,595 118,595 Lease liability - - 39,002 39,002 39,002 Derivative financial instruments 3,909 - - 3,909 3,909 Other current liabilities - - 40,772 40,772 40,772 Liability for options on non-controlling interests 20,770 - - 20,770 20,770 Other non-current liabilities - - 2,653 2,653 2,653 Total liabilities 24,680 - 201,023 225,702 225,702 Financial instruments Financial instruments at fair value through Financial instruments at amortised cost Current value at Dec. 31, 2022 Fair value at Dec. 31, 2022 (Euro/000) Income Statement Other comprehensive income (OCI) ASSETS Cash in hand and at bank - - 77,710 77,710 77,710 Trade receivables, net - - 214,034 214,034 214,034 Derivative financial instruments 698 780 - 1,478 1,478 Other current assets - - 44,878 44,878 44,878 Other non-current assets - - 8,623 8,623 8,623 Total assets 698 780 345,244 346,722 346,722 LIABILITIES Borrowings - - 147,329 147,329 147,329 Lease liability - - 43,778 43,778 43,778 Derivative financial instruments 7,656 - - 7,656 7,656 Other current liabilities - - 47,291 47,291 47,291 Liability for options on non-controlling interests 19,545 - - 19,545 19,545 Other non-current liabilities - - 2,041 2,041 2,041 Total liabilities 27,200 - 240,439 267,639 267,639 Financial instruments reported in the balance sheet valued at the fair value, according to IFRS 13, are classified in the three-level hierarchy that reflects the significance of the input used in determining the fair value.The three levels of fair value of the hierarchy are:\u2022 Level 1 \u2013 if the instrument is quoted in an active market; \u2022 Level 2 - if the fair value is measured based on valuation techniques for which all significant inputs are based on observable market data, other than quotations of the financial instrument; \u2022 Level 3 \u2013 if the fair value is calculated based on valuation techniques for which any significant input is not based on observable market data. The following table shows the liabilities and assets valued at their fair value at 31 December 2023, split by hierarchical level of the fair value. (Euro/000) Level 1 Level 2 Level 3 Total Derivative financial instruments - 855 - 855 Total assets - 855 - 855 Derivative financial instruments - (3,909) - (3,909) Liability for options on non-controlling interests - - (20,770) (20,770) Total liabilities - (3,909) (20,770) (24,680) In 2023 there have been no transfers from level 1 to level 2 and from level 2 to level 3 and vice versa.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-2405-2": { "value": " (Euro/ 000) December 31, 2023 December 31, 2022 Cash and cash equivalents 74,898 77,710 This account totals 74,898 thousand Euro compared to 77,710 thousand Euro at 31 December 2022 and represents the momentary availability of cash invested at market rates. The book value of the available liquidity is aligned with its fair value at the reporting date. The related credit risk is very limited as the counterparties are leading banks. As of 31 December 2023, about 26% of the cash balance resided in the Italian companies, about 34% in the North America entities, 19% in the European entities, while the remaining 21% was attributable to several other Group entities. Management has established policies to make existing cash readily available for any need of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-2434-2": { "value": "This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Gross value trade receivables 213,594 225,758 Allowance for doubtful accounts (-) (10,519) (11,725) Net value 203,075 214,034 The allowance for doubtful accounts includes the provision for insolvency posted on the income statement under the item \"general and administrative expenses\" (note 5.4). The following table shows changes in the allowance for doubtful accounts: (Euro/000) January 1, 2023 Addition Use/Release (-) Transl. diff. December 31, 2023 Allowance for doubtful accounts (-) 11,725 2,048 (3,053) (200) 10,519 (Euro/000) January 1, 2022 Addition Use/Release (-) Transl. diff. December 31, 2022 Allowance for doubtful accounts (-) 16,762 1,550 (6,975) 388 11,725 In accordance with the requirements of IFRS 9, the Group has reviewed and assessed the overdue trade receivables for impairment and, according to the analysis performed, has accrued an allowance for doubtful accounts equal to 2,048 thousand Euro, also in consideration of the current and prospective risk on the global markets under the ongoing macro economic scenario. The decrease of the period equal to Euro 3,053 thousand is mainly related to the use of the allowance to cover the impact of the write-off of the already impaired accounts receivables considered as definitively not recoverable. In accordance with the requirements of IFRS 9, the Group has assessed the existing trade receivables for impairment based on the model of expected losses, as at 31 December 2023 the provision for doubtful accounts includes a credit loss allowance of 0.8 million Euro (0.9 million Euro at 31 December 2022) that covers the potential additional credit risk expected on the amount overdue and not impaired and on the amount not past due. The Group has no particular concentration of credit risk, as its credit exposure is spread over a large number of clients and geographies. The carrying amount of the trade receivables, is considered to be approximately equal to their fair value. Further information about the impairment of trade receivables and the Group\u2019s exposure to credit risk can be found in note 3 paragraph \u201cCredit risks\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-2434-3": { "value": "This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Gross value trade receivables 213,594 225,758 Allowance for doubtful accounts (-) (10,519) (11,725) Net value 203,075 214,034 The allowance for doubtful accounts includes the provision for insolvency posted on the income statement under the item \"general and administrative expenses\" (note 5.4). The following table shows changes in the allowance for doubtful accounts: (Euro/000) January 1, 2023 Addition Use/Release (-) Transl. diff. December 31, 2023 Allowance for doubtful accounts (-) 11,725 2,048 (3,053) (200) 10,519 (Euro/000) January 1, 2022 Addition Use/Release (-) Transl. diff. December 31, 2022 Allowance for doubtful accounts (-) 16,762 1,550 (6,975) 388 11,725 In accordance with the requirements of IFRS 9, the Group has reviewed and assessed the overdue trade receivables for impairment and, according to the analysis performed, has accrued an allowance for doubtful accounts equal to 2,048 thousand Euro, also in consideration of the current and prospective risk on the global markets under the ongoing macro economic scenario. The decrease of the period equal to Euro 3,053 thousand is mainly related to the use of the allowance to cover the impact of the write-off of the already impaired accounts receivables considered as definitively not recoverable. In accordance with the requirements of IFRS 9, the Group has assessed the existing trade receivables for impairment based on the model of expected losses, as at 31 December 2023 the provision for doubtful accounts includes a credit loss allowance of 0.8 million Euro (0.9 million Euro at 31 December 2022) that covers the potential additional credit risk expected on the amount overdue and not impaired and on the amount not past due. The Group has no particular concentration of credit risk, as its credit exposure is spread over a large number of clients and geographies. The carrying amount of the trade receivables, is considered to be approximately equal to their fair value. Further information about the impairment of trade receivables and the Group\u2019s exposure to credit risk can be found in note 3 paragraph \u201cCredit risks\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-2541-2": { "value": "This item breaks down as follows:(Euro/000) December 31, 2023 December 31, 2022 Raw materials 51,588 74,277 Work in progress 3,335 5,212 Finished goods 228,158 238,766 Gross inventories 283,081 318,255 Provision for obsolete inventories (-) (54,090) (59,274) Total 228,991 258,980 In order to deal with obsolete or slow-moving stock, a specific provision has been allocated, calculated for raw materials and semi-finished products on the base of their future use in the production process and for finished goods on the base of their future recoverability through the sale, taking into account market trends, consumer demand, past experience, historical results achieved and the recoverability of the goods value in ordinary market conditions. The effects of the termination of some licenses were also considered. This item is charged in the income statement in \u201ccost of sales\u201d (note 5.2). The movements in the period are shown below: (Euro/000) January 1, 2023 Posted to income statement Transl. diff. December 31, 2023 Inventory gross value 318,255 (26,632) (8,542) 283,081 Provision for obsolete inventories (-) (59,274) 3,980 1,205 (54,090) Total net 258,980 (22,652) (7,338) 228,991 (Euro/000) January 1, 2022 Posted to income statement Transl. diff. December 31, 2022 Inventory gross value 302,556 8,500 7,199 318,255 Provision for obsolete inventories (-) (68,127) 9,118 (266) (59,274) Total net 234,430 17,618 6,933 258,980 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-2652-3": { "value": "The following table summarizes the amounts of financial instruments:(Euro/000) December 31, 2023 December 31, 2022 Current assets: - Foreign currency contracts - Fair value through P&L 585 698 Non-current assets: - Interest rate swaps - cash flow hedge 271 780 Current liabilities: - Foreign currency contracts - Fair value through P&L (3,909) (7,656) Total Net (3,054) (6,177) The market value of the forward contracts is calculated using the present value of the differences between the contractual forward exchange rate and the market forward exchange rate. At the reporting date, the Group had contracts for hedging against exchange rate fluctuations for a negative net market value of 3,324 thousand Euro (negative for 6,958 thousand Euro at 31 December 2022). The following table summarizes the characteristics and fair value of foreign currency forward contracts: December 31, 2023 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Fair value hedge within 1 year 189,530 585 (3,909) Total forward contracts 189,530 585 (3,909) _____________________________________________________________________ 112 December 31, 2022 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Fair value hedge within 1 year 198,947 698 (7,656) Total forward contracts 198,947 698 (7,656) The net market value of interest rate swap (IRS) contracts was positive for 271 thousand Euro. The Group\u2019s policies for managing interest rate risk are designated to hedge of the exposure to variability in future interest cash flows given this, the related hedging effect must be suspended in the cash flow reserve and recognized in profit or loss in subsequent years when the expected flows actually emerge. The following table summarizes the characteristics and fair value of IRS contracts:December 31, 2023 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Cash flow hedge 2025 64,000 271 - Total IRS contracts 64,000 271 - December 31, 2022 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Cash flow hedge 2025 80,000 780 - Total IRS contracts 80,000 780 - ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-2652-4": { "value": "The following table summarizes the amounts of financial instruments:(Euro/000) December 31, 2023 December 31, 2022 Current assets: - Foreign currency contracts - Fair value through P&L 585 698 Non-current assets: - Interest rate swaps - cash flow hedge 271 780 Current liabilities: - Foreign currency contracts - Fair value through P&L (3,909) (7,656) Total Net (3,054) (6,177) The market value of the forward contracts is calculated using the present value of the differences between the contractual forward exchange rate and the market forward exchange rate. At the reporting date, the Group had contracts for hedging against exchange rate fluctuations for a negative net market value of 3,324 thousand Euro (negative for 6,958 thousand Euro at 31 December 2022). The following table summarizes the characteristics and fair value of foreign currency forward contracts: December 31, 2023 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Fair value hedge within 1 year 189,530 585 (3,909) Total forward contracts 189,530 585 (3,909) _____________________________________________________________________ 112 December 31, 2022 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Fair value hedge within 1 year 198,947 698 (7,656) Total forward contracts 198,947 698 (7,656) The net market value of interest rate swap (IRS) contracts was positive for 271 thousand Euro. The Group\u2019s policies for managing interest rate risk are designated to hedge of the exposure to variability in future interest cash flows given this, the related hedging effect must be suspended in the cash flow reserve and recognized in profit or loss in subsequent years when the expected flows actually emerge. The following table summarizes the characteristics and fair value of IRS contracts:December 31, 2023 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Cash flow hedge 2025 64,000 271 - Total IRS contracts 64,000 271 - December 31, 2022 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Cash flow hedge 2025 80,000 780 - Total IRS contracts 80,000 780 - ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-2652-5": { "value": "The following table summarizes the amounts of financial instruments:(Euro/000) December 31, 2023 December 31, 2022 Current assets: - Foreign currency contracts - Fair value through P&L 585 698 Non-current assets: - Interest rate swaps - cash flow hedge 271 780 Current liabilities: - Foreign currency contracts - Fair value through P&L (3,909) (7,656) Total Net (3,054) (6,177) The market value of the forward contracts is calculated using the present value of the differences between the contractual forward exchange rate and the market forward exchange rate. At the reporting date, the Group had contracts for hedging against exchange rate fluctuations for a negative net market value of 3,324 thousand Euro (negative for 6,958 thousand Euro at 31 December 2022). The following table summarizes the characteristics and fair value of foreign currency forward contracts: December 31, 2023 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Fair value hedge within 1 year 189,530 585 (3,909) Total forward contracts 189,530 585 (3,909) _____________________________________________________________________ 112 December 31, 2022 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Fair value hedge within 1 year 198,947 698 (7,656) Total forward contracts 198,947 698 (7,656) The net market value of interest rate swap (IRS) contracts was positive for 271 thousand Euro. The Group\u2019s policies for managing interest rate risk are designated to hedge of the exposure to variability in future interest cash flows given this, the related hedging effect must be suspended in the cash flow reserve and recognized in profit or loss in subsequent years when the expected flows actually emerge. The following table summarizes the characteristics and fair value of IRS contracts:December 31, 2023 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Cash flow hedge 2025 64,000 271 - Total IRS contracts 64,000 271 - December 31, 2022 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Cash flow hedge 2025 80,000 780 - Total IRS contracts 80,000 780 - ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-2652-6": { "value": "The following table summarizes the amounts of financial instruments:(Euro/000) December 31, 2023 December 31, 2022 Current assets: - Foreign currency contracts - Fair value through P&L 585 698 Non-current assets: - Interest rate swaps - cash flow hedge 271 780 Current liabilities: - Foreign currency contracts - Fair value through P&L (3,909) (7,656) Total Net (3,054) (6,177) The market value of the forward contracts is calculated using the present value of the differences between the contractual forward exchange rate and the market forward exchange rate. At the reporting date, the Group had contracts for hedging against exchange rate fluctuations for a negative net market value of 3,324 thousand Euro (negative for 6,958 thousand Euro at 31 December 2022). The following table summarizes the characteristics and fair value of foreign currency forward contracts: December 31, 2023 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Fair value hedge within 1 year 189,530 585 (3,909) Total forward contracts 189,530 585 (3,909) _____________________________________________________________________ 112 December 31, 2022 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Fair value hedge within 1 year 198,947 698 (7,656) Total forward contracts 198,947 698 (7,656) The net market value of interest rate swap (IRS) contracts was positive for 271 thousand Euro. The Group\u2019s policies for managing interest rate risk are designated to hedge of the exposure to variability in future interest cash flows given this, the related hedging effect must be suspended in the cash flow reserve and recognized in profit or loss in subsequent years when the expected flows actually emerge. The following table summarizes the characteristics and fair value of IRS contracts:December 31, 2023 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Cash flow hedge 2025 64,000 271 - Total IRS contracts 64,000 271 - December 31, 2022 Fair value (Euro/000) Maturity Notional amount Assets Liabilities Cash flow hedge 2025 80,000 780 - Total IRS contracts 80,000 780 - ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-2828-2": { "value": "This item breaks down as follows:(Euro/000) December 31, 2023 December 31, 2022 VAT receivable 7,670 9,772 Income tax receivables 19,307 17,169 Prepayments and accrued income 6,452 9,398 Other receivables 6,689 8,539 Total 40,119 44,878 Income tax receivables are mainly related to tax credits and advance payments made during the financial year which will be offset against the related tax payables. Prepayments and accrued income amounted to 6,452 thousand Euro compared to 9,398 thousand Euro at 31 December 2022, and mainly relate to royalties and advertising