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"s8_notes__6__12": {
"value": "1 General informationTechnogym S.p.A. (hereinafter \u201cTechnogym\u201d, the \u201cCompany\u201d or the \u201cParent company\u201d) and its subsidiaries (collectively the \u201cGroup\u201d or the \u201cTechnogym Group\u201d) is a leader in the international fitness equipment market in terms of sales volumes and market shares. Management believes that the Technogym Group may be considered the key total wellness solution provider in the industry, owing to the quality and completeness of the offer of integrated solutions for personal wellness (composed mainly of equipment, services, digital content and solutions).The Technogym Group offers a wide range of wellness, physical exercise and rehabilitation solutions to the major segments of the fitness equipment market and to the wellness industry. The Group is known for its technological innovations and attention to design and finishes. These solutions can be personalised and adapted to the specific needs of end users and professional operators. The Technogym Group\u2019s offer includes equipment that has been highly regarded by end users and professional operators and has contributed, over time, to the positioning of the Technogym brand in the high-end bracket of the international market.Technogym is a legal entity established in Italy, headquartered at Via Calcinaro 2861, Cesena (Forl\u00ec-Cesena), and it is governed by Italian law.As of 31 December 2023, 33.78% of the Issuer\u2019s share capital was held by TGH S.r.l. a limited liability company incorporated under Italian law, whose share capital is 75%-owned by Oiren S.r.l. and 25%-owned by Path S.r.l., NIF Holding S.r.l. holds 4.38% of the Issuer\u2019s share capital (representing 3.27% of the total voting rights), while the remaining 61.84% of the Issuer\u2019s share capital was free float on Borsa Italiana\u2019s EXM (screen-based stock exchange).Technogym is not subject to direction and coordination by TGH S.r.l., within the meaning of Art. 2497 of the civil code. Please refer to Paragraph 2, letter j) of the \u201cCorporate Governance Report\u201d for more details, drafted by taking into consideration the format prepared by Borsa Italiana for corporate governance reports. The corporate governance report is available in the \u201cCorporate Governance\u201d section of the website www.technogym.com.* * * * *These Consolidated Financial Statements were approved by the Company\u2019s Board of Directors on 25 March 2024 and audited by PricewaterhouseCoopers S.p.A.2 Summary of accounting standardsThis section describes the accounting standards adopted for the preparation of these Consolidated Financial Statements for the year ended 31 December 2023 (hereinafter the \u201cConsolidated Financial Statements\u201d). These standards have been adopted for all the financial years presented, unless otherwise indicated.\ue61b.\ue61e BASIS OF PREPARATION(i) Compliance with EU-IFRSThe Consolidated Financial Statements have been prepared in compliance with the International Financial Reporting Standards issued by the International Accounting Standards Board, and endorsed by the European Union (\u201cEU-IFRS\u201d). EU-IFRS means all the International Financial Reporting Standards, International Accounting Standards (\u201cIAS\u201d) and all the interpretations of the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d), previously known as the Standing Interpretations Committee (\u201cSIC\u201d), which, at the reporting date of the Consolidated Financial Statements, had been endorsed by the European Union in accordance with the procedure in Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002.The Consolidated Financial Statements have also been prepared: \u203a based on the best knowledge of EU-IFRS and considering relative legal theory. Any future guidance and updates to interpretations will be reflected in subsequent years, according to procedures established as and when necessary by relative accounting standards; \u203a on a going-concern basis, as the Directors have verified that there are no financial, operational or other types of indicators that could indicate any problems with the Group\u2019s capacity to meet its obligations in the foreseeable future.(ii) Historical cost approachThe Consolidated Financial Statements have been prepared based on the historical cost approach, with the exception of certain financial assets and liabilities (including financial derivatives) which are measured at fair value. \ue61b.\ue61b FORM AND CONTENTThe Consolidated Financial Statements are presented in Euro, which is the currency of the primary economic environment in which the Group companies operate. The amounts reported in the current document are presented in thousands of Euro, unless otherwise stated.The Consolidated Financial Statements comprise the mandatory statements contemplated in IAS 1, namely the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, the Statement of Cash Flows, the Statement of Changes in Equity and the related Notes.The financial statements formats are consistent with those indicated in IAS 1 \u2013 Presentation of Financial Statements: \u203a the consolidated statement of financial position has been prepared by classifying assets and liabilities according to the \u201ccurrent and non-current\u201d criterion; \u203a the consolidated statement of comprehensive income \u2013 whose format is based on a classification of costs and revenues according to their nature - indicates the economic result, supplemented by items which, as provided for by EU-IFRS, are directly recognised as equity, other than those items regarding transactions undertaken with the Company\u2019s shareholders; \u203a the consolidated statement of cash flows has been prepared by presenting cash flows from operating activities according to the \u201cindirect method\u201d.The formats used best represent the financial position, performance and cash flows of the Group.Some items on the statement of financial position and the income statement for the year ended 31 December 2023 have undergone minor reclassifications in order to give a better presentation of these items. The figures to 31 December 2022 were then reclassified to enhance the comparison of information between the two years. Technogym Germany GmbH will adopt the exemption, as provided for in Article 264 (3) of the German Civil Code (HGB), from the requirement to prepare financial statements for the year ended 31 December 2023.Distinction between current and non-current assets and liabilitiesThe Group classifies an asset as current when: \u203a it holds the asset for sale or use, or expects to realise the asset in its normal operating cycle; \u203a it holds the asset primarily for the purpose of trading; \u203a it expects to realise the asset within twelve months after the reporting period; or \u203a the asset is cash or a cash equivalent, unless the asset is restricted or limited in such a way as to prevent its use for at least twelve months after the reporting period.All other assets that do not meet the above conditions are classified as non-current. The Group classifies a liability as current when: \u203a it expects to settle the liability during its normal operating cycle; \u203a it holds the asset primarily for the purpose of trading; \u203a the asset must be settled within twelve months after the reporting period; or \u203a the Group does not have an unconditional right to defer settlement of the asset beyond twelve months.All other liabilities are classified as non-current.\ue61b.\ue61a CONSOLIDATION CRITERIA AND METHODOLOGIESThe Consolidated Financial Statements include the financial position, performance and cash flows of the Parent company and its subsidiaries, prepared based on the relative accounts and, where applicable, suitably adjusted to bring them in line with EU-IFRS.The following table lists the companies included in the scope of consolidation, including information about the method of consolidation applied, for the years ended 31 December 2023 and 2022.Entity name Year ended 31 December 2023Registered office % of control % of control Currency Share capitalDec 2023Dec 2022Subsidiaries \u2013 consolidated using the line-by-line methodTechnogym SpA Italy Parent company Parent company EUR 10,066,375Technogym International BV Netherlands 100% 100% EUR 113,445TG Holding BV Netherlands 100% 100% EUR 300,000TGB Srl Italy 100% 100% EUR 96,900La Mariana Srl Italy 100% 100% EUR 76,500Sidea S.r.l Italy 70% 70% EUR 150,000TG Technogym SA (PTY) LTD South Africa 100% 100% ZAR 4,345,000Technogym Saudi LLC Saudi Arabia 100% 100% SAR 1,145,000Technogym Arabia LLC Saudi Arabia 70% 0% SAR 28,600,000Technogym E.E. SRO Slovakia 100% 100% EUR 15,033,195Technogym UK Ltd United Kingdom 100% 100% GBP 100,000Technogym Germany Gmbh Germany 100% 100% EUR 1,559,440Technogym Benelux BV Netherlands 100% 100% EUR 2,455,512Technogym Usa Corp. United States 100% 100% USD 3,500,000Technogym Trading SA Spain 100% 100% EUR 2,499,130Technogym France Sas France 100% 100% EUR 700,000Technogym Shanghai Int. Trading Co. Ltd China 100% 100% CNY 132,107,600Technogym Japan Ltd Japan 100% 100% JPY 320,000,000Technogym Asia Ltd Hong Kong 100% 100% HKD 11,481,935Technogym Australia Pty Ltd Australia 100% 100% AUD 11,350,000Technogym Portugal Unipessoal Lda Portugal 100% 100% EUR 5,000Technogym AO Russia 100% 100% RUB 10,800,000Technogym Emirates LLC United Arab Emirates 49% 49% AED 300,000FKB Equipamentos LTDA Brazil 100% 100% BRL 156,064,684Technogym Canada Inc. Canada 100% 100% CAD 100,000DWL Italy 100% 100% EUR 200,000Wellness Partners USA Inc United States 75% 75% USD 1,000MyWellness Inc United States 100% 100% USD 100Wellness Partners Ltd United Kingdom 75% 75% EUR 463,382Associates - Jointly controlled entities, consolidated using the equity methodWellink Srl Italy 40% 40% EUR 60,000Wellness Explorers Srl Italy 0% 50% EUR -Physio Ag Germany 32% 32% EUR 73,000Transactions taking place during the reporting periodAcquisition of substantial control of Technogym Emirates LLCDuring the year, a new agreement was signed with the shareholder that holds 51% of the share capital in Technogym Emirates LLC, a joint venture set up in the United Arab Emirates, in order to facilitate the distribution and sale of products and services, which required a redefinition of corporate governance. By virtue of this agreement, the Group has held substantial control over that company since 1 January 2023. Starting from that date, the Group has fully consolidated the subsidiary, which was previously accounted for using the equity method.Following the change in the scope of consolidation, the provisions set forth in IFRS 3 were applied for the case of control acquired in stages. For consolidation purposes, an appraisal was prepared by an independent expert engaged by the company to determine the fair value of the equity investment. The results of this appraisal defined the value of the equity investment at Euro 10,390 thousand, of which 49% is attributable to the Group, corresponding to Euro 5,091 thousand. The value of the equity investment as of 31 December 2022 was Euro 2,766 thousand.The transition to full consolidation has generated non-recurring income of Euro 4,066 thousand, deriving from the closure of the translation reserve (Euro 1,741 thousand) and the posting of Euro 2,325 thousand as a revaluation entry. This last item derives from the difference between the 49% of fair value of the investment, and the previous recognition value based on the equity consolidation method, of Euro 2,766 thousand. Finally, the operation generated a deferred tax effect of Euro 976 thousand.The table below shows the details of the fair value of the assets acquired and the liabilities assumed at the acquisition date:(In thousands of Euro)Fair ValueAssetsProperty, plant and equipment 2,907Intangible assets 12Other non-current assets 356Inventories 7,963Trade receivables 5,724Current financial assets 675Other current assets 365Cash and cash equivalents 4,17 7LiabilitiesNon-current financial liabilities (745)Non-current provisions for risks and charges (317)Other non-current liabilities (312)Trade payables (1,507)Current financial liabilities (400)Current provisions for risks and charges (146)Other current liabilities (10,380)Value of identifiable net assets consolidated line-by-line 8,371Restated fair value of the equity investment 10,390Group share (49%) reclassified to Goodwill 989Formation of Technogym Arabia LLCDuring the year, the Saudi company Technogym Arabia LLC was formed, with 70% ownership and consolidated using the line by line method. Its objective is to expand the share of the local market.Striking off of the Technogym Manno Branch from the business registerOn 26 June 2023, the Technogym Manno branch, held by the subsidiary Technogym International BV, was struck off from the business register. This required the deconsolidation of the entity and the closure of the translation reserve on the income statement, to the value of Euro 468 thousand.Liquidation of Wellness Explorer S.r.l.Liquidation and deregistration from the Companies Register of the Italian company Wellness Explorer S.r.l., owned as to 50% and valued with the net equity method.The policies adopted by the Group to determine the scope of consolidation and related principles of consolidation are described below.(i) SubsidiariesAn investor controls an entity when i) it is exposed or has rights to the relative variable returns and ii) it has the ability to use its decision-making power over significant activities so as to affect such returns. The existence of control is verified when facts and/or circumstances indicate a change in one of the elements of control described above.Subsidiaries are consolidated on a line-by-line basis from the date control is acquired and are no longer consolidated from the date on which control is transferred to third parties. The financial statements of all the subsidiaries have the same reporting period as that of the Parent company.The basis for line-by-line consolidation is as follows: \u203a the assets and liabilities, expenses and income of subsidiaries are accounted for line by line, assigning, where applicable, the relative portion of equity and net profit for the period to non-controlling interests; these portions are indicated separately in equity and in the statement of comprehensive income; \u203a gains and losses, including relative fiscal effects, arising from transactions between companies consolidated on a line-by-line basis and not yet realised with third parties, are eliminated, except for losses that are not eliminated if the transaction provides evidence of impairment of the transferred asset. The reciprocal receivables and payables, costs and revenues, as well as financial income and expenses are also eliminated; \u203a in the case of investments acquired after control has been obtained (acquisition of interests held by third parties), any difference between the purchase cost and corresponding portion of equity acquired is recognised in Group equity and similarly, the effects arising from the sale of non-controlling interests without loss of control are also recognised in equity; \u203a in the case of the sale of investments resulting in loss of control, the Group: \u2010 eliminates the assets (including goodwill) and liabilities of the subsidiary at their carrying amount at the date of loss of control; \u2010 eliminates the carrying amount of non-controlling interests at the date of loss of control (including the aggregate value of other comprehensive income attributable to them); \u2010 recognises the fair value of the income of the transaction that resulted in loss of control; \u2010 recognises any remaining interest maintained at fair value at the date of loss of control. The value of any investment maintained, aligned with the relative fair value at the date of loss of control, represents the new value at which the investment is recognised; this is also the benchmark for its subsequent measurement according to the applicable measurement criteria; \u2010 reclassifies any values identified in other comprehensive income relative to the investee in which control was lost in consolidated profit or loss, with reversal to profit or loss. If reversal to profit or loss is not required, these values are transferred to the equity item \u201cReserves for retained earnings\u201d; \u2010 recognises the resulting difference in consolidated profit or loss as a loss or gain of the Parent company.(ii) Business combinationsBusiness combinations, in which the control of a business is acquired, are recognised in accordance with IFRS 3, adopting the acquisition method. In particular, identifiable assets, liabilities and potential liabilities are recognised at fair value at the date when control is acquired (the acquisition date), except for deferred tax assets and liabilities, assets and liabilities relative to employee benefits and assets held for sale, which are recognised based on the relative accounting standards. The difference between the cost of acquisition and the amount of any minority shareholding in the acquired entity and the fair value at the date of acquisition of previously-owned interests, compared to the current value of the identifiable assets and liabilities acquired, if positive, is recognised under intangible assets as goodwill, or, if negative, after checking the correct measurement of the current values of assets and liabilities and of the cost of acquisition, it is directly recognised in consolidated income statement, as income. When the values of the assets and liabilities of the acquired business are determined on a provisional basis, the measurement must be completed within twelve months from the acquisition date, considering only the information relative to the circumstances existing at the acquisition date. In the year when the measurement is completed, temporary values are adjusted retrospectively. Any ancillary transaction costs are recognised in consolidated income statement at the time they are incurred.The acquisition cost is represented by the fair value at the Acquisition Date of the transferred assets, assumed liabilities and equity instruments issued for the purposes of the acquisition, and also includes the potential consideration, or the part of the consideration the amount and payment of which depend on future events. The potential consideration is identified based on the relative fair value at the acquisition date, and the subsequent changes in fair value are recognised in consolidated income statement if the potential consideration is a financial asset or liability, while potential considerations classified as equity are not restated and the subsequent elimination is directly recognised in equity.If control is acquired in stages, the acquisition cost is determined by adding the fair value of the investment previously held in the investee and the amount paid for the additional portion. Any difference in the fair value of the investment previously held and the relative carrying amount is recognised in consolidated profit or loss. When control is acquired, any amounts previously recognised in other comprehensive income are recognised in profit of loss, or in another item of equity, if restatement in profit or loss is not envisaged.Business combinations in which the companies involved are controlled by the same entity or entities both before and after the transaction, for which control is not temporary, qualify as business combinations \u201cunder common control\u201d. These transactions are not governed by IFRS 3, nor by other EU-IFRS. In the absence of a relative accounting standard, the choice of method to represent the transaction must guarantee compliance with IAS 8, i.e. the reliable and faithful representation of the transaction must be ensured. Moreover, the accounting standard selected to represent transactions under common control must reflect the economic substance of the transactions, regardless of their legal form. Therefore the existence of economic substance is key to the methodology to adopt to recognise the transactions in question. The economic substance must refer to the generation of added value which is reflected in significant changes in the cash flows of net transferred assets. When recognising the transaction, current interpretations and guidance must also be considered. In particular, reference is made to OPI 1 (Revised) (Assirevi Preliminary Guidance on IFRS), relative to the \u201caccounting of business combinations of entities under common control in separate and consolidated financial statements\u201d. Net transferred assets must therefore be recognised at the carrying amounts they had in the acquired company or, if available, at the amounts resulting from the consolidated financial statements of the common parent company.(iii) AssociatesAssociates are companies in which the Group exercises significant control, which is assumed to exist when the investment refers to between 20% and 50% of voting rights.Associates are initially recognised at cost and subsequently measured with the equity method.The procedure for adopting the equity method is described below: \u203a the carrying amount of investments measured with the equity method is aligned to the equity of the relative company, adjusted, where necessary, to reflect the adoption of EU-IFRS and includes the recognition of greater values attributed to assets and liabilities and any goodwill, identified at the time of acquisition, following a similar process to that described previously for business combinations; \u203a gains or losses attributable to the Group are recognised at the date when significant influence starts and until it ends. If, due to losses, a company measured using the equity method posts negative equity, the carrying amount of the investment is annulled and any excess attributable to the Group, if it has committed to meeting the legal or implied obligations of the investee, or in any case to covering the losses, is recognised in a specific provision for risks; changes in equity of companies measured with the equity method, not represented by profit or loss, are directly recognised in comprehensive income; \u203a unrealised gains and losses, generated from transactions between the Company/its subsidiaries and the investee measured with the equity method, are eliminated based on the value of the Group investment in the investee, except for losses that represent the impairment of the underlying asset and dividends that are wholly eliminated.If there is objective evidence of impairment, recoverability is tested by comparing the carrying amount with the relative recoverable value. When the reasons for impairment no longer apply, the value of the investments is reinstated within the limits of impairments made, recognising the effect in profit or loss.If the sale of investments results in loss of joint control or significant influence over the investee, the difference between: \u203a the fair value of any outstanding investment kept and income arising from the sale of the investments, and \u203a the carrying amount of the investment on the date when the net equity method was no longer used, will be recognised in consolidated profit or loss.(iv) Joint arrangementsIn accordance with IFRS 11 \u2013 Joint arrangements, investments in joint arrangements may be classified as either a joint operation or a joint venture. This classification depends on the contractual rights and obligations of each investor, rather than on the legal structure of the joint arrangement.A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.A joint operator must recognise, with reference to its own interests in a joint operation: \u203a its assets, including its share of any assets held jointly; \u203a its liabilities, including its share of any liabilities incurred jointly; \u203a its revenue from the sale of its share of the output of the joint operation; \u203a its share of the revenue from the sale of the output by the joint operation; and \u203a its expenses, including its share of any expenses incurred jointly.A joint venturer recognises its interest in a joint venture as an investment, initially recognised at cost. Subsequently, the investment is accounted for using the equity method.From 2023, the Group is no longer reporting this event, following the operations mentioned in note 4.4. (v) Translation of the financial statements of foreign operationsThe financial statements of subsidiaries are prepared in the currency of the primary economic environment in which they operate. The criteria for translating the financial statements of companies expressed in a currency other than the Euro are as follows: \u203a assets and liabilities are translated using the closing exchange rates at the year-end reporting date; costs and revenues are translated using the average exchange rate for the reporting period; \u203a the \u201ccurrency translation reserve\u201d, in the comprehensive income statement, reports the differences arising in the income statement\u2019s translation at an average rate as opposed to a closing rate, as well as the differences arising in the translation of opening equity at a different rate applied to closing equity; \u203a goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing exchange rate.The exchange rates in Euro used in the translation of the financial statements of entities with a currency other than the Euro are as follows:Currency As of 31 December2023 2022USD 1.105 1.067GBP 0.869 0.887JPY 156.330 140.660CHF 0.926 0.985AUD 1.626 1.569AED 4.058 3.917CNY 7.851 7.358RUB 99.680 75.655HKD 8.631 8.316BRL 5.362 5.639ZAR 20.348 18.099SGD 1.459 1.430CAD 1.464 1.444DKK 7.453 7.437SAR 4.144 4.000Currency Average for the year ended 31 December2023 2022USD 1.081 1.053GBP 0.870 0.853JPY 151.990 138.027CHF 0.972 1.005AUD 1.629 1.517AED 3.971 3.867CNY 7.660 7.079RUB 92.416 72.476HKD 8.465 8.245BRL 5.401 5.440ZAR 19.955 17.209SGD 1.452 1.451CAD 1.460 1.370DKK 7.451 7.440SAR 4.055 3.949* Note that all exchange rates were obtained from the Bank of Italy\u2019s \u201cexchange rate portal\u201d website in continuity with previous years. As regards the ruble, since the exchange rate has been unavailable since the start of the Russia - Ukraine conflict, the figure provided by Bloomberg was used, which is the same as that published by the Central Bank of the Russian Federation (CBR). The impact of the conversion of the reporting of Technogym AO, the Russian subsidiary, using the CBR exchange rate in any event would not be significant.\ue61b.\ue61d VALUATION CRITERIAThe main accounting standards and accounting policies adopted in the preparation of the Consolidated Financial Statements are summarised below.Consolidated statement of financial positionProperty, plant and equipmentProperty, plant and equipment are recognised according to the cost criterion at the cost of purchase or production, including the directly related costs necessary for preparing the assets for their intended use, net of any impairment. Revaluations of property, plant and equipment are not permitted, even if in application of specific laws.Costs for improvements, modernisation and transformation which increase the value of third-party assets are recognised as assets when it is likely that they increase the future economic benefits expected from use or sale of the asset. They are depreciated over the time between the useful life of improvements made or the duration of the relative lease agreement, whichever is the shorter.In valuing the lease duration, the possibility of renewal must be considered, if this is substantially certain and therefore depends on the will of the lessee.Property, plant and equipment are depreciated systematically on a straight-line basis over their useful technical economic life, considered to be the estimate of the period in which the asset will be used by the Company. The period which starts from the month when use of the asset starts or could have started. When the tangible asset comprises several significant components with different useful lives, depreciation is carried out for each component. The value to depreciate is represented by the carrying amount minus the presumed net sale price at the end of the asset\u2019s useful life. Land is not depreciated even if purchased together with a building, nor are property, plant and equipment held for sale. Any changes to the depreciation schedule, resulting from a revision of the useful life of the tangible asset, the residual value or procedure for obtaining the economic benefits of the asset, are recognised on a forward-looking basis.Amortisation methods and periodsDepreciation starts when the asset becomes available for use and is distributed systematically in relation to the residual possible use of the asset, i.e. based on its estimated useful life.The estimated useful life of main tangible assets is as follows: Tangible assets Estimated useful life (in years)Buildings 34Plant and machinery 8-11Production and commercial equipment 5-6Other assets 5-11Intangible assetsIntangible assets are identifiable assets without physical substance, controlled by the Company that can generate future economic benefits, as well as goodwill when acquired for a consideration. An intangible asset is identifiable as such if separable from goodwill. This requirement is normally met when: \u203a the intangible asset rises from a legal or contractual right; or \u203a the asset is separable, i.e. it may be sold, transferred, rented or exchanged independently or as a part of other assets.Intangible assets are recognised at purchase or production cost including directly related costs necessary for preparing the assets for their intended use. Revaluations are not permitted, even if in application of specific laws.Intangible assets are amortised systematically on a straight-line basis over their useful life, considered to be the estimate of the period in which the asset will be used by the Company. Development costs are amortised over five years except for costs in which a future benefit is not expected, which are recognised in profit or loss in the year they are incurred.Development costsDevelopment costs for the realisation of new products and processes or improving existing products and processes, are capitalised according to IAS 38 if the innovations introduced lead to technically feasible processes and/or commercially viable products, as long as the intention to complete the project can be demonstrated, and the costs and benefits of such innovations can be reliably measured. Capitalised development costs include internal and external costs, comprehensive of personnel expenses and costs for services and consumables, that are reasonably allocated to the projects. Development costs are intangible assets with a finite life, amortised over the period the expected economic benefits will arise, generally five years (three years for software due to its high rate of obsolescence) and are subject to impairment losses that may arise after initial recognition. Amortisation starts from the moment the products are available to be used. Useful lives are reviewed and adjusted accordingly if there are changes in the expected future use.Amortisation methods and periodsDepreciation starts when the asset becomes available for use and is distributed systematically in relation to the residual possible use of the asset, i.e. based on its estimated useful life.The estimated useful life of main intangible assets is as follows: Intangible assets Estimated useful life (in years)Development costs 3-5Software, licences and similar rights 3Trademarks 10Testing of long-term value impairment of assetsTesting is carried out at the end of each reporting period to establish whether tangible and intangible assets have been impaired. For this purpose, both internal and external sources of information are considered. As regards internal sources, the obsolescence or physical deterioration of the asset are considered, as well as any significant changes in use and the asset\u2019s economic performance compared to its expected performance. As regards external sources, the trend of market prices of assets are considered, as well as any technological, market or regulatory nonconformities, the trend of market interest rates or cost of capital used to measure investments.If these indicators are identified, the recoverable value of the assets is estimated, with any impairment recognised in separate profit or loss. The recoverable value of an asset is represented by the greater of the fair value, minus additional selling costs, and relative value in use, the latter meaning the present value of expected future cash flows of the asset. When determining the value in use, expected future cash flows are discounted using a discount rate including taxes that reflects current market valuations of the cost of money, referred to the investment period and specific risks of the asset. In the case of an asset that does not generate cash flows that are largely independent, the recoverable value is determined in relation to the cash generating unit the asset belongs to.An impairment loss is recognised in profit or loss if the carrying amount of the asset, or its relative CGU, is greater than its recoverable value. Impairment of CGUs is first recognised as a reduction of the carrying amount of goodwill attributed to the unit, and therefore, as a reduction of other assets, in proportion to their accounting value and within the limits of the relative recoverable value. If the conditions for a previous impairment no longer apply, the carrying amount of the asset is reinstated with recognition in separate profit or loss, within the limits of the net carrying amount of the asset if it had not been impaired and if relative amortisation/depreciation had been carried out.Leased assetsLeasing contracts are recognised in accordance with IFRS 16.When entering into each contract, the Group: \u203a determines whether the contract is a lease or contains one; this arises when the contract grants the right to control the use of a specific asset for a period of time in exchange for a price. this assessment is repeated if there are subsequent changes to the contractual terms and conditions; \u203a separates the components of the contract, by distributing the contract price between each leasing or non-leasing component. \u203a determines the duration of the lease as the non-cancellable period of the lease, to which may be added to any period covered by an extension option, or termination of the lease.On the start date of each contract, i.e. the date on which the asset becomes available for use, if the Group is the lessee it will recognise a right-of-use asset on the statement of assets and liabilities, and a lease liability representing the obligation to make payments for the duration of the leasing contract. The duration of the leasing contract is determined by considering the non-cancellable period, and, if there is reasonable certainty, also the periods of any optional extensions or non-use of options to terminate the contract early. The leasing liability is initially recognised at an amount equal to the current value of the following leasing payments, not yet made as of the commencement date: (i) fixed (or substantially fixed) payments net of any incentives due; (ii) variable payments based on indexes or rates; (iii) an estimate of the payment to be made by the lessee to guarantee the residual value of the leased asset; (iv) payment of the price for exercising the right to purchase, if the lessee is reasonably certain of doing so; and (v) payment of contractual penalties for terminating the lease if the lessee is reasonably certain of doing so. The current value of such payments is equal to the current value of the remaining future payments, discounted using the implicit interest rate for the leasing, or alternatively the Group\u2019s marginal financing rate. Subsequently, the asset consisting of the right of use is valued by applying the cost model, net of the depreciation and any reductions in accumulated value, adjusted to take into account any new valuations or modifications to the lease. Leasing charges are valued by increasing the book value to take into account the interest, reducing the book value to take into account payments made, and re-determining the book values to take into account any new valuations or modifications to the lease.The assets are depreciated according to a period represented by the term of the lease contract, unless its duration is less than the useful life of the asset based on the rates applied to tangible assets, and there is the reasonable certainty of the ownership of the leased asset being transferred on the natural contractual expiry date. If the leasing contract transfers the ownership of the leased asset at the end of the lease term, or if the cost of the asset consisting of the right of use reflects the exercise of the option to buy, the amortisation period will be calculated on the basis of the criteria and rates used for tangible assets in accordance with IAS 16.For lease contracts whose duration ends within 12 months from the date of initial application and for which there are no renewal options, and for contracts with low-value underlying assets, the lease charges are recognised on the income statement on a straight line basis throughout the duration of the respective contracts. \u201cTangible assets\u201d include equipment leased to customers by the leasing company under operating leases according to IFRS 16.Financial assetsOn initial recognition, financial assets must be classified in one of the three categories below, based on the following: \u203a the entity\u2019s business model for managing financial assets; and \u203a the characteristics relative to the contractual cash flows of the financial asset.Financial assets are then derecognised only if the sale has resulted in the substantial transfer of all risks and rewards connected with the assets. On the other hand, if a substantial part of the risks and rewards relative to the sold financial assets have been retained, the assets will still be recognised in the financial statements, even if in legal terms ownership of the assets has been transferred.Financial assets measured at amortised costThis category includes financial assets that meet both of the following conditions: \u203a the financial asset is held within a business model whose objective is achieved by collecting the contractual cash flows (\u201chold to collect\u201d business model); and \u203a the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (\u201cSPPI Test\u201d).On initial recognition, these assets are entered at fair value, including costs or income arising from the transaction directly attributable to the instrument. After initial recognition, the financial assets in question are measured at amortised cost, using the effective interest method. The amortised cost method is not used for assets - recognised at historical cost - of a short duration that render the effect of discounting negligible, nor for assets with no expiry or revocable credit.Financial assets measured at fair value and recognised in comprehensive incomeThis category includes financial assets that meet both of the following conditions: \u203a the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets (\u201chold to collect and sell\u201d business model); and \u203a the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (\u201cSPPI Test\u201d).This category includes share interests, that cannot qualify as control, and joint control, that are not held for trading, for which the fair value designation option has been exercised and recognised in comprehensive income.On initial recognition, assets are recognised at fair value including costs or income arising from the transaction directly attributable to the instrument. Subsequently after initial recognition, the non-controlling, connecting and joint control interests are measured at fair value, and amounts identified as a contra-item in equity (other comprehensive income), must not be subsequently transferred to profit or loss, even in the case of disposal. The only component referable to equity instruments recognised in profit or loss is the relative dividends.For equity instruments included in this category, not listed on an active market, the cost criterion is used as the fair value estimate only on a residual basis, and only in a few cases, i.e. when the most recent information to measure the fair value is insufficient, or there is a wide range of possible fair value measurements and the cost represents the best estimate of the fair value in this range.Financial assets measured at fair value and recognised in profit or lossThis category includes financial assets other than assets classified as \u201cFinancial assets measured at amortised cost\u201d and \u201cFinancial assets measured at fair value recognised in comprehensive income\u201d.This category includes financial assets held for trading and derivative contracts not classifiable as hedging (which are represented as an asset if the fair value is positive, and as a liability if the fair value is negative).On initial recognition, the financial assets measured at fair value and recognised in profit or loss are recognised at fair value, without considering the costs or income arising from the transaction directly attributable to the instrument. At subsequent reporting dates, the assets are recognised at fair value and the effects are recognised in profit or loss.Impairment of financial assetsIn accordance with IFRS 9, the Group adopts a simplified approach to estimate the expected credit losses over the lifetime of the instrument and considers the historical experience accrued concerning credit losses, adjusted based on specific forward-looking factors specific to the nature of the Group receivables and the economic context.In brief, the Group measures expected losses of financial assets in a way that reflects: \u203a an unbiased and probability-weighted amount that is determined by evaluating the range of possible outcomes; \u203a the time value of money; and \u203a reasonable and supportable information available without excessive costs or effort at the end of the reporting period about past events, current conditions and reasonable and supportable forecasts of future economic conditions.A financial asset is impaired when one or more assets occur that have a negative effect on the expected future cash flows of the financial asset. Observable data relative to the following events provide proof that the financial asset has been impaired (it is possible that a single event cannot be identified; the impairment of the financial assets may be due to the combined effect of a number of events):a) significant financial difficulties of the issuer or debtor;b) a breach of contract, such as a default or past-due event;c) the lender, for economic or contractual reasons relating to the borrower\u2019s financial difficulties, granted the borrower a concession that would not otherwise be considered;d) it becomes probable that the borrower will enter a bankruptcy or other financial restructuring arrangement;e) the disappearance of an active market for the financial asset because of financial difficulties; orf) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.When an impairment loss is identified for financial assets recognised using the amortised cost method, the value is measured as the difference between the carrying amount of the asset and the present value of expected future cash flows, discounted based on the original effective interest rate. This value is recognised in profit or loss.Derecognition of financial assets and liabilitiesFinancial assets are derecognised when they satisfy one of the following conditions: \u203a the contractual right to receive cash flows from the financial asset has expired; \u203a the Group has substantially transferred all risks and rewards connected with the asset; \u203a the Group has neither transferred nor retained the risks and rewards associated with the financial asset but it has transferred the control.Financial liabilities are derecognised when they are extinguished, i.e. when the contractual obligation is discharged, cancelled or expires. Where there has been an exchange of debt instruments with substantially different terms, the transaction is accounted for as a discharge of the original financial liability and the recognition of a new financial liability. Similarly, where there has been a substantial modification of the contractual terms of an existing financial liability, this transaction is accounted for as a discharge of the original financial liability and the recognition of a new financial liability.Offsetting of financial assets and liabilitiesThe Group offsets financial assets and liabilities if and only if: \u203a there is an enforceable legal right to offset the recognised amounts in the financial statements; \u203a there is the intention to offset on a net basis or realise the asset and settle the liability simultaneously.InventoriesInventories are recognised at the lower of the cost of purchase and the net realisable value, represented by the amount the Group expects to obtain from their sale during the normal course of activities, net of selling costs. The cost is determined using the weighted average cost method.The cost of finished goods and works in progress includes the costs of design, raw materials, direct labour and other production costs (determined based on normal operating capacity).Inventories of raw materials and works in progress no longer used in the production cycle and inventories of unsaleable finished goods are written down, based on the market trend and presumed non-use related to obsolescence and slow turnover.Public grantsPublic grants, including non-monetary grants measured at fair value, are recognised when there is reasonable certainty that they will be received and that the Group will meet all the conditions required for their disbursement.Cash and cash equivalentsCash and cash equivalents include cash, call deposits, as well as financial assets with original expiry of 3 months or less, readily convertible into cash and with a negligible risk of a change in value. Cash and cash equivalents are measured at fair value. Cash and cash equivalents do not include time deposits which do not meet the requirements of IFRS. Short-term bank deposits with an original expiry of 3 months or more that do not meet the requirements of IAS 7 are included in a specific item of current assets.Cash transactions are recorded by bank transaction date, while payment transactions also consider the order date.Own sharesAs provided for in IAS 32, when there is a repurchase of an entity's own equity instruments (own shares), these instruments are deducted directly from net equity in the item Own shares.No profit or loss is posted on the income statement for the purchase, sale or cancellation of own shares.The price paid or received, including any cost directly attributable to the equity operation, net of any connected tax benefit, is posted directly as a movement of net equity.Financial liabilities and trade payablesFinancial liabilities and trade payables are recognised when the Group contracts obligations and are measured initially at fair value, net of directly attributable transaction costs.Subsequently, they are measured at amortised cost using the effective interest method.Financial liabilities are derecognised when the contractual rights to the cash flows expire or when the financial liability is disposed of with the substantial transfer of all risks and rewards incident to ownership.Provisions for risks and chargesProvisions for risks and charges refer to costs and expenses of a specific nature of certain or probable existence, but whose timing or amount are uncertain at the end of the reporting period. Provisions are recognised when: \u203a a present legal or constructive obligation is likely to exist as a result of a past event; \u203a it is likely that fulfilment of the obligation will be onerous; \u203a the amount of the obligation can be estimated reliably.The amount recognised as a provision is the best estimate of the amount that the Company would rationally pay to settle the obligation at the end of the reporting period or to transfer it to a third party at that time. When the effect of the time value of money is material and the obligation settlement date can be estimated reliably, the amount of the provision is determined by discounting the expected cash outflows to present value taking account of the risks specific to the obligation; any increase in the amount of a provision due to the effect of the time value of money is recognised in profit or loss under \u201cFinancial expenses\u201d.The costs the Group expects to incur for restructuring programmes are recognised in the year when the programme is formally defined, and the entities concerned have valid expectations that the restructuring will take place.The amounts are periodically reviewed to identify changes in estimated costs, the obligation settlement date, and the discounting rate. Any changes in estimates are recognised in profit or loss within the same account previously used to record the provision. Provisions for risks and charges are discounted if it is possible to reasonably estimate the time of the cash outflows. When the liability refers to tangible assets, changes in the estimate of provisions are recognised as a contra-item under the assets referred to within the limits of carrying amounts; any excess is recognised in profit or loss.If all expenses (or a part) required to settle an obligation are to be repaid by third parties, the repayment, when virtually certain, is recognised as a separate entity.Employee benefitsShort-term benefits refer to salaries, wages, relative social security contributions, pay in lieu of holidays accrued and incentives payable as bonuses in the twelve months from the end of the reporting period. These benefits are recognised as personnel costs in the period when the service is provided.In defined benefit plans, which include the post-employment benefit for employees pursuant to article 2120 of the Italian Civil Code (\u201cTFR\u201d), the amount of the benefit to pay to the employee may be quantified only post-employment, and is related to one or more factors such as age, length of service and salary; therefore the relative expense is recognised in profit or loss on an accrual basis, according to an actuarial calculation. The liability recognised in the financial statements for defined benefit plans corresponds to the present value of the obligation at the end of the reporting period. Obligations for defined benefit plans are determined annually by an independent actuary, using the Project Unit Credit method. The current value of defined benefit plans is determined discounting future cash flows to a given interest rate. Actuarial gains and losses arising from the above adjustments and changes in actuarial assumptions are recognised in other comprehensive income.Since 1 January 2007, the 2007 Budget Law and relative implementing decrees have introduced significant changes to the rules governing TFR, including the employees\u2019 right to choose where their accrued post-employment benefits will be allocated. In particular, new portions of TFR may be allocated to supplementary pension schemes or kept within the company. If the TFR is allocated to external pension schemes, the Company only has to pay the defined benefit to the selected scheme, and as from this date, newly accrued portions owing will be defined benefit plans not subject to actuarial valuation.Liabilities for obligations relative to other medium/long-term employee benefits, such as management incentive plans, are determined using actuarial assumptions. The effects arising from changes to actuarial assumptions or adjustments based on past experience are recognised in full in profit or loss.Share-based paymentsThe cost of services rendered by directors and employees who are remunerated with share-based payments settled with share allocations, is determined based on the fair value of the related rights, measured at the date of allocation. The calculation method used to determine the fair value considers, at the date of assignment, all the characteristics of the rights and security of the relative plan (accrual period, the price and conditions of exercise, etc.). The cost of these plans is recognised in profit or loss under \u201cpersonnel costs\u201d, with a contra-item in equity, over the time when the granted rights accrue, based on the best estimate of rights that will become exercisable.Measurement of fair value The measurement of fair value and the relative disclosure complies with IFRS 13 - Fair value measurement. The fair value represents the price that would be received for the sale of an asset or that would be paid for the transfer of a liability in an ordinary transaction between market participants on the measurement date.The fair value measurement is based on the assumption that the sale of the asset or transfer of the liability takes place on the principal market, i.e. the market with the greatest volume and level of transactions for the asset or liability. In the absence of a main market, it is assumed that the transaction has taken place on the most advantageous market the Company has access to, i.e. the market that maximises the results of the transaction to sell the asset or minimises the amount to pay to transfer the liability.The fair value of an asset or liability is determined considering the assumptions that market participants would use to define the price of the asset or liability, assuming that they would act in their best economic interests. \u2018Market participants\u2019 are informed, motivated, independent buyers and sellers who enter into a transaction for the asset or liability but are not obligated nor induced to do so.Measurement of the fair value of financial instruments The fair value of listed financial instruments is determined by observing the market prices, while for unlisted financial instruments, specific valuation methods are used, referring to the highest number possible of observable market input. When this is not possible, the inputs are estimated by management, taking into account the characteristics of the instrument being measured. Changes in the assumptions made when estimating the inputs may have an impact on the fair value recorded in the financial statements for those instruments.Financial instruments are classified based on a hierarchy of levels that reflects the significance of the inputs used in determining the fair value (IFRS 13 - Fair value measurement). \u203a Level 1: Quoted prices (active market): the data used in measurements are represented by quoted prices on markets where assets or liabilities identical to those being measured are exchanged; \u203a Level 2: The use of parameters observable on the market (for example derivatives, exchange rates identified by the Bank of Italy, market rate curves, volatility provided by Bloomberg, credit spreads calculated based on credit default swaps, etc.) other than level 1 quoted prices; \u203a Level 3: The use of parameters that are not observable on the market (internal assumptions such as cash flows, spreads adjusted for risk, etc.).Financial derivative instrumentsFinancial derivative instruments are recognised in accordance with IFRS 9.At the date of contract stipulation, financial derivative instruments are initially recognised at fair value, as financial assets measured at fair value and recognised in profit or loss when the fair value is positive, or as financial liabilities measured at fair value and recognised in profit or loss when the fair value is negative.If the financial instruments are not recognised as hedging instruments, the changes in fair value identified after initial recognition are treated as components of profit for the year. If, instead, the derivative instruments meet the criteria for classification as hedging instruments, subsequent changes in fair value are recognised according to the criteria explained below.A financial derivative instrument is classified as hedging if the relationship between the hedging instrument and hedged item is formally documented, including risk management objectives, the strategy to carry out hedging and the methods that will be used to check effectiveness on a forward-looking and retrospective basis. The effectiveness of each hedging instrument is verified when each instrument is initially started, and during its lifetime, in particular at the end of each reporting period. Generally, hedging is considered as \u201chighly\u201d effective if, at the start and during its lifetime, the changes in the fair value of the hedged item (in the case of a fair value hedge), or in its expected future cash flows (in the case of a cash flow hedge), are substantially offset by the changes in the fair value of the hedging instrument. IFRS 9 allows for the possibility to designate the following three types of hedging relationships:a) fair value hedge: when the hedge concerns changes in the fair value of assets and liabilities recognised in the financial statements, the changes in the fair value of the hedging instrument and the hedging changes are recognised in profit or loss;b) cash flow hedge: in the case of hedges intended to neutralise the risk of changes in cash flows originating from future obligations contractually defined on the reporting date, the changes in the fair value of the derivative recorded after initial recognition are recognised, only as regards the effective portion, in other comprehensive income and therefore in an equity reserve \u201cCash flow hedge reserve\u201d. When the economic effects arising from the hedging occur, the portion recognised in other comprehensive income is reversed to profit or loss. If the hedging is not fully effective, the change in the fair value of the hedging instrument referable to the ineffective portion is immediately recognised in profit or loss;c) hedging of a net investment in a foreign operation (net investment hedge).If the effectiveness of hedging is not confirmed by testing, the recognition of hedging is stopped and the hedging derivative is reclassified under financial assets measured at fair value and recognised in profit or loss, or under financial liabilities measured at fair value and recognised in profit or loss. The hedging relationship also ceases when: \u203a the derivative expires, is sold, withdrawn or exercised; \u203a the hedged item is sold, expires or is repaid; \u203a it is no longer highly probable that the future hedged operation will take place.Consolidated income statementRecognition of revenuesRevenues from contracts with customers are recognised when the following conditions occur: \u203a a contract with the customer has been identified; \u203a performance obligations have been identified in the contract; \u203a the price has been determined; \u203a the price has been allocated to individual contractual obligations; \u203a the contractual obligation has been met.The Group identifies revenues from contracts with customers when (or as) the contractual obligation is met, transferring the promised good or service (or asset) to the customer. The asset is transferred when (or as) the customer acquires control.The Group transfers control of the asset or service over time, and therefore meets the contractual obligation and records revenues over time, if one of the following criteria are met: \u203a the customer simultaneously receives and consumes all of the benefits provided by the entity as the entity performs; \u203a the Group\u2019s performance creates or enhances an asset (for example works in progress) that the customer controls as the asset is created or enhanced; \u203a the Group\u2019s performance does not create an asset with an alternative use for the Group, and the Group has an enforceable right to payment for performance completed to date.If the Group does not satisfy its performance obligation over time, it satisfies it at a point in time. In this case, the Group recognises the revenue when the customer acquires control of the promised asset.In particular, in the case of the supply of transport and installation services in addition to the sale of equipment, the Group considers that the customer acquires control at the time of installation.The contractual consideration included in the contract with the customer may include fixed amounts, variable amounts or both. If the contractual consideration includes a variable amount (e.g. discounts, concessions on the price, incentives, penalties or other similar elements), the Group estimates the amount of the consideration it will be entitled to in exchange for the transfer of the promised goods or services to the customer. The Group includes the amount of the estimated variable consideration in the transaction price only if it is highly probable that when the uncertainty associated with the variable consideration no longer applies, there is no significant downwards adjustment to the amount of aggregate revenues identified.The Group distributes the contractual price among the individual contractual obligations based on the stand-alone selling prices (SSP) of the individual contractual obligations (such as the supply of equipment, maintenance service, and product warranties extending beyond the legal requirement). When an SSP does not exist, the Group estimates the SSP using an adjusted market approach.The Group exercises judgement in determining the contractual obligation, the variable prices and the allocation of the transaction price.Revenues from services realised over time are recognised on the basis of an assessment of the progress made by the entity in fulfilling its obligation over time. The transfer over time is assessed according to the input method: by considering the effort or input made by the Group in fulfilling each performance obligation. For contracts in which new goods are provided to customers with buyback clauses, to be exercised at fair value on the purchase of a new machine, the Group adjusts the sales revenues based on the historic probability of the buyback clause being utilised, and makes a contra-entry under Assets, to reflect the buyback obligation. It also adjusts the cost of sales by the same amount, by recognising a liability for the buyback obligation. Based on an analysis of the Group's historic buyback data, a 7-year timeframe is used, after which a comparison is made between the assets and liabilities for buyback obligations previously posted on the financial statements, and the buyback value for the year. The difference is entered on the income statement. Regarding the information about operating segments (IFRS 8 \u201cOperating segments\u201d), see the paragraph \u201cSector information\u201d in the management report.Recognition of costsCosts are recognised when related to goods and services purchased or consumed in the year or are systematically allocated when it is not possible to identify their future usefulness.Income and financial expenses are recognised in profit or loss as they accrue.Transactions in currencyRevenues and costs relative to transactions in a currency other than the functional currency are recognised at the exchange rate in effect on the day when the transaction is recorded.Monetary assets and liabilities in a currency other than the functional currency are converted into the functional currency adopting the exchange rate in effect at the end of the reporting period with the effect recognised in profit or loss. Non-monetary assets and liabilities in a currency other than the functional currency measured at cost are recognised at the exchange rate of initial recognition; when the measurement is at fair value or at recoverable or realisable value, the exchange rate in effect on the date when the value was determined is adopted.DividendsDividends are recognised at the date of the resolution passed by the Shareholders\u2019 Meeting that establishes the right to receive payment, unless there is reasonable certainty that shares will be sold before coupon detachment.The dividends resolved by the Shareholders\u2019 Meeting are represented as a movement of equity in the year in which they are approved.Income taxesCurrent income taxes, recognised under the item \u201cCurrent tax payables\u201d net of advances paid, or under \u201cCurrent tax receivables\u201d when the net balance is positive, or where the amount of the tax due is less than the tax paid and/or the future amount payable, are determined based on an estimate of taxable income and in compliance with applicable tax legislation. Taxable income differs from net profit in profit or loss as it excludes income and cost components that are taxable or deductible in other years, or are not taxable or non-deductible. In particular, these receivables and payables are determined applying the tax rates in force at the reporting date.Current taxes are recognised in profit or loss, apart from those relative to items identified outside the income statement that are directly recognised in equity.Deferred tax assets and liabilities are calculated on the temporary differences between values in the financial statements and corresponding values recognised for tax purposes, applying the tax rate in effect at the date when the temporary difference will be transferred, determined based on tax rates in force at the reporting date.Deferred tax assets for all temporary taxable differences, tax losses or tax receivables not used are identified when their recovery is probable, i.e. when taxable income sufficient to recover the asset is expected in the future. The possible recovery of deferred tax assets is reviewed at the end of each reporting period. Deferred tax assets not recognised in the financial statements are reviewed at the end of each reporting period and are identified to the extent that a future taxable income that allows for the deferred tax asset to be recovered is probable.Deferred tax assets and liabilities are recognised in profit or loss, apart from those relative to items identified outside the income statement that are directly recognised in equity.Taxes on deferred assets and liabilities, arising from the adoption of regulations referable to the same tax authority, are offset if there is a legal right to offset current tax assets against current tax liabilities generated at the time of transfer.Deferred tax assets are classified as non-current assets and are offset at the level of the individual tax jurisdiction, if referred to taxes that may be offset. The positive balance from offsetting is recognised under \u201cDeferred tax assets\u201d.As of 31 December 2023 the Group had not entered any advances on the tax losses reported in Note 6.3.Earnings per shareBasic earnings per shareBasic earnings per share are calculated by dividing profit attributable to owners of the Group by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares.Diluted earnings per shareDiluted earnings per share are calculated by dividing profit or loss attributable to owners of the Group by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares. For the purpose of calculating diluted earnings per share, the weighted average number of ordinary shares is adjusted for the assumed conversion of all dilutive potential ordinary shares into ordinary shares, while profit attributable to the Group is adjusted to take account of any after-tax effect of such conversion.Related partiesRelated parties means parties that have the same controlling entity as the Company, companies that directly or indirectly control it, are controlled or are under the joint control of the Company and companies in which the Company holds an investment giving it significant influence. The definition of related parties also includes members of the Board of Directors of the Company and key managers. Key managers are persons with the direct or indirect power and responsibility for planning, managing and controlling the Company\u2019s activities.\ue61b.\ue619 RECENTLY ISSUED ACCOUNTING STANDARDSAccounting standards, amendments and IFRS interpretations applicable from 1 January 2023The standards and amendments below, in force since 1 January 2023, have been adopted by Company but they have no significant effects for the Group: \u203a Amendments to IAS 12 - Income taxes: Internal tax reform - Rules of the Pillar Two model and Deferred taxes relative to assets and liabilities deriving from a single transaction, to specify how companies should treat deferred taxes on transactions such as leasing and decommissioning obligations, operations for which companies recognise both an asset and a liability. In particular, the amendment has clarified that the exemption does not apply and that companies are required to report the deferred taxes on these operations. \u203a IFRS 17 \u2013 Insurance contracts, which sets out the principles for the recognition, measurement, presentation and disclosure of insurance policies. This standard requires a company to measure its insurance contracts using updated assumptions and scenarios that reflect cashflows and uncertainties relative to these insurance contracts. In June 2020, the IASB issued amendments to IFRS 17, in order to assist companies in implementing IFRS 17 and to make it easier for them to explain their financial performance. \u203a Amendments to IFRS 17 - Insurance contracts: first application of IFRS 17 and IFRS 9 - Comparative information issued in December 2021, which includes a transitional option for the comparative information about the financial assets presented at the time of first application of this standard. The purpose of the changes is to help companies avoid temporary misalignments between the entries of financial assets and liabilities relative to insurance contracts, thus enhancing the comparative information available to stakeholders. \u203a Changes to IAS 1 - Presentation of financial statements and IFRS \u201cPractise Statement 2\u201d, which requires companies to provide information about their material accounting standards rather than their main accounting standards, and provides a guide on how to apply the materiality concept to their reporting on accounting standards. \u203a Changes to IAS 8 - Accounting policies, changes in accounting estimates and errors: definition of accounting estimates, which clarifies how companies should distinguish the changes in accounting standards from the changes in their accounting estimates. According to the new definition, accounting estimates are \"monetary amounts in financial statements that are subject to measurement uncertainty\".The impacts of applying the amendments to IAS 12, effective from 1 January 2023, are shown in this document in paragraph 4.3 Deferred tax assets and liabilities. There are no changes to the financial reporting formats, but only a different representation of the advance and deferred taxes which relate to a single transaction.Accounting standards, amendments and EU-approved IFRS and IFRIC interpretations which are not yet mandatory and not adopted in advance by the Group as of 31 December 2023On the reporting date, the competent bodies of the European Union had approved the adoption of the following accounting standards and amendments, which have not yet been adopted by the Company: \u203a Changes to IAS 1 \u2013 Presentation of financial statements: changes to the criteria for classifying liabilities with covenants as current or non-current, which requires companies to classify a liability as \u201cnon-current\u201d when there is no unconditional right to defer the payment for at least twelve months from the reference date. The International Accounting Standards Board (IASB) has removed the requirement for the right to be \u201cunconditional\u201d. \u203a Amendments to IAS 1 - Presentation of financial statements: Non-current liabilities with covenants, in which the IASB has confirmed that only the covenants that a company is required to meet as of the reporting date, or earlier, will affect the classification of a liability as current or non-current. Covenants referring to a later period do not affect this classification, but companies are required to disclose information which may help stakeholders to understand the possible risks of the liabilities becoming due within twelve months of the financial reporting date. \u203a Amendments to IFRS 16 \u2013 Leasing: Liabilities for sales with leasebacks, in order to improve the requirements for a sale and leaseback operation and specify the measurement of the resulting liabilities, to ensure that the seller-lessee does not recognise any part of the profit or loss related to the maintained right of use. These amendments will take effect from 1 January 2024.Accounting standards, amendments and IFRS interpretations not yet approved by the EU and not adopted in advance by the GroupOn the reporting date, the competent bodies of the European Union had not yet completed the approval process necessary to adopt the following accounting standards and amendments: \u203a Amendments to IAS 21 \u2013 Effects of changes in foreign exchange rates: Lack of exchangeability, in order to provide a guide to specify when a currency is exchangeable and how to determine the exchange rate when it is not; the amendments specify when a currency can be converted into another currency and when it cannot be, and how an entity can estimate the spot rate when a currency is not exchangeable. In addition, when a currency is not convertible, the entity must provide information that allows the users of the financial reports to assess how the lack of exchangeability of a currency influences or is expected to influence its financial performance, financial position and cashflow. \u203a Amendments to IAS 7 - Statements of cashflow and IFRS 7 \u2013 Financial instruments: Disclosures of supplier finance arrangements, which add further disclosure requirements and \u201csignposts\u201d within the existing set of disclosure requirements, asking the entities to provide qualitative and quantitative information about their supplier finance arrangements. These amendments describe the characteristics of an arrangement whereby the entity must provide information with two reporting objectives: include in the notes to the financial statements information that allows stakeholders to assess how the supplier finance arrangements impact the liabilities and cashflow of an entity and to understand the effect of the supplier finance arrangements on the entity's exposure to liquidity risk and how the entity may be affected if the arrangements are no longer available.There has been no early application of the accounting standards and/or interpretations whose application would be mandatory for the financial years starting after 1 January 2024, or which have not yet been approved by the EU.3 Estimates and assumptionsThe preparation of the Consolidated Financial Statements according to IFRS requires management to use estimates and assumptions that affect the reported amounts of assets and liabilities in the statement of financial position, and the accompanying disclosures regarding potential assets and liability at the date of publication of the financial statements, as well as revenues and costs for the period.The estimates are based on experience and other factors considered relevant. The actual results could differ from estimates. Estimates are reviewed periodically and the effects of each change are reflected in consolidated income statement, in the period when the estimate is reviewed.Below is a list of cases that require greater subjectivity by management, in producing the estimates: \u203a Measurement of receivables: the provision for bad debts reflects the estimates of the expected losses for the Group\u2019s receivables. Provisions for expected losses on receivables have been made, estimated based on past experience with reference to receivables with a similar credit risk, current and past amounts unpaid, as well as careful monitoring of the quality of receivables and current and estimated conditions of the economy and the reference markets. The estimates and assumptions are reviewed periodically and the effects of each change are recognised in profit or loss as they occur.Regarding the receivables transferred to third-party financial institutions, note that in 2023, there were defaults of approximately 2.5 million euros. Therefore, after a careful analysis of the portfolio to 31 December 2023, the Group has estimated for the next year a risk of default of approximately Euro 3.5 million, on a total portfolio of Euro 177 million. The provision for the risk on transferred bad debts has thus been increased by Euro 297 thousand (of which Euro 185 thousand after 12 months and Euro 122 thousand for the current portion). The balance of the provision for transferred bad debts at year-end was Euro 3,485 thousand (of which 2.2 million beyond 12 months and 1.3 million for the current portion) and this can absorb the total receivables for which the risk of default is considered probable. \u203a Measurement of inventories: obsolete stocks are periodically measured and written down if the net realisable value is lower than the carrying amount. Write-downs are calculated based on management\u2019s assumptions and estimates, arising from management\u2019s experience and past results. \u203a Measurement of deferred taxes: deferred taxes are measured based on expectations of taxable income expected in future years. The measurement of expected taxable income depends on factors that could vary in time and have significant effects on the measurement of deferred tax assets. \u203a Income taxes: the Group is subject to different laws on income tax in numerous jurisdictions. The determination of the Group\u2019s tax liabilities requires management to use measurements with reference to transactions with tax implications that are not certain at the end of the reporting period. The Group recognises liabilities that could arise from future audits by tax authorities based on the estimate of taxes due. If the outcome of the above audits differs from that estimated by management, significant effects on current and deferred taxes could be possible. \u203a Development costs: the Group capitalises costs for the development of new products and processes. Costs are capitalised based on management\u2019s judgement, which confirms the technical, financial and commercial feasibility of development projects. In determining amounts to capitalise, management makes some assumptions as to the generation of the project\u2019s expected future cash flows, consequent discount rates to apply and the expected useful life of capitalised costs. As of 31 December 2023, the net carrying amount of capitalised development costs was equal to Euro 22,616 thousand (Euro 22,375 thousand at 31 December 2022). \u203a Impairment of assets: assets are impaired when events or changes in circumstances lead to the assumption that the carrying amount in the financial statements can no longer be recovered. Events that may cause an impairment of an asset include changes in industrial plans, changes in market prices or a reduced use of plants. The decision to write-down an asset and quantify the write-down depends on management\u2019s evaluations of complex and highly uncertain factors, including the future trend of prices, the impact of inflation and technological progress on production costs, production profiles and conditions of demand and supply. The write-down is determined by comparing the carrying amount with the relative recoverable value, represented by the higher of the fair value, net of disposal costs, and value in use determined by discounting expected cash flows arising from use of the asset. Expected cash flows are quantified in the light of information available at the time of the estimate based on subjective judgements of the trend of future variables, such as prices, costs, rates of growth in demand, production profiles, and are discounted using a rate that takes into account the implied risk of the asset concerned. \u203a Business combinations: the recognition of business combinations implies attributing the difference between the purchase cost and net carrying amount to the assets and liabilities of the acquired company. For most assets and liabilities, the difference is attributed by recognising assets and liabilities at their fair value. The part which is not attributed, if positive, is recognised as goodwill, or if negative, recognised in profit or loss. In this process, the Group uses available information and, for more significant business combinations, external valuations. \u203a Useful life of tangible and intangible assets with a finite useful life: the depreciation is calculated based on the useful life of the asset. Useful life is determined when the asset is recognised in the financial statements. Valuations of the duration of useful life are based on past experience, market conditions and expectations of future events that could have an effect on the useful life, including technological changes. Consequently, the actual useful life may differ from the estimated useful life. \u203a Employee benefits: defined-benefit plans are measured based on uncertain events and actuarial assumptions that include discount rates, the expected returns on assets serving plans (if existing), the level of future remuneration, mortality rates, retirement ages and future trends in health expenses. The main assumptions used to quantify defined benefit plans are determined as follows: (i) the discount and inflation rates that represent the rates based on which obligations to employees could actually be carried out, are based on the rates that accrue on high-quality bonds and inflation expectations; (ii) the level of future remuneration is determined based on elements such as inflation expectations, productivity, career progress and seniority; (iii) the future cost of healthcare is determined based on elements such as the present and pass trend of healthcare costs, including assumptions concerning the inflation trend of costs, and changes in the health conditions of entitled parties; (iv) demographic assumptions the reflect the best estimate of the trend in variables, such as mortality, turnover and disability, and other variables relative to the entitled population. The differences in the value of net liabilities (assets) of employee benefit plans arising from changes in the actuarial assumptions used and the difference between actuarial assumptions previously adopted and those actually used occur normally and are defined as actuarial gains or losses. Actuarial gains and losses relative to defined benefit plans are recognised in other comprehensive income. The actuarial assumptions as also adopted to determine obligations relative to other long-term benefits; for this purpose, the effects arising from changes to actuarial assumptions or characteristics of the benefit are recognised in full in profit or loss. \u203a Measurement of provisions for risks: the Group recognises a liability for disputes and lawsuits in progress when it is considered probable that there will be a financial outflow and when the amount of the resulting loss can be reasonably estimated. In the event a financial outflow is possible but the amount cannot be determined, this fact is disclosed in the notes to the financial statements. The causes may relate to complex legal and tax issues that are subject to different level of uncertainty, against which it is possible that the value of the funds may vary as a result of future developments in the ongoing proceedings. The Group monitors the status of pending litigation and consults with its own legal advisors and experts. Moreover, when selling the product, the Group makes provisions relating to estimated costs for product warranties. The estimate of this fund is calculated on the basis of historical information on the nature, frequency and average cost of warranty claims. \u203a Fair value of financial instruments: the fair value of unlisted financial instruments is determined according to commonly used financial valuation techniques that require basic assumptions and estimates. These assumptions might not occur according to expected times and procedures. Therefore Group estimates could deviate from final data. \u203a Share-based payments: the fair value of share-based payments is estimated by determining the most appropriate measurement model, which depends on the terms and conditions of the plan. This estimate also requires the determination of the most appropriate input for the measurement model, including the expected duration of the option or granted right, the volatility and return on dividends, and the related assumptions. \u203a Estimates of variable amounts for returns and volume discounts: the Group estimates the variables to include in the transaction price for the sale of returnable products. The Group has developed a statistical model for expected returns on sales. This model is based on historical data relative to each product, to obtain the percentages of expected returns. The percentages obtained are applied to determine the expected value of the variable consideration. For contracts in which new goods are provided to customers with buyback clauses, the Group adjusts the sales revenues based on the historic probability of the buyback clause being utilised, and makes a contra-entry under Assets, to reflect the buyback obligation. It also adjusts the cost of sales by the same amount, by recognising a liability for the buyback obligation. Based on an analysis of the Group's historic buyback data, a 7-year timeframe is used, after which a comparison is made between the assets and liabilities for buyback obligations previously posted on the financial statements, and the buyback value for the year. The difference is entered on the income statement.4 Notes to the statement of financial position4.1 PROPERTY, PLANT AND EQUIPMENTThe item \u201cProperty, plant and equipment\u201d amounted to Euro 171,560 thousand at 31 December 2023 (Euro 164,122 thousand at 31 December 2022).The following table shows the amounts and movements of \u201cProperty, plant and equipment for the years ended 31 December 2023 and 2022.(In thousands of Euro)Land Buildings and Plant and Production and Other Assets under Totalleasehold machinerycommercial assetsconstruction improvementsequipmentand advancesHistorical cost at 1 January 2022 13,077 17 1,151 29,657 85,836 33,351 1,559 334,631IFRS16 investments \u2014 22,381 \u2014 \u2014 1,954 \u2014 24,336Investments 405 2,641 746 5,369 2 ,185 3,402 14,748IFRS16 disposals \u2014 (2,786) \u2014 \u2014 3 \u2014 (2,783)Disposals \u2014 (448) (24) (169) (935) \u2014 (1,576)Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Reclassifications \u2014 83 14 77 1,486 (1,652) 7Exchange rate differences \u2014 276 \u2014 (11) (14) \u2014 252Historical cost at 31 December 2022 13,483 193,299 30,393 91,102 38,030 3,309 369,615Accumulated amortisation as of \u2014 (66,317) (20,673) (70,556) (23,523) \u2014 (181,068)1 January 2022IFRS16 depreciation/amortisation \u2014 (6,768) - - (2,785) \u2014 (9,553)Depreciation and amortisation \u2014 (5,763) (1,902) (6,249) (3,123) \u2014 (17,037 )IFRS16 disposals \u2014 843 - - 311 \u2014 1,154Disposals \u2014 365 26 31 826 \u2014 1,248Reclassifications \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 (274) - 20 19 \u2014 (236)Accumulated depreciation at \u2014 ( 7 7,913) (22,549) (76,754) (28,276) \u2014 (205,492)31 December 2022Net values at 31 December 2022 13,483 115,385 7,8 4 4 14,349 9,753 3,309 164,122Historical cost at 1 January 2023 13,483 193,299 30,393 91,102 38,030 3,309 369,615IFRS16 investments \u2014 15,995 \u2014 \u2014 4,158 \u2014 20,154Investments 486 4,542 1,005 5,200 2,502 3,623 17,358IFRS16 disposals \u2014 (4,861) \u2014 \u2014 (812) \u2014 (5,674)(In thousands of Euro)Land Buildings and Plant and Production and Other Assets under Totalleasehold machinerycommercial assetsconstruction improvementsequipmentand advancesDisposals \u2014 (1,364) (439) (514) (1,315) (780) (4,412)Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Reclassifications \u2014 1,694 303 891 159 (3,058) (10)Exchange rate differences \u2014 (2,095) \u2014 (12) (1,357) (10) (3,474)Change in scope of consolidation \u2014 3,677 \u2014 \u2014 1,376 \u2014 5,053Historical cost at 31 December 2023 13,969 210,887 31,262 96,668 42,741 3,084 398,610Accumulated amortisation as of \u2014 ( 7 7,913) (22,549) (76,754) (28,276) \u2014 (205,492)1 January 2023IFRS16 depreciation/amortisation \u2014 (8,102) \u2014 \u2014 (2,793) \u2014 (10,894)Depreciation and amortisation \u2014 (5,812) (1,914) (5,753) (2,575) \u2014 (16,053)IFRS16 disposals \u2014 1,036 \u2014 \u2014 672 \u2014 1,709Disposals \u2014 1,365 426 328 1,472 \u2014 3,591Reclassifications \u2014 (355) \u2014 383 (20) \u2014 8Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 1,010 \u2014 \u2014 1,218 \u2014 2,228Change in scope of consolidation \u2014 (1,385) \u2014 \u2014 (761) \u2014 (2,146)Accumulated depreciation at \u2014 (90,155) (24,036) (81,796) (31,063) \u2014 (2 27,0 49)31 December 2023Net values at 31 December 2023 13,969 120,731 7,2 25 14,872 11,678 3,084 171,560The category \u201cBuildings and leasehold improvements\u201d mainly includes buildings used for production and commercial activities and the associated installations also at the complex called \u201cTechnogym Village\u201d, used as corporate headquarters.The increments relative to IFRS 16 relate to the right of use of boutique stores and offices at the commercial branches, mainly Technogym France for the new offices in Paris, and Technogym UK for the new offices in Bracknell, and for the opening of a new boutique in London.\u201cPlant and machinery\u201d mainly includes production line assembly plants. \u201cProduction and commercial equipment\u201d mainly refers to the moulds used for production and the equipment used for machine assembly. The item \u201cother assets\u201d mainly refers to stands, office machines and electronic machines. \u201cAssets under construction\u201d mainly relate to investments in production lines at the Group\u2019s sites, which had yet been placed in service at year-end, and to moulds not yet available for use.Investments for the year ended 31 December 2023 amounted to Euro 17,358 thousand, excluding the effects of IFRS 16, which refer to property leases, vehicle and forklift truck leasing contracts. Investments in Land (Euro 486 thousand) include the purchase by Technogym SpA of an agricultural plot and two apartments, purchased for use by employees as required; investments in Buildings and Leasehold improvements (Euro 4,542 thousand) mainly relate to the opening, extension and renovation of the boutique stores and offices of the commercial branches. Specifically, the Leasehold improvements related to the new Technogym Experience Centers of the branches in Australia, Asia and Benelux, and the opening and inauguration of new boutiques in New York and Abu Dhabi, as well as investments made by the commercial branch Technogym UK for the upcoming inauguration of a store at \u201cOne Berkeley Street\u201d (London). The investments in Assets under construction (Euro 3,623 thousand) mainly refer to the upgrading of production lines. Investments in industrial and commercial equipment (Euro 5,200 thousand) largely relate to the purchase of moulds to cater for the ongoing expansion and upgrading of the product range. Investments in Plant and machinery (Euro 1,005 thousand) mainly relate to the set-up of new production lines.Net disposals of property, plant and equipment for the year ended 31 December 2023 amount to Euro 4,785 thousand, compared to Euro 1,765 thousand as of 31 December 2022. As of 31 December 2023 and 2022, there was no property or instrumental asset that was subject to any kind of guarantee provided to a third party.Some detailed information relative to IFRS 16 has been provided below for a greater clarity and understanding of the financial statements.The table below shows the impact of IFRS 16 on the consolidated financial position to 31 December 2023 and for the year ended 31 December 2022.(In thousands of Euro)As of 31 December2023 2022Rights of useBuildings 36,410 32,209Equipment 1,032 778Cars 4,199 3,157Total rights of use 41,641 36,144Lease liabilitiesIFRS 16 Financial liabilities - Current 9,601 8,602IFRS 16 Non-current financial liabilities 34,214 29,173Total lease liabilities 43,815 37,7 75The table below shows the impact of IFRS 16 on the consolidated income statement to 31 December 2023 and 31 December 2022.(In thousands of Euro)As of 31 December2023 2022Payment reversalsBuildings 8,581 7,264Equipment 455 249Cars 2,046 2,217Total payment reversals 11,082 9,731Depreciation of rights of useBuildings (8,102) (6,768)Equipment (430) (400)Cars (2,363) (2,385)Total depreciation (10,894) (9,553)InterestInterest expense (1,185) (618)Total interest (1,185) (618)\ue61d.\ue61b INTANGIBLE ASSETSThe item \u201cIntangible assets\u201d amounted to Euro 56,686 thousand at 31 December 2023 (Euro 55,688 thousand at 31 December 2022). The following table shows the amounts and movements of intangible assets for the years ended 31 December 2023 and 2022.(In thousands of Euro)Goodwill Development Patents and Concessions, Intangibles Other Totalcostsintellectual licences, under intangible property trademarks development assetsrightsand similar and rightsadvancesHistorical cost at 1 January 2022 \u2014 38,061 39,447 1,797 9,124 1,120 89,756Investments \u2014 4,173 6,495 506 6,821 2,220 20,216Disposals \u2014 (6,972) (5,428) (158) \u2014 (152) (12,711)Impairment losses \u2014 \u2014 \u2014 \u2014 (23) \u2014 (23)Reclassifications \u2014 4,533 332 - (5,135) 263 (7)Exchange rate differences \u2014 \u2014 117 \u2014 \u2014 \u2014 117Historical cost at 31 December \u2014 39,796 40,963 2,144 10,789 3,451 97,3502022Accumulated amortisation as of \u2014 (16,969) (19,923) (1,116) \u2014 (843) (39,058)1 January 2022Depreciation and amortisation \u2014 (7,139) ( 7,249) (238) \u2014 (222) (14,847)Disposals \u2014 6,688 5,427 106 \u2014 143 12,363Reclassifications \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 \u2014 (117) \u2014 \u2014 \u2014 (117)Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Accumulated depreciation at \u2014 (17,420) (21,862) (1,249) \u2014 (922) (41,660)31 December 2022Net values at 31 December 2022 \u2014 22,375 19,101 895 10,789 2,529 55,688Historical cost at 1 January 2023 \u2014 39,796 40,963 2,14 4 10,789 3,451 97,35 0Investments \u2014 4,085 7,0 43 182 5,666 1,844 18,821Disposals \u2014 (35) (1,405) (186) (12) \u2014 (1,639)Impairment losses \u2014 \u2014 \u2014 \u2014 (146) \u2014 (146)Reclassifications \u2014 4,582 1,690 35 (6,650) 346 3Exchange rate differences \u2014 \u2014 (57) \u2014 \u2014 6 (51)Change in scope of consolidation 989 \u2014 \u2014 \u2014 12 \u2014 1,002Historical cost at 31 December 1,196 48,427 48,234 2,176 9,658 5,648 115,3402023Accumulated amortisation as of (207) (17,420) (21,862) (1,249) \u2014 (922) (41,660)1 January 2023Depreciation and amortisation \u2014 (8,425) (8,970) (282) \u2014 (942) (18,619)Disposals \u2014 35 1,404 187 \u2014 \u2014 1,626Reclassifications \u2014 \u2014 18 (18) \u2014 \u2014 \u2014Exchange rate differences \u2014 \u2014 7 \u2014 \u2014 (8) \u2014(In thousands of Euro)Goodwill Development Patents and Concessions, Intangibles Other Totalcostsintellectual licences, under intangible property trademarks development assetsrightsand similar and rightsadvancesAccumulated depreciation at (207) (25,810) (29,402) (1,363) \u2014 (1,871) (58,654)31 December 2023Net values at 31 December 2023 989 22,616 18,832 813 9,658 3,777 56,686The increase in \u201cGoodwill\u201d during the year can be attributed primarily to the change in the method of consolidation of the subsidiary Technogym Emirates LLC, following an amendment to the shareholders\u2019 agreements, which has given substantial control to the Group and entailed a transition from the equity method to line-by-line consolidation. This means that the equity investment has been eliminated from the consolidated financial statements and Goodwill has been posted at Euro 989 thousand. As no impairment indicators have been found, and because 12 months have not yet elapsed since this item was posted, the Group has not conducted a recoverability analysis under IAS 36.\u201cDevelopment costs\u201d refer to the costs arising from the innovation activity performed by the Group as part of its core business. \u201cPatents and intellectual property rights\u201d include expenditures related to the acquisition and registration of patents, models and designs. The category \u201cConcessions, licences, trademarks and similar rights\u201d includes trademarks and the associated costs of registration, as well as the costs for software rights and user licences. \u201cIntangibles under development and advances\u201d mainly refers to expenses incurred by the Group relative to projects for the development of new products, product lines, software and supporting applications not yet in use at year-end. \u201cOther intangible assets\u201d concern the costs incurred relating to the recognition of intangible assets that meet the requirements of IAS 38 for recognition in the financial statements.Investments for the year ended 31 December 2023 amounted to a total of Euro 18,821 thousand. The investments in development costs (Euro 4,085 thousand) mainly relate to the costs incurred for the upgrading and expansion of the range of products and services; the investments in industrial patents and use of intellectual property (Euro 7,043 thousand) relate in part to the ERP migration project at Technogym France, and the Group-level upgrade of the ERP SAP system to incorporate tools which are more tailored to the consumer segment. Investments in Assets under construction and advances (Euro 5,666 thousand) mainly refer to the development of new products and lines, as well as software and supporting applications. The remainder of this item relates to other upgrades of software used by the Group.Net disposals of intangible assets for the years ended 31 December 2023 and 2022 are not significant.4.3 DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES\u201cDeferred tax assets\u201d amounted to Euro 31,359 thousand at 31 December 2023 (Euro 29,537 thousand at 31 December 2022), while the item \u201cDeferred tax liabilities\u201d amounted to Euro 6,650 at 31 December 2023 (Euro 5,662 thousand at 31 December 2022).The following table shows the amounts and movements of deferred tax assets and liabilities for the years ended 31 December 2023 and 2022.(In thousands of Euro)Values at Provisions Utilisations Reclassifications Values at Provisions Utilisations Reclassifications Values at 31 1 January 1 January December 202220232023Deferred tax assetsInventory write-down provision 4,624 708 (280) \u2014 5,052 220 (436) \u2014 4,836Warranties provision 2,027 1,407 (1,095) \u2014 2,340 1,855 (1,200) \u2014 2,996Accumulated amortisation of 451 40 (36) \u2014 455 165 (149) \u2014 471trademarksOther provisions for risks 1,711 1,966 (1,462) \u2014 2,216 1,942 (1,796) \u2014 2,362Provision for write-downs of 1,349 774 (26) \u2014 2,097 66 (191) \u2014 1,971receivablesUnrealised exchange losses 97 10 \u2014 \u2014 107 5 \u2014 \u2014 112Post-employment benefits 302 66 (186) \u2014 182 6 (19) \u2014 169Other 598 895 (245) \u2014 1,248 9 (211) \u2014 1,047PNC fund 487 48 (138) \u2014 397 112 \u2014 \u2014 509Provision for consolidated 1,826 1,515 (29) \u2014 3,312 228 (448) \u2014 3,092adjustmentsIntercompany stock profit 6,760 \u2014 (323) \u2014 6,437 1,544 \u2014 \u2014 7,982provisionDeferred tax assets IFRS 16 3,639 2,056 \u2014 5,695 118 \u2014 5,813Total deferred tax assets 23,873 9,485 (3,819) \u2014 29,537 6,313 (4,450) \u2014 31,359Deferred tax liabilitiesProvision for consolidated (112) (8) 18 \u2014 (102) (1,007) \u2014 \u2014 (1,109)adjustmentsUnrealised exchange gains (55) (149) 200 \u2014 (5) (173) 118 \u2014 (61)Others (134) (49) 121 \u2014 (62) (127) 164 \u2014 (24)Deferred tax liabilities IFRS 16 (3,593) (1,899) \u2014 \u2014 (5,493) \u2014 35 \u2014 (5,458)Total deferred tax liabilities (3,894) (2,105) 339 \u2014 (5,662) (1,349) 317 \u2014 (6,650)Total 19,978 7,37 9 (3,480) \u2014 23,876 4,964 (4,132) \u2014 24,709The table shows the breakdown of these items with specific indications of the gross effect on deferred tax assets and liabilities of IFRS 16, as required by the amendment to IAS 12, which came into force during 2023. To give a better representation of the balance sheet items, we have also restated the value for the 2022 financial year. The effect of IFRS 16 on previous financial years has been included as a net amount within the item Deferred tax assets.Where permitted by the IFRS, \u201cDeferred tax assets\u201d are shown net of the \u201cDeferred tax liabilities\u201d, which can be offset in order to show a correct representation.Deferred tax assets on tax losses were recognised taking into account that there is a reasonable certainty that in future years positive results will be achieved that are likely to absorb such losses.In addition, the Group had tax losses carried forward of Euro 17,486 thousand, not recognised in deferred tax assets at 31 December 2023. Total deferred tax assets were approximately Euro 2.6 million, which the Group has not made any provision for as they are not considered recoverable.4.4 INVESTMENTS IN JOINT VENTURES AND ASSOCIATESThe item \u201cInvestments in joint ventures and associates\u201d amounts to Euro 1,155 thousand as of 31 December 2023 (Euro 4,058 thousand as of 31 December 2022).The following table shows the amounts and movements of investments in joint ventures and associates for the years ended 31 December 2023 and 2022.(In thousands of Euro)Joint ventures Associates TotalValues at 31 December 2021 3,017 1,421 4,438Investments \u2014 \u2014 \u2014Disinvestments \u2014 \u2014 \u2014Impairment losses \u2014 \u2014 \u2014Dividends (2,478) \u2014 (2,478)Net result 1,919 (151) 1,768Exchange rate differences 330 \u2014 330Values at 31 December 2022 2,788 1,270 4,058Investments \u2014 \u2014 \u2014Disinvestments \u2014 \u2014 \u2014Impairment losses (22) \u2014 (22)Dividends \u2014 \u2014 \u2014Net result \u2014 (114) (114)Change in scope of consolidation (2,766) \u2014 (2,766)Exchange rate differences \u2014 \u2014 \u2014Values at 31 December 2023 \u2014 1,155 1,155Details of movements relating to joint ventures are provided below.(In thousands of Values at 31 Exchange rate Investments Disinvestments Dividends Net result Change in scope Values at 31 Euro)December 2022differencesof consolidationDecember 2023Technogym 2,766 \u2014 \u2014 \u2014 \u2014 \u2014 (2,766) \u2014Emirates LLCWellness 22 \u2014 \u2014 (22) \u2014 \u2014 \u2014 \u2014Explorers SrlTotal 2,788 \u2014 \u2014 (22) \u2014 \u2014 (2,766) \u2014The movements during the year refer to the changes in the consolidation of the equity investment in Technogym Emirates LLC, from the equity method to the line-by-line method, following an agreement with the majority shareholder, which called for a redefinition of corporate governance and enabled the Group to obtain substantial control over the company. In 2023, Wellness Explorers Srl ceased trading and exited the company's consolidation perimeter.Details of movements relating to associates are provided below.(In thousands of Values at 31 Exchange rate Investments Disinvestments Dividends Net result Values at 31 Euro)December differencesDecember 20222023Wellink srl 209 \u2014 \u2014 \u2014 \u2014 9 218 Physio AG 1,060 \u2014 \u2014 \u2014 \u2014 (123) 936Total 1,270 \u2014 \u2014 \u2014 \u2014 (114) 1,155At 31 December 2023, the category \u201cAssociates\u201d relates to the 40% shareholding in Wellink S.r.l., an Italian company that develops and implements custom projects for wellness centres, and to the 31.5% stake in Physio AG, a German company whose purpose is to consolidate the development and sale of the biocircuit platform on the German market.The financial highlights of the associated companies are reported below from a stand-alone perspective, i.e. before the consolidation process.(In thousands of Euro)Wellink srl Physio AGAs of 31 December As of 31 December2023 2022 2023 2022Equity 395 372 (47) 348Total revenues 677 638 907 1,301Profit/(loss) for the period 22 (35) (391) (434)4.5 OTHER NON\ue618CURRENT ASSETSThe item \u201cOther non-current assets\u201d amounts to Euro 82,350 thousand at 31 December 2023 (Euro 73,544 thousand on 31 December 2022).The following table provides details of \u201cOther non-current assets\u201d on 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022Other non-current assetsTransferred trade receivables due after 12 months 35,745 34,634Provisions for transferred receivables - due after 12 months (2,203) (2,018)Income tax receivables due after 12 months 5,085 4,191Security deposits 2,333 2,403Other receivables \u2014 61Investments in other entities 712 597Receivables for buy backs - due after 12 months 40,677 33,676Total other non-current assets 82,350 73,544\u201cTransferred trade receivables due after 12 months\u201d, net of the relative bad debt provision, equal to Euro 33,542 thousand and Euro 32,616 thousand at 31 December 2023 and 2022 respectively, include the non-current portion of receivables arising from the sale of goods which, although transferred to third party financial institutions, are retained in the financial statements as they do not meet all the conditions required by IFRS 9 for their derecognition from assets. The financial liabilities include the amounts received from financial institutions in the form of advances for these transfers. The total provision for write-downs on transferred receivables is Euro 1.3 million for the current portion and Euro 2.2 million for the non-current portion. As explained at length in the paragraph \u201cEstimates and assumptions\u201d, following an analysis of its receivables portfolio the Company increased its provision for bad debts by a total of Euro 297 thousand (of which Euro 185 thousand after 12 months), increasing it to an amount that would absorb the amount of any receivables for which the risk of default is considered probable.\u201cIncome tax receivables due after 12 months\u201d, of Euro 5,085 relate to the \u201cpatent box\u201d taxation scheme, the tax credit for investments in new business assets, and the tax credit for research and development.\u201cSecurity deposits\u201d of Euro 2,333 thousand as of 31 December 2023 are recognised in respect of property leases, lease agreements for vehicles, and utilities.\u201cReceivables for buy backs due after 12 months\u201d recognised in accordance with IFRS 15, relate to non-current assets for sales with the right of return, which may be exercised by certain categories of customer when new machinery is bought. For more details about the recognition criteria for this item, see paragraph 2.4 of this document \u201cValuation criteria\u201d in the section \u201cRecognition of revenues\u201d.The following table shows the details of \u201cinvestments in other entities\u201d for the years ended 31 December 2023 and 31 December 2022.(In thousands of Euro)Registered % of control Currency As of 31 Decemberoffice2023 2022Entity nameQicraft Norway AS Norway 10% NOK 72 10Qicraft Finland OY Finland 10% EUR 53 62Qicraft Sweden AB Sweden 10% SEK 77 50Fimex Switzerland 5% CHF 326 291Pubblisole Spa Italy 2% EUR 100 100Crit S.r.l. Italy 1% EUR 26 26Other investments n.a. n.a. n.a. 58 59Total investments in other entities 712 597Note that in August 2023, the British company Sandcroft Avenue Limited (owned as to 12.4%) was deregistered; therefore the financial receivable of Euro 251 thousand was closed and has already been fully written down.In accordance with IFRS 9, these equity instruments are classified as financial assets at fair value and recognised in profit or loss.4.6 INVENTORIESThe item \u201cInventories\u201d amounts to Euro 103,560 thousand as of 31 December 2023 (Euro 100,671 thousand as of 31 December 2022). The following table gives a breakdown of this item of 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022InventoriesRaw materials (gross value) 22,339 22 ,139Write-down provision (2,373) (2,562)Total raw materials 19,966 19,577Work in progress (gross value) 1,497 1,434Write-down provision (84) (104)Total work in progress 1,413 1,330Finished goods (gross value) 103,286 102,336Write-down provision (21,105) (22,572)Total finished goods 82 ,181 79,764Total inventories 103,560 100,671The increase in the balance of Inventories as at 31 December 2023, compared to the previous year, is mainly linked to the change in the consolidation of the equity investment in TG Emirates LLC, from net equity to line-by-line, which produced an impact of Euro 4.6 million. Net of that effect, the stocks level was below that of 2022, mainly thanks to the notable sales during the final part of the year and the reduction in the purchase price of materials. This was partially offset by the rise in the level of parts stocks required to increase the level of customer service, and to meet the production requirements during the early part of 2024. Average inventory time fell from 77 days for the year ended 31 December 2022, to 71 days for the year ended 31 December 2023; the stock turnover ratio rose from 4.7 to 5.1.The following table shows the amounts and movements of the inventory write-down provision for the years ended 31 December 2023 and 31 December 2022.(In thousands of Euro)Raw materials Work in progress Finished goods Total inventory write-down provisionValues at 1 January 2022 2,049 136 19,870 22,054Provisions 514 \u2014 4,297 4,811Utilisations \u2014 (31) (1,661) (1,692)Reclassifications \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 \u2014 66 66Values at 31 December 2022 2,562 104 22,572 25,238Provisions 176 4 3,738 3,918Utilisations (365) (24) (5,501) (5,890)Reclassifications \u2014 \u2014 \u2014 \u2014Change in scope of consolidation \u2014 \u2014 653 653Exchange rate differences \u2014 \u2014 (357) (357)Values at 31 December 2023 2,373 84 21,105 23,5624.7 TRADE RECEIVABLESThe item \u201cTrade receivables\u201d amounted to Euro 119,793 thousand on 31 December 2023 (Euro 110,824 thousand on 31 December 2022) net of the bad debt provision.The following table contains a breakdown of the trade receivables as of 31 December 2023 and 2022:(In thousands of Euro) As of 31 December2023 2022Trade receivablesTrade receivables (gross value) 106,704 99,366Provision for write-downs of receivables ( 7, 312) (6,834)Transferred trade receivables 21,682 19,461Provision for write-downs on transferred receivables (1,281) (1,169)Total trade receivables 119,793 110,824The increase in the \u201cTrade receivables\u201d item during the year, of Euro 8,969 thousand, is mainly due to the rise in sales volumes, primarily in the BtoB segment, and to the improved product mix as well as the increase in sales of services and digital content. Average days to collect outstanding trade receivables fell from 45 for the year ended in 2022, to 43 for the year ended in 2023; the turnover ratio rose from 8.1 to 8.4.Transferred trade receivables net of the relative provision, equal to Euro 20,401 thousand at 31 December 2023 and Euro 18,292 thousand at 31 December 2022, refer to the current portion of receivables arising from the sale of goods which, although they are transferred to financial institutions, are retained in the financial statements as they do not meet all the conditions required by IAS 9 for derecognition from assets. The total provision for write-downs on transferred receivables is Euro 1.3 million for the current portion and Euro 2.2 million for the non-current portion. As explained at length in the paragraph \u201cEstimates and assumptions\u201d, following an analysis of its receivables portfolio the Company increased its provision for bad debts by a total of Euro 297 thousand (of which Euro 122 thousand after 12 months), increasing it to an amount that would absorb the amount of any receivables for which the risk of default is considered probable.The financial liabilities include the amounts received from financial institutions in the form of advances for these transfers.The following table contains a breakdown of trade receivables broken down by maturity as of 31 December 2023 and 2022:(In thousands of Euro)Not Up to 30 Between Between Between More than Totaloverduedays past 31 and 90 91 and 180 181 and 360 360 days duedays past days past days past past duedueduedueAt 1 January 2022 81,708 15,712 5,233 1,020 445 123 104,242Trade receivables (gross value) 76,791 7,410 5,316 3,158 2,288 4,403 99,366Provision for write-downs of \u2014 (494) (429) (346) (1,520) (4,045) (6,834)receivablesTransferred trade receivables 19,461 \u2014 \u2014 \u2014 \u2014 \u2014 19,461Provision for write-downs on (1,169) \u2014 \u2014 \u2014 \u2014 \u2014 (1,169)transferred receivablesAs of 31 December 2022 95,083 6,916 4,887 2,812 768 358 110,824Trade receivables (gross value) 86,626 9,545 2,256 1,594 2,609 4,074 106,704Provision for write-downs of \u2014 (206) (453) (935) (1,887) (3,831) ( 7,312)receivablesTransferred trade receivables 21,682 \u2014 \u2014 \u2014 \u2014 \u2014 21,682Provision for write-downs on (1,281) \u2014 \u2014 \u2014 \u2014 \u2014 (1,281)transferred receivablesAs of 31 December 2023 107,027 9,340 1,803 658 721 243 119,793The following table reports the amounts and changes in the bad debt provision for the years ended 31 December 2023 and 2022:(In thousands of Euro)Provision for write-downs of receivablesValues at 31 December 2021 7,133Net provisions 1,877Utilisations (1,020)Exchange rate differences 13Values at 31 December 2022 8,003Net provisions 1,651Utilisations (1,342)Change in scope of consolidation 493Exchange rate differences (211)Values at 31 December 2023 8,593Specific bad debt provisions have been established for doubtful receivables for which legal proceedings have been started to collect sums due, and for some receivables due from customers with a lower likelihood of collection.The utilisations of the bad debt provision arise when the Group has determined the existence of conditions for the dismissal of the credit position.Main customersIn accordance with IFRS 8, paragraph 34, for the years ended 31 December 2023 and 2022, the Company did not have any clients generating more than 10% of total revenues.4.8 CURRENT FINANCIAL ASSETSThe item \u201cCurrent financial assets\u201d amounted to Euro 4,250 thousand at 31 December 2023 (Euro 19,883 thousand at 31 December 2022) and relates to restricted bank deposits with a term of 3-12 months. In accordance with IAS 7, as these assets are not readily available they were not included in Cash and cash equivalents.4.9 ASSETS FOR DERIVATIVE FINANCIAL INSTRUMENTSThe item \u201cAssets for derivative financial instruments\u201d amounted to Euro 172 thousand at 31 December 2023 (Euro 637 thousand at 31 December 2022).The following table shows assets for derivative financial instruments broken down by currency at 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022USD 143 552GBP 11 85AUD 4 \u2014CNY 14 \u2014CAD \u2014 * \u2014Total 172 637* The approximated value is less than a thousand and amounts to Euro 139Assets for derivative financial instruments are related to positive differences resulting from the fair value of \u201cforward\u201d contracts in place as of 31 December 2023 and 2022. They are listed in the table below:(In thousands of Euro) As of 31 December 2023Currency Currency inflow Currency Currency outflowForward EUR 21,143 USD 23,550Forward EUR 1,935 JPY 300,000Forward EUR 1,025 CAD 1,500Forward EUR 2,564 CNY 20,000Forward EUR 4,632 GBP 4,000Forward EUR 1,846 AUD 3,000(In thousands of Euro) As of 31 December 2022Currency Currency inflow Currency Currency outflowForward EUR 15,416 USD 16,000Forward EUR 3,884 JPY 550,000Forward EUR 3,169 AUD 5,000Forward EUR 5,421 CNY 40,000Forward EUR 10,197 GBP 9,000The exposure to exchange rate risk is mainly managed using contracts for the forward sale of currency denominated in the sale currency of some markets in which the Group operates. However, at 31 December 2023, these contracts were not recorded on a hedge accounting basis, apart from a \u201cCollar\u201d hedging contract to protect a currency deposit.4.10 OTHER CURRENT ASSETSThe item \u201cOther current assets\u201d amounts to Euro 28,152 thousand at 31 December 2023 (Euro 27,178 thousand At 31 December 2022). The following table contains a breakdown of the other current assets at 31 December 2023 and 2022:(In thousands of Euro)As of 31 December2023 2022Other current assetsVAT receivables 7,055 4,876Prepaid expenses 5,716 5,832Advances to suppliers 1,945 2,443Tax credits 2,967 3,545Accrued income 750 321Receivables from employees 95 124Other receivables 1,989 2,384Receivables for buy backs - within 12 months 7,63 4 7,6 54Total other current assets 28,152 2 7,178\u201cVAT receivables\u201d were offset with the related debt for each company in order to give the net amount for a single entity.\u201cPrepaid expenses\u201d mainly relate to insurance premiums, assistance and maintenance fees, marketing expenses, utilities and rent.\u201cAdvances to suppliers\u201d relate to advances and deposits paid for supplies yet to be received.The tax credits relate to tax credits for investments in business assets, and to research and development.\u201cReceivables for buy backs due within 12 months\u201d, recognised in accordance with IFRS 15, relate to current assets for sales with the right of return, which may be exercised when new machinery is bought.For more details about the recognition criteria for this item, see paragraph 2.4 of this document \u201cValuation criteria\u201d in the section \u201cRecognition of revenues\u201d.4.11 CASH AND CASH EQUIVALENTSThe item \u201cCash and cash equivalents\u201d amounted to Euro 224,730 thousand at 31 December 2023 (Euro 205,358 thousand at 31 December 2022).The following table shows the amounts of cash and cash equivalents at 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022Cash and cash equivalentsBank deposits 200,509 189,777Cheques 374 128Cash and cash equivalents 183 310Term bank deposits <3 months 23,664 15,143Total cash and cash equivalents 224,730 205,358\u201cBank deposits\u201d represent temporary cash surpluses on Group current accounts at year-end.\u201cTerm bank deposits within 3 months\u201d at 31 December 2023 represent temporary uses of surplus cash.The following table shows the breakdown by currency of the item \u201cCash and cash equivalents\u201d at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022AUD 4,239 4,929BRL 268 59CHF 480 355CNY 4,437 8,934EUR 153,979 121,240GBP 12,735 10,443HKD 985 529JPY 2,450 4,798MXN 3 9RUB 6,729 5,722SGD 98 78USD 27,741 46,827SAR 1,263 279ZAR 529 215AED 5,811 \u2014CAD 2,310 \u2014OTH 675 942Total 224,730 205,358As of 31 December 2023 and 2022 there were no restrictions or limitations on the use of the Group\u2019s bank deposits, cheques and cash and cash equivalents on hand.4.12 EQUITYThe item \u201cEquity\u201d amounted to Euro 363,712 thousand at 31 December 2023 (Euro 345,927 thousand at 31 December 2022). The following table reports the details of equity at 31 December 2023 and 2022:(In thousands of Euro)As of 31 December2023 2022EquityShare capital 10,066 10,066Share premium reserve 7,132 7,132Own shares (6,922) \u2014Other reserves 34,230 37,69 8Retained earnings 236,397 225,438Profit (loss) attributable to owners of the parent 73,640 63,587Equity attributable to owners of the parent 354,544 343,922Capital and reserves attributable to non-controlling interests 5,640 1,716Profit (loss) attributable to non-controlling interests 3,528 288Equity attributable to non-controlling interests 9,168 2,005Total equity of Group and non-controlling interests 363,712 345,927The following table shows the amounts and movements of equity for the years ended 31 December 2023 and 2022:(In thousands of Euro)Other reservesAs of 31 December 2021 10,066 7,1 3 2 \u2014 392 954 (115) \u2014 30,091 198,256 63,065 309,841 1,519 200 1,719 311,560Profit for the previous year \u2014 \u2014 \u2014 \u2014 (12) \u2014 \u2014 3,683 59,394 (63,065) \u2014 200 (200) \u2014 \u2014Total comprehensive \u2014 \u2014 \u2014 1,758 \u2014 451 \u2014 (3) \u2014 63,587 65,794 (3) 288 285 66,079income for the yearDividends paid \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (32,212) \u2014 (32,212) \u2014 \u2014 \u2014 (32,212)Incentive plan (LTIP) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 500 \u2014 \u2014 \u2014 500 \u2014 \u2014 \u2014 500As of 31 December 2022 10,066 7,1 3 2 \u2014 2,150 942 336 500 33,771 225,438 63,587 343,922 1,716 288 2,004 345,927Profit for the previous year \u2014 \u2014 \u2014 \u2014 (12) \u2014 \u2014 2,302 61,297 (63,587) \u2014 288 (288) \u2014 \u2014Total comprehensive \u2014 \u2014 \u2014 (4,127) \u2014 (55) \u2014 (396) \u2014 73,640 69,062 (225) 3,528 3,303 72,365income for the yearDividends paid \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (50,332) \u2014 (50,332) (992) \u2014 (992) (51,324)Purchase and sale of \u2014 \u2014 (6,922) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (6,922) \u2014 \u2014 \u2014 (6,922)own sharesIncrease in capital \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 2,116 \u2014 2,116 2,116Incentive plan (LTIP) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1,030 \u2014 \u2014 \u2014 1,030 \u2014 \u2014 \u2014 1,030Other movements \u2014 \u2014 \u2014 (2,209) \u2014 \u2014 \u2014 \u2014 (7) \u2014 (2,217) 2,736 \u2014 2,736 520As of 31 December 2023 10,066 7,13 2 (6,922) (4,187) 930 282 1,529 35,677 236,397 73,640 354,544 5,640 3,528 9,168 363,712Share capitalAs of 31 December 2023, the \u201cShare capital\u201d of Euro 10,066 thousand, fully subscribed and paid in cash, amounted to 201,327,500 ordinary shares with no nominal value.Own sharesOn 6 November 2023, Technogym launched a programme of acquiring own shares, following the authorisation approved by the Ordinary Shareholders\u2019 Meeting on 5 May 2023. Since the programme was launched in 2023, the Parent Company has carried out operations on its own equity instruments, acquiring 836,972 own shares for a total of Euro 6,922 thousand, equal to 0.42% of the share capital. These transactions were booked directly under net equity, as required by IAS 32. .Translation reserveThe \u201cCurrency translation reserve\u201d is generated from the translation of the financial statements of foreign subsidiaries with a functional currency other than the euro. The main differences compared to the previous year are due to fluctuations in the US dollar, the rouble, the Japanese yen and the renminbi. \u201cOther movements\u201d show the impact of the change in the consolidation scope of Technogym Emirates, and the departure from the group of Technogym Manno, during the 2023 financial year.Reserve for the adoption of IAS/ IFRSThe \u201cReserve for the adoption of IAS/IFRS\u201d was generated at the time of the transition of the Group\u2019s separate and consolidated financial statements to IFRS, which took place on 31 December 2013. This reserve, originally a negative Euro 432,083 thousand, was partially covered over the years using the \u201cShare premium reserve\u201d and the profits generated.IAS 19 reserveThe \u201cIAS 19 reserve\u201d refers to the effects arising from the re-measurement of defined benefit plans, as represented in the statement of comprehensive income.Hedge Account reserveAs of 31 December 2023, the cash flow hedge reserve relates essentially to the effective component of a single active interest rate risk hedge (collar). For the 2023 financial year, the collar contract (to hedge a deposit in dollars) and the IRS contract (closed during the year) were treated according to the hedge accounting method. The negative fair value at 31 December 2023 amounted to Euro 524 thousand, as reported in the table below (Euro 399 thousand net of the tax effect).(In thousands of Euro)CFH reserveBalance at 31 December 2021 \u2014Hedging instruments / Cash flow hedges 3Tax effect \u2013 Hedging instruments / Cash flow hedges (1)Balance at 31 December 2022 3Hedging instruments / Cash flow hedges 524Tax effect \u2013 Hedging instruments / Cash flow hedges (126)Balance at 31 December 2023 399Stock option reserveAt 31 December 2023, three incentive plans were in place for Technogym management: the 2021-2023 Performance Shares Plan, the 2022-2024 Performance Shares Plan, and the 2023-2025 Performance Shares Plan (the \u201cIncentive Plans\u201d). They were approved by the Board of Directors on 24 March 2021, 23 March 2022 and 25 March 2023 respectively.In compliance with Consob resolution 11971 of 14 May 1999 as amended and Consob communication 11508 of 15 February 2000, information on relative stock grant plans is given below.The purpose of the Incentive Plans is to consolidate Technogym\u2019s ability to retain key resources and attract staff with the best skills, and align interest in company performance of the Company\u2019s key resources with that of shareholders to create sustainable value over time. Incentive plans are based on a three-year horizon, considered as the most suitable timeframe to achieve the plans\u2019 objectives. The Incentive Plans are for Technogym Group managers, who are nominated individually by the Board of Directors, based on proposals made by the Chairman of the Board of and after consulting with the Appointments and Remuneration Committee, from among the employees and/or staff of the Company or its subsidiaries who have strategic roles or can make significant contributions to the Company\u2019s and/or Group\u2019s strategic objectives, including the Company\u2019s Key Managers. Pursuant to article 114-bis, paragraph 3 of the TUF and article 84-bis, paragraph 2 of the Consob Regulation on Issuers, incentive plans are considered as \u201cplans of particular significance\u201d, as the beneficiaries identified by the Board of Directors may include Key Managers. The incentive plan regulations do not provide for loans or other facilitations to acquire shares, as defined in Article 2358 paragraph 3 of the Civil Code.The incentive plans for 2021-2023, 2022-2024 and 2023-2025 are based on granting the right to receive free shares if certain Company performance objectives are met. These incentive plans have: \u203a pre-determined performance objectives identified in the Company\u2019s economic/financial performance; for the 2023-2025 PSP only, they are also linked to ESG targets; \u203a adequate periods to accrue rights to obtain assigned shares (three-year vesting period); \u203a constraints on the transfer of shares, equal to 12 months from the date when they are assigned.The shares will be assigned to the beneficiaries, subject to the conditions in the Incentive Plans being met, no later than 60 days following the approval of the Group\u2019s Consolidated Financial Statements to 31 December 2023, 31 December 2024 and 31 December 2025.The beneficiaries will have the right to receive the shares if, on the vesting date: \u203a they still have a contract of employment and/or collaboration with Technogym and/or its subsidiaries; \u203a there is no pending termination of their contract of employment with the Company or its subsidiaries.For more information about these Incentive Plans, see the respective prospectuses on the Company\u2019s website, at https://corporate.technogym.com/it/governance/assemblea-degli-azionisti.Capital and reserves attributable to non-controlling interestsThe item \u201cCapital and reserves attributable to non-controlling interests\u201d rose by Euro 2,116 following the incorporation of the Saudi company Technogym Arabia LLC, which is 70% owned and fully consolidated.Reconciliation between the Parent company\u2019s equity and net result for the year and the consolidated equity and net result for the yearThe table below is a reconciliation of the net equity of Technogym SpA and the consolidated equity, including details of each item:(In thousands of Euro)2023 2022Equity Profit Equity ProfitEquity and result as reported in the Parent company\u2019s financial 407,949 74,463 390,151 68,976statementsEffect of consolidation of subsidiaries 133,506 24,926 125,007 30,912Alignment of accounting policies of consolidated companies 33,414 4,305 31,903 2,232Effect of elimination of values of investments (203,333) 99 (193,310) (17,867)Elimination of intercompany dividends (7,823) (26,623) (7,823) (20,378)Equity pertaining to minority interests (9,168) (3,528) (2,005) (288)Group equity and results 354,544 73,640 343,922 63,5874.13 FINANCIAL LIABILITIESThe items \u201cNon-current financial liabilities\u201d and \u201cCurrent financial liabilities amounted to Euro 69,959 thousand and Euro 32,259 thousand at 31 December 2023 (respectively Euro 66,431 thousand and Euro 37,501 thousand at 31 December 2022 respectively). The following table shows the amounts of financial liabilities, current and non-current, at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022Non-current financial liabilitiesBank loans due after 12 months \u2013 non-current portion \u2014 2,625Other non-current financial liabilities 35,745 34,634IFRS 16 Non-current financial liabilities 34,214 29,173Total non-current financial liabilities 69,959 66,431Current financial liabilitiesBank loans due after 12 months \u2013 current portion \u2014 9,137Other short-term borrowings 402 222Current liabilities due to other lenders 21,682 19,461Other current financial liabilities 575 79IFRS 16 Financial liabilities - Current 9,601 8,602Total current financial liabilities 32,259 37,501On 31 December 2023, the Company\u2019s financial indebtedness with banks was zero, while the debts to other lenders are due to the countervalue of receivables assigned to third-party financial institutions that did not meet the derecognition criteria under IFRS 9.Medium/long-term bank loansThe following table shows the movements of bank loans for the years ended 31 December 2023 and 2022.(In thousands of Euro)Bank loans due after 12 months \u2013 Bank loans due after 12 months \u2013 Total loansnon-current portioncurrent portionValues at 31 December 2021 12,500 50,103 62,603Obtainment of loans 3,217 803 4,021Repayments \u2014 (54,862) (54,862)Reclassification from long-term to short-term (13,093) 13,093 \u2014Values at 31 December 2022 2,625 9,137 11,762Obtainment of loans \u2014 \u2014 \u2014Repayments \u2014 (11,762) (11,762)Reclassification from long-term to short-term (2,625) 2,625 \u2014Values at 31 December 2023 \u2014 \u2014 \u2014The following shows the details of medium-long term bank loans at 31 December 2023 and 2022.(In thousands of Euro)Due date Interest rate As of 31 December2023 of which 2022 of which currentcurrentBank loansCr\u00e9dit Agricole Italia S.p.A. 2020-2023 Variable \u2014 \u2014 8,333 8,333Deutsche Bank 2022-2027 Fixed \u2014 \u2014 3,428 803Total bank loans \u2014 \u2014 11,762 9,137During 2023 the Group also strengthened its financing structure by taking out the following loan agreements, with the availability of credit lines that were not used during the year.The medium-long term loan was granted by Cassa Depositi e Prestiti Spa on 15 June 2023 as an available line of credit totalling Euro 25,000 thousand. The loan expires on 15 June 2028 and includes an option to use, for two years from the date of signature. If the option is exercised, the loan will be repaid until the date of expiry. Otherwise it will be closed. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023 the option had not been exercised.Credit Agricole: the revolving loan was granted by Credit Agricole Italy on 2 May 2023 as an available line of credit totalling Euro 50,000 thousand. The loan expires on 2 May 2026, as to Euro 25,000 thousand, and a further 25,000 thousand is due on 28 April 2026, on which there is an option to renew for a further two years. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banco BPM: the revolving loan was granted by Banco BPM on 25 July 2023 as an available line of credit totalling Euro 15,000 thousand. The loan expires on 24 July 2026. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banco BPM: the revolving loan was granted by Banco BPM on 11 September 2023 as an available line of credit totalling Euro 15,000 thousand. The loan expires on 14 September 2026. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Deutsche Bank: the revolving loan was granted by Deutsche Bank on 4 August 2023 as an available line of credit totalling Euro 15,000 thousand. The loan expires on 04 August 2027. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banca Popolare di Sondrio: the revolving loan was granted by Banca Popolare di Sondrio on 17 May 2023 as an available line of credit totalling Euro 25,000 thousand. The loan expires on 16 November 2024. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banca Popolare di Sondrio: the revolving loan was granted by Banca Popolare di Sondrio on 30 May 2023 as an available line of credit totalling Euro 5,000 thousand. The loan expires on 29 November 2024. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Other short-term borrowingsThe following table reports the details of \u201cOther short-term borrowings\u201d as of 31 December 2023 and 31 December 2022:(In thousands of Euro) As of 31 DecemberCurrency 2023 2022Other short-term borrowingsBPER Luxembourg EUR 183 85Other short-term borrowings EUR 218 136Total other short-term borrowings 402 222Other short-term borrowings mainly include stand-by credit lines, short-term loans (generally \u201chot money\u201d), bank overdrafts and credit cards. In particular, the Group uses short-term committed and uncommitted credit lines granted by leading banks, which accrue interest at a variable rate indexed to the Euribor plus a spread.Liabilities due to other lendersCurrent and non-current liabilities from other lenders refers to financing transactions guaranteed by the transfer of receivables arising from the sale of goods that, although they are transferred to third financial institutions, they are retained in the financial statements as they do not meet all the conditions required by IFRS 9 for their derecognition from assets. See also note 4.5 \u201cOther non-current assets\u201d and note 4.7 \u201cTrade receivables\u201d.4.14 DEFERRED TAX LIABILITIESFor comments relating to the item \u201cDeferred tax liabilities\u201d please see paragraph 4.3.4.15 EMPLOYEE BENEFIT OBLIGATIONSThe item \u201cEmployee benefit obligations\u201d amounts to Euro 2,621 thousand at 31 December 2023 (Euro 2,600 thousand at 31 December 2022).The following table shows the amounts and movements of employee benefit obligations for the years ended 31 December 2023 and 2022.(In thousands of Euro)Employee benefit obligationsValues at 31 December 2021 3,091Provisions 16Financial expenses 25Actuarial (gains)/losses (274)Reclassifications \u2014Exchange rate differences \u2014Utilisations (258)Values at 31 December 2022 2,600Provisions 88Financial expenses 75Actuarial (gains)/losses 45Reclassifications \u2014Exchange rate differences (1)Utilisations (186)Values at 31 December 2023 2,621Information about the actuarial valuation of provisions for employee benefit obligations is presented in note 4.16.\ue61d.\ue61e\ue617 PROVISIONS FOR RISKS AND CHARGESThe item \u201cProvisions\u201d at 31 December 2023 amounts to Euro 13,568 thousand for non-current financial liabilities and Euro 19,472 thousand for current financial liabilities (respectively, Euro 9,586 thousand and Euro 14,222 thousand at 31 December 2022). The following table shows the details of provisions for risks and charges, current and non-current, at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022Non-current provisions for risks and chargesWarranties provision 6,676 5,754Agents provision 1,022 894Non-Competition Agreement provision 2,651 1,614Rebates provision 2 ,158 568Other provisions for risks and charges 992 611Ongoing lawsuits provision 69 145Total non-current provisions for risks and charges 13,566 9,586Current provisions for risks and chargesWarranties provision 6,813 5,861Free Product Fund provision 1,275 866Other provisions for risks and charges 11,384 7,495Total current provisions for risks and charges 19,472 14,222The following table shows the amounts and movements of provisions for risks and charges, current and non-current, for the years ended 31 December 2023 and 2022.(In thousands of Euro)Warranties Agents Non-Rebates Other Ongoing Non-current Warranties Free Product Other Current provisionprovisionCompetition provisionprovisions lawsuits provisions provisionFund provisions provisions Agreement for risks provisionfor risks and provisionfor risks and for risks provisionand chargeschargesand chargeschargesValues at 31 December 2021 4,772 1,087 1,990 456 604 43 8,952 4,955 199 6,580 11,734Provisions 3,746 123 465 236 152 102 4,825 1,731 725 6,517 8,973Reclassifications \u2014 \u2014 \u2014 \u2014 \u2014 (1) (1) \u2014 \u2014 \u2014 \u2014Exchange rate differences 10 \u2014 \u2014 \u2014 (17) \u2014 (7) (5) (2) 22 15Financial expenses \u2014 \u2014 38 \u2014 \u2014 \u2014 38 \u2014 \u2014 \u2014 \u2014Actuarial (gains)/losses \u2014 (243) (712) \u2014 \u2014 \u2014 (955) \u2014 \u2014 \u2014 \u2014Utilisations (2,775) (72) (166) (124) (129) \u2014 (3,266) (821) (55) (5,625) (6,501)Values at 31 December 2022 5,754 894 1,614 568 610 145 9,586 5,860 868 7,4 9 2 14,222Provisions 3,357 138 1,014 1,509 544 58 6,620 4,191 1,196 9,841 15,229Reclassifications \u2014 \u2014 \u2014 (16) \u2014 \u2014 (16) \u2014 \u2014 \u2014 \u2014Exchange rate differences (58) \u2014 \u2014 (4) (21) \u2014 (83) (48) (4) (22) (73)Change in scope of 146 \u2014 \u2014 171 \u2014 \u2014 317 146 \u2014 (20) 127consolidation(In thousands of Euro)Warranties Agents Non-Rebates Other Ongoing Non-current Warranties Free Product Other Current provisionprovisionCompetition provisionprovisions lawsuits provisions provisionFund provisions provisions Agreement for risks provisionfor risks and provisionfor risks and for risks provisionand chargeschargesand chargeschargesFinancial expenses \u2014 \u2014 57 \u2014 \u2014 \u2014 57 \u2014 \u2014 \u2014 \u2014Actuarial (gains)/losses \u2014 \u2014 15 \u2014 \u2014 \u2014 15 \u2014 \u2014 \u2014 \u2014Utilisations (2,523) (10) (49) (70) (141) (134) (2,928) (3,336) (785) (5,907) (10,028)Values at 31 December 6,676 1,022 2,651 2,158 992 69 13,566 6,813 1,275 11,384 19,4722023Current and non-current warranties provisions are reasonably estimated by the Group on the basis of the contractual guarantees issued to customers and past experience; they cover the cost of parts and labour that the Group will incur in future years for repairing products under warranty, for which the sales revenues have already been recognised in the income statement of the year or of previous years. The increase, in both the current and non-current portions of the Fund, equal to Euro 1,875 thousand, relate to the legal sales warranty which depends on the increase in sales of finished products.The \u201cAgents\u2019 provision\u201d and \u201cNon-Compete Agreement provision\u201d represent a reasonable estimate of the expenses that the Company would incur in the event of interruption of agency contracts. Those provisions were calculated by independent actuaries and were measured using the actuarial valuation of the projected unit of the credit, in accordance with IAS 37 and IAS 19. The increase mainly relates to the reclassification carried out by the subsidiary TG Germany, which was classified in the previous year under other payables for employees.The \u201cRebates provision\u201d and \u201cFree Product Fund\u201d represent the estimated non-monetary awards that the Company grants to customers on reaching specific purchasing targets. The total changes in these items, of Euro 1,998 thousand, are related to the increase in sales achieved by the Group.The Other provisions for risks and charges mainly relate to employee bonuses, which have increased by Euro 492 thousand, for which the amount has not yet been confirmed, and new provisions of Euro 938 thousand made in respect of ongoing legal disputes. During the year, the Group also set aside Euro 1,925 thousand, which relates to some of the liquidity held at the Russian affiliate Technogym AO. Due to the limitations imposed by the Russian Federation as a result of the conflict in Ukraine, this amount is considered to be at risk should it be distributed to the parent company, taking into account the methods which are now under assessment.Actuarial valuation of employee benefit obligations and Non-Competition Agreement provision according to IAS 19 and agents\u2019 provision according to IAS 37The methodology used for the discounting is recognised by the name \u201cmethod of the years of management on an individual basis and by drawing lots\u201d (MAGIS). This method is based on a stochastic Montecarlo type simulation.The main demographic assumptions used by the actuary to analyse the employee benefits provisions and the no-competition provision for the years ended December 31 December 2023 and 2022 are as follows: (i) the probability of death is obtained by using tables determined by ISTAT in 2000 and reduced by 25%: (ii) the probabilities of disability/invalidity are those adopted in the INPS model; (iii) the retirement age for the general working population is assumed to be the reaching of the first retirement requirement applicable for Mandatory General Insurance; (iv) the probability of leaving employment for reasons other than death was determined from the probability of turnover in line with the historical trend; in particular, an annual rate of 4% was considered for the year 2023 compared to the rate of 6% for 2022; (v) with regard to the probability of early retirement, an annual rate of 3% is applied, based on the historic trend, for 80% of the provision accumulated on the date of the request.As regards the discounting of the Agents provision according to IAS 37, the hypothesis of \u201cclosed group\u201d was considered during the time framework.The valuations were conducted by quantifying future payments through the projection of the agents\u2019 provision accrued at the valuation date of the agents working for the Company until the estimated time (unpredictable) of termination of the contract with the company; once again the method used is the MAGIS. Regarding the demographic assumptions, the ISTAT 2011 mortality rates were considered; for disability, the INPS tables by age and gender were used, whereas for the retirement age, the requirement established by ENASARCO was used. The possibility of agents being released due to the termination of their relationship with the Company or for other causes was determined using estimates of annual frequency based on company data. The financial assumptions essentially refer to the discount rate which, at 31 December 2023 was chosen as the yield from the Iboxx Corporate AA index with 5-7 year duration, matching the collective agreement measured at 2.95%.In addition, for the Italian companies the following economic-financial assumptions were taken into account. As of 31 December2023 2022Annual technical discount rate 3.10% 3.60%Annual inflation rate 2.50% 2.50%Annual rate of TFR increase 3.31% 3.31%Annual rate of commissions increase (for the valuation of agents\u2019 NCA) 3.00% 3.00%As for the annual technical discount rate of 3.1%, the Iboxx Corporate AA was selected as the benchmark for the Eurozone, with duration a consistent with the average duration of the collective agreement.A sensitivity analysis was also performed upon a change in the main actuarial assumptions included in the calculation model in relation to the 0.5% change of annual technical discount rate. The following results were obtained:(In thousands of Euro)As of 31 December2023 2022-0.50% Carrying 0.50% -0.50% Carrying 0.50% changeamountchangechangeamountchangeEmployee benefit obligations 95 2,621 (89) 81 2,600 (78)Non-Competition Agreement provision 93 2,651 (86) 78 1,614 (72)Total 188 5,272 (175) 159 4,214 (150)4.17 OTHER NON\ue618CURRENT LIABILITIESThe item \u201cOther non-current liabilities\u201d amounted to Euro 44,771 thousand on 31 December 2023 (Euro 38,415 thousand at 31 December 2022).Other non-current liabilities mainly include: \u203a deferred income, amounting to Euro 1,879 thousand, related to revenues associated to long-term contracts for technical assistance. This item was recognised as contractual liabilities in accordance with IFRS 15; \u203a liabilities for sales with return rights, equal to Euro 40,677 thousand, identified pursuant to IFRS 15, in order to represent suspended costs associated with these sales; \u203a the long-term portion of the obligation to buy-back leased products, of Euro 2,035 thousand; \u203a trade payables due after 12 months, of Euro 143 thousand.4.18 TRADE PAYABLESThe item \u201cTrade payables\u201d amounted to Euro 155,384 thousand at 31 December 2023 (Euro 173,559 thousand at 31 December 2022). Trade payables are mainly related to transactions for the purchase of raw materials, components and shipping services, manufacturing and technical assistance. These transactions are part of ordinary procurement management.4.19 CURRENT TAX LIABILITIESThe item \u201cCurrent tax liabilities\u201d amounted to Euro 9,192 thousand at 31 December 2023 (Euro 9,169 thousand at 31 December 2022). The item income tax receivables amounted to Euro 2,967 thousand at 31 December 2023 (Euro 3,545 thousand at 31 December 2022) (see note 4.10).4.20 LIABILITIES FOR DERIVATIVE FINANCIAL INSTRUMENTSThe item \u201cLiabilities for derivative financial instruments\u201d amounted to Euro 2 thousand at 31 December 2023 (Euro 77 thousand at 31 December 2022).The following table shows the liabilities for derivative financial instruments by currency at 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022ForwardAUD \u2014 4CNY \u2014 22JPY 2 48IRS \u2014 3Total 2 77Liabilities for derivative financial instruments refer to the differences arising from the fair value of \u201cforward\u201d contracts used to hedge exposure to currency risk.The exposure to exchange rate risk is mainly managed using contracts for the forward sale of currency denominated in the sale currency of some markets in which the Group operates. For details of the types of forward contracts, see the itemised table in paragraph 4.9. Assets for derivative financial instruments.For the 2023 financial year, the hedge accounting method was adopted only for the exchange rate collar. The net fair value of the collar at 31 December 2023 was positive at 83 thousand euros; the fluctuations during the period generated a cash flow hedge reserve of 524 thousand, as shown in the table below (Euro 399 thousand net of the tax effect).(In thousands of Euro)As of 31 December2023 assets 2022 assets 2023 liabilities 2022 liabilitiesExchange rate hedging: Exchange rate hedges (current) \u2013 cash flow hedge \u2014 \u2014 524 \u2014Tax effect \u2013 Exchange rate hedges (current) \u2013 cash flow hedge \u2014 \u2014 (126) \u2014Interest rate hedges:Interest rate hedges (current) \u2013 cash flow hedge \u2014 \u2014 \u2014 3Tax effect - Interest rate hedges (current) \u2013 cash flow hedge \u2014 \u2014 \u2014 (1)Total \u2014 \u2014 399 34.21 OTHER CURRENT LIABILITIESThe item \u201cOther current liabilities\u201d amounted to Euro 106,178 at 31 December 2023 (Euro 88,552 thousand at 31 December 2022). The following table shows the amounts of other current liabilities at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022Other current liabilitiesDeferred income 38,180 27, 294Advances from clients 21,765 21,661Payables to employees 13,062 11,984VAT payables 11,727 9,391Social security payables 5,242 4,053Other liabilities 7,291 5,651Accrued expenses 728 628Payables for buy backs - due within 12 months 8,182 7,890Total other current liabilities 106,1 78 88,552\u201cDeferred income\u201d mainly refers to scheduled maintenance contracts on machines sold in previous years, for which the revenues are recognised according to the matching principle.\u201cAdvances from customers\u201d relates to advances and deposits received for supplies yet to be delivered. These items were recognised as contractual liabilities in accordance with IFRS 15.\u201cPayables to employees\u201d mainly refer to salaries for the month of December paid in January, untaken holiday entitlements and staff bonuses.\u201cSocial security payables\u201d are related to Social security contributions of various nature to be paid in the following year with reference to the salary for the month of December, Christmas bonuses and untaken holiday entitlements.The \u201cOther liabilities\u201d at 31 December 2023 and 2022 mainly relate to income taxes withheld on income from employment and self-employment to be paid in the following year.\u201cAccrued expenses\u201d mainly include accruals relating to utilities, sponsorships and insurance.The item \u201cPayables for buy backs - due within 12 months\u201d includes Euro 547 thousand relative to a short-term buyback obligation for leased products. The remainder of the item, of Euro 7,635 thousand, refers to liabilities for sales with return rights, identified pursuant to IFRS 15, in order to represent the suspended revenues associated with these sales.For more details about the recognition criteria for this item, see paragraph 2.4 of this document \u201cValuation criteria\u201d in the section \u201cRecognition of revenues\u201d.5 Notes to the income statement5.1 REVENUESThe item \u201cRevenues\u201d amounts to Euro 806,288 thousand for the year ended 31 December 2023, an increase of Euro 87,263 thousand (12%) compared to Euro 719,025 thousand for the year ended 31 December 2022. The improvement in performance over the prior year can be attributed to strong growth across all the BtoB sub-segments: Clubs, Hospitality & Residential and Health, Corporate & Performance. The BtoC segment ended 2023 in line with the previous financial year.The following table contains a breakdown of the revenues for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022RevenuesRevenues from the sale of products, spare parts, hardware and software 648,720 5 87,811Revenues from transport and installation, after-sale and rental assistance 157,568 131,214Total revenues 806,288 719,025The breakdown of revenues by customer, distribution channel and geographical area is shown in the \u201cSegment Reporting\u201d in the management report.5.2 OTHER REVENUES AND INCOMEThe item \u201cOther revenues and income\u201d amounted to Euro 1,803 thousand for the year ended 31 December 2023 (Euro 2,465 thousand for the year ended 31 December 2022). This item mainly consists of tax credits, rental income, compensation from suppliers and other income from non-core activities.5.3 PURCHASES AND USE OF RAW MATERIALS, WORK IN PROGRESS AND FINISHED GOODSThis item amounted to Euro 269,845 thousand for the year ended 31 December 2023 (Euro 248,077 thousand for the year ended 31 December 2022).The following table contains details of the purchases and changes in raw materials, work in progress and finished goods for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Purchases and changes in raw materials, work in progress and finished goodsPurchases and changes in raw materials 164,538 155,745Purchases and changes in finished goods 103,804 86,701Purchases and changes in packaging and cost of custom duties 2,310 5,740Change in inventory of work in progress (807) (109)Total purchases and changes in raw materials, work in progress and finished goods 269,845 248,077The increase in this item depends on the Group\u2019s increased sales volumes, despite the fact that in the previous year the purchase price of materials fell, due to the inflationary effects of previous periods.5.4 COST OF SERVICESThe item \u201cCost of services\u201d amounted to Euro 189,192 thousand for the year ended 31 December 2023 (Euro 189,192 thousand for the year ended 31 December 2022).The following table shows the amounts of cost of services for the years ended 31 December 2023 and 2022 restated.(In thousands of Euro)Year ended 31 December2023 2022Cost of servicesTransport, customs duties and installation 78,840 7 7,6 09Technical assistance 24,220 21,154Advertising 19,933 18,223Rentals 8,301 7, 811Agents 10,159 8,477Consulting services 12,385 10,493Travel and business expenses 12,029 9,603Outsourcing costs 7,037 7,937Utilities 4,590 4,706Maintenance costs 6,268 6,035Other services 29,807 23,259Total cost of services 213,569 195,308The higher increases compared to 31 December 2022 essentially refer to the strong recovery in the business and the higher volumes linked to the BtoB segment, which entailed an increase in transportation costs and more after-sales support and installation activities. Additionally, the group is continuing to make marketing investments in order to achieve sustainable growth in the BtoC segment.\u201cOther services\u201d mainly relate to costs for managing external deposits, insurance and remuneration of external directors, the board of statutory auditors and independent auditors.The following table shows the details of audit fees to the independent auditors for services provided to the Company for the years ended 31 December 2023 and 2022:(In thousands of Euro)Year ended 31 December2023 2022Audit feesAuditing of the accounts 1,045 994Other services 9 43Total audit fees 1,054 1,0375.5 PERSONNEL EXPENSESThe item \u201cPersonnel expenses\u201d amounted to Euro 167,666 thousand for the year ended 31 December 2023 (Euro 151,330 thousand for the year ended 31 December 2022).The following table shows the amounts of personnel expenses for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Personnel expensesWages and salaries 127,891 109,600Social security contributions 29,116 25,561Provisions for employee benefit obligations 3,289 3,103Other costs 7,37 0 6,951Total personnel expenses 167,666 145,214The increase in this item compared to the previous year is mainly correlated to the increase in average workforce compared to the same period in the previous year, particularly the higher number of office staff compared to manual workers, a 6.6% wage increase (provided for in the national agreement for metalworkers) as well as the inflationary effect of adjusting the Payroll item. As at 31 December 2023, this item also includes non-recurring expenses referring to personnel expenses not linked to normal operations, of Euro 1,764 thousand, whereas on 31 December 2022 the amount was Euro 1,442 thousand.The following table shows the average number of employees and the exact number of employees at the year-end broken down by category for the years ended 31 December 2023 and 2022.