expenses, prepaid insurance and other prepaid expenses. Other current receivables amounted to 6,689 thousand Euro, compared to 8,539 thousand Euro of 31 December 2022. The balance mainly includes deposit payments due within 12 months and other receivables related to the ordinary business. These other current receivables are expected to be recovered in the coming months and are reasonably certain in term of fulfillment conditions. It is considered that the book value of the other current assets is approximately equal to their fair value. The table below shows details of non-current assets: (Euro/000) December 31, 2023 December 31, 2022 Long-term guarantee deposits 1,183 2,199 Other long-term receivables 5,388 4,172 Long-term tax receivables 1,097 2,251 Total 7,668 8,623 Long-term guarantee deposits mainly refer to security deposits for leasing contracts related to buildings used by some of the Group\u2019s companies. Other long-term receivables mainly refer to the cash consideration for the disposal of the office real estate near the Padua Headquarters, finalised in 2021. The receivable has been discounted to its present value and will be collected through monthly instalments along a four year payment period according to the contract. Long-term tax receivables mainly refer to VAT and other income tax receivables of some Group companies. It is considered that the book value of the other non-current assets is approximately equal to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-2828-3": { "value": "This item breaks down as follows:(Euro/000) December 31, 2023 December 31, 2022 VAT receivable 7,670 9,772 Income tax receivables 19,307 17,169 Prepayments and accrued income 6,452 9,398 Other receivables 6,689 8,539 Total 40,119 44,878 Income tax receivables are mainly related to tax credits and advance payments made during the financial year which will be offset against the related tax payables. Prepayments and accrued income amounted to 6,452 thousand Euro compared to 9,398 thousand Euro at 31 December 2022, and mainly relate to royalties and advertising expenses, prepaid insurance and other prepaid expenses. Other current receivables amounted to 6,689 thousand Euro, compared to 8,539 thousand Euro of 31 December 2022. The balance mainly includes deposit payments due within 12 months and other receivables related to the ordinary business. These other current receivables are expected to be recovered in the coming months and are reasonably certain in term of fulfillment conditions. It is considered that the book value of the other current assets is approximately equal to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-2865-2": { "value": "The table below summarises the changes in the tangible assets: (Euro/000) January 1, 2023 Increase Decrease Reclass. Reclass. assets held for sale Transl. diff. December 31, 2023 Gross value Land and buildings 121,200 2,305 (14) (845) (13,162) (1,815) 107,669 Plant and machinery 176,106 1,385 (2,910) 418 (39,756) (1,668) 133,574 Equipment and other assets 122,299 6,838 (628) 474 (4,356) (3,325) 121,301 Advance payments 65 - (18) (47) - - - Total 419,670 10,527 (3,571) - (57,274) (6,808) 362,545 Accumulated depreciation Land and buildings 61,078 5,102 (3) 17 (9,072) (781) 56,341 Plant and machinery 149,674 5,506 (2,405) - (35,824) (1,227) 115,724 Equipment and other assets 99,830 9,936 (591) (17) (4,756) (2,672) 101,730 Total 310,582 20,544 (2.999) - (49.652) (4,680) 273,795 Net value 109,088 (10,017) (572) - (7,622) (2,128) 88,750 (Euro/000) January 1, 2022 Increase Decrease Reclass. Transl. diff. December 31, 2022 Gross value Land and buildings 118,911 2,816 (465) (135) 74 121,200 Plant and machinery 175,998 2,337 (1,951) - (277) 176,106 Equipment and other assets 136,213 7,559 (23,051) 135 1,443 122,299 Advance payments 43 22 - - - 65 Total 431,164 12,733 (25,467) - 1,239 419,670 Accumulated depreciation Land and buildings 57,670 3,519 (618) 376 130 61,078 Plant and machinery 146,267 5,347 (1,738) - (202) 149,674 Equipment and other assets 111,613 10,638 (22,911) (376) 865 99,830 Total 315,551 19,504 (25,267) - 794 310,582 Net value 115,613 (6,771) (200) - 446 109,088 Tangible assets in the financial period record an increase for new investments equal to 10,527 thousand Euro, a decrease for depreciation and write-down equal to 20,544 thousand Euro, a net decrease for disposal equal to 572 thousand Euro and for the reclassification to assets held for sale equal to 7,622 thousand Euro. Investments in tangible assets in the financial period equal to 10,527 thousand Euro (12,733 thousand Euro in the previous year), are related to: - Euro 6,069 thousand in the production facilities, mainly for the purchase and production of equipment for new models; - Euro 2,619 thousand in the U.S. companies, mainly for fixtures in retail stores of Blenders and logistic equipment in the Denver distribution centre; - Euro 1,265 thousand in the Italian distribution centre mainly for the upgrade of logistic equipment; - the remaining part in the other companies of the Group. On the base of the analyses performed, management believes that for the tangible assets on hand as at 31 December 2023 there are no indicators of loss of value. The balance related to the reclassification to \"Assets held for sale\" refers to the assets of the italian production plant sited in Longarone. As at 31 December 2022 the item was equal to 2,320 thousand Euro and was related to the real estate of one of the two industrial units of the Longarone production site, which had been downsized in 2020. In 2023 the Group in consideration of the product portfolio evolution and of the persistent production overcapacity has announced the intention to dispose the entire Longarone production site and the advanced negotiations with Thelios S.p.A., a player in the eyewear sector and part of the LVMH Group, and with Innovatek S.r.l., an Italian eyewear contractor manufacturer. In line with IFRS 5 all fixed assets of the Longarone production site that were subject to these two negotiations have been reclassified as \u201cassets held for sale\u201d, for a total net book value of 7,622 thousand Euro. On 31 October 2023 the Group announced the signing of the deeds for the transfer of the industrial assets of the Longarone plant to Th\u00e9lios S.p.A. and Innovatek S.r.l.. The operation has been finalised for a sale consideration of 10.7 million Euro, against which the Group sold fixed assets for a total net book value of 9.9 million Euro after having recognized write-downs of fixed assets equal to approximately 3.2 million Euro. The operation also involved the transfer of liabilities relating to personnel, for defined benefit plan liabilities and payroll accruals, equal to approximately 5.8 million Euro and non-recurring costs connected to the deal equal to approximately 10 million Euro. Despite the complex situation, the agreement has guaranteed the full employment of all the workers, allowing for the preservation of the sector\u2019s existing know-how thanks to the effective support of the local public institutions and the trade unions, to reach the conditions for the best possible outcome. Following the completion of the disposal plan of Longarone site at 31 December 2023 the Group doesn\u2019t report any residual amount in the item \u201cassets held for sale\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-3128-3": { "value": "The balance related to the reclassification to \"Assets held for sale\" refers to the assets of the italian production plant sited in Longarone. As at 31 December 2022 the item was equal to 2,320 thousand Euro and was related to the real estate of one of the two industrial units of the Longarone production site, which had been downsized in 2020. In 2023 the Group in consideration of the product portfolio evolution and of the persistent production overcapacity has announced the intention to dispose the entire Longarone production site and the advanced negotiations with Thelios S.p.A., a player in the eyewear sector and part of the LVMH Group, and with Innovatek S.r.l., an Italian eyewear contractor manufacturer. In line with IFRS 5 all fixed assets of the Longarone production site that were subject to these two negotiations have been reclassified as \u201cassets held for sale\u201d, for a total net book value of 7,622 thousand Euro. On 31 October 2023 the Group announced the signing of the deeds for the transfer of the industrial assets of the Longarone plant to Th\u00e9lios S.p.A. and Innovatek S.r.l.. The operation has been finalised for a sale consideration of 10.7 million Euro, against which the Group sold fixed assets for a total net book value of 9.9 million Euro after having recognized write-downs of fixed assets equal to approximately 3.2 million Euro. The operation also involved the transfer of liabilities relating to personnel, for defined benefit plan liabilities and payroll accruals, equal to approximately 5.8 million Euro and non-recurring costs connected to the deal equal to approximately 10 million Euro. Despite the complex situation, the agreement has guaranteed the full employment of all the workers, allowing for the preservation of the sector\u2019s existing know-how thanks to the effective support of the local public institutions and the trade unions, to reach the conditions for the best possible outcome. Following the completion of the disposal plan of Longarone site at 31 December 2023 the Group doesn\u2019t report any residual amount in the item \u201cassets held for sale\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-3150-2": { "value": "The table below summarises the changes in the Right of Use assets, mainly related to real estate rent contracts and to long term operating lease contracts for company cars. (Euro/000) January 1, 2023 Increase Decrease Transl. diff. December 31, 2023 Gross value Buildings Right of Use 58,742 3,748 (4,908) (1,552) 56,031 Other assets Right of Use 8,127 2,869 (2,351) (77) 8,568 Total 66,869 6,617 (7,258) (1,629) 64,599 Accumulated depreciation Buildings Right of Use 24,074 8,120 (4,836) (620) 26,738 Other assets Right of Use 3,798 2,225 (2,100) (50) 3,874 Total 27,872 10,345 (6,936) (670) 30,611 Net value 38,997 (3,728) (322) (959) 33,988 (Euro/000) January 1, 2022 Increase Decrease Transl. diff. December 31, 2022 Gross value Buildings Right of Use 49,449 8,556 (1,600) 2,337 58,742 Other assets Right of Use 8,664 2,322 (2,865) 7 8,127 Total 58,112 10,877 (4,465) 2,345 66,869 Accumulated depreciation Buildings Right of Use 16,964 8,097 (1,606) 619 24,074 Other assets Right of Use 4,230 2,229 (2,664) 3 3,798 Total 21,194 10,326 (4,270) 622 27,872 Net value 36,918 551 (195) 1,723 38,997 Investments in Right of Use in the financial period amount to 6,617 thousand Euro (10,877 thousand Euro in the previous year) related for the building to the opening of one new Blenders retail store, by the ordinary renewal of some locations of the commercial subsidiaries and for the other assets to the renewal of the expired operating lease contracts for company cars.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-3317-3": { "value": "The following table shows changes in intangible assets: (Euro/000) January 1, 2023 Increase Decrease Reclass. Reclass. assets held for sale Transl. diff. December 31, 2023 Gross value Software 100,520 1,705 (87) (9) (217) (638) 101,275 Trademarks and licenses 154,909 772 - - - (3,424) 152,257 Other intangible assets 32,387 343 (233) - - (1,004) 31,493 Total 287,817 2,820 (319) (9) (217) (5,066) 285,026 Accumulated amortization Software 87,839 5,495 24 (9) (193) (598) 92,558 Trademarks and licenses 51,332 7,933 - - - (591) 58,674 Other intangible assets 15,653 10,904 (233) - - (648) 25,677 Total 154,824 24,332 (209) (9) (193) (1,836) 176,909 Net value 132,993 (21,513) (110) - (24) (3,229) 108,117 (Euro/000) January 1, 2022 Increase Decrease Reclass. Transl. diff. December 31, 2022 Gross value Software 97,304 2,685 (149) 11 670 100,520 Trademarks and licenses 148,933 241 - - 5,736 154,909 Other intangible assets 30,656 382 (156) - 1,504 32,387 Total 276,892 3,308 (305) 11 7,910 287,817 Accumulated amortization Software 81,342 6,092 (16) 11 410 87,839 Trademarks and licenses 43,675 7,229 - - 427 51,332 Other intangible assets 10,216 5,239 (115) - 313 15,653 Total 135,233 18,560 (130) 11 1,150 154,824 Net value 141,659 (15,252) (175) - 6,761 132,993 Intangible assets in the financial period record an increase for new investments equal to 2,820 thousand Euro, a decrease for depreciation and write-down equal to 24,332 thousand Euro, a net decrease for disposal equal to 110 thousand Euro and for reclassification to assets held for sale equal to 24 thousand Euro. The item trademarks and licenses mainly includes the value of proprietary brands acquired from third parties during business combinations and valued in the purchase price allocation of such transactions. These brands have a finite useful life and are amortized over a useful life between 15 and 20 years, determined on the basis of independent analyzes and market benchmarks. On the base of the analyses performed, management believes that for the intangible assets on hand as at 31 December 2023 there are no indicators of loss of value. Investments in intangible assets made during the year amount to 2,820 thousand Euro (3,308 thousand Euro in the previous year). The investments mainly relate to the continuing implementation of the integrated information system (ERP) in the Group\u2019s subsidiaries and to the digital transformation projects. Investments of 11,740 thousand Euro (9,703 thousand Euro in the previous year) relating the implementation of cloud-based software-as-a-service (SaaS) agreements, have been expensed as EDP service costs, in line with the accounting policy introduced by the Group in 2021 to comply with the guidelines of the IFRIC agenda on SaaS arrangements published in April 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-3571-2": { "value": "Depreciation and amortization for tangible and intangible assets is allocated over the following income statement items: (Euro/000) Notes 2023 2022 Var. Cost of sales 5.2 13,737 12,536 1,201 Selling and marketing expenses 5.3 3,756 3,220 536 General and administrative expenses 5.4 27,384 22,308 5,076 Amortization and depreciation 44,877 38,064 6,813 Cost of sales - Right of Use depreciation 5.2 1,221 1,197 25 Selling and marketing expenses - Right of Use depreciation 5.3 4,677 4,813 (136) General and administrative expenses - Right of Use depreciation 5.4 4,447 4,317 130 Depreciation Right of Use - IFRS 16 10,345 10,326 19 Total 55,222 48,390 6,832 Amortization and depreciation equal 44,877 thousand Euro (38,064 thousand Euro in the previous period). The increase for 6,813 thousand Euro is mainly due to non-recurring tangible assets write-downs equal to 12,812 thousand Euro that have affected the item \u201ccost of sales\" for 4,147 thousand Euro mainly related to the write-down of the Longarone plant assets at their recoverable value through the sale, in the context of the transaction described in the Note 4.6 paragraph \u201cNon-current assets held for sale\u201d, and the item \u201cgeneral and administrative\u201d for 8,665 thousand Euro related to the partial write-down of some intangible assets identified in the purchase price allocation of a previous business combination. These non-recurring write-downs were partially offset by a reduction in the ordinary amortization and depreciation. The Right of Use depreciations in 2023 are equal to 10,345 thousand Euro (10,326 thousand Euro in the previous year). During the year the Group incurred costs for research and development equal to 14,000 thousand Euro (14,420 thousand Euro in the previous year). This item breaks down as follows: (Euro/000) 2023 2022 Payroll and social security contributions 116,217 108,220 Sales commissions 43,749 49,821 Royalty expenses 61,178 60,225 Advertising and promotional costs 132,476 134,574 Amortization and depreciation 3,756 3,220 Depreciation Right of Use - IFRS 16 4,677 4,813 Logistic costs 37,647 34,203 Consultants fees 1,552 1,504 Rental and operating leases 7,995 8,111 Offset Rental and operating leases - IFRS 16 (5,515) (5,570) Utilities, security and cleaning 1,425 1,126 Provision for risks 1,423 358 Other sales and marketing expenses 22,199 19,884 Total 428,780 420,488 Selling and marketing expenses increased by Euro 8,292 thousand (or 2.0%), from Euro 420,488 thousand in 2022 to Euro 428,780 thousand in 2023. This was due to the increase of payroll and social security contributions by Euro 7,998 thousand (or 7.4%), logistic costs by Euro 3,444 thousand (or 10.1%) and other sales and marketing expenses by 2,315 thousand Euro (or 11.6%), partially offset by a decrease of the sales commissions by Euro 6,071 thousand (or -12.2%), and advertising and promotional costs by Euro 2,099 thousand (or -1.6%). This item breaks down as follows: (Euro/ 000) 2023 2022 Payroll and social security contributions 49,327 48,896 Allowance and write-off of doubtful accounts 504 (898) Amortization and depreciation 27,384 22,308 Depreciation Right of Use - IFRS 16 4,447 4,317 Professional services 15,051 15,073 Rental and operating leases 6,083 5,651 Offset Rental and operating leases - IFRS 16 (5,036) (4,972) EDP costs 28,964 25,482 Insurance costs 1,951 2,187 Utilities, security and cleaning 3,412 4,059 Taxes (other than on income) 1,035 1,489 Other general and administrative expenses 4,959 4,835 Total 138,080 128,426 General and administrative expenses increased by Euro 9,654 thousand (or 7.5%), from Euro 128,426 thousand in 2022 to Euro 138,080 thousand in 2023. This was mainly due to an increase of EDP expenses by Euro 3,482 thousand (or 13.7%), from Euro 25,482 thousand in 2022 to Euro 28,964 thousand in 2023. The increase of the EDP expenses is mainly related to the cost incurred for the implementation of the latest generation integrated information system (ERP) which are cloud-based and hence structured as a software as-a-service (SaaS) agreement. Safilo has therefore fully expensed the related amount of 11,740 thousand Euro (9,703 thousand Euro in the previous year) as EDP service costs, in line with the accounting policy introduced by the Group in 2021 to comply with the guidelines of the IFRIC agenda on SaaS arrangements published in April 2021. Depreciation and amortization increased by 5,076 thousand Euro, from 22,308 thousand in 2022 to Euro 27,384 thousand in 2023. This was mainly due to the non-recurring amortization of 8,665 thousand Euro related to the partial write-down of some intangible assets identified in the purchase price allocation of a previous business combination. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-3571-3": { "value": "Depreciation and amortization for tangible and intangible assets is allocated over the following income statement items: (Euro/000) Notes 2023 2022 Var. Cost of sales 5.2 13,737 12,536 1,201 Selling and marketing expenses 5.3 3,756 3,220 536 General and administrative expenses 5.4 27,384 22,308 5,076 Amortization and depreciation 44,877 38,064 6,813 Cost of sales - Right of Use depreciation 5.2 1,221 1,197 25 Selling and marketing expenses - Right of Use depreciation 5.3 4,677 4,813 (136) General and administrative expenses - Right of Use depreciation 5.4 4,447 4,317 130 Depreciation Right of Use - IFRS 16 10,345 10,326 19 Total 55,222 48,390 6,832 Amortization and depreciation equal 44,877 thousand Euro (38,064 thousand Euro in the previous period). The increase for 6,813 thousand Euro is mainly due to non-recurring tangible assets write-downs equal to 12,812 thousand Euro that have affected the item \u201ccost of sales\" for 4,147 thousand Euro mainly related to the write-down of the Longarone plant assets at their recoverable value through the sale, in the context of the transaction described in the Note 4.6 paragraph \u201cNon-current assets held for sale\u201d, and the item \u201cgeneral and administrative\u201d for 8,665 thousand Euro related to the partial write-down of some intangible assets identified in the purchase price allocation of a previous business combination. These non-recurring write-downs were partially offset by a reduction in the ordinary amortization and depreciation. The Right of Use depreciations in 2023 are equal to 10,345 thousand Euro (10,326 thousand Euro in the previous year). During the year the Group incurred costs for research and development equal to 14,000 thousand Euro (14,420 thousand Euro in the previous year). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-3571-4": { "value": "Depreciation and amortization for tangible and intangible assets is allocated over the following income statement items: (Euro/000) Notes 2023 2022 Var. Cost of sales 5.2 13,737 12,536 1,201 Selling and marketing expenses 5.3 3,756 3,220 536 General and administrative expenses 5.4 27,384 22,308 5,076 Amortization and depreciation 44,877 38,064 6,813 Cost of sales - Right of Use depreciation 5.2 1,221 1,197 25 Selling and marketing expenses - Right of Use depreciation 5.3 4,677 4,813 (136) General and administrative expenses - Right of Use depreciation 5.4 4,447 4,317 130 Depreciation Right of Use - IFRS 16 10,345 10,326 19 Total 55,222 48,390 6,832 Amortization and depreciation equal 44,877 thousand Euro (38,064 thousand Euro in the previous period). The increase for 6,813 thousand Euro is mainly due to non-recurring tangible assets write-downs equal to 12,812 thousand Euro that have affected the item \u201ccost of sales\" for 4,147 thousand Euro mainly related to the write-down of the Longarone plant assets at their recoverable value through the sale, in the context of the transaction described in the Note 4.6 paragraph \u201cNon-current assets held for sale\u201d, and the item \u201cgeneral and administrative\u201d for 8,665 thousand Euro related to the partial write-down of some intangible assets identified in the purchase price allocation of a previous business combination. These non-recurring write-downs were partially offset by a reduction in the ordinary amortization and depreciation. The Right of Use depreciations in 2023 are equal to 10,345 thousand Euro (10,326 thousand Euro in the previous year). During the year the Group incurred costs for research and development equal to 14,000 thousand Euro (14,420 thousand Euro in the previous year). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-3650-2": { "value": "The Group does not recognize as intangible assets the research and development costs related to both technological and production process developments and product design. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-3650-4": { "value": "The Group does not recognize as intangible assets the research and development costs related to both technological and production process developments and product design. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-3650-5": { "value": "The Group does not recognize as intangible assets the research and development costs related to both technological and production process developments and product design. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-3654-3": { "value": "The item refers to goodwill which arose from the acquisitions in 2020 of Priv\u00e9 Revaux and Blenders. A single CGU has been identified, representing the whole Group, to which the entire amount of goodwill has been allocated: this allocation is consistent with the strategy underlying the acquisitions, that, beyond the acquisition of two new brands, will enable the whole Group to compete more effectively in the fast-growing digital sales and communication channels. The identification of a single CGU is consistent with the strategic vision that the directors have of the Group and reflects the way in which management monitors operations and makes decisions on the maintenance or sale of assets and with the high level of interdependence of the cash in flows of the Group. Strategy, goal setting, operations management, as well as reporting and incentive systems are managed at a corporate level, leaving to the local units deployment and tailoring to the specific market. The allocation to a single CGU is consistent with the approach adopted for the preparation of the previous year financial statements. The following table shows changes in Goodwill: (Euro/000) January 1, 2023 Increase Decrease Transl. diff. December 31, 2023 Goodwill 34,895 - - (1,213) 33,682 (Euro/000) January 1, 2022 Increase Decrease Transl. diff. December 31, 2022 Goodwill 32,861 - - 2,033 34,895 In 2023 the item recorded a decrease of 1,213 thousand Euro due to foreign currency translation. The approach followed and the assumptions made to perform the impairment test are described below. For the unique identified CGU of the Group, the recoverable amount is based on its value in use determined based on estimated future cash flow projections. On 14 March 2024 the Board of Directors has approved the 2024-2028 Financial Projections that confirms the main goals and strategies defined in the Group Business Plan presented to the markets on 10 March 2023. For the purposes of the impairment test, these financial projections take the requirements of IAS 36 into consideration, specifically those that require that the estimate of future cash flows excludes those cash flows that are expected to arise from improving or enhancing asset performance. Accordingly, potential new acquisitions effect included in the Financial projection 2024-2028, have not been considered for the purposes of the impairment test. In estimating the growth in the plan period, the Group has taken into consideration both its own internal expectations as well as indications obtained from independent external sources. The main objectives and strategies underlying Safilo\u2019s 2024-2028 business plan are: \u2022 Sales growth, which maximizes customer service and meets the needs of the different consumer segments; \u2022 Margin expansion and a more flexible operating cost structure; \u2022 Positive cash flow generation that feeds and supports the Group's organic and external growth. The Group\u2019s strategies will continue to leverage two main enablers: \u2022 the end-to-end Digitalization of its business model, with the aim of transversally enhancing data analytics, optimizing processes, operations and time to market; \u2022 a Sustainability roadmap in support of the Group\u2019s business targets, driven through an agenda of clear and shared objectives. The impairment test methodology used for the execution of the impairment test at the date of 31 December 2023 is consistent with the criteria used for the 2022 financial statements and considers the following factors: \u2022 Management used the most recent information available to calculate the WACC (weighted average cost of capital), in particular: risk free rate, market risk premium, beta, specific risk premium for Safilo, Cost of debt (including lease liabilties), debt/equity structure. As recommended by regulators, the WACC has not been adjusted for the macroeconomic enviroment with uncertainties instead being reflected in the cash flows; \u2022 the growth rates for the years following the plan\u2019s horizon (\u201cg\u201d rate) have been analytically reviewed for each single country in which the Group operates in, and have been adapted to the rate of inflation expected by analysts for 2028. To calculate the present value, the future cash flows thus obtained were discounted to their present value at a discount rate (WACC) as at the test\u2019s date of reference that took into account the specificities of each geography where the Group operates. The cash flows generated after the horizon considered were determined on the basis of perpetual growth rates considered adequate with reference to the economic conditions of the country of reference. The following table summarizes the WACC and \u201cg\u201d rates used by the Group for the impairment test: Key assumptions \"WACC\" discount rate Growth rate \"g\" December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Safilo Group 8.55% 10.12% 2.13% 2.07% The impairment test carried out did not highlight any loss in value. Management has performed sensitivities to test the cover of Net Invested Capital based on different scenarios where key parameters like WACC and Free Cash Flows have been progressively modelled. With reference to the break-even level: to obtain an enterprise value equal to the net invested capital as of 31 December 2023, including goodwill, EBITDA and related cash flows could be reduced by 55% or WACC could be increased by +6.5%. After completing the process described, management concluded that no impairment loss needs to be recognized at the date of 31 December 2023. Management has used the most reliable information available at this moment. In monitoring the goodwill value, management has taken into consideration also exogenous factors, such as the stock market capitalization, which is higher than the Group's net equity. The stock market valuation in general may be subject to different expectations and various fluctuations and hence in practice different valuation methods exist, such as those based on expected cash flows. Management believe that the assumptions incorporated in the Financial Projections 2024-2028 underlying the impairment test are reasonable and that the Group has the necessary skills and resources to meet planned goals.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-3733-4": { "value": "The approach followed and the assumptions made to perform the impairment test are described below. For the unique identified CGU of the Group, the recoverable amount is based on its value in use determined based on estimated future cash flow projections. On 14 March 2024 the Board of Directors has approved the 2024-2028 Financial Projections that confirms the main goals and strategies defined in the Group Business Plan presented to the markets on 10 March 2023. For the purposes of the impairment test, these financial projections take the requirements of IAS 36 into consideration, specifically those that require that the estimate of future cash flows excludes those cash flows that are expected to arise from improving or enhancing asset performance. Accordingly, potential new acquisitions effect included in the Financial projection 2024-2028, have not been considered for the purposes of the impairment test. In estimating the growth in the plan period, the Group has taken into consideration both its own internal expectations as well as indications obtained from independent external sources. The main objectives and strategies underlying Safilo\u2019s 2024-2028 business plan are: \u2022 Sales growth, which maximizes customer service and meets the needs of the different consumer segments; \u2022 Margin expansion and a more flexible operating cost structure; \u2022 Positive cash flow generation that feeds and supports the Group's organic and external growth. The Group\u2019s strategies will continue to leverage two main enablers: \u2022 the end-to-end Digitalization of its business model, with the aim of transversally enhancing data analytics, optimizing processes, operations and time to market; \u2022 a Sustainability roadmap in support of the Group\u2019s business targets, driven through an agenda of clear and shared objectives. The impairment test methodology used for the execution of the impairment test at the date of 31 December 2023 is consistent with the criteria used for the 2022 financial statements and considers the following factors: \u2022 Management used the most recent information available to calculate the WACC (weighted average cost of capital), in particular: risk free rate, market risk premium, beta, specific risk premium for Safilo, Cost of debt (including lease liabilties), debt/equity structure. As recommended by regulators, the WACC has not been adjusted for the macroeconomic enviroment with uncertainties instead being reflected in the cash flows; \u2022 the growth rates for the years following the plan\u2019s horizon (\u201cg\u201d rate) have been analytically reviewed for each single country in which the Group operates in, and have been adapted to the rate of inflation expected by analysts for 2028. To calculate the present value, the future cash flows thus obtained were discounted to their present value at a discount rate (WACC) as at the test\u2019s date of reference that took into account the specificities of each geography where the Group operates. The cash flows generated after the horizon considered were determined on the basis of perpetual growth rates considered adequate with reference to the economic conditions of the country of reference. The following table summarizes the WACC and \u201cg\u201d rates used by the Group for the impairment test: Key assumptions \"WACC\" discount rate Growth rate \"g\" December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Safilo Group 8.55% 10.12% 2.13% 2.07% The impairment test carried out did not highlight any loss in value. Management has performed sensitivities to test the cover of Net Invested Capital based on different scenarios where key parameters like WACC and Free Cash Flows have been progressively modelled. With reference to the break-even level: to obtain an enterprise value equal to the net invested capital as of 31 December 2023, including goodwill, EBITDA and related cash flows could be reduced by 55% or WACC could be increased by +6.5%. After completing the process described, management concluded that no impairment loss needs to be recognized at the date of 31 December 2023. Management has used the most reliable information available at this moment. In monitoring the goodwill value, management has taken into consideration also exogenous factors, such as the stock market capitalization, which is higher than the Group's net equity. The stock market valuation in general may be subject to different expectations and various fluctuations and hence in practice different valuation methods exist, such as those based on expected cash flows. Management believe that the assumptions incorporated in the Financial Projections 2024-2028 underlying the impairment test are reasonable and that the Group has the necessary skills and resources to meet planned goals.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-3813-2": { "value": "The following table shows the amounts of deferred tax assets and liabilities, net of the write-downs applied: (Euro/000) December 31, 2023 December 31, 2022 Deferred tax assets 199,207 191,262 Valuation Allowance (-) (163,887) (154,989) Net deferred tax assets 35,320 36,273 Deferred tax liabilities (10,291) (12,863) Total net 25,029 23,410 The deferred tax assets, net of deferred tax liabilities, have been reviewed and reduced by a valuation allowance in relation to some Group companies to the extent it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The valuation allowance for deferred tax assets as of 31 December 2023 amounts to 163,887 thousand Euro (154,989 thousand Euro at 31 December 2022). This valuation allowance can be reversed in future years to the extent that it is probable that taxable profits will be available against which the deductible temporary differences and tax losses can be utilized. The table below provides details of the items generating temporary differences on which deferred tax assets and liabilities were calculated. Deferred tax assetsPosted to (Euro/000) January 1, 2023 Income Statement Equity Transl. diff. December 31, 2023 - Tax losses carried forward 119,426 13,039 - (311) 132,154 - Inventories 23,947 (2,907) - (297) 20,743 - Taxed provisions 7,258 472 (145) (7) 7,578 - Intangible assets 2,779 31 - (3) 2,807 - Tangible assets 4,556 (819) - 37 3,774 - Taxed financial interests 16,424 2,039 - (4) 18,459 - Other temporary differences 16,872 (2,772) (42) (367) 13,692 - Total deferred tax assets 191,262 9,084 (187) (952) 199,207 - Valuation allowance of deferred tax assets on tax losses (111,599) (14,271) - 171 (125,699) - Valuation allowance of deferred tax assets on other temporary differences (43,389) 5,164 144 (105) (38,187) - Total allowance on deferred tax assets (154,989) (9,108) 144 66 (163,887) Total net 36,273 (24) (43) (886) 35,320 Deferred tax liabilities Posted to (Euro/000) January 1, 2023 Income Statement Equity Transl. diff. December 31, 2023 - Depreciation differences 8,144 (2,883) - (188) 5,073 - Goodwill 2,513 556 - (99) 2,970 - Inventories 167 (54) - 12 125 - Receivables and payables 384 (42) - (8) 334 - Other temporary differences 1,655 183 - (49) 1,789 Total 12,863 (2,240) - (332) 10,291 The table below shows the Group\u2019s total unused tax losses available for carry-forward by expiration date, the related deferred tax assets and the valuation allowance amounts. The deferred tax assets calculated on the tax losses available for carry-forward of some Group companies amount to a total of 132,154 thousand Euro. These deferred tax assets have been written down by a valuation allowance of 125,699 thousand Euro, since at present their recovery via the generation of future taxable profit is not considered probable. Expiration date Tax losses Tax benefit (Euro/000) 2025 4,145 1,360 2026 3,549 1,169 2027 1,047 328 2029 28 9 2030 781 257 2031 467 147 2032 8 3 Unlimited 514,091 124,773 Other tax losses relating local taxes: Various 4,109 Total 524,116 132,154 Valuation Allowance (-) (125,699) Total deferred tax assets on losses carried forward 6,455 The following table shows deferred tax assets and liabilities split between the portion due within one year and the portion due after more than one year.