(in number)Year ended 31 December2023 2022Number of employees Average Year-end Average Year-endManagers 70 67 69 71White-collar 1,572 1,607 1,431 1,456Blue-collar 613 611 646 616Total number of employees 2,255 2,285 2 ,146 2 ,1435.6 OTHER OPERATING COSTSThe item \u201cOther operating costs\u201d amounted to Euro 9,796 thousand for the year ended 31 December 2023 (Euro 5,277 thousand for the year ended 31 December 2022).The following table reports the amounts of other operating costs for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Other operating costs Other taxes and indirect taxes 2,484 2,180Other costs and net provisions on leasing receivables 7,312 3,097Total other operating costs 9,796 5,277The item \u201cOther costs and net provisions on leasing receivables\u201d mainly refers to membership fees, certification costs, promotional and advertising product giveaways, and donations. It also includes the amount set aside by the Group to cover doubtful receivables posted on the financial statements, for which there is a buyback obligation. With regard to this last item, after a careful analysis of the portfolio to 31 December 2023, the Group has estimated a risk of default of approximately Euro 3.5 million for next year, on a total portfolio of Euro 177 million. The provision for bad debts has thus been increased by Euro 297 thousand (of which Euro 185 thousand after 12 months and Euro 122 thousand for the current quota); the balance of this provision will absorb the total receivables for which the risk of default is considered probable.During the year, non-recurring costs of Euro 1,544 were posted in relation to indirect taxes from previous years.5.7 SHARE OF NET RESULT FROM JOINT VENTURESThe item \u201cShare of net result from joint ventures\u201d amounted to Euro 4,403 thousand for the year ended 31 December 2023 (Euro 1,768 thousand for the year ended 31 December 2022). The difference compared to the previous financial year is due to the fact that in 2023, following the change in the scope of consolidation of Technogym Emirates, the IFRS 3 rules were applied in case of a future taking of control. For consolidation purposes, an appraisal was prepared by an independent expert engaged by the company to determine the fair value of the equity investment. The results of the above-mentioned appraisal defined a value of the equity investment of Euro 10,390 thousand, of which 49% attributable to the Group, corresponding to Euro 5,091 thousand. The value of the equity investment as of 31 December 2022 was Euro 2,766 thousand. The transition to full consolidation has generated non-recurring income of Euro 4,066 thousand, deriving from the closure of the translation reserve (Euro 1,741 thousand) and the posting of Euro 2,325 thousand as a revaluation entry. The remainder relates to the share of Group net profit earned by the affiliates and/or subsidiaries, jointly (see note 4.4).5.8 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES/\ue616WRITE\ue618BACKS\ue615The item \u201cDepreciation, amortisation and impairment losses/(write-backs)\u201d amounted to Euro 45,712 for the year ended 31 December 2023 (Euro 40,386 thousand for the year ended 31 December 2022).The following table shows the amounts of depreciation, amortisation and impairment losses/(write-backs) for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Depreciation, amortisation and impairment losses/(revaluations)Depreciation of property, plant and equipment 26,948 25,510Amortisation of intangible assets 18,619 14,854Impairment losses of property, plant and equipment \u2014 _Impairment losses of intangible assets 146 23Total depreciation, amortisation and impairment losses (revaluations) 45,712 40,386For the tables of details regarding the breakdown of and changes in \u201cProperty, plant and equipment\u201d and \u201cIntangible assets\u201d for the years ended 31 December 2023 and 2022, see notes 4.1 and 4.2.5.9 NET PROVISIONSThe item \u201cNet provisions\u201d amounted to Euro 8,522 thousand for the year ended 31 December 2023 (Euro 6,242 thousand for the year ended 31 December 2022).The following table shows the amounts of net provisions for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Net provisionsInventory write-down net provisions 468 1,645Net allocations to bad debt provisions 2,129 2,167Warranties net provisions 1,689 1,881Other net provisions for risks and charges 3,131 572Ongoing lawsuits net provisions 1,106 (23)Total net provisions 8,522 6,242For details of the breakdown and changes in these items, see paragraphs \u201c4.6. Inventories\u201d, \u201c4.7 Trade receivables\u201d and \u201c4.16. Provisions for risks and charges\u201d in this document.5.10 FINANCIAL INCOMEThe item \u201cFinancial income\u201d amounted to Euro 23,397 thousand for the year ended 31 December 2023 (Euro 27,436 thousand for the year ended 31 December 2022).The following table shows the amounts of financial income for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Financial income Realised exchange gains 1 7,7 76 23,684Unrealised exchange gains 1,053 2,483Other financial income 44 184Bank interest receivable 4,524 1,085Total financial income 23,397 27,4 365.11 FINANCIAL EXPENSESThe item \u201cFinancial expenses\u201d amounted to Euro 20,897 thousand for the year ended 31 December 2023 (Euro 27,177 thousand for the year ended 31 December 2022).The following table shows the amounts of financial expenses for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Financial expenses Realised exchange losses 16,683 23,426Unrealised exchange losses 1,593 1,872Bank interest on financial loans 160 279Bank interest and fees 741 552Other financial expenses 1,719 1,048Total financial expenses 20,897 27,17 7\u201cOther financial expenses\u201d mainly include the financial cost of applying the IFRS 16 accounting standard.5.12 INCOME/\ue616EXPENSES\ue615 FROM INVESTMENTSThe item \u201cIncome/(expenses) from investments\u201d amounted to Euro 517 thousand for the year ended 31 December 2023 (Euro 298 thousand for the year ended 31 December 2022).(In thousands of Euro)Year ended 31 December2023 2022Income/(expenses) from investmentsRevaluations/(impairment losses) investments 517 298Total income/(expenses) from investments 517 298The positive result for the current year refers to the adjustment of the value of minority shareholdings, in accordance with IFRS9. The valuation is made by adjusting the value of the equity investments to their fair value.5.13 INCOME TAXESThe item \u201cIncome taxes\u201d amounts to Euro 23,232 thousand for the year ended 31 December 2023 (Euro 19,434 thousand for the year ended 31 December 2022).The following table shows the amounts of income taxes for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Income taxes Current taxes 24,452 23,555Deferred taxes (607) (4,015)Total income taxes for the year 23,845 19,541Taxes relating to prior years (613) (107)Total income taxes 23,232 19,434Taxes relating to prior years mainly relate to the recalculation of the tax credit for R&D. The following table shows the reconciliation between the theoretical tax rate and the actual tax rate for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 % 2022 %Profit before tax 100,400 83,309Income tax calculated with theoretical tax rate 24,036 24.0% 19,994 24.0%Effect of difference between local tax rate and theoretical tax rate (1,725) (1.7%) (373) (0.4%)Fiscal effect of non-deductible expenses/revenues 4,128 4.1% 5,816 7.0%Tax losses carried forward that are not recognised in (57) (0.1%) (855) (1.0%)deferred tax assets.Other income taxes (IRAP) 2,189 2.2% 1,149 1.4%Fiscal effect of tax relief (935) (0.9%) (964) (1.2%)Deferred taxes TG Shanghai \u2014 0.0% (1,703) (2.0%)Other minor effects (3,790) (3.8%) (3,524) (4.2%)Income taxes of previous years (613) (0.6%) (107) (0.1%)Total 23,232 23.2% 19,434 23.3%5.14 EARNINGS PER SHAREThe following table shows the calculation of basic earnings per share.(In thousands of Euro)Year ended 31 December2023 2022Earnings per shareProfit for the period 73,640 63,587Number of shares (in thousands)* 200,491 201,328Total earnings per share 0.37 0.32* The calculation does not include the own shares in portfolioAlso note that, even considering the diluting effects such as the allocation of shares according to the 2021-23 PSP, there are no significant differences between the basic share and the profit diluted by share.6 Net financial positionBelow is a restatement of the Group\u2019s net indebtedness as of 31 December 2023 and 2022, determined in accordance with the new ESMA Guidelines of 4 March 2021 (Consob notice no. 5/21 in reference to Consob Communication DEM/6064293 of 28 July 2006).(In thousands of Euro)As of 31 December2023 2022Net financial positionA. Cash 201,066 190,215B. Cash equivalents 23,664 15,143C. Other current financial assets 4,421 20,520D. Liquidity (A) + (B) + (C) 229,151 225,878E. Current financial payables (including debt instruments, (32,261) (28,441)but excluding the current portion of non-current financial payables)F. Current part of non-current financial payables \u2014 (9,137)G. Current financial indebtedness (E) + (F) (32,261) (37,578)H. Net current financial indebtedness (G) + (D) 196,891 188,300I. Non-current financial payables (excluding the current portion (69,959) (66,431)and debt instruments)J. Debt instruments \u2014 \u2014K. Trade payables and other non-current payables (143) (287)L. Non-current financial indebtedness (I) + (J) + (K) ( 70,102) (66,718)M. Total financial indebtedness (H) + (L) 126,788 121,582The net financial position at 31 December 2023, which includes the effects of adopting IFRS 16, was positive by Euro 126,788 thousand, an increase of Euro 5,206 thousand compared to the balance of Euro 121,582 thousand for the year ended 31 December 2022.The increase is mainly attributable to cash flow generated by operations of Euro 145.9 million, despite a negative impact deriving from the conversion of cash and cash equivalents into foreign currencies, of Euro 5.7 million, the payment of dividends of Euro 51.3 million and the treasury share purchase plan (Euro 6.9 million) announced on 6 November 2023, and the return to the usual seasonal trend in payments. The net financial position not including the effects of the IFRS 16 accounting standard amounts to Euro 170.6 million. On 31 December 2023 the Company had no bank borrowings.At 31 December 2023 there are no restrictions or limitations to the use of the cash of the Group, except for minor amounts relating to specific circumstances closely linked to commercial operations of certain Group entities. It should also be noted that there are cash asset and cash equivalents at the Russian subsidiary, totalling approximately Euro 8.8 million, primarily resulting from earnings from previous years. The Group is taking all the steps necessary for the return of these sums, which must be approved by the local authorities prior to their transfer to the parent company.7 Financial risk managementThe main financial risks to which the Group is subject to are: \u203a credit risk, arising from commercial transactions or financing activities; \u203a risks related to supplier relations; \u203a liquidity risk, related to the availability of financial resources and access to the credit market; \u203a market risk, in particular: \u203a currency risk, related to operations in areas using currencies other than the functional currency; \u203a interest rate risk, related to the Group\u2019s exposure to financial instruments that accrue interests; \u203a price risk, associated with changes in the prices of commodities.\ue614.\ue61e CREDIT RISKThe operational management of credit risk is assigned to the Credit Management team, which operates on the basis of a credit policy that regulates: (i) customers\u2019 merit ratings, which are evaluated by the internally developed risk rating system, used for the management of credit limits and requests for bank or insurance guarantees to support extended payment terms; (ii) the involvement of institutionalised credit committees in operations completed under terms other than those normally applied by the Company; (iii) the use of credit insurance policies; (iv) the monitoring of the balance of outstanding receivables and their ageing, so that the amount of outstanding positions is not significant; (v) the monitoring of the related expected cash flows; (vi) the issuance of reminders; (vii) any recovery actions. The bad debt provision is calculated on percentages of past due, based on historical insolvency, with the exception of provision on specific credits in litigation. In relation to the breakdown of receivables by maturity, please see the Note \u201cTrade receivables\u201d. For financing activities related to temporary excess of liquidity or for the stipulation of financial instruments (derivatives), the Group deals exclusively with counterparties with high credit standing. The amount of trade receivables represents the maximum theoretical exposure to credit risk of the Group at year-end.Risks related to supplier relationsThe Company and its Group have always been committed to developing innovative, high-performance, quality solutions. To continue this commitment, a close collaboration needs to be maintained with suppliers, particularly those who produce materials and technologies that may be used in the fitness industry, even if they primarily operate in other sectors. Technogym\u2019s supply chain is divided into suppliers who provide \u201cbill of materials\u201d supplies, some of which are particularly strategic to Technogym's success, including those that contribute directly to product creation, and \u201cindirect\u201d suppliers who provide other services or materials, as well as the equipment used in production.The company works closely with those suppliers considered key to the success of its products, establishing long-term relationships in order to minimise the risks related to the potential unavailability of raw materials within the required timescales. Periodic performance checks are made, and controls carried out regarding compliance with current environmental and social regulations aimed at guaranteeing a stable supply chain.Technogym has also adopted a structured supply chain assessment process involving on-site audits and checks, which ensures continuous monitoring, and requires its suppliers to comply with the REACH and RoHS directives.\ue614.\ue61b LIQUIDITY RISKThe Group's liquidity risk is closely monitored through specific controls by the parent company. In order to minimise the risk, the Group has implemented centralised treasury management with specific procedures that aim to optimise the management of financial resources and the needs of the Group companies. In particular, a set of policies and processes was adopted with the aim of optimising the management of financial resources to reduce liquidity risk: (i) maintenance of an adequate level of available liquidity; (ii) obtaining adequate credit lines; (iii) monitoring future liquidity in relation to the business planning process. For this type of risk, in the net financial indebtedness, the Group tends to finance investments and current commitments with both cash flow generated by operation and short-term credit lines.The following table shows the amounts of credit lines available and used at 31 December 2023 and 2022.(in thousands of Euro)Cash credit Self-liquidating Financial credit Totallinescredit lineslinesAs of 31 December 2023Credit lines 47,500 11,500 230,000 289,000Utilisations \u2014 \u2014 \u2014 \u2014Credit lines available at 31 December 2023 47,500 11,500 230,000 289,000As of 31 December 2022Credit lines 7,382 17,641 240,441 265,464Utilisations \u2014 \u2014 (11,747) (11,747)Credit lines available at 31 December 2022 7,382 17,6 41 228,694 253,717The table below contains the breakdown and maturity dates of the liability items to 31 December 2023 and 2022.(In thousands of Euro) Within 1 year Between 1 and Beyond 5 years Total 5 years Values at 31 December 2023Non-current financial liabilities \u2014 69,959 \u2014 69,959 Other non-current liabilities \u2014 44,771 \u2014 44,771 Trade payables 155,384 \u2014 \u2014 155,384 Current tax liabilities 9,192 \u2014 \u2014 9,192 Current financial liabilities 32,259 \u2014 \u2014 32,259 Liabilities for derivative financial instruments 2 \u2014 \u2014 2 Other current liabilities 106,178 \u2014 \u2014 106,178 Total 303,014 114,730 \u2014 41 7,74 4 Values at 31 December 2022Non-current financial liabilities \u2014 63,166 3,266 66,431 Other non-current liabilities \u2014 38,415 \u2014 38,415 Trade payables 173,559 \u2014 \u2014 173,559 Current tax liabilities 9,169 \u2014 \u2014 9,169 Current financial liabilities 37,501 \u2014 \u2014 37,501 Liabilities for derivative financial instruments 77 \u2014 \u2014 77 Other current liabilities 88,552 \u2014 \u2014 88,552 Total 308,858 101,580 3,266 413,704 On 31 December 2023, the Technogym Group had approximately Euro 277 million of undrawn credit lines, liquidity amounting to Euro 224.7 million and trade receivables of 119.8 million, giving a total of Euro 621.5 million, against payables and current commitments totalling Euro 303 million.\ue614.\ue61a MARKET RISKExchange rate riskThe Group operates internationally and it is subject to currency risk, mainly in regards to commercial and financial transactions, especially in US dollars, GBP, YEN, CNY and AUD. To limit the exposure to exchange risk, the Group usually enters into forward contracts to cover between 70% and 80% of transactions in these currencies. In the year ending 31 December 2023, no exchange rate hedging derivative contract was recognised using the hedge accounting method.Investments in foreign subsidiaries are not covered, as the currency positions are considered long-term.The following table shows the trade receivables and payables, cash and cash equivalents and current financial liabilities broken down by currency at 31 December 2023 and 2022.(In thousands of Euro)EUR GBP USD CNY AUD JPY Other TotalcurrenciesOther non-current assetsAs of 31 December 2023 62,330 11,342 3,137 184 2,066 242 3,049 82,350 As of 31 December 2022 58,973 9,339 377 207 1,754 265 2,629 73,544 Non-current financial assetsAs of 31 December 2023 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014As of 31 December 2022 201 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 201 Trade receivablesAs of 31 December 2023 70,791 12,481 20,375 737 1,559 3,650 10,201 119,793 As of 31 December 2022 66,462 9,666 23,598 1,028 3,028 1,891 5,152 110,824 Cash and cash equivalentsAs of 31 December 2023 155,319 12,858 27,410 4,437 4,204 2,449 18,054 224,730 As of 31 December 2022 122,085 10,445 46,622 8,972 4,929 4,798 7,508 205,358 Current financial liabilitiesAs of 31 December 2023 28,955 653 598 387 261 292 1,113 32,259 As of 31 December 2022 33,434 252 826 369 260 340 2,020 37,501 Trade payablesAs of 31 December 2023 130,848 9,962 8,491 878 1,464 1,509 2,231 155,384 As of 31 December 2022 146,858 8,020 12,000 1,317 2,385 1,333 1,645 173,559 For the purposes of the sensitivity analysis on the exchange rate, items in the financial position (assets and liabilities) denominated in foreign currency were identified. For the purposes of the analysis, two scenarios were considered that reflect an increase and a decrease respectively of 5% in the exchange rate between the currency of the balance sheet item and the Euro.The following table shows the results of the analysis for the years ended 31 December 2023 and 2022.(In thousands of Euro) 2023 - Exchange risk+5% -5%Carrying of which Gains / Other movements Gains / Other movements amountsubject to (losses)in sales invoice (losses)in sales invoice exchange riskledger (RFV)ledger (RFV)Financial assetsCash and cash equivalents 224,730 69,591 (3,314) \u2014 3,663 \u2014Trade receivables 119,793 46,286 (2,204) \u2014 2,436 \u2014Non-current financial assets \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Current financial assets 4,250 3,770 (180) \u2014 198 \u2014Assets for derivative financial 172 \u2014 \u2014 \u2014 \u2014 \u2014instrumentsTax effect \u2014 \u2014 1,590 \u2014 (1,757) \u2014(4,108) \u2014 4,540 \u2014(In thousands of Euro) 2023 - Exchange risk+5% -5%Carrying of which Gains / Other movements Gains / Other movements amountsubject to (losses)in sales invoice (losses)in sales invoice exchange riskledger (RFV)ledger (RFV)Financial liabilitiesNon-current financial liabilities 69,959 12,279 585 \u2014 (646) \u2014Current financial liabilities 32,259 2,625 125 \u2014 (138) \u2014Trade payables 155,384 20,872 994 \u2014 (1,098) \u2014Liabilities for derivative 2 \u2014 \u2014 \u2014 \u2014 \u2014financial instrumentsTax effect (475) \u2014 525 \u20141,228 \u2014 (1,357) \u2014Total increases (decreases) 2023 (2,880) 3,183(In thousands of Euro) 2022 - Exchange risk+5% -5%Carrying of which Gains / Other Gains / Other amountsubject to (losses)movements in (losses)movements in exchange risksales invoice sales invoice ledger (RFV)ledger (RFV)Financial assetsCash and cash equivalents 205,358 83,453 (3,974) \u2014 4,392 \u2014Trade receivables 110,824 41,861 (1,993) \u2014 2,203 \u2014Non-current financial assets 201 \u2014 \u2014 \u2014 \u2014 \u2014Current financial assets 19,883 9,806 (467) \u2014 516 \u2014Assets for financial derivative 637 637 (30) \u2014 34 \u2014instrumentsTax effect \u2014 \u2014 1,804 \u2014 (1,993) \u2014(4,661) \u2014 5,151 \u2014Financial liabilitiesNon-current financial liabilities 66,431 10,326 492 \u2014 (543) \u2014Current financial liabilities 37,501 725 35 \u2014 (38) \u2014Trade payables 173,559 23,740 1,130 \u2014 (1,249) \u2014Liabilities for derivative financial 77 74 4 \u2014 (4) \u2014instrumentsTax effect (463) \u2014 512 \u20141,197 \u2014 (1,323) \u2014Total increases (decreases) 2022 (3,464) 3,828Interest rate riskInterest rate risk is related to the use of short and medium/long-term credit lines. Variable rate loans expose the Group to the risk of fluctuations of cash flows due to interest. The Company does not use derivative instruments to hedge interest rate risks.For the purposes of the sensitivity analysis on changes in interest rate, items in the financial position (assets and liabilities) subject to fluctuations in interest rates were identified. For the purposes of the analysis, two scenarios were considered which reflect an increase and a decrease respectively of 20 basis points in the interest rate.The following table shows the results of the analysis for the years ended 31 December 2023 and 2022.(In thousands of Euro)2023 - Interest Rate Risk+ 20 bp -20 bpCarrying of which Gains / Other Gains / Other amountsubject to (losses)movements (losses)movements Interest in RFVin RFVRate RiskFinancial assetsCash and cash equivalents 224,730 200,837 402 \u2014 (402) \u2014Trade receivables 119,793 \u2014 \u2014 \u2014 \u2014 \u2014Tax effect (112) \u2014 112 \u2014290 \u2014 (290) \u2014Financial liabilities \u2014 \u2014 \u2014 \u2014Non-current financial liabilities 69,959 4 7,37 1 (95) \u2014 95 \u2014Current financial liabilities 32,259 650 (1) \u2014 1 \u2014Trade payables 155,384 \u2014 \u2014 \u2014 \u2014 \u2014Tax effect 27 \u2014 (27) \u2014(69) \u2014 69 \u2014Total increases (decreases) 2023 221 \u2014 (221)(In thousands of Euro)2022 - Interest Rate Risk+ 20 bp -20 bpCarrying of which Gains / Other Gains / Other amountsubject to (losses)movements (losses)movements Interest in RFVin RFVRate RiskFinancial assetsCash and cash equivalents 205,358 185,284 371 \u2014 (371) \u2014Trade receivables 110,824 \u2014 \u2014 \u2014 \u2014 \u2014Tax effect (116) \u2014 116 \u2014255 \u2014 (255) \u2014Financial liabilities \u2014 \u2014 \u2014 \u2014Non-current financial liabilities 66,431 31,519 (63) \u2014 63 \u2014Current financial liabilities 37,501 1,137 (2) \u2014 2 \u2014Trade payables 173,559 \u2014 \u2014 \u2014 \u2014 \u2014Tax effect 20 \u2014 (20) \u2014(45) \u2014 45 \u2014Total increases (decreases) 2022 210 \u2014 (210) \u2014The parameters applied were identified as reasonable possible changes in interest rate, with all other variables remaining the same.Price riskThe Group purchases materials from international markets and is therefore exposed to the risk of price fluctuations. This risk is partially hedged by foreign currency forward purchase agreements with settlement dates consistent with the purchase obligations.Capital risk managementThe Group manages its capital with the aim of supporting the core business and maximising the value to shareholders, by maintaining a proper capital structure and reducing the cost of capital. The following table shows the gearing ratio, calculated as the ratio of net indebtedness and equity.(In thousands of Euro)As of 31 December2023 2022Net financial indebtedness (A) (126,788) (121,582)Total equity (B) 363,712 345,927Total capital (C)=(A)+(B) 236,924 224,345Gearing ratio (A)/(C) (53.5%) (54.2%)Financial instruments by categoryAs of 31 December 2023 and 2022, the carrying amount of financial assets and liabilities is the same as their fair value. IFRS 7 outlines three levels of fair value for the measurement of financial instruments recognised in the statement of financial position: (i) Level 1: quoted prices in an active market; (ii) Level 2: inputs other than quoted prices included within Level 1, that are observable directly (prices) or indirectly (derived from prices) in the market; (iii) Level 3: inputs not based on observable market data. During the year, there were no transfers between the three levels of fair value indicated in IFRS 7.The following tables show the financial assets and liabilities by category of financial instrument, in accordance with IFRS 9 and the fair value hierarchy level at 31 December 2023 and 2022.2023 (In thousands of Euro)Financial assets Total Level 1 Level 2 Level 3 Total Amortised FV vs FV vs cost OCI P&L Other non-current assets 81,638 \u2014 712 82,350 \u2014 \u2014 712 712Non-current financial assets \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Non-current financial assets 81,638 \u2014 712 82,350 \u2014 \u2014 712 712Trade receivables 119,793 \u2014 \u2014 119,793 \u2014 \u2014 \u2014 \u2014Cash and cash equivalents 224,730 \u2014 \u2014 224,730 \u2014 \u2014 \u2014 \u2014Assets for derivative finan-cial instruments \u2014 83 89 172 \u2014 172 \u2014 172Current financial assets 4,250 \u2014 \u2014 4,250 \u2014 \u2014 \u2014 \u2014Other current assets 28,152 \u2014 \u2014 28,152 \u2014 \u2014 \u2014 \u2014Current financial assets 376,925 \u2014 172 377,096 \u2014 172 \u2014 1722022 (In thousands of Euro)Financial assets Total Level 1 Level 2 Level 3 Total Amortised cost FV vs OCI FV vs P&L Other non-current assets 72,947 \u2014 597 73,544 \u2014 \u2014 597 597Non-current financial assets 201 \u2014 \u2014 201 \u2014 \u2014 \u2014 \u2014Non-current financial assets 73,148 \u2014 597 73,745 \u2014 \u2014 597 597Trade receivables 110,824 \u2014 \u2014 110,824 \u2014 \u2014 \u2014 \u2014Cash and cash equiva-lents 205,358 \u2014 \u2014 205,358 \u2014 \u2014 \u2014 \u2014Assets for derivative financial instruments \u2014 \u2014 637 637 \u2014 637 \u2014 637Current financial assets 19,883 \u2014 \u2014 19,883 \u2014 \u2014 \u2014 \u2014Other current assets 27,1 78 \u2014 \u2014 27,178 \u2014 \u2014 \u2014 \u2014Current financial assets 363,243 \u2014 637 363,880 \u2014 637 \u2014 6372023 (In thousands of Euro) Financial liabilities Total Level 1 Level 2 Level 3 Total Amortised FV vs OCI FV vs P&L cost Non-current financial liabilities 69,959 \u2014 \u2014 69,959 \u2014 \u2014 \u2014 \u2014Other non-current liabilities 44,771 \u2014 \u2014 44,771 \u2014 \u2014 \u2014 \u2014Non-current financial liabilities 114,730 \u2014 \u2014 114,730 \u2014 \u2014 \u2014 \u2014Current financial liabilities 32,259 \u2014 \u2014 32,259 \u2014 \u2014 \u2014 \u2014Trade payables 155,384 \u2014 \u2014 155,384 \u2014 \u2014 \u2014 \u2014Liabilities for derivative financial instruments \u2014 \u2014 2 2 \u2014 2 \u2014 2Other current liabilities 106,178 \u2014 \u2014 106,178 \u2014 \u2014 \u2014 \u2014Current financial liabil-ities 293,821 \u2014 2 293,822 \u2014 2 \u2014 22022 (In thousands of Euro) Financial liabilities Total Level 1 Level 2 Level 3 Total Amortised FV vs OCI FV vs P&L cost Non-current financial liabilities 66,431 \u2014 \u2014 66,431 \u2014 \u2014 \u2014 \u2014Other non-current liabilities 38,415 \u2014 \u2014 38,415 \u2014 \u2014 \u2014 \u2014Non-current financial liabilities 104,846 \u2014 \u2014 104,846 \u2014 \u2014 \u2014 \u2014Current financial liabilities 37,501 \u2014 \u2014 37,501 \u2014 \u2014 \u2014 \u2014Trade payables 173,559 \u2014 \u2014 173,559 \u2014 \u2014 \u2014 \u2014Liabilities for derivative financial instruments \u2014 3 74 77 \u2014 77 \u2014 77Other current liabilities 88,552 \u2014 \u2014 88,552 \u2014 \u2014 \u2014 \u2014Current financial liabil-ities 299,612 3 74 299,689 \u2014 77 \u2014 778 Non-financial risksINTERNAL RISKS \ue618 EFFECTIVENESS OF PROCESSESThe processes that characterise the different areas of the Group business are carefully positioned in a well-structured system of responsibilities and procedures.The application of these procedures ensures the correct and homogeneous development of processes over time, irrespective of personal interpretations, also making provision for mechanisms of gradual improvement.The set of procedures for the regulation of company processes is incorporated in the Quality Assurance System and subject to certification by third parties (ISO 9001).Within the system of processes, the procedures for the management of insider information and for human resources selection and management are regulated.EXTERNAL RISKS \ue618 MARKET AND COUNTRY RISKMarket risk is mitigated by the Group\u2019s geographically diverse operations and product diversification across market segments.As the Group operates on an international level, it is exposed to local economic and political conditions, potential restrictions on imports and/or exports and controls over cash flows and exchange rates.Management is continuing to constantly monitor developments in the conflict in Ukraine and the resulting embargoes on the Russian market. It should be noted that the Group\u2019s Ukrainian operations are all through a local distributor, and the volumes are low. On the Russian market, Technogym operates directly through its subsidiary Technogym AO and is delivering local business improvement services; the revenues from this activity can be quantified at approximately 1% of the Group\u2019s total revenues. Technogym has also stopped exporting to Russia and during the year recognised provisions for risks and charges of Euro 1,925 thousand, correlated with part of the liquidity present. Following the conflict, this is deemed at risk should it be distributed to the parent company, taking into account the methods in the course of assessment.RISKS RELATED TO CYBER ATTACKSThe stepping-up of the digital transformation - both within the Company itself and towards the market - has been driven by the public health emergency, and this exposes the Group to potential cyber attacks (cyber risks). The Group has adopted a governance structure and cyber risk management model based on international standards, in order to put in place the best technological solutions and choose the best partners to defend its corporate assets. It has also taken out appropriate insurance cover.In particular, a Security Operation Center (SOC) system is in place, operating 24 hours, which has the task of preventing cyber attacks using advanced technology solutions and a variety of approaches. The SOC analyses the activity on networks, databases, applications, websites and other systems to discover any anomalous behaviour that could indicate a security threat or system compromise.9 Related party transactionsThe Group\u2019s transactions with related parties, identified based on criteria defined by IAS 24 \u2013 Related party disclosures \u2013 are carried out under normal market conditions.The following table shows the amounts of related party transactions for the years ended 31 December 2023 and 2022 and the incidence on the related item in the financial statement.(In thousands of Euro) Property, plant Other non-Trade receivables Current financial Other current Non-current Trade payables Current financial and equipment current assets assets assets financial liabilities liabilities Values at 31 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023December Technogym \u2014 \u2014 13 \u2014 (22) \u2014 \u2014 \u2014 1,266 \u2014 \u2014 \u2014 312 \u2014 \u2014 \u2014Emirates LLC Pubblisole Spa \u2014 \u2014 \u2014 \u2014 \u2014 24 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Consorzio Romagna \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 26 25 \u2014 \u2014 16 \u2014 \u2014 \u2014Iniziative Sandcroft Avenue \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (39) \u2014Limited Wellink Srl \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 50 25 \u2014 \u2014Alfin Srl \u2014 \u2014 \u2014 \u2014 3 3 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 126 122 \u2014 \u2014Via Durini 1 Srl 5,615 5,912 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 4,915 5,109 3 85 860 1,006 Starpool Srl \u2014 \u2014 \u2014 \u2014 \u2014 1 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 4 4 \u2014 \u2014One On One Srl \u2014 \u2014 \u2014 \u2014 9 11 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 232 191 \u2014 \u2014Wellness Explorer \u2014 \u2014 \u2014 \u2014 3 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Srl Physio AG \u2014 \u2014 \u2014 \u2014 1 3 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 113 37 \u2014 \u2014Sobeat S.R.O. 3,479 3,496 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 3,625 3,679 145 \u2014 2,636 3,309 Wellness \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 31 \u2014 \u2014Foundation WF Srl \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 61 \u2014 \u2014Uberti Societ\u00e0 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 20 \u2014 \u2014Semplice SE Active \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 233 227 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Total 9,094 9,407 13 \u2014 (6) 41 233 227 1,292 25 8,540 8,788 1,002 575 3,457 4,315 Total Financial 164,122 171,560 73,544 82,350 110,824 119,793 19,883 4,250 27,178 28,152 66,431 69,959 173,559 155,384 37,501 32,259 Statements % on financial 5.5% 5.5% 0.0% 0.0% 0.0% 0.0% 1.2% 5.3% 4.8% 0.1% 12.9% 12.6% 0.6% 0.4% 9.2% 13.4%statements item (In thousands of Revenues Other Raw materials and Cost of services Personnel Other Depreciation and Financial Financial Euro)revenues work in progressexpensesoperating amortisationincomeexpensesand incomecostsValues at 31 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023DecemberTechnogym 15,036 \u2014 274 \u2014 (122) \u2014 (328) \u2014 (273) \u2014 (3) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Emirates LLCPubblisole Spa \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 19 24 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Consorzio \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (19) (14) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Romagna IniziativeAsso. Milano \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (2) (3) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Durini DesignSandcroft \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 19 (39) 14 (8)Avenue LimitedFitkey South \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 5Africa Pty LtdWellink Srl \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (190) (118) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Alfin Srl 2 \u2014 \u2014 \u2014 \u2014 \u2014 (256) (629) (39) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Via Durini 1 Srl \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (124) (301) \u2014 \u2014 (9) (10) (895) (1,000) \u2014 \u2014 (123) (137)Starpool Srl \u2014 2 \u2014 \u2014 \u2014 \u2014 (4) (1) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014One On One Srl 21 26 \u2014 \u2014 \u2014 \u2014 (657) (1,036) \u2014 \u2014 \u2014 (34) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Enervit Spa \u2014 1 \u2014 \u2014 \u2014 \u2014 (3) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Alne Soc. Agr. \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (2) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014S.r.l.Wellness \u2014 \u2014 18 2 \u2014 (1) (325) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Explorer SrlPhysio Ag 88 14 \u2014 \u2014 \u2014 \u2014 (652) (317) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Sobeat S.r.o. \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 171 157 \u2014 \u2014 \u2014 \u2014 (705) (710) \u2014 \u2014 \u2014 \u2014Wellness \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (49) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014FoundationWF Srl \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (300) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Uberti Societ\u00e0 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014(60) \u2014 \u2014 \u2014 (1) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014SempliceTotal 15,147 43 292 2 (122) (1) (2,368) (2,645) (311) \u2014 (14) (48) (1,600) (1,710) 19 (39) (109) (140)Total Financial 719,025 806,288 2,465 1,803 (248,077) (269,845) (189,192) (213,569) (151,330) (167,666) (5,277) (9,796) (40,386) (45,712) 27,436 23,397 (2 7,1 7 7 ) (20,897)Statements% on financial 2.1% 0.0% 11.9% 0.1% 0.0% 0.0% 1.3% 1.2% 0.2% 0.0% 0.3% 0.5% 4.0% 3.7% 0.1% -0.2% 0.4% 0.7%statements itemThe relationship between the Group and related parties as of and for the years ended 31 December 2023 and 2022 are mainly commercial.The figures for the companies Via Durini S.r.l and Sobeat S.r.o mainly refer to the adoption of IFRS 16 concerning property leased in favour of the group.The relationship with One on One S.r.l. is related to collaborations aimed to implement and manage corporate wellness areas. For instance, the Group occasionally receives the support of One on One S.r.l. in order to offer a complete service to the end customers. Transactions between the Group and One on One S.r.l. are regulated by agreements arranged from time to time based on the requests and needs of the end customer.Relations with Wellink S.r.l. refer mainly to collaborations aimed at implementing personalised projects for wellness centres.These tables show the figures for Technogym Emirates LLC only for the 2022 financial year, as substantial control of this entity was acquired during this year. For more details of this item, see paragraph 2.3 Consolidation criteria and methodologies.REMUNERATION OF DIRECTORS AND KEY MANAGEMENTThe total amount of compensation and the related costs of the Board of Directors of the Company amounted to Euro 2,394 thousand for the year ended 31 December 2023 (Euro 2,457 thousand for the year ended 31 December 2022).The total amount of compensation paid to key management amounted to Euro 2,789 thousand for the year ended 31 December 2023 (Euro 1,959 thousand for the year ended 31 December 2022). The following table shows the amounts of revenues for the years ended 31 December 2023 and 2022.(in thousands of Euro)Year ended 31 December2023 2022Fees for office 1,192 1,200 Non-monetary benefits 16 31 Bonuses and other incentives 1,162 678 Other fees 419 50 Total 2,789 1,95910 Contingent liabilitiesAs of 31 December 2023 there were no ongoing legal or tax proceedings against any Group companies and therefore, no particular provisions for risks and charges have been recognised, with the exception of the following described.It should be noted that an assessment notice for an amount of around Euro 10 million was received in the first half of 2017 relating to the company FBK Equipamentos ltda, for alleged formal irregularities in the import customs declarations relating to years prior to 2015, also in the name of Technogym Fabrica\u00e7\u00e3o de Equipamento de Gin\u00e1stica ltda, now incorporated in BK Equipamentos ltda.The company, assisted by its local tax advisors and lawyers, opposed the arguments made by the local authority and the first rulings against it, as it believes that it has always operated in full compliance with local tax and customs provisions. Consequently, the decision was taken not to allocate any provision, as the risk of losing the appeal procedure is not deemed likely. 11 Commitments and guaranteesAs of 31 December 2023 the Group issued guarantees to credit institutions on behalf of subsidiaries for Euro 20,656 thousand (Euro 21,521 thousand at 31 December 2022) and on behalf of related parties for Euro 3,707 thousand (Euro 3,840 thousand at 31 December 2022). The guarantees issued by the Group in favour of public institutions and other third parties amounted to Euro 2,062 thousand (Euro 2,030 thousand at 31 December 2022).There were no significant commitments at the end of the year, with the exception of the information reported in the table included in liquidity risks.12 Non-recurring events and transactionsIn the year ended 31 December 2023, net non-recurring expenses on EBITDA of Euro 386 thousand were recorded, generated mainly by the combination of: positive effects from the valuation of the equity investment in Technogym Emirates LLC for a value of Euro 4,066 thousand and the departure of Technogym Manno from the Group, which resulted in the closure in the income statement of the translation reserve with a value of Euro 468 thousand; they have a negative impact on the costs of services item of Euro 1,613 thousand, personnel costs of Euro 1,764 thousand and other operating costs of Euro 1,544 thousand not attributable to normal operations. It should be remembered that the valuation of Technogym Emirates LLC is linked to its line-by-line consolidation starting from the current financial year, following a modification of the existing shareholder agreements, and not to an increase in the shares held by Technogym, amounting to 49%.Non-recurring expenses on EBIT amounted to Euro 3,809 thousand. In addition to the values described above, the Group reported non-recurring expenses for provisions for risks and charges of Euro 3,423 thousand, of which Euro 1,925 thousand related to part of the liquidity held by the Russian affiliate Technogym AO, which, following the limitations imposed by the Russian Federation due to the conflict in Ukraine, is deemed at risk should it be distributed to the parent company, taking into account the arrangements under assessment. The remainder of this item relates to pending litigation which is not attributable to the normal operations of the Group. . Lastly, considering the tax effect on the measurement of the equity investment in Technogym Emirates LLC, amounting to Euro 976 thousand, the Group generated net non-recurring expenses of Euro 4,784 thousand compared to the Euro 2,554 of the previous financial year.13 Significant events after the reporting period On 18 March, Technogym announced the completion of its share purchase plan, announced on 6 November 2023 following the authorisation approved by the Ordinary Shareholders\u2019 Meeting on 5 May 2023. Technogym has thus acquired 2,266,705 shares equal to 1.13% of the share capital, with a total countervalue of 20 million euros. In January, Technogym attended the World Economic Forum in Davos, when Erica Alessandri, a member of the Technogym Board of Directors, contributed to a major project on the evolution of the Health sector with digital innovation and AI. 29 February saw the launch of Technogym Zurich, a new retail space in the heart of Zurich.",
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"value": "2 Summary of accounting standardsThis section describes the accounting standards adopted for the preparation of these Consolidated Financial Statements for the year ended 31 December 2023 (hereinafter the \u201cConsolidated Financial Statements\u201d). These standards have been adopted for all the financial years presented, unless otherwise indicated.\ue61b.\ue61e BASIS OF PREPARATION(i) Compliance with EU-IFRSThe Consolidated Financial Statements have been prepared in compliance with the International Financial Reporting Standards issued by the International Accounting Standards Board, and endorsed by the European Union (\u201cEU-IFRS\u201d). EU-IFRS means all the International Financial Reporting Standards, International Accounting Standards (\u201cIAS\u201d) and all the interpretations of the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d), previously known as the Standing Interpretations Committee (\u201cSIC\u201d), which, at the reporting date of the Consolidated Financial Statements, had been endorsed by the European Union in accordance with the procedure in Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002.The Consolidated Financial Statements have also been prepared: \u203a based on the best knowledge of EU-IFRS and considering relative legal theory. Any future guidance and updates to interpretations will be reflected in subsequent years, according to procedures established as and when necessary by relative accounting standards; \u203a on a going-concern basis, as the Directors have verified that there are no financial, operational or other types of indicators that could indicate any problems with the Group\u2019s capacity to meet its obligations in the foreseeable future.(ii) Historical cost approachThe Consolidated Financial Statements have been prepared based on the historical cost approach, with the exception of certain financial assets and liabilities (including financial derivatives) which are measured at fair value. \ue61b.\ue61b FORM AND CONTENTThe Consolidated Financial Statements are presented in Euro, which is the currency of the primary economic environment in which the Group companies operate. The amounts reported in the current document are presented in thousands of Euro, unless otherwise stated.The Consolidated Financial Statements comprise the mandatory statements contemplated in IAS 1, namely the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, the Statement of Cash Flows, the Statement of Changes in Equity and the related Notes.The financial statements formats are consistent with those indicated in IAS 1 \u2013 Presentation of Financial Statements: \u203a the consolidated statement of financial position has been prepared by classifying assets and liabilities according to the \u201ccurrent and non-current\u201d criterion; \u203a the consolidated statement of comprehensive income \u2013 whose format is based on a classification of costs and revenues according to their nature - indicates the economic result, supplemented by items which, as provided for by EU-IFRS, are directly recognised as equity, other than those items regarding transactions undertaken with the Company\u2019s shareholders; \u203a the consolidated statement of cash flows has been prepared by presenting cash flows from operating activities according to the \u201cindirect method\u201d.The formats used best represent the financial position, performance and cash flows of the Group.Some items on the statement of financial position and the income statement for the year ended 31 December 2023 have undergone minor reclassifications in order to give a better presentation of these items. The figures to 31 December 2022 were then reclassified to enhance the comparison of information between the two years. Technogym Germany GmbH will adopt the exemption, as provided for in Article 264 (3) of the German Civil Code (HGB), from the requirement to prepare financial statements for the year ended 31 December 2023.Distinction between current and non-current assets and liabilitiesThe Group classifies an asset as current when: \u203a it holds the asset for sale or use, or expects to realise the asset in its normal operating cycle; \u203a it holds the asset primarily for the purpose of trading; \u203a it expects to realise the asset within twelve months after the reporting period; or \u203a the asset is cash or a cash equivalent, unless the asset is restricted or limited in such a way as to prevent its use for at least twelve months after the reporting period.All other assets that do not meet the above conditions are classified as non-current. The Group classifies a liability as current when: \u203a it expects to settle the liability during its normal operating cycle; \u203a it holds the asset primarily for the purpose of trading; \u203a the asset must be settled within twelve months after the reporting period; or \u203a the Group does not have an unconditional right to defer settlement of the asset beyond twelve months.All other liabilities are classified as non-current.",
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"value": "2 Summary of accounting standardsThis section describes the accounting standards adopted for the preparation of these Consolidated Financial Statements for the year ended 31 December 2023 (hereinafter the \u201cConsolidated Financial Statements\u201d). These standards have been adopted for all the financial years presented, unless otherwise indicated.\ue61b.\ue61e BASIS OF PREPARATION(i) Compliance with EU-IFRSThe Consolidated Financial Statements have been prepared in compliance with the International Financial Reporting Standards issued by the International Accounting Standards Board, and endorsed by the European Union (\u201cEU-IFRS\u201d). EU-IFRS means all the International Financial Reporting Standards, International Accounting Standards (\u201cIAS\u201d) and all the interpretations of the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d), previously known as the Standing Interpretations Committee (\u201cSIC\u201d), which, at the reporting date of the Consolidated Financial Statements, had been endorsed by the European Union in accordance with the procedure in Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002.The Consolidated Financial Statements have also been prepared: \u203a based on the best knowledge of EU-IFRS and considering relative legal theory. Any future guidance and updates to interpretations will be reflected in subsequent years, according to procedures established as and when necessary by relative accounting standards; \u203a on a going-concern basis, as the Directors have verified that there are no financial, operational or other types of indicators that could indicate any problems with the Group\u2019s capacity to meet its obligations in the foreseeable future.(ii) Historical cost approachThe Consolidated Financial Statements have been prepared based on the historical cost approach, with the exception of certain financial assets and liabilities (including financial derivatives) which are measured at fair value. \ue61b.\ue61b FORM AND CONTENTThe Consolidated Financial Statements are presented in Euro, which is the currency of the primary economic environment in which the Group companies operate. The amounts reported in the current document are presented in thousands of Euro, unless otherwise stated.The Consolidated Financial Statements comprise the mandatory statements contemplated in IAS 1, namely the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, the Statement of Cash Flows, the Statement of Changes in Equity and the related Notes.The financial statements formats are consistent with those indicated in IAS 1 \u2013 Presentation of Financial Statements: \u203a the consolidated statement of financial position has been prepared by classifying assets and liabilities according to the \u201ccurrent and non-current\u201d criterion; \u203a the consolidated statement of comprehensive income \u2013 whose format is based on a classification of costs and revenues according to their nature - indicates the economic result, supplemented by items which, as provided for by EU-IFRS, are directly recognised as equity, other than those items regarding transactions undertaken with the Company\u2019s shareholders; \u203a the consolidated statement of cash flows has been prepared by presenting cash flows from operating activities according to the \u201cindirect method\u201d.The formats used best represent the financial position, performance and cash flows of the Group.Some items on the statement of financial position and the income statement for the year ended 31 December 2023 have undergone minor reclassifications in order to give a better presentation of these items. The figures to 31 December 2022 were then reclassified to enhance the comparison of information between the two years. Technogym Germany GmbH will adopt the exemption, as provided for in Article 264 (3) of the German Civil Code (HGB), from the requirement to prepare financial statements for the year ended 31 December 2023.Distinction between current and non-current assets and liabilitiesThe Group classifies an asset as current when: \u203a it holds the asset for sale or use, or expects to realise the asset in its normal operating cycle; \u203a it holds the asset primarily for the purpose of trading; \u203a it expects to realise the asset within twelve months after the reporting period; or \u203a the asset is cash or a cash equivalent, unless the asset is restricted or limited in such a way as to prevent its use for at least twelve months after the reporting period.All other assets that do not meet the above conditions are classified as non-current. The Group classifies a liability as current when: \u203a it expects to settle the liability during its normal operating cycle; \u203a it holds the asset primarily for the purpose of trading; \u203a the asset must be settled within twelve months after the reporting period; or \u203a the Group does not have an unconditional right to defer settlement of the asset beyond twelve months.All other liabilities are classified as non-current.\ue61b.\ue61a CONSOLIDATION CRITERIA AND METHODOLOGIESThe Consolidated Financial Statements include the financial position, performance and cash flows of the Parent company and its subsidiaries, prepared based on the relative accounts and, where applicable, suitably adjusted to bring them in line with EU-IFRS.The following table lists the companies included in the scope of consolidation, including information about the method of consolidation applied, for the years ended 31 December 2023 and 2022.Entity name Year ended 31 December 2023Registered office % of control % of control Currency Share capitalDec 2023Dec 2022Subsidiaries \u2013 consolidated using the line-by-line methodTechnogym SpA Italy Parent company Parent company EUR 10,066,375Technogym International BV Netherlands 100% 100% EUR 113,445TG Holding BV Netherlands 100% 100% EUR 300,000TGB Srl Italy 100% 100% EUR 96,900La Mariana Srl Italy 100% 100% EUR 76,500Sidea S.r.l Italy 70% 70% EUR 150,000TG Technogym SA (PTY) LTD South Africa 100% 100% ZAR 4,345,000Technogym Saudi LLC Saudi Arabia 100% 100% SAR 1,145,000Technogym Arabia LLC Saudi Arabia 70% 0% SAR 28,600,000Technogym E.E. SRO Slovakia 100% 100% EUR 15,033,195Technogym UK Ltd United Kingdom 100% 100% GBP 100,000Technogym Germany Gmbh Germany 100% 100% EUR 1,559,440Technogym Benelux BV Netherlands 100% 100% EUR 2,455,512Technogym Usa Corp. United States 100% 100% USD 3,500,000Technogym Trading SA Spain 100% 100% EUR 2,499,130Technogym France Sas France 100% 100% EUR 700,000Technogym Shanghai Int. Trading Co. Ltd China 100% 100% CNY 132,107,600Technogym Japan Ltd Japan 100% 100% JPY 320,000,000Technogym Asia Ltd Hong Kong 100% 100% HKD 11,481,935Technogym Australia Pty Ltd Australia 100% 100% AUD 11,350,000Technogym Portugal Unipessoal Lda Portugal 100% 100% EUR 5,000Technogym AO Russia 100% 100% RUB 10,800,000Technogym Emirates LLC United Arab Emirates 49% 49% AED 300,000FKB Equipamentos LTDA Brazil 100% 100% BRL 156,064,684Technogym Canada Inc. Canada 100% 100% CAD 100,000DWL Italy 100% 100% EUR 200,000Wellness Partners USA Inc United States 75% 75% USD 1,000MyWellness Inc United States 100% 100% USD 100Wellness Partners Ltd United Kingdom 75% 75% EUR 463,382Associates - Jointly controlled entities, consolidated using the equity methodWellink Srl Italy 40% 40% EUR 60,000Wellness Explorers Srl Italy 0% 50% EUR -Physio Ag Germany 32% 32% EUR 73,000Transactions taking place during the reporting periodAcquisition of substantial control of Technogym Emirates LLCDuring the year, a new agreement was signed with the shareholder that holds 51% of the share capital in Technogym Emirates LLC, a joint venture set up in the United Arab Emirates, in order to facilitate the distribution and sale of products and services, which required a redefinition of corporate governance. By virtue of this agreement, the Group has held substantial control over that company since 1 January 2023. Starting from that date, the Group has fully consolidated the subsidiary, which was previously accounted for using the equity method.Following the change in the scope of consolidation, the provisions set forth in IFRS 3 were applied for the case of control acquired in stages. For consolidation purposes, an appraisal was prepared by an independent expert engaged by the company to determine the fair value of the equity investment. The results of this appraisal defined the value of the equity investment at Euro 10,390 thousand, of which 49% is attributable to the Group, corresponding to Euro 5,091 thousand. The value of the equity investment as of 31 December 2022 was Euro 2,766 thousand.The transition to full consolidation has generated non-recurring income of Euro 4,066 thousand, deriving from the closure of the translation reserve (Euro 1,741 thousand) and the posting of Euro 2,325 thousand as a revaluation entry. This last item derives from the difference between the 49% of fair value of the investment, and the previous recognition value based on the equity consolidation method, of Euro 2,766 thousand. Finally, the operation generated a deferred tax effect of Euro 976 thousand.The table below shows the details of the fair value of the assets acquired and the liabilities assumed at the acquisition date:(In thousands of Euro)Fair ValueAssetsProperty, plant and equipment 2,907Intangible assets 12Other non-current assets 356Inventories 7,963Trade receivables 5,724Current financial assets 675Other current assets 365Cash and cash equivalents 4,17 7LiabilitiesNon-current financial liabilities (745)Non-current provisions for risks and charges (317)Other non-current liabilities (312)Trade payables (1,507)Current financial liabilities (400)Current provisions for risks and charges (146)Other current liabilities (10,380)Value of identifiable net assets consolidated line-by-line 8,371Restated fair value of the equity investment 10,390Group share (49%) reclassified to Goodwill 989Formation of Technogym Arabia LLCDuring the year, the Saudi company Technogym Arabia LLC was formed, with 70% ownership and consolidated using the line by line method. Its objective is to expand the share of the local market.Striking off of the Technogym Manno Branch from the business registerOn 26 June 2023, the Technogym Manno branch, held by the subsidiary Technogym International BV, was struck off from the business register. This required the deconsolidation of the entity and the closure of the translation reserve on the income statement, to the value of Euro 468 thousand.Liquidation of Wellness Explorer S.r.l.Liquidation and deregistration from the Companies Register of the Italian company Wellness Explorer S.r.l., owned as to 50% and valued with the net equity method.The policies adopted by the Group to determine the scope of consolidation and related principles of consolidation are described below.(i) SubsidiariesAn investor controls an entity when i) it is exposed or has rights to the relative variable returns and ii) it has the ability to use its decision-making power over significant activities so as to affect such returns. The existence of control is verified when facts and/or circumstances indicate a change in one of the elements of control described above.Subsidiaries are consolidated on a line-by-line basis from the date control is acquired and are no longer consolidated from the date on which control is transferred to third parties. The financial statements of all the subsidiaries have the same reporting period as that of the Parent company.The basis for line-by-line consolidation is as follows: \u203a the assets and liabilities, expenses and income of subsidiaries are accounted for line by line, assigning, where applicable, the relative portion of equity and net profit for the period to non-controlling interests; these portions are indicated separately in equity and in the statement of comprehensive income; \u203a gains and losses, including relative fiscal effects, arising from transactions between companies consolidated on a line-by-line basis and not yet realised with third parties, are eliminated, except for losses that are not eliminated if the transaction provides evidence of impairment of the transferred asset. The reciprocal receivables and payables, costs and revenues, as well as financial income and expenses are also eliminated; \u203a in the case of investments acquired after control has been obtained (acquisition of interests held by third parties), any difference between the purchase cost and corresponding portion of equity acquired is recognised in Group equity and similarly, the effects arising from the sale of non-controlling interests without loss of control are also recognised in equity; \u203a in the case of the sale of investments resulting in loss of control, the Group: \u2010 eliminates the assets (including goodwill) and liabilities of the subsidiary at their carrying amount at the date of loss of control; \u2010 eliminates the carrying amount of non-controlling interests at the date of loss of control (including the aggregate value of other comprehensive income attributable to them); \u2010 recognises the fair value of the income of the transaction that resulted in loss of control; \u2010 recognises any remaining interest maintained at fair value at the date of loss of control. The value of any investment maintained, aligned with the relative fair value at the date of loss of control, represents the new value at which the investment is recognised; this is also the benchmark for its subsequent measurement according to the applicable measurement criteria; \u2010 reclassifies any values identified in other comprehensive income relative to the investee in which control was lost in consolidated profit or loss, with reversal to profit or loss. If reversal to profit or loss is not required, these values are transferred to the equity item \u201cReserves for retained earnings\u201d; \u2010 recognises the resulting difference in consolidated profit or loss as a loss or gain of the Parent company.(ii) Business combinationsBusiness combinations, in which the control of a business is acquired, are recognised in accordance with IFRS 3, adopting the acquisition method. In particular, identifiable assets, liabilities and potential liabilities are recognised at fair value at the date when control is acquired (the acquisition date), except for deferred tax assets and liabilities, assets and liabilities relative to employee benefits and assets held for sale, which are recognised based on the relative accounting standards. The difference between the cost of acquisition and the amount of any minority shareholding in the acquired entity and the fair value at the date of acquisition of previously-owned interests, compared to the current value of the identifiable assets and liabilities acquired, if positive, is recognised under intangible assets as goodwill, or, if negative, after checking the correct measurement of the current values of assets and liabilities and of the cost of acquisition, it is directly recognised in consolidated income statement, as income. When the values of the assets and liabilities of the acquired business are determined on a provisional basis, the measurement must be completed within twelve months from the acquisition date, considering only the information relative to the circumstances existing at the acquisition date. In the year when the measurement is completed, temporary values are adjusted retrospectively. Any ancillary transaction costs are recognised in consolidated income statement at the time they are incurred.The acquisition cost is represented by the fair value at the Acquisition Date of the transferred assets, assumed liabilities and equity instruments issued for the purposes of the acquisition, and also includes the potential consideration, or the part of the consideration the amount and payment of which depend on future events. The potential consideration is identified based on the relative fair value at the acquisition date, and the subsequent changes in fair value are recognised in consolidated income statement if the potential consideration is a financial asset or liability, while potential considerations classified as equity are not restated and the subsequent elimination is directly recognised in equity.If control is acquired in stages, the acquisition cost is determined by adding the fair value of the investment previously held in the investee and the amount paid for the additional portion. Any difference in the fair value of the investment previously held and the relative carrying amount is recognised in consolidated profit or loss. When control is acquired, any amounts previously recognised in other comprehensive income are recognised in profit of loss, or in another item of equity, if restatement in profit or loss is not envisaged.Business combinations in which the companies involved are controlled by the same entity or entities both before and after the transaction, for which control is not temporary, qualify as business combinations \u201cunder common control\u201d. These transactions are not governed by IFRS 3, nor by other EU-IFRS. In the absence of a relative accounting standard, the choice of method to represent the transaction must guarantee compliance with IAS 8, i.e. the reliable and faithful representation of the transaction must be ensured. Moreover, the accounting standard selected to represent transactions under common control must reflect the economic substance of the transactions, regardless of their legal form. Therefore the existence of economic substance is key to the methodology to adopt to recognise the transactions in question. The economic substance must refer to the generation of added value which is reflected in significant changes in the cash flows of net transferred assets. When recognising the transaction, current interpretations and guidance must also be considered. In particular, reference is made to OPI 1 (Revised) (Assirevi Preliminary Guidance on IFRS), relative to the \u201caccounting of business combinations of entities under common control in separate and consolidated financial statements\u201d. Net transferred assets must therefore be recognised at the carrying amounts they had in the acquired company or, if available, at the amounts resulting from the consolidated financial statements of the common parent company.(iii) AssociatesAssociates are companies in which the Group exercises significant control, which is assumed to exist when the investment refers to between 20% and 50% of voting rights.Associates are initially recognised at cost and subsequently measured with the equity method.The procedure for adopting the equity method is described below: \u203a the carrying amount of investments measured with the equity method is aligned to the equity of the relative company, adjusted, where necessary, to reflect the adoption of EU-IFRS and includes the recognition of greater values attributed to assets and liabilities and any goodwill, identified at the time of acquisition, following a similar process to that described previously for business combinations; \u203a gains or losses attributable to the Group are recognised at the date when significant influence starts and until it ends. If, due to losses, a company measured using the equity method posts negative equity, the carrying amount of the investment is annulled and any excess attributable to the Group, if it has committed to meeting the legal or implied obligations of the investee, or in any case to covering the losses, is recognised in a specific provision for risks; changes in equity of companies measured with the equity method, not represented by profit or loss, are directly recognised in comprehensive income; \u203a unrealised gains and losses, generated from transactions between the Company/its subsidiaries and the investee measured with the equity method, are eliminated based on the value of the Group investment in the investee, except for losses that represent the impairment of the underlying asset and dividends that are wholly eliminated.If there is objective evidence of impairment, recoverability is tested by comparing the carrying amount with the relative recoverable value. When the reasons for impairment no longer apply, the value of the investments is reinstated within the limits of impairments made, recognising the effect in profit or loss.If the sale of investments results in loss of joint control or significant influence over the investee, the difference between: \u203a the fair value of any outstanding investment kept and income arising from the sale of the investments, and \u203a the carrying amount of the investment on the date when the net equity method was no longer used, will be recognised in consolidated profit or loss.(iv) Joint arrangementsIn accordance with IFRS 11 \u2013 Joint arrangements, investments in joint arrangements may be classified as either a joint operation or a joint venture. This classification depends on the contractual rights and obligations of each investor, rather than on the legal structure of the joint arrangement.A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.A joint operator must recognise, with reference to its own interests in a joint operation: \u203a its assets, including its share of any assets held jointly; \u203a its liabilities, including its share of any liabilities incurred jointly; \u203a its revenue from the sale of its share of the output of the joint operation; \u203a its share of the revenue from the sale of the output by the joint operation; and \u203a its expenses, including its share of any expenses incurred jointly.A joint venturer recognises its interest in a joint venture as an investment, initially recognised at cost. Subsequently, the investment is accounted for using the equity method.From 2023, the Group is no longer reporting this event, following the operations mentioned in note 4.4. (v) Translation of the financial statements of foreign operationsThe financial statements of subsidiaries are prepared in the currency of the primary economic environment in which they operate. The criteria for translating the financial statements of companies expressed in a currency other than the Euro are as follows: \u203a assets and liabilities are translated using the closing exchange rates at the year-end reporting date; costs and revenues are translated using the average exchange rate for the reporting period; \u203a the \u201ccurrency translation reserve\u201d, in the comprehensive income statement, reports the differences arising in the income statement\u2019s translation at an average rate as opposed to a closing rate, as well as the differences arising in the translation of opening equity at a different rate applied to closing equity; \u203a goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing exchange rate.The exchange rates in Euro used in the translation of the financial statements of entities with a currency other than the Euro are as follows:Currency As of 31 December2023 2022USD 1.105 1.067GBP 0.869 0.887JPY 156.330 140.660CHF 0.926 0.985AUD 1.626 1.569AED 4.058 3.917CNY 7.851 7.358RUB 99.680 75.655HKD 8.631 8.316BRL 5.362 5.639ZAR 20.348 18.099SGD 1.459 1.430CAD 1.464 1.444DKK 7.453 7.437SAR 4.144 4.000Currency Average for the year ended 31 December2023 2022USD 1.081 1.053GBP 0.870 0.853JPY 151.990 138.027CHF 0.972 1.005AUD 1.629 1.517AED 3.971 3.867CNY 7.660 7.079RUB 92.416 72.476HKD 8.465 8.245BRL 5.401 5.440ZAR 19.955 17.209SGD 1.452 1.451CAD 1.460 1.370DKK 7.451 7.440SAR 4.055 3.949* Note that all exchange rates were obtained from the Bank of Italy\u2019s \u201cexchange rate portal\u201d website in continuity with previous years. As regards the ruble, since the exchange rate has been unavailable since the start of the Russia - Ukraine conflict, the figure provided by Bloomberg was used, which is the same as that published by the Central Bank of the Russian Federation (CBR). The impact of the conversion of the reporting of Technogym AO, the Russian subsidiary, using the CBR exchange rate in any event would not be significant.\ue61b.\ue61d VALUATION CRITERIAThe main accounting standards and accounting policies adopted in the preparation of the Consolidated Financial Statements are summarised below.Consolidated statement of financial positionProperty, plant and equipmentProperty, plant and equipment are recognised according to the cost criterion at the cost of purchase or production, including the directly related costs necessary for preparing the assets for their intended use, net of any impairment. Revaluations of property, plant and equipment are not permitted, even if in application of specific laws.Costs for improvements, modernisation and transformation which increase the value of third-party assets are recognised as assets when it is likely that they increase the future economic benefits expected from use or sale of the asset. They are depreciated over the time between the useful life of improvements made or the duration of the relative lease agreement, whichever is the shorter.In valuing the lease duration, the possibility of renewal must be considered, if this is substantially certain and therefore depends on the will of the lessee.Property, plant and equipment are depreciated systematically on a straight-line basis over their useful technical economic life, considered to be the estimate of the period in which the asset will be used by the Company. The period which starts from the month when use of the asset starts or could have started. When the tangible asset comprises several significant components with different useful lives, depreciation is carried out for each component. The value to depreciate is represented by the carrying amount minus the presumed net sale price at the end of the asset\u2019s useful life. Land is not depreciated even if purchased together with a building, nor are property, plant and equipment held for sale. Any changes to the depreciation schedule, resulting from a revision of the useful life of the tangible asset, the residual value or procedure for obtaining the economic benefits of the asset, are recognised on a forward-looking basis.Amortisation methods and periodsDepreciation starts when the asset becomes available for use and is distributed systematically in relation to the residual possible use of the asset, i.e. based on its estimated useful life.The estimated useful life of main tangible assets is as follows: Tangible assets Estimated useful life (in years)Buildings 34Plant and machinery 8-11Production and commercial equipment 5-6Other assets 5-11Intangible assetsIntangible assets are identifiable assets without physical substance, controlled by the Company that can generate future economic benefits, as well as goodwill when acquired for a consideration. An intangible asset is identifiable as such if separable from goodwill. This requirement is normally met when: \u203a the intangible asset rises from a legal or contractual right; or \u203a the asset is separable, i.e. it may be sold, transferred, rented or exchanged independently or as a part of other assets.Intangible assets are recognised at purchase or production cost including directly related costs necessary for preparing the assets for their intended use. Revaluations are not permitted, even if in application of specific laws.Intangible assets are amortised systematically on a straight-line basis over their useful life, considered to be the estimate of the period in which the asset will be used by the Company. Development costs are amortised over five years except for costs in which a future benefit is not expected, which are recognised in profit or loss in the year they are incurred.Development costsDevelopment costs for the realisation of new products and processes or improving existing products and processes, are capitalised according to IAS 38 if the innovations introduced lead to technically feasible processes and/or commercially viable products, as long as the intention to complete the project can be demonstrated, and the costs and benefits of such innovations can be reliably measured. Capitalised development costs include internal and external costs, comprehensive of personnel expenses and costs for services and consumables, that are reasonably allocated to the projects. Development costs are intangible assets with a finite life, amortised over the period the expected economic benefits will arise, generally five years (three years for software due to its high rate of obsolescence) and are subject to impairment losses that may arise after initial recognition. Amortisation starts from the moment the products are available to be used. Useful lives are reviewed and adjusted accordingly if there are changes in the expected future use.Amortisation methods and periodsDepreciation starts when the asset becomes available for use and is distributed systematically in relation to the residual possible use of the asset, i.e. based on its estimated useful life.The estimated useful life of main intangible assets is as follows: Intangible assets Estimated useful life (in years)Development costs 3-5Software, licences and similar rights 3Trademarks 10Testing of long-term value impairment of assetsTesting is carried out at the end of each reporting period to establish whether tangible and intangible assets have been impaired. For this purpose, both internal and external sources of information are considered. As regards internal sources, the obsolescence or physical deterioration of the asset are considered, as well as any significant changes in use and the asset\u2019s economic performance compared to its expected performance. As regards external sources, the trend of market prices of assets are considered, as well as any technological, market or regulatory nonconformities, the trend of market interest rates or cost of capital used to measure investments.If these indicators are identified, the recoverable value of the assets is estimated, with any impairment recognised in separate profit or loss. The recoverable value of an asset is represented by the greater of the fair value, minus additional selling costs, and relative value in use, the latter meaning the present value of expected future cash flows of the asset. When determining the value in use, expected future cash flows are discounted using a discount rate including taxes that reflects current market valuations of the cost of money, referred to the investment period and specific risks of the asset. In the case of an asset that does not generate cash flows that are largely independent, the recoverable value is determined in relation to the cash generating unit the asset belongs to.An impairment loss is recognised in profit or loss if the carrying amount of the asset, or its relative CGU, is greater than its recoverable value. Impairment of CGUs is first recognised as a reduction of the carrying amount of goodwill attributed to the unit, and therefore, as a reduction of other assets, in proportion to their accounting value and within the limits of the relative recoverable value. If the conditions for a previous impairment no longer apply, the carrying amount of the asset is reinstated with recognition in separate profit or loss, within the limits of the net carrying amount of the asset if it had not been impaired and if relative amortisation/depreciation had been carried out.Leased assetsLeasing contracts are recognised in accordance with IFRS 16.When entering into each contract, the Group: \u203a determines whether the contract is a lease or contains one; this arises when the contract grants the right to control the use of a specific asset for a period of time in exchange for a price. this assessment is repeated if there are subsequent changes to the contractual terms and conditions; \u203a separates the components of the contract, by distributing the contract price between each leasing or non-leasing component. \u203a determines the duration of the lease as the non-cancellable period of the lease, to which may be added to any period covered by an extension option, or termination of the lease.On the start date of each contract, i.e. the date on which the asset becomes available for use, if the Group is the lessee it will recognise a right-of-use asset on the statement of assets and liabilities, and a lease liability representing the obligation to make payments for the duration of the leasing contract. The duration of the leasing contract is determined by considering the non-cancellable period, and, if there is reasonable certainty, also the periods of any optional extensions or non-use of options to terminate the contract early. The leasing liability is initially recognised at an amount equal to the current value of the following leasing payments, not yet made as of the commencement date: (i) fixed (or substantially fixed) payments net of any incentives due; (ii) variable payments based on indexes or rates; (iii) an estimate of the payment to be made by the lessee to guarantee the residual value of the leased asset; (iv) payment of the price for exercising the right to purchase, if the lessee is reasonably certain of doing so; and (v) payment of contractual penalties for terminating the lease if the lessee is reasonably certain of doing so. The current value of such payments is equal to the current value of the remaining future payments, discounted using the implicit interest rate for the leasing, or alternatively the Group\u2019s marginal financing rate. Subsequently, the asset consisting of the right of use is valued by applying the cost model, net of the depreciation and any reductions in accumulated value, adjusted to take into account any new valuations or modifications to the lease. Leasing charges are valued by increasing the book value to take into account the interest, reducing the book value to take into account payments made, and re-determining the book values to take into account any new valuations or modifications to the lease.The assets are depreciated according to a period represented by the term of the lease contract, unless its duration is less than the useful life of the asset based on the rates applied to tangible assets, and there is the reasonable certainty of the ownership of the leased asset being transferred on the natural contractual expiry date. If the leasing contract transfers the ownership of the leased asset at the end of the lease term, or if the cost of the asset consisting of the right of use reflects the exercise of the option to buy, the amortisation period will be calculated on the basis of the criteria and rates used for tangible assets in accordance with IAS 16.For lease contracts whose duration ends within 12 months from the date of initial application and for which there are no renewal options, and for contracts with low-value underlying assets, the lease charges are recognised on the income statement on a straight line basis throughout the duration of the respective contracts. \u201cTangible assets\u201d include equipment leased to customers by the leasing company under operating leases according to IFRS 16.Financial assetsOn initial recognition, financial assets must be classified in one of the three categories below, based on the following: \u203a the entity\u2019s business model for managing financial assets; and \u203a the characteristics relative to the contractual cash flows of the financial asset.Financial assets are then derecognised only if the sale has resulted in the substantial transfer of all risks and rewards connected with the assets. On the other hand, if a substantial part of the risks and rewards relative to the sold financial assets have been retained, the assets will still be recognised in the financial statements, even if in legal terms ownership of the assets has been transferred.Financial assets measured at amortised costThis category includes financial assets that meet both of the following conditions: \u203a the financial asset is held within a business model whose objective is achieved by collecting the contractual cash flows (\u201chold to collect\u201d business model); and \u203a the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (\u201cSPPI Test\u201d).On initial recognition, these assets are entered at fair value, including costs or income arising from the transaction directly attributable to the instrument. After initial recognition, the financial assets in question are measured at amortised cost, using the effective interest method. The amortised cost method is not used for assets - recognised at historical cost - of a short duration that render the effect of discounting negligible, nor for assets with no expiry or revocable credit.Financial assets measured at fair value and recognised in comprehensive incomeThis category includes financial assets that meet both of the following conditions: \u203a the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets (\u201chold to collect and sell\u201d business model); and \u203a the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (\u201cSPPI Test\u201d).This category includes share interests, that cannot qualify as control, and joint control, that are not held for trading, for which the fair value designation option has been exercised and recognised in comprehensive income.On initial recognition, assets are recognised at fair value including costs or income arising from the transaction directly attributable to the instrument. Subsequently after initial recognition, the non-controlling, connecting and joint control interests are measured at fair value, and amounts identified as a contra-item in equity (other comprehensive income), must not be subsequently transferred to profit or loss, even in the case of disposal. The only component referable to equity instruments recognised in profit or loss is the relative dividends.For equity instruments included in this category, not listed on an active market, the cost criterion is used as the fair value estimate only on a residual basis, and only in a few cases, i.e. when the most recent information to measure the fair value is insufficient, or there is a wide range of possible fair value measurements and the cost represents the best estimate of the fair value in this range.Financial assets measured at fair value and recognised in profit or lossThis category includes financial assets other than assets classified as \u201cFinancial assets measured at amortised cost\u201d and \u201cFinancial assets measured at fair value recognised in comprehensive income\u201d.This category includes financial assets held for trading and derivative contracts not classifiable as hedging (which are represented as an asset if the fair value is positive, and as a liability if the fair value is negative).On initial recognition, the financial assets measured at fair value and recognised in profit or loss are recognised at fair value, without considering the costs or income arising from the transaction directly attributable to the instrument. At subsequent reporting dates, the assets are recognised at fair value and the effects are recognised in profit or loss.Impairment of financial assetsIn accordance with IFRS 9, the Group adopts a simplified approach to estimate the expected credit losses over the lifetime of the instrument and considers the historical experience accrued concerning credit losses, adjusted based on specific forward-looking factors specific to the nature of the Group receivables and the economic context.In brief, the Group measures expected losses of financial assets in a way that reflects: \u203a an unbiased and probability-weighted amount that is determined by evaluating the range of possible outcomes; \u203a the time value of money; and \u203a reasonable and supportable information available without excessive costs or effort at the end of the reporting period about past events, current conditions and reasonable and supportable forecasts of future economic conditions.A financial asset is impaired when one or more assets occur that have a negative effect on the expected future cash flows of the financial asset. Observable data relative to the following events provide proof that the financial asset has been impaired (it is possible that a single event cannot be identified; the impairment of the financial assets may be due to the combined effect of a number of events):a) significant financial difficulties of the issuer or debtor;b) a breach of contract, such as a default or past-due event;c) the lender, for economic or contractual reasons relating to the borrower\u2019s financial difficulties, granted the borrower a concession that would not otherwise be considered;d) it becomes probable that the borrower will enter a bankruptcy or other financial restructuring arrangement;e) the disappearance of an active market for the financial asset because of financial difficulties; orf) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.When an impairment loss is identified for financial assets recognised using the amortised cost method, the value is measured as the difference between the carrying amount of the asset and the present value of expected future cash flows, discounted based on the original effective interest rate. This value is recognised in profit or loss.Derecognition of financial assets and liabilitiesFinancial assets are derecognised when they satisfy one of the following conditions: \u203a the contractual right to receive cash flows from the financial asset has expired; \u203a the Group has substantially transferred all risks and rewards connected with the asset; \u203a the Group has neither transferred nor retained the risks and rewards associated with the financial asset but it has transferred the control.Financial liabilities are derecognised when they are extinguished, i.e. when the contractual obligation is discharged, cancelled or expires. Where there has been an exchange of debt instruments with substantially different terms, the transaction is accounted for as a discharge of the original financial liability and the recognition of a new financial liability. Similarly, where there has been a substantial modification of the contractual terms of an existing financial liability, this transaction is accounted for as a discharge of the original financial liability and the recognition of a new financial liability.Offsetting of financial assets and liabilitiesThe Group offsets financial assets and liabilities if and only if: \u203a there is an enforceable legal right to offset the recognised amounts in the financial statements; \u203a there is the intention to offset on a net basis or realise the asset and settle the liability simultaneously.InventoriesInventories are recognised at the lower of the cost of purchase and the net realisable value, represented by the amount the Group expects to obtain from their sale during the normal course of activities, net of selling costs. The cost is determined using the weighted average cost method.The cost of finished goods and works in progress includes the costs of design, raw materials, direct labour and other production costs (determined based on normal operating capacity).Inventories of raw materials and works in progress no longer used in the production cycle and inventories of unsaleable finished goods are written down, based on the market trend and presumed non-use related to obsolescence and slow turnover.Public grantsPublic grants, including non-monetary grants measured at fair value, are recognised when there is reasonable certainty that they will be received and that the Group will meet all the conditions required for their disbursement.Cash and cash equivalentsCash and cash equivalents include cash, call deposits, as well as financial assets with original expiry of 3 months or less, readily convertible into cash and with a negligible risk of a change in value. Cash and cash equivalents are measured at fair value. Cash and cash equivalents do not include time deposits which do not meet the requirements of IFRS. Short-term bank deposits with an original expiry of 3 months or more that do not meet the requirements of IAS 7 are included in a specific item of current assets.Cash transactions are recorded by bank transaction date, while payment transactions also consider the order date.Own sharesAs provided for in IAS 32, when there is a repurchase of an entity's own equity instruments (own shares), these instruments are deducted directly from net equity in the item Own shares.No profit or loss is posted on the income statement for the purchase, sale or cancellation of own shares.The price paid or received, including any cost directly attributable to the equity operation, net of any connected tax benefit, is posted directly as a movement of net equity.Financial liabilities and trade payablesFinancial liabilities and trade payables are recognised when the Group contracts obligations and are measured initially at fair value, net of directly attributable transaction costs.Subsequently, they are measured at amortised cost using the effective interest method.Financial liabilities are derecognised when the contractual rights to the cash flows expire or when the financial liability is disposed of with the substantial transfer of all risks and rewards incident to ownership.Provisions for risks and chargesProvisions for risks and charges refer to costs and expenses of a specific nature of certain or probable existence, but whose timing or amount are uncertain at the end of the reporting period. Provisions are recognised when: \u203a a present legal or constructive obligation is likely to exist as a result of a past event; \u203a it is likely that fulfilment of the obligation will be onerous; \u203a the amount of the obligation can be estimated reliably.The amount recognised as a provision is the best estimate of the amount that the Company would rationally pay to settle the obligation at the end of the reporting period or to transfer it to a third party at that time. When the effect of the time value of money is material and the obligation settlement date can be estimated reliably, the amount of the provision is determined by discounting the expected cash outflows to present value taking account of the risks specific to the obligation; any increase in the amount of a provision due to the effect of the time value of money is recognised in profit or loss under \u201cFinancial expenses\u201d.The costs the Group expects to incur for restructuring programmes are recognised in the year when the programme is formally defined, and the entities concerned have valid expectations that the restructuring will take place.The amounts are periodically reviewed to identify changes in estimated costs, the obligation settlement date, and the discounting rate. Any changes in estimates are recognised in profit or loss within the same account previously used to record the provision. Provisions for risks and charges are discounted if it is possible to reasonably estimate the time of the cash outflows. When the liability refers to tangible assets, changes in the estimate of provisions are recognised as a contra-item under the assets referred to within the limits of carrying amounts; any excess is recognised in profit or loss.If all expenses (or a part) required to settle an obligation are to be repaid by third parties, the repayment, when virtually certain, is recognised as a separate entity.Employee benefitsShort-term benefits refer to salaries, wages, relative social security contributions, pay in lieu of holidays accrued and incentives payable as bonuses in the twelve months from the end of the reporting period. These benefits are recognised as personnel costs in the period when the service is provided.In defined benefit plans, which include the post-employment benefit for employees pursuant to article 2120 of the Italian Civil Code (\u201cTFR\u201d), the amount of the benefit to pay to the employee may be quantified only post-employment, and is related to one or more factors such as age, length of service and salary; therefore the relative expense is recognised in profit or loss on an accrual basis, according to an actuarial calculation. The liability recognised in the financial statements for defined benefit plans corresponds to the present value of the obligation at the end of the reporting period. Obligations for defined benefit plans are determined annually by an independent actuary, using the Project Unit Credit method. The current value of defined benefit plans is determined discounting future cash flows to a given interest rate. Actuarial gains and losses arising from the above adjustments and changes in actuarial assumptions are recognised in other comprehensive income.Since 1 January 2007, the 2007 Budget Law and relative implementing decrees have introduced significant changes to the rules governing TFR, including the employees\u2019 right to choose where their accrued post-employment benefits will be allocated. In particular, new portions of TFR may be allocated to supplementary pension schemes or kept within the company. If the TFR is allocated to external pension schemes, the Company only has to pay the defined benefit to the selected scheme, and as from this date, newly accrued portions owing will be defined benefit plans not subject to actuarial valuation.Liabilities for obligations relative to other medium/long-term employee benefits, such as management incentive plans, are determined using actuarial assumptions. The effects arising from changes to actuarial assumptions or adjustments based on past experience are recognised in full in profit or loss.Share-based paymentsThe cost of services rendered by directors and employees who are remunerated with share-based payments settled with share allocations, is determined based on the fair value of the related rights, measured at the date of allocation. The calculation method used to determine the fair value considers, at the date of assignment, all the characteristics of the rights and security of the relative plan (accrual period, the price and conditions of exercise, etc.). The cost of these plans is recognised in profit or loss under \u201cpersonnel costs\u201d, with a contra-item in equity, over the time when the granted rights accrue, based on the best estimate of rights that will become exercisable.Measurement of fair value The measurement of fair value and the relative disclosure complies with IFRS 13 - Fair value measurement. The fair value represents the price that would be received for the sale of an asset or that would be paid for the transfer of a liability in an ordinary transaction between market participants on the measurement date.The fair value measurement is based on the assumption that the sale of the asset or transfer of the liability takes place on the principal market, i.e. the market with the greatest volume and level of transactions for the asset or liability. In the absence of a main market, it is assumed that the transaction has taken place on the most advantageous market the Company has access to, i.e. the market that maximises the results of the transaction to sell the asset or minimises the amount to pay to transfer the liability.The fair value of an asset or liability is determined considering the assumptions that market participants would use to define the price of the asset or liability, assuming that they would act in their best economic interests. \u2018Market participants\u2019 are informed, motivated, independent buyers and sellers who enter into a transaction for the asset or liability but are not obligated nor induced to do so.Measurement of the fair value of financial instruments The fair value of listed financial instruments is determined by observing the market prices, while for unlisted financial instruments, specific valuation methods are used, referring to the highest number possible of observable market input. When this is not possible, the inputs are estimated by management, taking into account the characteristics of the instrument being measured. Changes in the assumptions made when estimating the inputs may have an impact on the fair value recorded in the financial statements for those instruments.Financial instruments are classified based on a hierarchy of levels that reflects the significance of the inputs used in determining the fair value (IFRS 13 - Fair value measurement). \u203a Level 1: Quoted prices (active market): the data used in measurements are represented by quoted prices on markets where assets or liabilities identical to those being measured are exchanged; \u203a Level 2: The use of parameters observable on the market (for example derivatives, exchange rates identified by the Bank of Italy, market rate curves, volatility provided by Bloomberg, credit spreads calculated based on credit default swaps, etc.) other than level 1 quoted prices; \u203a Level 3: The use of parameters that are not observable on the market (internal assumptions such as cash flows, spreads adjusted for risk, etc.).Financial derivative instrumentsFinancial derivative instruments are recognised in accordance with IFRS 9.At the date of contract stipulation, financial derivative instruments are initially recognised at fair value, as financial assets measured at fair value and recognised in profit or loss when the fair value is positive, or as financial liabilities measured at fair value and recognised in profit or loss when the fair value is negative.If the financial instruments are not recognised as hedging instruments, the changes in fair value identified after initial recognition are treated as components of profit for the year. If, instead, the derivative instruments meet the criteria for classification as hedging instruments, subsequent changes in fair value are recognised according to the criteria explained below.A financial derivative instrument is classified as hedging if the relationship between the hedging instrument and hedged item is formally documented, including risk management objectives, the strategy to carry out hedging and the methods that will be used to check effectiveness on a forward-looking and retrospective basis. The effectiveness of each hedging instrument is verified when each instrument is initially started, and during its lifetime, in particular at the end of each reporting period. Generally, hedging is considered as \u201chighly\u201d effective if, at the start and during its lifetime, the changes in the fair value of the hedged item (in the case of a fair value hedge), or in its expected future cash flows (in the case of a cash flow hedge), are substantially offset by the changes in the fair value of the hedging instrument. IFRS 9 allows for the possibility to designate the following three types of hedging relationships:a) fair value hedge: when the hedge concerns changes in the fair value of assets and liabilities recognised in the financial statements, the changes in the fair value of the hedging instrument and the hedging changes are recognised in profit or loss;b) cash flow hedge: in the case of hedges intended to neutralise the risk of changes in cash flows originating from future obligations contractually defined on the reporting date, the changes in the fair value of the derivative recorded after initial recognition are recognised, only as regards the effective portion, in other comprehensive income and therefore in an equity reserve \u201cCash flow hedge reserve\u201d. When the economic effects arising from the hedging occur, the portion recognised in other comprehensive income is reversed to profit or loss. If the hedging is not fully effective, the change in the fair value of the hedging instrument referable to the ineffective portion is immediately recognised in profit or loss;c) hedging of a net investment in a foreign operation (net investment hedge).If the effectiveness of hedging is not confirmed by testing, the recognition of hedging is stopped and the hedging derivative is reclassified under financial assets measured at fair value and recognised in profit or loss, or under financial liabilities measured at fair value and recognised in profit or loss. The hedging relationship also ceases when: \u203a the derivative expires, is sold, withdrawn or exercised; \u203a the hedged item is sold, expires or is repaid; \u203a it is no longer highly probable that the future hedged operation will take place.Consolidated income statementRecognition of revenuesRevenues from contracts with customers are recognised when the following conditions occur: \u203a a contract with the customer has been identified; \u203a performance obligations have been identified in the contract; \u203a the price has been determined; \u203a the price has been allocated to individual contractual obligations; \u203a the contractual obligation has been met.The Group identifies revenues from contracts with customers when (or as) the contractual obligation is met, transferring the promised good or service (or asset) to the customer. The asset is transferred when (or as) the customer acquires control.The Group transfers control of the asset or service over time, and therefore meets the contractual obligation and records revenues over time, if one of the following criteria are met: \u203a the customer simultaneously receives and consumes all of the benefits provided by the entity as the entity performs; \u203a the Group\u2019s performance creates or enhances an asset (for example works in progress) that the customer controls as the asset is created or enhanced; \u203a the Group\u2019s performance does not create an asset with an alternative use for the Group, and the Group has an enforceable right to payment for performance completed to date.If the Group does not satisfy its performance obligation over time, it satisfies it at a point in time. In this case, the Group recognises the revenue when the customer acquires control of the promised asset.In particular, in the case of the supply of transport and installation services in addition to the sale of equipment, the Group considers that the customer acquires control at the time of installation.The contractual consideration included in the contract with the customer may include fixed amounts, variable amounts or both. If the contractual consideration includes a variable amount (e.g. discounts, concessions on the price, incentives, penalties or other similar elements), the Group estimates the amount of the consideration it will be entitled to in exchange for the transfer of the promised goods or services to the customer. The Group includes the amount of the estimated variable consideration in the transaction price only if it is highly probable that when the uncertainty associated with the variable consideration no longer applies, there is no significant downwards adjustment to the amount of aggregate revenues identified.The Group distributes the contractual price among the individual contractual obligations based on the stand-alone selling prices (SSP) of the individual contractual obligations (such as the supply of equipment, maintenance service, and product warranties extending beyond the legal requirement). When an SSP does not exist, the Group estimates the SSP using an adjusted market approach.The Group exercises judgement in determining the contractual obligation, the variable prices and the allocation of the transaction price.Revenues from services realised over time are recognised on the basis of an assessment of the progress made by the entity in fulfilling its obligation over time. The transfer over time is assessed according to the input method: by considering the effort or input made by the Group in fulfilling each performance obligation. For contracts in which new goods are provided to customers with buyback clauses, to be exercised at fair value on the purchase of a new machine, the Group adjusts the sales revenues based on the historic probability of the buyback clause being utilised, and makes a contra-entry under Assets, to reflect the buyback obligation. It also adjusts the cost of sales by the same amount, by recognising a liability for the buyback obligation. Based on an analysis of the Group's historic buyback data, a 7-year timeframe is used, after which a comparison is made between the assets and liabilities for buyback obligations previously posted on the financial statements, and the buyback value for the year. The difference is entered on the income statement. Regarding the information about operating segments (IFRS 8 \u201cOperating segments\u201d), see the paragraph \u201cSector information\u201d in the management report.Recognition of costsCosts are recognised when related to goods and services purchased or consumed in the year or are systematically allocated when it is not possible to identify their future usefulness.Income and financial expenses are recognised in profit or loss as they accrue.Transactions in currencyRevenues and costs relative to transactions in a currency other than the functional currency are recognised at the exchange rate in effect on the day when the transaction is recorded.Monetary assets and liabilities in a currency other than the functional currency are converted into the functional currency adopting the exchange rate in effect at the end of the reporting period with the effect recognised in profit or loss. Non-monetary assets and liabilities in a currency other than the functional currency measured at cost are recognised at the exchange rate of initial recognition; when the measurement is at fair value or at recoverable or realisable value, the exchange rate in effect on the date when the value was determined is adopted.DividendsDividends are recognised at the date of the resolution passed by the Shareholders\u2019 Meeting that establishes the right to receive payment, unless there is reasonable certainty that shares will be sold before coupon detachment.The dividends resolved by the Shareholders\u2019 Meeting are represented as a movement of equity in the year in which they are approved.Income taxesCurrent income taxes, recognised under the item \u201cCurrent tax payables\u201d net of advances paid, or under \u201cCurrent tax receivables\u201d when the net balance is positive, or where the amount of the tax due is less than the tax paid and/or the future amount payable, are determined based on an estimate of taxable income and in compliance with applicable tax legislation. Taxable income differs from net profit in profit or loss as it excludes income and cost components that are taxable or deductible in other years, or are not taxable or non-deductible. In particular, these receivables and payables are determined applying the tax rates in force at the reporting date.Current taxes are recognised in profit or loss, apart from those relative to items identified outside the income statement that are directly recognised in equity.Deferred tax assets and liabilities are calculated on the temporary differences between values in the financial statements and corresponding values recognised for tax purposes, applying the tax rate in effect at the date when the temporary difference will be transferred, determined based on tax rates in force at the reporting date.Deferred tax assets for all temporary taxable differences, tax losses or tax receivables not used are identified when their recovery is probable, i.e. when taxable income sufficient to recover the asset is expected in the future. The possible recovery of deferred tax assets is reviewed at the end of each reporting period. Deferred tax assets not recognised in the financial statements are reviewed at the end of each reporting period and are identified to the extent that a future taxable income that allows for the deferred tax asset to be recovered is probable.Deferred tax assets and liabilities are recognised in profit or loss, apart from those relative to items identified outside the income statement that are directly recognised in equity.Taxes on deferred assets and liabilities, arising from the adoption of regulations referable to the same tax authority, are offset if there is a legal right to offset current tax assets against current tax liabilities generated at the time of transfer.Deferred tax assets are classified as non-current assets and are offset at the level of the individual tax jurisdiction, if referred to taxes that may be offset. The positive balance from offsetting is recognised under \u201cDeferred tax assets\u201d.As of 31 December 2023 the Group had not entered any advances on the tax losses reported in Note 6.3.Earnings per shareBasic earnings per shareBasic earnings per share are calculated by dividing profit attributable to owners of the Group by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares.Diluted earnings per shareDiluted earnings per share are calculated by dividing profit or loss attributable to owners of the Group by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares. For the purpose of calculating diluted earnings per share, the weighted average number of ordinary shares is adjusted for the assumed conversion of all dilutive potential ordinary shares into ordinary shares, while profit attributable to the Group is adjusted to take account of any after-tax effect of such conversion.Related partiesRelated parties means parties that have the same controlling entity as the Company, companies that directly or indirectly control it, are controlled or are under the joint control of the Company and companies in which the Company holds an investment giving it significant influence. The definition of related parties also includes members of the Board of Directors of the Company and key managers. Key managers are persons with the direct or indirect power and responsibility for planning, managing and controlling the Company\u2019s activities.\ue61b.\ue619 RECENTLY ISSUED ACCOUNTING STANDARDSAccounting standards, amendments and IFRS interpretations applicable from 1 January 2023The standards and amendments below, in force since 1 January 2023, have been adopted by Company but they have no significant effects for the Group: \u203a Amendments to IAS 12 - Income taxes: Internal tax reform - Rules of the Pillar Two model and Deferred taxes relative to assets and liabilities deriving from a single transaction, to specify how companies should treat deferred taxes on transactions such as leasing and decommissioning obligations, operations for which companies recognise both an asset and a liability. In particular, the amendment has clarified that the exemption does not apply and that companies are required to report the deferred taxes on these operations. \u203a IFRS 17 \u2013 Insurance contracts, which sets out the principles for the recognition, measurement, presentation and disclosure of insurance policies. This standard requires a company to measure its insurance contracts using updated assumptions and scenarios that reflect cashflows and uncertainties relative to these insurance contracts. In June 2020, the IASB issued amendments to IFRS 17, in order to assist companies in implementing IFRS 17 and to make it easier for them to explain their financial performance. \u203a Amendments to IFRS 17 - Insurance contracts: first application of IFRS 17 and IFRS 9 - Comparative information issued in December 2021, which includes a transitional option for the comparative information about the financial assets presented at the time of first application of this standard. The purpose of the changes is to help companies avoid temporary misalignments between the entries of financial assets and liabilities relative to insurance contracts, thus enhancing the comparative information available to stakeholders. \u203a Changes to IAS 1 - Presentation of financial statements and IFRS \u201cPractise Statement 2\u201d, which requires companies to provide information about their material accounting standards rather than their main accounting standards, and provides a guide on how to apply the materiality concept to their reporting on accounting standards. \u203a Changes to IAS 8 - Accounting policies, changes in accounting estimates and errors: definition of accounting estimates, which clarifies how companies should distinguish the changes in accounting standards from the changes in their accounting estimates. According to the new definition, accounting estimates are \"monetary amounts in financial statements that are subject to measurement uncertainty\".The impacts of applying the amendments to IAS 12, effective from 1 January 2023, are shown in this document in paragraph 4.3 Deferred tax assets and liabilities. There are no changes to the financial reporting formats, but only a different representation of the advance and deferred taxes which relate to a single transaction.Accounting standards, amendments and EU-approved IFRS and IFRIC interpretations which are not yet mandatory and not adopted in advance by the Group as of 31 December 2023On the reporting date, the competent bodies of the European Union had approved the adoption of the following accounting standards and amendments, which have not yet been adopted by the Company: \u203a Changes to IAS 1 \u2013 Presentation of financial statements: changes to the criteria for classifying liabilities with covenants as current or non-current, which requires companies to classify a liability as \u201cnon-current\u201d when there is no unconditional right to defer the payment for at least twelve months from the reference date. The International Accounting Standards Board (IASB) has removed the requirement for the right to be \u201cunconditional\u201d. \u203a Amendments to IAS 1 - Presentation of financial statements: Non-current liabilities with covenants, in which the IASB has confirmed that only the covenants that a company is required to meet as of the reporting date, or earlier, will affect the classification of a liability as current or non-current. Covenants referring to a later period do not affect this classification, but companies are required to disclose information which may help stakeholders to understand the possible risks of the liabilities becoming due within twelve months of the financial reporting date. \u203a Amendments to IFRS 16 \u2013 Leasing: Liabilities for sales with leasebacks, in order to improve the requirements for a sale and leaseback operation and specify the measurement of the resulting liabilities, to ensure that the seller-lessee does not recognise any part of the profit or loss related to the maintained right of use. These amendments will take effect from 1 January 2024.Accounting standards, amendments and IFRS interpretations not yet approved by the EU and not adopted in advance by the GroupOn the reporting date, the competent bodies of the European Union had not yet completed the approval process necessary to adopt the following accounting standards and amendments: \u203a Amendments to IAS 21 \u2013 Effects of changes in foreign exchange rates: Lack of exchangeability, in order to provide a guide to specify when a currency is exchangeable and how to determine the exchange rate when it is not; the amendments specify when a currency can be converted into another currency and when it cannot be, and how an entity can estimate the spot rate when a currency is not exchangeable. In addition, when a currency is not convertible, the entity must provide information that allows the users of the financial reports to assess how the lack of exchangeability of a currency influences or is expected to influence its financial performance, financial position and cashflow. \u203a Amendments to IAS 7 - Statements of cashflow and IFRS 7 \u2013 Financial instruments: Disclosures of supplier finance arrangements, which add further disclosure requirements and \u201csignposts\u201d within the existing set of disclosure requirements, asking the entities to provide qualitative and quantitative information about their supplier finance arrangements. These amendments describe the characteristics of an arrangement whereby the entity must provide information with two reporting objectives: include in the notes to the financial statements information that allows stakeholders to assess how the supplier finance arrangements impact the liabilities and cashflow of an entity and to understand the effect of the supplier finance arrangements on the entity's exposure to liquidity risk and how the entity may be affected if the arrangements are no longer available.There has been no early application of the accounting standards and/or interpretations whose application would be mandatory for the financial years starting after 1 January 2024, or which have not yet been approved by the EU.",
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"s8_notes__6__15": {
"value": "CONSOLIDATION CRITERIA AND METHODOLOGIESThe Consolidated Financial Statements include the financial position, performance and cash flows of the Parent company and its subsidiaries, prepared based on the relative accounts and, where applicable, suitably adjusted to bring them in line with EU-IFRS.The following table lists the companies included in the scope of consolidation, including information about the method of consolidation applied, for the years ended 31 December 2023 and 2022.Entity name Year ended 31 December 2023Registered office % of control % of control Currency Share capitalDec 2023Dec 2022Subsidiaries \u2013 consolidated using the line-by-line methodTechnogym SpA Italy Parent company Parent company EUR 10,066,375Technogym International BV Netherlands 100% 100% EUR 113,445TG Holding BV Netherlands 100% 100% EUR 300,000TGB Srl Italy 100% 100% EUR 96,900La Mariana Srl Italy 100% 100% EUR 76,500Sidea S.r.l Italy 70% 70% EUR 150,000TG Technogym SA (PTY) LTD South Africa 100% 100% ZAR 4,345,000Technogym Saudi LLC Saudi Arabia 100% 100% SAR 1,145,000Technogym Arabia LLC Saudi Arabia 70% 0% SAR 28,600,000Technogym E.E. SRO Slovakia 100% 100% EUR 15,033,195Technogym UK Ltd United Kingdom 100% 100% GBP 100,000Technogym Germany Gmbh Germany 100% 100% EUR 1,559,440Technogym Benelux BV Netherlands 100% 100% EUR 2,455,512Technogym Usa Corp. United States 100% 100% USD 3,500,000Technogym Trading SA Spain 100% 100% EUR 2,499,130Technogym France Sas France 100% 100% EUR 700,000Technogym Shanghai Int. Trading Co. Ltd China 100% 100% CNY 132,107,600Technogym Japan Ltd Japan 100% 100% JPY 320,000,000Technogym Asia Ltd Hong Kong 100% 100% HKD 11,481,935Technogym Australia Pty Ltd Australia 100% 100% AUD 11,350,000Technogym Portugal Unipessoal Lda Portugal 100% 100% EUR 5,000Technogym AO Russia 100% 100% RUB 10,800,000Technogym Emirates LLC United Arab Emirates 49% 49% AED 300,000FKB Equipamentos LTDA Brazil 100% 100% BRL 156,064,684Technogym Canada Inc. Canada 100% 100% CAD 100,000DWL Italy 100% 100% EUR 200,000Wellness Partners USA Inc United States 75% 75% USD 1,000MyWellness Inc United States 100% 100% USD 100Wellness Partners Ltd United Kingdom 75% 75% EUR 463,382Associates - Jointly controlled entities, consolidated using the equity methodWellink Srl Italy 40% 40% EUR 60,000Wellness Explorers Srl Italy 0% 50% EUR -Physio Ag Germany 32% 32% EUR 73,000Transactions taking place during the reporting periodAcquisition of substantial control of Technogym Emirates LLCDuring the year, a new agreement was signed with the shareholder that holds 51% of the share capital in Technogym Emirates LLC, a joint venture set up in the United Arab Emirates, in order to facilitate the distribution and sale of products and services, which required a redefinition of corporate governance. By virtue of this agreement, the Group has held substantial control over that company since 1 January 2023. Starting from that date, the Group has fully consolidated the subsidiary, which was previously accounted for using the equity method.Following the change in the scope of consolidation, the provisions set forth in IFRS 3 were applied for the case of control acquired in stages. For consolidation purposes, an appraisal was prepared by an independent expert engaged by the company to determine the fair value of the equity investment. The results of this appraisal defined the value of the equity investment at Euro 10,390 thousand, of which 49% is attributable to the Group, corresponding to Euro 5,091 thousand. The value of the equity investment as of 31 December 2022 was Euro 2,766 thousand.The transition to full consolidation has generated non-recurring income of Euro 4,066 thousand, deriving from the closure of the translation reserve (Euro 1,741 thousand) and the posting of Euro 2,325 thousand as a revaluation entry. This last item derives from the difference between the 49% of fair value of the investment, and the previous recognition value based on the equity consolidation method, of Euro 2,766 thousand. Finally, the operation generated a deferred tax effect of Euro 976 thousand.The table below shows the details of the fair value of the assets acquired and the liabilities assumed at the acquisition date:(In thousands of Euro)Fair ValueAssetsProperty, plant and equipment 2,907Intangible assets 12Other non-current assets 356Inventories 7,963Trade receivables 5,724Current financial assets 675Other current assets 365Cash and cash equivalents 4,17 7LiabilitiesNon-current financial liabilities (745)Non-current provisions for risks and charges (317)Other non-current liabilities (312)Trade payables (1,507)Current financial liabilities (400)Current provisions for risks and charges (146)Other current liabilities (10,380)Value of identifiable net assets consolidated line-by-line 8,371Restated fair value of the equity investment 10,390Group share (49%) reclassified to Goodwill 989Formation of Technogym Arabia LLCDuring the year, the Saudi company Technogym Arabia LLC was formed, with 70% ownership and consolidated using the line by line method. Its objective is to expand the share of the local market.Striking off of the Technogym Manno Branch from the business registerOn 26 June 2023, the Technogym Manno branch, held by the subsidiary Technogym International BV, was struck off from the business register. This required the deconsolidation of the entity and the closure of the translation reserve on the income statement, to the value of Euro 468 thousand.Liquidation of Wellness Explorer S.r.l.Liquidation and deregistration from the Companies Register of the Italian company Wellness Explorer S.r.l., owned as to 50% and valued with the net equity method.The policies adopted by the Group to determine the scope of consolidation and related principles of consolidation are described below.",
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"s8_notes__6__16": {
"value": "(i) SubsidiariesAn investor controls an entity when i) it is exposed or has rights to the relative variable returns and ii) it has the ability to use its decision-making power over significant activities so as to affect such returns. The existence of control is verified when facts and/or circumstances indicate a change in one of the elements of control described above.Subsidiaries are consolidated on a line-by-line basis from the date control is acquired and are no longer consolidated from the date on which control is transferred to third parties. The financial statements of all the subsidiaries have the same reporting period as that of the Parent company.The basis for line-by-line consolidation is as follows: \u203a the assets and liabilities, expenses and income of subsidiaries are accounted for line by line, assigning, where applicable, the relative portion of equity and net profit for the period to non-controlling interests; these portions are indicated separately in equity and in the statement of comprehensive income; \u203a gains and losses, including relative fiscal effects, arising from transactions between companies consolidated on a line-by-line basis and not yet realised with third parties, are eliminated, except for losses that are not eliminated if the transaction provides evidence of impairment of the transferred asset. The reciprocal receivables and payables, costs and revenues, as well as financial income and expenses are also eliminated; \u203a in the case of investments acquired after control has been obtained (acquisition of interests held by third parties), any difference between the purchase cost and corresponding portion of equity acquired is recognised in Group equity and similarly, the effects arising from the sale of non-controlling interests without loss of control are also recognised in equity; \u203a in the case of the sale of investments resulting in loss of control, the Group: \u2010 eliminates the assets (including goodwill) and liabilities of the subsidiary at their carrying amount at the date of loss of control; \u2010 eliminates the carrying amount of non-controlling interests at the date of loss of control (including the aggregate value of other comprehensive income attributable to them); \u2010 recognises the fair value of the income of the transaction that resulted in loss of control; \u2010 recognises any remaining interest maintained at fair value at the date of loss of control. The value of any investment maintained, aligned with the relative fair value at the date of loss of control, represents the new value at which the investment is recognised; this is also the benchmark for its subsequent measurement according to the applicable measurement criteria; \u2010 reclassifies any values identified in other comprehensive income relative to the investee in which control was lost in consolidated profit or loss, with reversal to profit or loss. If reversal to profit or loss is not required, these values are transferred to the equity item \u201cReserves for retained earnings\u201d; \u2010 recognises the resulting difference in consolidated profit or loss as a loss or gain of the Parent company.(ii) Business combinationsBusiness combinations, in which the control of a business is acquired, are recognised in accordance with IFRS 3, adopting the acquisition method. In particular, identifiable assets, liabilities and potential liabilities are recognised at fair value at the date when control is acquired (the acquisition date), except for deferred tax assets and liabilities, assets and liabilities relative to employee benefits and assets held for sale, which are recognised based on the relative accounting standards. The difference between the cost of acquisition and the amount of any minority shareholding in the acquired entity and the fair value at the date of acquisition of previously-owned interests, compared to the current value of the identifiable assets and liabilities acquired, if positive, is recognised under intangible assets as goodwill, or, if negative, after checking the correct measurement of the current values of assets and liabilities and of the cost of acquisition, it is directly recognised in consolidated income statement, as income. When the values of the assets and liabilities of the acquired business are determined on a provisional basis, the measurement must be completed within twelve months from the acquisition date, considering only the information relative to the circumstances existing at the acquisition date. In the year when the measurement is completed, temporary values are adjusted retrospectively. Any ancillary transaction costs are recognised in consolidated income statement at the time they are incurred.The acquisition cost is represented by the fair value at the Acquisition Date of the transferred assets, assumed liabilities and equity instruments issued for the purposes of the acquisition, and also includes the potential consideration, or the part of the consideration the amount and payment of which depend on future events. The potential consideration is identified based on the relative fair value at the acquisition date, and the subsequent changes in fair value are recognised in consolidated income statement if the potential consideration is a financial asset or liability, while potential considerations classified as equity are not restated and the subsequent elimination is directly recognised in equity.If control is acquired in stages, the acquisition cost is determined by adding the fair value of the investment previously held in the investee and the amount paid for the additional portion. Any difference in the fair value of the investment previously held and the relative carrying amount is recognised in consolidated profit or loss. When control is acquired, any amounts previously recognised in other comprehensive income are recognised in profit of loss, or in another item of equity, if restatement in profit or loss is not envisaged.Business combinations in which the companies involved are controlled by the same entity or entities both before and after the transaction, for which control is not temporary, qualify as business combinations \u201cunder common control\u201d. These transactions are not governed by IFRS 3, nor by other EU-IFRS. In the absence of a relative accounting standard, the choice of method to represent the transaction must guarantee compliance with IAS 8, i.e. the reliable and faithful representation of the transaction must be ensured. Moreover, the accounting standard selected to represent transactions under common control must reflect the economic substance of the transactions, regardless of their legal form. Therefore the existence of economic substance is key to the methodology to adopt to recognise the transactions in question. The economic substance must refer to the generation of added value which is reflected in significant changes in the cash flows of net transferred assets. When recognising the transaction, current interpretations and guidance must also be considered. In particular, reference is made to OPI 1 (Revised) (Assirevi Preliminary Guidance on IFRS), relative to the \u201caccounting of business combinations of entities under common control in separate and consolidated financial statements\u201d. Net transferred assets must therefore be recognised at the carrying amounts they had in the acquired company or, if available, at the amounts resulting from the consolidated financial statements of the common parent company.(iii) AssociatesAssociates are companies in which the Group exercises significant control, which is assumed to exist when the investment refers to between 20% and 50% of voting rights.Associates are initially recognised at cost and subsequently measured with the equity method.The procedure for adopting the equity method is described below: \u203a the carrying amount of investments measured with the equity method is aligned to the equity of the relative company, adjusted, where necessary, to reflect the adoption of EU-IFRS and includes the recognition of greater values attributed to assets and liabilities and any goodwill, identified at the time of acquisition, following a similar process to that described previously for business combinations; \u203a gains or losses attributable to the Group are recognised at the date when significant influence starts and until it ends. If, due to losses, a company measured using the equity method posts negative equity, the carrying amount of the investment is annulled and any excess attributable to the Group, if it has committed to meeting the legal or implied obligations of the investee, or in any case to covering the losses, is recognised in a specific provision for risks; changes in equity of companies measured with the equity method, not represented by profit or loss, are directly recognised in comprehensive income; \u203a unrealised gains and losses, generated from transactions between the Company/its subsidiaries and the investee measured with the equity method, are eliminated based on the value of the Group investment in the investee, except for losses that represent the impairment of the underlying asset and dividends that are wholly eliminated.If there is objective evidence of impairment, recoverability is tested by comparing the carrying amount with the relative recoverable value. When the reasons for impairment no longer apply, the value of the investments is reinstated within the limits of impairments made, recognising the effect in profit or loss.If the sale of investments results in loss of joint control or significant influence over the investee, the difference between: \u203a the fair value of any outstanding investment kept and income arising from the sale of the investments, and \u203a the carrying amount of the investment on the date when the net equity method was no longer used, will be recognised in consolidated profit or loss.(iv) Joint arrangementsIn accordance with IFRS 11 \u2013 Joint arrangements, investments in joint arrangements may be classified as either a joint operation or a joint venture. This classification depends on the contractual rights and obligations of each investor, rather than on the legal structure of the joint arrangement.A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.A joint operator must recognise, with reference to its own interests in a joint operation: \u203a its assets, including its share of any assets held jointly; \u203a its liabilities, including its share of any liabilities incurred jointly; \u203a its revenue from the sale of its share of the output of the joint operation; \u203a its share of the revenue from the sale of the output by the joint operation; and \u203a its expenses, including its share of any expenses incurred jointly.A joint venturer recognises its interest in a joint venture as an investment, initially recognised at cost. Subsequently, the investment is accounted for using the equity method.From 2023, the Group is no longer reporting this event, following the operations mentioned in note 4.4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__17": {
"value": "(v) Translation of the financial statements of foreign operationsThe financial statements of subsidiaries are prepared in the currency of the primary economic environment in which they operate. The criteria for translating the financial statements of companies expressed in a currency other than the Euro are as follows: \u203a assets and liabilities are translated using the closing exchange rates at the year-end reporting date; costs and revenues are translated using the average exchange rate for the reporting period; \u203a the \u201ccurrency translation reserve\u201d, in the comprehensive income statement, reports the differences arising in the income statement\u2019s translation at an average rate as opposed to a closing rate, as well as the differences arising in the translation of opening equity at a different rate applied to closing equity; \u203a goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing exchange rate.The exchange rates in Euro used in the translation of the financial statements of entities with a currency other than the Euro are as follows:Currency As of 31 December2023 2022USD 1.105 1.067GBP 0.869 0.887JPY 156.330 140.660CHF 0.926 0.985AUD 1.626 1.569AED 4.058 3.917CNY 7.851 7.358RUB 99.680 75.655HKD 8.631 8.316BRL 5.362 5.639ZAR 20.348 18.099SGD 1.459 1.430CAD 1.464 1.444DKK 7.453 7.437SAR 4.144 4.000Currency Average for the year ended 31 December2023 2022USD 1.081 1.053GBP 0.870 0.853JPY 151.990 138.027CHF 0.972 1.005AUD 1.629 1.517AED 3.971 3.867CNY 7.660 7.079RUB 92.416 72.476HKD 8.465 8.245BRL 5.401 5.440ZAR 19.955 17.209SGD 1.452 1.451CAD 1.460 1.370DKK 7.451 7.440SAR 4.055 3.949* Note that all exchange rates were obtained from the Bank of Italy\u2019s \u201cexchange rate portal\u201d website in continuity with previous years. As regards the ruble, since the exchange rate has been unavailable since the start of the Russia - Ukraine conflict, the figure provided by Bloomberg was used, which is the same as that published by the Central Bank of the Russian Federation (CBR). The impact of the conversion of the reporting of Technogym AO,",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__18": {
"value": "Consolidated statement of financial positionProperty, plant and equipmentProperty, plant and equipment are recognised according to the cost criterion at the cost of purchase or production, including the directly related costs necessary for preparing the assets for their intended use, net of any impairment. Revaluations of property, plant and equipment are not permitted, even if in application of specific laws.Costs for improvements, modernisation and transformation which increase the value of third-party assets are recognised as assets when it is likely that they increase the future economic benefits expected from use or sale of the asset. They are depreciated over the time between the useful life of improvements made or the duration of the relative lease agreement, whichever is the shorter.In valuing the lease duration, the possibility of renewal must be considered, if this is substantially certain and therefore depends on the will of the lessee.Property, plant and equipment are depreciated systematically on a straight-line basis over their useful technical economic life, considered to be the estimate of the period in which the asset will be used by the Company. The period which starts from the month when use of the asset starts or could have started. When the tangible asset comprises several significant components with different useful lives, depreciation is carried out for each component. The value to depreciate is represented by the carrying amount minus the presumed net sale price at the end of the asset\u2019s useful life. Land is not depreciated even if purchased together with a building, nor are property, plant and equipment held for sale. Any changes to the depreciation schedule, resulting from a revision of the useful life of the tangible asset, the residual value or procedure for obtaining the economic benefits of the asset, are recognised on a forward-looking basis.Amortisation methods and periodsDepreciation starts when the asset becomes available for use and is distributed systematically in relation to the residual possible use of the asset, i.e. based on its estimated useful life.The estimated useful life of main tangible assets is as follows: Tangible assets Estimated useful life (in years)Buildings 34Plant and machinery 8-11Production and commercial equipment 5-6Other assets 5-11",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__19": {
"value": "Testing of long-term value impairment of assetsTesting is carried out at the end of each reporting period to establish whether tangible and intangible assets have been impaired. For this purpose, both internal and external sources of information are considered. As regards internal sources, the obsolescence or physical deterioration of the asset are considered, as well as any significant changes in use and the asset\u2019s economic performance compared to its expected performance. As regards external sources, the trend of market prices of assets are considered, as well as any technological, market or regulatory nonconformities, the trend of market interest rates or cost of capital used to measure investments.If these indicators are identified, the recoverable value of the assets is estimated, with any impairment recognised in separate profit or loss. The recoverable value of an asset is represented by the greater of the fair value, minus additional selling costs, and relative value in use, the latter meaning the present value of expected future cash flows of the asset. When determining the value in use, expected future cash flows are discounted using a discount rate including taxes that reflects current market valuations of the cost of money, referred to the investment period and specific risks of the asset. In the case of an asset that does not generate cash flows that are largely independent, the recoverable value is determined in relation to the cash generating unit the asset belongs to.An impairment loss is recognised in profit or loss if the carrying amount of the asset, or its relative CGU, is greater than its recoverable value. Impairment of CGUs is first recognised as a reduction of the carrying amount of goodwill attributed to the unit, and therefore, as a reduction of other assets, in proportion to their accounting value and within the limits of the relative recoverable value. If the conditions for a previous impairment no longer apply, the carrying amount of the asset is reinstated with recognition in separate profit or loss, within the limits of the net carrying amount of the asset if it had not been impaired and if relative amortisation/depreciation had been carried out.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__20": {
"value": "Leased assetsLeasing contracts are recognised in accordance with IFRS 16.When entering into each contract, the Group: \u203a determines whether the contract is a lease or contains one; this arises when the contract grants the right to control the use of a specific asset for a period of time in exchange for a price. this assessment is repeated if there are subsequent changes to the contractual terms and conditions; \u203a separates the components of the contract, by distributing the contract price between each leasing or non-leasing component. \u203a determines the duration of the lease as the non-cancellable period of the lease, to which may be added to any period covered by an extension option, or termination of the lease.On the start date of each contract, i.e. the date on which the asset becomes available for use, if the Group is the lessee it will recognise a right-of-use asset on the statement of assets and liabilities, and a lease liability representing the obligation to make payments for the duration of the leasing contract. The duration of the leasing contract is determined by considering the non-cancellable period, and, if there is reasonable certainty, also the periods of any optional extensions or non-use of options to terminate the contract early. The leasing liability is initially recognised at an amount equal to the current value of the following leasing payments, not yet made as of the commencement date: (i) fixed (or substantially fixed) payments net of any incentives due; (ii) variable payments based on indexes or rates; (iii) an estimate of the payment to be made by the lessee to guarantee the residual value of the leased asset; (iv) payment of the price for exercising the right to purchase, if the lessee is reasonably certain of doing so; and (v) payment of contractual penalties for terminating the lease if the lessee is reasonably certain of doing so. The current value of such payments is equal to the current value of the remaining future payments, discounted using the implicit interest rate for the leasing, or alternatively the Group\u2019s marginal financing rate. Subsequently, the asset consisting of the right of use is valued by applying the cost model, net of the depreciation and any reductions in accumulated value, adjusted to take into account any new valuations or modifications to the lease. Leasing charges are valued by increasing the book value to take into account the interest, reducing the book value to take into account payments made, and re-determining the book values to take into account any new valuations or modifications to the lease.The assets are depreciated according to a period represented by the term of the lease contract, unless its duration is less than the useful life of the asset based on the rates applied to tangible assets, and there is the reasonable certainty of the ownership of the leased asset being transferred on the natural contractual expiry date. If the leasing contract transfers the ownership of the leased asset at the end of the lease term, or if the cost of the asset consisting of the right of use reflects the exercise of the option to buy, the amortisation period will be calculated on the basis of the criteria and rates used for tangible assets in accordance with IAS 16.For lease contracts whose duration ends within 12 months from the date of initial application and for which there are no renewal options, and for contracts with low-value underlying assets, the lease charges are recognised on the income statement on a straight line basis throughout the duration of the respective contracts. \u201cTangible assets\u201d include equipment leased to customers by the leasing company under operating leases according to IFRS 16.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__21-1": {
"value": "Financial assetsOn initial recognition, financial assets must be classified in one of the three categories below, based on the following: \u203a the entity\u2019s business model for managing financial assets; and \u203a the characteristics relative to the contractual cash flows of the financial asset.Financial assets are then derecognised only if the sale has resulted in the substantial transfer of all risks and rewards connected with the assets. On the other hand, if a substantial part of the risks and rewards relative to the sold financial assets have been retained, the assets will still be recognised in the financial statements, even if in legal terms ownership of the assets has been transferred.Financial assets measured at amortised costThis category includes financial assets that meet both of the following conditions: \u203a the financial asset is held within a business model whose objective is achieved by collecting the contractual cash flows (\u201chold to collect\u201d business model); and \u203a the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (\u201cSPPI Test\u201d).On initial recognition, these assets are entered at fair value, including costs or income arising from the transaction directly attributable to the instrument. After initial recognition, the financial assets in question are measured at amortised cost, using the effective interest method. The amortised cost method is not used for assets - recognised at historical cost - of a short duration that render the effect of discounting negligible, nor for assets with no expiry or revocable credit.Financial assets measured at fair value and recognised in comprehensive incomeThis category includes financial assets that meet both of the following conditions: \u203a the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets (\u201chold to collect and sell\u201d business model); and \u203a the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (\u201cSPPI Test\u201d).This category includes share interests, that cannot qualify as control, and joint control, that are not held for trading, for which the fair value designation option has been exercised and recognised in comprehensive income.On initial recognition, assets are recognised at fair value including costs or income arising from the transaction directly attributable to the instrument. Subsequently after initial recognition, the non-controlling, connecting and joint control interests are measured at fair value, and amounts identified as a contra-item in equity (other comprehensive income), must not be subsequently transferred to profit or loss, even in the case of disposal. The only component referable to equity instruments recognised in profit or loss is the relative dividends.For equity instruments included in this category, not listed on an active market, the cost criterion is used as the fair value estimate only on a residual basis, and only in a few cases, i.e. when the most recent information to measure the fair value is insufficient, or there is a wide range of possible fair value measurements and the cost represents the best estimate of the fair value in this range.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__24-1": {
"value": "Financial assets measured at fair value and recognised in profit or lossThis category includes financial assets other than assets classified as \u201cFinancial assets measured at amortised cost\u201d and \u201cFinancial assets measured at fair value recognised in comprehensive income\u201d.This category includes financial assets held for trading and derivative contracts not classifiable as hedging (which are represented as an asset if the fair value is positive, and as a liability if the fair value is negative).On initial recognition, the financial assets measured at fair value and recognised in profit or loss are recognised at fair value, without considering the costs or income arising from the transaction directly attributable to the instrument. At subsequent reporting dates, the assets are recognised at fair value and the effects are recognised in profit or loss.Impairment of financial assetsIn accordance with IFRS 9, the Group adopts a simplified approach to estimate the expected credit losses over the lifetime of the instrument and considers the historical experience accrued concerning credit losses, adjusted based on specific forward-looking factors specific to the nature of the Group receivables and the economic context.In brief, the Group measures expected losses of financial assets in a way that reflects: \u203a an unbiased and probability-weighted amount that is determined by evaluating the range of possible outcomes; \u203a the time value of money; and \u203a reasonable and supportable information available without excessive costs or effort at the end of the reporting period about past events, current conditions and reasonable and supportable forecasts of future economic conditions.A financial asset is impaired when one or more assets occur that have a negative effect on the expected future cash flows of the financial asset. Observable data relative to the following events provide proof that the financial asset has been impaired (it is possible that a single event cannot be identified; the impairment of the financial assets may be due to the combined effect of a number of events):a) significant financial difficulties of the issuer or debtor;b) a breach of contract, such as a default or past-due event;c) the lender, for economic or contractual reasons relating to the borrower\u2019s financial difficulties, granted the borrower a concession that would not otherwise be considered;d) it becomes probable that the borrower will enter a bankruptcy or other financial restructuring arrangement;e) the disappearance of an active market for the financial asset because of financial difficulties; orf) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.When an impairment loss is identified for financial assets recognised using the amortised cost method, the value is measured as the difference between the carrying amount of the asset and the present value of expected future cash flows, discounted based on the original effective interest rate. This value is recognised in profit or loss.Derecognition of financial assets and liabilitiesFinancial assets are derecognised when they satisfy one of the following conditions: \u203a the contractual right to receive cash flows from the financial asset has expired; \u203a the Group has substantially transferred all risks and rewards connected with the asset; \u203a the Group has neither transferred nor retained the risks and rewards associated with the financial asset but it has transferred the control.Financial liabilities are derecognised when they are extinguished, i.e. when the contractual obligation is discharged, cancelled or expires. Where there has been an exchange of debt instruments with substantially different terms, the transaction is accounted for as a discharge of the original financial liability and the recognition of a new financial liability. Similarly, where there has been a substantial modification of the contractual terms of an existing financial liability, this transaction is accounted for as a discharge of the original financial liability and the recognition of a new financial liability.Offsetting of financial assets and liabilitiesThe Group offsets financial assets and liabilities if and only if: \u203a there is an enforceable legal right to offset the recognised amounts in the financial statements; \u203a there is the intention to offset on a net basis or realise the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__27": {
"value": "InventoriesInventories are recognised at the lower of the cost of purchase and the net realisable value, represented by the amount the Group expects to obtain from their sale during the normal course of activities, net of selling costs. The cost is determined using the weighted average cost method.The cost of finished goods and works in progress includes the costs of design, raw materials, direct labour and other production costs (determined based on normal operating capacity).Inventories of raw materials and works in progress no longer used in the production cycle and inventories of unsaleable finished goods are written down, based on the market trend and presumed non-use related to obsolescence and slow turnover.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__28": {
"value": "Public grantsPublic grants, including non-monetary grants measured at fair value, are recognised when there is reasonable certainty that they will be received and that the Group will meet all the conditions required for their disbursement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__29": {
"value": "Cash and cash equivalentsCash and cash equivalents include cash, call deposits, as well as financial assets with original expiry of 3 months or less, readily convertible into cash and with a negligible risk of a change in value. Cash and cash equivalents are measured at fair value. Cash and cash equivalents do not include time deposits which do not meet the requirements of IFRS. Short-term bank deposits with an original expiry of 3 months or more that do not meet the requirements of IAS 7 are included in a specific item of current assets.Cash transactions are recorded by bank transaction date, while payment transactions also consider the order date.Own sharesAs provided for in IAS 32, when there is a repurchase of an entity's own equity instruments (own shares), these instruments are deducted directly from net equity in the item Own shares.No profit or loss is posted on the income statement for the purchase, sale or cancellation of own shares.The price paid or received, including any cost directly attributable to the equity operation, net of any connected tax benefit, is posted directly as a movement of net equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__31": {
"value": "Financial liabilities and trade payablesFinancial liabilities and trade payables are recognised when the Group contracts obligations and are measured initially at fair value, net of directly attributable transaction costs.Subsequently, they are measured at amortised cost using the effective interest method.Financial liabilities are derecognised when the contractual rights to the cash flows expire or when the financial liability is disposed of with the substantial transfer of all risks and rewards incident to ownership.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__30": {
"value": "Financial liabilities and trade payablesFinancial liabilities and trade payables are recognised when the Group contracts obligations and are measured initially at fair value, net of directly attributable transaction costs.Subsequently, they are measured at amortised cost using the effective interest method.Financial liabilities are derecognised when the contractual rights to the cash flows expire or when the financial liability is disposed of with the substantial transfer of all risks and rewards incident to ownership.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__32": {
"value": "Provisions for risks and chargesProvisions for risks and charges refer to costs and expenses of a specific nature of certain or probable existence, but whose timing or amount are uncertain at the end of the reporting period. Provisions are recognised when: \u203a a present legal or constructive obligation is likely to exist as a result of a past event; \u203a it is likely that fulfilment of the obligation will be onerous; \u203a the amount of the obligation can be estimated reliably.The amount recognised as a provision is the best estimate of the amount that the Company would rationally pay to settle the obligation at the end of the reporting period or to transfer it to a third party at that time. When the effect of the time value of money is material and the obligation settlement date can be estimated reliably, the amount of the provision is determined by discounting the expected cash outflows to present value taking account of the risks specific to the obligation; any increase in the amount of a provision due to the effect of the time value of money is recognised in profit or loss under \u201cFinancial expenses\u201d.The costs the Group expects to incur for restructuring programmes are recognised in the year when the programme is formally defined, and the entities concerned have valid expectations that the restructuring will take place.The amounts are periodically reviewed to identify changes in estimated costs, the obligation settlement date, and the discounting rate. Any changes in estimates are recognised in profit or loss within the same account previously used to record the provision. Provisions for risks and charges are discounted if it is possible to reasonably estimate the time of the cash outflows. When the liability refers to tangible assets, changes in the estimate of provisions are recognised as a contra-item under the assets referred to within the limits of carrying amounts; any excess is recognised in profit or loss.If all expenses (or a part) required to settle an obligation are to be repaid by third parties, the repayment, when virtually certain, is recognised as a separate entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__33": {
"value": "Employee benefitsShort-term benefits refer to salaries, wages, relative social security contributions, pay in lieu of holidays accrued and incentives payable as bonuses in the twelve months from the end of the reporting period. These benefits are recognised as personnel costs in the period when the service is provided.In defined benefit plans, which include the post-employment benefit for employees pursuant to article 2120 of the Italian Civil Code (\u201cTFR\u201d), the amount of the benefit to pay to the employee may be quantified only post-employment, and is related to one or more factors such as age, length of service and salary; therefore the relative expense is recognised in profit or loss on an accrual basis, according to an actuarial calculation. The liability recognised in the financial statements for defined benefit plans corresponds to the present value of the obligation at the end of the reporting period. Obligations for defined benefit plans are determined annually by an independent actuary, using the Project Unit Credit method. The current value of defined benefit plans is determined discounting future cash flows to a given interest rate. Actuarial gains and losses arising from the above adjustments and changes in actuarial assumptions are recognised in other comprehensive income.Since 1 January 2007, the 2007 Budget Law and relative implementing decrees have introduced significant changes to the rules governing TFR, including the employees\u2019 right to choose where their accrued post-employment benefits will be allocated. In particular, new portions of TFR may be allocated to supplementary pension schemes or kept within the company. If the TFR is allocated to external pension schemes, the Company only has to pay the defined benefit to the selected scheme, and as from this date, newly accrued portions owing will be defined benefit plans not subject to actuarial valuation.Liabilities for obligations relative to other medium/long-term employee benefits, such as management incentive plans, are determined using actuarial assumptions. The effects arising from changes to actuarial assumptions or adjustments based on past experience are recognised in full in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__34": {
"value": "Share-based paymentsThe cost of services rendered by directors and employees who are remunerated with share-based payments settled with share allocations, is determined based on the fair value of the related rights, measured at the date of allocation. The calculation method used to determine the fair value considers, at the date of assignment, all the characteristics of the rights and security of the relative plan (accrual period, the price and conditions of exercise, etc.). The cost of these plans is recognised in profit or loss under \u201cpersonnel costs\u201d, with a contra-item in equity, over the time when the granted rights accrue, based on the best estimate of rights that will become exercisable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__35": {
"value": "Measurement of fair value The measurement of fair value and the relative disclosure complies with IFRS 13 - Fair value measurement. The fair value represents the price that would be received for the sale of an asset or that would be paid for the transfer of a liability in an ordinary transaction between market participants on the measurement date.The fair value measurement is based on the assumption that the sale of the asset or transfer of the liability takes place on the principal market, i.e. the market with the greatest volume and level of transactions for the asset or liability. In the absence of a main market, it is assumed that the transaction has taken place on the most advantageous market the Company has access to, i.e. the market that maximises the results of the transaction to sell the asset or minimises the amount to pay to transfer the liability.The fair value of an asset or liability is determined considering the assumptions that market participants would use to define the price of the asset or liability, assuming that they would act in their best economic interests. \u2018Market participants\u2019 are informed, motivated, independent buyers and sellers who enter into a transaction for the asset or liability but are not obligated nor induced to do so.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__36-1": {
"value": "Measurement of the fair value of financial instruments The fair value of listed financial instruments is determined by observing the market prices, while for unlisted financial instruments, specific valuation methods are used, referring to the highest number possible of observable market input. When this is not possible, the inputs are estimated by management, taking into account the characteristics of the instrument being measured. Changes in the assumptions made when estimating the inputs may have an impact on the fair value recorded in the financial statements for those instruments.Financial instruments are classified based on a hierarchy of levels that reflects the significance of the inputs used in determining the fair value (IFRS 13 - Fair value measurement). \u203a Level 1: Quoted prices (active market): the data used in measurements are represented by quoted prices on markets where assets or liabilities identical to those being measured are exchanged; \u203a Level 2: The use of parameters observable on the market (for example derivatives, exchange rates identified by the Bank of Italy, market rate curves, volatility provided by Bloomberg, credit spreads calculated based on credit default swaps, etc.) other than level 1 quoted prices; \u203a Level 3: The use of parameters that are not observable on the market (internal assumptions such as cash flows, spreads adjusted for risk, etc.).Financial derivative instrumentsFinancial derivative instruments are recognised in accordance with IFRS 9.At the date of contract stipulation, financial derivative instruments are initially recognised at fair value, as financial assets measured at fair value and recognised in profit or loss when the fair value is positive, or as financial liabilities measured at fair value and recognised in profit or loss when the fair value is negative.If the financial instruments are not recognised as hedging instruments, the changes in fair value identified after initial recognition are treated as components of profit for the year. If, instead, the derivative instruments meet the criteria for classification as hedging instruments, subsequent changes in fair value are recognised according to the criteria explained below.A financial derivative instrument is classified as hedging if the relationship between the hedging instrument and hedged item is formally documented, including risk management objectives, the strategy to carry out hedging and the methods that will be used to check effectiveness on a forward-looking and retrospective basis. The effectiveness of each hedging instrument is verified when each instrument is initially started, and during its lifetime, in particular at the end of each reporting period. Generally, hedging is considered as \u201chighly\u201d effective if, at the start and during its lifetime, the changes in the fair value of the hedged item (in the case of a fair value hedge), or in its expected future cash flows (in the case of a cash flow hedge), are substantially offset by the changes in the fair value of the hedging instrument. IFRS 9 allows for the possibility to designate the following three types of hedging relationships:a) fair value hedge: when the hedge concerns changes in the fair value of assets and liabilities recognised in the financial statements, the changes in the fair value of the hedging instrument and the hedging changes are recognised in profit or loss;b) cash flow hedge: in the case of hedges intended to neutralise the risk of changes in cash flows originating from future obligations contractually defined on the reporting date, the changes in the fair value of the derivative recorded after initial recognition are recognised, only as regards the effective portion, in other comprehensive income and therefore in an equity reserve \u201cCash flow hedge reserve\u201d. When the economic effects arising from the hedging occur, the portion recognised in other comprehensive income is reversed to profit or loss. If the hedging is not fully effective, the change in the fair value of the hedging instrument referable to the ineffective portion is immediately recognised in profit or loss;c) hedging of a net investment in a foreign operation (net investment hedge).If the effectiveness of hedging is not confirmed by testing, the recognition of hedging is stopped and the hedging derivative is reclassified under financial assets measured at fair value and recognised in profit or loss, or under financial liabilities measured at fair value and recognised in profit or loss. The hedging relationship also ceases when: \u203a the derivative expires, is sold, withdrawn or exercised; \u203a the hedged item is sold, expires or is repaid; it is no longer highly probable that the future hedged operation will take place.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__38": {
"value": "Recognition of revenuesRevenues from contracts with customers are recognised when the following conditions occur: \u203a a contract with the customer has been identified; \u203a performance obligations have been identified in the contract; \u203a the price has been determined; \u203a the price has been allocated to individual contractual obligations; \u203a the contractual obligation has been met.The Group identifies revenues from contracts with customers when (or as) the contractual obligation is met, transferring the promised good or service (or asset) to the customer. The asset is transferred when (or as) the customer acquires control.The Group transfers control of the asset or service over time, and therefore meets the contractual obligation and records revenues over time, if one of the following criteria are met: \u203a the customer simultaneously receives and consumes all of the benefits provided by the entity as the entity performs; \u203a the Group\u2019s performance creates or enhances an asset (for example works in progress) that the customer controls as the asset is created or enhanced; \u203a the Group\u2019s performance does not create an asset with an alternative use for the Group, and the Group has an enforceable right to payment for performance completed to date.If the Group does not satisfy its performance obligation over time, it satisfies it at a point in time. In this case, the Group recognises the revenue when the customer acquires control of the promised asset.In particular, in the case of the supply of transport and installation services in addition to the sale of equipment, the Group considers that the customer acquires control at the time of installation.The contractual consideration included in the contract with the customer may include fixed amounts, variable amounts or both. If the contractual consideration includes a variable amount (e.g. discounts, concessions on the price, incentives, penalties or other similar elements), the Group estimates the amount of the consideration it will be entitled to in exchange for the transfer of the promised goods or services to the customer. The Group includes the amount of the estimated variable consideration in the transaction price only if it is highly probable that when the uncertainty associated with the variable consideration no longer applies, there is no significant downwards adjustment to the amount of aggregate revenues identified.The Group distributes the contractual price among the individual contractual obligations based on the stand-alone selling prices (SSP) of the individual contractual obligations (such as the supply of equipment, maintenance service, and product warranties extending beyond the legal requirement). When an SSP does not exist, the Group estimates the SSP using an adjusted market approach.The Group exercises judgement in determining the contractual obligation, the variable prices and the allocation of the transaction price.Revenues from services realised over time are recognised on the basis of an assessment of the progress made by the entity in fulfilling its obligation over time. The transfer over time is assessed according to the input method: by considering the effort or input made by the Group in fulfilling each performance obligation. For contracts in which new goods are provided to customers with buyback clauses, to be exercised at fair value on the purchase of a new machine, the Group adjusts the sales revenues based on the historic probability of the buyback clause being utilised, and makes a contra-entry under Assets, to reflect the buyback obligation. It also adjusts the cost of sales by the same amount, by recognising a liability for the buyback obligation. Based on an analysis of the Group's historic buyback data, a 7-year timeframe is used, after which a comparison is made between the assets and liabilities for buyback obligations previously posted on the financial statements, and the buyback value for the year. The difference is entered on the income statement. Regarding the information about operating segments (IFRS 8 \u201cOperating segments\u201d), see the paragraph \u201cSector information\u201d in the management report.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__39": {
"value": "DividendsDividends are recognised at the date of the resolution passed by the Shareholders\u2019 Meeting that establishes the right to receive payment, unless there is reasonable certainty that shares will be sold before coupon detachment.The dividends resolved by the Shareholders\u2019 Meeting are represented as a movement of equity in the year in which they are approved.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__40": {
"value": "Income taxesCurrent income taxes, recognised under the item \u201cCurrent tax payables\u201d net of advances paid, or under \u201cCurrent tax receivables\u201d when the net balance is positive, or where the amount of the tax due is less than the tax paid and/or the future amount payable, are determined based on an estimate of taxable income and in compliance with applicable tax legislation. Taxable income differs from net profit in profit or loss as it excludes income and cost components that are taxable or deductible in other years, or are not taxable or non-deductible. In particular, these receivables and payables are determined applying the tax rates in force at the reporting date.Current taxes are recognised in profit or loss, apart from those relative to items identified outside the income statement that are directly recognised in equity.Deferred tax assets and liabilities are calculated on the temporary differences between values in the financial statements and corresponding values recognised for tax purposes, applying the tax rate in effect at the date when the temporary difference will be transferred, determined based on tax rates in force at the reporting date.Deferred tax assets for all temporary taxable differences, tax losses or tax receivables not used are identified when their recovery is probable, i.e. when taxable income sufficient to recover the asset is expected in the future. The possible recovery of deferred tax assets is reviewed at the end of each reporting period. Deferred tax assets not recognised in the financial statements are reviewed at the end of each reporting period and are identified to the extent that a future taxable income that allows for the deferred tax asset to be recovered is probable.Deferred tax assets and liabilities are recognised in profit or loss, apart from those relative to items identified outside the income statement that are directly recognised in equity.Taxes on deferred assets and liabilities, arising from the adoption of regulations referable to the same tax authority, are offset if there is a legal right to offset current tax assets against current tax liabilities generated at the time of transfer.Deferred tax assets are classified as non-current assets and are offset at the level of the individual tax jurisdiction, if referred to taxes that may be offset. The positive balance from offsetting is recognised under \u201cDeferred tax assets\u201d.As of 31 December 2023 the Group had not entered any advances on the tax losses reported in Note 6.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__41": {
"value": "Earnings per shareBasic earnings per shareBasic earnings per share are calculated by dividing profit attributable to owners of the Group by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares.Diluted earnings per shareDiluted earnings per share are calculated by dividing profit or loss attributable to owners of the Group by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares. For the purpose of calculating diluted earnings per share, the weighted average number of ordinary shares is adjusted for the assumed conversion of all dilutive potential ordinary shares into ordinary shares, while profit attributable to the Group is adjusted to take account of any after-tax effect of such conversion.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__42": {
"value": "Related partiesRelated parties means parties that have the same controlling entity as the Company, companies that directly or indirectly control it, are controlled or are under the joint control of the Company and companies in which the Company holds an investment giving it significant influence. The definition of related parties also includes members of the Board of Directors of the Company and key managers. Key managers are persons with the direct or indirect power and responsibility for planning, managing and controlling the Company\u2019s activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__72": {
"value": "7 \u2013 Financial instruments: Disclosures of supplier finance arrangements, which add further disclosure requirements and \u201csignposts\u201d within the existing set of disclosure requirements, asking the entities to provide qualitative and quantitative information about their supplier finance arrangements. These amendments describe the characteristics of an arrangement whereby the entity must provide information with two reporting objectives: include in the notes to the financial statements information that allows stakeholders to assess how the supplier finance arrangements impact the liabilities and cashflow of an entity and to understand the effect of the supplier finance arrangements on the entity's exposure to liquidity risk and how the entity may be affected if the arrangements are no longer available.There has been no early application of the accounting standards and/or interpretations whose application would be mandatory for the financial years starting after 1 January 2024, or which have not yet been approved by the EU.3 Estimates and assumptionsThe preparation of the Consolidated Financial Statements according to IFRS requires management to use estimates and assumptions that affect the reported amounts of assets and liabilities in the statement of financial position, and the accompanying disclosures regarding potential assets and liability at the date of publication of the financial statements, as well as revenues and costs for the period.The estimates are based on experience and other factors considered relevant. The actual results could differ from estimates. Estimates are reviewed periodically and the effects of each change are reflected in consolidated income statement, in the period when the estimate is reviewed.Below is a list of cases that require greater subjectivity by management, in producing the estimates: \u203a Measurement of receivables: the provision for bad debts reflects the estimates of the expected losses for the Group\u2019s receivables. Provisions for expected losses on receivables have been made, estimated based on past experience with reference to receivables with a similar credit risk, current and past amounts unpaid, as well as careful monitoring of the quality of receivables and current and estimated conditions of the economy and the reference markets. The estimates and assumptions are reviewed periodically and the effects of each change are recognised in profit or loss as they occur.Regarding the receivables transferred to third-party financial institutions, note that in 2023, there were defaults of approximately 2.5 million euros. Therefore, after a careful analysis of the portfolio to 31 December 2023, the Group has estimated for the next year a risk of default of approximately Euro 3.5 million, on a total portfolio of Euro 177 million. The provision for the risk on transferred bad debts has thus been increased by Euro 297 thousand (of which Euro 185 thousand after 12 months and Euro 122 thousand for the current portion). The balance of the provision for transferred bad debts at year-end was Euro 3,485 thousand (of which 2.2 million beyond 12 months and 1.3 million for the current portion) and this can absorb the total receivables for which the risk of default is considered probable. \u203a Measurement of inventories: obsolete stocks are periodically measured and written down if the net realisable value is lower than the carrying amount. Write-downs are calculated based on management\u2019s assumptions and estimates, arising from management\u2019s experience and past results. \u203a Measurement of deferred taxes: deferred taxes are measured based on expectations of taxable income expected in future years. The measurement of expected taxable income depends on factors that could vary in time and have significant effects on the measurement of deferred tax assets. \u203a Income taxes: the Group is subject to different laws on income tax in numerous jurisdictions. The determination of the Group\u2019s tax liabilities requires management to use measurements with reference to transactions with tax implications that are not certain at the end of the reporting period. The Group recognises liabilities that could arise from future audits by tax authorities based on the estimate of taxes due. If the outcome of the above audits differs from that estimated by management, significant effects on current and deferred taxes could be possible. \u203a Development costs: the Group capitalises costs for the development of new products and processes. Costs are capitalised based on management\u2019s judgement, which confirms the technical, financial and commercial feasibility of development projects. In determining amounts to capitalise, management makes some assumptions as to the generation of the project\u2019s expected future cash flows, consequent discount rates to apply and the expected useful life of capitalised costs. As of 31 December 2023, the net carrying amount of capitalised development costs was equal to Euro 22,616 thousand (Euro 22,375 thousand at 31 December 2022). \u203a Impairment of assets: assets are impaired when events or changes in circumstances lead to the assumption that the carrying amount in the financial statements can no longer be recovered. Events that may cause an impairment of an asset include changes in industrial plans, changes in market prices or a reduced use of plants. The decision to write-down an asset and quantify the write-down depends on management\u2019s evaluations of complex and highly uncertain factors, including the future trend of prices, the impact of inflation and technological progress on production costs, production profiles and conditions of demand and supply. The write-down is determined by comparing the carrying amount with the relative recoverable value, represented by the higher of the fair value, net of disposal costs, and value in use determined by discounting expected cash flows arising from use of the asset. Expected cash flows are quantified in the light of information available at the time of the estimate based on subjective judgements of the trend of future variables, such as prices, costs, rates of growth in demand, production profiles, and are discounted using a rate that takes into account the implied risk of the asset concerned. \u203a Business combinations: the recognition of business combinations implies attributing the difference between the purchase cost and net carrying amount to the assets and liabilities of the acquired company. For most assets and liabilities, the difference is attributed by recognising assets and liabilities at their fair value. The part which is not attributed, if positive, is recognised as goodwill, or if negative, recognised in profit or loss. In this process, the Group uses available information and, for more significant business combinations, external valuations. \u203a Useful life of tangible and intangible assets with a finite useful life: the depreciation is calculated based on the useful life of the asset. Useful life is determined when the asset is recognised in the financial statements. Valuations of the duration of useful life are based on past experience, market conditions and expectations of future events that could have an effect on the useful life, including technological changes. Consequently, the actual useful life may differ from the estimated useful life. \u203a Employee benefits: defined-benefit plans are measured based on uncertain events and actuarial assumptions that include discount rates, the expected returns on assets serving plans (if existing), the level of future remuneration, mortality rates, retirement ages and future trends in health expenses. The main assumptions used to quantify defined benefit plans are determined as follows: (i) the discount and inflation rates that represent the rates based on which obligations to employees could actually be carried out, are based on the rates that accrue on high-quality bonds and inflation expectations; (ii) the level of future remuneration is determined based on elements such as inflation expectations, productivity, career progress and seniority; (iii) the future cost of healthcare is determined based on elements such as the present and pass trend of healthcare costs, including assumptions concerning the inflation trend of costs, and changes in the health conditions of entitled parties; (iv) demographic assumptions the reflect the best estimate of the trend in variables, such as mortality, turnover and disability, and other variables relative to the entitled population. The differences in the value of net liabilities (assets) of employee benefit plans arising from changes in the actuarial assumptions used and the difference between actuarial assumptions previously adopted and those actually used occur normally and are defined as actuarial gains or losses. Actuarial gains and losses relative to defined benefit plans are recognised in other comprehensive income. The actuarial assumptions as also adopted to determine obligations relative to other long-term benefits; for this purpose, the effects arising from changes to actuarial assumptions or characteristics of the benefit are recognised in full in profit or loss. \u203a Measurement of provisions for risks: the Group recognises a liability for disputes and lawsuits in progress when it is considered probable that there will be a financial outflow and when the amount of the resulting loss can be reasonably estimated. In the event a financial outflow is possible but the amount cannot be determined, this fact is disclosed in the notes to the financial statements. The causes may relate to complex legal and tax issues that are subject to different level of uncertainty, against which it is possible that the value of the funds may vary as a result of future developments in the ongoing proceedings. The Group monitors the status of pending litigation and consults with its own legal advisors and experts. Moreover, when selling the product, the Group makes provisions relating to estimated costs for product warranties. The estimate of this fund is calculated on the basis of historical information on the nature, frequency and average cost of warranty claims. \u203a Fair value of financial instruments: the fair value of unlisted financial instruments is determined according to commonly used financial valuation techniques that require basic assumptions and estimates. These assumptions might not occur according to expected times and procedures. Therefore Group estimates could deviate from final data. \u203a Share-based payments: the fair value of share-based payments is estimated by determining the most appropriate measurement model, which depends on the terms and conditions of the plan. This estimate also requires the determination of the most appropriate input for the measurement model, including the expected duration of the option or granted right, the volatility and return on dividends, and the related assumptions. \u203a Estimates of variable amounts for returns and volume discounts: the Group estimates the variables to include in the transaction price for the sale of returnable products. The Group has developed a statistical model for expected returns on sales. This model is based on historical data relative to each product, to obtain the percentages of expected returns. The percentages obtained are applied to determine the expected value of the variable consideration. For contracts in which new goods are provided to customers with buyback clauses, the Group adjusts the sales revenues based on the historic probability of the buyback clause being utilised, and makes a contra-entry under Assets, to reflect the buyback obligation. It also adjusts the cost of sales by the same amount, by recognising a liability for the buyback obligation. Based on an analysis of the Group's historic buyback data, a 7-year timeframe is used, after which a comparison is made between the assets and liabilities for buyback obligations previously posted on the financial statements, and the buyback value for the year. The difference is entered on the income statement.4 Notes to the statement of financial position4.1 PROPERTY, PLANT AND EQUIPMENTThe item \u201cProperty, plant and equipment\u201d amounted to Euro 171,560 thousand at 31 December 2023 (Euro 164,122 thousand at 31 December 2022).The following table shows the amounts and movements of \u201cProperty, plant and equipment for the years ended 31 December 2023 and 2022.(In thousands of Euro)Land Buildings and Plant and Production and Other Assets under Totalleasehold machinerycommercial assetsconstruction improvementsequipmentand advancesHistorical cost at 1 January 2022 13,077 17 1,151 29,657 85,836 33,351 1,559 334,631IFRS16 investments \u2014 22,381 \u2014 \u2014 1,954 \u2014 24,336Investments 405 2,641 746 5,369 2 ,185 3,402 14,748IFRS16 disposals \u2014 (2,786) \u2014 \u2014 3 \u2014 (2,783)Disposals \u2014 (448) (24) (169) (935) \u2014 (1,576)Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Reclassifications \u2014 83 14 77 1,486 (1,652) 7Exchange rate differences \u2014 276 \u2014 (11) (14) \u2014 252Historical cost at 31 December 2022 13,483 193,299 30,393 91,102 38,030 3,309 369,615Accumulated amortisation as of \u2014 (66,317) (20,673) (70,556) (23,523) \u2014 (181,068)1 January 2022IFRS16 depreciation/amortisation \u2014 (6,768) - - (2,785) \u2014 (9,553)Depreciation and amortisation \u2014 (5,763) (1,902) (6,249) (3,123) \u2014 (17,037 )IFRS16 disposals \u2014 843 - - 311 \u2014 1,154Disposals \u2014 365 26 31 826 \u2014 1,248Reclassifications \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 (274) - 20 19 \u2014 (236)Accumulated depreciation at \u2014 ( 7 7,913) (22,549) (76,754) (28,276) \u2014 (205,492)31 December 2022Net values at 31 December 2022 13,483 115,385 7,8 4 4 14,349 9,753 3,309 164,122Historical cost at 1 January 2023 13,483 193,299 30,393 91,102 38,030 3,309 369,615IFRS16 investments \u2014 15,995 \u2014 \u2014 4,158 \u2014 20,154Investments 486 4,542 1,005 5,200 2,502 3,623 17,358IFRS16 disposals \u2014 (4,861) \u2014 \u2014 (812) \u2014 (5,674)(In thousands of Euro)Land Buildings and Plant and Production and Other Assets under Totalleasehold machinerycommercial assetsconstruction improvementsequipmentand advancesDisposals \u2014 (1,364) (439) (514) (1,315) (780) (4,412)Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Reclassifications \u2014 1,694 303 891 159 (3,058) (10)Exchange rate differences \u2014 (2,095) \u2014 (12) (1,357) (10) (3,474)Change in scope of consolidation \u2014 3,677 \u2014 \u2014 1,376 \u2014 5,053Historical cost at 31 December 2023 13,969 210,887 31,262 96,668 42,741 3,084 398,610Accumulated amortisation as of \u2014 ( 7 7,913) (22,549) (76,754) (28,276) \u2014 (205,492)1 January 2023IFRS16 depreciation/amortisation \u2014 (8,102) \u2014 \u2014 (2,793) \u2014 (10,894)Depreciation and amortisation \u2014 (5,812) (1,914) (5,753) (2,575) \u2014 (16,053)IFRS16 disposals \u2014 1,036 \u2014 \u2014 672 \u2014 1,709Disposals \u2014 1,365 426 328 1,472 \u2014 3,591Reclassifications \u2014 (355) \u2014 383 (20) \u2014 8Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 1,010 \u2014 \u2014 1,218 \u2014 2,228Change in scope of consolidation \u2014 (1,385) \u2014 \u2014 (761) \u2014 (2,146)Accumulated depreciation at \u2014 (90,155) (24,036) (81,796) (31,063) \u2014 (2 27,0 49)31 December 2023Net values at 31 December 2023 13,969 120,731 7,2 25 14,872 11,678 3,084 171,560The category \u201cBuildings and leasehold improvements\u201d mainly includes buildings used for production and commercial activities and the associated installations also at the complex called \u201cTechnogym Village\u201d, used as corporate headquarters.The increments relative to IFRS 16 relate to the right of use of boutique stores and offices at the commercial branches, mainly Technogym France for the new offices in Paris, and Technogym UK for the new offices in Bracknell, and for the opening of a new boutique in London.\u201cPlant and machinery\u201d mainly includes production line assembly plants. \u201cProduction and commercial equipment\u201d mainly refers to the moulds used for production and the equipment used for machine assembly. The item \u201cother assets\u201d mainly refers to stands, office machines and electronic machines. \u201cAssets under construction\u201d mainly relate to investments in production lines at the Group\u2019s sites, which had yet been placed in service at year-end, and to moulds not yet available for use.Investments for the year ended 31 December 2023 amounted to Euro 17,358 thousand, excluding the effects of IFRS 16, which refer to property leases, vehicle and forklift truck leasing contracts. Investments in Land (Euro 486 thousand) include the purchase by Technogym SpA of an agricultural plot and two apartments, purchased for use by employees as required; investments in Buildings and Leasehold improvements (Euro 4,542 thousand) mainly relate to the opening, extension and renovation of the boutique stores and offices of the commercial branches. Specifically, the Leasehold improvements related to the new Technogym Experience Centers of the branches in Australia, Asia and Benelux, and the opening and inauguration of new boutiques in New York and Abu Dhabi, as well as investments made by the commercial branch Technogym UK for the upcoming inauguration of a store at \u201cOne Berkeley Street\u201d (London). The investments in Assets under construction (Euro 3,623 thousand) mainly refer to the upgrading of production lines. Investments in industrial and commercial equipment (Euro 5,200 thousand) largely relate to the purchase of moulds to cater for the ongoing expansion and upgrading of the product range. Investments in Plant and machinery (Euro 1,005 thousand) mainly relate to the set-up of new production lines.Net disposals of property, plant and equipment for the year ended 31 December 2023 amount to Euro 4,785 thousand, compared to Euro 1,765 thousand as of 31 December 2022. As of 31 December 2023 and 2022, there was no property or instrumental asset that was subject to any kind of guarantee provided to a third party.Some detailed information relative to IFRS 16 has been provided below for a greater clarity and understanding of the financial statements.The table below shows the impact of IFRS 16 on the consolidated financial position to 31 December 2023 and for the year ended 31 December 2022.(In thousands of Euro)As of 31 December2023 2022Rights of useBuildings 36,410 32,209Equipment 1,032 778Cars 4,199 3,157Total rights of use 41,641 36,144Lease liabilitiesIFRS 16 Financial liabilities - Current 9,601 8,602IFRS 16 Non-current financial liabilities 34,214 29,173Total lease liabilities 43,815 37,7 75The table below shows the impact of IFRS 16 on the consolidated income statement to 31 December 2023 and 31 December 2022.(In thousands of Euro)As of 31 December2023 2022Payment reversalsBuildings 8,581 7,264Equipment 455 249Cars 2,046 2,217Total payment reversals 11,082 9,731Depreciation of rights of useBuildings (8,102) (6,768)Equipment (430) (400)Cars (2,363) (2,385)Total depreciation (10,894) (9,553)InterestInterest expense (1,185) (618)Total interest (1,185) (618)\ue61d.\ue61b INTANGIBLE ASSETSThe item \u201cIntangible assets\u201d amounted to Euro 56,686 thousand at 31 December 2023 (Euro 55,688 thousand at 31 December 2022). The following table shows the amounts and movements of intangible assets for the years ended 31 December 2023 and 2022.(In thousands of Euro)Goodwill Development Patents and Concessions, Intangibles Other Totalcostsintellectual licences, under intangible property trademarks development assetsrightsand similar and rightsadvancesHistorical cost at 1 January 2022 \u2014 38,061 39,447 1,797 9,124 1,120 89,756Investments \u2014 4,173 6,495 506 6,821 2,220 20,216Disposals \u2014 (6,972) (5,428) (158) \u2014 (152) (12,711)Impairment losses \u2014 \u2014 \u2014 \u2014 (23) \u2014 (23)Reclassifications \u2014 4,533 332 - (5,135) 263 (7)Exchange rate differences \u2014 \u2014 117 \u2014 \u2014 \u2014 117Historical cost at 31 December \u2014 39,796 40,963 2,144 10,789 3,451 97,3502022Accumulated amortisation as of \u2014 (16,969) (19,923) (1,116) \u2014 (843) (39,058)1 January 2022Depreciation and amortisation \u2014 (7,139) ( 7,249) (238) \u2014 (222) (14,847)Disposals \u2014 6,688 5,427 106 \u2014 143 12,363Reclassifications \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 \u2014 (117) \u2014 \u2014 \u2014 (117)Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Accumulated depreciation at \u2014 (17,420) (21,862) (1,249) \u2014 (922) (41,660)31 December 2022Net values at 31 December 2022 \u2014 22,375 19,101 895 10,789 2,529 55,688Historical cost at 1 January 2023 \u2014 39,796 40,963 2,14 4 10,789 3,451 97,35 0Investments \u2014 4,085 7,0 43 182 5,666 1,844 18,821Disposals \u2014 (35) (1,405) (186) (12) \u2014 (1,639)Impairment losses \u2014 \u2014 \u2014 \u2014 (146) \u2014 (146)Reclassifications \u2014 4,582 1,690 35 (6,650) 346 3Exchange rate differences \u2014 \u2014 (57) \u2014 \u2014 6 (51)Change in scope of consolidation 989 \u2014 \u2014 \u2014 12 \u2014 1,002Historical cost at 31 December 1,196 48,427 48,234 2,176 9,658 5,648 115,3402023Accumulated amortisation as of (207) (17,420) (21,862) (1,249) \u2014 (922) (41,660)1 January 2023Depreciation and amortisation \u2014 (8,425) (8,970) (282) \u2014 (942) (18,619)Disposals \u2014 35 1,404 187 \u2014 \u2014 1,626Reclassifications \u2014 \u2014 18 (18) \u2014 \u2014 \u2014Exchange rate differences \u2014 \u2014 7 \u2014 \u2014 (8) \u2014(In thousands of Euro)Goodwill Development Patents and Concessions, Intangibles Other Totalcostsintellectual licences, under intangible property trademarks development assetsrightsand similar and rightsadvancesAccumulated depreciation at (207) (25,810) (29,402) (1,363) \u2014 (1,871) (58,654)31 December 2023Net values at 31 December 2023 989 22,616 18,832 813 9,658 3,777 56,686The increase in \u201cGoodwill\u201d during the year can be attributed primarily to the change in the method of consolidation of the subsidiary Technogym Emirates LLC, following an amendment to the shareholders\u2019 agreements, which has given substantial control to the Group and entailed a transition from the equity method to line-by-line consolidation. This means that the equity investment has been eliminated from the consolidated financial statements and Goodwill has been posted at Euro 989 thousand. As no impairment indicators have been found, and because 12 months have not yet elapsed since this item was posted, the Group has not conducted a recoverability analysis under IAS 36.\u201cDevelopment costs\u201d refer to the costs arising from the innovation activity performed by the Group as part of its core business. \u201cPatents and intellectual property rights\u201d include expenditures related to the acquisition and registration of patents, models and designs. The category \u201cConcessions, licences, trademarks and similar rights\u201d includes trademarks and the associated costs of registration, as well as the costs for software rights and user licences. \u201cIntangibles under development and advances\u201d mainly refers to expenses incurred by the Group relative to projects for the development of new products, product lines, software and supporting applications not yet in use at year-end. \u201cOther intangible assets\u201d concern the costs incurred relating to the recognition of intangible assets that meet the requirements of IAS 38 for recognition in the financial statements.Investments for the year ended 31 December 2023 amounted to a total of Euro 18,821 thousand. The investments in development costs (Euro 4,085 thousand) mainly relate to the costs incurred for the upgrading and expansion of the range of products and services; the investments in industrial patents and use of intellectual property (Euro 7,043 thousand) relate in part to the ERP migration project at Technogym France, and the Group-level upgrade of the ERP SAP system to incorporate tools which are more tailored to the consumer segment. Investments in Assets under construction and advances (Euro 5,666 thousand) mainly refer to the development of new products and lines, as well as software and supporting applications. The remainder of this item relates to other upgrades of software used by the Group.Net disposals of intangible assets for the years ended 31 December 2023 and 2022 are not significant.4.3 DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES\u201cDeferred tax assets\u201d amounted to Euro 31,359 thousand at 31 December 2023 (Euro 29,537 thousand at 31 December 2022), while the item \u201cDeferred tax liabilities\u201d amounted to Euro 6,650 at 31 December 2023 (Euro 5,662 thousand at 31 December 2022).The following table shows the amounts and movements of deferred tax assets and liabilities for the years ended 31 December 2023 and 2022.(In thousands of Euro)Values at Provisions Utilisations Reclassifications Values at Provisions Utilisations Reclassifications Values at 31 1 January 1 January December 202220232023Deferred tax assetsInventory write-down provision 4,624 708 (280) \u2014 5,052 220 (436) \u2014 4,836Warranties provision 2,027 1,407 (1,095) \u2014 2,340 1,855 (1,200) \u2014 2,996Accumulated amortisation of 451 40 (36) \u2014 455 165 (149) \u2014 471trademarksOther provisions for risks 1,711 1,966 (1,462) \u2014 2,216 1,942 (1,796) \u2014 2,362Provision for write-downs of 1,349 774 (26) \u2014 2,097 66 (191) \u2014 1,971receivablesUnrealised exchange losses 97 10 \u2014 \u2014 107 5 \u2014 \u2014 112Post-employment benefits 302 66 (186) \u2014 182 6 (19) \u2014 169Other 598 895 (245) \u2014 1,248 9 (211) \u2014 1,047PNC fund 487 48 (138) \u2014 397 112 \u2014 \u2014 509Provision for consolidated 1,826 1,515 (29) \u2014 3,312 228 (448) \u2014 3,092adjustmentsIntercompany stock profit 6,760 \u2014 (323) \u2014 6,437 1,544 \u2014 \u2014 7,982provisionDeferred tax assets IFRS 16 3,639 2,056 \u2014 5,695 118 \u2014 5,813Total deferred tax assets 23,873 9,485 (3,819) \u2014 29,537 6,313 (4,450) \u2014 31,359Deferred tax liabilitiesProvision for consolidated (112) (8) 18 \u2014 (102) (1,007) \u2014 \u2014 (1,109)adjustmentsUnrealised exchange gains (55) (149) 200 \u2014 (5) (173) 118 \u2014 (61)Others (134) (49) 121 \u2014 (62) (127) 164 \u2014 (24)Deferred tax liabilities IFRS 16 (3,593) (1,899) \u2014 \u2014 (5,493) \u2014 35 \u2014 (5,458)Total deferred tax liabilities (3,894) (2,105) 339 \u2014 (5,662) (1,349) 317 \u2014 (6,650)Total 19,978 7,37 9 (3,480) \u2014 23,876 4,964 (4,132) \u2014 24,709The table shows the breakdown of these items with specific indications of the gross effect on deferred tax assets and liabilities of IFRS 16, as required by the amendment to IAS 12, which came into force during 2023. To give a better representation of the balance sheet items, we have also restated the value for the 2022 financial year. The effect of IFRS 16 on previous financial years has been included as a net amount within the item Deferred tax assets.Where permitted by the IFRS, \u201cDeferred tax assets\u201d are shown net of the \u201cDeferred tax liabilities\u201d, which can be offset in order to show a correct representation.Deferred tax assets on tax losses were recognised taking into account that there is a reasonable certainty that in future years positive results will be achieved that are likely to absorb such losses.In addition, the Group had tax losses carried forward of Euro 17,486 thousand, not recognised in deferred tax assets at 31 December 2023. Total deferred tax assets were approximately Euro 2.6 million, which the Group has not made any provision for as they are not considered recoverable.4.4 INVESTMENTS IN JOINT VENTURES AND ASSOCIATESThe item \u201cInvestments in joint ventures and associates\u201d amounts to Euro 1,155 thousand as of 31 December 2023 (Euro 4,058 thousand as of 31 December 2022).The following table shows the amounts and movements of investments in joint ventures and associates for the years ended 31 December 2023 and 2022.(In thousands of Euro)Joint ventures Associates TotalValues at 31 December 2021 3,017 1,421 4,438Investments \u2014 \u2014 \u2014Disinvestments \u2014 \u2014 \u2014Impairment losses \u2014 \u2014 \u2014Dividends (2,478) \u2014 (2,478)Net result 1,919 (151) 1,768Exchange rate differences 330 \u2014 330Values at 31 December 2022 2,788 1,270 4,058Investments \u2014 \u2014 \u2014Disinvestments \u2014 \u2014 \u2014Impairment losses (22) \u2014 (22)Dividends \u2014 \u2014 \u2014Net result \u2014 (114) (114)Change in scope of consolidation (2,766) \u2014 (2,766)Exchange rate differences \u2014 \u2014 \u2014Values at 31 December 2023 \u2014 1,155 1,155Details of movements relating to joint ventures are provided below.(In thousands of Values at 31 Exchange rate Investments Disinvestments Dividends Net result Change in scope Values at 31 Euro)December 2022differencesof consolidationDecember 2023Technogym 2,766 \u2014 \u2014 \u2014 \u2014 \u2014 (2,766) \u2014Emirates LLCWellness 22 \u2014 \u2014 (22) \u2014 \u2014 \u2014 \u2014Explorers SrlTotal 2,788 \u2014 \u2014 (22) \u2014 \u2014 (2,766) \u2014The movements during the year refer to the changes in the consolidation of the equity investment in Technogym Emirates LLC, from the equity method to the line-by-line method, following an agreement with the majority shareholder, which called for a redefinition of corporate governance and enabled the Group to obtain substantial control over the company. In 2023, Wellness Explorers Srl ceased trading and exited the company's consolidation perimeter.Details of movements relating to associates are provided below.(In thousands of Values at 31 Exchange rate Investments Disinvestments Dividends Net result Values at 31 Euro)December differencesDecember 20222023Wellink srl 209 \u2014 \u2014 \u2014 \u2014 9 218 Physio AG 1,060 \u2014 \u2014 \u2014 \u2014 (123) 936Total 1,270 \u2014 \u2014 \u2014 \u2014 (114) 1,155At 31 December 2023, the category \u201cAssociates\u201d relates to the 40% shareholding in Wellink S.r.l., an Italian company that develops and implements custom projects for wellness centres, and to the 31.5% stake in Physio AG, a German company whose purpose is to consolidate the development and sale of the biocircuit platform on the German market.The financial highlights of the associated companies are reported below from a stand-alone perspective, i.e. before the consolidation process.(In thousands of Euro)Wellink srl Physio AGAs of 31 December As of 31 December2023 2022 2023 2022Equity 395 372 (47) 348Total revenues 677 638 907 1,301Profit/(loss) for the period 22 (35) (391) (434)4.5 OTHER NON\ue618CURRENT ASSETSThe item \u201cOther non-current assets\u201d amounts to Euro 82,350 thousand at 31 December 2023 (Euro 73,544 thousand on 31 December 2022).The following table provides details of \u201cOther non-current assets\u201d on 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022Other non-current assetsTransferred trade receivables due after 12 months 35,745 34,634Provisions for transferred receivables - due after 12 months (2,203) (2,018)Income tax receivables due after 12 months 5,085 4,191Security deposits 2,333 2,403Other receivables \u2014 61Investments in other entities 712 597Receivables for buy backs - due after 12 months 40,677 33,676Total other non-current assets 82,350 73,544\u201cTransferred trade receivables due after 12 months\u201d, net of the relative bad debt provision, equal to Euro 33,542 thousand and Euro 32,616 thousand at 31 December 2023 and 2022 respectively, include the non-current portion of receivables arising from the sale of goods which, although transferred to third party financial institutions, are retained in the financial statements as they do not meet all the conditions required by IFRS 9 for their derecognition from assets. The financial liabilities include the amounts received from financial institutions in the form of advances for these transfers. The total provision for write-downs on transferred receivables is Euro 1.3 million for the current portion and Euro 2.2 million for the non-current portion. As explained at length in the paragraph \u201cEstimates and assumptions\u201d, following an analysis of its receivables portfolio the Company increased its provision for bad debts by a total of Euro 297 thousand (of which Euro 185 thousand after 12 months), increasing it to an amount that would absorb the amount of any receivables for which the risk of default is considered probable.\u201cIncome tax receivables due after 12 months\u201d, of Euro 5,085 relate to the \u201cpatent box\u201d taxation scheme, the tax credit for investments in new business assets, and the tax credit for research and development.\u201cSecurity deposits\u201d of Euro 2,333 thousand as of 31 December 2023 are recognised in respect of property leases, lease agreements for vehicles, and utilities.\u201cReceivables for buy backs due after 12 months\u201d recognised in accordance with IFRS 15, relate to non-current assets for sales with the right of return, which may be exercised by certain categories of customer when new machinery is bought. For more details about the recognition criteria for this item, see paragraph 2.4 of this document \u201cValuation criteria\u201d in the section \u201cRecognition of revenues\u201d.The following table shows the details of \u201cinvestments in other entities\u201d for the years ended 31 December 2023 and 31 December 2022.(In thousands of Euro)Registered % of control Currency As of 31 Decemberoffice2023 2022Entity nameQicraft Norway AS Norway 10% NOK 72 10Qicraft Finland OY Finland 10% EUR 53 62Qicraft Sweden AB Sweden 10% SEK 77 50Fimex Switzerland 5% CHF 326 291Pubblisole Spa Italy 2% EUR 100 100Crit S.r.l. Italy 1% EUR 26 26Other investments n.a. n.a. n.a. 58 59Total investments in other entities 712 597Note that in August 2023, the British company Sandcroft Avenue Limited (owned as to 12.4%) was deregistered; therefore the financial receivable of Euro 251 thousand was closed and has already been fully written down.In accordance with IFRS 9, these equity instruments are classified as financial assets at fair value and recognised in profit or loss.4.6 INVENTORIESThe item \u201cInventories\u201d amounts to Euro 103,560 thousand as of 31 December 2023 (Euro 100,671 thousand as of 31 December 2022). The following table gives a breakdown of this item of 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022InventoriesRaw materials (gross value) 22,339 22 ,139Write-down provision (2,373) (2,562)Total raw materials 19,966 19,577Work in progress (gross value) 1,497 1,434Write-down provision (84) (104)Total work in progress 1,413 1,330Finished goods (gross value) 103,286 102,336Write-down provision (21,105) (22,572)Total finished goods 82 ,181 79,764Total inventories 103,560 100,671The increase in the balance of Inventories as at 31 December 2023, compared to the previous year, is mainly linked to the change in the consolidation of the equity investment in TG Emirates LLC, from net equity to line-by-line, which produced an impact of Euro 4.6 million. Net of that effect, the stocks level was below that of 2022, mainly thanks to the notable sales during the final part of the year and the reduction in the purchase price of materials. This was partially offset by the rise in the level of parts stocks required to increase the level of customer service, and to meet the production requirements during the early part of 2024. Average inventory time fell from 77 days for the year ended 31 December 2022, to 71 days for the year ended 31 December 2023; the stock turnover ratio rose from 4.7 to 5.1.The following table shows the amounts and movements of the inventory write-down provision for the years ended 31 December 2023 and 31 December 2022.(In thousands of Euro)Raw materials Work in progress Finished goods Total inventory write-down provisionValues at 1 January 2022 2,049 136 19,870 22,054Provisions 514 \u2014 4,297 4,811Utilisations \u2014 (31) (1,661) (1,692)Reclassifications \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 \u2014 66 66Values at 31 December 2022 2,562 104 22,572 25,238Provisions 176 4 3,738 3,918Utilisations (365) (24) (5,501) (5,890)Reclassifications \u2014 \u2014 \u2014 \u2014Change in scope of consolidation \u2014 \u2014 653 653Exchange rate differences \u2014 \u2014 (357) (357)Values at 31 December 2023 2,373 84 21,105 23,5624.7 TRADE RECEIVABLESThe item \u201cTrade receivables\u201d amounted to Euro 119,793 thousand on 31 December 2023 (Euro 110,824 thousand on 31 December 2022) net of the bad debt provision.The following table contains a breakdown of the trade receivables as of 31 December 2023 and 2022:(In thousands of Euro) As of 31 December2023 2022Trade receivablesTrade receivables (gross value) 106,704 99,366Provision for write-downs of receivables ( 7, 312) (6,834)Transferred trade receivables 21,682 19,461Provision for write-downs on transferred receivables (1,281) (1,169)Total trade receivables 119,793 110,824The increase in the \u201cTrade receivables\u201d item during the year, of Euro 8,969 thousand, is mainly due to the rise in sales volumes, primarily in the BtoB segment, and to the improved product mix as well as the increase in sales of services and digital content. Average days to collect outstanding trade receivables fell from 45 for the year ended in 2022, to 43 for the year ended in 2023; the turnover ratio rose from 8.1 to 8.4.Transferred trade receivables net of the relative provision, equal to Euro 20,401 thousand at 31 December 2023 and Euro 18,292 thousand at 31 December 2022, refer to the current portion of receivables arising from the sale of goods which, although they are transferred to financial institutions, are retained in the financial statements as they do not meet all the conditions required by IAS 9 for derecognition from assets. The total provision for write-downs on transferred receivables is Euro 1.3 million for the current portion and Euro 2.2 million for the non-current portion. As explained at length in the paragraph \u201cEstimates and assumptions\u201d, following an analysis of its receivables portfolio the Company increased its provision for bad debts by a total of Euro 297 thousand (of which Euro 122 thousand after 12 months), increasing it to an amount that would absorb the amount of any receivables for which the risk of default is considered probable.The financial liabilities include the amounts received from financial institutions in the form of advances for these transfers.The following table contains a breakdown of trade receivables broken down by maturity as of 31 December 2023 and 2022:(In thousands of Euro)Not Up to 30 Between Between Between More than Totaloverduedays past 31 and 90 91 and 180 181 and 360 360 days duedays past days past days past past duedueduedueAt 1 January 2022 81,708 15,712 5,233 1,020 445 123 104,242Trade receivables (gross value) 76,791 7,410 5,316 3,158 2,288 4,403 99,366Provision for write-downs of \u2014 (494) (429) (346) (1,520) (4,045) (6,834)receivablesTransferred trade receivables 19,461 \u2014 \u2014 \u2014 \u2014 \u2014 19,461Provision for write-downs on (1,169) \u2014 \u2014 \u2014 \u2014 \u2014 (1,169)transferred receivablesAs of 31 December 2022 95,083 6,916 4,887 2,812 768 358 110,824Trade receivables (gross value) 86,626 9,545 2,256 1,594 2,609 4,074 106,704Provision for write-downs of \u2014 (206) (453) (935) (1,887) (3,831) ( 7,312)receivablesTransferred trade receivables 21,682 \u2014 \u2014 \u2014 \u2014 \u2014 21,682Provision for write-downs on (1,281) \u2014 \u2014 \u2014 \u2014 \u2014 (1,281)transferred receivablesAs of 31 December 2023 107,027 9,340 1,803 658 721 243 119,793The following table reports the amounts and changes in the bad debt provision for the years ended 31 December 2023 and 2022:(In thousands of Euro)Provision for write-downs of receivablesValues at 31 December 2021 7,133Net provisions 1,877Utilisations (1,020)Exchange rate differences 13Values at 31 December 2022 8,003Net provisions 1,651Utilisations (1,342)Change in scope of consolidation 493Exchange rate differences (211)Values at 31 December 2023 8,593Specific bad debt provisions have been established for doubtful receivables for which legal proceedings have been started to collect sums due, and for some receivables due from customers with a lower likelihood of collection.The utilisations of the bad debt provision arise when the Group has determined the existence of conditions for the dismissal of the credit position.Main customersIn accordance with IFRS 8, paragraph 34, for the years ended 31 December 2023 and 2022, the Company did not have any clients generating more than 10% of total revenues.4.8 CURRENT FINANCIAL ASSETSThe item \u201cCurrent financial assets\u201d amounted to Euro 4,250 thousand at 31 December 2023 (Euro 19,883 thousand at 31 December 2022) and relates to restricted bank deposits with a term of 3-12 months. In accordance with IAS 7, as these assets are not readily available they were not included in Cash and cash equivalents.4.9 ASSETS FOR DERIVATIVE FINANCIAL INSTRUMENTSThe item \u201cAssets for derivative financial instruments\u201d amounted to Euro 172 thousand at 31 December 2023 (Euro 637 thousand at 31 December 2022).The following table shows assets for derivative financial instruments broken down by currency at 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022USD 143 552GBP 11 85AUD 4 \u2014CNY 14 \u2014CAD \u2014 * \u2014Total 172 637* The approximated value is less than a thousand and amounts to Euro 139Assets for derivative financial instruments are related to positive differences resulting from the fair value of \u201cforward\u201d contracts in place as of 31 December 2023 and 2022. They are listed in the table below:(In thousands of Euro) As of 31 December 2023Currency Currency inflow Currency Currency outflowForward EUR 21,143 USD 23,550Forward EUR 1,935 JPY 300,000Forward EUR 1,025 CAD 1,500Forward EUR 2,564 CNY 20,000Forward EUR 4,632 GBP 4,000Forward EUR 1,846 AUD 3,000(In thousands of Euro) As of 31 December 2022Currency Currency inflow Currency Currency outflowForward EUR 15,416 USD 16,000Forward EUR 3,884 JPY 550,000Forward EUR 3,169 AUD 5,000Forward EUR 5,421 CNY 40,000Forward EUR 10,197 GBP 9,000The exposure to exchange rate risk is mainly managed using contracts for the forward sale of currency denominated in the sale currency of some markets in which the Group operates. However, at 31 December 2023, these contracts were not recorded on a hedge accounting basis, apart from a \u201cCollar\u201d hedging contract to protect a currency deposit.4.10 OTHER CURRENT ASSETSThe item \u201cOther current assets\u201d amounts to Euro 28,152 thousand at 31 December 2023 (Euro 27,178 thousand At 31 December 2022). The following table contains a breakdown of the other current assets at 31 December 2023 and 2022:(In thousands of Euro)As of 31 December2023 2022Other current assetsVAT receivables 7,055 4,876Prepaid expenses 5,716 5,832Advances to suppliers 1,945 2,443Tax credits 2,967 3,545Accrued income 750 321Receivables from employees 95 124Other receivables 1,989 2,384Receivables for buy backs - within 12 months 7,63 4 7,6 54Total other current assets 28,152 2 7,178\u201cVAT receivables\u201d were offset with the related debt for each company in order to give the net amount for a single entity.\u201cPrepaid expenses\u201d mainly relate to insurance premiums, assistance and maintenance fees, marketing expenses, utilities and rent.\u201cAdvances to suppliers\u201d relate to advances and deposits paid for supplies yet to be received.The tax credits relate to tax credits for investments in business assets, and to research and development.\u201cReceivables for buy backs due within 12 months\u201d, recognised in accordance with IFRS 15, relate to current assets for sales with the right of return, which may be exercised when new machinery is bought.For more details about the recognition criteria for this item, see paragraph 2.4 of this document \u201cValuation criteria\u201d in the section \u201cRecognition of revenues\u201d.4.11 CASH AND CASH EQUIVALENTSThe item \u201cCash and cash equivalents\u201d amounted to Euro 224,730 thousand at 31 December 2023 (Euro 205,358 thousand at 31 December 2022).The following table shows the amounts of cash and cash equivalents at 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022Cash and cash equivalentsBank deposits 200,509 189,777Cheques 374 128Cash and cash equivalents 183 310Term bank deposits <3 months 23,664 15,143Total cash and cash equivalents 224,730 205,358\u201cBank deposits\u201d represent temporary cash surpluses on Group current accounts at year-end.\u201cTerm bank deposits within 3 months\u201d at 31 December 2023 represent temporary uses of surplus cash.The following table shows the breakdown by currency of the item \u201cCash and cash equivalents\u201d at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022AUD 4,239 4,929BRL 268 59CHF 480 355CNY 4,437 8,934EUR 153,979 121,240GBP 12,735 10,443HKD 985 529JPY 2,450 4,798MXN 3 9RUB 6,729 5,722SGD 98 78USD 27,741 46,827SAR 1,263 279ZAR 529 215AED 5,811 \u2014CAD 2,310 \u2014OTH 675 942Total 224,730 205,358As of 31 December 2023 and 2022 there were no restrictions or limitations on the use of the Group\u2019s bank deposits, cheques and cash and cash equivalents on hand.4.12 EQUITYThe item \u201cEquity\u201d amounted to Euro 363,712 thousand at 31 December 2023 (Euro 345,927 thousand at 31 December 2022). The following table reports the details of equity at 31 December 2023 and 2022:(In thousands of Euro)As of 31 December2023 2022EquityShare capital 10,066 10,066Share premium reserve 7,132 7,132Own shares (6,922) \u2014Other reserves 34,230 37,69 8Retained earnings 236,397 225,438Profit (loss) attributable to owners of the parent 73,640 63,587Equity attributable to owners of the parent 354,544 343,922Capital and reserves attributable to non-controlling interests 5,640 1,716Profit (loss) attributable to non-controlling interests 3,528 288Equity attributable to non-controlling interests 9,168 2,005Total equity of Group and non-controlling interests 363,712 345,927The following table shows the amounts and movements of equity for the years ended 31 December 2023 and 2022:(In thousands of Euro)Other reservesAs of 31 December 2021 10,066 7,1 3 2 \u2014 392 954 (115) \u2014 30,091 198,256 63,065 309,841 1,519 200 1,719 311,560Profit for the previous year \u2014 \u2014 \u2014 \u2014 (12) \u2014 \u2014 3,683 59,394 (63,065) \u2014 200 (200) \u2014 \u2014Total comprehensive \u2014 \u2014 \u2014 1,758 \u2014 451 \u2014 (3) \u2014 63,587 65,794 (3) 288 285 66,079income for the yearDividends paid \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (32,212) \u2014 (32,212) \u2014 \u2014 \u2014 (32,212)Incentive plan (LTIP) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 500 \u2014 \u2014 \u2014 500 \u2014 \u2014 \u2014 500As of 31 December 2022 10,066 7,1 3 2 \u2014 2,150 942 336 500 33,771 225,438 63,587 343,922 1,716 288 2,004 345,927Profit for the previous year \u2014 \u2014 \u2014 \u2014 (12) \u2014 \u2014 2,302 61,297 (63,587) \u2014 288 (288) \u2014 \u2014Total comprehensive \u2014 \u2014 \u2014 (4,127) \u2014 (55) \u2014 (396) \u2014 73,640 69,062 (225) 3,528 3,303 72,365income for the yearDividends paid \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (50,332) \u2014 (50,332) (992) \u2014 (992) (51,324)Purchase and sale of \u2014 \u2014 (6,922) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (6,922) \u2014 \u2014 \u2014 (6,922)own sharesIncrease in capital \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 2,116 \u2014 2,116 2,116Incentive plan (LTIP) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1,030 \u2014 \u2014 \u2014 1,030 \u2014 \u2014 \u2014 1,030Other movements \u2014 \u2014 \u2014 (2,209) \u2014 \u2014 \u2014 \u2014 (7) \u2014 (2,217) 2,736 \u2014 2,736 520As of 31 December 2023 10,066 7,13 2 (6,922) (4,187) 930 282 1,529 35,677 236,397 73,640 354,544 5,640 3,528 9,168 363,712Share capitalAs of 31 December 2023, the \u201cShare capital\u201d of Euro 10,066 thousand, fully subscribed and paid in cash, amounted to 201,327,500 ordinary shares with no nominal value.Own sharesOn 6 November 2023, Technogym launched a programme of acquiring own shares, following the authorisation approved by the Ordinary Shareholders\u2019 Meeting on 5 May 2023. Since the programme was launched in 2023, the Parent Company has carried out operations on its own equity instruments, acquiring 836,972 own shares for a total of Euro 6,922 thousand, equal to 0.42% of the share capital. These transactions were booked directly under net equity, as required by IAS 32. .Translation reserveThe \u201cCurrency translation reserve\u201d is generated from the translation of the financial statements of foreign subsidiaries with a functional currency other than the euro. The main differences compared to the previous year are due to fluctuations in the US dollar, the rouble, the Japanese yen and the renminbi. \u201cOther movements\u201d show the impact of the change in the consolidation scope of Technogym Emirates, and the departure from the group of Technogym Manno, during the 2023 financial year.Reserve for the adoption of IAS/ IFRSThe \u201cReserve for the adoption of IAS/IFRS\u201d was generated at the time of the transition of the Group\u2019s separate and consolidated financial statements to IFRS, which took place on 31 December 2013. This reserve, originally a negative Euro 432,083 thousand, was partially covered over the years using the \u201cShare premium reserve\u201d and the profits generated.IAS 19 reserveThe \u201cIAS 19 reserve\u201d refers to the effects arising from the re-measurement of defined benefit plans, as represented in the statement of comprehensive income.Hedge Account reserveAs of 31 December 2023, the cash flow hedge reserve relates essentially to the effective component of a single active interest rate risk hedge (collar). For the 2023 financial year, the collar contract (to hedge a deposit in dollars) and the IRS contract (closed during the year) were treated according to the hedge accounting method. The negative fair value at 31 December 2023 amounted to Euro 524 thousand, as reported in the table below (Euro 399 thousand net of the tax effect).(In thousands of Euro)CFH reserveBalance at 31 December 2021 \u2014Hedging instruments / Cash flow hedges 3Tax effect \u2013 Hedging instruments / Cash flow hedges (1)Balance at 31 December 2022 3Hedging instruments / Cash flow hedges 524Tax effect \u2013 Hedging instruments / Cash flow hedges (126)Balance at 31 December 2023 399Stock option reserveAt 31 December 2023, three incentive plans were in place for Technogym management: the 2021-2023 Performance Shares Plan, the 2022-2024 Performance Shares Plan, and the 2023-2025 Performance Shares Plan (the \u201cIncentive Plans\u201d). They were approved by the Board of Directors on 24 March 2021, 23 March 2022 and 25 March 2023 respectively.In compliance with Consob resolution 11971 of 14 May 1999 as amended and Consob communication 11508 of 15 February 2000, information on relative stock grant plans is given below.The purpose of the Incentive Plans is to consolidate Technogym\u2019s ability to retain key resources and attract staff with the best skills, and align interest in company performance of the Company\u2019s key resources with that of shareholders to create sustainable value over time. Incentive plans are based on a three-year horizon, considered as the most suitable timeframe to achieve the plans\u2019 objectives. The Incentive Plans are for Technogym Group managers, who are nominated individually by the Board of Directors, based on proposals made by the Chairman of the Board of and after consulting with the Appointments and Remuneration Committee, from among the employees and/or staff of the Company or its subsidiaries who have strategic roles or can make significant contributions to the Company\u2019s and/or Group\u2019s strategic objectives, including the Company\u2019s Key Managers. Pursuant to article 114-bis, paragraph 3 of the TUF and article 84-bis, paragraph 2 of the Consob Regulation on Issuers, incentive plans are considered as \u201cplans of particular significance\u201d, as the beneficiaries identified by the Board of Directors may include Key Managers. The incentive plan regulations do not provide for loans or other facilitations to acquire shares, as defined in Article 2358 paragraph 3 of the Civil Code.The incentive plans for 2021-2023, 2022-2024 and 2023-2025 are based on granting the right to receive free shares if certain Company performance objectives are met. These incentive plans have: \u203a pre-determined performance objectives identified in the Company\u2019s economic/financial performance; for the 2023-2025 PSP only, they are also linked to ESG targets; \u203a adequate periods to accrue rights to obtain assigned shares (three-year vesting period); \u203a constraints on the transfer of shares, equal to 12 months from the date when they are assigned.The shares will be assigned to the beneficiaries, subject to the conditions in the Incentive Plans being met, no later than 60 days following the approval of the Group\u2019s Consolidated Financial Statements to 31 December 2023, 31 December 2024 and 31 December 2025.The beneficiaries will have the right to receive the shares if, on the vesting date: \u203a they still have a contract of employment and/or collaboration with Technogym and/or its subsidiaries; \u203a there is no pending termination of their contract of employment with the Company or its subsidiaries.For more information about these Incentive Plans, see the respective prospectuses on the Company\u2019s website, at https://corporate.technogym.com/it/governance/assemblea-degli-azionisti.Capital and reserves attributable to non-controlling interestsThe item \u201cCapital and reserves attributable to non-controlling interests\u201d rose by Euro 2,116 following the incorporation of the Saudi company Technogym Arabia LLC, which is 70% owned and fully consolidated.Reconciliation between the Parent company\u2019s equity and net result for the year and the consolidated equity and net result for the yearThe table below is a reconciliation of the net equity of Technogym SpA and the consolidated equity, including details of each item:(In thousands of Euro)2023 2022Equity Profit Equity ProfitEquity and result as reported in the Parent company\u2019s financial 407,949 74,463 390,151 68,976statementsEffect of consolidation of subsidiaries 133,506 24,926 125,007 30,912Alignment of accounting policies of consolidated companies 33,414 4,305 31,903 2,232Effect of elimination of values of investments (203,333) 99 (193,310) (17,867)Elimination of intercompany dividends (7,823) (26,623) (7,823) (20,378)Equity pertaining to minority interests (9,168) (3,528) (2,005) (288)Group equity and results 354,544 73,640 343,922 63,5874.13 FINANCIAL LIABILITIESThe items \u201cNon-current financial liabilities\u201d and \u201cCurrent financial liabilities amounted to Euro 69,959 thousand and Euro 32,259 thousand at 31 December 2023 (respectively Euro 66,431 thousand and Euro 37,501 thousand at 31 December 2022 respectively). The following table shows the amounts of financial liabilities, current and non-current, at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022Non-current financial liabilitiesBank loans due after 12 months \u2013 non-current portion \u2014 2,625Other non-current financial liabilities 35,745 34,634IFRS 16 Non-current financial liabilities 34,214 29,173Total non-current financial liabilities 69,959 66,431Current financial liabilitiesBank loans due after 12 months \u2013 current portion \u2014 9,137Other short-term borrowings 402 222Current liabilities due to other lenders 21,682 19,461Other current financial liabilities 575 79IFRS 16 Financial liabilities - Current 9,601 8,602Total current financial liabilities 32,259 37,501On 31 December 2023, the Company\u2019s financial indebtedness with banks was zero, while the debts to other lenders are due to the countervalue of receivables assigned to third-party financial institutions that did not meet the derecognition criteria under IFRS 9.Medium/long-term bank loansThe following table shows the movements of bank loans for the years ended 31 December 2023 and 2022.(In thousands of Euro)Bank loans due after 12 months \u2013 Bank loans due after 12 months \u2013 Total loansnon-current portioncurrent portionValues at 31 December 2021 12,500 50,103 62,603Obtainment of loans 3,217 803 4,021Repayments \u2014 (54,862) (54,862)Reclassification from long-term to short-term (13,093) 13,093 \u2014Values at 31 December 2022 2,625 9,137 11,762Obtainment of loans \u2014 \u2014 \u2014Repayments \u2014 (11,762) (11,762)Reclassification from long-term to short-term (2,625) 2,625 \u2014Values at 31 December 2023 \u2014 \u2014 \u2014The following shows the details of medium-long term bank loans at 31 December 2023 and 2022.(In thousands of Euro)Due date Interest rate As of 31 December2023 of which 2022 of which currentcurrentBank loansCr\u00e9dit Agricole Italia S.p.A. 2020-2023 Variable \u2014 \u2014 8,333 8,333Deutsche Bank 2022-2027 Fixed \u2014 \u2014 3,428 803Total bank loans \u2014 \u2014 11,762 9,137During 2023 the Group also strengthened its financing structure by taking out the following loan agreements, with the availability of credit lines that were not used during the year.The medium-long term loan was granted by Cassa Depositi e Prestiti Spa on 15 June 2023 as an available line of credit totalling Euro 25,000 thousand. The loan expires on 15 June 2028 and includes an option to use, for two years from the date of signature. If the option is exercised, the loan will be repaid until the date of expiry. Otherwise it will be closed. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023 the option had not been exercised.Credit Agricole: the revolving loan was granted by Credit Agricole Italy on 2 May 2023 as an available line of credit totalling Euro 50,000 thousand. The loan expires on 2 May 2026, as to Euro 25,000 thousand, and a further 25,000 thousand is due on 28 April 2026, on which there is an option to renew for a further two years. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banco BPM: the revolving loan was granted by Banco BPM on 25 July 2023 as an available line of credit totalling Euro 15,000 thousand. The loan expires on 24 July 2026. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banco BPM: the revolving loan was granted by Banco BPM on 11 September 2023 as an available line of credit totalling Euro 15,000 thousand. The loan expires on 14 September 2026. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Deutsche Bank: the revolving loan was granted by Deutsche Bank on 4 August 2023 as an available line of credit totalling Euro 15,000 thousand. The loan expires on 04 August 2027. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banca Popolare di Sondrio: the revolving loan was granted by Banca Popolare di Sondrio on 17 May 2023 as an available line of credit totalling Euro 25,000 thousand. The loan expires on 16 November 2024. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banca Popolare di Sondrio: the revolving loan was granted by Banca Popolare di Sondrio on 30 May 2023 as an available line of credit totalling Euro 5,000 thousand. The loan expires on 29 November 2024. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Other short-term borrowingsThe following table reports the details of \u201cOther short-term borrowings\u201d as of 31 December 2023 and 31 December 2022:(In thousands of Euro) As of 31 DecemberCurrency 2023 2022Other short-term borrowingsBPER Luxembourg EUR 183 85Other short-term borrowings EUR 218 136Total other short-term borrowings 402 222Other short-term borrowings mainly include stand-by credit lines, short-term loans (generally \u201chot money\u201d), bank overdrafts and credit cards. In particular, the Group uses short-term committed and uncommitted credit lines granted by leading banks, which accrue interest at a variable rate indexed to the Euribor plus a spread.Liabilities due to other lendersCurrent and non-current liabilities from other lenders refers to financing transactions guaranteed by the transfer of receivables arising from the sale of goods that, although they are transferred to third financial institutions, they are retained in the financial statements as they do not meet all the conditions required by IFRS 9 for their derecognition from assets. See also note 4.5 \u201cOther non-current assets\u201d and note 4.7 \u201cTrade receivables\u201d.4.14 DEFERRED TAX LIABILITIESFor comments relating to the item \u201cDeferred tax liabilities\u201d please see paragraph 4.3.4.15 EMPLOYEE BENEFIT OBLIGATIONSThe item \u201cEmployee benefit obligations\u201d amounts to Euro 2,621 thousand at 31 December 2023 (Euro 2,600 thousand at 31 December 2022).The following table shows the amounts and movements of employee benefit obligations for the years ended 31 December 2023 and 2022.(In thousands of Euro)Employee benefit obligationsValues at 31 December 2021 3,091Provisions 16Financial expenses 25Actuarial (gains)/losses (274)Reclassifications \u2014Exchange rate differences \u2014Utilisations (258)Values at 31 December 2022 2,600Provisions 88Financial expenses 75Actuarial (gains)/losses 45Reclassifications \u2014Exchange rate differences (1)Utilisations (186)Values at 31 December 2023 2,621Information about the actuarial valuation of provisions for employee benefit obligations is presented in note 4.16.\ue61d.\ue61e\ue617 PROVISIONS FOR RISKS AND CHARGESThe item \u201cProvisions\u201d at 31 December 2023 amounts to Euro 13,568 thousand for non-current financial liabilities and Euro 19,472 thousand for current financial liabilities (respectively, Euro 9,586 thousand and Euro 14,222 thousand at 31 December 2022). The following table shows the details of provisions for risks and charges, current and non-current, at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022Non-current provisions for risks and chargesWarranties provision 6,676 5,754Agents provision 1,022 894Non-Competition Agreement provision 2,651 1,614Rebates provision 2 ,158 568Other provisions for risks and charges 992 611Ongoing lawsuits provision 69 145Total non-current provisions for risks and charges 13,566 9,586Current provisions for risks and chargesWarranties provision 6,813 5,861Free Product Fund provision 1,275 866Other provisions for risks and charges 11,384 7,495Total current provisions for risks and charges 19,472 14,222The following table shows the amounts and movements of provisions for risks and charges, current and non-current, for the years ended 31 December 2023 and 2022.(In thousands of Euro)Warranties Agents Non-Rebates Other Ongoing Non-current Warranties Free Product Other Current provisionprovisionCompetition provisionprovisions lawsuits provisions provisionFund provisions provisions Agreement for risks provisionfor risks and provisionfor risks and for risks provisionand chargeschargesand chargeschargesValues at 31 December 2021 4,772 1,087 1,990 456 604 43 8,952 4,955 199 6,580 11,734Provisions 3,746 123 465 236 152 102 4,825 1,731 725 6,517 8,973Reclassifications \u2014 \u2014 \u2014 \u2014 \u2014 (1) (1) \u2014 \u2014 \u2014 \u2014Exchange rate differences 10 \u2014 \u2014 \u2014 (17) \u2014 (7) (5) (2) 22 15Financial expenses \u2014 \u2014 38 \u2014 \u2014 \u2014 38 \u2014 \u2014 \u2014 \u2014Actuarial (gains)/losses \u2014 (243) (712) \u2014 \u2014 \u2014 (955) \u2014 \u2014 \u2014 \u2014Utilisations (2,775) (72) (166) (124) (129) \u2014 (3,266) (821) (55) (5,625) (6,501)Values at 31 December 2022 5,754 894 1,614 568 610 145 9,586 5,860 868 7,4 9 2 14,222Provisions 3,357 138 1,014 1,509 544 58 6,620 4,191 1,196 9,841 15,229Reclassifications \u2014 \u2014 \u2014 (16) \u2014 \u2014 (16) \u2014 \u2014 \u2014 \u2014Exchange rate differences (58) \u2014 \u2014 (4) (21) \u2014 (83) (48) (4) (22) (73)Change in scope of 146 \u2014 \u2014 171 \u2014 \u2014 317 146 \u2014 (20) 127consolidation(In thousands of Euro)Warranties Agents Non-Rebates Other Ongoing Non-current Warranties Free Product Other Current provisionprovisionCompetition provisionprovisions lawsuits provisions provisionFund provisions provisions Agreement for risks provisionfor risks and provisionfor risks and for risks provisionand chargeschargesand chargeschargesFinancial expenses \u2014 \u2014 57 \u2014 \u2014 \u2014 57 \u2014 \u2014 \u2014 \u2014Actuarial (gains)/losses \u2014 \u2014 15 \u2014 \u2014 \u2014 15 \u2014 \u2014 \u2014 \u2014Utilisations (2,523) (10) (49) (70) (141) (134) (2,928) (3,336) (785) (5,907) (10,028)Values at 31 December 6,676 1,022 2,651 2,158 992 69 13,566 6,813 1,275 11,384 19,4722023Current and non-current warranties provisions are reasonably estimated by the Group on the basis of the contractual guarantees issued to customers and past experience; they cover the cost of parts and labour that the Group will incur in future years for repairing products under warranty, for which the sales revenues have already been recognised in the income statement of the year or of previous years. The increase, in both the current and non-current portions of the Fund, equal to Euro 1,875 thousand, relate to the legal sales warranty which depends on the increase in sales of finished products.The \u201cAgents\u2019 provision\u201d and \u201cNon-Compete Agreement provision\u201d represent a reasonable estimate of the expenses that the Company would incur in the event of interruption of agency contracts. Those provisions were calculated by independent actuaries and were measured using the actuarial valuation of the projected unit of the credit, in accordance with IAS 37 and IAS 19. The increase mainly relates to the reclassification carried out by the subsidiary TG Germany, which was classified in the previous year under other payables for employees.The \u201cRebates provision\u201d and \u201cFree Product Fund\u201d represent the estimated non-monetary awards that the Company grants to customers on reaching specific purchasing targets. The total changes in these items, of Euro 1,998 thousand, are related to the increase in sales achieved by the Group.The Other provisions for risks and charges mainly relate to employee bonuses, which have increased by Euro 492 thousand, for which the amount has not yet been confirmed, and new provisions of Euro 938 thousand made in respect of ongoing legal disputes. During the year, the Group also set aside Euro 1,925 thousand, which relates to some of the liquidity held at the Russian affiliate Technogym AO. Due to the limitations imposed by the Russian Federation as a result of the conflict in Ukraine, this amount is considered to be at risk should it be distributed to the parent company, taking into account the methods which are now under assessment.Actuarial valuation of employee benefit obligations and Non-Competition Agreement provision according to IAS 19 and agents\u2019 provision according to IAS 37The methodology used for the discounting is recognised by the name \u201cmethod of the years of management on an individual basis and by drawing lots\u201d (MAGIS). This method is based on a stochastic Montecarlo type simulation.The main demographic assumptions used by the actuary to analyse the employee benefits provisions and the no-competition provision for the years ended December 31 December 2023 and 2022 are as follows: (i) the probability of death is obtained by using tables determined by ISTAT in 2000 and reduced by 25%: (ii) the probabilities of disability/invalidity are those adopted in the INPS model; (iii) the retirement age for the general working population is assumed to be the reaching of the first retirement requirement applicable for Mandatory General Insurance; (iv) the probability of leaving employment for reasons other than death was determined from the probability of turnover in line with the historical trend; in particular, an annual rate of 4% was considered for the year 2023 compared to the rate of 6% for 2022; (v) with regard to the probability of early retirement, an annual rate of 3% is applied, based on the historic trend, for 80% of the provision accumulated on the date of the request.As regards the discounting of the Agents provision according to IAS 37, the hypothesis of \u201cclosed group\u201d was considered during the time framework.The valuations were conducted by quantifying future payments through the projection of the agents\u2019 provision accrued at the valuation date of the agents working for the Company until the estimated time (unpredictable) of termination of the contract with the company; once again the method used is the MAGIS. Regarding the demographic assumptions, the ISTAT 2011 mortality rates were considered; for disability, the INPS tables by age and gender were used, whereas for the retirement age, the requirement established by ENASARCO was used. The possibility of agents being released due to the termination of their relationship with the Company or for other causes was determined using estimates of annual frequency based on company data. The financial assumptions essentially refer to the discount rate which, at 31 December 2023 was chosen as the yield from the Iboxx Corporate AA index with 5-7 year duration, matching the collective agreement measured at 2.95%.In addition, for the Italian companies the following economic-financial assumptions were taken into account. As of 31 December2023 2022Annual technical discount rate 3.10% 3.60%Annual inflation rate 2.50% 2.50%Annual rate of TFR increase 3.31% 3.31%Annual rate of commissions increase (for the valuation of agents\u2019 NCA) 3.00% 3.00%As for the annual technical discount rate of 3.1%, the Iboxx Corporate AA was selected as the benchmark for the Eurozone, with duration a consistent with the average duration of the collective agreement.A sensitivity analysis was also performed upon a change in the main actuarial assumptions included in the calculation model in relation to the 0.5% change of annual technical discount rate. The following results were obtained:(In thousands of Euro)As of 31 December2023 2022-0.50% Carrying 0.50% -0.50% Carrying 0.50% changeamountchangechangeamountchangeEmployee benefit obligations 95 2,621 (89) 81 2,600 (78)Non-Competition Agreement provision 93 2,651 (86) 78 1,614 (72)Total 188 5,272 (175) 159 4,214 (150)4.17 OTHER NON\ue618CURRENT LIABILITIESThe item \u201cOther non-current liabilities\u201d amounted to Euro 44,771 thousand on 31 December 2023 (Euro 38,415 thousand at 31 December 2022).Other non-current liabilities mainly include: \u203a deferred income, amounting to Euro 1,879 thousand, related to revenues associated to long-term contracts for technical assistance. This item was recognised as contractual liabilities in accordance with IFRS 15; \u203a liabilities for sales with return rights, equal to Euro 40,677 thousand, identified pursuant to IFRS 15, in order to represent suspended costs associated with these sales; \u203a the long-term portion of the obligation to buy-back leased products, of Euro 2,035 thousand; \u203a trade payables due after 12 months, of Euro 143 thousand.4.18 TRADE PAYABLESThe item \u201cTrade payables\u201d amounted to Euro 155,384 thousand at 31 December 2023 (Euro 173,559 thousand at 31 December 2022). Trade payables are mainly related to transactions for the purchase of raw materials, components and shipping services, manufacturing and technical assistance. These transactions are part of ordinary procurement management.4.19 CURRENT TAX LIABILITIESThe item \u201cCurrent tax liabilities\u201d amounted to Euro 9,192 thousand at 31 December 2023 (Euro 9,169 thousand at 31 December 2022). The item income tax receivables amounted to Euro 2,967 thousand at 31 December 2023 (Euro 3,545 thousand at 31 December 2022) (see note 4.10).4.20 LIABILITIES FOR DERIVATIVE FINANCIAL INSTRUMENTSThe item \u201cLiabilities for derivative financial instruments\u201d amounted to Euro 2 thousand at 31 December 2023 (Euro 77 thousand at 31 December 2022).The following table shows the liabilities for derivative financial instruments by currency at 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022ForwardAUD \u2014 4CNY \u2014 22JPY 2 48IRS \u2014 3Total 2 77Liabilities for derivative financial instruments refer to the differences arising from the fair value of \u201cforward\u201d contracts used to hedge exposure to currency risk.The exposure to exchange rate risk is mainly managed using contracts for the forward sale of currency denominated in the sale currency of some markets in which the Group operates. For details of the types of forward contracts, see the itemised table in paragraph 4.9. Assets for derivative financial instruments.For the 2023 financial year, the hedge accounting method was adopted only for the exchange rate collar. The net fair value of the collar at 31 December 2023 was positive at 83 thousand euros; the fluctuations during the period generated a cash flow hedge reserve of 524 thousand, as shown in the table below (Euro 399 thousand net of the tax effect).(In thousands of Euro)As of 31 December2023 assets 2022 assets 2023 liabilities 2022 liabilitiesExchange rate hedging: Exchange rate hedges (current) \u2013 cash flow hedge \u2014 \u2014 524 \u2014Tax effect \u2013 Exchange rate hedges (current) \u2013 cash flow hedge \u2014 \u2014 (126) \u2014Interest rate hedges:Interest rate hedges (current) \u2013 cash flow hedge \u2014 \u2014 \u2014 3Tax effect - Interest rate hedges (current) \u2013 cash flow hedge \u2014 \u2014 \u2014 (1)Total \u2014 \u2014 399 34.21 OTHER CURRENT LIABILITIESThe item \u201cOther current liabilities\u201d amounted to Euro 106,178 at 31 December 2023 (Euro 88,552 thousand at 31 December 2022). The following table shows the amounts of other current liabilities at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022Other current liabilitiesDeferred income 38,180 27, 294Advances from clients 21,765 21,661Payables to employees 13,062 11,984VAT payables 11,727 9,391Social security payables 5,242 4,053Other liabilities 7,291 5,651Accrued expenses 728 628Payables for buy backs - due within 12 months 8,182 7,890Total other current liabilities 106,1 78 88,552\u201cDeferred income\u201d mainly refers to scheduled maintenance contracts on machines sold in previous years, for which the revenues are recognised according to the matching principle.\u201cAdvances from customers\u201d relates to advances and deposits received for supplies yet to be delivered. These items were recognised as contractual liabilities in accordance with IFRS 15.\u201cPayables to employees\u201d mainly refer to salaries for the month of December paid in January, untaken holiday entitlements and staff bonuses.\u201cSocial security payables\u201d are related to Social security contributions of various nature to be paid in the following year with reference to the salary for the month of December, Christmas bonuses and untaken holiday entitlements.The \u201cOther liabilities\u201d at 31 December 2023 and 2022 mainly relate to income taxes withheld on income from employment and self-employment to be paid in the following year.\u201cAccrued expenses\u201d mainly include accruals relating to utilities, sponsorships and insurance.The item \u201cPayables for buy backs - due within 12 months\u201d includes Euro 547 thousand relative to a short-term buyback obligation for leased products. The remainder of the item, of Euro 7,635 thousand, refers to liabilities for sales with return rights, identified pursuant to IFRS 15, in order to represent the suspended revenues associated with these sales.For more details about the recognition criteria for this item, see paragraph 2.4 of this document \u201cValuation criteria\u201d in the section \u201cRecognition of revenues\u201d.5 Notes to the income statement5.1 REVENUESThe item \u201cRevenues\u201d amounts to Euro 806,288 thousand for the year ended 31 December 2023, an increase of Euro 87,263 thousand (12%) compared to Euro 719,025 thousand for the year ended 31 December 2022. The improvement in performance over the prior year can be attributed to strong growth across all the BtoB sub-segments: Clubs, Hospitality & Residential and Health, Corporate & Performance. The BtoC segment ended 2023 in line with the previous financial year.The following table contains a breakdown of the revenues for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022RevenuesRevenues from the sale of products, spare parts, hardware and software 648,720 5 87,811Revenues from transport and installation, after-sale and rental assistance 157,568 131,214Total revenues 806,288 719,025The breakdown of revenues by customer, distribution channel and geographical area is shown in the \u201cSegment Reporting\u201d in the management report.5.2 OTHER REVENUES AND INCOMEThe item \u201cOther revenues and income\u201d amounted to Euro 1,803 thousand for the year ended 31 December 2023 (Euro 2,465 thousand for the year ended 31 December 2022). This item mainly consists of tax credits, rental income, compensation from suppliers and other income from non-core activities.5.3 PURCHASES AND USE OF RAW MATERIALS, WORK IN PROGRESS AND FINISHED GOODSThis item amounted to Euro 269,845 thousand for the year ended 31 December 2023 (Euro 248,077 thousand for the year ended 31 December 2022).The following table contains details of the purchases and changes in raw materials, work in progress and finished goods for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Purchases and changes in raw materials, work in progress and finished goodsPurchases and changes in raw materials 164,538 155,745Purchases and changes in finished goods 103,804 86,701Purchases and changes in packaging and cost of custom duties 2,310 5,740Change in inventory of work in progress (807) (109)Total purchases and changes in raw materials, work in progress and finished goods 269,845 248,077The increase in this item depends on the Group\u2019s increased sales volumes, despite the fact that in the previous year the purchase price of materials fell, due to the inflationary effects of previous periods.5.4 COST OF SERVICESThe item \u201cCost of services\u201d amounted to Euro 189,192 thousand for the year ended 31 December 2023 (Euro 189,192 thousand for the year ended 31 December 2022).The following table shows the amounts of cost of services for the years ended 31 December 2023 and 2022 restated.(In thousands of Euro)Year ended 31 December2023 2022Cost of servicesTransport, customs duties and installation 78,840 7 7,6 09Technical assistance 24,220 21,154Advertising 19,933 18,223Rentals 8,301 7, 811Agents 10,159 8,477Consulting services 12,385 10,493Travel and business expenses 12,029 9,603Outsourcing costs 7,037 7,937Utilities 4,590 4,706Maintenance costs 6,268 6,035Other services 29,807 23,259Total cost of services 213,569 195,308The higher increases compared to 31 December 2022 essentially refer to the strong recovery in the business and the higher volumes linked to the BtoB segment, which entailed an increase in transportation costs and more after-sales support and installation activities. Additionally, the group is continuing to make marketing investments in order to achieve sustainable growth in the BtoC segment.\u201cOther services\u201d mainly relate to costs for managing external deposits, insurance and remuneration of external directors, the board of statutory auditors and independent auditors.The following table shows the details of audit fees to the independent auditors for services provided to the Company for the years ended 31 December 2023 and 2022:(In thousands of Euro)Year ended 31 December2023 2022Audit feesAuditing of the accounts 1,045 994Other services 9 43Total audit fees 1,054 1,0375.5 PERSONNEL EXPENSESThe item \u201cPersonnel expenses\u201d amounted to Euro 167,666 thousand for the year ended 31 December 2023 (Euro 151,330 thousand for the year ended 31 December 2022).The following table shows the amounts of personnel expenses for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Personnel expensesWages and salaries 127,891 109,600Social security contributions 29,116 25,561Provisions for employee benefit obligations 3,289 3,103Other costs 7,37 0 6,951Total personnel expenses 167,666 145,214The increase in this item compared to the previous year is mainly correlated to the increase in average workforce compared to the same period in the previous year, particularly the higher number of office staff compared to manual workers, a 6.6% wage increase (provided for in the national agreement for metalworkers) as well as the inflationary effect of adjusting the Payroll item. As at 31 December 2023, this item also includes non-recurring expenses referring to personnel expenses not linked to normal operations, of Euro 1,764 thousand, whereas on 31 December 2022 the amount was Euro 1,442 thousand.The following table shows the average number of employees and the exact number of employees at the year-end broken down by category for the years ended 31 December 2023 and 2022.(in number)Year ended 31 December2023 2022Number of employees Average Year-end Average Year-endManagers 70 67 69 71White-collar 1,572 1,607 1,431 1,456Blue-collar 613 611 646 616Total number of employees 2,255 2,285 2 ,146 2 ,1435.6 OTHER OPERATING COSTSThe item \u201cOther operating costs\u201d amounted to Euro 9,796 thousand for the year ended 31 December 2023 (Euro 5,277 thousand for the year ended 31 December 2022).The following table reports the amounts of other operating costs for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Other operating costs Other taxes and indirect taxes 2,484 2,180Other costs and net provisions on leasing receivables 7,312 3,097Total other operating costs 9,796 5,277The item \u201cOther costs and net provisions on leasing receivables\u201d mainly refers to membership fees, certification costs, promotional and advertising product giveaways, and donations. It also includes the amount set aside by the Group to cover doubtful receivables posted on the financial statements, for which there is a buyback obligation. With regard to this last item, after a careful analysis of the portfolio to 31 December 2023, the Group has estimated a risk of default of approximately Euro 3.5 million for next year, on a total portfolio of Euro 177 million. The provision for bad debts has thus been increased by Euro 297 thousand (of which Euro 185 thousand after 12 months and Euro 122 thousand for the current quota); the balance of this provision will absorb the total receivables for which the risk of default is considered probable.During the year, non-recurring costs of Euro 1,544 were posted in relation to indirect taxes from previous years.5.7 SHARE OF NET RESULT FROM JOINT VENTURESThe item \u201cShare of net result from joint ventures\u201d amounted to Euro 4,403 thousand for the year ended 31 December 2023 (Euro 1,768 thousand for the year ended 31 December 2022). The difference compared to the previous financial year is due to the fact that in 2023, following the change in the scope of consolidation of Technogym Emirates, the IFRS 3 rules were applied in case of a future taking of control. For consolidation purposes, an appraisal was prepared by an independent expert engaged by the company to determine the fair value of the equity investment. The results of the above-mentioned appraisal defined a value of the equity investment of Euro 10,390 thousand, of which 49% attributable to the Group, corresponding to Euro 5,091 thousand. The value of the equity investment as of 31 December 2022 was Euro 2,766 thousand. The transition to full consolidation has generated non-recurring income of Euro 4,066 thousand, deriving from the closure of the translation reserve (Euro 1,741 thousand) and the posting of Euro 2,325 thousand as a revaluation entry. The remainder relates to the share of Group net profit earned by the affiliates and/or subsidiaries, jointly (see note 4.4).5.8 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES/\ue616WRITE\ue618BACKS\ue615The item \u201cDepreciation, amortisation and impairment losses/(write-backs)\u201d amounted to Euro 45,712 for the year ended 31 December 2023 (Euro 40,386 thousand for the year ended 31 December 2022).The following table shows the amounts of depreciation, amortisation and impairment losses/(write-backs) for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Depreciation, amortisation and impairment losses/(revaluations)Depreciation of property, plant and equipment 26,948 25,510Amortisation of intangible assets 18,619 14,854Impairment losses of property, plant and equipment \u2014 _Impairment losses of intangible assets 146 23Total depreciation, amortisation and impairment losses (revaluations) 45,712 40,386For the tables of details regarding the breakdown of and changes in \u201cProperty, plant and equipment\u201d and \u201cIntangible assets\u201d for the years ended 31 December 2023 and 2022, see notes 4.1 and 4.2.5.9 NET PROVISIONSThe item \u201cNet provisions\u201d amounted to Euro 8,522 thousand for the year ended 31 December 2023 (Euro 6,242 thousand for the year ended 31 December 2022).The following table shows the amounts of net provisions for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Net provisionsInventory write-down net provisions 468 1,645Net allocations to bad debt provisions 2,129 2,167Warranties net provisions 1,689 1,881Other net provisions for risks and charges 3,131 572Ongoing lawsuits net provisions 1,106 (23)Total net provisions 8,522 6,242For details of the breakdown and changes in these items, see paragraphs \u201c4.6. Inventories\u201d, \u201c4.7 Trade receivables\u201d and \u201c4.16. Provisions for risks and charges\u201d in this document.5.10 FINANCIAL INCOMEThe item \u201cFinancial income\u201d amounted to Euro 23,397 thousand for the year ended 31 December 2023 (Euro 27,436 thousand for the year ended 31 December 2022).The following table shows the amounts of financial income for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Financial income Realised exchange gains 1 7,7 76 23,684Unrealised exchange gains 1,053 2,483Other financial income 44 184Bank interest receivable 4,524 1,085Total financial income 23,397 27,4 365.11 FINANCIAL EXPENSESThe item \u201cFinancial expenses\u201d amounted to Euro 20,897 thousand for the year ended 31 December 2023 (Euro 27,177 thousand for the year ended 31 December 2022).The following table shows the amounts of financial expenses for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Financial expenses Realised exchange losses 16,683 23,426Unrealised exchange losses 1,593 1,872Bank interest on financial loans 160 279Bank interest and fees 741 552Other financial expenses 1,719 1,048Total financial expenses 20,897 27,17 7\u201cOther financial expenses\u201d mainly include the financial cost of applying the IFRS 16 accounting standard.5.12 INCOME/\ue616EXPENSES\ue615 FROM INVESTMENTSThe item \u201cIncome/(expenses) from investments\u201d amounted to Euro 517 thousand for the year ended 31 December 2023 (Euro 298 thousand for the year ended 31 December 2022).(In thousands of Euro)Year ended 31 December2023 2022Income/(expenses) from investmentsRevaluations/(impairment losses) investments 517 298Total income/(expenses) from investments 517 298The positive result for the current year refers to the adjustment of the value of minority shareholdings, in accordance with IFRS9. The valuation is made by adjusting the value of the equity investments to their fair value.5.13 INCOME TAXESThe item \u201cIncome taxes\u201d amounts to Euro 23,232 thousand for the year ended 31 December 2023 (Euro 19,434 thousand for the year ended 31 December 2022).The following table shows the amounts of income taxes for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Income taxes Current taxes 24,452 23,555Deferred taxes (607) (4,015)Total income taxes for the year 23,845 19,541Taxes relating to prior years (613) (107)Total income taxes 23,232 19,434Taxes relating to prior years mainly relate to the recalculation of the tax credit for R&D. The following table shows the reconciliation between the theoretical tax rate and the actual tax rate for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 % 2022 %Profit before tax 100,400 83,309Income tax calculated with theoretical tax rate 24,036 24.0% 19,994 24.0%Effect of difference between local tax rate and theoretical tax rate (1,725) (1.7%) (373) (0.4%)Fiscal effect of non-deductible expenses/revenues 4,128 4.1% 5,816 7.0%Tax losses carried forward that are not recognised in (57) (0.1%) (855) (1.0%)deferred tax assets.Other income taxes (IRAP) 2,189 2.2% 1,149 1.4%Fiscal effect of tax relief (935) (0.9%) (964) (1.2%)Deferred taxes TG Shanghai \u2014 0.0% (1,703) (2.0%)Other minor effects (3,790) (3.8%) (3,524) (4.2%)Income taxes of previous years (613) (0.6%) (107) (0.1%)Total 23,232 23.2% 19,434 23.3%5.14 EARNINGS PER SHAREThe following table shows the calculation of basic earnings per share.(In thousands of Euro)Year ended 31 December2023 2022Earnings per shareProfit for the period 73,640 63,587Number of shares (in thousands)* 200,491 201,328Total earnings per share 0.37 0.32* The calculation does not include the own shares in portfolioAlso note that, even considering the diluting effects such as the allocation of shares according to the 2021-23 PSP, there are no significant differences between the basic share and the profit diluted by share.6 Net financial positionBelow is a restatement of the Group\u2019s net indebtedness as of 31 December 2023 and 2022, determined in accordance with the new ESMA Guidelines of 4 March 2021 (Consob notice no. 5/21 in reference to Consob Communication DEM/6064293 of 28 July 2006).(In thousands of Euro)As of 31 December2023 2022Net financial positionA. Cash 201,066 190,215B. Cash equivalents 23,664 15,143C. Other current financial assets 4,421 20,520D. Liquidity (A) + (B) + (C) 229,151 225,878E. Current financial payables (including debt instruments, (32,261) (28,441)but excluding the current portion of non-current financial payables)F. Current part of non-current financial payables \u2014 (9,137)G. Current financial indebtedness (E) + (F) (32,261) (37,578)H. Net current financial indebtedness (G) + (D) 196,891 188,300I. Non-current financial payables (excluding the current portion (69,959) (66,431)and debt instruments)J. Debt instruments \u2014 \u2014K. Trade payables and other non-current payables (143) (287)L. Non-current financial indebtedness (I) + (J) + (K) ( 70,102) (66,718)M. Total financial indebtedness (H) + (L) 126,788 121,582The net financial position at 31 December 2023, which includes the effects of adopting IFRS 16, was positive by Euro 126,788 thousand, an increase of Euro 5,206 thousand compared to the balance of Euro 121,582 thousand for the year ended 31 December 2022.The increase is mainly attributable to cash flow generated by operations of Euro 145.9 million, despite a negative impact deriving from the conversion of cash and cash equivalents into foreign currencies, of Euro 5.7 million, the payment of dividends of Euro 51.3 million and the treasury share purchase plan (Euro 6.9 million) announced on 6 November 2023, and the return to the usual seasonal trend in payments. The net financial position not including the effects of the IFRS 16 accounting standard amounts to Euro 170.6 million. On 31 December 2023 the Company had no bank borrowings.At 31 December 2023 there are no restrictions or limitations to the use of the cash of the Group, except for minor amounts relating to specific circumstances closely linked to commercial operations of certain Group entities. It should also be noted that there are cash asset and cash equivalents at the Russian subsidiary, totalling approximately Euro 8.8 million, primarily resulting from earnings from previous years. The Group is taking all the steps necessary for the return of these sums, which must be approved by the local authorities prior to their transfer to the parent company.7 Financial risk managementThe main financial risks to which the Group is subject to are: \u203a credit risk, arising from commercial transactions or financing activities; \u203a risks related to supplier relations; \u203a liquidity risk, related to the availability of financial resources and access to the credit market; \u203a market risk, in particular: \u203a currency risk, related to operations in areas using currencies other than the functional currency; \u203a interest rate risk, related to the Group\u2019s exposure to financial instruments that accrue interests; \u203a price risk, associated with changes in the prices of commodities.\ue614.\ue61e CREDIT RISKThe operational management of credit risk is assigned to the Credit Management team, which operates on the basis of a credit policy that regulates: (i) customers\u2019 merit ratings, which are evaluated by the internally developed risk rating system, used for the management of credit limits and requests for bank or insurance guarantees to support extended payment terms; (ii) the involvement of institutionalised credit committees in operations completed under terms other than those normally applied by the Company; (iii) the use of credit insurance policies; (iv) the monitoring of the balance of outstanding receivables and their ageing, so that the amount of outstanding positions is not significant; (v) the monitoring of the related expected cash flows; (vi) the issuance of reminders; (vii) any recovery actions. The bad debt provision is calculated on percentages of past due, based on historical insolvency, with the exception of provision on specific credits in litigation. In relation to the breakdown of receivables by maturity, please see the Note \u201cTrade receivables\u201d. For financing activities related to temporary excess of liquidity or for the stipulation of financial instruments (derivatives), the Group deals exclusively with counterparties with high credit standing. The amount of trade receivables represents the maximum theoretical exposure to credit risk of the Group at year-end.Risks related to supplier relationsThe Company and its Group have always been committed to developing innovative, high-performance, quality solutions. To continue this commitment, a close collaboration needs to be maintained with suppliers, particularly those who produce materials and technologies that may be used in the fitness industry, even if they primarily operate in other sectors. Technogym\u2019s supply chain is divided into suppliers who provide \u201cbill of materials\u201d supplies, some of which are particularly strategic to Technogym's success, including those that contribute directly to product creation, and \u201cindirect\u201d suppliers who provide other services or materials, as well as the equipment used in production.The company works closely with those suppliers considered key to the success of its products, establishing long-term relationships in order to minimise the risks related to the potential unavailability of raw materials within the required timescales. Periodic performance checks are made, and controls carried out regarding compliance with current environmental and social regulations aimed at guaranteeing a stable supply chain.Technogym has also adopted a structured supply chain assessment process involving on-site audits and checks, which ensures continuous monitoring, and requires its suppliers to comply with the REACH and RoHS directives.\ue614.\ue61b LIQUIDITY RISKThe Group's liquidity risk is closely monitored through specific controls by the parent company. In order to minimise the risk, the Group has implemented centralised treasury management with specific procedures that aim to optimise the management of financial resources and the needs of the Group companies. In particular, a set of policies and processes was adopted with the aim of optimising the management of financial resources to reduce liquidity risk: (i) maintenance of an adequate level of available liquidity; (ii) obtaining adequate credit lines; (iii) monitoring future liquidity in relation to the business planning process. For this type of risk, in the net financial indebtedness, the Group tends to finance investments and current commitments with both cash flow generated by operation and short-term credit lines.The following table shows the amounts of credit lines available and used at 31 December 2023 and 2022.(in thousands of Euro)Cash credit Self-liquidating Financial credit Totallinescredit lineslinesAs of 31 December 2023Credit lines 47,500 11,500 230,000 289,000Utilisations \u2014 \u2014 \u2014 \u2014Credit lines available at 31 December 2023 47,500 11,500 230,000 289,000As of 31 December 2022Credit lines 7,382 17,641 240,441 265,464Utilisations \u2014 \u2014 (11,747) (11,747)Credit lines available at 31 December 2022 7,382 17,6 41 228,694 253,717The table below contains the breakdown and maturity dates of the liability items to 31 December 2023 and 2022.(In thousands of Euro) Within 1 year Between 1 and Beyond 5 years Total 5 years Values at 31 December 2023Non-current financial liabilities \u2014 69,959 \u2014 69,959 Other non-current liabilities \u2014 44,771 \u2014 44,771 Trade payables 155,384 \u2014 \u2014 155,384 Current tax liabilities 9,192 \u2014 \u2014 9,192 Current financial liabilities 32,259 \u2014 \u2014 32,259 Liabilities for derivative financial instruments 2 \u2014 \u2014 2 Other current liabilities 106,178 \u2014 \u2014 106,178 Total 303,014 114,730 \u2014 41 7,74 4 Values at 31 December 2022Non-current financial liabilities \u2014 63,166 3,266 66,431 Other non-current liabilities \u2014 38,415 \u2014 38,415 Trade payables 173,559 \u2014 \u2014 173,559 Current tax liabilities 9,169 \u2014 \u2014 9,169 Current financial liabilities 37,501 \u2014 \u2014 37,501 Liabilities for derivative financial instruments 77 \u2014 \u2014 77 Other current liabilities 88,552 \u2014 \u2014 88,552 Total 308,858 101,580 3,266 413,704 On 31 December 2023, the Technogym Group had approximately Euro 277 million of undrawn credit lines, liquidity amounting to Euro 224.7 million and trade receivables of 119.8 million, giving a total of Euro 621.5 million, against payables and current commitments totalling Euro 303 million.\ue614.\ue61a MARKET RISKExchange rate riskThe Group operates internationally and it is subject to currency risk, mainly in regards to commercial and financial transactions, especially in US dollars, GBP, YEN, CNY and AUD. To limit the exposure to exchange risk, the Group usually enters into forward contracts to cover between 70% and 80% of transactions in these currencies. In the year ending 31 December 2023, no exchange rate hedging derivative contract was recognised using the hedge accounting method.Investments in foreign subsidiaries are not covered, as the currency positions are considered long-term.The following table shows the trade receivables and payables, cash and cash equivalents and current financial liabilities broken down by currency at 31 December 2023 and 2022.(In thousands of Euro)EUR GBP USD CNY AUD JPY Other TotalcurrenciesOther non-current assetsAs of 31 December 2023 62,330 11,342 3,137 184 2,066 242 3,049 82,350 As of 31 December 2022 58,973 9,339 377 207 1,754 265 2,629 73,544 Non-current financial assetsAs of 31 December 2023 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014As of 31 December 2022 201 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 201 Trade receivablesAs of 31 December 2023 70,791 12,481 20,375 737 1,559 3,650 10,201 119,793 As of 31 December 2022 66,462 9,666 23,598 1,028 3,028 1,891 5,152 110,824 Cash and cash equivalentsAs of 31 December 2023 155,319 12,858 27,410 4,437 4,204 2,449 18,054 224,730 As of 31 December 2022 122,085 10,445 46,622 8,972 4,929 4,798 7,508 205,358 Current financial liabilitiesAs of 31 December 2023 28,955 653 598 387 261 292 1,113 32,259 As of 31 December 2022 33,434 252 826 369 260 340 2,020 37,501 Trade payablesAs of 31 December 2023 130,848 9,962 8,491 878 1,464 1,509 2,231 155,384 As of 31 December 2022 146,858 8,020 12,000 1,317 2,385 1,333 1,645 173,559 For the purposes of the sensitivity analysis on the exchange rate, items in the financial position (assets and liabilities) denominated in foreign currency were identified. For the purposes of the analysis, two scenarios were considered that reflect an increase and a decrease respectively of 5% in the exchange rate between the currency of the balance sheet item and the Euro.The following table shows the results of the analysis for the years ended 31 December 2023 and 2022.(In thousands of Euro) 2023 - Exchange risk+5% -5%Carrying of which Gains / Other movements Gains / Other movements amountsubject to (losses)in sales invoice (losses)in sales invoice exchange riskledger (RFV)ledger (RFV)Financial assetsCash and cash equivalents 224,730 69,591 (3,314) \u2014 3,663 \u2014Trade receivables 119,793 46,286 (2,204) \u2014 2,436 \u2014Non-current financial assets \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Current financial assets 4,250 3,770 (180) \u2014 198 \u2014Assets for derivative financial 172 \u2014 \u2014 \u2014 \u2014 \u2014instrumentsTax effect \u2014 \u2014 1,590 \u2014 (1,757) \u2014(4,108) \u2014 4,540 \u2014(In thousands of Euro) 2023 - Exchange risk+5% -5%Carrying of which Gains / Other movements Gains / Other movements amountsubject to (losses)in sales invoice (losses)in sales invoice exchange riskledger (RFV)ledger (RFV)Financial liabilitiesNon-current financial liabilities 69,959 12,279 585 \u2014 (646) \u2014Current financial liabilities 32,259 2,625 125 \u2014 (138) \u2014Trade payables 155,384 20,872 994 \u2014 (1,098) \u2014Liabilities for derivative 2 \u2014 \u2014 \u2014 \u2014 \u2014financial instrumentsTax effect (475) \u2014 525 \u20141,228 \u2014 (1,357) \u2014Total increases (decreases) 2023 (2,880) 3,183(In thousands of Euro) 2022 - Exchange risk+5% -5%Carrying of which Gains / Other Gains / Other amountsubject to (losses)movements in (losses)movements in exchange risksales invoice sales invoice ledger (RFV)ledger (RFV)Financial assetsCash and cash equivalents 205,358 83,453 (3,974) \u2014 4,392 \u2014Trade receivables 110,824 41,861 (1,993) \u2014 2,203 \u2014Non-current financial assets 201 \u2014 \u2014 \u2014 \u2014 \u2014Current financial assets 19,883 9,806 (467) \u2014 516 \u2014Assets for financial derivative 637 637 (30) \u2014 34 \u2014instrumentsTax effect \u2014 \u2014 1,804 \u2014 (1,993) \u2014(4,661) \u2014 5,151 \u2014Financial liabilitiesNon-current financial liabilities 66,431 10,326 492 \u2014 (543) \u2014Current financial liabilities 37,501 725 35 \u2014 (38) \u2014Trade payables 173,559 23,740 1,130 \u2014 (1,249) \u2014Liabilities for derivative financial 77 74 4 \u2014 (4) \u2014instrumentsTax effect (463) \u2014 512 \u20141,197 \u2014 (1,323) \u2014Total increases (decreases) 2022 (3,464) 3,828Interest rate riskInterest rate risk is related to the use of short and medium/long-term credit lines. Variable rate loans expose the Group to the risk of fluctuations of cash flows due to interest. The Company does not use derivative instruments to hedge interest rate risks.For the purposes of the sensitivity analysis on changes in interest rate, items in the financial position (assets and liabilities) subject to fluctuations in interest rates were identified. For the purposes of the analysis, two scenarios were considered which reflect an increase and a decrease respectively of 20 basis points in the interest rate.The following table shows the results of the analysis for the years ended 31 December 2023 and 2022.(In thousands of Euro)2023 - Interest Rate Risk+ 20 bp -20 bpCarrying of which Gains / Other Gains / Other amountsubject to (losses)movements (losses)movements Interest in RFVin RFVRate RiskFinancial assetsCash and cash equivalents 224,730 200,837 402 \u2014 (402) \u2014Trade receivables 119,793 \u2014 \u2014 \u2014 \u2014 \u2014Tax effect (112) \u2014 112 \u2014290 \u2014 (290) \u2014Financial liabilities \u2014 \u2014 \u2014 \u2014Non-current financial liabilities 69,959 4 7,37 1 (95) \u2014 95 \u2014Current financial liabilities 32,259 650 (1) \u2014 1 \u2014Trade payables 155,384 \u2014 \u2014 \u2014 \u2014 \u2014Tax effect 27 \u2014 (27) \u2014(69) \u2014 69 \u2014Total increases (decreases) 2023 221 \u2014 (221)(In thousands of Euro)2022 - Interest Rate Risk+ 20 bp -20 bpCarrying of which Gains / Other Gains / Other amountsubject to (losses)movements (losses)movements Interest in RFVin RFVRate RiskFinancial assetsCash and cash equivalents 205,358 185,284 371 \u2014 (371) \u2014Trade receivables 110,824 \u2014 \u2014 \u2014 \u2014 \u2014Tax effect (116) \u2014 116 \u2014255 \u2014 (255) \u2014Financial liabilities \u2014 \u2014 \u2014 \u2014Non-current financial liabilities 66,431 31,519 (63) \u2014 63 \u2014Current financial liabilities 37,501 1,137 (2) \u2014 2 \u2014Trade payables 173,559 \u2014 \u2014 \u2014 \u2014 \u2014Tax effect 20 \u2014 (20) \u2014(45) \u2014 45 \u2014Total increases (decreases) 2022 210 \u2014 (210) \u2014The parameters applied were identified as reasonable possible changes in interest rate, with all other variables remaining the same.Price riskThe Group purchases materials from international markets and is therefore exposed to the risk of price fluctuations. This risk is partially hedged by foreign currency forward purchase agreements with settlement dates consistent with the purchase obligations.Capital risk managementThe Group manages its capital with the aim of supporting the core business and maximising the value to shareholders, by maintaining a proper capital structure and reducing the cost of capital. The following table shows the gearing ratio, calculated as the ratio of net indebtedness and equity.(In thousands of Euro)As of 31 December2023 2022Net financial indebtedness (A) (126,788) (121,582)Total equity (B) 363,712 345,927Total capital (C)=(A)+(B) 236,924 224,345Gearing ratio (A)/(C) (53.5%) (54.2%)Financial instruments by categoryAs of 31 December 2023 and 2022, the carrying amount of financial assets and liabilities is the same as their fair value. IFRS 7 outlines three levels of fair value for the measurement of financial instruments recognised in the statement of financial position: (i) Level 1: quoted prices in an active market; (ii) Level 2: inputs other than quoted prices included within Level 1, that are observable directly (prices) or indirectly (derived from prices) in the market; (iii) Level 3: inputs not based on observable market data. During the year, there were no transfers between the three levels of fair value indicated in IFRS 7.The following tables show the financial assets and liabilities by category of financial instrument, in accordance with IFRS 9 and the fair value hierarchy level at 31 December 2023 and 2022.2023 (In thousands of Euro)Financial assets Total Level 1 Level 2 Level 3 Total Amortised FV vs FV vs cost OCI P&L Other non-current assets 81,638 \u2014 712 82,350 \u2014 \u2014 712 712Non-current financial assets \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Non-current financial assets 81,638 \u2014 712 82,350 \u2014 \u2014 712 712Trade receivables 119,793 \u2014 \u2014 119,793 \u2014 \u2014 \u2014 \u2014Cash and cash equivalents 224,730 \u2014 \u2014 224,730 \u2014 \u2014 \u2014 \u2014Assets for derivative finan-cial instruments \u2014 83 89 172 \u2014 172 \u2014 172Current financial assets 4,250 \u2014 \u2014 4,250 \u2014 \u2014 \u2014 \u2014Other current assets 28,152 \u2014 \u2014 28,152 \u2014 \u2014 \u2014 \u2014Current financial assets 376,925 \u2014 172 377,096 \u2014 172 \u2014 1722022 (In thousands of Euro)Financial assets Total Level 1 Level 2 Level 3 Total Amortised cost FV vs OCI FV vs P&L Other non-current assets 72,947 \u2014 597 73,544 \u2014 \u2014 597 597Non-current financial assets 201 \u2014 \u2014 201 \u2014 \u2014 \u2014 \u2014Non-current financial assets 73,148 \u2014 597 73,745 \u2014 \u2014 597 597Trade receivables 110,824 \u2014 \u2014 110,824 \u2014 \u2014 \u2014 \u2014Cash and cash equiva-lents 205,358 \u2014 \u2014 205,358 \u2014 \u2014 \u2014 \u2014Assets for derivative financial instruments \u2014 \u2014 637 637 \u2014 637 \u2014 637Current financial assets 19,883 \u2014 \u2014 19,883 \u2014 \u2014 \u2014 \u2014Other current assets 27,1 78 \u2014 \u2014 27,178 \u2014 \u2014 \u2014 \u2014Current financial assets 363,243 \u2014 637 363,880 \u2014 637 \u2014 6372023 (In thousands of Euro) Financial liabilities Total Level 1 Level 2 Level 3 Total Amortised FV vs OCI FV vs P&L cost Non-current financial liabilities 69,959 \u2014 \u2014 69,959 \u2014 \u2014 \u2014 \u2014Other non-current liabilities 44,771 \u2014 \u2014 44,771 \u2014 \u2014 \u2014 \u2014Non-current financial liabilities 114,730 \u2014 \u2014 114,730 \u2014 \u2014 \u2014 \u2014Current financial liabilities 32,259 \u2014 \u2014 32,259 \u2014 \u2014 \u2014 \u2014Trade payables 155,384 \u2014 \u2014 155,384 \u2014 \u2014 \u2014 \u2014Liabilities for derivative financial instruments \u2014 \u2014 2 2 \u2014 2 \u2014 2Other current liabilities 106,178 \u2014 \u2014 106,178 \u2014 \u2014 \u2014 \u2014Current financial liabil-ities 293,821 \u2014 2 293,822 \u2014 2 \u2014 22022 (In thousands of Euro) Financial liabilities Total Level 1 Level 2 Level 3 Total Amortised FV vs OCI FV vs P&L cost Non-current financial liabilities 66,431 \u2014 \u2014 66,431 \u2014 \u2014 \u2014 \u2014Other non-current liabilities 38,415 \u2014 \u2014 38,415 \u2014 \u2014 \u2014 \u2014Non-current financial liabilities 104,846 \u2014 \u2014 104,846 \u2014 \u2014 \u2014 \u2014Current financial liabilities 37,501 \u2014 \u2014 37,501 \u2014 \u2014 \u2014 \u2014Trade payables 173,559 \u2014 \u2014 173,559 \u2014 \u2014 \u2014 \u2014Liabilities for derivative financial instruments \u2014 3 74 77 \u2014 77 \u2014 77Other current liabilities 88,552 \u2014 \u2014 88,552 \u2014 \u2014 \u2014 \u2014Current financial liabil-ities 299,612 3 74 299,689 \u2014 77 \u2014 77",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
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"s8_notes__6__43": {
"value": "3 Estimates and assumptionsThe preparation of the Consolidated Financial Statements according to IFRS requires management to use estimates and assumptions that affect the reported amounts of assets and liabilities in the statement of financial position, and the accompanying disclosures regarding potential assets and liability at the date of publication of the financial statements, as well as revenues and costs for the period.The estimates are based on experience and other factors considered relevant. The actual results could differ from estimates. Estimates are reviewed periodically and the effects of each change are reflected in consolidated income statement, in the period when the estimate is reviewed.Below is a list of cases that require greater subjectivity by management, in producing the estimates: \u203a Measurement of receivables: the provision for bad debts reflects the estimates of the expected losses for the Group\u2019s receivables. Provisions for expected losses on receivables have been made, estimated based on past experience with reference to receivables with a similar credit risk, current and past amounts unpaid, as well as careful monitoring of the quality of receivables and current and estimated conditions of the economy and the reference markets. The estimates and assumptions are reviewed periodically and the effects of each change are recognised in profit or loss as they occur.Regarding the receivables transferred to third-party financial institutions, note that in 2023, there were defaults of approximately 2.5 million euros. Therefore, after a careful analysis of the portfolio to 31 December 2023, the Group has estimated for the next year a risk of default of approximately Euro 3.5 million, on a total portfolio of Euro 177 million. The provision for the risk on transferred bad debts has thus been increased by Euro 297 thousand (of which Euro 185 thousand after 12 months and Euro 122 thousand for the current portion). The balance of the provision for transferred bad debts at year-end was Euro 3,485 thousand (of which 2.2 million beyond 12 months and 1.3 million for the current portion) and this can absorb the total receivables for which the risk of default is considered probable. \u203a Measurement of inventories: obsolete stocks are periodically measured and written down if the net realisable value is lower than the carrying amount. Write-downs are calculated based on management\u2019s assumptions and estimates, arising from management\u2019s experience and past results. \u203a Measurement of deferred taxes: deferred taxes are measured based on expectations of taxable income expected in future years. The measurement of expected taxable income depends on factors that could vary in time and have significant effects on the measurement of deferred tax assets. \u203a Income taxes: the Group is subject to different laws on income tax in numerous jurisdictions. The determination of the Group\u2019s tax liabilities requires management to use measurements with reference to transactions with tax implications that are not certain at the end of the reporting period. The Group recognises liabilities that could arise from future audits by tax authorities based on the estimate of taxes due. If the outcome of the above audits differs from that estimated by management, significant effects on current and deferred taxes could be possible. \u203a Development costs: the Group capitalises costs for the development of new products and processes. Costs are capitalised based on management\u2019s judgement, which confirms the technical, financial and commercial feasibility of development projects. In determining amounts to capitalise, management makes some assumptions as to the generation of the project\u2019s expected future cash flows, consequent discount rates to apply and the expected useful life of capitalised costs. As of 31 December 2023, the net carrying amount of capitalised development costs was equal to Euro 22,616 thousand (Euro 22,375 thousand at 31 December 2022). \u203a Impairment of assets: assets are impaired when events or changes in circumstances lead to the assumption that the carrying amount in the financial statements can no longer be recovered. Events that may cause an impairment of an asset include changes in industrial plans, changes in market prices or a reduced use of plants. The decision to write-down an asset and quantify the write-down depends on management\u2019s evaluations of complex and highly uncertain factors, including the future trend of prices, the impact of inflation and technological progress on production costs, production profiles and conditions of demand and supply. The write-down is determined by comparing the carrying amount with the relative recoverable value, represented by the higher of the fair value, net of disposal costs, and value in use determined by discounting expected cash flows arising from use of the asset. Expected cash flows are quantified in the light of information available at the time of the estimate based on subjective judgements of the trend of future variables, such as prices, costs, rates of growth in demand, production profiles, and are discounted using a rate that takes into account the implied risk of the asset concerned. \u203a Business combinations: the recognition of business combinations implies attributing the difference between the purchase cost and net carrying amount to the assets and liabilities of the acquired company. For most assets and liabilities, the difference is attributed by recognising assets and liabilities at their fair value. The part which is not attributed, if positive, is recognised as goodwill, or if negative, recognised in profit or loss. In this process, the Group uses available information and, for more significant business combinations, external valuations. \u203a Useful life of tangible and intangible assets with a finite useful life: the depreciation is calculated based on the useful life of the asset. Useful life is determined when the asset is recognised in the financial statements. Valuations of the duration of useful life are based on past experience, market conditions and expectations of future events that could have an effect on the useful life, including technological changes. Consequently, the actual useful life may differ from the estimated useful life. \u203a Employee benefits: defined-benefit plans are measured based on uncertain events and actuarial assumptions that include discount rates, the expected returns on assets serving plans (if existing), the level of future remuneration, mortality rates, retirement ages and future trends in health expenses. The main assumptions used to quantify defined benefit plans are determined as follows: (i) the discount and inflation rates that represent the rates based on which obligations to employees could actually be carried out, are based on the rates that accrue on high-quality bonds and inflation expectations; (ii) the level of future remuneration is determined based on elements such as inflation expectations, productivity, career progress and seniority; (iii) the future cost of healthcare is determined based on elements such as the present and pass trend of healthcare costs, including assumptions concerning the inflation trend of costs, and changes in the health conditions of entitled parties; (iv) demographic assumptions the reflect the best estimate of the trend in variables, such as mortality, turnover and disability, and other variables relative to the entitled population. The differences in the value of net liabilities (assets) of employee benefit plans arising from changes in the actuarial assumptions used and the difference between actuarial assumptions previously adopted and those actually used occur normally and are defined as actuarial gains or losses. Actuarial gains and losses relative to defined benefit plans are recognised in other comprehensive income. The actuarial assumptions as also adopted to determine obligations relative to other long-term benefits; for this purpose, the effects arising from changes to actuarial assumptions or characteristics of the benefit are recognised in full in profit or loss. \u203a Measurement of provisions for risks: the Group recognises a liability for disputes and lawsuits in progress when it is considered probable that there will be a financial outflow and when the amount of the resulting loss can be reasonably estimated. In the event a financial outflow is possible but the amount cannot be determined, this fact is disclosed in the notes to the financial statements. The causes may relate to complex legal and tax issues that are subject to different level of uncertainty, against which it is possible that the value of the funds may vary as a result of future developments in the ongoing proceedings. The Group monitors the status of pending litigation and consults with its own legal advisors and experts. Moreover, when selling the product, the Group makes provisions relating to estimated costs for product warranties. The estimate of this fund is calculated on the basis of historical information on the nature, frequency and average cost of warranty claims. \u203a Fair value of financial instruments: the fair value of unlisted financial instruments is determined according to commonly used financial valuation techniques that require basic assumptions and estimates. These assumptions might not occur according to expected times and procedures. Therefore Group estimates could deviate from final data. \u203a Share-based payments: the fair value of share-based payments is estimated by determining the most appropriate measurement model, which depends on the terms and conditions of the plan. This estimate also requires the determination of the most appropriate input for the measurement model, including the expected duration of the option or granted right, the volatility and return on dividends, and the related assumptions. \u203a Estimates of variable amounts for returns and volume discounts: the Group estimates the variables to include in the transaction price for the sale of returnable products. The Group has developed a statistical model for expected returns on sales. This model is based on historical data relative to each product, to obtain the percentages of expected returns. The percentages obtained are applied to determine the expected value of the variable consideration. For contracts in which new goods are provided to customers with buyback clauses, the Group adjusts the sales revenues based on the historic probability of the buyback clause being utilised, and makes a contra-entry under Assets, to reflect the buyback obligation. It also adjusts the cost of sales by the same amount, by recognising a liability for the buyback obligation. Based on an analysis of the Group's historic buyback data, a 7-year timeframe is used, after which a comparison is made between the assets and liabilities for buyback obligations previously posted on the financial statements, and the buyback value for the year. The difference is entered on the income statement.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__44": {
"value": "4 Notes to the statement of financial position4.1 PROPERTY, PLANT AND EQUIPMENTThe item \u201cProperty, plant and equipment\u201d amounted to Euro 171,560 thousand at 31 December 2023 (Euro 164,122 thousand at 31 December 2022).The following table shows the amounts and movements of \u201cProperty, plant and equipment for the years ended 31 December 2023 and 2022.(In thousands of Euro)Land Buildings and Plant and Production and Other Assets under Totalleasehold machinerycommercial assetsconstruction improvementsequipmentand advancesHistorical cost at 1 January 2022 13,077 17 1,151 29,657 85,836 33,351 1,559 334,631IFRS16 investments \u2014 22,381 \u2014 \u2014 1,954 \u2014 24,336Investments 405 2,641 746 5,369 2 ,185 3,402 14,748IFRS16 disposals \u2014 (2,786) \u2014 \u2014 3 \u2014 (2,783)Disposals \u2014 (448) (24) (169) (935) \u2014 (1,576)Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Reclassifications \u2014 83 14 77 1,486 (1,652) 7Exchange rate differences \u2014 276 \u2014 (11) (14) \u2014 252Historical cost at 31 December 2022 13,483 193,299 30,393 91,102 38,030 3,309 369,615Accumulated amortisation as of \u2014 (66,317) (20,673) (70,556) (23,523) \u2014 (181,068)1 January 2022IFRS16 depreciation/amortisation \u2014 (6,768) - - (2,785) \u2014 (9,553)Depreciation and amortisation \u2014 (5,763) (1,902) (6,249) (3,123) \u2014 (17,037 )IFRS16 disposals \u2014 843 - - 311 \u2014 1,154Disposals \u2014 365 26 31 826 \u2014 1,248Reclassifications \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 (274) - 20 19 \u2014 (236)Accumulated depreciation at \u2014 ( 7 7,913) (22,549) (76,754) (28,276) \u2014 (205,492)31 December 2022Net values at 31 December 2022 13,483 115,385 7,8 4 4 14,349 9,753 3,309 164,122Historical cost at 1 January 2023 13,483 193,299 30,393 91,102 38,030 3,309 369,615IFRS16 investments \u2014 15,995 \u2014 \u2014 4,158 \u2014 20,154Investments 486 4,542 1,005 5,200 2,502 3,623 17,358IFRS16 disposals \u2014 (4,861) \u2014 \u2014 (812) \u2014 (5,674)(In thousands of Euro)Land Buildings and Plant and Production and Other Assets under Totalleasehold machinerycommercial assetsconstruction improvementsequipmentand advancesDisposals \u2014 (1,364) (439) (514) (1,315) (780) (4,412)Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Reclassifications \u2014 1,694 303 891 159 (3,058) (10)Exchange rate differences \u2014 (2,095) \u2014 (12) (1,357) (10) (3,474)Change in scope of consolidation \u2014 3,677 \u2014 \u2014 1,376 \u2014 5,053Historical cost at 31 December 2023 13,969 210,887 31,262 96,668 42,741 3,084 398,610Accumulated amortisation as of \u2014 ( 7 7,913) (22,549) (76,754) (28,276) \u2014 (205,492)1 January 2023IFRS16 depreciation/amortisation \u2014 (8,102) \u2014 \u2014 (2,793) \u2014 (10,894)Depreciation and amortisation \u2014 (5,812) (1,914) (5,753) (2,575) \u2014 (16,053)IFRS16 disposals \u2014 1,036 \u2014 \u2014 672 \u2014 1,709Disposals \u2014 1,365 426 328 1,472 \u2014 3,591Reclassifications \u2014 (355) \u2014 383 (20) \u2014 8Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 1,010 \u2014 \u2014 1,218 \u2014 2,228Change in scope of consolidation \u2014 (1,385) \u2014 \u2014 (761) \u2014 (2,146)Accumulated depreciation at \u2014 (90,155) (24,036) (81,796) (31,063) \u2014 (2 27,0 49)31 December 2023Net values at 31 December 2023 13,969 120,731 7,2 25 14,872 11,678 3,084 171,560The category \u201cBuildings and leasehold improvements\u201d mainly includes buildings used for production and commercial activities and the associated installations also at the complex called \u201cTechnogym Village\u201d, used as corporate headquarters.The increments relative to IFRS 16 relate to the right of use of boutique stores and offices at the commercial branches, mainly Technogym France for the new offices in Paris, and Technogym UK for the new offices in Bracknell, and for the opening of a new boutique in London.\u201cPlant and machinery\u201d mainly includes production line assembly plants. \u201cProduction and commercial equipment\u201d mainly refers to the moulds used for production and the equipment used for machine assembly. The item \u201cother assets\u201d mainly refers to stands, office machines and electronic machines. \u201cAssets under construction\u201d mainly relate to investments in production lines at the Group\u2019s sites, which had yet been placed in service at year-end, and to moulds not yet available for use.Investments for the year ended 31 December 2023 amounted to Euro 17,358 thousand, excluding the effects of IFRS 16, which refer to property leases, vehicle and forklift truck leasing contracts. Investments in Land (Euro 486 thousand) include the purchase by Technogym SpA of an agricultural plot and two apartments, purchased for use by employees as required; investments in Buildings and Leasehold improvements (Euro 4,542 thousand) mainly relate to the opening, extension and renovation of the boutique stores and offices of the commercial branches. Specifically, the Leasehold improvements related to the new Technogym Experience Centers of the branches in Australia, Asia and Benelux, and the opening and inauguration of new boutiques in New York and Abu Dhabi, as well as investments made by the commercial branch Technogym UK for the upcoming inauguration of a store at \u201cOne Berkeley Street\u201d (London). The investments in Assets under construction (Euro 3,623 thousand) mainly refer to the upgrading of production lines. Investments in industrial and commercial equipment (Euro 5,200 thousand) largely relate to the purchase of moulds to cater for the ongoing expansion and upgrading of the product range. Investments in Plant and machinery (Euro 1,005 thousand) mainly relate to the set-up of new production lines.Net disposals of property, plant and equipment for the year ended 31 December 2023 amount to Euro 4,785 thousand, compared to Euro 1,765 thousand as of 31 December 2022. As of 31 December 2023 and 2022, there was no property or instrumental asset that was subject to any kind of guarantee provided to a third party.Some detailed information relative to IFRS 16 has been provided below for a greater clarity and understanding of the financial statements.The table below shows the impact of IFRS 16 on the consolidated financial position to 31 December 2023 and for the year ended 31 December 2022.(In thousands of Euro)As of 31 December2023 2022Rights of useBuildings 36,410 32,209Equipment 1,032 778Cars 4,199 3,157Total rights of use 41,641 36,144Lease liabilitiesIFRS 16 Financial liabilities - Current 9,601 8,602IFRS 16 Non-current financial liabilities 34,214 29,173Total lease liabilities 43,815 37,7 75The table below shows the impact of IFRS 16 on the consolidated income statement to 31 December 2023 and 31 December 2022.(In thousands of Euro)As of 31 December2023 2022Payment reversalsBuildings 8,581 7,264Equipment 455 249Cars 2,046 2,217Total payment reversals 11,082 9,731Depreciation of rights of useBuildings (8,102) (6,768)Equipment (430) (400)Cars (2,363) (2,385)Total depreciation (10,894) (9,553)InterestInterest expense (1,185) (618)Total interest (1,185) (618)\ue61d.\ue61b INTANGIBLE ASSETSThe item \u201cIntangible assets\u201d amounted to Euro 56,686 thousand at 31 December 2023 (Euro 55,688 thousand at 31 December 2022). The following table shows the amounts and movements of intangible assets for the years ended 31 December 2023 and 2022.(In thousands of Euro)Goodwill Development Patents and Concessions, Intangibles Other Totalcostsintellectual licences, under intangible property trademarks development assetsrightsand similar and rightsadvancesHistorical cost at 1 January 2022 \u2014 38,061 39,447 1,797 9,124 1,120 89,756Investments \u2014 4,173 6,495 506 6,821 2,220 20,216Disposals \u2014 (6,972) (5,428) (158) \u2014 (152) (12,711)Impairment losses \u2014 \u2014 \u2014 \u2014 (23) \u2014 (23)Reclassifications \u2014 4,533 332 - (5,135) 263 (7)Exchange rate differences \u2014 \u2014 117 \u2014 \u2014 \u2014 117Historical cost at 31 December \u2014 39,796 40,963 2,144 10,789 3,451 97,3502022Accumulated amortisation as of \u2014 (16,969) (19,923) (1,116) \u2014 (843) (39,058)1 January 2022Depreciation and amortisation \u2014 (7,139) ( 7,249) (238) \u2014 (222) (14,847)Disposals \u2014 6,688 5,427 106 \u2014 143 12,363Reclassifications \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 \u2014 (117) \u2014 \u2014 \u2014 (117)Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Accumulated depreciation at \u2014 (17,420) (21,862) (1,249) \u2014 (922) (41,660)31 December 2022Net values at 31 December 2022 \u2014 22,375 19,101 895 10,789 2,529 55,688Historical cost at 1 January 2023 \u2014 39,796 40,963 2,14 4 10,789 3,451 97,35 0Investments \u2014 4,085 7,0 43 182 5,666 1,844 18,821Disposals \u2014 (35) (1,405) (186) (12) \u2014 (1,639)Impairment losses \u2014 \u2014 \u2014 \u2014 (146) \u2014 (146)Reclassifications \u2014 4,582 1,690 35 (6,650) 346 3Exchange rate differences \u2014 \u2014 (57) \u2014 \u2014 6 (51)Change in scope of consolidation 989 \u2014 \u2014 \u2014 12 \u2014 1,002Historical cost at 31 December 1,196 48,427 48,234 2,176 9,658 5,648 115,3402023Accumulated amortisation as of (207) (17,420) (21,862) (1,249) \u2014 (922) (41,660)1 January 2023Depreciation and amortisation \u2014 (8,425) (8,970) (282) \u2014 (942) (18,619)Disposals \u2014 35 1,404 187 \u2014 \u2014 1,626Reclassifications \u2014 \u2014 18 (18) \u2014 \u2014 \u2014Exchange rate differences \u2014 \u2014 7 \u2014 \u2014 (8) \u2014(In thousands of Euro)Goodwill Development Patents and Concessions, Intangibles Other Totalcostsintellectual licences, under intangible property trademarks development assetsrightsand similar and rightsadvancesAccumulated depreciation at (207) (25,810) (29,402) (1,363) \u2014 (1,871) (58,654)31 December 2023Net values at 31 December 2023 989 22,616 18,832 813 9,658 3,777 56,686The increase in \u201cGoodwill\u201d during the year can be attributed primarily to the change in the method of consolidation of the subsidiary Technogym Emirates LLC, following an amendment to the shareholders\u2019 agreements, which has given substantial control to the Group and entailed a transition from the equity method to line-by-line consolidation. This means that the equity investment has been eliminated from the consolidated financial statements and Goodwill has been posted at Euro 989 thousand. As no impairment indicators have been found, and because 12 months have not yet elapsed since this item was posted, the Group has not conducted a recoverability analysis under IAS 36.\u201cDevelopment costs\u201d refer to the costs arising from the innovation activity performed by the Group as part of its core business. \u201cPatents and intellectual property rights\u201d include expenditures related to the acquisition and registration of patents, models and designs. The category \u201cConcessions, licences, trademarks and similar rights\u201d includes trademarks and the associated costs of registration, as well as the costs for software rights and user licences. \u201cIntangibles under development and advances\u201d mainly refers to expenses incurred by the Group relative to projects for the development of new products, product lines, software and supporting applications not yet in use at year-end. \u201cOther intangible assets\u201d concern the costs incurred relating to the recognition of intangible assets that meet the requirements of IAS 38 for recognition in the financial statements.Investments for the year ended 31 December 2023 amounted to a total of Euro 18,821 thousand. The investments in development costs (Euro 4,085 thousand) mainly relate to the costs incurred for the upgrading and expansion of the range of products and services; the investments in industrial patents and use of intellectual property (Euro 7,043 thousand) relate in part to the ERP migration project at Technogym France, and the Group-level upgrade of the ERP SAP system to incorporate tools which are more tailored to the consumer segment. Investments in Assets under construction and advances (Euro 5,666 thousand) mainly refer to the development of new products and lines, as well as software and supporting applications. The remainder of this item relates to other upgrades of software used by the Group.Net disposals of intangible assets for the years ended 31 December 2023 and 2022 are not significant.4.3 DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES\u201cDeferred tax assets\u201d amounted to Euro 31,359 thousand at 31 December 2023 (Euro 29,537 thousand at 31 December 2022), while the item \u201cDeferred tax liabilities\u201d amounted to Euro 6,650 at 31 December 2023 (Euro 5,662 thousand at 31 December 2022).The following table shows the amounts and movements of deferred tax assets and liabilities for the years ended 31 December 2023 and 2022.(In thousands of Euro)Values at Provisions Utilisations Reclassifications Values at Provisions Utilisations Reclassifications Values at 31 1 January 1 January December 202220232023Deferred tax assetsInventory write-down provision 4,624 708 (280) \u2014 5,052 220 (436) \u2014 4,836Warranties provision 2,027 1,407 (1,095) \u2014 2,340 1,855 (1,200) \u2014 2,996Accumulated amortisation of 451 40 (36) \u2014 455 165 (149) \u2014 471trademarksOther provisions for risks 1,711 1,966 (1,462) \u2014 2,216 1,942 (1,796) \u2014 2,362Provision for write-downs of 1,349 774 (26) \u2014 2,097 66 (191) \u2014 1,971receivablesUnrealised exchange losses 97 10 \u2014 \u2014 107 5 \u2014 \u2014 112Post-employment benefits 302 66 (186) \u2014 182 6 (19) \u2014 169Other 598 895 (245) \u2014 1,248 9 (211) \u2014 1,047PNC fund 487 48 (138) \u2014 397 112 \u2014 \u2014 509Provision for consolidated 1,826 1,515 (29) \u2014 3,312 228 (448) \u2014 3,092adjustmentsIntercompany stock profit 6,760 \u2014 (323) \u2014 6,437 1,544 \u2014 \u2014 7,982provisionDeferred tax assets IFRS 16 3,639 2,056 \u2014 5,695 118 \u2014 5,813Total deferred tax assets 23,873 9,485 (3,819) \u2014 29,537 6,313 (4,450) \u2014 31,359Deferred tax liabilitiesProvision for consolidated (112) (8) 18 \u2014 (102) (1,007) \u2014 \u2014 (1,109)adjustmentsUnrealised exchange gains (55) (149) 200 \u2014 (5) (173) 118 \u2014 (61)Others (134) (49) 121 \u2014 (62) (127) 164 \u2014 (24)Deferred tax liabilities IFRS 16 (3,593) (1,899) \u2014 \u2014 (5,493) \u2014 35 \u2014 (5,458)Total deferred tax liabilities (3,894) (2,105) 339 \u2014 (5,662) (1,349) 317 \u2014 (6,650)Total 19,978 7,37 9 (3,480) \u2014 23,876 4,964 (4,132) \u2014 24,709The table shows the breakdown of these items with specific indications of the gross effect on deferred tax assets and liabilities of IFRS 16, as required by the amendment to IAS 12, which came into force during 2023. To give a better representation of the balance sheet items, we have also restated the value for the 2022 financial year. The effect of IFRS 16 on previous financial years has been included as a net amount within the item Deferred tax assets.Where permitted by the IFRS, \u201cDeferred tax assets\u201d are shown net of the \u201cDeferred tax liabilities\u201d, which can be offset in order to show a correct representation.Deferred tax assets on tax losses were recognised taking into account that there is a reasonable certainty that in future years positive results will be achieved that are likely to absorb such losses.In addition, the Group had tax losses carried forward of Euro 17,486 thousand, not recognised in deferred tax assets at 31 December 2023. Total deferred tax assets were approximately Euro 2.6 million, which the Group has not made any provision for as they are not considered recoverable.4.4 INVESTMENTS IN JOINT VENTURES AND ASSOCIATESThe item \u201cInvestments in joint ventures and associates\u201d amounts to Euro 1,155 thousand as of 31 December 2023 (Euro 4,058 thousand as of 31 December 2022).The following table shows the amounts and movements of investments in joint ventures and associates for the years ended 31 December 2023 and 2022.(In thousands of Euro)Joint ventures Associates TotalValues at 31 December 2021 3,017 1,421 4,438Investments \u2014 \u2014 \u2014Disinvestments \u2014 \u2014 \u2014Impairment losses \u2014 \u2014 \u2014Dividends (2,478) \u2014 (2,478)Net result 1,919 (151) 1,768Exchange rate differences 330 \u2014 330Values at 31 December 2022 2,788 1,270 4,058Investments \u2014 \u2014 \u2014Disinvestments \u2014 \u2014 \u2014Impairment losses (22) \u2014 (22)Dividends \u2014 \u2014 \u2014Net result \u2014 (114) (114)Change in scope of consolidation (2,766) \u2014 (2,766)Exchange rate differences \u2014 \u2014 \u2014Values at 31 December 2023 \u2014 1,155 1,155Details of movements relating to joint ventures are provided below.(In thousands of Values at 31 Exchange rate Investments Disinvestments Dividends Net result Change in scope Values at 31 Euro)December 2022differencesof consolidationDecember 2023Technogym 2,766 \u2014 \u2014 \u2014 \u2014 \u2014 (2,766) \u2014Emirates LLCWellness 22 \u2014 \u2014 (22) \u2014 \u2014 \u2014 \u2014Explorers SrlTotal 2,788 \u2014 \u2014 (22) \u2014 \u2014 (2,766) \u2014The movements during the year refer to the changes in the consolidation of the equity investment in Technogym Emirates LLC, from the equity method to the line-by-line method, following an agreement with the majority shareholder, which called for a redefinition of corporate governance and enabled the Group to obtain substantial control over the company. In 2023, Wellness Explorers Srl ceased trading and exited the company's consolidation perimeter.Details of movements relating to associates are provided below.(In thousands of Values at 31 Exchange rate Investments Disinvestments Dividends Net result Values at 31 Euro)December differencesDecember 20222023Wellink srl 209 \u2014 \u2014 \u2014 \u2014 9 218 Physio AG 1,060 \u2014 \u2014 \u2014 \u2014 (123) 936Total 1,270 \u2014 \u2014 \u2014 \u2014 (114) 1,155At 31 December 2023, the category \u201cAssociates\u201d relates to the 40% shareholding in Wellink S.r.l., an Italian company that develops and implements custom projects for wellness centres, and to the 31.5% stake in Physio AG, a German company whose purpose is to consolidate the development and sale of the biocircuit platform on the German market.The financial highlights of the associated companies are reported below from a stand-alone perspective, i.e. before the consolidation process.(In thousands of Euro)Wellink srl Physio AGAs of 31 December As of 31 December2023 2022 2023 2022Equity 395 372 (47) 348Total revenues 677 638 907 1,301Profit/(loss) for the period 22 (35) (391) (434)4.5 OTHER NON\ue618CURRENT ASSETSThe item \u201cOther non-current assets\u201d amounts to Euro 82,350 thousand at 31 December 2023 (Euro 73,544 thousand on 31 December 2022).The following table provides details of \u201cOther non-current assets\u201d on 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022Other non-current assetsTransferred trade receivables due after 12 months 35,745 34,634Provisions for transferred receivables - due after 12 months (2,203) (2,018)Income tax receivables due after 12 months 5,085 4,191Security deposits 2,333 2,403Other receivables \u2014 61Investments in other entities 712 597Receivables for buy backs - due after 12 months 40,677 33,676Total other non-current assets 82,350 73,544\u201cTransferred trade receivables due after 12 months\u201d, net of the relative bad debt provision, equal to Euro 33,542 thousand and Euro 32,616 thousand at 31 December 2023 and 2022 respectively, include the non-current portion of receivables arising from the sale of goods which, although transferred to third party financial institutions, are retained in the financial statements as they do not meet all the conditions required by IFRS 9 for their derecognition from assets. The financial liabilities include the amounts received from financial institutions in the form of advances for these transfers. The total provision for write-downs on transferred receivables is Euro 1.3 million for the current portion and Euro 2.2 million for the non-current portion. As explained at length in the paragraph \u201cEstimates and assumptions\u201d, following an analysis of its receivables portfolio the Company increased its provision for bad debts by a total of Euro 297 thousand (of which Euro 185 thousand after 12 months), increasing it to an amount that would absorb the amount of any receivables for which the risk of default is considered probable.\u201cIncome tax receivables due after 12 months\u201d, of Euro 5,085 relate to the \u201cpatent box\u201d taxation scheme, the tax credit for investments in new business assets, and the tax credit for research and development.\u201cSecurity deposits\u201d of Euro 2,333 thousand as of 31 December 2023 are recognised in respect of property leases, lease agreements for vehicles, and utilities.\u201cReceivables for buy backs due after 12 months\u201d recognised in accordance with IFRS 15, relate to non-current assets for sales with the right of return, which may be exercised by certain categories of customer when new machinery is bought. For more details about the recognition criteria for this item, see paragraph 2.4 of this document \u201cValuation criteria\u201d in the section \u201cRecognition of revenues\u201d.The following table shows the details of \u201cinvestments in other entities\u201d for the years ended 31 December 2023 and 31 December 2022.(In thousands of Euro)Registered % of control Currency As of 31 Decemberoffice2023 2022Entity nameQicraft Norway AS Norway 10% NOK 72 10Qicraft Finland OY Finland 10% EUR 53 62Qicraft Sweden AB Sweden 10% SEK 77 50Fimex Switzerland 5% CHF 326 291Pubblisole Spa Italy 2% EUR 100 100Crit S.r.l. Italy 1% EUR 26 26Other investments n.a. n.a. n.a. 58 59Total investments in other entities 712 597Note that in August 2023, the British company Sandcroft Avenue Limited (owned as to 12.4%) was deregistered; therefore the financial receivable of Euro 251 thousand was closed and has already been fully written down.In accordance with IFRS 9, these equity instruments are classified as financial assets at fair value and recognised in profit or loss.4.6 INVENTORIESThe item \u201cInventories\u201d amounts to Euro 103,560 thousand as of 31 December 2023 (Euro 100,671 thousand as of 31 December 2022). The following table gives a breakdown of this item of 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022InventoriesRaw materials (gross value) 22,339 22 ,139Write-down provision (2,373) (2,562)Total raw materials 19,966 19,577Work in progress (gross value) 1,497 1,434Write-down provision (84) (104)Total work in progress 1,413 1,330Finished goods (gross value) 103,286 102,336Write-down provision (21,105) (22,572)Total finished goods 82 ,181 79,764Total inventories 103,560 100,671The increase in the balance of Inventories as at 31 December 2023, compared to the previous year, is mainly linked to the change in the consolidation of the equity investment in TG Emirates LLC, from net equity to line-by-line, which produced an impact of Euro 4.6 million. Net of that effect, the stocks level was below that of 2022, mainly thanks to the notable sales during the final part of the year and the reduction in the purchase price of materials. This was partially offset by the rise in the level of parts stocks required to increase the level of customer service, and to meet the production requirements during the early part of 2024. Average inventory time fell from 77 days for the year ended 31 December 2022, to 71 days for the year ended 31 December 2023; the stock turnover ratio rose from 4.7 to 5.1.The following table shows the amounts and movements of the inventory write-down provision for the years ended 31 December 2023 and 31 December 2022.(In thousands of Euro)Raw materials Work in progress Finished goods Total inventory write-down provisionValues at 1 January 2022 2,049 136 19,870 22,054Provisions 514 \u2014 4,297 4,811Utilisations \u2014 (31) (1,661) (1,692)Reclassifications \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 \u2014 66 66Values at 31 December 2022 2,562 104 22,572 25,238Provisions 176 4 3,738 3,918Utilisations (365) (24) (5,501) (5,890)Reclassifications \u2014 \u2014 \u2014 \u2014Change in scope of consolidation \u2014 \u2014 653 653Exchange rate differences \u2014 \u2014 (357) (357)Values at 31 December 2023 2,373 84 21,105 23,5624.7 TRADE RECEIVABLESThe item \u201cTrade receivables\u201d amounted to Euro 119,793 thousand on 31 December 2023 (Euro 110,824 thousand on 31 December 2022) net of the bad debt provision.The following table contains a breakdown of the trade receivables as of 31 December 2023 and 2022:(In thousands of Euro) As of 31 December2023 2022Trade receivablesTrade receivables (gross value) 106,704 99,366Provision for write-downs of receivables ( 7, 312) (6,834)Transferred trade receivables 21,682 19,461Provision for write-downs on transferred receivables (1,281) (1,169)Total trade receivables 119,793 110,824The increase in the \u201cTrade receivables\u201d item during the year, of Euro 8,969 thousand, is mainly due to the rise in sales volumes, primarily in the BtoB segment, and to the improved product mix as well as the increase in sales of services and digital content. Average days to collect outstanding trade receivables fell from 45 for the year ended in 2022, to 43 for the year ended in 2023; the turnover ratio rose from 8.1 to 8.4.Transferred trade receivables net of the relative provision, equal to Euro 20,401 thousand at 31 December 2023 and Euro 18,292 thousand at 31 December 2022, refer to the current portion of receivables arising from the sale of goods which, although they are transferred to financial institutions, are retained in the financial statements as they do not meet all the conditions required by IAS 9 for derecognition from assets. The total provision for write-downs on transferred receivables is Euro 1.3 million for the current portion and Euro 2.2 million for the non-current portion. As explained at length in the paragraph \u201cEstimates and assumptions\u201d, following an analysis of its receivables portfolio the Company increased its provision for bad debts by a total of Euro 297 thousand (of which Euro 122 thousand after 12 months), increasing it to an amount that would absorb the amount of any receivables for which the risk of default is considered probable.The financial liabilities include the amounts received from financial institutions in the form of advances for these transfers.The following table contains a breakdown of trade receivables broken down by maturity as of 31 December 2023 and 2022:(In thousands of Euro)Not Up to 30 Between Between Between More than Totaloverduedays past 31 and 90 91 and 180 181 and 360 360 days duedays past days past days past past duedueduedueAt 1 January 2022 81,708 15,712 5,233 1,020 445 123 104,242Trade receivables (gross value) 76,791 7,410 5,316 3,158 2,288 4,403 99,366Provision for write-downs of \u2014 (494) (429) (346) (1,520) (4,045) (6,834)receivablesTransferred trade receivables 19,461 \u2014 \u2014 \u2014 \u2014 \u2014 19,461Provision for write-downs on (1,169) \u2014 \u2014 \u2014 \u2014 \u2014 (1,169)transferred receivablesAs of 31 December 2022 95,083 6,916 4,887 2,812 768 358 110,824Trade receivables (gross value) 86,626 9,545 2,256 1,594 2,609 4,074 106,704Provision for write-downs of \u2014 (206) (453) (935) (1,887) (3,831) ( 7,312)receivablesTransferred trade receivables 21,682 \u2014 \u2014 \u2014 \u2014 \u2014 21,682Provision for write-downs on (1,281) \u2014 \u2014 \u2014 \u2014 \u2014 (1,281)transferred receivablesAs of 31 December 2023 107,027 9,340 1,803 658 721 243 119,793The following table reports the amounts and changes in the bad debt provision for the years ended 31 December 2023 and 2022:(In thousands of Euro)Provision for write-downs of receivablesValues at 31 December 2021 7,133Net provisions 1,877Utilisations (1,020)Exchange rate differences 13Values at 31 December 2022 8,003Net provisions 1,651Utilisations (1,342)Change in scope of consolidation 493Exchange rate differences (211)Values at 31 December 2023 8,593Specific bad debt provisions have been established for doubtful receivables for which legal proceedings have been started to collect sums due, and for some receivables due from customers with a lower likelihood of collection.The utilisations of the bad debt provision arise when the Group has determined the existence of conditions for the dismissal of the credit position.Main customersIn accordance with IFRS 8, paragraph 34, for the years ended 31 December 2023 and 2022, the Company did not have any clients generating more than 10% of total revenues.4.8 CURRENT FINANCIAL ASSETSThe item \u201cCurrent financial assets\u201d amounted to Euro 4,250 thousand at 31 December 2023 (Euro 19,883 thousand at 31 December 2022) and relates to restricted bank deposits with a term of 3-12 months. In accordance with IAS 7, as these assets are not readily available they were not included in Cash and cash equivalents.4.9 ASSETS FOR DERIVATIVE FINANCIAL INSTRUMENTSThe item \u201cAssets for derivative financial instruments\u201d amounted to Euro 172 thousand at 31 December 2023 (Euro 637 thousand at 31 December 2022).The following table shows assets for derivative financial instruments broken down by currency at 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022USD 143 552GBP 11 85AUD 4 \u2014CNY 14 \u2014CAD \u2014 * \u2014Total 172 637* The approximated value is less than a thousand and amounts to Euro 139Assets for derivative financial instruments are related to positive differences resulting from the fair value of \u201cforward\u201d contracts in place as of 31 December 2023 and 2022. They are listed in the table below:(In thousands of Euro) As of 31 December 2023Currency Currency inflow Currency Currency outflowForward EUR 21,143 USD 23,550Forward EUR 1,935 JPY 300,000Forward EUR 1,025 CAD 1,500Forward EUR 2,564 CNY 20,000Forward EUR 4,632 GBP 4,000Forward EUR 1,846 AUD 3,000(In thousands of Euro) As of 31 December 2022Currency Currency inflow Currency Currency outflowForward EUR 15,416 USD 16,000Forward EUR 3,884 JPY 550,000Forward EUR 3,169 AUD 5,000Forward EUR 5,421 CNY 40,000Forward EUR 10,197 GBP 9,000The exposure to exchange rate risk is mainly managed using contracts for the forward sale of currency denominated in the sale currency of some markets in which the Group operates. However, at 31 December 2023, these contracts were not recorded on a hedge accounting basis, apart from a \u201cCollar\u201d hedging contract to protect a currency deposit.4.10 OTHER CURRENT ASSETSThe item \u201cOther current assets\u201d amounts to Euro 28,152 thousand at 31 December 2023 (Euro 27,178 thousand At 31 December 2022). The following table contains a breakdown of the other current assets at 31 December 2023 and 2022:(In thousands of Euro)As of 31 December2023 2022Other current assetsVAT receivables 7,055 4,876Prepaid expenses 5,716 5,832Advances to suppliers 1,945 2,443Tax credits 2,967 3,545Accrued income 750 321Receivables from employees 95 124Other receivables 1,989 2,384Receivables for buy backs - within 12 months 7,63 4 7,6 54Total other current assets 28,152 2 7,178\u201cVAT receivables\u201d were offset with the related debt for each company in order to give the net amount for a single entity.\u201cPrepaid expenses\u201d mainly relate to insurance premiums, assistance and maintenance fees, marketing expenses, utilities and rent.\u201cAdvances to suppliers\u201d relate to advances and deposits paid for supplies yet to be received.The tax credits relate to tax credits for investments in business assets, and to research and development.\u201cReceivables for buy backs due within 12 months\u201d, recognised in accordance with IFRS 15, relate to current assets for sales with the right of return, which may be exercised when new machinery is bought.For more details about the recognition criteria for this item, see paragraph 2.4 of this document \u201cValuation criteria\u201d in the section \u201cRecognition of revenues\u201d.4.11 CASH AND CASH EQUIVALENTSThe item \u201cCash and cash equivalents\u201d amounted to Euro 224,730 thousand at 31 December 2023 (Euro 205,358 thousand at 31 December 2022).The following table shows the amounts of cash and cash equivalents at 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022Cash and cash equivalentsBank deposits 200,509 189,777Cheques 374 128Cash and cash equivalents 183 310Term bank deposits <3 months 23,664 15,143Total cash and cash equivalents 224,730 205,358\u201cBank deposits\u201d represent temporary cash surpluses on Group current accounts at year-end.\u201cTerm bank deposits within 3 months\u201d at 31 December 2023 represent temporary uses of surplus cash.The following table shows the breakdown by currency of the item \u201cCash and cash equivalents\u201d at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022AUD 4,239 4,929BRL 268 59CHF 480 355CNY 4,437 8,934EUR 153,979 121,240GBP 12,735 10,443HKD 985 529JPY 2,450 4,798MXN 3 9RUB 6,729 5,722SGD 98 78USD 27,741 46,827SAR 1,263 279ZAR 529 215AED 5,811 \u2014CAD 2,310 \u2014OTH 675 942Total 224,730 205,358As of 31 December 2023 and 2022 there were no restrictions or limitations on the use of the Group\u2019s bank deposits, cheques and cash and cash equivalents on hand.4.12 EQUITYThe item \u201cEquity\u201d amounted to Euro 363,712 thousand at 31 December 2023 (Euro 345,927 thousand at 31 December 2022). The following table reports the details of equity at 31 December 2023 and 2022:(In thousands of Euro)As of 31 December2023 2022EquityShare capital 10,066 10,066Share premium reserve 7,132 7,132Own shares (6,922) \u2014Other reserves 34,230 37,69 8Retained earnings 236,397 225,438Profit (loss) attributable to owners of the parent 73,640 63,587Equity attributable to owners of the parent 354,544 343,922Capital and reserves attributable to non-controlling interests 5,640 1,716Profit (loss) attributable to non-controlling interests 3,528 288Equity attributable to non-controlling interests 9,168 2,005Total equity of Group and non-controlling interests 363,712 345,927The following table shows the amounts and movements of equity for the years ended 31 December 2023 and 2022:(In thousands of Euro)Other reservesAs of 31 December 2021 10,066 7,1 3 2 \u2014 392 954 (115) \u2014 30,091 198,256 63,065 309,841 1,519 200 1,719 311,560Profit for the previous year \u2014 \u2014 \u2014 \u2014 (12) \u2014 \u2014 3,683 59,394 (63,065) \u2014 200 (200) \u2014 \u2014Total comprehensive \u2014 \u2014 \u2014 1,758 \u2014 451 \u2014 (3) \u2014 63,587 65,794 (3) 288 285 66,079income for the yearDividends paid \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (32,212) \u2014 (32,212) \u2014 \u2014 \u2014 (32,212)Incentive plan (LTIP) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 500 \u2014 \u2014 \u2014 500 \u2014 \u2014 \u2014 500As of 31 December 2022 10,066 7,1 3 2 \u2014 2,150 942 336 500 33,771 225,438 63,587 343,922 1,716 288 2,004 345,927Profit for the previous year \u2014 \u2014 \u2014 \u2014 (12) \u2014 \u2014 2,302 61,297 (63,587) \u2014 288 (288) \u2014 \u2014Total comprehensive \u2014 \u2014 \u2014 (4,127) \u2014 (55) \u2014 (396) \u2014 73,640 69,062 (225) 3,528 3,303 72,365income for the yearDividends paid \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (50,332) \u2014 (50,332) (992) \u2014 (992) (51,324)Purchase and sale of \u2014 \u2014 (6,922) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (6,922) \u2014 \u2014 \u2014 (6,922)own sharesIncrease in capital \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 2,116 \u2014 2,116 2,116Incentive plan (LTIP) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1,030 \u2014 \u2014 \u2014 1,030 \u2014 \u2014 \u2014 1,030Other movements \u2014 \u2014 \u2014 (2,209) \u2014 \u2014 \u2014 \u2014 (7) \u2014 (2,217) 2,736 \u2014 2,736 520As of 31 December 2023 10,066 7,13 2 (6,922) (4,187) 930 282 1,529 35,677 236,397 73,640 354,544 5,640 3,528 9,168 363,712Share capitalAs of 31 December 2023, the \u201cShare capital\u201d of Euro 10,066 thousand, fully subscribed and paid in cash, amounted to 201,327,500 ordinary shares with no nominal value.Own sharesOn 6 November 2023, Technogym launched a programme of acquiring own shares, following the authorisation approved by the Ordinary Shareholders\u2019 Meeting on 5 May 2023. Since the programme was launched in 2023, the Parent Company has carried out operations on its own equity instruments, acquiring 836,972 own shares for a total of Euro 6,922 thousand, equal to 0.42% of the share capital. These transactions were booked directly under net equity, as required by IAS 32. .Translation reserveThe \u201cCurrency translation reserve\u201d is generated from the translation of the financial statements of foreign subsidiaries with a functional currency other than the euro. The main differences compared to the previous year are due to fluctuations in the US dollar, the rouble, the Japanese yen and the renminbi. \u201cOther movements\u201d show the impact of the change in the consolidation scope of Technogym Emirates, and the departure from the group of Technogym Manno, during the 2023 financial year.Reserve for the adoption of IAS/ IFRSThe \u201cReserve for the adoption of IAS/IFRS\u201d was generated at the time of the transition of the Group\u2019s separate and consolidated financial statements to IFRS, which took place on 31 December 2013. This reserve, originally a negative Euro 432,083 thousand, was partially covered over the years using the \u201cShare premium reserve\u201d and the profits generated.IAS 19 reserveThe \u201cIAS 19 reserve\u201d refers to the effects arising from the re-measurement of defined benefit plans, as represented in the statement of comprehensive income.Hedge Account reserveAs of 31 December 2023, the cash flow hedge reserve relates essentially to the effective component of a single active interest rate risk hedge (collar). For the 2023 financial year, the collar contract (to hedge a deposit in dollars) and the IRS contract (closed during the year) were treated according to the hedge accounting method. The negative fair value at 31 December 2023 amounted to Euro 524 thousand, as reported in the table below (Euro 399 thousand net of the tax effect).(In thousands of Euro)CFH reserveBalance at 31 December 2021 \u2014Hedging instruments / Cash flow hedges 3Tax effect \u2013 Hedging instruments / Cash flow hedges (1)Balance at 31 December 2022 3Hedging instruments / Cash flow hedges 524Tax effect \u2013 Hedging instruments / Cash flow hedges (126)Balance at 31 December 2023 399Stock option reserveAt 31 December 2023, three incentive plans were in place for Technogym management: the 2021-2023 Performance Shares Plan, the 2022-2024 Performance Shares Plan, and the 2023-2025 Performance Shares Plan (the \u201cIncentive Plans\u201d). They were approved by the Board of Directors on 24 March 2021, 23 March 2022 and 25 March 2023 respectively.In compliance with Consob resolution 11971 of 14 May 1999 as amended and Consob communication 11508 of 15 February 2000, information on relative stock grant plans is given below.The purpose of the Incentive Plans is to consolidate Technogym\u2019s ability to retain key resources and attract staff with the best skills, and align interest in company performance of the Company\u2019s key resources with that of shareholders to create sustainable value over time. Incentive plans are based on a three-year horizon, considered as the most suitable timeframe to achieve the plans\u2019 objectives. The Incentive Plans are for Technogym Group managers, who are nominated individually by the Board of Directors, based on proposals made by the Chairman of the Board of and after consulting with the Appointments and Remuneration Committee, from among the employees and/or staff of the Company or its subsidiaries who have strategic roles or can make significant contributions to the Company\u2019s and/or Group\u2019s strategic objectives, including the Company\u2019s Key Managers. Pursuant to article 114-bis, paragraph 3 of the TUF and article 84-bis, paragraph 2 of the Consob Regulation on Issuers, incentive plans are considered as \u201cplans of particular significance\u201d, as the beneficiaries identified by the Board of Directors may include Key Managers. The incentive plan regulations do not provide for loans or other facilitations to acquire shares, as defined in Article 2358 paragraph 3 of the Civil Code.The incentive plans for 2021-2023, 2022-2024 and 2023-2025 are based on granting the right to receive free shares if certain Company performance objectives are met. These incentive plans have: \u203a pre-determined performance objectives identified in the Company\u2019s economic/financial performance; for the 2023-2025 PSP only, they are also linked to ESG targets; \u203a adequate periods to accrue rights to obtain assigned shares (three-year vesting period); \u203a constraints on the transfer of shares, equal to 12 months from the date when they are assigned.The shares will be assigned to the beneficiaries, subject to the conditions in the Incentive Plans being met, no later than 60 days following the approval of the Group\u2019s Consolidated Financial Statements to 31 December 2023, 31 December 2024 and 31 December 2025.The beneficiaries will have the right to receive the shares if, on the vesting date: \u203a they still have a contract of employment and/or collaboration with Technogym and/or its subsidiaries; \u203a there is no pending termination of their contract of employment with the Company or its subsidiaries.For more information about these Incentive Plans, see the respective prospectuses on the Company\u2019s website, at https://corporate.technogym.com/it/governance/assemblea-degli-azionisti.Capital and reserves attributable to non-controlling interestsThe item \u201cCapital and reserves attributable to non-controlling interests\u201d rose by Euro 2,116 following the incorporation of the Saudi company Technogym Arabia LLC, which is 70% owned and fully consolidated.Reconciliation between the Parent company\u2019s equity and net result for the year and the consolidated equity and net result for the yearThe table below is a reconciliation of the net equity of Technogym SpA and the consolidated equity, including details of each item:(In thousands of Euro)2023 2022Equity Profit Equity ProfitEquity and result as reported in the Parent company\u2019s financial 407,949 74,463 390,151 68,976statementsEffect of consolidation of subsidiaries 133,506 24,926 125,007 30,912Alignment of accounting policies of consolidated companies 33,414 4,305 31,903 2,232Effect of elimination of values of investments (203,333) 99 (193,310) (17,867)Elimination of intercompany dividends (7,823) (26,623) (7,823) (20,378)Equity pertaining to minority interests (9,168) (3,528) (2,005) (288)Group equity and results 354,544 73,640 343,922 63,5874.13 FINANCIAL LIABILITIESThe items \u201cNon-current financial liabilities\u201d and \u201cCurrent financial liabilities amounted to Euro 69,959 thousand and Euro 32,259 thousand at 31 December 2023 (respectively Euro 66,431 thousand and Euro 37,501 thousand at 31 December 2022 respectively). The following table shows the amounts of financial liabilities, current and non-current, at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022Non-current financial liabilitiesBank loans due after 12 months \u2013 non-current portion \u2014 2,625Other non-current financial liabilities 35,745 34,634IFRS 16 Non-current financial liabilities 34,214 29,173Total non-current financial liabilities 69,959 66,431Current financial liabilitiesBank loans due after 12 months \u2013 current portion \u2014 9,137Other short-term borrowings 402 222Current liabilities due to other lenders 21,682 19,461Other current financial liabilities 575 79IFRS 16 Financial liabilities - Current 9,601 8,602Total current financial liabilities 32,259 37,501On 31 December 2023, the Company\u2019s financial indebtedness with banks was zero, while the debts to other lenders are due to the countervalue of receivables assigned to third-party financial institutions that did not meet the derecognition criteria under IFRS 9.Medium/long-term bank loansThe following table shows the movements of bank loans for the years ended 31 December 2023 and 2022.(In thousands of Euro)Bank loans due after 12 months \u2013 Bank loans due after 12 months \u2013 Total loansnon-current portioncurrent portionValues at 31 December 2021 12,500 50,103 62,603Obtainment of loans 3,217 803 4,021Repayments \u2014 (54,862) (54,862)Reclassification from long-term to short-term (13,093) 13,093 \u2014Values at 31 December 2022 2,625 9,137 11,762Obtainment of loans \u2014 \u2014 \u2014Repayments \u2014 (11,762) (11,762)Reclassification from long-term to short-term (2,625) 2,625 \u2014Values at 31 December 2023 \u2014 \u2014 \u2014The following shows the details of medium-long term bank loans at 31 December 2023 and 2022.(In thousands of Euro)Due date Interest rate As of 31 December2023 of which 2022 of which currentcurrentBank loansCr\u00e9dit Agricole Italia S.p.A. 2020-2023 Variable \u2014 \u2014 8,333 8,333Deutsche Bank 2022-2027 Fixed \u2014 \u2014 3,428 803Total bank loans \u2014 \u2014 11,762 9,137During 2023 the Group also strengthened its financing structure by taking out the following loan agreements, with the availability of credit lines that were not used during the year.The medium-long term loan was granted by Cassa Depositi e Prestiti Spa on 15 June 2023 as an available line of credit totalling Euro 25,000 thousand. The loan expires on 15 June 2028 and includes an option to use, for two years from the date of signature. If the option is exercised, the loan will be repaid until the date of expiry. Otherwise it will be closed. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023 the option had not been exercised.Credit Agricole: the revolving loan was granted by Credit Agricole Italy on 2 May 2023 as an available line of credit totalling Euro 50,000 thousand. The loan expires on 2 May 2026, as to Euro 25,000 thousand, and a further 25,000 thousand is due on 28 April 2026, on which there is an option to renew for a further two years. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banco BPM: the revolving loan was granted by Banco BPM on 25 July 2023 as an available line of credit totalling Euro 15,000 thousand. The loan expires on 24 July 2026. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banco BPM: the revolving loan was granted by Banco BPM on 11 September 2023 as an available line of credit totalling Euro 15,000 thousand. The loan expires on 14 September 2026. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Deutsche Bank: the revolving loan was granted by Deutsche Bank on 4 August 2023 as an available line of credit totalling Euro 15,000 thousand. The loan expires on 04 August 2027. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banca Popolare di Sondrio: the revolving loan was granted by Banca Popolare di Sondrio on 17 May 2023 as an available line of credit totalling Euro 25,000 thousand. The loan expires on 16 November 2024. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banca Popolare di Sondrio: the revolving loan was granted by Banca Popolare di Sondrio on 30 May 2023 as an available line of credit totalling Euro 5,000 thousand. The loan expires on 29 November 2024. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Other short-term borrowingsThe following table reports the details of \u201cOther short-term borrowings\u201d as of 31 December 2023 and 31 December 2022:(In thousands of Euro) As of 31 DecemberCurrency 2023 2022Other short-term borrowingsBPER Luxembourg EUR 183 85Other short-term borrowings EUR 218 136Total other short-term borrowings 402 222Other short-term borrowings mainly include stand-by credit lines, short-term loans (generally \u201chot money\u201d), bank overdrafts and credit cards. In particular, the Group uses short-term committed and uncommitted credit lines granted by leading banks, which accrue interest at a variable rate indexed to the Euribor plus a spread.Liabilities due to other lendersCurrent and non-current liabilities from other lenders refers to financing transactions guaranteed by the transfer of receivables arising from the sale of goods that, although they are transferred to third financial institutions, they are retained in the financial statements as they do not meet all the conditions required by IFRS 9 for their derecognition from assets. See also note 4.5 \u201cOther non-current assets\u201d and note 4.7 \u201cTrade receivables\u201d.4.14 DEFERRED TAX LIABILITIESFor comments relating to the item \u201cDeferred tax liabilities\u201d please see paragraph 4.3.4.15 EMPLOYEE BENEFIT OBLIGATIONSThe item \u201cEmployee benefit obligations\u201d amounts to Euro 2,621 thousand at 31 December 2023 (Euro 2,600 thousand at 31 December 2022).The following table shows the amounts and movements of employee benefit obligations for the years ended 31 December 2023 and 2022.(In thousands of Euro)Employee benefit obligationsValues at 31 December 2021 3,091Provisions 16Financial expenses 25Actuarial (gains)/losses (274)Reclassifications \u2014Exchange rate differences \u2014Utilisations (258)Values at 31 December 2022 2,600Provisions 88Financial expenses 75Actuarial (gains)/losses 45Reclassifications \u2014Exchange rate differences (1)Utilisations (186)Values at 31 December 2023 2,621Information about the actuarial valuation of provisions for employee benefit obligations is presented in note 4.16.\ue61d.\ue61e\ue617 PROVISIONS FOR RISKS AND CHARGESThe item \u201cProvisions\u201d at 31 December 2023 amounts to Euro 13,568 thousand for non-current financial liabilities and Euro 19,472 thousand for current financial liabilities (respectively, Euro 9,586 thousand and Euro 14,222 thousand at 31 December 2022). The following table shows the details of provisions for risks and charges, current and non-current, at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022Non-current provisions for risks and chargesWarranties provision 6,676 5,754Agents provision 1,022 894Non-Competition Agreement provision 2,651 1,614Rebates provision 2 ,158 568Other provisions for risks and charges 992 611Ongoing lawsuits provision 69 145Total non-current provisions for risks and charges 13,566 9,586Current provisions for risks and chargesWarranties provision 6,813 5,861Free Product Fund provision 1,275 866Other provisions for risks and charges 11,384 7,495Total current provisions for risks and charges 19,472 14,222The following table shows the amounts and movements of provisions for risks and charges, current and non-current, for the years ended 31 December 2023 and 2022.(In thousands of Euro)Warranties Agents Non-Rebates Other Ongoing Non-current Warranties Free Product Other Current provisionprovisionCompetition provisionprovisions lawsuits provisions provisionFund provisions provisions Agreement for risks provisionfor risks and provisionfor risks and for risks provisionand chargeschargesand chargeschargesValues at 31 December 2021 4,772 1,087 1,990 456 604 43 8,952 4,955 199 6,580 11,734Provisions 3,746 123 465 236 152 102 4,825 1,731 725 6,517 8,973Reclassifications \u2014 \u2014 \u2014 \u2014 \u2014 (1) (1) \u2014 \u2014 \u2014 \u2014Exchange rate differences 10 \u2014 \u2014 \u2014 (17) \u2014 (7) (5) (2) 22 15Financial expenses \u2014 \u2014 38 \u2014 \u2014 \u2014 38 \u2014 \u2014 \u2014 \u2014Actuarial (gains)/losses \u2014 (243) (712) \u2014 \u2014 \u2014 (955) \u2014 \u2014 \u2014 \u2014Utilisations (2,775) (72) (166) (124) (129) \u2014 (3,266) (821) (55) (5,625) (6,501)Values at 31 December 2022 5,754 894 1,614 568 610 145 9,586 5,860 868 7,4 9 2 14,222Provisions 3,357 138 1,014 1,509 544 58 6,620 4,191 1,196 9,841 15,229Reclassifications \u2014 \u2014 \u2014 (16) \u2014 \u2014 (16) \u2014 \u2014 \u2014 \u2014Exchange rate differences (58) \u2014 \u2014 (4) (21) \u2014 (83) (48) (4) (22) (73)Change in scope of 146 \u2014 \u2014 171 \u2014 \u2014 317 146 \u2014 (20) 127consolidation(In thousands of Euro)Warranties Agents Non-Rebates Other Ongoing Non-current Warranties Free Product Other Current provisionprovisionCompetition provisionprovisions lawsuits provisions provisionFund provisions provisions Agreement for risks provisionfor risks and provisionfor risks and for risks provisionand chargeschargesand chargeschargesFinancial expenses \u2014 \u2014 57 \u2014 \u2014 \u2014 57 \u2014 \u2014 \u2014 \u2014Actuarial (gains)/losses \u2014 \u2014 15 \u2014 \u2014 \u2014 15 \u2014 \u2014 \u2014 \u2014Utilisations (2,523) (10) (49) (70) (141) (134) (2,928) (3,336) (785) (5,907) (10,028)Values at 31 December 6,676 1,022 2,651 2,158 992 69 13,566 6,813 1,275 11,384 19,4722023Current and non-current warranties provisions are reasonably estimated by the Group on the basis of the contractual guarantees issued to customers and past experience; they cover the cost of parts and labour that the Group will incur in future years for repairing products under warranty, for which the sales revenues have already been recognised in the income statement of the year or of previous years. The increase, in both the current and non-current portions of the Fund, equal to Euro 1,875 thousand, relate to the legal sales warranty which depends on the increase in sales of finished products.The \u201cAgents\u2019 provision\u201d and \u201cNon-Compete Agreement provision\u201d represent a reasonable estimate of the expenses that the Company would incur in the event of interruption of agency contracts. Those provisions were calculated by independent actuaries and were measured using the actuarial valuation of the projected unit of the credit, in accordance with IAS 37 and IAS 19. The increase mainly relates to the reclassification carried out by the subsidiary TG Germany, which was classified in the previous year under other payables for employees.The \u201cRebates provision\u201d and \u201cFree Product Fund\u201d represent the estimated non-monetary awards that the Company grants to customers on reaching specific purchasing targets. The total changes in these items, of Euro 1,998 thousand, are related to the increase in sales achieved by the Group.The Other provisions for risks and charges mainly relate to employee bonuses, which have increased by Euro 492 thousand, for which the amount has not yet been confirmed, and new provisions of Euro 938 thousand made in respect of ongoing legal disputes. During the year, the Group also set aside Euro 1,925 thousand, which relates to some of the liquidity held at the Russian affiliate Technogym AO. Due to the limitations imposed by the Russian Federation as a result of the conflict in Ukraine, this amount is considered to be at risk should it be distributed to the parent company, taking into account the methods which are now under assessment.Actuarial valuation of employee benefit obligations and Non-Competition Agreement provision according to IAS 19 and agents\u2019 provision according to IAS 37The methodology used for the discounting is recognised by the name \u201cmethod of the years of management on an individual basis and by drawing lots\u201d (MAGIS). This method is based on a stochastic Montecarlo type simulation.The main demographic assumptions used by the actuary to analyse the employee benefits provisions and the no-competition provision for the years ended December 31 December 2023 and 2022 are as follows: (i) the probability of death is obtained by using tables determined by ISTAT in 2000 and reduced by 25%: (ii) the probabilities of disability/invalidity are those adopted in the INPS model; (iii) the retirement age for the general working population is assumed to be the reaching of the first retirement requirement applicable for Mandatory General Insurance; (iv) the probability of leaving employment for reasons other than death was determined from the probability of turnover in line with the historical trend; in particular, an annual rate of 4% was considered for the year 2023 compared to the rate of 6% for 2022; (v) with regard to the probability of early retirement, an annual rate of 3% is applied, based on the historic trend, for 80% of the provision accumulated on the date of the request.As regards the discounting of the Agents provision according to IAS 37, the hypothesis of \u201cclosed group\u201d was considered during the time framework.The valuations were conducted by quantifying future payments through the projection of the agents\u2019 provision accrued at the valuation date of the agents working for the Company until the estimated time (unpredictable) of termination of the contract with the company; once again the method used is the MAGIS. Regarding the demographic assumptions, the ISTAT 2011 mortality rates were considered; for disability, the INPS tables by age and gender were used, whereas for the retirement age, the requirement established by ENASARCO was used. The possibility of agents being released due to the termination of their relationship with the Company or for other causes was determined using estimates of annual frequency based on company data. The financial assumptions essentially refer to the discount rate which, at 31 December 2023 was chosen as the yield from the Iboxx Corporate AA index with 5-7 year duration, matching the collective agreement measured at 2.95%.In addition, for the Italian companies the following economic-financial assumptions were taken into account. As of 31 December2023 2022Annual technical discount rate 3.10% 3.60%Annual inflation rate 2.50% 2.50%Annual rate of TFR increase 3.31% 3.31%Annual rate of commissions increase (for the valuation of agents\u2019 NCA) 3.00% 3.00%As for the annual technical discount rate of 3.1%, the Iboxx Corporate AA was selected as the benchmark for the Eurozone, with duration a consistent with the average duration of the collective agreement.A sensitivity analysis was also performed upon a change in the main actuarial assumptions included in the calculation model in relation to the 0.5% change of annual technical discount rate. The following results were obtained:(In thousands of Euro)As of 31 December2023 2022-0.50% Carrying 0.50% -0.50% Carrying 0.50% changeamountchangechangeamountchangeEmployee benefit obligations 95 2,621 (89) 81 2,600 (78)Non-Competition Agreement provision 93 2,651 (86) 78 1,614 (72)Total 188 5,272 (175) 159 4,214 (150)4.17 OTHER NON\ue618CURRENT LIABILITIESThe item \u201cOther non-current liabilities\u201d amounted to Euro 44,771 thousand on 31 December 2023 (Euro 38,415 thousand at 31 December 2022).Other non-current liabilities mainly include: \u203a deferred income, amounting to Euro 1,879 thousand, related to revenues associated to long-term contracts for technical assistance. This item was recognised as contractual liabilities in accordance with IFRS 15; \u203a liabilities for sales with return rights, equal to Euro 40,677 thousand, identified pursuant to IFRS 15, in order to represent suspended costs associated with these sales; \u203a the long-term portion of the obligation to buy-back leased products, of Euro 2,035 thousand; \u203a trade payables due after 12 months, of Euro 143 thousand.4.18 TRADE PAYABLESThe item \u201cTrade payables\u201d amounted to Euro 155,384 thousand at 31 December 2023 (Euro 173,559 thousand at 31 December 2022). Trade payables are mainly related to transactions for the purchase of raw materials, components and shipping services, manufacturing and technical assistance. These transactions are part of ordinary procurement management.4.19 CURRENT TAX LIABILITIESThe item \u201cCurrent tax liabilities\u201d amounted to Euro 9,192 thousand at 31 December 2023 (Euro 9,169 thousand at 31 December 2022). The item income tax receivables amounted to Euro 2,967 thousand at 31 December 2023 (Euro 3,545 thousand at 31 December 2022) (see note 4.10).4.20 LIABILITIES FOR DERIVATIVE FINANCIAL INSTRUMENTSThe item \u201cLiabilities for derivative financial instruments\u201d amounted to Euro 2 thousand at 31 December 2023 (Euro 77 thousand at 31 December 2022).The following table shows the liabilities for derivative financial instruments by currency at 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022ForwardAUD \u2014 4CNY \u2014 22JPY 2 48IRS \u2014 3Total 2 77Liabilities for derivative financial instruments refer to the differences arising from the fair value of \u201cforward\u201d contracts used to hedge exposure to currency risk.The exposure to exchange rate risk is mainly managed using contracts for the forward sale of currency denominated in the sale currency of some markets in which the Group operates. For details of the types of forward contracts, see the itemised table in paragraph 4.9. Assets for derivative financial instruments.For the 2023 financial year, the hedge accounting method was adopted only for the exchange rate collar. The net fair value of the collar at 31 December 2023 was positive at 83 thousand euros; the fluctuations during the period generated a cash flow hedge reserve of 524 thousand, as shown in the table below (Euro 399 thousand net of the tax effect).(In thousands of Euro)As of 31 December2023 assets 2022 assets 2023 liabilities 2022 liabilitiesExchange rate hedging: Exchange rate hedges (current) \u2013 cash flow hedge \u2014 \u2014 524 \u2014Tax effect \u2013 Exchange rate hedges (current) \u2013 cash flow hedge \u2014 \u2014 (126) \u2014Interest rate hedges:Interest rate hedges (current) \u2013 cash flow hedge \u2014 \u2014 \u2014 3Tax effect - Interest rate hedges (current) \u2013 cash flow hedge \u2014 \u2014 \u2014 (1)Total \u2014 \u2014 399 34.21 OTHER CURRENT LIABILITIESThe item \u201cOther current liabilities\u201d amounted to Euro 106,178 at 31 December 2023 (Euro 88,552 thousand at 31 December 2022). The following table shows the amounts of other current liabilities at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022Other current liabilitiesDeferred income 38,180 27, 294Advances from clients 21,765 21,661Payables to employees 13,062 11,984VAT payables 11,727 9,391Social security payables 5,242 4,053Other liabilities 7,291 5,651Accrued expenses 728 628Payables for buy backs - due within 12 months 8,182 7,890Total other current liabilities 106,1 78 88,552\u201cDeferred income\u201d mainly refers to scheduled maintenance contracts on machines sold in previous years, for which the revenues are recognised according to the matching principle.\u201cAdvances from customers\u201d relates to advances and deposits received for supplies yet to be delivered. These items were recognised as contractual liabilities in accordance with IFRS 15.\u201cPayables to employees\u201d mainly refer to salaries for the month of December paid in January, untaken holiday entitlements and staff bonuses.\u201cSocial security payables\u201d are related to Social security contributions of various nature to be paid in the following year with reference to the salary for the month of December, Christmas bonuses and untaken holiday entitlements.The \u201cOther liabilities\u201d at 31 December 2023 and 2022 mainly relate to income taxes withheld on income from employment and self-employment to be paid in the following year.\u201cAccrued expenses\u201d mainly include accruals relating to utilities, sponsorships and insurance.The item \u201cPayables for buy backs - due within 12 months\u201d includes Euro 547 thousand relative to a short-term buyback obligation for leased products. The remainder of the item, of Euro 7,635 thousand, refers to liabilities for sales with return rights, identified pursuant to IFRS 15, in order to represent the suspended revenues associated with these sales.For more details about the recognition criteria for this item, see paragraph 2.4 of this document \u201cValuation criteria\u201d in the section \u201cRecognition of revenues\u201d.",
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"s8_notes__6__45": {
"value": "4.1 PROPERTY, PLANT AND EQUIPMENTThe item \u201cProperty, plant and equipment\u201d amounted to Euro 171,560 thousand at 31 December 2023 (Euro 164,122 thousand at 31 December 2022).The following table shows the amounts and movements of \u201cProperty, plant and equipment for the years ended 31 December 2023 and 2022.(In thousands of Euro)Land Buildings and Plant and Production and Other Assets under Totalleasehold machinerycommercial assetsconstruction improvementsequipmentand advancesHistorical cost at 1 January 2022 13,077 17 1,151 29,657 85,836 33,351 1,559 334,631IFRS16 investments \u2014 22,381 \u2014 \u2014 1,954 \u2014 24,336Investments 405 2,641 746 5,369 2 ,185 3,402 14,748IFRS16 disposals \u2014 (2,786) \u2014 \u2014 3 \u2014 (2,783)Disposals \u2014 (448) (24) (169) (935) \u2014 (1,576)Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Reclassifications \u2014 83 14 77 1,486 (1,652) 7Exchange rate differences \u2014 276 \u2014 (11) (14) \u2014 252Historical cost at 31 December 2022 13,483 193,299 30,393 91,102 38,030 3,309 369,615Accumulated amortisation as of \u2014 (66,317) (20,673) (70,556) (23,523) \u2014 (181,068)1 January 2022IFRS16 depreciation/amortisation \u2014 (6,768) - - (2,785) \u2014 (9,553)Depreciation and amortisation \u2014 (5,763) (1,902) (6,249) (3,123) \u2014 (17,037 )IFRS16 disposals \u2014 843 - - 311 \u2014 1,154Disposals \u2014 365 26 31 826 \u2014 1,248Reclassifications \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 (274) - 20 19 \u2014 (236)Accumulated depreciation at \u2014 ( 7 7,913) (22,549) (76,754) (28,276) \u2014 (205,492)31 December 2022Net values at 31 December 2022 13,483 115,385 7,8 4 4 14,349 9,753 3,309 164,122Historical cost at 1 January 2023 13,483 193,299 30,393 91,102 38,030 3,309 369,615IFRS16 investments \u2014 15,995 \u2014 \u2014 4,158 \u2014 20,154Investments 486 4,542 1,005 5,200 2,502 3,623 17,358IFRS16 disposals \u2014 (4,861) \u2014 \u2014 (812) \u2014 (5,674)(In thousands of Euro)Land Buildings and Plant and Production and Other Assets under Totalleasehold machinerycommercial assetsconstruction improvementsequipmentand advancesDisposals \u2014 (1,364) (439) (514) (1,315) (780) (4,412)Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Reclassifications \u2014 1,694 303 891 159 (3,058) (10)Exchange rate differences \u2014 (2,095) \u2014 (12) (1,357) (10) (3,474)Change in scope of consolidation \u2014 3,677 \u2014 \u2014 1,376 \u2014 5,053Historical cost at 31 December 2023 13,969 210,887 31,262 96,668 42,741 3,084 398,610Accumulated amortisation as of \u2014 ( 7 7,913) (22,549) (76,754) (28,276) \u2014 (205,492)1 January 2023IFRS16 depreciation/amortisation \u2014 (8,102) \u2014 \u2014 (2,793) \u2014 (10,894)Depreciation and amortisation \u2014 (5,812) (1,914) (5,753) (2,575) \u2014 (16,053)IFRS16 disposals \u2014 1,036 \u2014 \u2014 672 \u2014 1,709Disposals \u2014 1,365 426 328 1,472 \u2014 3,591Reclassifications \u2014 (355) \u2014 383 (20) \u2014 8Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 1,010 \u2014 \u2014 1,218 \u2014 2,228Change in scope of consolidation \u2014 (1,385) \u2014 \u2014 (761) \u2014 (2,146)Accumulated depreciation at \u2014 (90,155) (24,036) (81,796) (31,063) \u2014 (2 27,0 49)31 December 2023Net values at 31 December 2023 13,969 120,731 7,2 25 14,872 11,678 3,084 171,560The category \u201cBuildings and leasehold improvements\u201d mainly includes buildings used for production and commercial activities and the associated installations also at the complex called \u201cTechnogym Village\u201d, used as corporate headquarters.The increments relative to IFRS 16 relate to the right of use of boutique stores and offices at the commercial branches, mainly Technogym France for the new offices in Paris, and Technogym UK for the new offices in Bracknell, and for the opening of a new boutique in London.\u201cPlant and machinery\u201d mainly includes production line assembly plants. \u201cProduction and commercial equipment\u201d mainly refers to the moulds used for production and the equipment used for machine assembly. The item \u201cother assets\u201d mainly refers to stands, office machines and electronic machines. \u201cAssets under construction\u201d mainly relate to investments in production lines at the Group\u2019s sites, which had yet been placed in service at year-end, and to moulds not yet available for use.Investments for the year ended 31 December 2023 amounted to Euro 17,358 thousand, excluding the effects of IFRS 16, which refer to property leases, vehicle and forklift truck leasing contracts. Investments in Land (Euro 486 thousand) include the purchase by Technogym SpA of an agricultural plot and two apartments, purchased for use by employees as required; investments in Buildings and Leasehold improvements (Euro 4,542 thousand) mainly relate to the opening, extension and renovation of the boutique stores and offices of the commercial branches. Specifically, the Leasehold improvements related to the new Technogym Experience Centers of the branches in Australia, Asia and Benelux, and the opening and inauguration of new boutiques in New York and Abu Dhabi, as well as investments made by the commercial branch Technogym UK for the upcoming inauguration of a store at \u201cOne Berkeley Street\u201d (London). The investments in Assets under construction (Euro 3,623 thousand) mainly refer to the upgrading of production lines. Investments in industrial and commercial equipment (Euro 5,200 thousand) largely relate to the purchase of moulds to cater for the ongoing expansion and upgrading of the product range. Investments in Plant and machinery (Euro 1,005 thousand) mainly relate to the set-up of new production lines.Net disposals of property, plant and equipment for the year ended 31 December 2023 amount to Euro 4,785 thousand, compared to Euro 1,765 thousand as of 31 December 2022. As of 31 December 2023 and 2022, there was no property or instrumental asset that was subject to any kind of guarantee provided to a third party.Some detailed information relative to IFRS 16 has been provided below for a greater clarity and understanding of the financial statements.The table below shows the impact of IFRS 16 on the consolidated financial position to 31 December 2023 and for the year ended 31 December 2022.(In thousands of Euro)As of 31 December2023 2022Rights of useBuildings 36,410 32,209Equipment 1,032 778Cars 4,199 3,157Total rights of use 41,641 36,144Lease liabilitiesIFRS 16 Financial liabilities - Current 9,601 8,602IFRS 16 Non-current financial liabilities 34,214 29,173Total lease liabilities 43,815 37,7 75The table below shows the impact of IFRS 16 on the consolidated income statement to 31 December 2023 and 31 December 2022.(In thousands of Euro)As of 31 December2023 2022Payment reversalsBuildings 8,581 7,264Equipment 455 249Cars 2,046 2,217Total payment reversals 11,082 9,731Depreciation of rights of useBuildings (8,102) (6,768)Equipment (430) (400)Cars (2,363) (2,385)Total depreciation (10,894) (9,553)InterestInterest expense (1,185) (618)Total interest (1,185) (618)",
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"s8_notes__6__46": {
"value": "INTANGIBLE ASSETSThe item \u201cIntangible assets\u201d amounted to Euro 56,686 thousand at 31 December 2023 (Euro 55,688 thousand at 31 December 2022). The following table shows the amounts and movements of intangible assets for the years ended 31 December 2023 and 2022.(In thousands of Euro)Goodwill Development Patents and Concessions, Intangibles Other Totalcostsintellectual licences, under intangible property trademarks development assetsrightsand similar and rightsadvancesHistorical cost at 1 January 2022 \u2014 38,061 39,447 1,797 9,124 1,120 89,756Investments \u2014 4,173 6,495 506 6,821 2,220 20,216Disposals \u2014 (6,972) (5,428) (158) \u2014 (152) (12,711)Impairment losses \u2014 \u2014 \u2014 \u2014 (23) \u2014 (23)Reclassifications \u2014 4,533 332 - (5,135) 263 (7)Exchange rate differences \u2014 \u2014 117 \u2014 \u2014 \u2014 117Historical cost at 31 December \u2014 39,796 40,963 2,144 10,789 3,451 97,3502022Accumulated amortisation as of \u2014 (16,969) (19,923) (1,116) \u2014 (843) (39,058)1 January 2022Depreciation and amortisation \u2014 (7,139) ( 7,249) (238) \u2014 (222) (14,847)Disposals \u2014 6,688 5,427 106 \u2014 143 12,363Reclassifications \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 \u2014 (117) \u2014 \u2014 \u2014 (117)Impairment losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Accumulated depreciation at \u2014 (17,420) (21,862) (1,249) \u2014 (922) (41,660)31 December 2022Net values at 31 December 2022 \u2014 22,375 19,101 895 10,789 2,529 55,688Historical cost at 1 January 2023 \u2014 39,796 40,963 2,14 4 10,789 3,451 97,35 0Investments \u2014 4,085 7,0 43 182 5,666 1,844 18,821Disposals \u2014 (35) (1,405) (186) (12) \u2014 (1,639)Impairment losses \u2014 \u2014 \u2014 \u2014 (146) \u2014 (146)Reclassifications \u2014 4,582 1,690 35 (6,650) 346 3Exchange rate differences \u2014 \u2014 (57) \u2014 \u2014 6 (51)Change in scope of consolidation 989 \u2014 \u2014 \u2014 12 \u2014 1,002Historical cost at 31 December 1,196 48,427 48,234 2,176 9,658 5,648 115,3402023Accumulated amortisation as of (207) (17,420) (21,862) (1,249) \u2014 (922) (41,660)1 January 2023Depreciation and amortisation \u2014 (8,425) (8,970) (282) \u2014 (942) (18,619)Disposals \u2014 35 1,404 187 \u2014 \u2014 1,626Reclassifications \u2014 \u2014 18 (18) \u2014 \u2014 \u2014Exchange rate differences \u2014 \u2014 7 \u2014 \u2014 (8) \u2014(In thousands of Euro)Goodwill Development Patents and Concessions, Intangibles Other Totalcostsintellectual licences, under intangible property trademarks development assetsrightsand similar and rightsadvancesAccumulated depreciation at (207) (25,810) (29,402) (1,363) \u2014 (1,871) (58,654)31 December 2023Net values at 31 December 2023 989 22,616 18,832 813 9,658 3,777 56,686The increase in \u201cGoodwill\u201d during the year can be attributed primarily to the change in the method of consolidation of the subsidiary Technogym Emirates LLC, following an amendment to the shareholders\u2019 agreements, which has given substantial control to the Group and entailed a transition from the equity method to line-by-line consolidation. This means that the equity investment has been eliminated from the consolidated financial statements and Goodwill has been posted at Euro 989 thousand. As no impairment indicators have been found, and because 12 months have not yet elapsed since this item was posted, the Group has not conducted a recoverability analysis under IAS 36.\u201cDevelopment costs\u201d refer to the costs arising from the innovation activity performed by the Group as part of its core business. \u201cPatents and intellectual property rights\u201d include expenditures related to the acquisition and registration of patents, models and designs. The category \u201cConcessions, licences, trademarks and similar rights\u201d includes trademarks and the associated costs of registration, as well as the costs for software rights and user licences. \u201cIntangibles under development and advances\u201d mainly refers to expenses incurred by the Group relative to projects for the development of new products, product lines, software and supporting applications not yet in use at year-end. \u201cOther intangible assets\u201d concern the costs incurred relating to the recognition of intangible assets that meet the requirements of IAS 38 for recognition in the financial statements.Investments for the year ended 31 December 2023 amounted to a total of Euro 18,821 thousand. The investments in development costs (Euro 4,085 thousand) mainly relate to the costs incurred for the upgrading and expansion of the range of products and services; the investments in industrial patents and use of intellectual property (Euro 7,043 thousand) relate in part to the ERP migration project at Technogym France, and the Group-level upgrade of the ERP SAP system to incorporate tools which are more tailored to the consumer segment. Investments in Assets under construction and advances (Euro 5,666 thousand) mainly refer to the development of new products and lines, as well as software and supporting applications. The remainder of this item relates to other upgrades of software used by the Group.Net disposals of intangible assets for the years ended 31 December 2023 and 2022 are not significant.",
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"s8_notes__6__47": {
"value": "4.3 DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES\u201cDeferred tax assets\u201d amounted to Euro 31,359 thousand at 31 December 2023 (Euro 29,537 thousand at 31 December 2022), while the item \u201cDeferred tax liabilities\u201d amounted to Euro 6,650 at 31 December 2023 (Euro 5,662 thousand at 31 December 2022).The following table shows the amounts and movements of deferred tax assets and liabilities for the years ended 31 December 2023 and 2022.(In thousands of Euro)Values at Provisions Utilisations Reclassifications Values at Provisions Utilisations Reclassifications Values at 31 1 January 1 January December 202220232023Deferred tax assetsInventory write-down provision 4,624 708 (280) \u2014 5,052 220 (436) \u2014 4,836Warranties provision 2,027 1,407 (1,095) \u2014 2,340 1,855 (1,200) \u2014 2,996Accumulated amortisation of 451 40 (36) \u2014 455 165 (149) \u2014 471trademarksOther provisions for risks 1,711 1,966 (1,462) \u2014 2,216 1,942 (1,796) \u2014 2,362Provision for write-downs of 1,349 774 (26) \u2014 2,097 66 (191) \u2014 1,971receivablesUnrealised exchange losses 97 10 \u2014 \u2014 107 5 \u2014 \u2014 112Post-employment benefits 302 66 (186) \u2014 182 6 (19) \u2014 169Other 598 895 (245) \u2014 1,248 9 (211) \u2014 1,047PNC fund 487 48 (138) \u2014 397 112 \u2014 \u2014 509Provision for consolidated 1,826 1,515 (29) \u2014 3,312 228 (448) \u2014 3,092adjustmentsIntercompany stock profit 6,760 \u2014 (323) \u2014 6,437 1,544 \u2014 \u2014 7,982provisionDeferred tax assets IFRS 16 3,639 2,056 \u2014 5,695 118 \u2014 5,813Total deferred tax assets 23,873 9,485 (3,819) \u2014 29,537 6,313 (4,450) \u2014 31,359Deferred tax liabilitiesProvision for consolidated (112) (8) 18 \u2014 (102) (1,007) \u2014 \u2014 (1,109)adjustmentsUnrealised exchange gains (55) (149) 200 \u2014 (5) (173) 118 \u2014 (61)Others (134) (49) 121 \u2014 (62) (127) 164 \u2014 (24)Deferred tax liabilities IFRS 16 (3,593) (1,899) \u2014 \u2014 (5,493) \u2014 35 \u2014 (5,458)Total deferred tax liabilities (3,894) (2,105) 339 \u2014 (5,662) (1,349) 317 \u2014 (6,650)Total 19,978 7,37 9 (3,480) \u2014 23,876 4,964 (4,132) \u2014 24,709The table shows the breakdown of these items with specific indications of the gross effect on deferred tax assets and liabilities of IFRS 16, as required by the amendment to IAS 12, which came into force during 2023. To give a better representation of the balance sheet items, we have also restated the value for the 2022 financial year. The effect of IFRS 16 on previous financial years has been included as a net amount within the item Deferred tax assets.Where permitted by the IFRS, \u201cDeferred tax assets\u201d are shown net of the \u201cDeferred tax liabilities\u201d, which can be offset in order to show a correct representation.Deferred tax assets on tax losses were recognised taking into account that there is a reasonable certainty that in future years positive results will be achieved that are likely to absorb such losses.In addition, the Group had tax losses carried forward of Euro 17,486 thousand, not recognised in deferred tax assets at 31 December 2023. Total deferred tax assets were approximately Euro 2.6 million, which the Group has not made any provision for as they are not considered recoverable.",
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"s8_notes__6__49": {
"value": "4.4 INVESTMENTS IN JOINT VENTURES AND ASSOCIATESThe item \u201cInvestments in joint ventures and associates\u201d amounts to Euro 1,155 thousand as of 31 December 2023 (Euro 4,058 thousand as of 31 December 2022).The following table shows the amounts and movements of investments in joint ventures and associates for the years ended 31 December 2023 and 2022.(In thousands of Euro)Joint ventures Associates TotalValues at 31 December 2021 3,017 1,421 4,438Investments \u2014 \u2014 \u2014Disinvestments \u2014 \u2014 \u2014Impairment losses \u2014 \u2014 \u2014Dividends (2,478) \u2014 (2,478)Net result 1,919 (151) 1,768Exchange rate differences 330 \u2014 330Values at 31 December 2022 2,788 1,270 4,058Investments \u2014 \u2014 \u2014Disinvestments \u2014 \u2014 \u2014Impairment losses (22) \u2014 (22)Dividends \u2014 \u2014 \u2014Net result \u2014 (114) (114)Change in scope of consolidation (2,766) \u2014 (2,766)Exchange rate differences \u2014 \u2014 \u2014Values at 31 December 2023 \u2014 1,155 1,155Details of movements relating to joint ventures are provided below.(In thousands of Values at 31 Exchange rate Investments Disinvestments Dividends Net result Change in scope Values at 31 Euro)December 2022differencesof consolidationDecember 2023Technogym 2,766 \u2014 \u2014 \u2014 \u2014 \u2014 (2,766) \u2014Emirates LLCWellness 22 \u2014 \u2014 (22) \u2014 \u2014 \u2014 \u2014Explorers SrlTotal 2,788 \u2014 \u2014 (22) \u2014 \u2014 (2,766) \u2014The movements during the year refer to the changes in the consolidation of the equity investment in Technogym Emirates LLC, from the equity method to the line-by-line method, following an agreement with the majority shareholder, which called for a redefinition of corporate governance and enabled the Group to obtain substantial control over the company. In 2023, Wellness Explorers Srl ceased trading and exited the company's consolidation perimeter.Details of movements relating to associates are provided below.(In thousands of Values at 31 Exchange rate Investments Disinvestments Dividends Net result Values at 31 Euro)December differencesDecember 20222023Wellink srl 209 \u2014 \u2014 \u2014 \u2014 9 218 Physio AG 1,060 \u2014 \u2014 \u2014 \u2014 (123) 936Total 1,270 \u2014 \u2014 \u2014 \u2014 (114) 1,155At 31 December 2023, the category \u201cAssociates\u201d relates to the 40% shareholding in Wellink S.r.l., an Italian company that develops and implements custom projects for wellness centres, and to the 31.5% stake in Physio AG, a German company whose purpose is to consolidate the development and sale of the biocircuit platform on the German market.The financial highlights of the associated companies are reported below from a stand-alone perspective, i.e. before the consolidation process.(In thousands of Euro)Wellink srl Physio AGAs of 31 December As of 31 December2023 2022 2023 2022Equity 395 372 (47) 348Total revenues 677 638 907 1,301Profit/(loss) for the period 22 (35) (391) (434)",
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"s8_notes__6__48": {
"value": "4.4 INVESTMENTS IN JOINT VENTURES AND ASSOCIATESThe item \u201cInvestments in joint ventures and associates\u201d amounts to Euro 1,155 thousand as of 31 December 2023 (Euro 4,058 thousand as of 31 December 2022).The following table shows the amounts and movements of investments in joint ventures and associates for the years ended 31 December 2023 and 2022.(In thousands of Euro)Joint ventures Associates TotalValues at 31 December 2021 3,017 1,421 4,438Investments \u2014 \u2014 \u2014Disinvestments \u2014 \u2014 \u2014Impairment losses \u2014 \u2014 \u2014Dividends (2,478) \u2014 (2,478)Net result 1,919 (151) 1,768Exchange rate differences 330 \u2014 330Values at 31 December 2022 2,788 1,270 4,058Investments \u2014 \u2014 \u2014Disinvestments \u2014 \u2014 \u2014Impairment losses (22) \u2014 (22)Dividends \u2014 \u2014 \u2014Net result \u2014 (114) (114)Change in scope of consolidation (2,766) \u2014 (2,766)Exchange rate differences \u2014 \u2014 \u2014Values at 31 December 2023 \u2014 1,155 1,155Details of movements relating to joint ventures are provided below.(In thousands of Values at 31 Exchange rate Investments Disinvestments Dividends Net result Change in scope Values at 31 Euro)December 2022differencesof consolidationDecember 2023Technogym 2,766 \u2014 \u2014 \u2014 \u2014 \u2014 (2,766) \u2014Emirates LLCWellness 22 \u2014 \u2014 (22) \u2014 \u2014 \u2014 \u2014Explorers SrlTotal 2,788 \u2014 \u2014 (22) \u2014 \u2014 (2,766) \u2014The movements during the year refer to the changes in the consolidation of the equity investment in Technogym Emirates LLC, from the equity method to the line-by-line method, following an agreement with the majority shareholder, which called for a redefinition of corporate governance and enabled the Group to obtain substantial control over the company. In 2023, Wellness Explorers Srl ceased trading and exited the company's consolidation perimeter.Details of movements relating to associates are provided below.(In thousands of Values at 31 Exchange rate Investments Disinvestments Dividends Net result Values at 31 Euro)December differencesDecember 20222023Wellink srl 209 \u2014 \u2014 \u2014 \u2014 9 218 Physio AG 1,060 \u2014 \u2014 \u2014 \u2014 (123) 936Total 1,270 \u2014 \u2014 \u2014 \u2014 (114) 1,155At 31 December 2023, the category \u201cAssociates\u201d relates to the 40% shareholding in Wellink S.r.l., an Italian company that develops and implements custom projects for wellness centres, and to the 31.5% stake in Physio AG, a German company whose purpose is to consolidate the development and sale of the biocircuit platform on the German market.The financial highlights of the associated companies are reported below from a stand-alone perspective, i.e. before the consolidation process.(In thousands of Euro)Wellink srl Physio AGAs of 31 December As of 31 December2023 2022 2023 2022Equity 395 372 (47) 348Total revenues 677 638 907 1,301Profit/(loss) for the period 22 (35) (391) (434)",
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},
"s8_notes__6__50": {
"value": "4.5 OTHER NON\ue618CURRENT ASSETSThe item \u201cOther non-current assets\u201d amounts to Euro 82,350 thousand at 31 December 2023 (Euro 73,544 thousand on 31 December 2022).The following table provides details of \u201cOther non-current assets\u201d on 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022Other non-current assetsTransferred trade receivables due after 12 months 35,745 34,634Provisions for transferred receivables - due after 12 months (2,203) (2,018)Income tax receivables due after 12 months 5,085 4,191Security deposits 2,333 2,403Other receivables \u2014 61Investments in other entities 712 597Receivables for buy backs - due after 12 months 40,677 33,676Total other non-current assets 82,350 73,544\u201cTransferred trade receivables due after 12 months\u201d, net of the relative bad debt provision, equal to Euro 33,542 thousand and Euro 32,616 thousand at 31 December 2023 and 2022 respectively, include the non-current portion of receivables arising from the sale of goods which, although transferred to third party financial institutions, are retained in the financial statements as they do not meet all the conditions required by IFRS 9 for their derecognition from assets. The financial liabilities include the amounts received from financial institutions in the form of advances for these transfers. The total provision for write-downs on transferred receivables is Euro 1.3 million for the current portion and Euro 2.2 million for the non-current portion. As explained at length in the paragraph \u201cEstimates and assumptions\u201d, following an analysis of its receivables portfolio the Company increased its provision for bad debts by a total of Euro 297 thousand (of which Euro 185 thousand after 12 months), increasing it to an amount that would absorb the amount of any receivables for which the risk of default is considered probable.\u201cIncome tax receivables due after 12 months\u201d, of Euro 5,085 relate to the \u201cpatent box\u201d taxation scheme, the tax credit for investments in new business assets, and the tax credit for research and development.\u201cSecurity deposits\u201d of Euro 2,333 thousand as of 31 December 2023 are recognised in respect of property leases, lease agreements for vehicles, and utilities.\u201cReceivables for buy backs due after 12 months\u201d recognised in accordance with IFRS 15, relate to non-current assets for sales with the right of return, which may be exercised by certain categories of customer when new machinery is bought. For more details about the recognition criteria for this item, see paragraph 2.4 of this document \u201cValuation criteria\u201d in the section \u201cRecognition of revenues\u201d.The following table shows the details of \u201cinvestments in other entities\u201d for the years ended 31 December 2023 and 31 December 2022.(In thousands of Euro)Registered % of control Currency As of 31 Decemberoffice2023 2022Entity nameQicraft Norway AS Norway 10% NOK 72 10Qicraft Finland OY Finland 10% EUR 53 62Qicraft Sweden AB Sweden 10% SEK 77 50Fimex Switzerland 5% CHF 326 291Pubblisole Spa Italy 2% EUR 100 100Crit S.r.l. Italy 1% EUR 26 26Other investments n.a. n.a. n.a. 58 59Total investments in other entities 712 597Note that in August 2023, the British company Sandcroft Avenue Limited (owned as to 12.4%) was deregistered; therefore the financial receivable of Euro 251 thousand was closed and has already been fully written down.In accordance with IFRS 9, these equity instruments are classified as financial assets at fair value and recognised in profit or loss.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__51": {
"value": "4.6 INVENTORIESThe item \u201cInventories\u201d amounts to Euro 103,560 thousand as of 31 December 2023 (Euro 100,671 thousand as of 31 December 2022). The following table gives a breakdown of this item of 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022InventoriesRaw materials (gross value) 22,339 22 ,139Write-down provision (2,373) (2,562)Total raw materials 19,966 19,577Work in progress (gross value) 1,497 1,434Write-down provision (84) (104)Total work in progress 1,413 1,330Finished goods (gross value) 103,286 102,336Write-down provision (21,105) (22,572)Total finished goods 82 ,181 79,764Total inventories 103,560 100,671The increase in the balance of Inventories as at 31 December 2023, compared to the previous year, is mainly linked to the change in the consolidation of the equity investment in TG Emirates LLC, from net equity to line-by-line, which produced an impact of Euro 4.6 million. Net of that effect, the stocks level was below that of 2022, mainly thanks to the notable sales during the final part of the year and the reduction in the purchase price of materials. This was partially offset by the rise in the level of parts stocks required to increase the level of customer service, and to meet the production requirements during the early part of 2024. Average inventory time fell from 77 days for the year ended 31 December 2022, to 71 days for the year ended 31 December 2023; the stock turnover ratio rose from 4.7 to 5.1.The following table shows the amounts and movements of the inventory write-down provision for the years ended 31 December 2023 and 31 December 2022.(In thousands of Euro)Raw materials Work in progress Finished goods Total inventory write-down provisionValues at 1 January 2022 2,049 136 19,870 22,054Provisions 514 \u2014 4,297 4,811Utilisations \u2014 (31) (1,661) (1,692)Reclassifications \u2014 \u2014 \u2014 \u2014Exchange rate differences \u2014 \u2014 66 66Values at 31 December 2022 2,562 104 22,572 25,238Provisions 176 4 3,738 3,918Utilisations (365) (24) (5,501) (5,890)Reclassifications \u2014 \u2014 \u2014 \u2014Change in scope of consolidation \u2014 \u2014 653 653Exchange rate differences \u2014 \u2014 (357) (357)Values at 31 December 2023 2,373 84 21,105 23,562",
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"s8_notes__6__52": {
"value": "4.7 TRADE RECEIVABLESThe item \u201cTrade receivables\u201d amounted to Euro 119,793 thousand on 31 December 2023 (Euro 110,824 thousand on 31 December 2022) net of the bad debt provision.The following table contains a breakdown of the trade receivables as of 31 December 2023 and 2022:(In thousands of Euro) As of 31 December2023 2022Trade receivablesTrade receivables (gross value) 106,704 99,366Provision for write-downs of receivables ( 7, 312) (6,834)Transferred trade receivables 21,682 19,461Provision for write-downs on transferred receivables (1,281) (1,169)Total trade receivables 119,793 110,824The increase in the \u201cTrade receivables\u201d item during the year, of Euro 8,969 thousand, is mainly due to the rise in sales volumes, primarily in the BtoB segment, and to the improved product mix as well as the increase in sales of services and digital content. Average days to collect outstanding trade receivables fell from 45 for the year ended in 2022, to 43 for the year ended in 2023; the turnover ratio rose from 8.1 to 8.4.Transferred trade receivables net of the relative provision, equal to Euro 20,401 thousand at 31 December 2023 and Euro 18,292 thousand at 31 December 2022, refer to the current portion of receivables arising from the sale of goods which, although they are transferred to financial institutions, are retained in the financial statements as they do not meet all the conditions required by IAS 9 for derecognition from assets. The total provision for write-downs on transferred receivables is Euro 1.3 million for the current portion and Euro 2.2 million for the non-current portion. As explained at length in the paragraph \u201cEstimates and assumptions\u201d, following an analysis of its receivables portfolio the Company increased its provision for bad debts by a total of Euro 297 thousand (of which Euro 122 thousand after 12 months), increasing it to an amount that would absorb the amount of any receivables for which the risk of default is considered probable.The financial liabilities include the amounts received from financial institutions in the form of advances for these transfers.The following table contains a breakdown of trade receivables broken down by maturity as of 31 December 2023 and 2022:(In thousands of Euro)Not Up to 30 Between Between Between More than Totaloverduedays past 31 and 90 91 and 180 181 and 360 360 days duedays past days past days past past duedueduedueAt 1 January 2022 81,708 15,712 5,233 1,020 445 123 104,242Trade receivables (gross value) 76,791 7,410 5,316 3,158 2,288 4,403 99,366Provision for write-downs of \u2014 (494) (429) (346) (1,520) (4,045) (6,834)receivablesTransferred trade receivables 19,461 \u2014 \u2014 \u2014 \u2014 \u2014 19,461Provision for write-downs on (1,169) \u2014 \u2014 \u2014 \u2014 \u2014 (1,169)transferred receivablesAs of 31 December 2022 95,083 6,916 4,887 2,812 768 358 110,824Trade receivables (gross value) 86,626 9,545 2,256 1,594 2,609 4,074 106,704Provision for write-downs of \u2014 (206) (453) (935) (1,887) (3,831) ( 7,312)receivablesTransferred trade receivables 21,682 \u2014 \u2014 \u2014 \u2014 \u2014 21,682Provision for write-downs on (1,281) \u2014 \u2014 \u2014 \u2014 \u2014 (1,281)transferred receivablesAs of 31 December 2023 107,027 9,340 1,803 658 721 243 119,793The following table reports the amounts and changes in the bad debt provision for the years ended 31 December 2023 and 2022:(In thousands of Euro)Provision for write-downs of receivablesValues at 31 December 2021 7,133Net provisions 1,877Utilisations (1,020)Exchange rate differences 13Values at 31 December 2022 8,003Net provisions 1,651Utilisations (1,342)Change in scope of consolidation 493Exchange rate differences (211)Values at 31 December 2023 8,593Specific bad debt provisions have been established for doubtful receivables for which legal proceedings have been started to collect sums due, and for some receivables due from customers with a lower likelihood of collection.The utilisations of the bad debt provision arise when the Group has determined the existence of conditions for the dismissal of the credit position.Main customersIn accordance with IFRS 8, paragraph 34, for the years ended 31 December 2023 and 2022, the Company did not have any clients generating more than 10% of total revenues.",
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"s8_notes__6__53": {
"value": "4.8 CURRENT FINANCIAL ASSETSThe item \u201cCurrent financial assets\u201d amounted to Euro 4,250 thousand at 31 December 2023 (Euro 19,883 thousand at 31 December 2022) and relates to restricted bank deposits with a term of 3-12 months. In accordance with IAS 7, as these assets are not readily available they were not included in Cash and cash equivalents.",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__54": {
"value": "4.9 ASSETS FOR DERIVATIVE FINANCIAL INSTRUMENTSThe item \u201cAssets for derivative financial instruments\u201d amounted to Euro 172 thousand at 31 December 2023 (Euro 637 thousand at 31 December 2022).The following table shows assets for derivative financial instruments broken down by currency at 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022USD 143 552GBP 11 85AUD 4 \u2014CNY 14 \u2014CAD \u2014 * \u2014Total 172 637* The approximated value is less than a thousand and amounts to Euro 139Assets for derivative financial instruments are related to positive differences resulting from the fair value of \u201cforward\u201d contracts in place as of 31 December 2023 and 2022. They are listed in the table below:(In thousands of Euro) As of 31 December 2023Currency Currency inflow Currency Currency outflowForward EUR 21,143 USD 23,550Forward EUR 1,935 JPY 300,000Forward EUR 1,025 CAD 1,500Forward EUR 2,564 CNY 20,000Forward EUR 4,632 GBP 4,000Forward EUR 1,846 AUD 3,000(In thousands of Euro) As of 31 December 2022Currency Currency inflow Currency Currency outflowForward EUR 15,416 USD 16,000Forward EUR 3,884 JPY 550,000Forward EUR 3,169 AUD 5,000Forward EUR 5,421 CNY 40,000Forward EUR 10,197 GBP 9,000The exposure to exchange rate risk is mainly managed using contracts for the forward sale of currency denominated in the sale currency of some markets in which the Group operates. However, at 31 December 2023, these contracts were not recorded on a hedge accounting basis, apart from a \u201cCollar\u201d hedging contract to protect a currency deposit.",
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"s8_notes__6__55": {
"value": "4.10 OTHER CURRENT ASSETSThe item \u201cOther current assets\u201d amounts to Euro 28,152 thousand at 31 December 2023 (Euro 27,178 thousand At 31 December 2022). The following table contains a breakdown of the other current assets at 31 December 2023 and 2022:(In thousands of Euro)As of 31 December2023 2022Other current assetsVAT receivables 7,055 4,876Prepaid expenses 5,716 5,832Advances to suppliers 1,945 2,443Tax credits 2,967 3,545Accrued income 750 321Receivables from employees 95 124Other receivables 1,989 2,384Receivables for buy backs - within 12 months 7,63 4 7,6 54Total other current assets 28,152 2 7,178\u201cVAT receivables\u201d were offset with the related debt for each company in order to give the net amount for a single entity.\u201cPrepaid expenses\u201d mainly relate to insurance premiums, assistance and maintenance fees, marketing expenses, utilities and rent.\u201cAdvances to suppliers\u201d relate to advances and deposits paid for supplies yet to be received.The tax credits relate to tax credits for investments in business assets, and to research and development.\u201cReceivables for buy backs due within 12 months\u201d, recognised in accordance with IFRS 15, relate to current assets for sales with the right of return, which may be exercised when new machinery is bought.For more details about the recognition criteria for this item, see paragraph 2.4 of this document \u201cValuation criteria\u201d in the section \u201cRecognition of revenues\u201d.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__56": {
"value": "4.11 CASH AND CASH EQUIVALENTSThe item \u201cCash and cash equivalents\u201d amounted to Euro 224,730 thousand at 31 December 2023 (Euro 205,358 thousand at 31 December 2022).The following table shows the amounts of cash and cash equivalents at 31 December 2023 and 2022.(In thousands of Euro) As of 31 December2023 2022Cash and cash equivalentsBank deposits 200,509 189,777Cheques 374 128Cash and cash equivalents 183 310Term bank deposits <3 months 23,664 15,143Total cash and cash equivalents 224,730 205,358\u201cBank deposits\u201d represent temporary cash surpluses on Group current accounts at year-end.\u201cTerm bank deposits within 3 months\u201d at 31 December 2023 represent temporary uses of surplus cash.The following table shows the breakdown by currency of the item \u201cCash and cash equivalents\u201d at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022AUD 4,239 4,929BRL 268 59CHF 480 355CNY 4,437 8,934EUR 153,979 121,240GBP 12,735 10,443HKD 985 529JPY 2,450 4,798MXN 3 9RUB 6,729 5,722SGD 98 78USD 27,741 46,827SAR 1,263 279ZAR 529 215AED 5,811 \u2014CAD 2,310 \u2014OTH 675 942Total 224,730 205,358As of 31 December 2023 and 2022 there were no restrictions or limitations on the use of the Group\u2019s bank deposits, cheques and cash and cash equivalents on hand.",
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"value": "4.12 EQUITYThe item \u201cEquity\u201d amounted to Euro 363,712 thousand at 31 December 2023 (Euro 345,927 thousand at 31 December 2022). The following table reports the details of equity at 31 December 2023 and 2022:(In thousands of Euro)As of 31 December2023 2022EquityShare capital 10,066 10,066Share premium reserve 7,132 7,132Own shares (6,922) \u2014Other reserves 34,230 37,69 8Retained earnings 236,397 225,438Profit (loss) attributable to owners of the parent 73,640 63,587Equity attributable to owners of the parent 354,544 343,922Capital and reserves attributable to non-controlling interests 5,640 1,716Profit (loss) attributable to non-controlling interests 3,528 288Equity attributable to non-controlling interests 9,168 2,005Total equity of Group and non-controlling interests 363,712 345,927The following table shows the amounts and movements of equity for the years ended 31 December 2023 and 2022:(In thousands of Euro)Other reservesAs of 31 December 2021 10,066 7,1 3 2 \u2014 392 954 (115) \u2014 30,091 198,256 63,065 309,841 1,519 200 1,719 311,560Profit for the previous year \u2014 \u2014 \u2014 \u2014 (12) \u2014 \u2014 3,683 59,394 (63,065) \u2014 200 (200) \u2014 \u2014Total comprehensive \u2014 \u2014 \u2014 1,758 \u2014 451 \u2014 (3) \u2014 63,587 65,794 (3) 288 285 66,079income for the yearDividends paid \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (32,212) \u2014 (32,212) \u2014 \u2014 \u2014 (32,212)Incentive plan (LTIP) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 500 \u2014 \u2014 \u2014 500 \u2014 \u2014 \u2014 500As of 31 December 2022 10,066 7,1 3 2 \u2014 2,150 942 336 500 33,771 225,438 63,587 343,922 1,716 288 2,004 345,927Profit for the previous year \u2014 \u2014 \u2014 \u2014 (12) \u2014 \u2014 2,302 61,297 (63,587) \u2014 288 (288) \u2014 \u2014Total comprehensive \u2014 \u2014 \u2014 (4,127) \u2014 (55) \u2014 (396) \u2014 73,640 69,062 (225) 3,528 3,303 72,365income for the yearDividends paid \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (50,332) \u2014 (50,332) (992) \u2014 (992) (51,324)Purchase and sale of \u2014 \u2014 (6,922) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (6,922) \u2014 \u2014 \u2014 (6,922)own sharesIncrease in capital \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 2,116 \u2014 2,116 2,116Incentive plan (LTIP) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1,030 \u2014 \u2014 \u2014 1,030 \u2014 \u2014 \u2014 1,030Other movements \u2014 \u2014 \u2014 (2,209) \u2014 \u2014 \u2014 \u2014 (7) \u2014 (2,217) 2,736 \u2014 2,736 520As of 31 December 2023 10,066 7,13 2 (6,922) (4,187) 930 282 1,529 35,677 236,397 73,640 354,544 5,640 3,528 9,168 363,712Share capitalAs of 31 December 2023, the \u201cShare capital\u201d of Euro 10,066 thousand, fully subscribed and paid in cash, amounted to 201,327,500 ordinary shares with no nominal value.Own sharesOn 6 November 2023, Technogym launched a programme of acquiring own shares, following the authorisation approved by the Ordinary Shareholders\u2019 Meeting on 5 May 2023. Since the programme was launched in 2023, the Parent Company has carried out operations on its own equity instruments, acquiring 836,972 own shares for a total of Euro 6,922 thousand, equal to 0.42% of the share capital. These transactions were booked directly under net equity, as required by IAS 32. .Translation reserveThe \u201cCurrency translation reserve\u201d is generated from the translation of the financial statements of foreign subsidiaries with a functional currency other than the euro. The main differences compared to the previous year are due to fluctuations in the US dollar, the rouble, the Japanese yen and the renminbi. \u201cOther movements\u201d show the impact of the change in the consolidation scope of Technogym Emirates, and the departure from the group of Technogym Manno, during the 2023 financial year.Reserve for the adoption of IAS/ IFRSThe \u201cReserve for the adoption of IAS/IFRS\u201d was generated at the time of the transition of the Group\u2019s separate and consolidated financial statements to IFRS, which took place on 31 December 2013. This reserve, originally a negative Euro 432,083 thousand, was partially covered over the years using the \u201cShare premium reserve\u201d and the profits generated.IAS 19 reserveThe \u201cIAS 19 reserve\u201d refers to the effects arising from the re-measurement of defined benefit plans, as represented in the statement of comprehensive income.Hedge Account reserveAs of 31 December 2023, the cash flow hedge reserve relates essentially to the effective component of a single active interest rate risk hedge (collar). For the 2023 financial year, the collar contract (to hedge a deposit in dollars) and the IRS contract (closed during the year) were treated according to the hedge accounting method. The negative fair value at 31 December 2023 amounted to Euro 524 thousand, as reported in the table below (Euro 399 thousand net of the tax effect).(In thousands of Euro)CFH reserveBalance at 31 December 2021 \u2014Hedging instruments / Cash flow hedges 3Tax effect \u2013 Hedging instruments / Cash flow hedges (1)Balance at 31 December 2022 3Hedging instruments / Cash flow hedges 524Tax effect \u2013 Hedging instruments / Cash flow hedges (126)Balance at 31 December 2023 399Stock option reserveAt 31 December 2023, three incentive plans were in place for Technogym management: the 2021-2023 Performance Shares Plan, the 2022-2024 Performance Shares Plan, and the 2023-2025 Performance Shares Plan (the \u201cIncentive Plans\u201d). They were approved by the Board of Directors on 24 March 2021, 23 March 2022 and 25 March 2023 respectively.In compliance with Consob resolution 11971 of 14 May 1999 as amended and Consob communication 11508 of 15 February 2000, information on relative stock grant plans is given below.The purpose of the Incentive Plans is to consolidate Technogym\u2019s ability to retain key resources and attract staff with the best skills, and align interest in company performance of the Company\u2019s key resources with that of shareholders to create sustainable value over time. Incentive plans are based on a three-year horizon, considered as the most suitable timeframe to achieve the plans\u2019 objectives. The Incentive Plans are for Technogym Group managers, who are nominated individually by the Board of Directors, based on proposals made by the Chairman of the Board of and after consulting with the Appointments and Remuneration Committee, from among the employees and/or staff of the Company or its subsidiaries who have strategic roles or can make significant contributions to the Company\u2019s and/or Group\u2019s strategic objectives, including the Company\u2019s Key Managers. Pursuant to article 114-bis, paragraph 3 of the TUF and article 84-bis, paragraph 2 of the Consob Regulation on Issuers, incentive plans are considered as \u201cplans of particular significance\u201d, as the beneficiaries identified by the Board of Directors may include Key Managers. The incentive plan regulations do not provide for loans or other facilitations to acquire shares, as defined in Article 2358 paragraph 3 of the Civil Code.The incentive plans for 2021-2023, 2022-2024 and 2023-2025 are based on granting the right to receive free shares if certain Company performance objectives are met. These incentive plans have: \u203a pre-determined performance objectives identified in the Company\u2019s economic/financial performance; for the 2023-2025 PSP only, they are also linked to ESG targets; \u203a adequate periods to accrue rights to obtain assigned shares (three-year vesting period); \u203a constraints on the transfer of shares, equal to 12 months from the date when they are assigned.The shares will be assigned to the beneficiaries, subject to the conditions in the Incentive Plans being met, no later than 60 days following the approval of the Group\u2019s Consolidated Financial Statements to 31 December 2023, 31 December 2024 and 31 December 2025.The beneficiaries will have the right to receive the shares if, on the vesting date: \u203a they still have a contract of employment and/or collaboration with Technogym and/or its subsidiaries; \u203a there is no pending termination of their contract of employment with the Company or its subsidiaries.For more information about these Incentive Plans, see the respective prospectuses on the Company\u2019s website, at https://corporate.technogym.com/it/governance/assemblea-degli-azionisti.Capital and reserves attributable to non-controlling interestsThe item \u201cCapital and reserves attributable to non-controlling interests\u201d rose by Euro 2,116 following the incorporation of the Saudi company Technogym Arabia LLC, which is 70% owned and fully consolidated.Reconciliation between the Parent company\u2019s equity and net result for the year and the consolidated equity and net result for the yearThe table below is a reconciliation of the net equity of Technogym SpA and the consolidated equity, including details of each item:(In thousands of Euro)2023 2022Equity Profit Equity ProfitEquity and result as reported in the Parent company\u2019s financial 407,949 74,463 390,151 68,976statementsEffect of consolidation of subsidiaries 133,506 24,926 125,007 30,912Alignment of accounting policies of consolidated companies 33,414 4,305 31,903 2,232Effect of elimination of values of investments (203,333) 99 (193,310) (17,867)Elimination of intercompany dividends (7,823) (26,623) (7,823) (20,378)Equity pertaining to minority interests (9,168) (3,528) (2,005) (288)Group equity and results 354,544 73,640 343,922 63,587",
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"s8_notes__6__58": {
"value": "4.13 FINANCIAL LIABILITIESThe items \u201cNon-current financial liabilities\u201d and \u201cCurrent financial liabilities amounted to Euro 69,959 thousand and Euro 32,259 thousand at 31 December 2023 (respectively Euro 66,431 thousand and Euro 37,501 thousand at 31 December 2022 respectively). The following table shows the amounts of financial liabilities, current and non-current, at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022Non-current financial liabilitiesBank loans due after 12 months \u2013 non-current portion \u2014 2,625Other non-current financial liabilities 35,745 34,634IFRS 16 Non-current financial liabilities 34,214 29,173Total non-current financial liabilities 69,959 66,431Current financial liabilitiesBank loans due after 12 months \u2013 current portion \u2014 9,137Other short-term borrowings 402 222Current liabilities due to other lenders 21,682 19,461Other current financial liabilities 575 79IFRS 16 Financial liabilities - Current 9,601 8,602Total current financial liabilities 32,259 37,501On 31 December 2023, the Company\u2019s financial indebtedness with banks was zero, while the debts to other lenders are due to the countervalue of receivables assigned to third-party financial institutions that did not meet the derecognition criteria under IFRS 9.Medium/long-term bank loansThe following table shows the movements of bank loans for the years ended 31 December 2023 and 2022.(In thousands of Euro)Bank loans due after 12 months \u2013 Bank loans due after 12 months \u2013 Total loansnon-current portioncurrent portionValues at 31 December 2021 12,500 50,103 62,603Obtainment of loans 3,217 803 4,021Repayments \u2014 (54,862) (54,862)Reclassification from long-term to short-term (13,093) 13,093 \u2014Values at 31 December 2022 2,625 9,137 11,762Obtainment of loans \u2014 \u2014 \u2014Repayments \u2014 (11,762) (11,762)Reclassification from long-term to short-term (2,625) 2,625 \u2014Values at 31 December 2023 \u2014 \u2014 \u2014The following shows the details of medium-long term bank loans at 31 December 2023 and 2022.(In thousands of Euro)Due date Interest rate As of 31 December2023 of which 2022 of which currentcurrentBank loansCr\u00e9dit Agricole Italia S.p.A. 2020-2023 Variable \u2014 \u2014 8,333 8,333Deutsche Bank 2022-2027 Fixed \u2014 \u2014 3,428 803Total bank loans \u2014 \u2014 11,762 9,137During 2023 the Group also strengthened its financing structure by taking out the following loan agreements, with the availability of credit lines that were not used during the year.The medium-long term loan was granted by Cassa Depositi e Prestiti Spa on 15 June 2023 as an available line of credit totalling Euro 25,000 thousand. The loan expires on 15 June 2028 and includes an option to use, for two years from the date of signature. If the option is exercised, the loan will be repaid until the date of expiry. Otherwise it will be closed. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023 the option had not been exercised.Credit Agricole: the revolving loan was granted by Credit Agricole Italy on 2 May 2023 as an available line of credit totalling Euro 50,000 thousand. The loan expires on 2 May 2026, as to Euro 25,000 thousand, and a further 25,000 thousand is due on 28 April 2026, on which there is an option to renew for a further two years. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banco BPM: the revolving loan was granted by Banco BPM on 25 July 2023 as an available line of credit totalling Euro 15,000 thousand. The loan expires on 24 July 2026. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banco BPM: the revolving loan was granted by Banco BPM on 11 September 2023 as an available line of credit totalling Euro 15,000 thousand. The loan expires on 14 September 2026. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Deutsche Bank: the revolving loan was granted by Deutsche Bank on 4 August 2023 as an available line of credit totalling Euro 15,000 thousand. The loan expires on 04 August 2027. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banca Popolare di Sondrio: the revolving loan was granted by Banca Popolare di Sondrio on 17 May 2023 as an available line of credit totalling Euro 25,000 thousand. The loan expires on 16 November 2024. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Banca Popolare di Sondrio: the revolving loan was granted by Banca Popolare di Sondrio on 30 May 2023 as an available line of credit totalling Euro 5,000 thousand. The loan expires on 29 November 2024. The loan agreement requires the Company to comply with the following financial covenant: consolidated \u201cNet financial position/EBITDA\u201d ratio of no higher than 3.8, verified annually. As of 31 December 2023, the revolving loan had not been used.Other short-term borrowingsThe following table reports the details of \u201cOther short-term borrowings\u201d as of 31 December 2023 and 31 December 2022:(In thousands of Euro) As of 31 DecemberCurrency 2023 2022Other short-term borrowingsBPER Luxembourg EUR 183 85Other short-term borrowings EUR 218 136Total other short-term borrowings 402 222Other short-term borrowings mainly include stand-by credit lines, short-term loans (generally \u201chot money\u201d), bank overdrafts and credit cards. In particular, the Group uses short-term committed and uncommitted credit lines granted by leading banks, which accrue interest at a variable rate indexed to the Euribor plus a spread.Liabilities due to other lendersCurrent and non-current liabilities from other lenders refers to financing transactions guaranteed by the transfer of receivables arising from the sale of goods that, although they are transferred to third financial institutions, they are retained in the financial statements as they do not meet all the conditions required by IFRS 9 for their derecognition from assets. See also note 4.5 \u201cOther non-current assets\u201d and note 4.7 \u201cTrade receivables\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__59": {
"value": "4.15 EMPLOYEE BENEFIT OBLIGATIONSThe item \u201cEmployee benefit obligations\u201d amounts to Euro 2,621 thousand at 31 December 2023 (Euro 2,600 thousand at 31 December 2022).The following table shows the amounts and movements of employee benefit obligations for the years ended 31 December 2023 and 2022.(In thousands of Euro)Employee benefit obligationsValues at 31 December 2021 3,091Provisions 16Financial expenses 25Actuarial (gains)/losses (274)Reclassifications \u2014Exchange rate differences \u2014Utilisations (258)Values at 31 December 2022 2,600Provisions 88Financial expenses 75Actuarial (gains)/losses 45Reclassifications \u2014Exchange rate differences (1)Utilisations (186)Values at 31 December 2023 2,621Information about the actuarial valuation of provisions for employee benefit obligations is presented in note 4.16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notes__6__60": {
"value": "PROVISIONS FOR RISKS AND CHARGESThe item \u201cProvisions\u201d at 31 December 2023 amounts to Euro 13,568 thousand for non-current financial liabilities and Euro 19,472 thousand for current financial liabilities (respectively, Euro 9,586 thousand and Euro 14,222 thousand at 31 December 2022). The following table shows the details of provisions for risks and charges, current and non-current, at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022Non-current provisions for risks and chargesWarranties provision 6,676 5,754Agents provision 1,022 894Non-Competition Agreement provision 2,651 1,614Rebates provision 2 ,158 568Other provisions for risks and charges 992 611Ongoing lawsuits provision 69 145Total non-current provisions for risks and charges 13,566 9,586Current provisions for risks and chargesWarranties provision 6,813 5,861Free Product Fund provision 1,275 866Other provisions for risks and charges 11,384 7,495Total current provisions for risks and charges 19,472 14,222The following table shows the amounts and movements of provisions for risks and charges, current and non-current, for the years ended 31 December 2023 and 2022.(In thousands of Euro)Warranties Agents Non-Rebates Other Ongoing Non-current Warranties Free Product Other Current provisionprovisionCompetition provisionprovisions lawsuits provisions provisionFund provisions provisions Agreement for risks provisionfor risks and provisionfor risks and for risks provisionand chargeschargesand chargeschargesValues at 31 December 2021 4,772 1,087 1,990 456 604 43 8,952 4,955 199 6,580 11,734Provisions 3,746 123 465 236 152 102 4,825 1,731 725 6,517 8,973Reclassifications \u2014 \u2014 \u2014 \u2014 \u2014 (1) (1) \u2014 \u2014 \u2014 \u2014Exchange rate differences 10 \u2014 \u2014 \u2014 (17) \u2014 (7) (5) (2) 22 15Financial expenses \u2014 \u2014 38 \u2014 \u2014 \u2014 38 \u2014 \u2014 \u2014 \u2014Actuarial (gains)/losses \u2014 (243) (712) \u2014 \u2014 \u2014 (955) \u2014 \u2014 \u2014 \u2014Utilisations (2,775) (72) (166) (124) (129) \u2014 (3,266) (821) (55) (5,625) (6,501)Values at 31 December 2022 5,754 894 1,614 568 610 145 9,586 5,860 868 7,4 9 2 14,222Provisions 3,357 138 1,014 1,509 544 58 6,620 4,191 1,196 9,841 15,229Reclassifications \u2014 \u2014 \u2014 (16) \u2014 \u2014 (16) \u2014 \u2014 \u2014 \u2014Exchange rate differences (58) \u2014 \u2014 (4) (21) \u2014 (83) (48) (4) (22) (73)Change in scope of 146 \u2014 \u2014 171 \u2014 \u2014 317 146 \u2014 (20) 127consolidation(In thousands of Euro)Warranties Agents Non-Rebates Other Ongoing Non-current Warranties Free Product Other Current provisionprovisionCompetition provisionprovisions lawsuits provisions provisionFund provisions provisions Agreement for risks provisionfor risks and provisionfor risks and for risks provisionand chargeschargesand chargeschargesFinancial expenses \u2014 \u2014 57 \u2014 \u2014 \u2014 57 \u2014 \u2014 \u2014 \u2014Actuarial (gains)/losses \u2014 \u2014 15 \u2014 \u2014 \u2014 15 \u2014 \u2014 \u2014 \u2014Utilisations (2,523) (10) (49) (70) (141) (134) (2,928) (3,336) (785) (5,907) (10,028)Values at 31 December 6,676 1,022 2,651 2,158 992 69 13,566 6,813 1,275 11,384 19,4722023Current and non-current warranties provisions are reasonably estimated by the Group on the basis of the contractual guarantees issued to customers and past experience; they cover the cost of parts and labour that the Group will incur in future years for repairing products under warranty, for which the sales revenues have already been recognised in the income statement of the year or of previous years. The increase, in both the current and non-current portions of the Fund, equal to Euro 1,875 thousand, relate to the legal sales warranty which depends on the increase in sales of finished products.The \u201cAgents\u2019 provision\u201d and \u201cNon-Compete Agreement provision\u201d represent a reasonable estimate of the expenses that the Company would incur in the event of interruption of agency contracts. Those provisions were calculated by independent actuaries and were measured using the actuarial valuation of the projected unit of the credit, in accordance with IAS 37 and IAS 19. The increase mainly relates to the reclassification carried out by the subsidiary TG Germany, which was classified in the previous year under other payables for employees.The \u201cRebates provision\u201d and \u201cFree Product Fund\u201d represent the estimated non-monetary awards that the Company grants to customers on reaching specific purchasing targets. The total changes in these items, of Euro 1,998 thousand, are related to the increase in sales achieved by the Group.The Other provisions for risks and charges mainly relate to employee bonuses, which have increased by Euro 492 thousand, for which the amount has not yet been confirmed, and new provisions of Euro 938 thousand made in respect of ongoing legal disputes. During the year, the Group also set aside Euro 1,925 thousand, which relates to some of the liquidity held at the Russian affiliate Technogym AO. Due to the limitations imposed by the Russian Federation as a result of the conflict in Ukraine, this amount is considered to be at risk should it be distributed to the parent company, taking into account the methods which are now under assessment.Actuarial valuation of employee benefit obligations and Non-Competition Agreement provision according to IAS 19 and agents\u2019 provision according to IAS 37The methodology used for the discounting is recognised by the name \u201cmethod of the years of management on an individual basis and by drawing lots\u201d (MAGIS). This method is based on a stochastic Montecarlo type simulation.The main demographic assumptions used by the actuary to analyse the employee benefits provisions and the no-competition provision for the years ended December 31 December 2023 and 2022 are as follows: (i) the probability of death is obtained by using tables determined by ISTAT in 2000 and reduced by 25%: (ii) the probabilities of disability/invalidity are those adopted in the INPS model; (iii) the retirement age for the general working population is assumed to be the reaching of the first retirement requirement applicable for Mandatory General Insurance; (iv) the probability of leaving employment for reasons other than death was determined from the probability of turnover in line with the historical trend; in particular, an annual rate of 4% was considered for the year 2023 compared to the rate of 6% for 2022; (v) with regard to the probability of early retirement, an annual rate of 3% is applied, based on the historic trend, for 80% of the provision accumulated on the date of the request.As regards the discounting of the Agents provision according to IAS 37, the hypothesis of \u201cclosed group\u201d was considered during the time framework.The valuations were conducted by quantifying future payments through the projection of the agents\u2019 provision accrued at the valuation date of the agents working for the Company until the estimated time (unpredictable) of termination of the contract with the company; once again the method used is the MAGIS. Regarding the demographic assumptions, the ISTAT 2011 mortality rates were considered; for disability, the INPS tables by age and gender were used, whereas for the retirement age, the requirement established by ENASARCO was used. The possibility of agents being released due to the termination of their relationship with the Company or for other causes was determined using estimates of annual frequency based on company data. The financial assumptions essentially refer to the discount rate which, at 31 December 2023 was chosen as the yield from the Iboxx Corporate AA index with 5-7 year duration, matching the collective agreement measured at 2.95%.In addition, for the Italian companies the following economic-financial assumptions were taken into account. As of 31 December2023 2022Annual technical discount rate 3.10% 3.60%Annual inflation rate 2.50% 2.50%Annual rate of TFR increase 3.31% 3.31%Annual rate of commissions increase (for the valuation of agents\u2019 NCA) 3.00% 3.00%As for the annual technical discount rate of 3.1%, the Iboxx Corporate AA was selected as the benchmark for the Eurozone, with duration a consistent with the average duration of the collective agreement.A sensitivity analysis was also performed upon a change in the main actuarial assumptions included in the calculation model in relation to the 0.5% change of annual technical discount rate. The following results were obtained:(In thousands of Euro)As of 31 December2023 2022-0.50% Carrying 0.50% -0.50% Carrying 0.50% changeamountchangechangeamountchangeEmployee benefit obligations 95 2,621 (89) 81 2,600 (78)Non-Competition Agreement provision 93 2,651 (86) 78 1,614 (72)Total 188 5,272 (175) 159 4,214 (150)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__61": {
"value": "4.17 OTHER NON\ue618CURRENT LIABILITIESThe item \u201cOther non-current liabilities\u201d amounted to Euro 44,771 thousand on 31 December 2023 (Euro 38,415 thousand at 31 December 2022).Other non-current liabilities mainly include: \u203a deferred income, amounting to Euro 1,879 thousand, related to revenues associated to long-term contracts for technical assistance. This item was recognised as contractual liabilities in accordance with IFRS 15; \u203a liabilities for sales with return rights, equal to Euro 40,677 thousand, identified pursuant to IFRS 15, in order to represent suspended costs associated with these sales; \u203a the long-term portion of the obligation to buy-back leased products, of Euro 2,035 thousand; trade payables due after 12 months, of Euro 143 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__62": {
"value": "4.18 TRADE PAYABLESThe item \u201cTrade payables\u201d amounted to Euro 155,384 thousand at 31 December 2023 (Euro 173,559 thousand at 31 December 2022). Trade payables are mainly related to transactions for the purchase of raw materials, components and shipping services, manufacturing and technical assistance. These transactions are part of ordinary procurement management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notes__6__63": {
"value": "4.21 OTHER CURRENT LIABILITIESThe item \u201cOther current liabilities\u201d amounted to Euro 106,178 at 31 December 2023 (Euro 88,552 thousand at 31 December 2022). The following table shows the amounts of other current liabilities at 31 December 2023 and 2022.(In thousands of Euro)As of 31 December2023 2022Other current liabilitiesDeferred income 38,180 27, 294Advances from clients 21,765 21,661Payables to employees 13,062 11,984VAT payables 11,727 9,391Social security payables 5,242 4,053Other liabilities 7,291 5,651Accrued expenses 728 628Payables for buy backs - due within 12 months 8,182 7,890Total other current liabilities 106,1 78 88,552\u201cDeferred income\u201d mainly refers to scheduled maintenance contracts on machines sold in previous years, for which the revenues are recognised according to the matching principle.\u201cAdvances from customers\u201d relates to advances and deposits received for supplies yet to be delivered. These items were recognised as contractual liabilities in accordance with IFRS 15.\u201cPayables to employees\u201d mainly refer to salaries for the month of December paid in January, untaken holiday entitlements and staff bonuses.\u201cSocial security payables\u201d are related to Social security contributions of various nature to be paid in the following year with reference to the salary for the month of December, Christmas bonuses and untaken holiday entitlements.The \u201cOther liabilities\u201d at 31 December 2023 and 2022 mainly relate to income taxes withheld on income from employment and self-employment to be paid in the following year.\u201cAccrued expenses\u201d mainly include accruals relating to utilities, sponsorships and insurance.The item \u201cPayables for buy backs - due within 12 months\u201d includes Euro 547 thousand relative to a short-term buyback obligation for leased products. The remainder of the item, of Euro 7,635 thousand, refers to liabilities for sales with return rights, identified pursuant to IFRS 15, in order to represent the suspended revenues associated with these sales.For more details about the recognition criteria for this item, see paragraph 2.4 of this document \u201cValuation criteria\u201d in the section \u201cRecognition of revenues\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__64-1": {
"value": "5.1 REVENUESThe item \u201cRevenues\u201d amounts to Euro 806,288 thousand for the year ended 31 December 2023, an increase of Euro 87,263 thousand (12%) compared to Euro 719,025 thousand for the year ended 31 December 2022. The improvement in performance over the prior year can be attributed to strong growth across all the BtoB sub-segments: Clubs, Hospitality & Residential and Health, Corporate & Performance. The BtoC segment ended 2023 in line with the previous financial year.The following table contains a breakdown of the revenues for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022RevenuesRevenues from the sale of products, spare parts, hardware and software 648,720 5 87,811Revenues from transport and installation, after-sale and rental assistance 157,568 131,214Total revenues 806,288 719,025The breakdown of revenues by customer, distribution channel and geographical area is shown in the \u201cSegment Reporting\u201d in the management report.5.2 OTHER REVENUES AND INCOMEThe item \u201cOther revenues and income\u201d amounted to Euro 1,803 thousand for the year ended 31 December 2023 (Euro 2,465 thousand for the year ended 31 December 2022). This item mainly consists of tax credits, rental income, compensation from suppliers and other income from non-core activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__66": {
"value": "5.3 PURCHASES AND USE OF RAW MATERIALS, WORK IN PROGRESS AND FINISHED GOODSThis item amounted to Euro 269,845 thousand for the year ended 31 December 2023 (Euro 248,077 thousand for the year ended 31 December 2022).The following table contains details of the purchases and changes in raw materials, work in progress and finished goods for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Purchases and changes in raw materials, work in progress and finished goodsPurchases and changes in raw materials 164,538 155,745Purchases and changes in finished goods 103,804 86,701Purchases and changes in packaging and cost of custom duties 2,310 5,740Change in inventory of work in progress (807) (109)Total purchases and changes in raw materials, work in progress and finished goods 269,845 248,077The increase in this item depends on the Group\u2019s increased sales volumes, despite the fact that in the previous year the purchase price of materials fell, due to the inflationary effects of previous periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__67": {
"value": "5.8 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES/\ue616WRITE\ue618BACKS\ue615The item \u201cDepreciation, amortisation and impairment losses/(write-backs)\u201d amounted to Euro 45,712 for the year ended 31 December 2023 (Euro 40,386 thousand for the year ended 31 December 2022).The following table shows the amounts of depreciation, amortisation and impairment losses/(write-backs) for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Depreciation, amortisation and impairment losses/(revaluations)Depreciation of property, plant and equipment 26,948 25,510Amortisation of intangible assets 18,619 14,854Impairment losses of property, plant and equipment \u2014 _Impairment losses of intangible assets 146 23Total depreciation, amortisation and impairment losses (revaluations) 45,712 40,386For the tables of details regarding the breakdown of and changes in \u201cProperty, plant and equipment\u201d and \u201cIntangible assets\u201d for the years ended 31 December 2023 and 2022, see notes 4.1 and 4.2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notes__6__68": {
"value": "5.10 FINANCIAL INCOMEThe item \u201cFinancial income\u201d amounted to Euro 23,397 thousand for the year ended 31 December 2023 (Euro 27,436 thousand for the year ended 31 December 2022).The following table shows the amounts of financial income for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Financial income Realised exchange gains 1 7,7 76 23,684Unrealised exchange gains 1,053 2,483Other financial income 44 184Bank interest receivable 4,524 1,085Total financial income 23,397 27,4 36",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notes__6__69": {
"value": "5.13 INCOME TAXESThe item \u201cIncome taxes\u201d amounts to Euro 23,232 thousand for the year ended 31 December 2023 (Euro 19,434 thousand for the year ended 31 December 2022).The following table shows the amounts of income taxes for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 2022Income taxes Current taxes 24,452 23,555Deferred taxes (607) (4,015)Total income taxes for the year 23,845 19,541Taxes relating to prior years (613) (107)Total income taxes 23,232 19,434Taxes relating to prior years mainly relate to the recalculation of the tax credit for R&D. The following table shows the reconciliation between the theoretical tax rate and the actual tax rate for the years ended 31 December 2023 and 2022.(In thousands of Euro)Year ended 31 December2023 % 2022 %Profit before tax 100,400 83,309Income tax calculated with theoretical tax rate 24,036 24.0% 19,994 24.0%Effect of difference between local tax rate and theoretical tax rate (1,725) (1.7%) (373) (0.4%)Fiscal effect of non-deductible expenses/revenues 4,128 4.1% 5,816 7.0%Tax losses carried forward that are not recognised in (57) (0.1%) (855) (1.0%)deferred tax assets.Other income taxes (IRAP) 2,189 2.2% 1,149 1.4%Fiscal effect of tax relief (935) (0.9%) (964) (1.2%)Deferred taxes TG Shanghai \u2014 0.0% (1,703) (2.0%)Other minor effects (3,790) (3.8%) (3,524) (4.2%)Income taxes of previous years (613) (0.6%) (107) (0.1%)Total 23,232 23.2% 19,434 23.3%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notes__6__70": {
"value": "5.14 EARNINGS PER SHAREThe following table shows the calculation of basic earnings per share.(In thousands of Euro)Year ended 31 December2023 2022Earnings per shareProfit for the period 73,640 63,587Number of shares (in thousands)* 200,491 201,328Total earnings per share 0.37 0.32* The calculation does not include the own shares in portfolioAlso note that, even considering the diluting effects such as the allocation of shares according to the 2021-23 PSP, there are no significant differences between the basic share and the profit diluted by share.",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__71": {
"value": "6 Net financial positionBelow is a restatement of the Group\u2019s net indebtedness as of 31 December 2023 and 2022, determined in accordance with the new ESMA Guidelines of 4 March 2021 (Consob notice no. 5/21 in reference to Consob Communication DEM/6064293 of 28 July 2006).(In thousands of Euro)As of 31 December2023 2022Net financial positionA. Cash 201,066 190,215B. Cash equivalents 23,664 15,143C. Other current financial assets 4,421 20,520D. Liquidity (A) + (B) + (C) 229,151 225,878E. Current financial payables (including debt instruments, (32,261) (28,441)but excluding the current portion of non-current financial payables)F. Current part of non-current financial payables \u2014 (9,137)G. Current financial indebtedness (E) + (F) (32,261) (37,578)H. Net current financial indebtedness (G) + (D) 196,891 188,300I. Non-current financial payables (excluding the current portion (69,959) (66,431)and debt instruments)J. Debt instruments \u2014 \u2014K. Trade payables and other non-current payables (143) (287)L. Non-current financial indebtedness (I) + (J) + (K) ( 70,102) (66,718)M. Total financial indebtedness (H) + (L) 126,788 121,582The net financial position at 31 December 2023, which includes the effects of adopting IFRS 16, was positive by Euro 126,788 thousand, an increase of Euro 5,206 thousand compared to the balance of Euro 121,582 thousand for the year ended 31 December 2022.The increase is mainly attributable to cash flow generated by operations of Euro 145.9 million, despite a negative impact deriving from the conversion of cash and cash equivalents into foreign currencies, of Euro 5.7 million, the payment of dividends of Euro 51.3 million and the treasury share purchase plan (Euro 6.9 million) announced on 6 November 2023, and the return to the usual seasonal trend in payments. The net financial position not including the effects of the IFRS 16 accounting standard amounts to Euro 170.6 million. On 31 December 2023 the Company had no bank borrowings.At 31 December 2023 there are no restrictions or limitations to the use of the cash of the Group, except for minor amounts relating to specific circumstances closely linked to commercial operations of certain Group entities. It should also be noted that there are cash asset and cash equivalents at the Russian subsidiary, totalling approximately Euro 8.8 million, primarily resulting from earnings from previous years. The Group is taking all the steps necessary for the return of these sums, which must be approved by the local authorities prior to their transfer to the parent company.",
"dimensions": {
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"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__73": {
"value": "\ue614.\ue61e CREDIT RISKThe operational management of credit risk is assigned to the Credit Management team, which operates on the basis of a credit policy that regulates: (i) customers\u2019 merit ratings, which are evaluated by the internally developed risk rating system, used for the management of credit limits and requests for bank or insurance guarantees to support extended payment terms; (ii) the involvement of institutionalised credit committees in operations completed under terms other than those normally applied by the Company; (iii) the use of credit insurance policies; (iv) the monitoring of the balance of outstanding receivables and their ageing, so that the amount of outstanding positions is not significant; (v) the monitoring of the related expected cash flows; (vi) the issuance of reminders; (vii) any recovery actions. The bad debt provision is calculated on percentages of past due, based on historical insolvency, with the exception of provision on specific credits in litigation. In relation to the breakdown of receivables by maturity, please see the Note \u201cTrade receivables\u201d. For financing activities related to temporary excess of liquidity or for the stipulation of financial instruments (derivatives), the Group deals exclusively with counterparties with high credit standing. The amount of trade receivables represents the maximum theoretical exposure to credit risk of the Group at year-end.Risks related to supplier relationsThe Company and its Group have always been committed to developing innovative, high-performance, quality solutions. To continue this commitment, a close collaboration needs to be maintained with suppliers, particularly those who produce materials and technologies that may be used in the fitness industry, even if they primarily operate in other sectors. Technogym\u2019s supply chain is divided into suppliers who provide \u201cbill of materials\u201d supplies, some of which are particularly strategic to Technogym's success, including those that contribute directly to product creation, and \u201cindirect\u201d suppliers who provide other services or materials, as well as the equipment used in production.The company works closely with those suppliers considered key to the success of its products, establishing long-term relationships in order to minimise the risks related to the potential unavailability of raw materials within the required timescales. Periodic performance checks are made, and controls carried out regarding compliance with current environmental and social regulations aimed at guaranteeing a stable supply chain.Technogym has also adopted a structured supply chain assessment process involving on-site audits and checks, which ensures continuous monitoring, and requires its suppliers",
"dimensions": {
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"s8_notes__6__74": {
"value": "\ue614.\ue61b LIQUIDITY RISKThe Group's liquidity risk is closely monitored through specific controls by the parent company. In order to minimise the risk, the Group has implemented centralised treasury management with specific procedures that aim to optimise the management of financial resources and the needs of the Group companies. In particular, a set of policies and processes was adopted with the aim of optimising the management of financial resources to reduce liquidity risk: (i) maintenance of an adequate level of available liquidity; (ii) obtaining adequate credit lines; (iii) monitoring future liquidity in relation to the business planning process. For this type of risk, in the net financial indebtedness, the Group tends to finance investments and current commitments with both cash flow generated by operation and short-term credit lines.The following table shows the amounts of credit lines available and used at 31 December 2023 and 2022.(in thousands of Euro)Cash credit Self-liquidating Financial credit Totallinescredit lineslinesAs of 31 December 2023Credit lines 47,500 11,500 230,000 289,000Utilisations \u2014 \u2014 \u2014 \u2014Credit lines available at 31 December 2023 47,500 11,500 230,000 289,000As of 31 December 2022Credit lines 7,382 17,641 240,441 265,464Utilisations \u2014 \u2014 (11,747) (11,747)Credit lines available at 31 December 2022 7,382 17,6 41 228,694 253,717The table below contains the breakdown and maturity dates of the liability items to 31 December 2023 and 2022.(In thousands of Euro) Within 1 year Between 1 and Beyond 5 years Total 5 years Values at 31 December 2023Non-current financial liabilities \u2014 69,959 \u2014 69,959 Other non-current liabilities \u2014 44,771 \u2014 44,771 Trade payables 155,384 \u2014 \u2014 155,384 Current tax liabilities 9,192 \u2014 \u2014 9,192 Current financial liabilities 32,259 \u2014 \u2014 32,259 Liabilities for derivative financial instruments 2 \u2014 \u2014 2 Other current liabilities 106,178 \u2014 \u2014 106,178 Total 303,014 114,730 \u2014 41 7,74 4 Values at 31 December 2022Non-current financial liabilities \u2014 63,166 3,266 66,431 Other non-current liabilities \u2014 38,415 \u2014 38,415 Trade payables 173,559 \u2014 \u2014 173,559 Current tax liabilities 9,169 \u2014 \u2014 9,169 Current financial liabilities 37,501 \u2014 \u2014 37,501 Liabilities for derivative financial instruments 77 \u2014 \u2014 77 Other current liabilities 88,552 \u2014 \u2014 88,552 Total 308,858 101,580 3,266 413,704 On 31 December 2023, the Technogym Group had approximately Euro 277 million of undrawn credit lines, liquidity amounting to Euro 224.7 million and trade receivables of 119.8 million, giving a total of Euro 621.5 million, against payables and current commitments",
"dimensions": {
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"s8_notes__6__75": {
"value": "\ue614.\ue61a MARKET RISKExchange rate riskThe Group operates internationally and it is subject to currency risk, mainly in regards to commercial and financial transactions, especially in US dollars, GBP, YEN, CNY and AUD. To limit the exposure to exchange risk, the Group usually enters into forward contracts to cover between 70% and 80% of transactions in these currencies. In the year ending 31 December 2023, no exchange rate hedging derivative contract was recognised using the hedge accounting method.Investments in foreign subsidiaries are not covered, as the currency positions are considered long-term.The following table shows the trade receivables and payables, cash and cash equivalents and current financial liabilities broken down by currency at 31 December 2023 and 2022.(In thousands of Euro)EUR GBP USD CNY AUD JPY Other TotalcurrenciesOther non-current assetsAs of 31 December 2023 62,330 11,342 3,137 184 2,066 242 3,049 82,350 As of 31 December 2022 58,973 9,339 377 207 1,754 265 2,629 73,544 Non-current financial assetsAs of 31 December 2023 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014As of 31 December 2022 201 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 201 Trade receivablesAs of 31 December 2023 70,791 12,481 20,375 737 1,559 3,650 10,201 119,793 As of 31 December 2022 66,462 9,666 23,598 1,028 3,028 1,891 5,152 110,824 Cash and cash equivalentsAs of 31 December 2023 155,319 12,858 27,410 4,437 4,204 2,449 18,054 224,730 As of 31 December 2022 122,085 10,445 46,622 8,972 4,929 4,798 7,508 205,358 Current financial liabilitiesAs of 31 December 2023 28,955 653 598 387 261 292 1,113 32,259 As of 31 December 2022 33,434 252 826 369 260 340 2,020 37,501 Trade payablesAs of 31 December 2023 130,848 9,962 8,491 878 1,464 1,509 2,231 155,384 As of 31 December 2022 146,858 8,020 12,000 1,317 2,385 1,333 1,645 173,559 For the purposes of the sensitivity analysis on the exchange rate, items in the financial position (assets and liabilities) denominated in foreign currency were identified. For the purposes of the analysis, two scenarios were considered that reflect an increase and a decrease respectively of 5% in the exchange rate between the currency of the balance sheet item and the Euro.The following table shows the results of the analysis for the years ended 31 December 2023 and 2022.(In thousands of Euro) 2023 - Exchange risk+5% -5%Carrying of which Gains / Other movements Gains / Other movements amountsubject to (losses)in sales invoice (losses)in sales invoice exchange riskledger (RFV)ledger (RFV)Financial assetsCash and cash equivalents 224,730 69,591 (3,314) \u2014 3,663 \u2014Trade receivables 119,793 46,286 (2,204) \u2014 2,436 \u2014Non-current financial assets \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Current financial assets 4,250 3,770 (180) \u2014 198 \u2014Assets for derivative financial 172 \u2014 \u2014 \u2014 \u2014 \u2014instrumentsTax effect \u2014 \u2014 1,590 \u2014 (1,757) \u2014(4,108) \u2014 4,540 \u2014(In thousands of Euro) 2023 - Exchange risk+5% -5%Carrying of which Gains / Other movements Gains / Other movements amountsubject to (losses)in sales invoice (losses)in sales invoice exchange riskledger (RFV)ledger (RFV)Financial liabilitiesNon-current financial liabilities 69,959 12,279 585 \u2014 (646) \u2014Current financial liabilities 32,259 2,625 125 \u2014 (138) \u2014Trade payables 155,384 20,872 994 \u2014 (1,098) \u2014Liabilities for derivative 2 \u2014 \u2014 \u2014 \u2014 \u2014financial instrumentsTax effect (475) \u2014 525 \u20141,228 \u2014 (1,357) \u2014Total increases (decreases) 2023 (2,880) 3,183(In thousands of Euro) 2022 - Exchange risk+5% -5%Carrying of which Gains / Other Gains / Other amountsubject to (losses)movements in (losses)movements in exchange risksales invoice sales invoice ledger (RFV)ledger (RFV)Financial assetsCash and cash equivalents 205,358 83,453 (3,974) \u2014 4,392 \u2014Trade receivables 110,824 41,861 (1,993) \u2014 2,203 \u2014Non-current financial assets 201 \u2014 \u2014 \u2014 \u2014 \u2014Current financial assets 19,883 9,806 (467) \u2014 516 \u2014Assets for financial derivative 637 637 (30) \u2014 34 \u2014instrumentsTax effect \u2014 \u2014 1,804 \u2014 (1,993) \u2014(4,661) \u2014 5,151 \u2014Financial liabilitiesNon-current financial liabilities 66,431 10,326 492 \u2014 (543) \u2014Current financial liabilities 37,501 725 35 \u2014 (38) \u2014Trade payables 173,559 23,740 1,130 \u2014 (1,249) \u2014Liabilities for derivative financial 77 74 4 \u2014 (4) \u2014instrumentsTax effect (463) \u2014 512 \u20141,197 \u2014 (1,323) \u2014Total increases (decreases) 2022 (3,464) 3,828Interest rate riskInterest rate risk is related to the use of short and medium/long-term credit lines. Variable rate loans expose the Group to the risk of fluctuations of cash flows due to interest. The Company does not use derivative instruments to hedge interest rate risks.For the purposes of the sensitivity analysis on changes in interest rate, items in the financial position (assets and liabilities) subject to fluctuations in interest rates were identified. For the purposes of the analysis, two scenarios were considered which reflect an increase and a decrease respectively of 20 basis points in the interest rate.The following table shows the results of the analysis for the years ended 31 December 2023 and 2022.(In thousands of Euro)2023 - Interest Rate Risk+ 20 bp -20 bpCarrying of which Gains / Other Gains / Other amountsubject to (losses)movements (losses)movements Interest in RFVin RFVRate RiskFinancial assetsCash and cash equivalents 224,730 200,837 402 \u2014 (402) \u2014Trade receivables 119,793 \u2014 \u2014 \u2014 \u2014 \u2014Tax effect (112) \u2014 112 \u2014290 \u2014 (290) \u2014Financial liabilities \u2014 \u2014 \u2014 \u2014Non-current financial liabilities 69,959 4 7,37 1 (95) \u2014 95 \u2014Current financial liabilities 32,259 650 (1) \u2014 1 \u2014Trade payables 155,384 \u2014 \u2014 \u2014 \u2014 \u2014Tax effect 27 \u2014 (27) \u2014(69) \u2014 69 \u2014Total increases (decreases) 2023 221 \u2014 (221)(In thousands of Euro)2022 - Interest Rate Risk+ 20 bp -20 bpCarrying of which Gains / Other Gains / Other amountsubject to (losses)movements (losses)movements Interest in RFVin RFVRate RiskFinancial assetsCash and cash equivalents 205,358 185,284 371 \u2014 (371) \u2014Trade receivables 110,824 \u2014 \u2014 \u2014 \u2014 \u2014Tax effect (116) \u2014 116 \u2014255 \u2014 (255) \u2014Financial liabilities \u2014 \u2014 \u2014 \u2014Non-current financial liabilities 66,431 31,519 (63) \u2014 63 \u2014Current financial liabilities 37,501 1,137 (2) \u2014 2 \u2014Trade payables 173,559 \u2014 \u2014 \u2014 \u2014 \u2014Tax effect 20 \u2014 (20) \u2014(45) \u2014 45 \u2014Total increases (decreases) 2022 210 \u2014 (210) \u2014The parameters applied were identified as reasonable possible changes in interest rate, with all other variables remaining the same.Price riskThe Group purchases materials from international markets and is therefore exposed to the risk of price fluctuations. This risk is partially hedged by foreign currency forward purchase agreements with settlement dates consistent with the purchase obligations.",
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"s8_notes__6__76": {
"value": "9 Related party transactionsThe Group\u2019s transactions with related parties, identified based on criteria defined by IAS 24 \u2013 Related party disclosures \u2013 are carried out under normal market conditions.The following table shows the amounts of related party transactions for the years ended 31 December 2023 and 2022 and the incidence on the related item in the financial statement.(In thousands of Euro) Property, plant Other non-Trade receivables Current financial Other current Non-current Trade payables Current financial and equipment current assets assets assets financial liabilities liabilities Values at 31 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023December Technogym \u2014 \u2014 13 \u2014 (22) \u2014 \u2014 \u2014 1,266 \u2014 \u2014 \u2014 312 \u2014 \u2014 \u2014Emirates LLC Pubblisole Spa \u2014 \u2014 \u2014 \u2014 \u2014 24 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Consorzio Romagna \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 26 25 \u2014 \u2014 16 \u2014 \u2014 \u2014Iniziative Sandcroft Avenue \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (39) \u2014Limited Wellink Srl \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 50 25 \u2014 \u2014Alfin Srl \u2014 \u2014 \u2014 \u2014 3 3 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 126 122 \u2014 \u2014Via Durini 1 Srl 5,615 5,912 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 4,915 5,109 3 85 860 1,006 Starpool Srl \u2014 \u2014 \u2014 \u2014 \u2014 1 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 4 4 \u2014 \u2014One On One Srl \u2014 \u2014 \u2014 \u2014 9 11 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 232 191 \u2014 \u2014Wellness Explorer \u2014 \u2014 \u2014 \u2014 3 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Srl Physio AG \u2014 \u2014 \u2014 \u2014 1 3 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 113 37 \u2014 \u2014Sobeat S.R.O. 3,479 3,496 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 3,625 3,679 145 \u2014 2,636 3,309 Wellness \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 31 \u2014 \u2014Foundation WF Srl \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 61 \u2014 \u2014Uberti Societ\u00e0 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 20 \u2014 \u2014Semplice SE Active \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 233 227 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Total 9,094 9,407 13 \u2014 (6) 41 233 227 1,292 25 8,540 8,788 1,002 575 3,457 4,315 Total Financial 164,122 171,560 73,544 82,350 110,824 119,793 19,883 4,250 27,178 28,152 66,431 69,959 173,559 155,384 37,501 32,259 Statements % on financial 5.5% 5.5% 0.0% 0.0% 0.0% 0.0% 1.2% 5.3% 4.8% 0.1% 12.9% 12.6% 0.6% 0.4% 9.2% 13.4%statements item (In thousands of Revenues Other Raw materials and Cost of services Personnel Other Depreciation and Financial Financial Euro)revenues work in progressexpensesoperating amortisationincomeexpensesand incomecostsValues at 31 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023DecemberTechnogym 15,036 \u2014 274 \u2014 (122) \u2014 (328) \u2014 (273) \u2014 (3) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Emirates LLCPubblisole Spa \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 19 24 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Consorzio \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (19) (14) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Romagna IniziativeAsso. Milano \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (2) (3) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Durini DesignSandcroft \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 19 (39) 14 (8)Avenue LimitedFitkey South \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 5Africa Pty LtdWellink Srl \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (190) (118) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Alfin Srl 2 \u2014 \u2014 \u2014 \u2014 \u2014 (256) (629) (39) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Via Durini 1 Srl \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (124) (301) \u2014 \u2014 (9) (10) (895) (1,000) \u2014 \u2014 (123) (137)Starpool Srl \u2014 2 \u2014 \u2014 \u2014 \u2014 (4) (1) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014One On One Srl 21 26 \u2014 \u2014 \u2014 \u2014 (657) (1,036) \u2014 \u2014 \u2014 (34) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Enervit Spa \u2014 1 \u2014 \u2014 \u2014 \u2014 (3) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Alne Soc. Agr. \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (2) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014S.r.l.Wellness \u2014 \u2014 18 2 \u2014 (1) (325) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Explorer SrlPhysio Ag 88 14 \u2014 \u2014 \u2014 \u2014 (652) (317) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Sobeat S.r.o. \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 171 157 \u2014 \u2014 \u2014 \u2014 (705) (710) \u2014 \u2014 \u2014 \u2014Wellness \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (49) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014FoundationWF Srl \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (300) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Uberti Societ\u00e0 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014(60) \u2014 \u2014 \u2014 (1) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014SempliceTotal 15,147 43 292 2 (122) (1) (2,368) (2,645) (311) \u2014 (14) (48) (1,600) (1,710) 19 (39) (109) (140)Total Financial 719,025 806,288 2,465 1,803 (248,077) (269,845) (189,192) (213,569) (151,330) (167,666) (5,277) (9,796) (40,386) (45,712) 27,436 23,397 (2 7,1 7 7 ) (20,897)Statements% on financial 2.1% 0.0% 11.9% 0.1% 0.0% 0.0% 1.3% 1.2% 0.2% 0.0% 0.3% 0.5% 4.0% 3.7% 0.1% -0.2% 0.4% 0.7%statements itemThe relationship between the Group and related parties as of and for the years ended 31 December 2023 and 2022 are mainly commercial.The figures for the companies Via Durini S.r.l and Sobeat S.r.o mainly refer to the adoption of IFRS 16 concerning property leased in favour of the group.The relationship with One on One S.r.l. is related to collaborations aimed to implement and manage corporate wellness areas. For instance, the Group occasionally receives the support of One on One S.r.l. in order to offer a complete service to the end customers. Transactions between the Group and One on One S.r.l. are regulated by agreements arranged from time to time based on the requests and needs of the end customer.Relations with Wellink S.r.l. refer mainly to collaborations aimed at implementing personalised projects for wellness centres.These tables show the figures for Technogym Emirates LLC only for the 2022 financial year, as substantial control of this entity was acquired during this year. For more details of this item, see paragraph 2.3 Consolidation criteria and methodologies.REMUNERATION OF DIRECTORS AND KEY MANAGEMENTThe total amount of compensation and the related costs of the Board of Directors of the Company amounted to Euro 2,394 thousand for the year ended 31 December 2023 (Euro 2,457 thousand for the year ended 31 December 2022).The total amount of compensation paid to key management amounted to Euro 2,789 thousand for the year ended 31 December 2023 (Euro 1,959 thousand for the year ended 31 December 2022). The following table shows the amounts of revenues for the years ended 31 December 2023 and 2022.(in thousands of Euro)Year ended 31 December2023 2022Fees for office 1,192 1,200 Non-monetary benefits 16 31 Bonuses and other incentives 1,162 678 Other fees 419 50 Total 2,789 1,959",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__77": {
"value": "10 Contingent liabilitiesAs of 31 December 2023 there were no ongoing legal or tax proceedings against any Group companies and therefore, no particular provisions for risks and charges have been recognised, with the exception of the following described.It should be noted that an assessment notice for an amount of around Euro 10 million was received in the first half of 2017 relating to the company FBK Equipamentos ltda, for alleged formal irregularities in the import customs declarations relating to years prior to 2015, also in the name of Technogym Fabrica\u00e7\u00e3o de Equipamento de Gin\u00e1stica ltda, now incorporated in BK Equipamentos ltda.The company, assisted by its local tax advisors and lawyers, opposed the arguments made by the local authority and the first rulings against it, as it believes that it has always operated in full compliance with local tax and customs provisions. Consequently, the decision was taken not to allocate any provision, as the risk of losing the appeal procedure is not deemed likely.",
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"s8_notes__6__78": {
"value": "11 Commitments and guaranteesAs of 31 December 2023 the Group issued guarantees to credit institutions on behalf of subsidiaries for Euro 20,656 thousand (Euro 21,521 thousand at 31 December 2022) and on behalf of related parties for Euro 3,707 thousand (Euro 3,840 thousand at 31 December 2022). The guarantees issued by the Group in favour of public institutions and other third parties amounted to Euro 2,062 thousand (Euro 2,030 thousand at 31 December 2022).There were no significant commitments at the end of the year, with the exception of the information reported in the table included in liquidity risks.",
"dimensions": {
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"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__79": {
"value": "13 Significant events after the reporting period On 18 March, Technogym announced the completion of its share purchase plan, announced on 6 November 2023 following the authorisation approved by the Ordinary Shareholders\u2019 Meeting on 5 May 2023. Technogym has thus acquired 2,266,705 shares equal to 1.13% of the share capital, with a total countervalue of 20 million euros. In January, Technogym attended the World Economic Forum in Davos, when Erica Alessandri, a member of the Technogym Board of Directors, contributed to a major project on the evolution of the Health sector with digital innovation and AI. 29 February saw the launch of Technogym Zurich, a new retail space in the heart of Zurich.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:815600B9149F66E77F76",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}