(Euro/000) December 31, 2023 December 31, 2022 Deferred tax assets - recoverable within one year 23,367 20,074 - recoverable beyond one year 11,952 16,199 Total 35,320 36,273 Deferred tax liabilities - recoverable within one year (462) (555) - recoverable beyond one year (9,829) (12,308) Total (10,291) (12,863) Total net 25,029 23,410 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4134-3": { "value": "The table below shows details of non-current assets: (Euro/000) December 31, 2023 December 31, 2022 Long-term guarantee deposits 1,183 2,199 Other long-term receivables 5,388 4,172 Long-term tax receivables 1,097 2,251 Total 7,668 8,623 Long-term guarantee deposits mainly refer to security deposits for leasing contracts related to buildings used by some of the Group\u2019s companies. Other long-term receivables mainly refer to the cash consideration for the disposal of the office real estate near the Padua Headquarters, finalised in 2021. The receivable has been discounted to its present value and will be collected through monthly instalments along a four year payment period according to the contract. Long-term tax receivables mainly refer to VAT and other income tax receivables of some Group companies. It is considered that the book value of the other non-current assets is approximately equal to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4164-2": { "value": "This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Short-term portion of long-term bank loans 30,250 30,000 Short-term borrowings 30,250 30,000 Long-term bank loans 88,345 117,329 Long-term borrowings 88,345 117,329 Short-term portion of financial lease liability IFRS 16 9,643 9,051 Long-term portion of financial lease liability IFRS 16 29,359 34,727 Financial lease liability IFRS 16 39,002 43,778 Total 157,597 191,107 Borrowings At 31 December 2023 the Group has bank loans for a total amount of 118,595 thousand Euro of which 30,250 thousand Euro classified as short-term and 88,345 thousand Euro as long-term (147,329 thousand Euro as at 31 December 2022 of which 30,000 thousand Euro classified as short-term and 117,329 thousand Euro as long-term). The breakdown of bank loans by facility is detailed as follows: - 120,000 thousand Euro related to the Term Loan Facility and 2,000 thousand Euro related to the partial drawn of the Capex Facility Line. Both facilities are carried at amortized cost, meaning that the total outstanding transaction costs are amortized along the duration of the facility and reported as reduction of the par values. This reduces the amount of the two facilities by 3,405 thousand Euro, bringing their combined net value to 118,595 thousand Euro (147,329 thousand Euro as at 31 December 2022); - The Group\u2019s Revolving Credit Facility (75,000 thousand Euro) has not been drawn as at 31 December 2023 (no amount drawn also as at 31 December 2022). The above facilities are part of the financing agreement signed by the Group on 29 September 2022 for a total outstanding amount at 31 December 2023 of Euro 270,000,000, maturing in September 2027 and consisting of a Term Loan Facility of Euro 120,000,000, a Revolving Credit Facility of Euro 75,000,000 and a Capex Facility Line of Euro 75,000,000. These committed, unsubordinated and unsecured facility agreements are subject to customary operating and financial covenants, based on the ratio net debt/EBITDA adjusted. At 31 December 2023 the Group complies with all the outstanding covenants. In 2023 total interest expenses on borrowings are 10,037 thousand Euro (6,509 thousand Euro in 2022) of which figurative interest, calculated according to amortized cost method, are 1,266 thousand Euro (1,531 thousand in 2022). The Term Loan Facility, matures in September 2027, with a repayment profile in ten semi-annual instalments starting from June 2023. Here below we report the maturity analysis of the nominal value of the long-term bank loans, gross of 3,405 thousand Euro of transaction costs (4,671 thousand Euro in 2022):(Euro/000) December 31, 2023 December 31, 2022 From 1 to 2 years 30,500 30,000 From 2 to 3 years 30,500 30,000 From 3 to 4 years 30,750 30,000 From 4 to 5 years - 32,000 Beyond 5 years - - Total 91,750 122,000 The Group, as at 31 December 2023, has no financial borrowings in currencies other than Euro, details on the Group\u2019s exposure to interest rate and liquidity risks arising from borrowings are set out in the paragraphs relating to risk management (see note 3). Financial Lease liability The IFRS 16 financial lease liability, as at 31 December 2023, amounts to 39,002 thousand Euro of which 9,643 thousand Euro as short term, and 29,359 thousand Euro as long term. Here below we report the maturity analysis of the long term IFRS 16 financial lease liability: (Euro/000) December 31, 2023 December 31, 2022 From 1 to 2 years 7,415 8,047 From 2 to 3 years 6,221 6,160 From 3 to 4 years 5,218 5,139 From 4 to 5 years 4,465 4,730 Beyond 5 years 6,041 10,652 Total 29,359 34,727 Net Financial Position The following table shows the breakdown of net financial debt. This has been calculated consistently with the ESMA communication 32-382-1138 issued on 4 March 2021 implementing the European regulation UE 2017/1129 and in line with the CONSOB attention notice 5/21 of 29April 2021. Net financial debt December 31, 2023 December 31, 2022 Change (Euro/000) A Cash 74,898 77,710 (2,811) B Cash equivalents - - - C Other current financial assets - - - D Liquidity (A + B + C) 74,898 77,710 (2,811) E Current financial debt (including debt instruments, but excluding current portion of non-current financial debt) - - - F Current portion of non-current financial debt (39,893) (39,051) (843) G Current financial indebtedness (E + F ) (39,893) (39,051) (843) H Net current financial indebtedness (G - D) 35,005 38,659 (3,654) I Non-current financial debt (excluding current portion and debt instruments) (117,704) (152,057) 34,353 J Debt instruments - - - K Non-current trade and other payables - - - L Non-current financial indebtedness (I + J + K) (117,704) (152,057) 34,353 M Total financial indebtedness (H + L) (82,699) (113,398) 30,699 The Group Net financial debt reported in the above table does not include the valuation of derivative financial instruments (negative for 3.054 thousand Euro as at 31 December 2023) and the liabilities for options on non-controlling interests described respectively in note 4.4 and 4.18 of this report. In compliance with the ESMA communication 32-382-1138 of 4 March 2021 and the Consob attention notice 5/21 of 29 April 2021, it is specified that at 31 December 2023 the indirect or contingent indebtedness of the Group, includes \"liabilities for options on non-controlling interests\u201d equal to 20,770 thousand of Euro as disclosed in note 4.18. In compliance with the same communication, it is specified that the balance sheet also presents a liability for \u201cemployee benefit obligations\u201d equal to 9,734 thousand Euro as disclosed in note 4.17, and \u201cprovisions for risks\u201d for a total of 18,460 thousand Euro as disclosed in note 4.16. This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Payables to personnel and social security institutions 26,039 31,918 Agent fee payables 200 173 Payables to pension funds 1,109 1,370 Accrued advertising and sponsorship costs 743 781 Accrued interests on long-term loans 89 53 Other accruals and deferred income 8,563 9,422 Other current liabilities 4,030 3,574 Total 40,772 47,291 Payables to personnel and social security institutions mainly refer to salaries and wages for December and for holidays accrued but not taken at the reporting date. Movements in the item were as follows:(Euro/000) January 1, 2023 Increase Decrease Reclass. Transl. diff. December 31, 2023 Other non current liabilities 2,041 634 - - (23) 2,653 2,041 634 - - (23) 2,653 The \u201cother non-current liabilities\u201d include the estimate of the tax liability equal to 2,215 thousand Euro (compared to 960 thousand Euro as at 31 December 2022) accrued according to the IFRIC 23, on the basis of the assessment of the limited uncertain tax treatment identified within the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4164-3": { "value": "This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Short-term portion of long-term bank loans 30,250 30,000 Short-term borrowings 30,250 30,000 Long-term bank loans 88,345 117,329 Long-term borrowings 88,345 117,329 Short-term portion of financial lease liability IFRS 16 9,643 9,051 Long-term portion of financial lease liability IFRS 16 29,359 34,727 Financial lease liability IFRS 16 39,002 43,778 Total 157,597 191,107 Borrowings At 31 December 2023 the Group has bank loans for a total amount of 118,595 thousand Euro of which 30,250 thousand Euro classified as short-term and 88,345 thousand Euro as long-term (147,329 thousand Euro as at 31 December 2022 of which 30,000 thousand Euro classified as short-term and 117,329 thousand Euro as long-term). The breakdown of bank loans by facility is detailed as follows: - 120,000 thousand Euro related to the Term Loan Facility and 2,000 thousand Euro related to the partial drawn of the Capex Facility Line. Both facilities are carried at amortized cost, meaning that the total outstanding transaction costs are amortized along the duration of the facility and reported as reduction of the par values. This reduces the amount of the two facilities by 3,405 thousand Euro, bringing their combined net value to 118,595 thousand Euro (147,329 thousand Euro as at 31 December 2022); - The Group\u2019s Revolving Credit Facility (75,000 thousand Euro) has not been drawn as at 31 December 2023 (no amount drawn also as at 31 December 2022). The above facilities are part of the financing agreement signed by the Group on 29 September 2022 for a total outstanding amount at 31 December 2023 of Euro 270,000,000, maturing in September 2027 and consisting of a Term Loan Facility of Euro 120,000,000, a Revolving Credit Facility of Euro 75,000,000 and a Capex Facility Line of Euro 75,000,000. These committed, unsubordinated and unsecured facility agreements are subject to customary operating and financial covenants, based on the ratio net debt/EBITDA adjusted. At 31 December 2023 the Group complies with all the outstanding covenants. In 2023 total interest expenses on borrowings are 10,037 thousand Euro (6,509 thousand Euro in 2022) of which figurative interest, calculated according to amortized cost method, are 1,266 thousand Euro (1,531 thousand in 2022). The Term Loan Facility, matures in September 2027, with a repayment profile in ten semi-annual instalments starting from June 2023. Here below we report the maturity analysis of the nominal value of the long-term bank loans, gross of 3,405 thousand Euro of transaction costs (4,671 thousand Euro in 2022):(Euro/000) December 31, 2023 December 31, 2022 From 1 to 2 years 30,500 30,000 From 2 to 3 years 30,500 30,000 From 3 to 4 years 30,750 30,000 From 4 to 5 years - 32,000 Beyond 5 years - - Total 91,750 122,000 The Group, as at 31 December 2023, has no financial borrowings in currencies other than Euro, details on the Group\u2019s exposure to interest rate and liquidity risks arising from borrowings are set out in the paragraphs relating to risk management (see note 3). Financial Lease liability The IFRS 16 financial lease liability, as at 31 December 2023, amounts to 39,002 thousand Euro of which 9,643 thousand Euro as short term, and 29,359 thousand Euro as long term. Here below we report the maturity analysis of the long term IFRS 16 financial lease liability: (Euro/000) December 31, 2023 December 31, 2022 From 1 to 2 years 7,415 8,047 From 2 to 3 years 6,221 6,160 From 3 to 4 years 5,218 5,139 From 4 to 5 years 4,465 4,730 Beyond 5 years 6,041 10,652 Total 29,359 34,727 Net Financial Position The following table shows the breakdown of net financial debt. This has been calculated consistently with the ESMA communication 32-382-1138 issued on 4 March 2021 implementing the European regulation UE 2017/1129 and in line with the CONSOB attention notice 5/21 of 29April 2021. Net financial debt December 31, 2023 December 31, 2022 Change (Euro/000) A Cash 74,898 77,710 (2,811) B Cash equivalents - - - C Other current financial assets - - - D Liquidity (A + B + C) 74,898 77,710 (2,811) E Current financial debt (including debt instruments, but excluding current portion of non-current financial debt) - - - F Current portion of non-current financial debt (39,893) (39,051) (843) G Current financial indebtedness (E + F ) (39,893) (39,051) (843) H Net current financial indebtedness (G - D) 35,005 38,659 (3,654) I Non-current financial debt (excluding current portion and debt instruments) (117,704) (152,057) 34,353 J Debt instruments - - - K Non-current trade and other payables - - - L Non-current financial indebtedness (I + J + K) (117,704) (152,057) 34,353 M Total financial indebtedness (H + L) (82,699) (113,398) 30,699 The Group Net financial debt reported in the above table does not include the valuation of derivative financial instruments (negative for 3.054 thousand Euro as at 31 December 2023) and the liabilities for options on non-controlling interests described respectively in note 4.4 and 4.18 of this report. In compliance with the ESMA communication 32-382-1138 of 4 March 2021 and the Consob attention notice 5/21 of 29 April 2021, it is specified that at 31 December 2023 the indirect or contingent indebtedness of the Group, includes \"liabilities for options on non-controlling interests\u201d equal to 20,770 thousand of Euro as disclosed in note 4.18. In compliance with the same communication, it is specified that the balance sheet also presents a liability for \u201cemployee benefit obligations\u201d equal to 9,734 thousand Euro as disclosed in note 4.17, and \u201cprovisions for risks\u201d for a total of 18,460 thousand Euro as disclosed in note 4.16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4391-2": { "value": "This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Trade payables for: Purchase of raw materials 25,055 25,383 Purchase of finished goods 63,007 64,066 Supplies from subcontractors 3,682 3,322 Tangible and intangible assets 1,895 2,816 Commissions 2,333 4,443 Royalties 12,333 10,776 Advertising and marketing costs 13,336 11,351 Services 43,113 49,251 Sales returns liabilities (Refund Liability) 7,353 9,295 Total 172,107 180,701 Sales returns liabilities refer to the amount accrued against the risk of returns of products sold and delivered to customers that, based on the relevant trade terms, might be returned. This sum is charged to the income statement and is deducted directly from sales. The refund liability refers to well identified items and customers and management has elements to estimate the liability with a high level of reliability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4443-2": { "value": "This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Income tax payables 14,120 12,964 VAT payables 4,463 3,820 Other taxes payables 4,799 5,709 Total 23,382 22,492 At 31 December 2023 tax payables amounted to Euro 23,382 thousand (compared to Euro 22,492 thousand at 31 December 2022). Of this sum Euro 14,120 thousand referred to income tax for the period, Euro 4,463 thousand to VAT payables and Euro 4,799 thousand to taxes withheld, current and local taxes. The provision for the year\u2019s current income tax is shown in note 5.8 concerning income tax. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4470-3": { "value": "This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Payables to personnel and social security institutions 26,039 31,918 Agent fee payables 200 173 Payables to pension funds 1,109 1,370 Accrued advertising and sponsorship costs 743 781 Accrued interests on long-term loans 89 53 Other accruals and deferred income 8,563 9,422 Other current liabilities 4,030 3,574 Total 40,772 47,291 Payables to personnel and social security institutions mainly refer to salaries and wages for December and for holidays accrued but not taken at the reporting date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4470-4": { "value": "This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Payables to personnel and social security institutions 26,039 31,918 Agent fee payables 200 173 Payables to pension funds 1,109 1,370 Accrued advertising and sponsorship costs 743 781 Accrued interests on long-term loans 89 53 Other accruals and deferred income 8,563 9,422 Other current liabilities 4,030 3,574 Total 40,772 47,291 Payables to personnel and social security institutions mainly refer to salaries and wages for December and for holidays accrued but not taken at the reporting date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4507-2": { "value": "This item breaks down as follows: (Euro/000) January 1, 2023 Increase Decrease Reclass Transl. diff. December 31, 2023 Product warranty provision 5,706 366 (2,677) - (58) 3,337 Agents' severance indemnity 2,396 243 (647) - - 1,992 Other provisions for risks and charges 6,410 1,762 (1,812) (2,250) 5 4,114 Provisions for risks - long term 14,512 2,370 (5,136) (2,250) (53) 9,443 Product warranty provision 2,167 2 (113) - (67) 1,989 Provision for corporate restructuring 1,296 9,062 (9,760) - - 597 Other provisions for risks and charges 5,704 219 (1,740) 2,250 (1) 6,431 Provisions for risks - short term 9,166 9,282 (11,613) 2,250 (68) 9,017 Total 23,678 11,653 (16,749) - (121) 18,460 (Euro/000) January 1, 2022 Increase Decrease Transl. diff. December 31, 2022 Product warranty provision 5,764 561 (707) 89 5,706 Agents' severance indemnity 2,736 230 (571) 1 2,396 Other provisions for risks and charges 6,645 2,143 (2,437) 59 6,410 Provisions for risks - long term 15,144 2,934 (3,715) 149 14,512 Product warranty provision 1,978 124 (22) 87 2,167 Provision for corporate restructuring 7,795 1,296 (7,795) - 1,296 Other provisions for risks and charges 6,004 728 (1,035) 8 5,704 Provisions for risks - short term 15,776 2,147 (8,852) 95 9,166 Total 30,921 5,081 (12,567) 244 23,678 The product warranty provision was recorded against the costs to be incurred for the replacement of products sold before the balance sheet date, estimated on the base of historical information and of some statistical data regarding the nature, frequency and average cost of the warranty substitutions. The agents\u2019 severance indemnity was created against the risk deriving from the payment of indemnities in the case of termination of the agency agreement. This provision has been calculated based on existing laws at the balance sheet date considering all the future expected financial cash outflows. Provision for corporate restructuring includes the estimated liability arising from the reorganization projects under way. The balance was mainly related to the Italian companies restructuring plan, the increase of the period equal to Euro 9,062 thousand refers to the disposal plan of the entire Longarone production site announced in March 2023, this amount has been reported as a non-recurring expense in the item \u201cother operating expenses\u201d. With the finalization of the deal in October 2023 the provision has been fully utilized, the residual balance as at 31 December 2023 is related to some minor restructuring projects still in place. Provisions for other risks and charges refer to the best estimate made by management of the liabilities to be recognized in relation to proceedings arisen against suppliers, tax authorities and other counterparts. The estimate of the above-mentioned allowances takes into account, where applicable, the opinion of legal consultants and other experts, the company\u2019s past experience and others\u2019 in similar situations, as well as the intention of the company to take further actions in each case. The provision in the consolidated financial statements is the sum of the individual accruals made by each company of the Group. The above-mentioned allowances are considered adequate to cover the existing risks.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4507-3": { "value": "This item breaks down as follows: (Euro/000) January 1, 2023 Increase Decrease Reclass Transl. diff. December 31, 2023 Product warranty provision 5,706 366 (2,677) - (58) 3,337 Agents' severance indemnity 2,396 243 (647) - - 1,992 Other provisions for risks and charges 6,410 1,762 (1,812) (2,250) 5 4,114 Provisions for risks - long term 14,512 2,370 (5,136) (2,250) (53) 9,443 Product warranty provision 2,167 2 (113) - (67) 1,989 Provision for corporate restructuring 1,296 9,062 (9,760) - - 597 Other provisions for risks and charges 5,704 219 (1,740) 2,250 (1) 6,431 Provisions for risks - short term 9,166 9,282 (11,613) 2,250 (68) 9,017 Total 23,678 11,653 (16,749) - (121) 18,460 (Euro/000) January 1, 2022 Increase Decrease Transl. diff. December 31, 2022 Product warranty provision 5,764 561 (707) 89 5,706 Agents' severance indemnity 2,736 230 (571) 1 2,396 Other provisions for risks and charges 6,645 2,143 (2,437) 59 6,410 Provisions for risks - long term 15,144 2,934 (3,715) 149 14,512 Product warranty provision 1,978 124 (22) 87 2,167 Provision for corporate restructuring 7,795 1,296 (7,795) - 1,296 Other provisions for risks and charges 6,004 728 (1,035) 8 5,704 Provisions for risks - short term 15,776 2,147 (8,852) 95 9,166 Total 30,921 5,081 (12,567) 244 23,678 The product warranty provision was recorded against the costs to be incurred for the replacement of products sold before the balance sheet date, estimated on the base of historical information and of some statistical data regarding the nature, frequency and average cost of the warranty substitutions. The agents\u2019 severance indemnity was created against the risk deriving from the payment of indemnities in the case of termination of the agency agreement. This provision has been calculated based on existing laws at the balance sheet date considering all the future expected financial cash outflows. Provision for corporate restructuring includes the estimated liability arising from the reorganization projects under way. The balance was mainly related to the Italian companies restructuring plan, the increase of the period equal to Euro 9,062 thousand refers to the disposal plan of the entire Longarone production site announced in March 2023, this amount has been reported as a non-recurring expense in the item \u201cother operating expenses\u201d. With the finalization of the deal in October 2023 the provision has been fully utilized, the residual balance as at 31 December 2023 is related to some minor restructuring projects still in place. Provisions for other risks and charges refer to the best estimate made by management of the liabilities to be recognized in relation to proceedings arisen against suppliers, tax authorities and other counterparts. The estimate of the above-mentioned allowances takes into account, where applicable, the opinion of legal consultants and other experts, the company\u2019s past experience and others\u2019 in similar situations, as well as the intention of the company to take further actions in each case. The provision in the consolidated financial statements is the sum of the individual accruals made by each company of the Group. The above-mentioned allowances are considered adequate to cover the existing risks.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4730-2": { "value": "This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Defined contribution plan 12 15 Defined benefit plan 9,722 13,959 Total 9,734 13,975 During the financial years under analysis, the item related to defined benefit plans showed the following movements:(Euro/000) January 1, 2023 Addition Actuarial (gains)/losses Uses Reclass. liabilities held for sale Transl. diff. December 31, 2023 Defined benefit plan 13,959 976 287 (901) (4,579) (20) 9,722 (Euro/000) January 1, 2022 Addition Actuarial (gains)/losses Uses Transl. diff. December 31, 2022 Defined benefit plan 18,979 644 (2,850) (2,813) (1) 13,959 The reclassification to 'Liabilities held for sale' refers to the employee benefit liability of the Longarone production site, which was disposed during the year. The decrease of 901 thousand Euros during the period is attributed to the uses for the ordinary termination. This item refers to different forms of defined benefit and defined contribution pension plans, in line with the local conditions and practices in the countries in which the Group carries out its business. The employee severance fund of Italian companies (\u201cTFR\u201d), which constitutes the main part of the balance related the defined benefit plan, has historically been considered to be a defined benefit plan. However, following the changes in legislation governing the employment severance fund introduced by Italian law no. 296 of 27 December 2006 (\u201cFinancial Law 2007\u201d) and subsequent Decrees and Regulations issued in the first months of 2007, Safilo Group, on the basis of generally agreed interpretations, has considered that the portion of the employee benefit liability accrued from 1 January 2007, whether transferred to selected pension funds or transferred to the treasury account established with INPS, is classified as a \u201cdefined contribution plan\u201d while the portion of the employee benefit liability accrued as of 31 December 2006 is classified as a \u201cdefined benefit plan\u201d requiring actuarial valuations that exclude future increases in salaries. The employee severance fund of Italian companies (\u201cTFR\u201d) has no plan assets at its service. Actuarial estimates used for calculating the employee severance liability accrued up to 31 December 2006 are based on a system of assumptions based on demographic parameters, economic parameters and financial parameters. The demographic parameters are normally summarized in tables based on samples from different institutes (ISTAT, INAIL, INPS, Italian General Accounts Office, etc.). The economic parameters principally refer to long-term inflation rates and the financial yield rate, crucial for the valuation of amounts accrued in the reserve for termination benefits. The main financial parameter is given by the discount rate. The annual discount rate used to calculate the present value of the obligation was derived by the Iboxx Corporate AA index with a duration comparable to the duration of the collective of workers covered by the assessment. The principal assumptions used for the purpose of the actuarial valuations as at 31 December 2023 and 31 December 2022 are summarized here follow: 2023 2022 Discount rate 3.08% 3.63% Inflation rate 2.00% 2.30% Rate of benefit increase 3.00% 3.23% Below depicts the sensitivity of the Group\u2019s defined benefit obligations to changes in the principal assumptions. (Eur/000) Assumption Change Increase Decrease Inflation 1,00% 363 (347) Discount rate 1,00% (530) 591 Life expectancy 1 year (18) 18 The amounts related to defined benefit plans recorded in the statement of comprehensive income can be divided as follows:(Euro/000) 2023 2022 Service cost (552) (531) Interest cost (424) (113) Actuarial gain/(loss) (287) 2,850 Total (1,262) 2,206 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4730-3": { "value": "This item breaks down as follows: (Euro/000) December 31, 2023 December 31, 2022 Defined contribution plan 12 15 Defined benefit plan 9,722 13,959 Total 9,734 13,975 During the financial years under analysis, the item related to defined benefit plans showed the following movements:(Euro/000) January 1, 2023 Addition Actuarial (gains)/losses Uses Reclass. liabilities held for sale Transl. diff. December 31, 2023 Defined benefit plan 13,959 976 287 (901) (4,579) (20) 9,722 (Euro/000) January 1, 2022 Addition Actuarial (gains)/losses Uses Transl. diff. December 31, 2022 Defined benefit plan 18,979 644 (2,850) (2,813) (1) 13,959 The reclassification to 'Liabilities held for sale' refers to the employee benefit liability of the Longarone production site, which was disposed during the year. The decrease of 901 thousand Euros during the period is attributed to the uses for the ordinary termination. This item refers to different forms of defined benefit and defined contribution pension plans, in line with the local conditions and practices in the countries in which the Group carries out its business. The employee severance fund of Italian companies (\u201cTFR\u201d), which constitutes the main part of the balance related the defined benefit plan, has historically been considered to be a defined benefit plan. However, following the changes in legislation governing the employment severance fund introduced by Italian law no. 296 of 27 December 2006 (\u201cFinancial Law 2007\u201d) and subsequent Decrees and Regulations issued in the first months of 2007, Safilo Group, on the basis of generally agreed interpretations, has considered that the portion of the employee benefit liability accrued from 1 January 2007, whether transferred to selected pension funds or transferred to the treasury account established with INPS, is classified as a \u201cdefined contribution plan\u201d while the portion of the employee benefit liability accrued as of 31 December 2006 is classified as a \u201cdefined benefit plan\u201d requiring actuarial valuations that exclude future increases in salaries. The employee severance fund of Italian companies (\u201cTFR\u201d) has no plan assets at its service. Actuarial estimates used for calculating the employee severance liability accrued up to 31 December 2006 are based on a system of assumptions based on demographic parameters, economic parameters and financial parameters. The demographic parameters are normally summarized in tables based on samples from different institutes (ISTAT, INAIL, INPS, Italian General Accounts Office, etc.). The economic parameters principally refer to long-term inflation rates and the financial yield rate, crucial for the valuation of amounts accrued in the reserve for termination benefits. The main financial parameter is given by the discount rate. The annual discount rate used to calculate the present value of the obligation was derived by the Iboxx Corporate AA index with a duration comparable to the duration of the collective of workers covered by the assessment. The principal assumptions used for the purpose of the actuarial valuations as at 31 December 2023 and 31 December 2022 are summarized here follow: 2023 2022 Discount rate 3.08% 3.63% Inflation rate 2.00% 2.30% Rate of benefit increase 3.00% 3.23% Below depicts the sensitivity of the Group\u2019s defined benefit obligations to changes in the principal assumptions. (Eur/000) Assumption Change Increase Decrease Inflation 1,00% 363 (347) Discount rate 1,00% (530) 591 Life expectancy 1 year (18) 18 The amounts related to defined benefit plans recorded in the statement of comprehensive income can be divided as follows:(Euro/000) 2023 2022 Service cost (552) (531) Interest cost (424) (113) Actuarial gain/(loss) (287) 2,850 Total (1,262) 2,206 ", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4971-2": { "value": "s (Euro/000) January 1, 2023 Increase Decrease Reclass. Transl. diff. December 31, 2023 Short term - liabilities for options on non-controlling interests 6,195 - (5,948) (248) - - Long term - liabilities for options on non-controlling interests 13,349 7,895 - 248 (721) 20,770 19,545 7,895 (5,948) - (721) 20,770 The amount equal to 20,770 thousand Euro of long-term liability refers to the put and call options liability on the non-controlling interests of the business combinations finalised in 2020 in Priv\u00e9 Goods LLC and Blenders Eyewear LLC. Pursuant to the contractual terms the non-controlling interests held by the minority equity holders of these two investments are subject to customary reciprocal put and call options. More specifically, the put and call options were to be exercised in each of the years 2023 and 2024 for one third of the minority interests and in 2025 for the remaining portions. In the first half of 2023 the Group has already finalised the exercise of the first option on Priv\u00e9 Revaux non-controlling interests, following this event pursuant to the contractual terms the Group has increased its controlling stake in Priv\u00e9 Revaux from 82.8% to 88.5% in exchange for a nominal amount. On Blenders non-controlling interests, the exercise of the first option on an additional 10% of the interests, that has increased the Group controlling stake from 70% to 80%, has been finalised in the third quarter of 2023 in exchange for an amount of 5,948 thousand Euro. In March 2023, the Group has also agreed an extension of the second and third tranche of the put and call options on the non-controlling interest in Blenders, from 2024 and 2025 to 2026 and 2027 respectively. Following the above extension, the option fair value liability recorded an increase equal to 7,895 thousand Euro reported as financial loss in the item \u201cGains/(losses) for options on non-controlling interests\u201d in the income statement. Furthermore, the value of the liability was adjusted for a translation difference due to the Euro/US exchange rate fluctuation and for the accretion consequent to the financial discounting of the long-term debt. The item refers to the gain or loss deriving from the changes in the fair value of the liability related the the put and call options on the non-controlling interests of the two business combinations finalized in the first half of 2020 (for more details see the note 4.18). As at 31 December 2023 the fair value of the liability following the extension of the second and third tranche of the put and call options on the non-controlling interest in Blenders, from 2024 and 2025 to 2026 and 2027 respectively, recorded an increase equal to 7,895 thousand Euro reported as financial loss in this item of the income statement (a gain of 31,191 thousand Euro in the previous period). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4971-3": { "value": "s (Euro/000) January 1, 2023 Increase Decrease Reclass. Transl. diff. December 31, 2023 Short term - liabilities for options on non-controlling interests 6,195 - (5,948) (248) - - Long term - liabilities for options on non-controlling interests 13,349 7,895 - 248 (721) 20,770 19,545 7,895 (5,948) - (721) 20,770 The amount equal to 20,770 thousand Euro of long-term liability refers to the put and call options liability on the non-controlling interests of the business combinations finalised in 2020 in Priv\u00e9 Goods LLC and Blenders Eyewear LLC. Pursuant to the contractual terms the non-controlling interests held by the minority equity holders of these two investments are subject to customary reciprocal put and call options. More specifically, the put and call options were to be exercised in each of the years 2023 and 2024 for one third of the minority interests and in 2025 for the remaining portions. In the first half of 2023 the Group has already finalised the exercise of the first option on Priv\u00e9 Revaux non-controlling interests, following this event pursuant to the contractual terms the Group has increased its controlling stake in Priv\u00e9 Revaux from 82.8% to 88.5% in exchange for a nominal amount. On Blenders non-controlling interests, the exercise of the first option on an additional 10% of the interests, that has increased the Group controlling stake from 70% to 80%, has been finalised in the third quarter of 2023 in exchange for an amount of 5,948 thousand Euro. In March 2023, the Group has also agreed an extension of the second and third tranche of the put and call options on the non-controlling interest in Blenders, from 2024 and 2025 to 2026 and 2027 respectively. Following the above extension, the option fair value liability recorded an increase equal to 7,895 thousand Euro reported as financial loss in the item \u201cGains/(losses) for options on non-controlling interests\u201d in the income statement. Furthermore, the value of the liability was adjusted for a translation difference due to the Euro/US exchange rate fluctuation and for the accretion consequent to the financial discounting of the long-term debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-4971-4": { "value": "s (Euro/000) January 1, 2023 Increase Decrease Reclass. Transl. diff. December 31, 2023 Short term - liabilities for options on non-controlling interests 6,195 - (5,948) (248) - - Long term - liabilities for options on non-controlling interests 13,349 7,895 - 248 (721) 20,770 19,545 7,895 (5,948) - (721) 20,770 The amount equal to 20,770 thousand Euro of long-term liability refers to the put and call options liability on the non-controlling interests of the business combinations finalised in 2020 in Priv\u00e9 Goods LLC and Blenders Eyewear LLC. Pursuant to the contractual terms the non-controlling interests held by the minority equity holders of these two investments are subject to customary reciprocal put and call options. More specifically, the put and call options were to be exercised in each of the years 2023 and 2024 for one third of the minority interests and in 2025 for the remaining portions. In the first half of 2023 the Group has already finalised the exercise of the first option on Priv\u00e9 Revaux non-controlling interests, following this event pursuant to the contractual terms the Group has increased its controlling stake in Priv\u00e9 Revaux from 82.8% to 88.5% in exchange for a nominal amount. On Blenders non-controlling interests, the exercise of the first option on an additional 10% of the interests, that has increased the Group controlling stake from 70% to 80%, has been finalised in the third quarter of 2023 in exchange for an amount of 5,948 thousand Euro. In March 2023, the Group has also agreed an extension of the second and third tranche of the put and call options on the non-controlling interest in Blenders, from 2024 and 2025 to 2026 and 2027 respectively. Following the above extension, the option fair value liability recorded an increase equal to 7,895 thousand Euro reported as financial loss in the item \u201cGains/(losses) for options on non-controlling interests\u201d in the income statement. Furthermore, the value of the liability was adjusted for a translation difference due to the Euro/US exchange rate fluctuation and for the accretion consequent to the financial discounting of the long-term debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5039-3": { "value": "Movements in the item were as follows:(Euro/000) January 1, 2023 Increase Decrease Reclass. Transl. diff. December 31, 2023 Other non current liabilities 2,041 634 - - (23) 2,653 2,041 634 - - (23) 2,653 The \u201cother non-current liabilities\u201d include the estimate of the tax liability equal to 2,215 thousand Euro (compared to 960 thousand Euro as at 31 December 2022) accrued according to the IFRIC 23, on the basis of the assessment of the limited uncertain tax treatment identified within the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5082-2": { "value": "Shareholders\u2019 equity is the value contributed by the shareholders of Safilo Group S.p.A. (the share capital and the share premium reserve), plus the value generated by the Group in terms of profit gained from its operations (profit carried forward and other reserves). On 31 December 2023, Group shareholders\u2019 equity totaled 379,200 thousand Euro versus Euro 409,915 thousand Euro on 31 December 2022. At 31 December 2023, the share premium reserve of the parent company, Safilo Group S.p.A. totaled Euro 27,388,371 (compared to Euro 692,520,684 at the end of the previous year). The decrease equal to Euro 665,132,313 is due to its utilization to integrally cover the losses carried-forward resolved with the shareholders\u2019 approval of the 2022 statutory report, net of the increase for the above new shares issued. This item includes both the reserves of the subsidiary companies generated after their inclusion in the consolidation area and the translation differences deriving from the translation into Euro of the financial statements of consolidated companies denominated in other currencies. During the year, the movements of the item \u201cretained earnings and other reserve\u201d mainly refer to: - an decrease of 16,832 thousand Euro due to the translation differences coming from the translation of the subsidiaries\u2019 financial statements into Euro; - an increase of 459 thousand Euro related to the cost of the period of the stock option plans in place; - a decrease of 330 thousand Euro due to the actuarial valuation, net of the tax effect, of the employee termination indemnities of defined benefit plans; - an increase of 680 thousand Euro mainly related to transactions with minority interests. The Group has distributed dividends to the minority interests of the subsidiary Blenders Eyewear LLC equal to 552 thousand Euro, this amount has reduced the equity related to the non-controlling interests. The cash flow hedge reserve equal to 271 thousand Euro refers to the current value of derivative instruments related to interest rate swap contracts that cover the variable interest rate risk on future financial interest payments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5082-3": { "value": "Shareholders\u2019 equity is the value contributed by the shareholders of Safilo Group S.p.A. (the share capital and the share premium reserve), plus the value generated by the Group in terms of profit gained from its operations (profit carried forward and other reserves). On 31 December 2023, Group shareholders\u2019 equity totaled 379,200 thousand Euro versus Euro 409,915 thousand Euro on 31 December 2022. At 31 December 2023, the share premium reserve of the parent company, Safilo Group S.p.A. totaled Euro 27,388,371 (compared to Euro 692,520,684 at the end of the previous year). The decrease equal to Euro 665,132,313 is due to its utilization to integrally cover the losses carried-forward resolved with the shareholders\u2019 approval of the 2022 statutory report, net of the increase for the above new shares issued. This item includes both the reserves of the subsidiary companies generated after their inclusion in the consolidation area and the translation differences deriving from the translation into Euro of the financial statements of consolidated companies denominated in other currencies. During the year, the movements of the item \u201cretained earnings and other reserve\u201d mainly refer to: - an decrease of 16,832 thousand Euro due to the translation differences coming from the translation of the subsidiaries\u2019 financial statements into Euro; - an increase of 459 thousand Euro related to the cost of the period of the stock option plans in place; - a decrease of 330 thousand Euro due to the actuarial valuation, net of the tax effect, of the employee termination indemnities of defined benefit plans; - an increase of 680 thousand Euro mainly related to transactions with minority interests. The Group has distributed dividends to the minority interests of the subsidiary Blenders Eyewear LLC equal to 552 thousand Euro, this amount has reduced the equity related to the non-controlling interests. The cash flow hedge reserve equal to 271 thousand Euro refers to the current value of derivative instruments related to interest rate swap contracts that cover the variable interest rate risk on future financial interest payments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5086-2": { "value": "At 31 December 2023 the share capital of the Parent Company, Safilo Group S.p.A., amounts to Euro 384,857,848 consisting of no. 413,745,466 ordinary shares with no par value (413,687,781 ordinary shares as at 31 December 2022). In 2023 new ordinary shares equal to a number of 57,685 were issued, resulting from the execution of a share capital increase to the service of the stock option plan named \u201cStock Option Plan 2017 \u2013 2020\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5108-2": { "value": "As at 31 December 2023 the Group has in place the following Stock Option Plans: 2017-2020, 2020-2022 and the new 2023-2025 Plan. The first Plan was deliberated by the Ordinary Shareholders\u2019 meeting held on 26 April 2017, in which the Shareholders approved the issue of up to 2,500,000 (adjusted after the 2018 capital increase to 2,891,425) new ordinary shares to be offered to directors and/or employees of the Company and its subsidiaries. The 2020-2022 Plan was deliberated by the Ordinary Shareholders\u2019 Meeting held on 28 April 2020, in which the Shareholders approved the issue up to 7,000,000 new ordinary shares to be offered to directors and/or employees of the Company and its subsidiaries. On 27 April 2023 the Ordinary Shareholders\u2019 Meeting approved the Stock Option Plan 2023-2025 which provides for the assignment of a maximum of 22,000,000 options (corresponding to a maximum number of 22,000,000 ordinary shares of the Company) in favour of executive directors who are also employees and other employees of the Company and/or other companies within the Group. Information relating to the tranches of the Stock Options Plans granted on 31 December 2023 are shown below. Grant date No. of options Fair value in Euro Maturity Stock Option Plan 2017-2020 Third tranche 30 April 2019 643,413 0.18 31 May 2027 Stock Option Plan 2020-2022 First tranche 31 July 2020 2,895,376 0.18 30 June 2028 Second tranche 11 March 2021 3,106,148 0.27 30 June 2029 Stock Option Plan 2023-2025 First tranche 11 September 2023 7,640,000 0.28 30 June 2031 The fair value of the stock options was estimated on the vesting date based on the Black-Scholes model. The main market inputs of the model used are shown below: Share price at grant date Exercise price in Euro Expected volatility Free risk rate Stock Option Plan 2017-2020 Third tranche 0.81 0.68 36.20% 0.087% Stock Option Plan 2020-2022 First tranche 0.63 0.63 47.78% -0.392% Second tranche 0.93 0.87 45.67% -0.290% Stock Option Plan 2023-2025 First tranche 0.93 0.97 38.20% 3.010% The table below shows the changes in the stock option plans which occurred during the year: No. of options Average exercise price in Euro Stock Option Plan 2017-2020 Outstanding at the beginning of the period 773,205 0.68 Granted - - Forfeited - - Exercised (57,686) 0.68 Expired (72,107) 0.68 Outstanding at period-end 643,413 0.68 Stock Option Plan 2020-2022 Outstanding at the beginning of the period 7,343,823 0.76 Granted - - Forfeited (709,976) 0.87 Exercised - - Expired (632,322) 0.63 Outstanding at period-end 6,001,524 0.76 Stock Option Plan 2023-2025 Outstanding at the beginning of the period - - Granted 7,940,000 0.97 Forfeited (300,000) 0.97 Exercised - - Expired - - Outstanding at period-end 7,640,000 0.97 During the year, a total of 704,429 options expired, of which 72,107 from the third tranche of the Plan 2017-2020 and 632,322 of the Plan 2020-2022 and 57,686 options of the Plan 2017-2020 were exercised. Additionally, 1,009,976 options were forfeited of which 709,976 of the Plan 2020-2022 and 300,000 of the Plan 2023-2025, in the period 7,940,000 options of the Plan 2023-2025 were granted. The options outstanding of the third tranche of the Plan 2017-2020, equal to 643,413 options, are exercisable until 31 May 2027, the first and the second tranche of the Plan 2020-2022, equal respectively to 2,895,376 and to 3,106,148 options, are exercisable until 30 June 2028 and 30 June 2029 respectively, the first tranche of the Plan 2023-2025 equal to 7,640,000 is exercisable until 30 June 2031. At the date of the approval of these financial statements the options vested and exercisable still outstanding are the one related to the Plan 2017-2020 equal to 643,413. The exercise price for the options of the third tranche of the Plan 2017-2020 is equal to 0.68 Euro with a remaining contract life of 3.4 years, for the first and the second tranche of the Plan 2020-2022 the exercise prices are equal to respectively 0.63 and 0.87 Euro with a remaining contract life of 4.5 and 5.5 years respectively, while for the first tranche of the Plan 2023-2025 the exercise prices is equal to 0.97 Euro with a remaining contract life of 7.5. The adoption of these plans has affected the income statement for the period for a cost of 459 thousand Euro (748 thousand Euro in 2022). No changes or cancellations have been occurred on the above described Plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5480-2": { "value": "The Group\u2019s primary revenues are the selling of eyewear products in the wholesale channel through its subsidiary network and a network of independent distribution partners. Moreover, the Group sell its eyewear products directly to its customers through its online sales channel for some brands of its portfolio, mainly in the North America market. 2023 Group sales amounted to 1,024,732 thousand Euro, showing a decrease of 4.8% compared to the previous year (1,076,745 thousand Euro). For a discussion on sales trends and the disaggregated sales by geographical regions, reference should be made to the report on operations section of the Group\u2019s economic results.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5480-3": { "value": "The Group\u2019s primary revenues are the selling of eyewear products in the wholesale channel through its subsidiary network and a network of independent distribution partners. Moreover, the Group sell its eyewear products directly to its customers through its online sales channel for some brands of its portfolio, mainly in the North America market. 2023 Group sales amounted to 1,024,732 thousand Euro, showing a decrease of 4.8% compared to the previous year (1,076,745 thousand Euro). For a discussion on sales trends and the disaggregated sales by geographical regions, reference should be made to the report on operations section of the Group\u2019s economic results.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5488-2": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Purchase of raw materials and finished goods 311,125 375,240 Capitalisation of costs for increase in tangible assets (-) (3,001) (2,955) Change in inventories 22,652 (17,618) Wages and social security contributions 73,511 80,826 Subcontracting costs 9,357 13,201 Amortization and depreciation 13,737 12,536 Depreciation Right of Use - IFRS 16 1,221 1,197 Rental and operating leases 1,387 1,574 Offset Rental and operating leases - IFRS 16 (1,288) (1,276) Utilities, security and cleaning 5,940 9,699 Other industrial costs 4,355 6,871 Total 438,997 479,296 Cost of sales decreased by Euro 40,299 thousand (or 8.4%), from Euro 479,296 thousand in 2022, to Euro 438,997 thousand in 2023. Wages and social security contributions decreased by Euro 7,315 thousand (or 9.1%) from Euro 80,826 thousand to Euro 73,511 thousand in 2023, benefitting from the savings provided by the reshaping of the industrial capacity according to the Group manufacturing footprint. Amortization and depreciation increased by Euro 1,201 thousand (or 9.6%) from Euro 12,536 thousand in 2022 to Euro 13,737 thousand in 2023. The item was affected by non-recurring tangible assets write-downs equal to 4,147 thousand Euro mainly related to the write-down of the Longarone plant assets. Changes in inventories can be broken down as follows: (Euro/000) 2023 2022 Finished products 8,259 (13,331) Work-in-progress 1,682 1,594 Raw materials 12,711 (5,882) Total 22,652 (17,618) ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5623-3": { "value": "This item breaks down as follows: (Euro/ 000) 2023 2022 Payroll and social security contributions 49,327 48,896 Allowance and write-off of doubtful accounts 504 (898) Amortization and depreciation 27,384 22,308 Depreciation Right of Use - IFRS 16 4,447 4,317 Professional services 15,051 15,073 Rental and operating leases 6,083 5,651 Offset Rental and operating leases - IFRS 16 (5,036) (4,972) EDP costs 28,964 25,482 Insurance costs 1,951 2,187 Utilities, security and cleaning 3,412 4,059 Taxes (other than on income) 1,035 1,489 Other general and administrative expenses 4,959 4,835 Total 138,080 128,426 General and administrative expenses increased by Euro 9,654 thousand (or 7.5%), from Euro 128,426 thousand in 2022 to Euro 138,080 thousand in 2023. This was mainly due to an increase of EDP expenses by Euro 3,482 thousand (or 13.7%), from Euro 25,482 thousand in 2022 to Euro 28,964 thousand in 2023. The increase of the EDP expenses is mainly related to the cost incurred for the implementation of the latest generation integrated information system (ERP) which are cloud-based and hence structured as a software as-a-service (SaaS) agreement. Safilo has therefore fully expensed the related amount of 11,740 thousand Euro (9,703 thousand Euro in the previous year) as EDP service costs, in line with the accounting policy introduced by the Group in 2021 to comply with the guidelines of the IFRIC agenda on SaaS arrangements published in April 2021. Depreciation and amortization increased by 5,076 thousand Euro, from 22,308 thousand in 2022 to Euro 27,384 thousand in 2023. This was mainly due to the non-recurring amortization of 8,665 thousand Euro related to the partial write-down of some intangible assets identified in the purchase price allocation of a previous business combination. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5685-2": { "value": "The average number of employees by rank is shown below: 2023 2022 Executives 85 93 Clerks and middle management 2,054 2,152 Factory workers 2,029 2,190 Total 4,168 4,435 The reduction of the average number of employees by 267 is mainly due to the restructuring of the Group\u2019s manufacturing footprint with the disposal of the Longarone production site at the end of October 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5710-2": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Losses on disposal of assets (403) (31) Other operating expenses (16,842) (11,079) Gains on disposal of assets 988 268 Other operating income 5,043 10,764 Total (11,214) (78) Other operating income and expenses include cost and revenue components either not related to the Group\u2019s ordinary operations or that are considered by management to be of non-recurring nature. The item \u201cother operating expenses\u201d is mainly related to the non-recurring costs (excluding the inventory obsolescence accruals and the write-down of the fixed assets) incurred for the disposal of Longarone plant to third parties, the termination of some exiting licensed brands and some other restructuring expenses. During the previous period under \u201cother operating expenses\u201d non-recurring costs of Euro 7,969 thousand were accounted for mainly related to some special projects and restructuring expenses, \u201cOther operating income\u201d includes a non-recurring income of Euro 3,600 thousand due to the release of an excess restructuring provision in relation to the completion of the restructuring plan announced in 2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5710-3": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Losses on disposal of assets (403) (31) Other operating expenses (16,842) (11,079) Gains on disposal of assets 988 268 Other operating income 5,043 10,764 Total (11,214) (78) Other operating income and expenses include cost and revenue components either not related to the Group\u2019s ordinary operations or that are considered by management to be of non-recurring nature. The item \u201cother operating expenses\u201d is mainly related to the non-recurring costs (excluding the inventory obsolescence accruals and the write-down of the fixed assets) incurred for the disposal of Longarone plant to third parties, the termination of some exiting licensed brands and some other restructuring expenses. During the previous period under \u201cother operating expenses\u201d non-recurring costs of Euro 7,969 thousand were accounted for mainly related to some special projects and restructuring expenses, \u201cOther operating income\u201d includes a non-recurring income of Euro 3,600 thousand due to the release of an excess restructuring provision in relation to the completion of the restructuring plan announced in 2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5710-4": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Losses on disposal of assets (403) (31) Other operating expenses (16,842) (11,079) Gains on disposal of assets 988 268 Other operating income 5,043 10,764 Total (11,214) (78) Other operating income and expenses include cost and revenue components either not related to the Group\u2019s ordinary operations or that are considered by management to be of non-recurring nature. The item \u201cother operating expenses\u201d is mainly related to the non-recurring costs (excluding the inventory obsolescence accruals and the write-down of the fixed assets) incurred for the disposal of Longarone plant to third parties, the termination of some exiting licensed brands and some other restructuring expenses. During the previous period under \u201cother operating expenses\u201d non-recurring costs of Euro 7,969 thousand were accounted for mainly related to some special projects and restructuring expenses, \u201cOther operating income\u201d includes a non-recurring income of Euro 3,600 thousand due to the release of an excess restructuring provision in relation to the completion of the restructuring plan announced in 2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5752-2": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Nominal interest expenses on loans (8,771) (4,978) Figurative interest expenses on loans (1,266) (1,531) Interest expenses on operating leases - IFRS 16 (1,745) (1,862) Bank commissions (7,379) (7,271) Other financial charges (1,425) (937) Total financial charges (20,586) (16,578) Interest income 1,063 596 Other financial income 2,737 2,402 Total financial income 3,800 2,998 Positive exchange rate differences 19,971 46,700 Negative exchange rate differences (22,407) (48,632) Total exchange rate differences, net (2,437) (1,933) Total financial charges, net (19,223) (15,512) Total net financial charges increased by Euro 3,710 thousand from Euro 15,512 thousand in 2022 to Euro 19,223 thousand in 2023. Excluding the accounting effect of the IFRS 16 interest expenses equal to Euro 1,745 thousand, interest on loans increased by Euro 3,529 thousand, from Euro 6,509 thousand in 2022 to Euro 10,037 thousand in 2023. Net exchange rate differences are equal to a loss of Euro 2,437 thousand in 2023 (a loss of Euro 1,933 thousand in 2022). The items \u201cfigurative interest expenses on loans\u201d is related to the additional figurative interest component calculated according to the amortised cost method on the basis of the effective interest rate including any transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5752-3": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Nominal interest expenses on loans (8,771) (4,978) Figurative interest expenses on loans (1,266) (1,531) Interest expenses on operating leases - IFRS 16 (1,745) (1,862) Bank commissions (7,379) (7,271) Other financial charges (1,425) (937) Total financial charges (20,586) (16,578) Interest income 1,063 596 Other financial income 2,737 2,402 Total financial income 3,800 2,998 Positive exchange rate differences 19,971 46,700 Negative exchange rate differences (22,407) (48,632) Total exchange rate differences, net (2,437) (1,933) Total financial charges, net (19,223) (15,512) Total net financial charges increased by Euro 3,710 thousand from Euro 15,512 thousand in 2022 to Euro 19,223 thousand in 2023. Excluding the accounting effect of the IFRS 16 interest expenses equal to Euro 1,745 thousand, interest on loans increased by Euro 3,529 thousand, from Euro 6,509 thousand in 2022 to Euro 10,037 thousand in 2023. Net exchange rate differences are equal to a loss of Euro 2,437 thousand in 2023 (a loss of Euro 1,933 thousand in 2022). The items \u201cfigurative interest expenses on loans\u201d is related to the additional figurative interest component calculated according to the amortised cost method on the basis of the effective interest rate including any transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5752-4": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Nominal interest expenses on loans (8,771) (4,978) Figurative interest expenses on loans (1,266) (1,531) Interest expenses on operating leases - IFRS 16 (1,745) (1,862) Bank commissions (7,379) (7,271) Other financial charges (1,425) (937) Total financial charges (20,586) (16,578) Interest income 1,063 596 Other financial income 2,737 2,402 Total financial income 3,800 2,998 Positive exchange rate differences 19,971 46,700 Negative exchange rate differences (22,407) (48,632) Total exchange rate differences, net (2,437) (1,933) Total financial charges, net (19,223) (15,512) Total net financial charges increased by Euro 3,710 thousand from Euro 15,512 thousand in 2022 to Euro 19,223 thousand in 2023. Excluding the accounting effect of the IFRS 16 interest expenses equal to Euro 1,745 thousand, interest on loans increased by Euro 3,529 thousand, from Euro 6,509 thousand in 2022 to Euro 10,037 thousand in 2023. Net exchange rate differences are equal to a loss of Euro 2,437 thousand in 2023 (a loss of Euro 1,933 thousand in 2022). The items \u201cfigurative interest expenses on loans\u201d is related to the additional figurative interest component calculated according to the amortised cost method on the basis of the effective interest rate including any transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5752-5": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Nominal interest expenses on loans (8,771) (4,978) Figurative interest expenses on loans (1,266) (1,531) Interest expenses on operating leases - IFRS 16 (1,745) (1,862) Bank commissions (7,379) (7,271) Other financial charges (1,425) (937) Total financial charges (20,586) (16,578) Interest income 1,063 596 Other financial income 2,737 2,402 Total financial income 3,800 2,998 Positive exchange rate differences 19,971 46,700 Negative exchange rate differences (22,407) (48,632) Total exchange rate differences, net (2,437) (1,933) Total financial charges, net (19,223) (15,512) Total net financial charges increased by Euro 3,710 thousand from Euro 15,512 thousand in 2022 to Euro 19,223 thousand in 2023. Excluding the accounting effect of the IFRS 16 interest expenses equal to Euro 1,745 thousand, interest on loans increased by Euro 3,529 thousand, from Euro 6,509 thousand in 2022 to Euro 10,037 thousand in 2023. Net exchange rate differences are equal to a loss of Euro 2,437 thousand in 2023 (a loss of Euro 1,933 thousand in 2022). The items \u201cfigurative interest expenses on loans\u201d is related to the additional figurative interest component calculated according to the amortised cost method on the basis of the effective interest rate including any transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5752-6": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Nominal interest expenses on loans (8,771) (4,978) Figurative interest expenses on loans (1,266) (1,531) Interest expenses on operating leases - IFRS 16 (1,745) (1,862) Bank commissions (7,379) (7,271) Other financial charges (1,425) (937) Total financial charges (20,586) (16,578) Interest income 1,063 596 Other financial income 2,737 2,402 Total financial income 3,800 2,998 Positive exchange rate differences 19,971 46,700 Negative exchange rate differences (22,407) (48,632) Total exchange rate differences, net (2,437) (1,933) Total financial charges, net (19,223) (15,512) Total net financial charges increased by Euro 3,710 thousand from Euro 15,512 thousand in 2022 to Euro 19,223 thousand in 2023. Excluding the accounting effect of the IFRS 16 interest expenses equal to Euro 1,745 thousand, interest on loans increased by Euro 3,529 thousand, from Euro 6,509 thousand in 2022 to Euro 10,037 thousand in 2023. Net exchange rate differences are equal to a loss of Euro 2,437 thousand in 2023 (a loss of Euro 1,933 thousand in 2022). The items \u201cfigurative interest expenses on loans\u201d is related to the additional figurative interest component calculated according to the amortised cost method on the basis of the effective interest rate including any transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5752-7": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Nominal interest expenses on loans (8,771) (4,978) Figurative interest expenses on loans (1,266) (1,531) Interest expenses on operating leases - IFRS 16 (1,745) (1,862) Bank commissions (7,379) (7,271) Other financial charges (1,425) (937) Total financial charges (20,586) (16,578) Interest income 1,063 596 Other financial income 2,737 2,402 Total financial income 3,800 2,998 Positive exchange rate differences 19,971 46,700 Negative exchange rate differences (22,407) (48,632) Total exchange rate differences, net (2,437) (1,933) Total financial charges, net (19,223) (15,512) Total net financial charges increased by Euro 3,710 thousand from Euro 15,512 thousand in 2022 to Euro 19,223 thousand in 2023. Excluding the accounting effect of the IFRS 16 interest expenses equal to Euro 1,745 thousand, interest on loans increased by Euro 3,529 thousand, from Euro 6,509 thousand in 2022 to Euro 10,037 thousand in 2023. Net exchange rate differences are equal to a loss of Euro 2,437 thousand in 2023 (a loss of Euro 1,933 thousand in 2022). The items \u201cfigurative interest expenses on loans\u201d is related to the additional figurative interest component calculated according to the amortised cost method on the basis of the effective interest rate including any transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5752-8": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Nominal interest expenses on loans (8,771) (4,978) Figurative interest expenses on loans (1,266) (1,531) Interest expenses on operating leases - IFRS 16 (1,745) (1,862) Bank commissions (7,379) (7,271) Other financial charges (1,425) (937) Total financial charges (20,586) (16,578) Interest income 1,063 596 Other financial income 2,737 2,402 Total financial income 3,800 2,998 Positive exchange rate differences 19,971 46,700 Negative exchange rate differences (22,407) (48,632) Total exchange rate differences, net (2,437) (1,933) Total financial charges, net (19,223) (15,512) Total net financial charges increased by Euro 3,710 thousand from Euro 15,512 thousand in 2022 to Euro 19,223 thousand in 2023. Excluding the accounting effect of the IFRS 16 interest expenses equal to Euro 1,745 thousand, interest on loans increased by Euro 3,529 thousand, from Euro 6,509 thousand in 2022 to Euro 10,037 thousand in 2023. Net exchange rate differences are equal to a loss of Euro 2,437 thousand in 2023 (a loss of Euro 1,933 thousand in 2022). The items \u201cfigurative interest expenses on loans\u201d is related to the additional figurative interest component calculated according to the amortised cost method on the basis of the effective interest rate including any transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5752-9": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Nominal interest expenses on loans (8,771) (4,978) Figurative interest expenses on loans (1,266) (1,531) Interest expenses on operating leases - IFRS 16 (1,745) (1,862) Bank commissions (7,379) (7,271) Other financial charges (1,425) (937) Total financial charges (20,586) (16,578) Interest income 1,063 596 Other financial income 2,737 2,402 Total financial income 3,800 2,998 Positive exchange rate differences 19,971 46,700 Negative exchange rate differences (22,407) (48,632) Total exchange rate differences, net (2,437) (1,933) Total financial charges, net (19,223) (15,512) Total net financial charges increased by Euro 3,710 thousand from Euro 15,512 thousand in 2022 to Euro 19,223 thousand in 2023. Excluding the accounting effect of the IFRS 16 interest expenses equal to Euro 1,745 thousand, interest on loans increased by Euro 3,529 thousand, from Euro 6,509 thousand in 2022 to Euro 10,037 thousand in 2023. Net exchange rate differences are equal to a loss of Euro 2,437 thousand in 2023 (a loss of Euro 1,933 thousand in 2022). The items \u201cfigurative interest expenses on loans\u201d is related to the additional figurative interest component calculated according to the amortised cost method on the basis of the effective interest rate including any transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5818-2": { "value": "This item breaks down as follows: (Euro/000) 2023 2022 Current tax (8,849) (9,764) Deferred tax 2,216 (2,023) Total (6,633) (11,788) Income taxes decreased by 5,155 thousand Euro from an expense of 11,788 thousand Euro in 2022 to an expense of 6,633 thousand Euro in 2023. The taxes for the year can be reconciled with the theoretical taxes that would be expected at consolidated level as follows: (Euro/000) % 2023 % 2022 Profit before taxation 100% (19,456) 100% 64,136 Income tax benefit (expense) at statutory rate -24.0% 4,669 -24.0% (15,393) Taxes relating to prior years -6.6% 1,286 0.3% 184 Foreign tax rate differential -5.7% 1,104 -2.8% (1,801) Non taxable income 2.4% (469) 13.6% 8,716 Non deductible costs 15.2% (2,957) -4.6% (2,973) Non-recognition of new DTAs and write-off of existing DTAs 101.4% (19,720) -16.2% (10,403) Benefit arising from unrecognized DTA of prior years -52.7% 10,250 15.1% 9,686 Deferred tax expense for changes in tax rate -0.6% 112 -0.1% (35) Tax Credit and tax relief -0.1% 19 0.0% 0 Other differences 4.8% (926) 0.4% 231 Total 34.1% (6,633) -18.4% (11,788) Theoretical income taxes are calculated at 24.0 % on the consolidated result before tax. This percentage represents the statutory corporate income tax rate (IRES) applicable at the Italian holding company level. The Group\u2019s effective tax rate was primarily affected by the write down of deferred tax assets mainly related to the Italian legal entities with a further increase of the deferred tax assets valuation allowance.The exposure to the Pillar Two income taxes of the Global Minimum Tax derives from the level of effective taxation realized in each jurisdiction in which the entities of the Multinational Group (and any joint ventures) are present; such level of effective taxation depends on numerous factors, also interconnected between them, such as in particular the profit there generated, the nominal tax rate level, the tax rules for the calculation of the taxable income, the existence, form and benefiting of incentives or other tax benefits applicable in the specific jurisdiction. Considering the novelty and complexities in calculating the effective taxation level, for the first years of implementation (that is for periods starting before December 31, 2026 and ending not after than June 30, 2028) the Pillar Two rules provide for the possibility of applying a simplified regime mainly based on accounting information available for each relevant jurisdiction (so called transitional regime, with safe harbors predominantly based on Country-by-Country Report (CbCR) data, hereinafter also referred to as \u201ctransitional CbCR safe harbors\u201d) and based on which the reduction of the implementation costs and the reduction to nil of the Pillar Two taxes in case of meeting of one of the three provided tests. Taking into account the known or reasonably estimable information at the reporting date, even if such information do not currently reflect all specific regulations of the Pillar Two Model Rules connected to the localization and operations of all the entities of the Safilo Group in all the single jurisdictions in which the same operates, and considering that at the reporting date there is information that is not known or reasonably estimable, the Safilo Group exposure in the jurisdictions in which it operates to Pillar Two income taxes arising from such legislation at the reporting date, also based on the transitional CbCR safe harbors, is valued as not material. In particular, based on information known or reasonably estimable: \u2022 with reference to the majority of the entities of the Safilo Group, that are located in jurisdictions that meet at least one of the three tests provided for by the transitional CbCR safe harbors, the conditions for the non-application of the Pillar Two income taxes are met, and \u2022 for the remaining entities of the Safilo Group, that are located in jurisdictions that do not meet any of the three tests provided for by the transitional CbCR safe harbors, the exposure is not material, since the level of the effective taxation in such jurisdictions proxies the minimum rate of 15% or the potential estimated impact on the profits in such jurisdictions (in particular in the United Arab Emirates) is not material in relation to the total profits of the Safilo Group. The Safilo Group, with the support of external consultants, is getting organized and prepared for the compliance fulfilments connected to the Pillar Two Model Rules, also with the objective of managing the exposure in the future years, by the setting up of adequate systems and procedures aimed at: \u2022 the identification, localization and characterization, also ongoing, of all entities of the Safilo Group relevant for the Pillar Two model rules purposes, and \u2022 computing the simplified tests (so called transitional CbCR safe harbors) for each of the relevant jurisdictions, with the aim of benefiting of the relevant advantages in terms of reduction of the fulfilments costs and of the reduction to nil of the Pillar Two taxes, and \u2022 performing the complete and detailed calculations of the amounts relevant as requested by the Pillar Two for any jurisdictions that might not meet any of the above mentioned tests. Since the Pillar Two Model Rules are not effective at the financial year reporting date, no current tax expense related to the Pillar Two income taxes are recorded. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-5967-2": { "value": "The calculation of basic and diluted earnings per share is shown in the tables below: Basic 2023 2022 Profit/(Loss) for ordinary shares (in Euro/000) (24,649) 54,160 Average number of ordinary shares (in thousands) 413,733 413,599 Earnings/(Losses) per share - basic (in Euro) (0.060) 0.131 Diluted 2023 2022 Profit/(Loss) for ordinary shares (in Euro/000) (24,649) 54,160 Average number of ordinary shares (in thousands) 413,733 413,599 Dilution effects: - stock option (in thousands) 3,553 3,831 Total 417,286 417,430 Earnings/(Losses) per share - diluted (in Euro) (0.059) 0.130 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6024-2": { "value": "The parent company Safilo Group S.p.A. did not distribute dividends to shareholders during the period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6025-2": { "value": "Following the divestiture of the Group\u2019s retail operations in 2019, the Group considers a sole operating segment. Below we report the geographical segment information. It should be noted that the grouping by geographic area depends on the location of the registered head office of each Group company; therefore, the sales such identified are determined by origin of invoicing and not by target market as disclosed in the \u201cReport on Operations\u201d. Non-current assets do not include derivative financial instruments and deferred tax assets. Breakdown of revenues and non-current assets by geographic area Revenue from external customers Non-current assets (Euro/000) 2023 2022 December 31, 2023 December 31, 2022 (1)Italy213,610 220,641 83,274 105,296 (2)Europe240,643 242,305 6,081 2,830 (3)America517,078 564,020 157,462 183,960 (4)Asia53,400 49,780 25,388 30,033 Total 1,024,732 1,076,745 272,204 322,120 (1) Operating companies with registered head office in Italy. (2) Operating companies with registered head office in European countries (other than Italy), United Arab Emirates and in South Africa. (3) Operating companies with registered head office in USA, Canada, Mexico and Brazil. (4) Operating companies with registered head office in the Far East, Australia and India. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6081-2": { "value": "In compliance with applicable legislative and regulatory requirements, on 23 March 2007 the parent company\u2019s Board of Directors passed a resolution indicating and adopting a number of guidelines to govern transactions of major strategic, economic, capital or financial significance for the Company \u2013 including those undertaken with related parties. The aim of the guidelines is to establish competences and responsibilities concerning significant transactions and to assure their transparency and material and procedural correctness. Our notion of related party is based on the definition given in IAS 24. Following the resolution CONSOB 17721 of 12 March 2010, as amended by Resolution No. 17389 of 23 June 2010, the Board of Directors of 5 November 2010 approved the \"Regulations for the transactions with related parties\", which replaces those guidelines, by adopting procedures that ensure transparency and fairness and procedural related party transactions. The tables below shows the operating and financial figures determined by related party transactions as of 31 December 2023 and 31 December 2022. Related parties transactions (Euro/000)Relationship December 31 2023 December 31 2022 Receivables Companies controlled by HAL Holding N.V. (a) 382 328 Total 382 328 Payables Companies controlled by HAL Holding N.V. (a) 23 53 HAL Investments B.V. (a) 10 30 Total 33 83 Related parties transactions (Euro/000)Relationship 2023 2022 Revenues Companies controlled by HAL Holding N.V. (a) 1,287 1,204 Total 1,287 1,204 Operating expenses Companies controlled by HAL Holding N.V. (a) 52 74 HAL Investments B.V. (a) 50 30 Total 102 104 (a) Companies controlled by Group's reference Shareholder Transactions with related parties, including intercompany transactions, involve the purchase and sale of products and provision of services on an arm\u2019s length basis, similarly to what is done in transactions with third parties. With regards to the table above, the companies controlled by HAL Holding N.V. refers to transaction with a minor retail chain belonging the Group\u2019s reference shareholder. The remuneration of the Group\u2019s Directors, Statutory Auditors and Strategic Management is reported below: (Euro/000)2023 2022 Directors - Salaries and short term compensations 3,165 3,769 - Non monetary benefits 35 28 - Other compensations 88 87 - Indemnity for end of position or cessation of employment relationship - - - Fair value of equity compensations 204 252 Statutory auditors - Fixed compensations and compensations for participation in committees 243 303 Managers with strategic responsabilities - Salaries ad short term compensations 446 719 - Non monetary benefits 14 11 - Other compensations - 3 - Indemnity for end of position or cessation of employment relationship - - - Fair value of equity compensations 25 52 Total 4,221 5,224 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6081-4": { "value": "In compliance with applicable legislative and regulatory requirements, on 23 March 2007 the parent company\u2019s Board of Directors passed a resolution indicating and adopting a number of guidelines to govern transactions of major strategic, economic, capital or financial significance for the Company \u2013 including those undertaken with related parties. The aim of the guidelines is to establish competences and responsibilities concerning significant transactions and to assure their transparency and material and procedural correctness. Our notion of related party is based on the definition given in IAS 24. Following the resolution CONSOB 17721 of 12 March 2010, as amended by Resolution No. 17389 of 23 June 2010, the Board of Directors of 5 November 2010 approved the \"Regulations for the transactions with related parties\", which replaces those guidelines, by adopting procedures that ensure transparency and fairness and procedural related party transactions. The tables below shows the operating and financial figures determined by related party transactions as of 31 December 2023 and 31 December 2022. Related parties transactions (Euro/000)Relationship December 31 2023 December 31 2022 Receivables Companies controlled by HAL Holding N.V. (a) 382 328 Total 382 328 Payables Companies controlled by HAL Holding N.V. (a) 23 53 HAL Investments B.V. (a) 10 30 Total 33 83 Related parties transactions (Euro/000)Relationship 2023 2022 Revenues Companies controlled by HAL Holding N.V. (a) 1,287 1,204 Total 1,287 1,204 Operating expenses Companies controlled by HAL Holding N.V. (a) 52 74 HAL Investments B.V. (a) 50 30 Total 102 104 (a) Companies controlled by Group's reference Shareholder Transactions with related parties, including intercompany transactions, involve the purchase and sale of products and provision of services on an arm\u2019s length basis, similarly to what is done in transactions with third parties. With regards to the table above, the companies controlled by HAL Holding N.V. refers to transaction with a minor retail chain belonging the Group\u2019s reference shareholder. The remuneration of the Group\u2019s Directors, Statutory Auditors and Strategic Management is reported below: (Euro/000)2023 2022 Directors - Salaries and short term compensations 3,165 3,769 - Non monetary benefits 35 28 - Other compensations 88 87 - Indemnity for end of position or cessation of employment relationship - - - Fair value of equity compensations 204 252 Statutory auditors - Fixed compensations and compensations for participation in committees 243 303 Managers with strategic responsabilities - Salaries ad short term compensations 446 719 - Non monetary benefits 14 11 - Other compensations - 3 - Indemnity for end of position or cessation of employment relationship - - - Fair value of equity compensations 25 52 Total 4,221 5,224 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6304-2": { "value": "The Group does not have any significant contingent liabilities not covered by adequate provisions. Nevertheless, as of the balance sheet date, various legal actions involving the parent company and certain Group companies were pending and mainly against sales representatives. These actions are considered to be groundless and/or their eventual negative outcome cannot be determined at this stage. At the balance sheet date, the Group had contracts in force with licensors for the production and sale of sunglasses and frames bearing their trademark. The contracts generally establish minimum guaranteed for royalties and advertising expenses. Commitments related to these minimum guaranteed, estimated on the basis of information available at the reporting date, are summarized detailed by maturity as follow: Licensing commitments December 31, 2023 December 31, 2022 (Euro/000) within 1 year 75,682 89,045 between 1 and 3 years 147,502 162,074 between 3 and 5 years 128,418 42,147 beyond 5 years 156,059 12,913 Total 507,661 306,180 The increase of the commitments amounts compared to 31 December 2022, mainly in the maturities beyond 3 years is due to the renewal of some license agreements signed in the period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6304-3": { "value": "The Group does not have any significant contingent liabilities not covered by adequate provisions. Nevertheless, as of the balance sheet date, various legal actions involving the parent company and certain Group companies were pending and mainly against sales representatives. These actions are considered to be groundless and/or their eventual negative outcome cannot be determined at this stage. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6308-3": { "value": "At the balance sheet date, the Group had contracts in force with licensors for the production and sale of sunglasses and frames bearing their trademark. The contracts generally establish minimum guaranteed for royalties and advertising expenses. Commitments related to these minimum guaranteed, estimated on the basis of information available at the reporting date, are summarized detailed by maturity as follow: Licensing commitments December 31, 2023 December 31, 2022 (Euro/000) within 1 year 75,682 89,045 between 1 and 3 years 147,502 162,074 between 3 and 5 years 128,418 42,147 beyond 5 years 156,059 12,913 Total 507,661 306,180 The increase of the commitments amounts compared to 31 December 2022, mainly in the maturities beyond 3 years is due to the renewal of some license agreements signed in the period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6308-5": { "value": "At the balance sheet date, the Group had contracts in force with licensors for the production and sale of sunglasses and frames bearing their trademark. The contracts generally establish minimum guaranteed for royalties and advertising expenses. Commitments related to these minimum guaranteed, estimated on the basis of information available at the reporting date, are summarized detailed by maturity as follow: Licensing commitments December 31, 2023 December 31, 2022 (Euro/000) within 1 year 75,682 89,045 between 1 and 3 years 147,502 162,074 between 3 and 5 years 128,418 42,147 beyond 5 years 156,059 12,913 Total 507,661 306,180 The increase of the commitments amounts compared to 31 December 2022, mainly in the maturities beyond 3 years is due to the renewal of some license agreements signed in the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6344-2": { "value": "Subsequent to 31 December 2023 through the approval date of this report, no significant events occurred which would have impacted the financial and economic results shown pursuant to IAS 10 - Events after the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6347-2": { "value": "The following table, prepared in accordance with Art. 149-duodecies of the Regulation on Issuers issued by Consob, reports the amount of fees charged in 2023 and 2022 relating to the audit and other audit related services rendered by the same Audit company. The Shareholders' Meeting held on 27 April 2023, upon proposal of the Board of Statutory Auditors, appointed PricewaterhouseCoopers S.p.A. as external Audit Company for the financial years from 2023 to 2031. The 2022 fees, shown in the table, referred to the auditing firm Deloitte & Touche whose assignment ended with the approval of the financial statements for the 2022 financial year. (Eur/000) (*)Audit Company Safilo Group's company which received services 2023 2022 Audit PricewaterhouseCoopers S.p.A. Holding Company - Safilo Group S.p.A. 170 61 PricewaterhouseCoopers S.p.A. Subsidaries 119 146 Network PricewaterhouseCoopers S.p.A. Subsidaries 1,096 1,050 Attestation PricewaterhouseCoopers S.p.A. Holding Company - Safilo Group S.p.A. 26 60 PricewaterhouseCoopers S.p.A. Subsidaries 19 19 Network PricewaterhouseCoopers S.p.A. Subsidaries - - Other services PricewaterhouseCoopers S.p.A. Holding Company - Safilo Group S.p.A. - - PricewaterhouseCoopers S.p.A. Subsidaries - - Network PricewaterhouseCoopers S.p.A. Subsidaries - 3 Total 1,430 1,339 (*) in 2022 the entity that provided the audit services was Deloitte & Touche S.p.A and its network. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6433-1": { "value": "1. The undersigned Angelo Trocchia, as Chief Executive Officer, and Michele Melotti, as the manager responsible for preparing Safilo Group S.p.A.\u2019s financial statements, hereby attest, having also taken into consideration the provisions of Article 154-bis, paragraphs 3 and 4, of Italian Legislative Decree 58 of 24 February 1998: \u2022 the adequacy with respect to the company structure and \u2022 the effective application, of the administrative and accounting procedures for the preparation of the consolidated financial statements for the 2023 fiscal year. 2. The assessment of the adequacy of the administrative and accounting procedures used for the preparation of the statutory financial statements at 31 December 2023 was based on a process defined in accordance with the theorical reference model CoSO Report \u2013 Internal Control Integrated Framework, an internationally generally accepted reference framework.3. The undersigned also attest that: 3.1 the consolidated financial statements for the year ended on 31 December 2023: a) have been prepared in accordance with International Financial Reporting Standards, as endorsed by the European Union through Regulation (EC) 1606/2002 of the European Parliament and Council, dated 19 July 2002; b) correspond to the amounts shown in the Company\u2019s accounts, books and records; c) provide a fair and correct representation of the financial conditions, results of operations and cash flows of the Company and its consolidated subsidiaries. 3.2 The report on operations includes a reliable operating and financial review of the Company and of the Group as well as a description of the main risks and uncertainties to which they are exposed. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "pp-value-6433-2": { "value": "1. The undersigned Angelo Trocchia, as Chief Executive Officer, and Michele Melotti, as the manager responsible for preparing Safilo Group S.p.A.\u2019s financial statements, hereby attest, having also taken into consideration the provisions of Article 154-bis, paragraphs 3 and 4, of Italian Legislative Decree 58 of 24 February 1998: \u2022 the adequacy with respect to the company structure and \u2022 the effective application, of the administrative and accounting procedures for the preparation of the consolidated financial statements for the 2023 fiscal year. 2. The assessment of the adequacy of the administrative and accounting procedures used for the preparation of the statutory financial statements at 31 December 2023 was based on a process defined in accordance with the theorical reference model CoSO Report \u2013 Internal Control Integrated Framework, an internationally generally accepted reference framework.3. The undersigned also attest that: 3.1 the consolidated financial statements for the year ended on 31 December 2023: a) have been prepared in accordance with International Financial Reporting Standards, as endorsed by the European Union through Regulation (EC) 1606/2002 of the European Parliament and Council, dated 19 July 2002; b) correspond to the amounts shown in the Company\u2019s accounts, books and records; c) provide a fair and correct representation of the financial conditions, results of operations and cash flows of the Company and its consolidated subsidiaries. 3.2 The report on operations includes a reliable operating and financial review of the Company and of the Group as well as a description of the main risks and uncertainties to which they are exposed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:81560026FA1A26642782", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }