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1.2Consolidated Financial Statement Presentation
These consolidated financial statements were prepared for the year ended December 31, 2023 (\u201cConsolidated Financial statements\u201d) in accordance with EU Regulation 1606/2002 of July 19, 2022 and Article 9 of Legislative Decree No. 38 of February 28, 2005, in compliance with International Financial Reporting Standards, issued by the International Accounting Standards Board and endorsed by the European Union (\u201cIFRS\u201d).
The Consolidated Financial Statements were approved by the Board of Directors of the company on March 14, 2024 and audited by PricewaterhouseCoopers SpA, statutory auditors of the company.
2. ACCOUNTING POLICIES AND MEASUREMENT CRITERIA
The main accounting policies adopted in the preparation of the Consolidated Financial Statements are reported below. These accounting policies were applied in line with the year 2022 and those applied at December 31, 2023.
7NOTES TO THE CONSOLIDATED BALANCE SHEET
8.NOTES TO THE CONSOLIDATED INCOME STATEMENT
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21411": { "value": "
1.GENERAL INFORMATION
1.1 Introduction
Aquafil SpA, with registered office at Via Linfano, 9 \u2013 Arco (TN) \u2013 38062 Italy, (\u201cAquafil\u201d, \u201cCompany\u201d or \u201cParent company\u201d and, together with its subsidiaries, \u201cGroup\u201d or \u201cAquafil Group\u201d), renowned for the production and distribution of fibres and polymers, principally polyamide, is a joint stock company listed on the Italian Stock Exchange, STAR Segment since December 4, 2017, resulting from the business combination through merger by incorporation of Aquafil SpA (pre-merger), founded in 1969 in Arco (TN), into Space3 SpA, as an Italian registered Special Purpose Acquisition Company (SPAC), with efficacy from December 4, 2017. The duration of the Company is until December 31, 2100.
The majority shareholder of Aquafil SpA is Aquafin Holding SpA, with registered office in Via Leone XIII No. 14, 20145 Milan, Italy, which however does not exercise management and co-ordination activities. The ultimate Parent Company, which draws up specific consolidated financial statements, is GB&P Srl with registered office in Via Leone XIII No. 14, 20145 Milan, Italy.
The Aquafil Group produces and sells fibres and polymers, principally polyamide 6, on a global scale through the:
(i) BCF Product Line (carpet fibres), or synthetic yarns mainly intended for the textile flooring sector and used in \u201ccontract\u201d segments (hotels, airports, offices, etc.), residential buildings and the automotive market;
(ii) NTF Product Line (clothing fibres), or synthetic yarns mainly intended for the clothing sector (sportswear, classic, technical or specialist apparel);
(iii) Polymers Product Line, or plastic raw materials, mainly targeting the engineering plastics sector for subsequent use in the moulding industry.
Group products are also sold on the market under the ECONYL\u00ae brand, which offers the Group\u2019s products obtained by regenerating industrial waste and end-of-life products.
The Group enjoys a consolidated presence in Europe, the United States and Asia.
1.2Consolidated Financial Statement Presentation
These consolidated financial statements were prepared for the year ended December 31, 2023 (\u201cConsolidated Financial statements\u201d) in accordance with EU Regulation 1606/2002 of July 19, 2022 and Article 9 of Legislative Decree No. 38 of February 28, 2005, in compliance with International Financial Reporting Standards, issued by the International Accounting Standards Board and endorsed by the European Union (\u201cIFRS\u201d).
The Consolidated Financial Statements were approved by the Board of Directors of the company on March 14, 2024 and audited by PricewaterhouseCoopers SpA, statutory auditors of the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21418": { "value": "Aquafil ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21422": { "value": "SpA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21425": { "value": "with registered office at Via Linfano, 9", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21442": { "value": "Arco (TN) \u2013 38062 ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21452": { "value": "Italy", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21455": { "value": "(\u201cAquafil\u201d, \u201cCompany\u201d or \u201cParent company\u201d and, together with its subsidiaries, \u201cGroup\u201d or \u201cAquafil Group\u201d), renowned for the production and distribution of fibres and polymers, principally polyamide, is a joint stock company listed on the Italian Stock Exchange, STAR Segment since December 4, 2017, resulting from the business combination through merger by incorporation of Aquafil SpA (pre-merger), founded in 1969 in Arco (TN), into Space3 SpA, as an Italian registered Special Purpose Acquisition Company (SPAC), with efficacy from December 4, 2017", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21626": { "value": "The majority shareholder of Aquafil SpA is Aquafin Holding SpA, with registered office in Via Leone XIII No. 14, 20145 Milan, Italy, which however does not exercise management and co-ordination activities", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21688": { "value": "The ultimate Parent Company, which draws up specific consolidated financial statements, is GB&P Srl with registered office in Via Leone XIII No. 14, 20145 Milan, Italy.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21709": { "value": "The Aquafil Group produces and sells fibres and polymers, principally polyamide 6, on a global scale through the: (i) BCF Product Line (carpet fibres), or synthetic yarns mainly intended for the textile flooring sector and used in \u201ccontract\u201d segments (hotels, airports, offices, etc.), residential buildings and the automotive market; (ii) NTF Product Line (clothing fibres), or synthetic yarns mainly intended for the clothing sector (sportswear, classic, technical or specialist apparel); (iii) Polymers Product Line, or plastic raw materials, mainly targeting the engineering plastics sector for subsequent use in the moulding industry. Group products are also sold on the market under the ECONYL\u00ae brand, which offers the Group\u2019s products obtained by regenerating industrial waste and end-of-life products.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21894": { "value": "The Group enjoys a consolidated presence in Europe, the United States and Asia. ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22122": { "value": "
2.1 Basis of preparation
As previously indicated, these consolidated financial statements were prepared in accordance with IFRS, i.e. all \u201cInternational Financial Reporting Standards\u201d, all \u201cInternational Accounting Standards\u201d (\u201cIAS\u201d), all interpretations of the International Reporting Interpretations Committee (\u201cIFRIC\u201d), previously called the Standards Interpretations Committee (\u201cSIC\u201d) which, at the approval date of the Consolidated Financial Statements, were endorsed by the European Union pursuant to EU Regulation No. 1606/2002 of the European Parliament and European Council of July 19, 2002.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22241": { "value": "
These consolidated financial statements were prepared:
\u2022on the basis of extensive knowledge on the IFRS and taking into account best practice; any further orientations and interpretative updates will be reflected in subsequent years, in accordance with the provisions of the accounting standards;
\u2022under the historical cost convention, except for the measurement of financial assets and liabilities where the obligatory application of the fair value criterion is required;
\u2022on a going-concern basis of the Group, as the directors verified the absence of financial, operating or other indicators which may suggest difficulties with regards to the Group\u2019s capacity to meet its obligations in the foreseeable future and in particular in the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22337": { "value": "
\u2022on a going-concern basis of the Group, as the directors verified the absence of financial, operating or other indicators which may suggest difficulties with regards to the Group\u2019s capacity to meet its obligations in the foreseeable future and in particular in the next 12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22427": { "value": "
2.2 Form and content of the financial statements
The Consolidated Financial Statements were prepared in Euro, which corresponds to the principal currency of the economic activities of the entities within the Group. All the amounts included in the present document are presented in thousands of Euro, unless otherwise specified.
The financial statements and the relative classification criteria adopted by the Group, within the options permitted by IAS 1 \u201cPresentation of financial statements\u201d (\u201cIAS 1\u201d) are illustrated below:
\u2022the consolidated balance sheet is presented with separation between \u201ccurrent and non-current\u201d assets and liabilities;
\u2022the consolidated income statement was prepared separately from the comprehensive income statement, and was prepared classifying operating costs by expense type;
\u2022the comprehensive income statement which includes, in addition to the result for the period, also the changes to equity relating to income items which, in accordance with International Accounting Standards, are recognised under equity;
\u2022the cash flow statement prepared in accordance with the \u201cindirect method\u201d .
The financial statements utilised are those which best represent the result, equity and financial position of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22432": { "value": "The Consolidated Financial Statements were prepared in Euro, which corresponds to the principal currency of the economic activities of the entities within the Group", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22627": { "value": "
\u2022the cash flow statement prepared in accordance with the \u201cindirect method\u201d .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22663": { "value": "
2.3Consolidation scope and basis of consolidation
The Consolidated Financial Statements includes the equity and financial position and results of the subsidiaries and/or associated companies, approved by the respective boards and prepared on the
basis of the relative accounting entries and, where applicable, appropriately adjusted in line with international accounting standards IAS/IFRS.
The following table summarises, with reference to the subsidiaries and associated companies, details on company name, registered office, share capital, result from draft financial statements prepared for approval, direct and indirect holding, of the company and the consolidation method applied at December 31, 2023:
Company
Registered office
Share capital
Profit/(loss) for the year
Currency
Group holding
% of
votes
Method
of consol-
idation
Parent company:
Aquafil S.p.A.
Arco (ITA)
49,722,417
(5,641,004)
Euro
Subsidiary companies:
Aquafil SLO d.o.o.
Ljubjiana (SLO)
75,135,728
(19,939,623)
Euro
100.00%
100.00%
Line-by-line
Aquafil USA Inc.
Cartersville (USA)
77,100,000
(53,733,531)
US Dollar
100.00%
100.00%
Line-by-line
Tessilquattro S.p.A.
Arco (ITA)
3,380,000
(2,239,289)
Euro
100.00%
100.00%
Line-by-line
Aquafil Jiaxing Co. Ltd.
Jiaxing (CHN)
531,408,631
100,003,421
Chinese Yuan
100.00%
100.00%
Line-by-line
Aquafil UK Ltd.
Ayrshire (UK)
3,669,301
(2,531,588)
UK Sterling
100.00%
100.00%
Line-by-line
Aquafil CRO d.o.o.
Oroslavje (HRV)
9,436,800
(2,744,981)
Euro
100.00%
100.00%
Line-by-line
Aquafil Asia Pacific Co. Ltd.
Rayoung (THA)
53,965,000
35,062,158
Thai Baht
99.99%
99.99%
Line-by-line
Aqualeuna G.m.b.H.
Berlin (DEU)
2,325,000
(699,781)
Euro
100.00%
100.00%
Line-by-line
Aquafil Engineering G.m.b.H.
Berlin (DEU)
255,646
(983,758)
Euro
100.00%
100.00%
Line-by-line
Aquafil Tekstil Sanayi Ve Ticaret A.S.
Istanbul (TUR)
1,512,000
(2,302,452)
Turkish Lira
99.99%
99.99%
Line-by-line
Aquafil Benelux France B.V.B.A.
Harelbeke (BEL)
20,000
16,639
Euro
100.00%
100.00%
Line-by-line
Cenon S.r.o.
Zilina (SVK)
26,472,682
(80,763)
Euro
100.00%
100.00%
Line-by-line
Aquafil Carpet Recycling #1, Inc.
Phoenix (USA)
250,000
41,832,917
US Dollar
100.00%
100.00%
Line-by-line
Aquafil Carpet Recycling #2, Inc.
Woodland California (USA)
250,000
9,556,018
US Dollar
100.00%
100.00%
Line-by-line
\"[IMAGE]\"
Aquafil Oceania Ltd.
Melbourne (AUS)
49,990
(24,231)
Australian Dollar
100.00%
100.00%
Line-by-line
Aquafil India Private Ltd.
New Dehli (IND)
557,860
(*)
Indian Rupee
100.00%
100.00%
Line-by-line
Aquafil O'Mara Inc.
North Carolina (USA)
36,155,327
(282,272)
US Dollar
100.00%
100.00%
Line-by-line
Aquafil Carpet Collection LLC
Phoenix (USA)
3,400,000
4,217,087
US Dollar
100.00%
100.00%
Line-by-line
Aquafil Japan Corp.
Chiyoda (JPN)
150,000,000
(260,967,066)
Japanese Yen
100.00%
100.00%
Line-by-line
Bluloop S.r.l. Benefit Company
Arco (ITA)
50,000
(34,612)
Euro
100.00%
100.00%
Line-by-line
Aquafil Chile S.p.A.
Santiago del Chile (CHL)
351,576,000
(80,812,755)
Chilean Peso
100.00%
100.00%
Line-by-line
Associated companies:
Nofir AS
Bodo (NOR)
665,804
10,980,800
Corona Norvegese
31.66%
31.66%
Shareholders\u2019 Equity
Poly-Service S.a.S.
Lyon (FRA)
10,000
(*)
Euro
45.00%
45.00%
Shareholders\u2019 Equity
Companies under joint control:
Acca S.p.A.
Santiago del Chile (CHL)
1,000,000
(20,904,000)
Chilean Peso
50.00%
50.00%
Shareholders\u2019 Equity
\"[IMAGE]\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22834": { "value": "
Company
Registered office
Share capital
Profit/(loss) for the year
Currency
Group holding
% of
votes
Method
of consol-
idation
Parent company:
Aquafil S.p.A.
Arco (ITA)
49,722,417
(5,641,004)
Euro
Subsidiary companies:
Aquafil SLO d.o.o.
Ljubjiana (SLO)
75,135,728
(19,939,623)
Euro
100.00%
100.00%
Line-by-line
Aquafil USA Inc.
Cartersville (USA)
77,100,000
(53,733,531)
US Dollar
100.00%
100.00%
Line-by-line
Tessilquattro S.p.A.
Arco (ITA)
3,380,000
(2,239,289)
Euro
100.00%
100.00%
Line-by-line
Aquafil Jiaxing Co. Ltd.
Jiaxing (CHN)
531,408,631
100,003,421
Chinese Yuan
100.00%
100.00%
Line-by-line
Aquafil UK Ltd.
Ayrshire (UK)
3,669,301
(2,531,588)
UK Sterling
100.00%
100.00%
Line-by-line
Aquafil CRO d.o.o.
Oroslavje (HRV)
9,436,800
(2,744,981)
Euro
100.00%
100.00%
Line-by-line
Aquafil Asia Pacific Co. Ltd.
Rayoung (THA)
53,965,000
35,062,158
Thai Baht
99.99%
99.99%
Line-by-line
Aqualeuna G.m.b.H.
Berlin (DEU)
2,325,000
(699,781)
Euro
100.00%
100.00%
Line-by-line
Aquafil Engineering G.m.b.H.
Berlin (DEU)
255,646
(983,758)
Euro
100.00%
100.00%
Line-by-line
Aquafil Tekstil Sanayi Ve Ticaret A.S.
Istanbul (TUR)
1,512,000
(2,302,452)
Turkish Lira
99.99%
99.99%
Line-by-line
Aquafil Benelux France B.V.B.A.
Harelbeke (BEL)
20,000
16,639
Euro
100.00%
100.00%
Line-by-line
Cenon S.r.o.
Zilina (SVK)
26,472,682
(80,763)
Euro
100.00%
100.00%
Line-by-line
Aquafil Carpet Recycling #1, Inc.
Phoenix (USA)
250,000
41,832,917
US Dollar
100.00%
100.00%
Line-by-line
Aquafil Carpet Recycling #2, Inc.
Woodland California (USA)
250,000
9,556,018
US Dollar
100.00%
100.00%
Line-by-line
\"[IMAGE]\"
Aquafil Oceania Ltd.
Melbourne (AUS)
49,990
(24,231)
Australian Dollar
100.00%
100.00%
Line-by-line
Aquafil India Private Ltd.
New Dehli (IND)
557,860
(*)
Indian Rupee
100.00%
100.00%
Line-by-line
Aquafil O'Mara Inc.
North Carolina (USA)
36,155,327
(282,272)
US Dollar
100.00%
100.00%
Line-by-line
Aquafil Carpet Collection LLC
Phoenix (USA)
3,400,000
4,217,087
US Dollar
100.00%
100.00%
Line-by-line
Aquafil Japan Corp.
Chiyoda (JPN)
150,000,000
(260,967,066)
Japanese Yen
100.00%
100.00%
Line-by-line
Bluloop S.r.l. Benefit Company
Arco (ITA)
50,000
(34,612)
Euro
100.00%
100.00%
Line-by-line
Aquafil Chile S.p.A.
Santiago del Chile (CHL)
351,576,000
(80,812,755)
Chilean Peso
100.00%
100.00%
Line-by-line
Associated companies:
Nofir AS
Bodo (NOR)
665,804
10,980,800
Corona Norvegese
31.66%
31.66%
Shareholders\u2019 Equity
Poly-Service S.a.S.
Lyon (FRA)
10,000
(*)
Euro
45.00%
45.00%
Shareholders\u2019 Equity
Companies under joint control:
Acca S.p.A.
Santiago del Chile (CHL)
1,000,000
(20,904,000)
Chilean Peso
50.00%
50.00%
Shareholders\u2019 Equity
\"[IMAGE]\"
(*) company no longer operative
The changes in the Aquafil Group consolidation scope for the year concerned:
-in January 2023, the company Acca SpA was incorporated, a joint venture between Aquafil Chile S.p.A. and its other equal partner Atando Cabos Chile SpA The company has its registered office in Santiago, Chile, and share capital of CLP 1 million. Its corporate purpose is the acquisition, storage and recycling of fishing nets, nautical ropes and other plastic waste.
-in August 2023, Aquafil SpA and Politecnici S.r.l. incorporated the company Poly-Service SAS, based in Lyon (France), with share capital of Euro 10,000. Aquafil SpA holds a 45% interest, with Politecnici S.r.l. holding 55%. The corporate purpose of the company is the design, production and marketing of plastics, rubber, nylon and related products, in addition to semi-finished, finished and recycled products based on plastics, particularly nylon, in addition to the collection of post-consumer plastics, rubber, nylon and related products and subsequent processing into secondary raw materials.
The main criteria adopted by the Group for the definition of the consolidation scope and the relative consolidation principles are illustrated below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23543": { "value": "
-in January 2023, the company Acca SpA was incorporated, a joint venture between Aquafil Chile S.p.A. and its other equal partner Atando Cabos Chile SpA The company has its registered office in Santiago, Chile, and share capital of CLP 1 million. Its corporate purpose is the acquisition, storage and recycling of fishing nets, nautical ropes and other plastic waste.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23842": { "value": "
Subsidiaries
A party controls an entity when it is: i) exposed, or has the right to participate, in the relative variable economic returns and ii) able to exercise its decisional power on the activities relating to the entity in order to influence these returns. The existence of control is verified where events or circumstances indicate an alteration to one of the above-mentioned factors determining control. Subsidiaries are consolidated under the line-by-line method from the date control is acquired and ceases to be consolidated from the date in which control is transferred to third parties. The year-end of the subsidiary companies coincides with that of the Parent Company. The criteria adopted for line-by-line consolidation were as follows:
\u2022the assets and liabilities, and the charges and income of the companies are recorded line-by-line, attributing to the minority shareholders, where applicable, the share of net equity and net result for the period pertaining to them; this share is recorded separately in the net equity and in the income statement;
\u2022the gains and losses, with the relative fiscal effect, deriving from operations between fully consolidated companies and not yet realised with third parties, are eliminated, except for losses which are not eliminated where the transaction indicates a reduction in the value of the asset transferred. The effects deriving from reciprocal payables and receivables, costs and revenues, as well as financial income and charges are also eliminated.
\u2022with regard to equity investments acquired subsequent to the acquisition of control (non-controlling interest acquisitions), any difference between the acquisition cost and the corresponding portion of equity acquired is recognised to Group equity; similarly, the effects from the sale of the non-controlling share without loss of control are recognised to equity. Conversely, the sale of a share in investments which results in the loss of control are recognised in the comprehensive income statement:
(i)of any gains/losses calculated as the difference between the payment received and the corresponding share of consolidated net equity sold;
(ii)of the effect of the remeasurement of any residual investment in line with the relative fair value;
(iii)of any values recorded under other items of the comprehensive income statement relating to the investee which is no longer controlled and which must be reversed through the
comprehensive income statement, or where the amount should not be reversed through the comprehensive income statement, to the net equity account \u201cRetained earnings\u201d.
The value of any investment maintained, aligned to the relative fair value at the date of loss of control, represents the new initial recognition value of the investment, which also constitutes the value for subsequent measurement in accordance with the measurement criteria applicable.
Associates and Joint Ventures
Associated companies are companies in which the Group has a significant influence, which is presumed to exist when the percentage held is between 20% and 50% of the voting rights. Associated companies are measured under the equity method and are initially recorded at cost. The equity method is as described below:
\u2022the book value of these investments is aligned to the net equity of the company adjusted, where necessary, to reflect the application of IFRS and includes the recognition of the higher value attributed to the assets and liabilities and to any goodwill, identified on acquisition; in line with a similar process to that previously described for business combinations;
\u2022the profits and losses pertaining to the Group are recognised when the significant influence begins and until the significant influence ceases to exist. In the case where, due to losses, the company valued under this method indicates a negative net equity, the carrying value of the investment is written down and any excess pertaining to the Group, where this latter is committed to comply with legal or implicit obligations of the investee, or in any case to cover the losses, is recorded in a specific provision; the equity changes of the companies valued under the equity method, not recorded through the income statement, are recorded directly in the comprehensive income statement;
\u2022the gains and losses not realised, generated on transactions between the Company/Subsidiaries and investments measured under the equity method are eliminated based on the share pertaining to the Group in the investee, except for losses, when they represent a reduction in value of the underlying asset, and dividends which are fully eliminated.
When there is objective evidence of an impairment, the recovery is verified comparing the carrying value with the relative recoverable value adopting the criteria indicated in the paragraph \u201cImpairments of tangible and intangible assets\u201d. When the reasons for the impairment no longer
exist, the investments are revalued within the limits of the write-downs, with effects recognised to the income statement.
The transfer of shareholdings resulting in the loss of joint control or significant influence over the investee company determines the recognition in the comprehensive income statement:
\u2022of any gain/loss calculated as the difference between the amount received and the corresponding fraction of the carrying amount transferred;
\u2022of the effect of the remeasurement of any residual investment in line with the relative fair value;
\u2022of any values recorded under other comprehensive items related to the investee for which reclassification to the comprehensive income statement is envisaged.
The value of any equity investment aligned to its fair value at the date of the loss of joint control or significant influence, represents the new carrying amount and, therefore, the reference value for the subsequent valuation according to the applicable valuation criteria.
Once an equity investment, or a share of this equity, measured under the equity method is classified as held for sale in so far as it meets the criteria for such classification, the equity investment or share of equity, is no longer measured under the equity method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23844": { "value": "Subsidiaries
A party controls an entity when it is: i) exposed, or has the right to participate, in the relative variable economic returns and ii) able to exercise its decisional power on the activities relating to the entity in order to influence these returns. The existence of control is verified where events or circumstances indicate an alteration to one of the above-mentioned factors determining control. Subsidiaries are consolidated under the line-by-line method from the date control is acquired and ceases to be consolidated from the date in which control is transferred to third parties. The year-end of the subsidiary companies coincides with that of the Parent Company. The criteria adopted for line-by-line consolidation were as follows:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24061": { "value": "
\u2022the assets and liabilities, and the charges and income of the companies are recorded line-by-line, attributing to the minority shareholders, where applicable, the share of net equity and net result for the period pertaining to them; this share is recorded separately in the net equity and in the income statement;
\u2022the gains and losses, with the relative fiscal effect, deriving from operations between fully consolidated companies and not yet realised with third parties, are eliminated, except for losses which are not eliminated where the transaction indicates a reduction in the value of the asset transferred. The effects deriving from reciprocal payables and receivables, costs and revenues, as well as financial income and charges are also eliminated.
\u2022with regard to equity investments acquired subsequent to the acquisition of control (non-controlling interest acquisitions), any difference between the acquisition cost and the corresponding portion of equity acquired is recognised to Group equity; similarly, the effects from the sale of the non-controlling share without loss of control are recognised to equity. Conversely, the sale of a share in investments which results in the loss of control are recognised in the comprehensive income statement:
(i)of any gains/losses calculated as the difference between the payment received and the corresponding share of consolidated net equity sold;
(ii)of the effect of the remeasurement of any residual investment in line with the relative fair value;
(iii)of any values recorded under other items of the comprehensive income statement relating to the investee which is no longer controlled and which must be reversed through the
comprehensive income statement, or where the amount should not be reversed through the comprehensive income statement, to the net equity account \u201cRetained earnings\u201d.
The value of any investment maintained, aligned to the relative fair value at the date of loss of control, represents the new initial recognition value of the investment, which also constitutes the value for subsequent measurement in accordance with the measurement criteria applicable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24626": { "value": "
Associates and Joint Ventures
Associated companies are companies in which the Group has a significant influence, which is presumed to exist when the percentage held is between 20% and 50% of the voting rights. Associated companies are measured under the equity method and are initially recorded at cost. The equity method is as described below:
\u2022the book value of these investments is aligned to the net equity of the company adjusted, where necessary, to reflect the application of IFRS and includes the recognition of the higher value attributed to the assets and liabilities and to any goodwill, identified on acquisition; in line with a similar process to that previously described for business combinations;
\u2022the profits and losses pertaining to the Group are recognised when the significant influence begins and until the significant influence ceases to exist. In the case where, due to losses, the company valued under this method indicates a negative net equity, the carrying value of the investment is written down and any excess pertaining to the Group, where this latter is committed to comply with legal or implicit obligations of the investee, or in any case to cover the losses, is recorded in a specific provision; the equity changes of the companies valued under the equity method, not recorded through the income statement, are recorded directly in the comprehensive income statement;
\u2022the gains and losses not realised, generated on transactions between the Company/Subsidiaries and investments measured under the equity method are eliminated based on the share pertaining to the Group in the investee, except for losses, when they represent a reduction in value of the underlying asset, and dividends which are fully eliminated.
When there is objective evidence of an impairment, the recovery is verified comparing the carrying value with the relative recoverable value adopting the criteria indicated in the paragraph \u201cImpairments of tangible and intangible assets\u201d. When the reasons for the impairment no longer
exist, the investments are revalued within the limits of the write-downs, with effects recognised to the income statement.
The transfer of shareholdings resulting in the loss of joint control or significant influence over the investee company determines the recognition in the comprehensive income statement:
\u2022of any gain/loss calculated as the difference between the amount received and the corresponding fraction of the carrying amount transferred;
\u2022of the effect of the remeasurement of any residual investment in line with the relative fair value;
\u2022of any values recorded under other comprehensive items related to the investee for which reclassification to the comprehensive income statement is envisaged.
The value of any equity investment aligned to its fair value at the date of the loss of joint control or significant influence, represents the new carrying amount and, therefore, the reference value for the subsequent valuation according to the applicable valuation criteria.
Once an equity investment, or a share of this equity, measured under the equity method is classified as held for sale in so far as it meets the criteria for such classification, the equity investment or share of equity, is no longer measured under the equity method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24627": { "value": "
Associates and Joint Ventures
Associated companies are companies in which the Group has a significant influence, which is presumed to exist when the percentage held is between 20% and 50% of the voting rights. Associated companies are measured under the equity method and are initially recorded at cost. The equity method is as described below:
\u2022the book value of these investments is aligned to the net equity of the company adjusted, where necessary, to reflect the application of IFRS and includes the recognition of the higher value attributed to the assets and liabilities and to any goodwill, identified on acquisition; in line with a similar process to that previously described for business combinations;
\u2022the profits and losses pertaining to the Group are recognised when the significant influence begins and until the significant influence ceases to exist. In the case where, due to losses, the company valued under this method indicates a negative net equity, the carrying value of the investment is written down and any excess pertaining to the Group, where this latter is committed to comply with legal or implicit obligations of the investee, or in any case to cover the losses, is recorded in a specific provision; the equity changes of the companies valued under the equity method, not recorded through the income statement, are recorded directly in the comprehensive income statement;
\u2022the gains and losses not realised, generated on transactions between the Company/Subsidiaries and investments measured under the equity method are eliminated based on the share pertaining to the Group in the investee, except for losses, when they represent a reduction in value of the underlying asset, and dividends which are fully eliminated.
When there is objective evidence of an impairment, the recovery is verified comparing the carrying value with the relative recoverable value adopting the criteria indicated in the paragraph \u201cImpairments of tangible and intangible assets\u201d. When the reasons for the impairment no longer
exist, the investments are revalued within the limits of the write-downs, with effects recognised to the income statement.
The transfer of shareholdings resulting in the loss of joint control or significant influence over the investee company determines the recognition in the comprehensive income statement:
\u2022of any gain/loss calculated as the difference between the amount received and the corresponding fraction of the carrying amount transferred;
\u2022of the effect of the remeasurement of any residual investment in line with the relative fair value;
\u2022of any values recorded under other comprehensive items related to the investee for which reclassification to the comprehensive income statement is envisaged.
The value of any equity investment aligned to its fair value at the date of the loss of joint control or significant influence, represents the new carrying amount and, therefore, the reference value for the subsequent valuation according to the applicable valuation criteria.
Once an equity investment, or a share of this equity, measured under the equity method is classified as held for sale in so far as it meets the criteria for such classification, the equity investment or share of equity, is no longer measured under the equity method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24628": { "value": "
Associates and Joint Ventures
Associated companies are companies in which the Group has a significant influence, which is presumed to exist when the percentage held is between 20% and 50% of the voting rights. Associated companies are measured under the equity method and are initially recorded at cost. The equity method is as described below:
\u2022the book value of these investments is aligned to the net equity of the company adjusted, where necessary, to reflect the application of IFRS and includes the recognition of the higher value attributed to the assets and liabilities and to any goodwill, identified on acquisition; in line with a similar process to that previously described for business combinations;
\u2022the profits and losses pertaining to the Group are recognised when the significant influence begins and until the significant influence ceases to exist. In the case where, due to losses, the company valued under this method indicates a negative net equity, the carrying value of the investment is written down and any excess pertaining to the Group, where this latter is committed to comply with legal or implicit obligations of the investee, or in any case to cover the losses, is recorded in a specific provision; the equity changes of the companies valued under the equity method, not recorded through the income statement, are recorded directly in the comprehensive income statement;
\u2022the gains and losses not realised, generated on transactions between the Company/Subsidiaries and investments measured under the equity method are eliminated based on the share pertaining to the Group in the investee, except for losses, when they represent a reduction in value of the underlying asset, and dividends which are fully eliminated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24629": { "value": "
Associates and Joint Ventures
Associated companies are companies in which the Group has a significant influence, which is presumed to exist when the percentage held is between 20% and 50% of the voting rights. Associated companies are measured under the equity method and are initially recorded at cost. The equity method is as described below:
\u2022the book value of these investments is aligned to the net equity of the company adjusted, where necessary, to reflect the application of IFRS and includes the recognition of the higher value attributed to the assets and liabilities and to any goodwill, identified on acquisition; in line with a similar process to that previously described for business combinations;
\u2022the profits and losses pertaining to the Group are recognised when the significant influence begins and until the significant influence ceases to exist. In the case where, due to losses, the company valued under this method indicates a negative net equity, the carrying value of the investment is written down and any excess pertaining to the Group, where this latter is committed to comply with legal or implicit obligations of the investee, or in any case to cover the losses, is recorded in a specific provision; the equity changes of the companies valued under the equity method, not recorded through the income statement, are recorded directly in the comprehensive income statement;
\u2022the gains and losses not realised, generated on transactions between the Company/Subsidiaries and investments measured under the equity method are eliminated based on the share pertaining to the Group in the investee, except for losses, when they represent a reduction in value of the underlying asset, and dividends which are fully eliminated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25500": { "value": "
Translation of foreign companies' financial statements
The financial statements of subsidiaries are prepared in the primary currency in which they operate. The rules for the translation of financial statements of companies in currencies other than the functional currency of the Euro are as follows:
\u2022the assets and the liabilities were translated using the exchange rate at the balance sheet date;
\u2022the costs and revenues were translated at the average exchange rate for the period;
\u2022the \u201ctranslation reserve\u201d recorded among comprehensive income and, therefore, directly within shareholders\u2019 equity, includes both the currency differences generated from the translation of foreign currency transactions at a different rate from that at the reporting date and those
generated from the translation of the opening shareholders\u2019 equity at a different rate from that at the reporting date;
\u2022the goodwill, where existing, and the fair value adjustments related to the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate at the reporting date.
The exchange rates utilised for the conversion of these financial statements are shown in the table below:
Rate at December 31, 2023
Average rate 2023
Rate at December 31, 2022
Average rate 2022
Thai Baht
37.97
37.63
36.84
36.86
Australian Dollar
1.63
1.63
1.57
1.52
US Dollar
1.11
1.08
1.07
1.05
Swiss Franc
0.93
0.97
0.98
1.00
Turkish Lira
32.65
25.76
19.96
17.41
Chilean Peso
977.07
908.20
913.82
917.86
Indian Rupee
91.90
89.30
88.17
82.69
UK Sterling
0.87
0.87
0.89
0.85
Japanese Yen
156.33
151.99
140.66
138.03
Chinese Yuan
7.85
7.66
7.36
7.08
\"[IMAGE]\"
Translation of balances in foreign currencies
Transactions in currencies other than the Euro are recognised at the exchange rate at the date of the transaction. Assets and liabilities denominated in currencies other than the Euro are subsequently adjusted to the exchange rate at the reporting date. Exchange differences are recognised to the income statement under \u201cExchange gains and losses\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26059": { "value": "
Business combinations
Business combinations are recognised in accordance with IFRS 3 (2008). Specifically, business combinations are recognised using the acquisition method, where the purchase cost (consideration transferred) is equal to the fair value, at the acquisition date, of the assets sold and of the liabilities incurred or assumed, as well as any equity instruments issued by the purchaser. The purchase cost includes the fair value of any potential assets and liabilities.
The costs directly attributable to the acquisition are recorded in the income statement. The consideration transferred and allocated recognises the identifiable assets, liabilities and contingent
liabilities of the purchase at their fair value at the acquisition date. Any positive difference between the consideration transferred, measured at fair value at the acquisition date, compared to the net value of the identifiable assets and liabilities of the purchase measured at fair value, is recognised as goodwill or, if negative, in the Income statement. Where the business combination was undertaken in several steps, on the acquisition of control the previous holdings are remeasured at fair value and any difference (positive or negative) recorded in the Income statement. Any potential consideration is recognised at fair value at the acquisition date. Subsequent changes in the fair value of the potential consideration, classified as an asset or a liability, or as a financial instrument as per IFRS 9, are recorded in the Income statement. Potential consideration not within the scope of IFRS 9 is measured based on the specific IFRS/IAS standard. Potential consideration which is classified as an equity instrument is not remeasured, and, consequently is recorded under equity.
Where the fair value of the assets, liabilities and contingent liabilities may only be determined provisionally, the business combination is recorded utilising these provisional values. Any adjustments, deriving from the completion of the valuation process, are recorded within 12 months from the acquisition date, restating the comparative figures.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26060": { "value": "
Business combinations
Business combinations are recognised in accordance with IFRS 3 (2008). Specifically, business combinations are recognised using the acquisition method, where the purchase cost (consideration transferred) is equal to the fair value, at the acquisition date, of the assets sold and of the liabilities incurred or assumed, as well as any equity instruments issued by the purchaser. The purchase cost includes the fair value of any potential assets and liabilities.
The costs directly attributable to the acquisition are recorded in the income statement. The consideration transferred and allocated recognises the identifiable assets, liabilities and contingent
liabilities of the purchase at their fair value at the acquisition date. Any positive difference between the consideration transferred, measured at fair value at the acquisition date, compared to the net value of the identifiable assets and liabilities of the purchase measured at fair value, is recognised as goodwill or, if negative, in the Income statement. Where the business combination was undertaken in several steps, on the acquisition of control the previous holdings are remeasured at fair value and any difference (positive or negative) recorded in the Income statement. Any potential consideration is recognised at fair value at the acquisition date. Subsequent changes in the fair value of the potential consideration, classified as an asset or a liability, or as a financial instrument as per IFRS 9, are recorded in the Income statement. Potential consideration not within the scope of IFRS 9 is measured based on the specific IFRS/IAS standard. Potential consideration which is classified as an equity instrument is not remeasured, and, consequently is recorded under equity.
Where the fair value of the assets, liabilities and contingent liabilities may only be determined provisionally, the business combination is recorded utilising these provisional values. Any adjustments, deriving from the completion of the valuation process, are recorded within 12 months from the acquisition date, restating the comparative figures.
No business combinations were undertaken in the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26618": { "value": "
2.4 Accounting principles and policies
The most significant accounting policies adopted in the preparation of the Consolidated Financial Statements are reported below.
CLASSIFICATIONS OF CURRENT AND NON-CURRENT ASSETS AND LIABILITIES:
The Group classifies an asset as current when:
\u2022it is held for sale or consumption, in the normal operating cycle;
\u2022it is principally held for trading;
\u2022it is expected to be realised within 12 months from the reporting date; or
\u2022it comprises cash or cash equivalents whose use is not restricted or restrictions such as to impede its use for at least 12 months from the reporting date.
All assets that do not meet the conditions listed above are classified as non-current.
The Group classifies a liability as current when:
\u2022it is expected to be settled within the normal operating cycle;
\u2022it is principally held for trading;
\u2022it must be settled within twelve months of year-end; or
\u2022the entity does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
All the liabilities which do not satisfy the above-mentioned conditions are classified as non-current.
", "dimensions": { "concept": "aqf:ClassificationOfAssetsAndLiabilitiesAsCurrentOrNonCurrent", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26622": { "value": "Accounting principles and policies
The most significant accounting policies adopted in the preparation of the Consolidated Financial Statements are reported below.
CLASSIFICATIONS OF CURRENT AND NON-CURRENT ASSETS AND LIABILITIES:
The Group classifies an asset as current when:
\u2022it is held for sale or consumption, in the normal operating cycle;
\u2022it is principally held for trading;
\u2022it is expected to be realised within 12 months from the reporting date; or
\u2022it comprises cash or cash equivalents whose use is not restricted or restrictions such as to impede its use for at least 12 months from the reporting date.
All assets that do not meet the conditions listed above are classified as non-current.
The Group classifies a liability as current when:
\u2022it is expected to be settled within the normal operating cycle;
\u2022it is principally held for trading;
\u2022it must be settled within twelve months of year-end; or
\u2022the entity does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
All the liabilities which do not satisfy the above-mentioned conditions are classified as non-current.
INTANGIBLE ASSETS
An intangible asset is an asset without physical substance, identifiable, controlled by the Group and capable of generating future economic benefits. The requisite of identifiability is normally met when an intangible asset is:
\u2022attributable to a legal or contractual right; or
\u2022separable, that is, it can be sold, transferred, leased or exchanged independently.
Control over an intangible asset consists of the right to take advantage of future economic benefits arising from the asset and the possibility of limiting its access to others.
Intangible assets are initially recognised at purchase and/or production cost, including the costs of bringing the asset to its current use. All other subsequent costs are expensed in the income statement in the year incurred. Research expenses are recorded as costs when incurred.
An intangible asset, generated during a project\u2019s development phase, which complies with the definition of development on the basis of IAS 38, is recognised as an asset if:
\u2022the cost can be measured reliably;
\u2022the product/process is technically feasible;
\u2022it is likely that the company will obtain the future economic benefits that are attributable to the asset developed, and
\u2022where the company intends to complete the project\u2019s development and has sufficient resources to do so.
The following main intangible assets can be identified within the Group:
Intangible assets with definite useful lives
Intangible assets with definite useful lives are recognised as cost, as previously described, net of accumulated amortisation and any impairment.
Amortisation begins when the asset is available for use and is recognised on a straight-line basis in relation to the residual possibility of use and thus over the estimated useful life of the asset; for the amount to be amortised and its recoverability the criteria to be utilised is that outlined, respectively, in the paragraphs \u201cProperty, plant and equipment\u201d and \u201cImpairment of property, plant and equipment and intangible assets\u201d below.
The estimated useful life for the Group of the various categories of intangible assets is as follows:
Estimated useful life
Concessions, licences and trademarks
10 years
Development costs
5 years
Industrial patents & intellectual property rights
10 years
Other intangible assets
Duration of contract
\"[IMAGE]\"
The Group also recognises under intangible assets in progress development costs incurred for the research of specific new products and raw materials, whose commercial production or use has not yet commenced.
These costs are capitalised only when all of the following conditions set out in IAS 38 are met:
\u2022the technical feasibility of developing new products and raw materials which will then be available for sale or use respectively;
\u2022the Group's willingness to complete development, its ability to reliably assess the costs necessary for development and therefore the availability of sufficient technical and financial resources to execute it;
\u2022the forecast likely future economic benefits that new products and new raw materials will be able to generate through sale and use for commercial purposes, in order to at least ensure the full recovery of costs incurred.
Once the development project is completed and the related finished product begins to be sold or the raw material used, these costs will begin to be amortised over the foreseeable period over which they will generate economic benefits.
PROPERTY, PLANT & EQUIPMENT
Property, plant and equipment are measured at purchase or production cost, net of accumulated depreciation and any impairments. The purchase or production cost includes charges directly incurred for bringing the asset to their condition for use, as well as dismantling and removal charges which will be incurred consequent of contractual obligations, which require the asset to be returned to its original condition. The financial charges directly attributable to the acquisition, incorporation or production of property, plant and equipment whose realisation requires timeframes above one year, are capitalised and depreciated based on the useful life of the asset to which they refer.
The expenses incurred for the maintenance and repairs of an ordinary nature are charged to the income statement when they are incurred. The capitalisation of costs relative to the expansion, modernisation or improvement of the structural elements whether owned or leased, is solely made within the limits established to be separately classified as assets or part of an asset. The assets recorded in relation to leasehold improvements are amortised based on the duration of the rental contract, or on the basis of the specific useful life of the asset, if lower.
Depreciation is charged on a straight-line basis, which depreciates the asset over its economic/technical useful life. Applying the principle of the component approach, when the asset to be depreciated is composed of separately identifiable elements whose useful life differs significantly from the other parts of the asset, the depreciation is calculated separately for each part of the asset.
The estimated useful life of the main categories of property, plant and equipment is as follows:
Estimated useful life
Buildings and light constructions
10 - 17 - 33 - 40 years
General plant and machinery
7 - 8 - 10 - 13 years
Industrial and commercial equipment
2 - 4 - 8 years
Other assets
4 - 5 - 8 years
\"[IMAGE]\"
Right-of-Use
Duration of contract
\"[IMAGE]\"
Land, including that adjacent to production facilities, is not depreciated. The useful life of property, plant and equipment is reviewed and updated, where necessary, at least at the end of each year.
A tangible fixed asset is eliminated from the financial statements when the asset is sold or when no expected economic benefits exist from its use or disposal. Any gains or losses (calculated as the difference between net income from sales and the net book value of the asset sold) are recognised in the income statement in the year of disposal.
LEASED ASSETS
International Accounting Standard IFRS 16 identifies the principles for the recognition, measurement and presentation in the financial statements of leasing contracts, as well as enhancing the relative disclosure requirements.
Specifically, IFRS 16 defines leasing as a contract which assigns to the client (lessee) the right-of-use of an asset for a set period of time in exchange for consideration, without distinguishing finance leases from operating leases such as rental and hire.
The definition of a contractual agreement as a lease transaction (or containing a lease transaction) is based on the substance of the agreement and requires an assessment of whether fulfilment of the agreement depends on the use of one or more specific assets and if the agreement transfers the right to use them.
Companies that operate as lessee therefore recognise in their financial statements, at the effective date of the lease, an asset representing the right to use of the asset (defined as the \u201cRight-of-Use\") and a liability, attributable to the obligation to make the payments provided for in the contract. The lessee should subsequently recognise the interest concerning the lease liability separate from the depreciation of the right-of-use assets. IFRS 16 also requires lessees to restate the amounts of the lease liability on the occurrence of certain events (e.g. a change to the duration of the lease, a change to the value of the future payments due to a change in an index or rate utilised to determine these payments). In general, the restatement of the amount of the lease liability implies an adjustment also to the right-of-use asset.
Differing from that required for lessees, for the purposes of the preparation of the financial statements of lessors (the lessor), the new International Accounting Standard maintains the distinction between operating and finance leases as per IAS 17.
IMPAIRMENT OF INTANGIBLE AND TANGIBLE ASSETS
Intangible and tangible assets with definite useful life
A verification is carried out at each reporting date to establish whether there are indicators that tangible and intangible assets may have suffered an impairment. To this end, both internal and external sources of information are considered. With regard to the former (internal sources), obsolescence or the asset\u2019s physical deterioration and any significant changes in the asset\u2019s use and the asset\u2019s economic performance in comparison to projections are taken into consideration. As regards external sources, the trend in the assets\u2019 market prices, any technological, market or regulatory discontinuities, the trend in market rate interest rates or the cost of capital used to evaluate investments are considered.
Where these indicators exist, an estimate of the recoverable value of the above-mentioned assets is made, recording any write-down compared to the relative book value in the income statement. The recoverable value of an asset is the higher between the fair value, less costs to sell, and its value, determined discounting the estimated future cash flows for this asset, including, where significant and reasonably determinable, those deriving from the sale at the end of the relative useful life, net of any transaction costs. In defining the value in use, the expected future cash flows are discounted utilising a pre-tax rate that reflects the current market assessment of the time value of money, and the specific risks of the asset. For an asset that does not generate independent cash flows, the recoverable value is determined in relation to the cash generating unit to which the asset belongs.
A loss in value is recognised in the income statement when the carrying value of the asset, or of the relative CGU to which it is allocated, is higher than its recoverable value. The loss in value of CGU`s
are firstly attributed to the reduction in the carrying value of any goodwill allocated and, thereafter, to a reduction of other assets, in proportion to their carrying value and in the limit of the relative recoverable value. When the reasons for the write-down no longer exist, the book value of the asset is restated through the income statement, up to the value at which the asset would be recorded if no write-down had taken place and amortisation or depreciation had been recorded.
Impairment test
The impairment test assesses whether there exist any indications that an asset may have incurred a reduction in value. For goodwill and any other indefinite useful life intangible assets an assessment should be made at least annually that their recoverable value is at least equal to the book value and, when considered necessary, or rather in the presence of trigger events (IAS 16 paragraph 9), the impairment test must be undertaken more frequently.
The goodwill arising from the business combinations (in previous years) was therefore subject to a recoverability test as per IAS 36 as indicated also in note 7.2 \u201cGoodwill\u201d below. In particular, it is noted that the recoverable value of a non-current asset is based on the estimates and on the assumptions utilised for the determination of the cash flows and of the discount rate applied. Where it is considered that the book value of a non-current asset has incurred a loss in value, the asset is written-down up to the relative recoverable value, estimated with reference to its utilisation and any future disposal, based on the most recent business plans.
In assessing the recoverable value of property, plant and equipment, of investment property, of intangible assets and of goodwill, the Group generally applies the criterion of the value in use.
The value in use is the present value of the expected future cash flows to be derived from an asset. In defining the value in use, the expected future cash flows are discounted utilising a pre-tax rate that reflects the current market assessment of the time value of money, and the specific risks of the asset.
The estimated future cash flows utilised to determine the value in use is based on the most recent business plans, approved by management and containing forecasts for volumes, revenues, operating costs and investments.
These forecasts cover the period of the next two years; consequently, the cash flows relating to the subsequent years are determined on the basis of a growth rate which does not exceed the average growth rate for the sector and the country.
Where the book value of an asset is higher that its recoverable value a loss in value is recognised which is recorded in the income statement.
The loss in value of a cash generating unit are firstly attributed to the reduction in the carrying value of any goodwill allocated and, thereafter, to a reduction of other assets, in proportion to their carrying value. Considering that the production processes of the various companies of the Aquafil Group are closely interrelated and interdependent, as the significant level of intercompany transactions demonstrates, thereby enabling ongoing synergies and the sharing of capabilities and know-how, we have always defined a single CGU for the entire Group, given that there is no production unit or commercial area that could be seen as broadly autonomous from the rest. In fact, the Group operates under a unified strategy that arranges the various production sites into one overarching production process.
When the reasons for the write-down no longer exist, the carrying value of the asset is restated through the income statement, up to the value at which the asset would be recorded if no write-down had taken place and amortisation or depreciation had been recorded.
The original value of the goodwill is not restated even when in subsequent years the reasons for the reduction in value no longer exist.
SECURITIES OTHER THAN EQUITY INVESTMENTS
Any securities other than equity investments, included under \u201cFinancial assets\u201d, are held in portfolio until maturity. They are recognised at acquisition cost (with reference to the \u201ctrading date\u201d) including transaction costs.
LOANS, RECEIVABLES AND FINANCIAL ASSETS HELD-TO-MATURITY
The financial assets are measured based on IFRS 9.
The Group assesses at each reporting date whether a financial asset or a group of financial assets have incurred a loss in value.
IMPAIRMENT OF FINANCIAL ASSETS
At each reporting date, all financial assets are analysed in order to verify whether they have suffered a loss in value. An impairment loss is recognised if, and only if, this evidence exists as a result of one or more events that have an impact on the asset\u2019s expected future cash flows, occurring after its initial recognition.
In the valuation account is also taken of future economic conditions.
For financial assets accounted for through the amortised cost criterion, when a loss in value has been identified, its value is measured as the difference between the asset\u2019s carrying amount and the present value of expected future cash flows, discounted on the basis of the original effective interest rate. This value is recognised in the income statement under the item \"Provisions and write-downs\". When, in subsequent periods, the reasons for the write-down no longer exist, the value of the financial assets are restated up to the value deriving from the application of the amortised cost criterion.
INVENTORIES
Inventories are recorded at the lower of purchase or production cost and realisable value represented by the amount that the Group expects to obtain from their sale in the normal course of operations of the assets, net of accessory costs. The cost of raw material inventories is calculated using the weighted average cost method. The value of finished or semi-finished product inventories includes direct or indirect processing costs. To determine the weighted average cost of production or processing, the Group considers the weighted average cost of the raw material and the direct and indirect production costs, generally taken as a percentage of direct costs.
The value of inventories was recorded net of any impairment provisions.
TRADE AND OTHER RECEIVABLES (CURRENT AND NON-CURRENT)
Trade receivables and other current and non-current receivable are considered financial instruments, principally relating to customer receivables, non-derivative, not listed on an active market, from which fixed or determinable payments are expected. Trade receivables and other receivables are classified in the consolidated balance sheet under current assets, except for amounts due beyond 12 months from the reporting date, which are classified as non-current. These financial assets are recorded in the balance sheet when the Group becomes part of the related contracts and are derecognised when the right to receive the cash flow is transferred together with all the risks and benefits associated with the asset sold.
Trade and other current and non-current receivables are initially recorded at their fair value, and subsequently with the amortised cost method using the effective interest rate, reduced for any impairment.
Impairments on receivables are recognised in the income statement when there is objective evidence that the Group will not be able to recover the credit on the basis of contractual conditions.
The write-down amount is measured as the difference between the asset\u2019s carrying amount and the present value of expected future cash flows.
The value of receivables is shown net of the corresponding doubtful debt provision.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash, on-demand deposits and financial assets with an original maturity of three months or less, readily convertible into cash and subject to an insignificant risk of changes in value. The items included in cash and cash equivalents are measured at fair value and the relative changes are recorded in the consolidated income statement.
EMPLOYEE BENEFITS
For the defined benefit plans, which include post-employment benefit provisions due to employees pursuant to Article 2120 of the Italian Civil Code, the amount to be paid to employees is quantifiable only after the termination of the employment service period, and is related to one or more factors such as age, years of service and remuneration. Therefore, the relative charge is recorded in the income statement based on actuarial calculations. The liability recorded in the accounts for defined benefit plans corresponds to the present value of the obligation at the reporting date. The obligations for the defined benefit plans are determined annually by an independent actuary utilising the projected unit credit method. The present value of the defined benefit plan is determined discounting the future cash flows at an interest rate equal to the obligations (high-quality corporate) issued in Euro and takes into account the duration of the relative pension plan. The actuarial gains and losses deriving from these adjustments and the changes in the actuarial assumptions are recognised in the comprehensive income statement.
From January 1, 2007, the Finance Act and relative decrees enacted introduced important amendments in relation to post-employment benefits, among which was the choice given to the employee to determine where the benefit matured in the period is invested. In particular, the new post-employment benefits can be utilised by the employee for their own chosen pension scheme or they may choose to leave the amount in the company; in this case, when the company has more than 50 employees, those matured from 2007 are paid into INPS. In the case of allocation to external pension funds, the company is only liable to pay a defined contribution to the selected fund and as from that date, the newly matured portion are in the nature of defined contribution plans and are therefore not subject to actuarial valuation.
TRADE AND OTHER PAYABLES (CURRENT AND NON-CURRENT)
Financial liabilities (with the exclusion of derivative financial instruments) relate to trade and other payables and are initially recorded at fair value, net of directly allocated accessory costs. After initial recognition, they are measured at amortised cost, recording any differences between cost and repayment amount in the income statement over the duration of the liability, in accordance with the effective interest rate method. When there is a change in the expected cash flows, the value of the liabilities is recalculated to reflect this change, based on the new present value of the expected cash flows and on the effective internal rate initially determined.
DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIES
Financial assets (or, where applicable, part of a financial asset or part of a group of similar financial assets) are derecognised from the financial statements when:
\u2022the right to receive the financial flows of the asset terminate;
\u2022the Group retains the contractual right to receive the cash flows from the asset, but assumes a contractual obligation to pay the cash flows fully and without delay to a third party;
\u2022the Group has transferred its right to receive the cash flows from the asset and (a) has transferred substantially all of the risks and rewards of ownership of the financial asset or (b) has not transferred or retained substantially all of the risks and rewards of the asset, but has transferred control over same.
A financial liability is derecognised from the financial statements when the underlying liability is settled, cancelled or fulfilled.
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments are only used by the Aquafil Group for the hedging of financial risks related to interest rate fluctuations on bank debt.
A derivative is a financial instrument or other contract:
\u2022whose value changes in response to changes in an underlying defined parameter such as the interest rate, the price of a security or commodity, foreign currency exchange rate, the index of prices or rates, credit rating or another variable;
\u2022that requires a zero initial net investment, or lower than what would be required for contracts with a similar response to changes in market conditions;
\u2022which is settled at a future date.
The Group\u2019s financial derivative instruments are undertaken to hedge against the interest rate risk. In accordance with IAS 39, which remains applicable optionally with respect to IFRS 9 in the case of the hedging of interest rate exposure, derivative financial instruments are accounted for in accordance with the procedures established for hedge accounting only when:
\u2022the hedging instrument is formally designated and documented at the start of hedging;
\u2022the hedge is expected to be highly effective;
\u2022such efficacy can be reliably measured;
\u2022the hedge is highly effective during the various accounting periods for which it is designated.
It should be noted that the derivative instruments currently in place (IRS - Interest Rate Swaps and IRC \u2013 Interest Rate Collar), although subscribed for hedging purposes with regard to changes in interest rates, have been treated, for accounting purposes and consistently with the past, as non-hedging instruments (and therefore the relative fair value is recognised in the income statement), as it is very complex to prepare the mandatory hedging relationship.
MEASUREMENT OF THE FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value measurement of the financial instruments is undertaken applying IFRS 13 \u201cFair value measurement\u201d (IFRS 13). Fair value concerns the price that will be received for the sale of an asset or which will be paid for the transfer of a liability in an ordinary transaction settled between market operators, at the measurement date.
Fair value measurement is based on the assumption that the sale of the asset or transfer of the liability is undertaken on the principal market, or rather the market in which the largest volume and levels of transaction take place for the asset or liability. In the absence of a principal market, it is assumed that the transaction takes place on the most advantageous market to which the Group has access, or rather the market which would maximise the results of the sales transaction of the asset or minimise the amount to be paid for the transfer of the liability.
The fair value of an asset or of a liability is determined considering the assumptions which the market participants would use to define the price of the asset or of the liability, under the presumption that they act in accordance with their best economic interests. Market participants are independent knowledgeable acquirers or sellers able to enter into a transaction for the asset or the liability and motivated but not obliged or coerced into making the transaction.
In the fair value measurement, the Group takes into account the specific characteristics of the asset or the liability, in particular, for the non-financial assets, the capacity of a market operator to generate economic benefits utilising the asset to its maximum and best use or by selling to another market operator that would utilise the asset to its maximum or best use. The fair value measurement of assets and liabilities utilises appropriate techniques for the circumstances and for which sufficient data is available, maximising the use of observable inputs.
IFRS 13 identifies the following fair value hierarchy which reflect the importance of the inputs used in the relative measurement:
\u2022Level 1 Quoted Price (active market): data used in valuations are represented by prices quoted on markets in which identical assets and liabilities are traded with those being valued.
\u2022Level 2 Use of Observable Market Parameters (for example, for derivatives, the exchange rates recorded by the Bank of Italy, market interest rate curves, volatility provided by qualified providers, credit spreads calculated on the basis of CDS\u2019, etc.) other than level 1 quoted prices.
\u2022Level 3 Use of Non-Observable Market Parameters (internal assumptions, for example, financial flows, risk-adjusted spreads, etc.).
WARRANTS
The company has issued warrants, that is, financial instruments that give the holder the right to purchase (call warrants) a determined quantity of ordinary shares (underlying) at a predefined price (strike-price) within a set deadline. The warrants issued were of two types: \"Market warrants,\" which were also listed and were fully cancelled in FY2022 due to expiration of the term, and unlisted \"Sponsor warrants\" which remain outstanding.
These financial instruments can have different terms and characteristics and, on the basis of these, can be alternatively considered as: (i) a financial liability that must therefore be measured at fair value at the time of issue and any subsequent variation recorded directly in the income statement, or as (ii) an equity instrument and therefore classified in a specific equity reserve from which they will be released only at the time they are exercised or on their maturity as indicated by IAS 32.
Warrants issued by the company have the characteristics to be considered as equity instruments since both instruments contain a pre-set execution value (defined as the \"fixed for fixed criteria\").
Specifically for the Sponsor warrants, an exchange between equity instruments and cash at an already pre-determined value is provided in case of execution. Information on these instruments is available in the paragraph on shareholders\u2019 equity.
PROVISION FOR RISKS AND CHARGES
Provisions for risks and charges relate to costs and charges of a defined nature and of certain or probable existence whose amount or date of occurrence are uncertain at the reporting date. Accruals to provisions are recorded when:
\u2022the existence of a present obligation, legal or implicit, deriving from a past event is probable;
\u2022it is probable that compliance with the obligation will result in a charge;
\u2022the amount of the obligation can be estimated reliably.
Provisions are recorded at the value representing the best estimate of the amount that the entity would reasonably pay to discharge the obligation or to transfer it to a third party at the reporting date. When the financial effect of the passing of time is significant and the payment dates of the obligations can be reliably estimated, the provision is determined by discounting the expected cash flows taking into account the risks associated with the obligation; the increase of the provision due to the passing of time is recorded in the income statement in the account \u201cFinancial charges\u201d.
The provisions are periodically updated to reflect the changes in the estimate of the costs, of the time period and of the discounting rate; the revision of estimates is recorded in the same income statement accounts in which the provision was recorded.
REVENUES AND COSTS
Revenues from the sale of goods and services as well as the purchase costs of goods and services are recognised on the transfer of control of the relative goods or completion of the service.
Revenues are shown net of discounts, allowances and returns; they are recorded at fair value to the extent in which it is possible to reliably determine such value and the likelihood that the relative economic benefits will be enjoyed. Revenues are recognised in accordance with IFRS 15 and therefore as per the following 5 steps:
1)identification of the contract with the customer. The standard contains specific provisions to assess whether two or more contracts should be combined and to identify the accounting implications of any contractual amendments;
2)identification of the contractual obligations contained in the contract;
3)calculation of the transaction price, which should be made taking into consideration, among others, the following elements: any amounts paid on behalf of third parties, which must be excluded from the consideration, variable price components (such as performance bonuses, penalties, discounts, reimbursements, incentives, etc...) and any financial component, present where the payment terms granted to the customer contain a significant extension period;
4)allocation of the transaction price to the contractual obligations, on the basis of the stand-alone sales price of each good or service; separately;
5)recognition of the revenue, when (or if) each contractual obligation is satisfied through the transfer of the goods or service, which occurs when the customer obtains the control and therefore has the capacity to decide upon and/or control its use and substantially obtain all the benefits. Control may be transferred at a specific point in time or over time.
The analysis undertaken indicated that the obligations arising for the Group companies to its clients mainly concern the production and supply of finished products according to the terms and conditions requested, and in particular:
\u2022payment deadlines are on average between 45 and 60 days, in line with generally applied market averages. \u201cCash discounts\u201d are contractually granted in the case of early settlement and were recognised as a direct reduction in revenues. No payment deferments are granted which could be considered as qualifying as a loan;
\u2022the finished product is sold without the granting of warranty periods and/or without return and/or suspension of ownership clauses. Any returns and reimbursements are agreed among the parties on a case by case basis following critical analysis of the reasons which may have resulted in any non-compliance issues.
It is therefore considered that:
(i)the moment of transfer of control to clients of their products coincides with the transfer of the associated risks and benefits, as contractually defined by the delivery terms applied and which are in line with those generally accepted within the sector;
(ii)the consideration does not include any financial component, with the exception of the cash discounts which are recognised as a reduction in revenues, while the component of the transport service and insurance (applicable only with specific delivery terms) is however completed in the same period as the transfer of control of the goods and therefore accrues to the same period;
(iii)no contractual obligations are in place which suspend the transfer of control of the goods and therefore only the returns/reimbursements that may be agreed (concerning the goods sold in the year) may be recognised as a reduction of the relative revenues.
Costs incurred by the company however are recognized on an accrual basis.
FINANCIAL INCOME AND CHARGES
Financial income and charges are recognized in the income statement in the period in which they are earned or incurred according to IFRS 9.
DIVIDENDS
Dividends received are recognised when (i) shareholders become entitled to receive the payment, which coincides with the date of the investee company\u2019s shareholders\u2019 meeting approving distribution, (ii) it is probable that the economic benefits associated with the dividend will flow to the entity and (iii) the amount of the dividend can be measured reliably.
The distribution of dividends to Aquafil SpA\u2019s shareholders is represented as a movement of shareholders\u2019 equity and recorded as a liability in the financial year in which this distribution is approved by the Shareholders\u2019 Meeting.
INCOME TAXES
Current taxes are determined on the basis of estimated taxable income, in compliance with tax regulations applicable to Group companies and are recorded in the consolidated income statement under the item \"Income taxes for the year\", with the exception of those relating to items directly debited or credited to a shareholders\u2019 equity reserve; in such cases, the relative tax effect is directly recognised in the respective shareholders\u2019 equity reserves. The consolidated comprehensive income statement shows the amount of income taxes for each item included in the \"other components of the consolidated comprehensive income statement\".
Deferred tax assets and liabilities are calculated in accordance with the balance sheet liability method. Deferred taxes are calculated on temporary differences between the values recorded in the consolidated financial statements and the corresponding values recognised for tax purposes. The deferred tax assets, including those relating to any tax losses carried forward, are recognised only for those amounts for which it is probable there will be future assessable income to recover the amounts. Tax assets and liabilities are offset, separately for current taxes and for deferred
taxes, when the income tax is applied by the same fiscal authority, there is a legal right of compensation and the payment of the net balance is expected. Deferred tax assets and liabilities are calculated utilising the tax rates which are expected to be applied in the years when the temporary differences will be realised or settled, taking into account current tax regulations or substantially in force at the reporting date. Other taxes not related to income, such as indirect taxes and duties are included under \u201cOther operating costs and charges\u201d.
From the year 2018, the Parent Company was included in the tax consolidation regime with the holding company Aquafin Holding SpA. This was interrupted in 2017 due to its merger by incorporation into Space3 SpA. The tax consolidation regime is also confirmed for the year 2023.
Therefore, the consolidated financial statements take account of the effects of the transfer of tax positions arising from the \u201ctax consolidation\u201d and specifically recognise the consequent credit/debit relationships towards the tax consolidating company.
In addition, in relation to the Parent Company, it should be noted that Article 12 of Legislative Decree No. 142 of 29/11/2018 defined the concept of \"non-financial holding companies\u201d (\"Industrial Holdings\"), for which, \"the prevalent exercise of acquiring investments in parties other than financial intermediaries exists when, based on the figures of the last approved year-end financial statements, the total amount of investments in these parties and other equity elements undertaken between them, considered as a whole, is higher than 50 per cent of the total assets on the balance sheet\", with effect from the year 2018.
Due to this amendment by Legislative Decree 142/2018, therefore, as of the year 2018, previously excluded companies fall under \"industrial holdings\" and particularly those which have holdings but whose financial income predominantly comprises revenues from industrial activity.
The Parent Company which qualifies as an \"Industrial Holding\" must calculate the Irap taxable base in accordance with Article 6, paragraph 9 of the Irap Decree, that is, by adding to the normally determinable taxable base, 100% of the interest income and other financial income and subtracting 96% of the interest expense and similar charges; in addition, the increased rate envisaged for banks and other financial institutions must be applied to the value of production relevant for IRAP purposes. It should be noted that also for 2023, the IRAP rate for the industrial holding companies in the province of Trento, applicable to non-financial holding companies and similar entities pursuant to paragraph 9 of Article 6 of Legislative Decree No. 446/97 is 4.65%, and the benefits normally granted to industrial companies are not applied.
ASSETS AND LIABILITIES AVAILABLE FOR SALE AND DISCONTINUED OPERATIONS
Non-current assets and current assets and non-current assets of discontinued operations are classified as held-for-sale where their book value will principally be recovered through sale. This condition exists when the sale is highly probable and the asset or discontinued operation is available for an immediate sale in its current conditions. Non-current assets held-for-sale, current assets and non-current assets of discontinued operations and the liabilities directly related to them are recorded separately to company assets and liabilities in the balance sheet.
Any non-current assets held-for-sale are not depreciated and are valued at the lower of the subscription value and their fair value, less selling costs.
Any difference between the book value and the Fair Value less selling costs is recorded in the income statement as a write-down; any subsequent recoveries in value are recognised for the amount of the write-downs previously recorded, including those recognised before the definition of the asset as held-for-sale.
Non-current assets and current and non-current assets of disposal groups classified as held-for-sale constitute discontinued operations if, alternatively:
\u2022they represent a significant autonomous branch of activity or a significant geographical area of activity; or
\u2022is part of a disposal programme of an important independent activity or geographical area of activity;
\u2022are a subsidiary acquired exclusively for the purpose of sale.
The results of discontinued operations, as well as any capital gain/loss realised following disposal, are shown separately in the income statement under a specific account, net of the related tax effects; the income statement values of discontinued operations are also presented for the comparative years.
If there is a plan to sell a subsidiary that results in the loss of control, all the assets and liabilities of that subsidiary are classified as held-for-sale.
It should be noted that at December 31, 2023, the Aquafil Group had only assets held-for-sale consisting of machinery and equipment and had no discontinued operations.
EARNINGS PER SHARE
a)Basic earnings per share
The basic earnings per share is calculated by dividing the result of the Group by the weighted average number of ordinary shares outstanding during the year, excluding treasury shares.
b)Diluted earnings per share
The diluted earnings per share is calculated by dividing the result of the Group by the weighted average number of ordinary shares outstanding during the year, excluding treasury shares. In order to calculate the diluted earnings per share, the average weighted number of shares outstanding is adjusted assuming the exercise of all the rights which have potential dilution effect, while the result of the Group is adjusted to take into account the effects, net of income taxes, of the exercise of these rights.
USE OF ACCOUNTING ESTIMATES
The preparation of the financial statements requires the directors to apply accounting principles and methods that, in some circumstances, are founded on difficult and subjective valuations and estimates, based on historical experience and assumptions which are from time to time considered reasonable and realistic under the relative circumstances. The application of these estimates and assumptions impact upon the amounts reported in the financial statements, the balance sheet, the income statement, the comprehensive income statement, the cash flow statement, the statement of changes to shareholders\u2019 equity and the notes to the accounts. The final outcome of the accounts in the financial statements which use the above-mentioned estimates and assumptions may differ, even significantly from those reported in the financial statements due to the uncertainty which characterises the assumptions and the conditions upon which the estimates are based.
Numerous items in the financial statements are subject to estimates and while not all of these accounts are individually significant, they are significant on an overall basis. The accounting policies which require greater subjectivity by the directors in the preparation of the estimates and for which a change in the underlying conditions or the assumptions may have a significant impact on the financial results of the Group are briefly described below.
Impairments
The tangible and intangible assets with definite useful lives and goodwill are verified to ascertain if there has been a loss in value, which is recorded by means of a write-down, when it is considered there will be difficulties in the recovery of the relative net book value through use. The verification of such difficulties requires the directors to make valuations based on the information available within the Group and on the market, as well as from historical experience. In addition, when it is determined that there may be a potential reduction in value, the Group determines this through using the most appropriate technical valuation methods available. The correct identification of the indicators of a potential reduction in value of tangible and intangible assets, as well as the estimates for their determination depends on factors which may vary over time, impacting upon the valuations and estimates made by the directors.
Amortisation & Depreciation
The cost of property, plant and equipment and intangible assets is depreciated or amortised on a straight-line basis over the estimated useful life of the asset. The useful life of these assets is determined by the directors when the assets are purchased. This is based on the historical experience for similar assets, market conditions and considerations relating to future events which could have an impact on the useful life, such as changes in technology. Therefore, the effective useful life may differ from the estimated useful life.
Inventories
Inventories of products which are obsolescence or slow moving are periodically subject to valuation tests and written down when the recoverable value is lower than the carrying amount. The write-downs are made based on assumptions and estimates of the directors deriving from experience and historic results and compared with market values.
Doubtful debt provision
the recoverability of receivables is valued taking account of the non-payment risk, of aging of receivables and of the losses recorded in the past on similar receivables.
Provisions for risks and charges
Provisions for risks and charges are recorded to cover known or likely losses or liabilities, the timing and extent of which are not known with certainty at the reporting date.
They are recorded only where a present obligation exists (legal or implicit) for a future payment resulting from past events and it is probable that the obligation will be settled. This amount represents the best estimate of the costs required to settle the obligation. The rate used in the determination of the present value of the liability reflects the current market values and the specific risk associated to each liability.
If the financial effect of the period is significant and the payment dates of the obligations can be reliably estimated, the provisions are valued at the present value of the expected payment, utilising a rate which reflects market conditions, the change in the cost of money in the period and the specific risk related to the obligation. The increase in the value of the provision from changes in the cost of money in the period is recognised as a financial charges.
Possible risks that may result in a liability are disclosed in the notes on potential liabilities without any provision.
Deferred tax assets
Deferred tax assets are recognized with respect to deductible temporary differences between the values of assets and liabilities expressed in the financial statements compared to the corresponding tax value and tax losses that can be carried forward, to the extent that the existence of adequate future taxable profit is likely, with respect to which these losses may be used. A discretionary assessment is required of the directors to determine the amount of deferred tax assets that can be accounted for, which depends on the estimate of probable timing and the amount of future taxable profits.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26785": { "value": "
INTANGIBLE ASSETS
An intangible asset is an asset without physical substance, identifiable, controlled by the Group and capable of generating future economic benefits. The requisite of identifiability is normally met when an intangible asset is:
\u2022attributable to a legal or contractual right; or
\u2022separable, that is, it can be sold, transferred, leased or exchanged independently.
Control over an intangible asset consists of the right to take advantage of future economic benefits arising from the asset and the possibility of limiting its access to others.
Intangible assets are initially recognised at purchase and/or production cost, including the costs of bringing the asset to its current use. All other subsequent costs are expensed in the income statement in the year incurred. Research expenses are recorded as costs when incurred.
An intangible asset, generated during a project\u2019s development phase, which complies with the definition of development on the basis of IAS 38, is recognised as an asset if:
\u2022the cost can be measured reliably;
\u2022the product/process is technically feasible;
\u2022it is likely that the company will obtain the future economic benefits that are attributable to the asset developed, and
\u2022where the company intends to complete the project\u2019s development and has sufficient resources to do so.
The following main intangible assets can be identified within the Group:
Intangible assets with definite useful lives
Intangible assets with definite useful lives are recognised as cost, as previously described, net of accumulated amortisation and any impairment.
Amortisation begins when the asset is available for use and is recognised on a straight-line basis in relation to the residual possibility of use and thus over the estimated useful life of the asset; for the amount to be amortised and its recoverability the criteria to be utilised is that outlined, respectively, in the paragraphs \u201cProperty, plant and equipment\u201d and \u201cImpairment of property, plant and equipment and intangible assets\u201d below.
The estimated useful life for the Group of the various categories of intangible assets is as follows:
Estimated useful life
Concessions, licences and trademarks
10 years
Development costs
5 years
Industrial patents & intellectual property rights
10 years
Other intangible assets
Duration of contract
\"[IMAGE]\"
The Group also recognises under intangible assets in progress development costs incurred for the research of specific new products and raw materials, whose commercial production or use has not yet commenced.
These costs are capitalised only when all of the following conditions set out in IAS 38 are met:
\u2022the technical feasibility of developing new products and raw materials which will then be available for sale or use respectively;
\u2022the Group's willingness to complete development, its ability to reliably assess the costs necessary for development and therefore the availability of sufficient technical and financial resources to execute it;
\u2022the forecast likely future economic benefits that new products and new raw materials will be able to generate through sale and use for commercial purposes, in order to at least ensure the full recovery of costs incurred.
Once the development project is completed and the related finished product begins to be sold or the raw material used, these costs will begin to be amortised over the foreseeable period over which they will generate economic benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26786": { "value": "
INTANGIBLE ASSETS
An intangible asset is an asset without physical substance, identifiable, controlled by the Group and capable of generating future economic benefits. The requisite of identifiability is normally met when an intangible asset is:
\u2022attributable to a legal or contractual right; or
\u2022separable, that is, it can be sold, transferred, leased or exchanged independently.
Control over an intangible asset consists of the right to take advantage of future economic benefits arising from the asset and the possibility of limiting its access to others.
Intangible assets are initially recognised at purchase and/or production cost, including the costs of bringing the asset to its current use. All other subsequent costs are expensed in the income statement in the year incurred. Research expenses are recorded as costs when incurred.
An intangible asset, generated during a project\u2019s development phase, which complies with the definition of development on the basis of IAS 38, is recognised as an asset if:
\u2022the cost can be measured reliably;
\u2022the product/process is technically feasible;
\u2022it is likely that the company will obtain the future economic benefits that are attributable to the asset developed, and
\u2022where the company intends to complete the project\u2019s development and has sufficient resources to do so.
The following main intangible assets can be identified within the Group:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27055": { "value": "
Intangible assets with definite useful lives
Intangible assets with definite useful lives are recognised as cost, as previously described, net of accumulated amortisation and any impairment.
Amortisation begins when the asset is available for use and is recognised on a straight-line basis in relation to the residual possibility of use and thus over the estimated useful life of the asset; for the amount to be amortised and its recoverability the criteria to be utilised is that outlined, respectively, in the paragraphs \u201cProperty, plant and equipment\u201d and \u201cImpairment of property, plant and equipment and intangible assets\u201d below.
The estimated useful life for the Group of the various categories of intangible assets is as follows:
Estimated useful life
Concessions, licences and trademarks
10 years
Development costs
5 years
Industrial patents & intellectual property rights
10 years
Other intangible assets
Duration of contract
\"[IMAGE]\"
The Group also recognises under intangible assets in progress development costs incurred for the research of specific new products and raw materials, whose commercial production or use has not yet commenced.
These costs are capitalised only when all of the following conditions set out in IAS 38 are met:
\u2022the technical feasibility of developing new products and raw materials which will then be available for sale or use respectively;
\u2022the Group's willingness to complete development, its ability to reliably assess the costs necessary for development and therefore the availability of sufficient technical and financial resources to execute it;
\u2022the forecast likely future economic benefits that new products and new raw materials will be able to generate through sale and use for commercial purposes, in order to at least ensure the full recovery of costs incurred.
Once the development project is completed and the related finished product begins to be sold or the raw material used, these costs will begin to be amortised over the foreseeable period over which they will generate economic benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27217": { "value": "
Estimated useful life
Concessions, licences and trademarks
10 years
Development costs
5 years
Industrial patents & intellectual property rights
10 years
Other intangible assets
Duration of contract
\"[IMAGE]\"
The Group also recognises under intangible assets in progress development costs incurred for the research of specific new products and raw materials, whose commercial production or use has not yet commenced.
These costs are capitalised only when all of the following conditions set out in IAS 38 are met:
\u2022the technical feasibility of developing new products and raw materials which will then be available for sale or use respectively;
\u2022the Group's willingness to complete development, its ability to reliably assess the costs necessary for development and therefore the availability of sufficient technical and financial resources to execute it;
\u2022the forecast likely future economic benefits that new products and new raw materials will be able to generate through sale and use for commercial purposes, in order to at least ensure the full recovery of costs incurred.
Once the development project is completed and the related finished product begins to be sold or the raw material used, these costs will begin to be amortised over the foreseeable period over which they will generate economic benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27538": { "value": "
PROPERTY, PLANT & EQUIPMENT
Property, plant and equipment are measured at purchase or production cost, net of accumulated depreciation and any impairments. The purchase or production cost includes charges directly incurred for bringing the asset to their condition for use, as well as dismantling and removal charges which will be incurred consequent of contractual obligations, which require the asset to be returned to its original condition. The financial charges directly attributable to the acquisition, incorporation or production of property, plant and equipment whose realisation requires timeframes above one year, are capitalised and depreciated based on the useful life of the asset to which they refer.
The expenses incurred for the maintenance and repairs of an ordinary nature are charged to the income statement when they are incurred. The capitalisation of costs relative to the expansion, modernisation or improvement of the structural elements whether owned or leased, is solely made within the limits established to be separately classified as assets or part of an asset. The assets recorded in relation to leasehold improvements are amortised based on the duration of the rental contract, or on the basis of the specific useful life of the asset, if lower.
Depreciation is charged on a straight-line basis, which depreciates the asset over its economic/technical useful life. Applying the principle of the component approach, when the asset to be depreciated is composed of separately identifiable elements whose useful life differs significantly from the other parts of the asset, the depreciation is calculated separately for each part of the asset.
The estimated useful life of the main categories of property, plant and equipment is as follows:
Estimated useful life
Buildings and light constructions
10 - 17 - 33 - 40 years
General plant and machinery
7 - 8 - 10 - 13 years
Industrial and commercial equipment
2 - 4 - 8 years
Other assets
4 - 5 - 8 years
\"[IMAGE]\"
Right-of-Use
Duration of contract
\"[IMAGE]\"
Land, including that adjacent to production facilities, is not depreciated. The useful life of property, plant and equipment is reviewed and updated, where necessary, at least at the end of each year.
A tangible fixed asset is eliminated from the financial statements when the asset is sold or when no expected economic benefits exist from its use or disposal. Any gains or losses (calculated as the difference between net income from sales and the net book value of the asset sold) are recognised in the income statement in the year of disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27705": { "value": "
The expenses incurred for the maintenance and repairs of an ordinary nature are charged to the income statement when they are incurred. The capitalisation of costs relative to the expansion, modernisation or improvement of the structural elements whether owned or leased, is solely made within the limits established to be separately classified as assets or part of an asset. The assets recorded in relation to leasehold improvements are amortised based on the duration of the rental contract, or on the basis of the specific useful life of the asset, if lower.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28151": { "value": "
LEASED ASSETS
International Accounting Standard IFRS 16 identifies the principles for the recognition, measurement and presentation in the financial statements of leasing contracts, as well as enhancing the relative disclosure requirements.
Specifically, IFRS 16 defines leasing as a contract which assigns to the client (lessee) the right-of-use of an asset for a set period of time in exchange for consideration, without distinguishing finance leases from operating leases such as rental and hire.
The definition of a contractual agreement as a lease transaction (or containing a lease transaction) is based on the substance of the agreement and requires an assessment of whether fulfilment of the agreement depends on the use of one or more specific assets and if the agreement transfers the right to use them.
Companies that operate as lessee therefore recognise in their financial statements, at the effective date of the lease, an asset representing the right to use of the asset (defined as the \u201cRight-of-Use\") and a liability, attributable to the obligation to make the payments provided for in the contract. The lessee should subsequently recognise the interest concerning the lease liability separate from the depreciation of the right-of-use assets. IFRS 16 also requires lessees to restate the amounts of the lease liability on the occurrence of certain events (e.g. a change to the duration of the lease, a change to the value of the future payments due to a change in an index or rate utilised to determine these payments). In general, the restatement of the amount of the lease liability implies an adjustment also to the right-of-use asset.
Differing from that required for lessees, for the purposes of the preparation of the financial statements of lessors (the lessor), the new International Accounting Standard maintains the distinction between operating and finance leases as per IAS 17.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28682": { "value": "
IMPAIRMENT OF INTANGIBLE AND TANGIBLE ASSETS
Intangible and tangible assets with definite useful life
A verification is carried out at each reporting date to establish whether there are indicators that tangible and intangible assets may have suffered an impairment. To this end, both internal and external sources of information are considered. With regard to the former (internal sources), obsolescence or the asset\u2019s physical deterioration and any significant changes in the asset\u2019s use and the asset\u2019s economic performance in comparison to projections are taken into consideration. As regards external sources, the trend in the assets\u2019 market prices, any technological, market or regulatory discontinuities, the trend in market rate interest rates or the cost of capital used to evaluate investments are considered.
Where these indicators exist, an estimate of the recoverable value of the above-mentioned assets is made, recording any write-down compared to the relative book value in the income statement. The recoverable value of an asset is the higher between the fair value, less costs to sell, and its value, determined discounting the estimated future cash flows for this asset, including, where significant and reasonably determinable, those deriving from the sale at the end of the relative useful life, net of any transaction costs. In defining the value in use, the expected future cash flows are discounted utilising a pre-tax rate that reflects the current market assessment of the time value of money, and the specific risks of the asset. For an asset that does not generate independent cash flows, the recoverable value is determined in relation to the cash generating unit to which the asset belongs.
A loss in value is recognised in the income statement when the carrying value of the asset, or of the relative CGU to which it is allocated, is higher than its recoverable value. The loss in value of CGU`s
are firstly attributed to the reduction in the carrying value of any goodwill allocated and, thereafter, to a reduction of other assets, in proportion to their carrying value and in the limit of the relative recoverable value. When the reasons for the write-down no longer exist, the book value of the asset is restated through the income statement, up to the value at which the asset would be recorded if no write-down had taken place and amortisation or depreciation had been recorded.
Impairment test
The impairment test assesses whether there exist any indications that an asset may have incurred a reduction in value. For goodwill and any other indefinite useful life intangible assets an assessment should be made at least annually that their recoverable value is at least equal to the book value and, when considered necessary, or rather in the presence of trigger events (IAS 16 paragraph 9), the impairment test must be undertaken more frequently.
The goodwill arising from the business combinations (in previous years) was therefore subject to a recoverability test as per IAS 36 as indicated also in note 7.2 \u201cGoodwill\u201d below. In particular, it is noted that the recoverable value of a non-current asset is based on the estimates and on the assumptions utilised for the determination of the cash flows and of the discount rate applied. Where it is considered that the book value of a non-current asset has incurred a loss in value, the asset is written-down up to the relative recoverable value, estimated with reference to its utilisation and any future disposal, based on the most recent business plans.
In assessing the recoverable value of property, plant and equipment, of investment property, of intangible assets and of goodwill, the Group generally applies the criterion of the value in use.
The value in use is the present value of the expected future cash flows to be derived from an asset. In defining the value in use, the expected future cash flows are discounted utilising a pre-tax rate that reflects the current market assessment of the time value of money, and the specific risks of the asset.
The estimated future cash flows utilised to determine the value in use is based on the most recent business plans, approved by management and containing forecasts for volumes, revenues, operating costs and investments.
These forecasts cover the period of the next two years; consequently, the cash flows relating to the subsequent years are determined on the basis of a growth rate which does not exceed the average growth rate for the sector and the country.
Where the book value of an asset is higher that its recoverable value a loss in value is recognised which is recorded in the income statement.
The loss in value of a cash generating unit are firstly attributed to the reduction in the carrying value of any goodwill allocated and, thereafter, to a reduction of other assets, in proportion to their carrying value. Considering that the production processes of the various companies of the Aquafil Group are closely interrelated and interdependent, as the significant level of intercompany transactions demonstrates, thereby enabling ongoing synergies and the sharing of capabilities and know-how, we have always defined a single CGU for the entire Group, given that there is no production unit or commercial area that could be seen as broadly autonomous from the rest. In fact, the Group operates under a unified strategy that arranges the various production sites into one overarching production process.
When the reasons for the write-down no longer exist, the carrying value of the asset is restated through the income statement, up to the value at which the asset would be recorded if no write-down had taken place and amortisation or depreciation had been recorded.
The original value of the goodwill is not restated even when in subsequent years the reasons for the reduction in value no longer exist.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30366": { "value": "
SECURITIES OTHER THAN EQUITY INVESTMENTS
Any securities other than equity investments, included under \u201cFinancial assets\u201d, are held in portfolio until maturity. They are recognised at acquisition cost (with reference to the \u201ctrading date\u201d) including transaction costs.
LOANS, RECEIVABLES AND FINANCIAL ASSETS HELD-TO-MATURITY
The financial assets are measured based on IFRS 9.
The Group assesses at each reporting date whether a financial asset or a group of financial assets have incurred a loss in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30425": { "value": "
LOANS, RECEIVABLES AND FINANCIAL ASSETS HELD-TO-MATURITY
The financial assets are measured based on IFRS 9.
The Group assesses at each reporting date whether a financial asset or a group of financial assets have incurred a loss in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30474": { "value": "
IMPAIRMENT OF FINANCIAL ASSETS
At each reporting date, all financial assets are analysed in order to verify whether they have suffered a loss in value. An impairment loss is recognised if, and only if, this evidence exists as a result of one or more events that have an impact on the asset\u2019s expected future cash flows, occurring after its initial recognition.
In the valuation account is also taken of future economic conditions.
For financial assets accounted for through the amortised cost criterion, when a loss in value has been identified, its value is measured as the difference between the asset\u2019s carrying amount and the present value of expected future cash flows, discounted on the basis of the original effective interest rate. This value is recognised in the income statement under the item \"Provisions and write-downs\". When, in subsequent periods, the reasons for the write-down no longer exist, the value of the financial assets are restated up to the value deriving from the application of the amortised cost criterion.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30775": { "value": "
INVENTORIES
Inventories are recorded at the lower of purchase or production cost and realisable value represented by the amount that the Group expects to obtain from their sale in the normal course of operations of the assets, net of accessory costs. The cost of raw material inventories is calculated using the weighted average cost method. The value of finished or semi-finished product inventories includes direct or indirect processing costs. To determine the weighted average cost of production or processing, the Group considers the weighted average cost of the raw material and the direct and indirect production costs, generally taken as a percentage of direct costs.
The value of inventories was recorded net of any impairment provisions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f30969": { "value": "
TRADE AND OTHER RECEIVABLES (CURRENT AND NON-CURRENT)
Trade receivables and other current and non-current receivable are considered financial instruments, principally relating to customer receivables, non-derivative, not listed on an active market, from which fixed or determinable payments are expected. Trade receivables and other receivables are classified in the consolidated balance sheet under current assets, except for amounts due beyond 12 months from the reporting date, which are classified as non-current. These financial assets are recorded in the balance sheet when the Group becomes part of the related contracts and are derecognised when the right to receive the cash flow is transferred together with all the risks and benefits associated with the asset sold.
Trade and other current and non-current receivables are initially recorded at their fair value, and subsequently with the amortised cost method using the effective interest rate, reduced for any impairment.
Impairments on receivables are recognised in the income statement when there is objective evidence that the Group will not be able to recover the credit on the basis of contractual conditions.
The write-down amount is measured as the difference between the asset\u2019s carrying amount and the present value of expected future cash flows.
The value of receivables is shown net of the corresponding doubtful debt provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f31310": { "value": "
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash, on-demand deposits and financial assets with an original maturity of three months or less, readily convertible into cash and subject to an insignificant risk of changes in value. The items included in cash and cash equivalents are measured at fair value and the relative changes are recorded in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f31409": { "value": "
EMPLOYEE BENEFITS
For the defined benefit plans, which include post-employment benefit provisions due to employees pursuant to Article 2120 of the Italian Civil Code, the amount to be paid to employees is quantifiable only after the termination of the employment service period, and is related to one or more factors such as age, years of service and remuneration. Therefore, the relative charge is recorded in the income statement based on actuarial calculations. The liability recorded in the accounts for defined benefit plans corresponds to the present value of the obligation at the reporting date. The obligations for the defined benefit plans are determined annually by an independent actuary utilising the projected unit credit method. The present value of the defined benefit plan is determined discounting the future cash flows at an interest rate equal to the obligations (high-quality corporate) issued in Euro and takes into account the duration of the relative pension plan. The actuarial gains and losses deriving from these adjustments and the changes in the actuarial assumptions are recognised in the comprehensive income statement.
From January 1, 2007, the Finance Act and relative decrees enacted introduced important amendments in relation to post-employment benefits, among which was the choice given to the employee to determine where the benefit matured in the period is invested. In particular, the new post-employment benefits can be utilised by the employee for their own chosen pension scheme or they may choose to leave the amount in the company; in this case, when the company has more than 50 employees, those matured from 2007 are paid into INPS. In the case of allocation to external pension funds, the company is only liable to pay a defined contribution to the selected fund and as from that date, the newly matured portion are in the nature of defined contribution plans and are therefore not subject to actuarial valuation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f31998": { "value": "
TRADE AND OTHER PAYABLES (CURRENT AND NON-CURRENT)
Financial liabilities (with the exclusion of derivative financial instruments) relate to trade and other payables and are initially recorded at fair value, net of directly allocated accessory costs. After initial recognition, they are measured at amortised cost, recording any differences between cost and repayment amount in the income statement over the duration of the liability, in accordance with the effective interest rate method. When there is a change in the expected cash flows, the value of the liabilities is recalculated to reflect this change, based on the new present value of the expected cash flows and on the effective internal rate initially determined.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f32191": { "value": "
DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIES
Financial assets (or, where applicable, part of a financial asset or part of a group of similar financial assets) are derecognised from the financial statements when:
\u2022the right to receive the financial flows of the asset terminate;
\u2022the Group retains the contractual right to receive the cash flows from the asset, but assumes a contractual obligation to pay the cash flows fully and without delay to a third party;
\u2022the Group has transferred its right to receive the cash flows from the asset and (a) has transferred substantially all of the risks and rewards of ownership of the financial asset or (b) has not transferred or retained substantially all of the risks and rewards of the asset, but has transferred control over same.
A financial liability is derecognised from the financial statements when the underlying liability is settled, cancelled or fulfilled.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f32400": { "value": "
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments are only used by the Aquafil Group for the hedging of financial risks related to interest rate fluctuations on bank debt.
A derivative is a financial instrument or other contract:
\u2022whose value changes in response to changes in an underlying defined parameter such as the interest rate, the price of a security or commodity, foreign currency exchange rate, the index of prices or rates, credit rating or another variable;
\u2022that requires a zero initial net investment, or lower than what would be required for contracts with a similar response to changes in market conditions;
\u2022which is settled at a future date.
The Group\u2019s financial derivative instruments are undertaken to hedge against the interest rate risk. In accordance with IAS 39, which remains applicable optionally with respect to IFRS 9 in the case of the hedging of interest rate exposure, derivative financial instruments are accounted for in accordance with the procedures established for hedge accounting only when:
\u2022the hedging instrument is formally designated and documented at the start of hedging;
\u2022the hedge is expected to be highly effective;
\u2022such efficacy can be reliably measured;
\u2022the hedge is highly effective during the various accounting periods for which it is designated.
It should be noted that the derivative instruments currently in place (IRS - Interest Rate Swaps and IRC \u2013 Interest Rate Collar), although subscribed for hedging purposes with regard to changes in interest rates, have been treated, for accounting purposes and consistently with the past, as non-hedging instruments (and therefore the relative fair value is recognised in the income statement), as it is very complex to prepare the mandatory hedging relationship.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact8": { "value": "
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments are only used by the Aquafil Group for the hedging of financial risks related to interest rate fluctuations on bank debt.
A derivative is a financial instrument or other contract:
\u2022whose value changes in response to changes in an underlying defined parameter such as the interest rate, the price of a security or commodity, foreign currency exchange rate, the index of prices or rates, credit rating or another variable;
\u2022that requires a zero initial net investment, or lower than what would be required for contracts with a similar response to changes in market conditions;
\u2022which is settled at a future date.
The Group\u2019s financial derivative instruments are undertaken to hedge against the interest rate risk. In accordance with IAS 39, which remains applicable optionally with respect to IFRS 9 in the case of the hedging of interest rate exposure, derivative financial instruments are accounted for in accordance with the procedures established for hedge accounting only when:
\u2022the hedging instrument is formally designated and documented at the start of hedging;
\u2022the hedge is expected to be highly effective;
\u2022such efficacy can be reliably measured;
\u2022the hedge is highly effective during the various accounting periods for which it is designated.
It should be noted that the derivative instruments currently in place (IRS - Interest Rate Swaps and IRC \u2013 Interest Rate Collar), although subscribed for hedging purposes with regard to changes in interest rates, have been treated, for accounting purposes and consistently with the past, as non-hedging instruments (and therefore the relative fair value is recognised in the income statement), as it is very complex to prepare the mandatory hedging relationship.
MEASUREMENT OF THE FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value measurement of the financial instruments is undertaken applying IFRS 13 \u201cFair value measurement\u201d (IFRS 13). Fair value concerns the price that will be received for the sale of an asset or which will be paid for the transfer of a liability in an ordinary transaction settled between market operators, at the measurement date.
Fair value measurement is based on the assumption that the sale of the asset or transfer of the liability is undertaken on the principal market, or rather the market in which the largest volume and levels of transaction take place for the asset or liability. In the absence of a principal market, it is assumed that the transaction takes place on the most advantageous market to which the Group has access, or rather the market which would maximise the results of the sales transaction of the asset or minimise the amount to be paid for the transfer of the liability.
The fair value of an asset or of a liability is determined considering the assumptions which the market participants would use to define the price of the asset or of the liability, under the presumption that they act in accordance with their best economic interests. Market participants are independent knowledgeable acquirers or sellers able to enter into a transaction for the asset or the liability and motivated but not obliged or coerced into making the transaction.
In the fair value measurement, the Group takes into account the specific characteristics of the asset or the liability, in particular, for the non-financial assets, the capacity of a market operator to generate economic benefits utilising the asset to its maximum and best use or by selling to another market operator that would utilise the asset to its maximum or best use. The fair value measurement of assets and liabilities utilises appropriate techniques for the circumstances and for which sufficient data is available, maximising the use of observable inputs.
IFRS 13 identifies the following fair value hierarchy which reflect the importance of the inputs used in the relative measurement:
\u2022Level 1 Quoted Price (active market): data used in valuations are represented by prices quoted on markets in which identical assets and liabilities are traded with those being valued.
\u2022Level 2 Use of Observable Market Parameters (for example, for derivatives, the exchange rates recorded by the Bank of Italy, market interest rate curves, volatility provided by qualified providers, credit spreads calculated on the basis of CDS\u2019, etc.) other than level 1 quoted prices.
\u2022Level 3 Use of Non-Observable Market Parameters (internal assumptions, for example, financial flows, risk-adjusted spreads, etc.).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f32402": { "value": "
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments are only used by the Aquafil Group for the hedging of financial risks related to interest rate fluctuations on bank debt.
A derivative is a financial instrument or other contract:
\u2022whose value changes in response to changes in an underlying defined parameter such as the interest rate, the price of a security or commodity, foreign currency exchange rate, the index of prices or rates, credit rating or another variable;
\u2022that requires a zero initial net investment, or lower than what would be required for contracts with a similar response to changes in market conditions;
\u2022which is settled at a future date.
The Group\u2019s financial derivative instruments are undertaken to hedge against the interest rate risk. In accordance with IAS 39, which remains applicable optionally with respect to IFRS 9 in the case of the hedging of interest rate exposure, derivative financial instruments are accounted for in accordance with the procedures established for hedge accounting only when:
\u2022the hedging instrument is formally designated and documented at the start of hedging;
\u2022the hedge is expected to be highly effective;
\u2022such efficacy can be reliably measured;
\u2022the hedge is highly effective during the various accounting periods for which it is designated.
It should be noted that the derivative instruments currently in place (IRS - Interest Rate Swaps and IRC \u2013 Interest Rate Collar), although subscribed for hedging purposes with regard to changes in interest rates, have been treated, for accounting purposes and consistently with the past, as non-hedging instruments (and therefore the relative fair value is recognised in the income statement), as it is very complex to prepare the mandatory hedging relationship.
MEASUREMENT OF THE FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value measurement of the financial instruments is undertaken applying IFRS 13 \u201cFair value measurement\u201d (IFRS 13). Fair value concerns the price that will be received for the sale of an asset or which will be paid for the transfer of a liability in an ordinary transaction settled between market operators, at the measurement date.
Fair value measurement is based on the assumption that the sale of the asset or transfer of the liability is undertaken on the principal market, or rather the market in which the largest volume and levels of transaction take place for the asset or liability. In the absence of a principal market, it is assumed that the transaction takes place on the most advantageous market to which the Group has access, or rather the market which would maximise the results of the sales transaction of the asset or minimise the amount to be paid for the transfer of the liability.
The fair value of an asset or of a liability is determined considering the assumptions which the market participants would use to define the price of the asset or of the liability, under the presumption that they act in accordance with their best economic interests. Market participants are independent knowledgeable acquirers or sellers able to enter into a transaction for the asset or the liability and motivated but not obliged or coerced into making the transaction.
In the fair value measurement, the Group takes into account the specific characteristics of the asset or the liability, in particular, for the non-financial assets, the capacity of a market operator to generate economic benefits utilising the asset to its maximum and best use or by selling to another market operator that would utilise the asset to its maximum or best use. The fair value measurement of assets and liabilities utilises appropriate techniques for the circumstances and for which sufficient data is available, maximising the use of observable inputs.
IFRS 13 identifies the following fair value hierarchy which reflect the importance of the inputs used in the relative measurement:
\u2022Level 1 Quoted Price (active market): data used in valuations are represented by prices quoted on markets in which identical assets and liabilities are traded with those being valued.
\u2022Level 2 Use of Observable Market Parameters (for example, for derivatives, the exchange rates recorded by the Bank of Italy, market interest rate curves, volatility provided by qualified providers, credit spreads calculated on the basis of CDS\u2019, etc.) other than level 1 quoted prices.
\u2022Level 3 Use of Non-Observable Market Parameters (internal assumptions, for example, financial flows, risk-adjusted spreads, etc.).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f32773": { "value": "
MEASUREMENT OF THE FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value measurement of the financial instruments is undertaken applying IFRS 13 \u201cFair value measurement\u201d (IFRS 13). Fair value concerns the price that will be received for the sale of an asset or which will be paid for the transfer of a liability in an ordinary transaction settled between market operators, at the measurement date.
Fair value measurement is based on the assumption that the sale of the asset or transfer of the liability is undertaken on the principal market, or rather the market in which the largest volume and levels of transaction take place for the asset or liability. In the absence of a principal market, it is assumed that the transaction takes place on the most advantageous market to which the Group has access, or rather the market which would maximise the results of the sales transaction of the asset or minimise the amount to be paid for the transfer of the liability.
The fair value of an asset or of a liability is determined considering the assumptions which the market participants would use to define the price of the asset or of the liability, under the presumption that they act in accordance with their best economic interests. Market participants are independent knowledgeable acquirers or sellers able to enter into a transaction for the asset or the liability and motivated but not obliged or coerced into making the transaction.
In the fair value measurement, the Group takes into account the specific characteristics of the asset or the liability, in particular, for the non-financial assets, the capacity of a market operator to generate economic benefits utilising the asset to its maximum and best use or by selling to another market operator that would utilise the asset to its maximum or best use. The fair value measurement of assets and liabilities utilises appropriate techniques for the circumstances and for which sufficient data is available, maximising the use of observable inputs.
IFRS 13 identifies the following fair value hierarchy which reflect the importance of the inputs used in the relative measurement:
\u2022Level 1 Quoted Price (active market): data used in valuations are represented by prices quoted on markets in which identical assets and liabilities are traded with those being valued.
\u2022Level 2 Use of Observable Market Parameters (for example, for derivatives, the exchange rates recorded by the Bank of Italy, market interest rate curves, volatility provided by qualified providers, credit spreads calculated on the basis of CDS\u2019, etc.) other than level 1 quoted prices.
\u2022Level 3 Use of Non-Observable Market Parameters (internal assumptions, for example, financial flows, risk-adjusted spreads, etc.).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f33483": { "value": "
WARRANTS
The company has issued warrants, that is, financial instruments that give the holder the right to purchase (call warrants) a determined quantity of ordinary shares (underlying) at a predefined price (strike-price) within a set deadline. The warrants issued were of two types: \"Market warrants,\" which were also listed and were fully cancelled in FY2022 due to expiration of the term, and unlisted \"Sponsor warrants\" which remain outstanding.
These financial instruments can have different terms and characteristics and, on the basis of these, can be alternatively considered as: (i) a financial liability that must therefore be measured at fair value at the time of issue and any subsequent variation recorded directly in the income statement, or as (ii) an equity instrument and therefore classified in a specific equity reserve from which they will be released only at the time they are exercised or on their maturity as indicated by IAS 32.
Warrants issued by the company have the characteristics to be considered as equity instruments since both instruments contain a pre-set execution value (defined as the \"fixed for fixed criteria\").
Specifically for the Sponsor warrants, an exchange between equity instruments and cash at an already pre-determined value is provided in case of execution. Information on these instruments is available in the paragraph on shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f33820": { "value": "
PROVISION FOR RISKS AND CHARGES
Provisions for risks and charges relate to costs and charges of a defined nature and of certain or probable existence whose amount or date of occurrence are uncertain at the reporting date. Accruals to provisions are recorded when:
\u2022the existence of a present obligation, legal or implicit, deriving from a past event is probable;
\u2022it is probable that compliance with the obligation will result in a charge;
\u2022the amount of the obligation can be estimated reliably.
Provisions are recorded at the value representing the best estimate of the amount that the entity would reasonably pay to discharge the obligation or to transfer it to a third party at the reporting date. When the financial effect of the passing of time is significant and the payment dates of the obligations can be reliably estimated, the provision is determined by discounting the expected cash flows taking into account the risks associated with the obligation; the increase of the provision due to the passing of time is recorded in the income statement in the account \u201cFinancial charges\u201d.
The provisions are periodically updated to reflect the changes in the estimate of the costs, of the time period and of the discounting rate; the revision of estimates is recorded in the same income statement accounts in which the provision was recorded.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f34134": { "value": "
REVENUES AND COSTS
Revenues from the sale of goods and services as well as the purchase costs of goods and services are recognised on the transfer of control of the relative goods or completion of the service.
Revenues are shown net of discounts, allowances and returns; they are recorded at fair value to the extent in which it is possible to reliably determine such value and the likelihood that the relative economic benefits will be enjoyed. Revenues are recognised in accordance with IFRS 15 and therefore as per the following 5 steps:
1)identification of the contract with the customer. The standard contains specific provisions to assess whether two or more contracts should be combined and to identify the accounting implications of any contractual amendments;
2)identification of the contractual obligations contained in the contract;
3)calculation of the transaction price, which should be made taking into consideration, among others, the following elements: any amounts paid on behalf of third parties, which must be excluded from the consideration, variable price components (such as performance bonuses, penalties, discounts, reimbursements, incentives, etc...) and any financial component, present where the payment terms granted to the customer contain a significant extension period;
4)allocation of the transaction price to the contractual obligations, on the basis of the stand-alone sales price of each good or service; separately;
5)recognition of the revenue, when (or if) each contractual obligation is satisfied through the transfer of the goods or service, which occurs when the customer obtains the control and therefore has the capacity to decide upon and/or control its use and substantially obtain all the benefits. Control may be transferred at a specific point in time or over time.
The analysis undertaken indicated that the obligations arising for the Group companies to its clients mainly concern the production and supply of finished products according to the terms and conditions requested, and in particular:
\u2022payment deadlines are on average between 45 and 60 days, in line with generally applied market averages. \u201cCash discounts\u201d are contractually granted in the case of early settlement and were recognised as a direct reduction in revenues. No payment deferments are granted which could be considered as qualifying as a loan;
\u2022the finished product is sold without the granting of warranty periods and/or without return and/or suspension of ownership clauses. Any returns and reimbursements are agreed among the parties on a case by case basis following critical analysis of the reasons which may have resulted in any non-compliance issues.
It is therefore considered that:
(i)the moment of transfer of control to clients of their products coincides with the transfer of the associated risks and benefits, as contractually defined by the delivery terms applied and which are in line with those generally accepted within the sector;
(ii)the consideration does not include any financial component, with the exception of the cash discounts which are recognised as a reduction in revenues, while the component of the transport service and insurance (applicable only with specific delivery terms) is however completed in the same period as the transfer of control of the goods and therefore accrues to the same period;
(iii)no contractual obligations are in place which suspend the transfer of control of the goods and therefore only the returns/reimbursements that may be agreed (concerning the goods sold in the year) may be recognised as a reduction of the relative revenues.
Costs incurred by the company however are recognized on an accrual basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f34135": { "value": "
REVENUES AND COSTS
Revenues from the sale of goods and services as well as the purchase costs of goods and services are recognised on the transfer of control of the relative goods or completion of the service.
Revenues are shown net of discounts, allowances and returns; they are recorded at fair value to the extent in which it is possible to reliably determine such value and the likelihood that the relative economic benefits will be enjoyed. Revenues are recognised in accordance with IFRS 15 and therefore as per the following 5 steps:
1)identification of the contract with the customer. The standard contains specific provisions to assess whether two or more contracts should be combined and to identify the accounting implications of any contractual amendments;
2)identification of the contractual obligations contained in the contract;
3)calculation of the transaction price, which should be made taking into consideration, among others, the following elements: any amounts paid on behalf of third parties, which must be excluded from the consideration, variable price components (such as performance bonuses, penalties, discounts, reimbursements, incentives, etc...) and any financial component, present where the payment terms granted to the customer contain a significant extension period;
4)allocation of the transaction price to the contractual obligations, on the basis of the stand-alone sales price of each good or service; separately;
5)recognition of the revenue, when (or if) each contractual obligation is satisfied through the transfer of the goods or service, which occurs when the customer obtains the control and therefore has the capacity to decide upon and/or control its use and substantially obtain all the benefits. Control may be transferred at a specific point in time or over time.
", "dimensions": { "concept": "aqf:DescriptionOfAccountingPolicyForRevenuesAndExpensesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f34556": { "value": "
The analysis undertaken indicated that the obligations arising for the Group companies to its clients mainly concern the production and supply of finished products according to the terms and conditions requested, and in particular:
\u2022payment deadlines are on average between 45 and 60 days, in line with generally applied market averages. \u201cCash discounts\u201d are contractually granted in the case of early settlement and were recognised as a direct reduction in revenues. No payment deferments are granted which could be considered as qualifying as a loan;
\u2022the finished product is sold without the granting of warranty periods and/or without return and/or suspension of ownership clauses. Any returns and reimbursements are agreed among the parties on a case by case basis following critical analysis of the reasons which may have resulted in any non-compliance issues.
It is therefore considered that:
(i)the moment of transfer of control to clients of their products coincides with the transfer of the associated risks and benefits, as contractually defined by the delivery terms applied and which are in line with those generally accepted within the sector;
(ii)the consideration does not include any financial component, with the exception of the cash discounts which are recognised as a reduction in revenues, while the component of the transport service and insurance (applicable only with specific delivery terms) is however completed in the same period as the transfer of control of the goods and therefore accrues to the same period;
(iii)no contractual obligations are in place which suspend the transfer of control of the goods and therefore only the returns/reimbursements that may be agreed (concerning the goods sold in the year) may be recognised as a reduction of the relative revenues.
Costs incurred by the company however are recognized on an accrual basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f35040": { "value": "
Costs incurred by the company however are recognized on an accrual basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f35046": { "value": "
FINANCIAL INCOME AND CHARGES
Financial income and charges are recognized in the income statement in the period in which they are earned or incurred according to IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f35047": { "value": "
FINANCIAL INCOME AND CHARGES
Financial income and charges are recognized in the income statement in the period in which they are earned or incurred according to IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f35084": { "value": "
DIVIDENDS
Dividends received are recognised when (i) shareholders become entitled to receive the payment, which coincides with the date of the investee company\u2019s shareholders\u2019 meeting approving distribution, (ii) it is probable that the economic benefits associated with the dividend will flow to the entity and (iii) the amount of the dividend can be measured reliably.
The distribution of dividends to Aquafil SpA\u2019s shareholders is represented as a movement of shareholders\u2019 equity and recorded as a liability in the financial year in which this distribution is approved by the Shareholders\u2019 Meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f35229": { "value": "
INCOME TAXES
Current taxes are determined on the basis of estimated taxable income, in compliance with tax regulations applicable to Group companies and are recorded in the consolidated income statement under the item \"Income taxes for the year\", with the exception of those relating to items directly debited or credited to a shareholders\u2019 equity reserve; in such cases, the relative tax effect is directly recognised in the respective shareholders\u2019 equity reserves. The consolidated comprehensive income statement shows the amount of income taxes for each item included in the \"other components of the consolidated comprehensive income statement\".
Deferred tax assets and liabilities are calculated in accordance with the balance sheet liability method. Deferred taxes are calculated on temporary differences between the values recorded in the consolidated financial statements and the corresponding values recognised for tax purposes. The deferred tax assets, including those relating to any tax losses carried forward, are recognised only for those amounts for which it is probable there will be future assessable income to recover the amounts. Tax assets and liabilities are offset, separately for current taxes and for deferred
taxes, when the income tax is applied by the same fiscal authority, there is a legal right of compensation and the payment of the net balance is expected. Deferred tax assets and liabilities are calculated utilising the tax rates which are expected to be applied in the years when the temporary differences will be realised or settled, taking into account current tax regulations or substantially in force at the reporting date. Other taxes not related to income, such as indirect taxes and duties are included under \u201cOther operating costs and charges\u201d.
From the year 2018, the Parent Company was included in the tax consolidation regime with the holding company Aquafin Holding SpA. This was interrupted in 2017 due to its merger by incorporation into Space3 SpA. The tax consolidation regime is also confirmed for the year 2023.
Therefore, the consolidated financial statements take account of the effects of the transfer of tax positions arising from the \u201ctax consolidation\u201d and specifically recognise the consequent credit/debit relationships towards the tax consolidating company.
In addition, in relation to the Parent Company, it should be noted that Article 12 of Legislative Decree No. 142 of 29/11/2018 defined the concept of \"non-financial holding companies\u201d (\"Industrial Holdings\"), for which, \"the prevalent exercise of acquiring investments in parties other than financial intermediaries exists when, based on the figures of the last approved year-end financial statements, the total amount of investments in these parties and other equity elements undertaken between them, considered as a whole, is higher than 50 per cent of the total assets on the balance sheet\", with effect from the year 2018.
Due to this amendment by Legislative Decree 142/2018, therefore, as of the year 2018, previously excluded companies fall under \"industrial holdings\" and particularly those which have holdings but whose financial income predominantly comprises revenues from industrial activity.
The Parent Company which qualifies as an \"Industrial Holding\" must calculate the Irap taxable base in accordance with Article 6, paragraph 9 of the Irap Decree, that is, by adding to the normally determinable taxable base, 100% of the interest income and other financial income and subtracting 96% of the interest expense and similar charges; in addition, the increased rate envisaged for banks and other financial institutions must be applied to the value of production relevant for IRAP purposes. It should be noted that also for 2023, the IRAP rate for the industrial holding companies in the province of Trento, applicable to non-financial holding companies and similar entities pursuant to paragraph 9 of Article 6 of Legislative Decree No. 446/97 is 4.65%, and the benefits normally granted to industrial companies are not applied.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f35403": { "value": "Deferred tax assets and liabilities are calculated in accordance with the balance sheet liability method. Deferred taxes are calculated on temporary differences between the values recorded in the consolidated financial statements and the corresponding values recognised for tax purposes. The deferred tax assets, including those relating to any tax losses carried forward, are recognised only for those amounts for which it is probable there will be future assessable income to recover the amounts", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f36336": { "value": "
ASSETS AND LIABILITIES AVAILABLE FOR SALE AND DISCONTINUED OPERATIONS
Non-current assets and current assets and non-current assets of discontinued operations are classified as held-for-sale where their book value will principally be recovered through sale. This condition exists when the sale is highly probable and the asset or discontinued operation is available for an immediate sale in its current conditions. Non-current assets held-for-sale, current assets and non-current assets of discontinued operations and the liabilities directly related to them are recorded separately to company assets and liabilities in the balance sheet.
Any non-current assets held-for-sale are not depreciated and are valued at the lower of the subscription value and their fair value, less selling costs.
Any difference between the book value and the Fair Value less selling costs is recorded in the income statement as a write-down; any subsequent recoveries in value are recognised for the amount of the write-downs previously recorded, including those recognised before the definition of the asset as held-for-sale.
Non-current assets and current and non-current assets of disposal groups classified as held-for-sale constitute discontinued operations if, alternatively:
\u2022they represent a significant autonomous branch of activity or a significant geographical area of activity; or
\u2022is part of a disposal programme of an important independent activity or geographical area of activity;
\u2022are a subsidiary acquired exclusively for the purpose of sale.
The results of discontinued operations, as well as any capital gain/loss realised following disposal, are shown separately in the income statement under a specific account, net of the related tax effects; the income statement values of discontinued operations are also presented for the comparative years.
If there is a plan to sell a subsidiary that results in the loss of control, all the assets and liabilities of that subsidiary are classified as held-for-sale.
It should be noted that at December 31, 2023, the Aquafil Group had only assets held-for-sale consisting of machinery and equipment and had no discontinued operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f36338": { "value": "
ASSETS AND LIABILITIES AVAILABLE FOR SALE AND DISCONTINUED OPERATIONS
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f36867": { "value": "
EARNINGS PER SHARE
a)Basic earnings per share
The basic earnings per share is calculated by dividing the result of the Group by the weighted average number of ordinary shares outstanding during the year, excluding treasury shares.
b)Diluted earnings per share
The diluted earnings per share is calculated by dividing the result of the Group by the weighted average number of ordinary shares outstanding during the year, excluding treasury shares. In order to calculate the diluted earnings per share, the average weighted number of shares outstanding is adjusted assuming the exercise of all the rights which have potential dilution effect, while the result of the Group is adjusted to take into account the effects, net of income taxes, of the exercise of these rights.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f37061": { "value": "
USE OF ACCOUNTING ESTIMATES
The preparation of the financial statements requires the directors to apply accounting principles and methods that, in some circumstances, are founded on difficult and subjective valuations and estimates, based on historical experience and assumptions which are from time to time considered reasonable and realistic under the relative circumstances. The application of these estimates and assumptions impact upon the amounts reported in the financial statements, the balance sheet, the income statement, the comprehensive income statement, the cash flow statement, the statement of changes to shareholders\u2019 equity and the notes to the accounts. The final outcome of the accounts in the financial statements which use the above-mentioned estimates and assumptions may differ, even significantly from those reported in the financial statements due to the uncertainty which characterises the assumptions and the conditions upon which the estimates are based.
Numerous items in the financial statements are subject to estimates and while not all of these accounts are individually significant, they are significant on an overall basis. The accounting policies which require greater subjectivity by the directors in the preparation of the estimates and for which a change in the underlying conditions or the assumptions may have a significant impact on the financial results of the Group are briefly described below.
Impairments
The tangible and intangible assets with definite useful lives and goodwill are verified to ascertain if there has been a loss in value, which is recorded by means of a write-down, when it is considered there will be difficulties in the recovery of the relative net book value through use. The verification of such difficulties requires the directors to make valuations based on the information available within the Group and on the market, as well as from historical experience. In addition, when it is determined that there may be a potential reduction in value, the Group determines this through using the most appropriate technical valuation methods available. The correct identification of the indicators of a potential reduction in value of tangible and intangible assets, as well as the estimates for their determination depends on factors which may vary over time, impacting upon the valuations and estimates made by the directors.
Amortisation & Depreciation
The cost of property, plant and equipment and intangible assets is depreciated or amortised on a straight-line basis over the estimated useful life of the asset. The useful life of these assets is determined by the directors when the assets are purchased. This is based on the historical experience for similar assets, market conditions and considerations relating to future events which could have an impact on the useful life, such as changes in technology. Therefore, the effective useful life may differ from the estimated useful life.
Inventories
Inventories of products which are obsolescence or slow moving are periodically subject to valuation tests and written down when the recoverable value is lower than the carrying amount. The write-downs are made based on assumptions and estimates of the directors deriving from experience and historic results and compared with market values.
Doubtful debt provision
the recoverability of receivables is valued taking account of the non-payment risk, of aging of receivables and of the losses recorded in the past on similar receivables.
Provisions for risks and charges
Provisions for risks and charges are recorded to cover known or likely losses or liabilities, the timing and extent of which are not known with certainty at the reporting date.
They are recorded only where a present obligation exists (legal or implicit) for a future payment resulting from past events and it is probable that the obligation will be settled. This amount represents the best estimate of the costs required to settle the obligation. The rate used in the determination of the present value of the liability reflects the current market values and the specific risk associated to each liability.
If the financial effect of the period is significant and the payment dates of the obligations can be reliably estimated, the provisions are valued at the present value of the expected payment, utilising a rate which reflects market conditions, the change in the cost of money in the period and the specific risk related to the obligation. The increase in the value of the provision from changes in the cost of money in the period is recognised as a financial charges.
Possible risks that may result in a liability are disclosed in the notes on potential liabilities without any provision.
Deferred tax assets
Deferred tax assets are recognized with respect to deductible temporary differences between the values of assets and liabilities expressed in the financial statements compared to the corresponding tax value and tax losses that can be carried forward, to the extent that the existence of adequate future taxable profit is likely, with respect to which these losses may be used. A discretionary assessment is required of the directors to determine the amount of deferred tax assets that can be accounted for, which depends on the estimate of probable timing and the amount of future taxable profits.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f38003": { "value": "
Provisions for risks and charges
Provisions for risks and charges are recorded to cover known or likely losses or liabilities, the timing and extent of which are not known with certainty at the reporting date.
They are recorded only where a present obligation exists (legal or implicit) for a future payment resulting from past events and it is probable that the obligation will be settled. This amount represents the best estimate of the costs required to settle the obligation. The rate used in the determination of the present value of the liability reflects the current market values and the specific risk associated to each liability.
If the financial effect of the period is significant and the payment dates of the obligations can be reliably estimated, the provisions are valued at the present value of the expected payment, utilising a rate which reflects market conditions, the change in the cost of money in the period and the specific risk related to the obligation. The increase in the value of the provision from changes in the cost of money in the period is recognised as a financial charges.
Possible risks that may result in a liability are disclosed in the notes on potential liabilities without any provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f38535": { "value": "
2.5Accounting standards not yet applicable
The developments in the IFRS and the relative interpretations (IFRIC) applicable from periods beginning after December 31, 2023 are outlined below.
Document endorsed by the EU at November 30, 2023
Document title
Issue date
Effective date
Endorsement date
EU Regulation and publication date
Notes and references to this checklist
Lease Liabilities in a Sale and leaseback transaction (Amendments to IFRS 16)
September 2022
January 1, 2024
November 20, 2023
(EC) 2023/2579
November 21, 2023
See point
535
At the reporting date, the European Union had not yet completed its endorsement process for the adoption of the following standards and amendments:
Issue date
Expected endorsement date
Document title
by the IASB
Effective date of the IASB document
by EU
Standards
IFRS 14 Regulatory Deferral Accounts
Jan 14
January 1, 2016
Postponed pending the new accounting standard on \"rate-regulated activities\".
Amendments
Sale or contribution of assets between an investor and its associate or joint venture (Amendments to IFRS 10 and IAS 28)
Sep 14
Postponed until the completion of the IASB project on the equity method
Endorsement process postponed pending the conclusion of the IASB project on the equity method
Jan 20
Jul 20
Classification of liabilities between current and non-current (Amendments to IAS 1) and non-current liabilities with covenants (Amendments to IAS 1)
Oct 22
Jan 1, 24
Q4 2023
Financial Arrangements with Suppliers (Amendments to IAS 7 and IFRS 7)
May 23
Jan 1, 24
TBD
Lack of convertibility (Amendments to IAS 21)
Aug 23
Jan 1, 25
TBD
", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f38905": { "value": "
3.FINANCIAL RISK MANAGEMENT
The principal business risks identified, monitored and, as illustrated below, actively managed by the Group are as follows:
\u2022market risk, deriving from fluctuations in exchange rates between the Euro and the other currencies in which the Group operates, the interest rate and raw material prices;
\u2022Counterparty default risk;
\u2022liquidity risk, deriving from insufficient financial resources to meet financial commitments.
The Group\u2019s objective is to maintain a balanced management of its financial exposure over time to ensure a liability structure that is in equilibrium with the composition of assets and capable of ensuring the necessary operational flexibility through the use of liquidity generated by current operating activities and recourse to bank financing.
The ability to generate liquidity from ordinary operations and debt capacity allow the Group to adequately meet its operational requirements, the financing of operating working capital and investment capital, and to meet its financial obligations.
The Group\u2019s financial policy and management of the relative financial risks are guided and monitored at central level. In particular, the central finance function is tasked with evaluating and approving forecast financial needs, monitoring the trend and, where necessary, implementing suitable corrective actions.
The following section provides qualitative and quantitative information on the impact of these risks on the Group.
3.1. Market risk
3.1.1.Currency risk
Exposure to the risk of exchange rate variations arises from the Group\u2019s commercial activities which are also carried out in currencies other than the Euro. Revenues and costs denominated in foreign currencies may be influenced by exchange rate fluctuations with an impact on trade margins (economic risk), just as trade and financial payables and receivables denominated in foreign currency may be affected by the conversion rates used, with an effect on the economic result (transaction risk). Finally, exchange rate fluctuations also reflect on the consolidated results and shareholders\u2019 equity since the financial statements of certain Group companies are drawn up in currencies other than the Euro and are subsequently converted (translation risk).
The principal exchange rates the Group is exposed to are:
-EUR/USD, in relation to transactions carried out in US Dollars;
-EUR/GBP, in relation to transactions carried out in UK Sterling;
-EUR/CNY, in relation to transactions carried out in Chinese renminbi mainly on the Asian market.
The Group does not generally adopt specific policies to hedge exchange rate fluctuations, with the exception of contracts occasionally entered into due to the contingent requirements of its commercial activities. It should be noted that there is periodic massive offsetting between the values of purchase components in foreign currencies, mainly US dollars, and the values of sales in the same currency, which significantly mitigates the Group's currency risk. Many Group companies are however exposed to a contained level of exchange rate risk stemming from operations as, in the individual countries, a portion of cash flows, sales and also costs are denominated in the same accounting currency of the country (natural hedging).
3.1.2.Analysis of sensitivity of exchange rate risk
For the purposes of an exchange rate sensitivity analysis, balance sheet items as at December 31, 2023 (financial assets and liabilities) denominated in a currency other than the functional currency of each Group company were identified. In assessing the potential effects arising from changes in exchange rates, inter-company payables and receivables in currencies other than the account currency were also taken into consideration.
Two scenarios were considered for the purposes of the analysis which respectively reflect a 10% appreciation and depreciation of the nominal exchange rate between the currency in which the balance sheet item is denominated and the accounting currency.
The table below highlights the results of the analysis:
+10%
-10%
(in thousands of Euro)
Consolidated financial statements
Exposition to currency risk (aggregated)
Gains/(Losses)
Gains/(Losses)
Financial assets
Cash and cash equivalents
157,662
32,163
(3,216)
3,216
Trade receivables (net of credit notes)
26,206
1,032
(103)
103
Tax effect
797
(797)
Total financial assets
(2,523)
2,523
Financial liabilities
Trade payables
(116,006)
(4,382)
446
(446)
Tax effect
(107)
107
Total financial liabilities
339
(339)
Total
(2,184)
2,184
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
Note: the plus sign indicates a higher profit and an increase in shareholders\u2019 equity; the minus sign indicates a lower profit and a decrease in shareholders\u2019 equity.
For comparability with the previous year, a similar analysis at December 31, 2022 is presented below:
+10%
-10%
(in thousands of Euro)
Consolidated financial statements
Exposition to currency risk (aggregated)
Gains/(Losses)
Gains/(Losses)
Financial assets
Cash and cash equivalents
110,682
23,853
(2,385)
2,385
Trade receivables (net of credit notes)
28,553
2,763
(276)
276
Tax effect
639
(639)
Total financial assets
(2,022)
2,022
Financial liabilities
Trade payables
(126,840)
(5,047)
505
(505)
Tax effect
(121)
121
Total financial liabilities
384
(384)
Total
(1,639)
1,639
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
It should also be noted that, for the purposes of consolidated reporting, the Company recognises currency differences generated by the year-end translation of the financial statements of foreign
subsidiaries prepared in a currency other than the Euro among comprehensive income and, therefore, directly within the shareholders\u2019 equity \u201ctranslation reserve\u201d.
Therefore, there is the risk that fluctuations in exchange rates in countries where the Group\u2019s subsidiaries operate (esp. the USA and China) could have an impact on consolidated shareholders\u2019 equity. In 2023 specifically, this translation had a negative effect of Euro 11,511 thousand as shown in the statement of changes in shareholders\u2019 equity and in the consolidated comprehensive income statement.
3.1.3Raw material price risk
The Group\u2019s production costs are influenced by the price trends of the main raw materials used. The price of these materials varies depending on a wide range of factors, to a large extent uncontrollable by the Group and difficult to predict.
Specifically, the Group implements a strategy to offset the price volatility risk of the main production factors used through contractual hedging which limits changes to the prices of raw materials, energy sources and partly, selling prices.
3.1.4Interest rate risk
The Group uses external debt funding and places available liquidity in market instruments. Changes in the interest rates impact on the cost and return of the various forms of loans and uses, with an effect therefore on the consolidated financial charges. The Group policy seeks to limit interest rate fluctuation risk through undertaking fixed or variable rate medium/long-term loans linked to hedging derivatives; hedging is carried out through the trading of derivative instruments (e.g. IRS - Interest Rate Swaps and IRC \u2013 Interest Rate Collar), utilised only for hedging purposes and not for speculative purposes. These contracts, although subscribed for hedging purposes relating to the financial exposure of the Group, were not treated as hedges for accounting purposes, given the technical complexity of the accounting demonstration of the hedging relationship and the relative effectiveness, and therefore with end-of-period Mark to Market (MTM) adjustment effects recognised directly in the consolidated income statement.
The following tables summarise the main information concerning hedging derivatives on interest rates as at December 31, 2023 (held exclusively by the Parent Company):
(Euro thousands)
Contract opening date
Contract maturity date
Notional value at signing date in foreign currency
Notional currency
Fair value at
December 31, 2023
IRS Banca Popolare Milano
20/06/2018
30/06/2025
25,000
Euro
171
IRS Banca Popolare Milano
06/06/2019
30/06/2025
15,000
Euro
126
IRS (BNL)
05/07/2023
05/07/2028
10,000
Euro
(175)
IRS Cr\u00e9dit Agricole
09/08/2019
28/12/2025
10,000
Euro
148
IRS Cr\u00e9dit Agricole
29/05/2017
28/06/2024
10,000
Euro
12
IRS Intesa San Paolo
19/06/2018
31/01/2024
15,000
Euro
29
IRS Intesa San Paolo
25/09/2019
31/12/2024
20,000
Euro
101
IRS Intesa San Paolo
28/12/2021
31/12/2027
30,000
Euro
1,387
IRS Monte dei Paschi Siena
30/09/2023
30/09/2026
20,000
Euro
(445)
Total
155,000
1,354
\"[IMAGE]\"
For comparability with the previous year, a similar analysis at December 31, 2022 is presented below:
(Euro thousands)
Contract opening date
Contract maturity date
Notional value at signing date in foreign currency
Notional currency
Fair value at
December 31, 2022
IRS Intesa San Paolo
28/12/2021
31/12/2027
30,000
Euro
2,514
IRS Credit Agricole
29/05/2017
28/06/2024
10,000
Euro
68
IRS Intesa San Paolo
19/06/2018
31/01/2024
15,000
Euro
77
IRS Banca Popolare Milano
20/06/2018
30/06/2025
25,000
Euro
434
IRS Banca Popolare Milano
06/06/2019
30/06/2025
15,000
Euro
322
IRS Credit Agricole
09/08/2019
28/12/2025
10,000
Euro
323
IRS Intesa San Paolo
25/09/2019
31/12/2024
20,000
Euro
325
Total
125,000
4,063
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
3.1.5Sensitivity analysis related to interest rate risk
With reference to interest rate risk, a sensitivity analysis was carried out to determine the effect on the consolidated income statement and consolidated shareholders\u2019 equity resulting from a hypothetical positive and negative change of 100 bps in interest rates compared to those actually recorded in each period.
The analysis was carried out mainly regarding short and medium/long-term financial liabilities.
With reference to cash and cash equivalents, reference was made to the average funds held and the average rate of return for the period. For short and medium/long-term financial liabilities, the impact was calculated on an actual basis. Financial payables settled at a fixed rate and those hedged through derivative instruments were not included in this analysis.
The table below highlights the results of the analysis:
(Euro thousands)
Impact on Net Profit
Effect on Net Equity
Change
+ 100 bps
- 100 bps
+ 100 bps
- 100 bps
FY 2023
(1,056)
1,056
(1,056)
1,056
\"[IMAGE]\"
Note: the plus sign indicates a higher profit and an increase in shareholders\u2019 equity; the minus sign indicates a lower profit and a decrease in shareholders\u2019 equity.
For comparability with the previous year, a similar analysis at December 31, 2022 is presented below:
(Euro thousands)
Impact on Net Profit
Effect on Net Equity
Change
+ 100 bps
- 100 bps
+ 100 bps
- 100 bps
FY 2022
(668)
668
(668)
668
\"[IMAGE]\"
3.2 Credit risk
The Group\u2019s exposure to credit risk relates to the possibility of insolvency (default) and/or in the deterioration of the credit rating of a counterparty and is managed through adequate valuation instruments of all counterparties by a dedicated department, utilising the appropriate instruments to carry out constant monitoring, on a daily basis, of the behaviour and credit rating of clients. The Group hedges its credit risk through insurance policies on the client exposure, undertaken with primary debt insurance companies. External companies providing corporate information are utilised both to initially evaluate the reliability and for on-going monitoring of the economic and financial situation of clients.
The top 10 clients on the total Group trade receivables at December 31, 2023 was 34% (48% at December 31, 2022).
The following table provides a breakdown of trade receivables at December 31, 2023, grouped by due date and net of the doubtful debt provision:
(in thousands of Euro)
December 31, 2023
Not yet due
Overdue within 30 days
Overdue between 31 and 90 days
Overdue between 91 and 120 days
Overdue beyond 120 days
Guaranteed trade receivables (a)
18,795
12,445
5,976
108
36
230
Non-guaranteed trade receivables (b)
7,769
7,068
572
(20)
(1)
150
Non-guaranteed trade receivables impaired (c)
237
30
7
0
0
200
Trade receivables before doubtful debt provision [(a)+(b)+(c)]
26,801
19,543
6,555
88
35
580
Doubtful debt provision
(595)
(537)
(7)
(3)
(48)
Trade receivables
26,206
19,543
6,018
81
32
532
\"[IMAGE]\"
\"[IMAGE]\"
3.3 Liquidity risk
Liquidity risk relates to the risk of the Group being unable to meet its payment obligations due to the inability to source new funds or liquidate assets on the market. This results in a negative impact on economic performance if it is obliged to incur additional costs to meet its commitments or insolvency.
The liquidity risk to which the Group is exposed relates to the inability to source sufficient funding for operations, in addition to industrial and commercial operations. The principal factors which determine the liquidity situation of the Group are, on the one hand, the resources generated and absorbed by the operating and investment activities and on the other the maturity dates and the renewal of the payable or liquidity of the financial commitments and also market conditions.
The Group can avail of on-demand liquidity of Euro 158 million at December 31, 2023, and has a significant availability of credit lines granted by a number of leading Italian and international banks. The directors consider that the funds and credit lines currently available, in addition to those that will be generated from operating and financial activities, will permit the satisfaction of its requirements deriving from investment activities, working capital management and the repayment of debt in accordance with their maturities.
The total Group bank credit lines at year-end amount to Euro 69.8 million, completely unutilised.
The table below shows an analysis of amounts due, based on contractual repayment obligations relating to the convertible bond, leasing contracts, trade payables and other liabilities as at December 31, 2023:
(Euro thousands)
December 31, 2023
Within 1 year
Between 1 and 5 years
Beyond 5 years
Bond loan
70,649
13,258
51,677
5,714
Other current and non-current financial liabilities
341,253
89,903
241,666
9,684
Trade payables
116,006
116,006
0
0
Other current and non-current liabilities
26,698
20,846
5,852
0
Total
554,606
240,013
299,195
15,398
\"[IMAGE]\"
\"[IMAGE]\"
All the amounts in the table above refer to the nominal amounts not discounted, stated with regards to the residual contractual maturities, both in terms of the capital and interest portions. The Group expects to meet these commitments by liquidating financial assets and through cash flows that will be generated by operations. In this risk analysis, we add the more detailed conclusions of the Directors\u2019 Report on the impact of the spread of COVID-19 (coronavirus), the conflict between Russia and Ukraine and the most recent conflict between Israel and Palestine. In particular, it can be stated that - overall and based on the declaration of the World Health Organisation on the conclusion of the global health emergency - no impact and/or effect is seen (i) on the value of the
assets shown in the financial statements (ii) on the recoverability of trade receivables (iii) on the net realisable value of inventories. As mentioned previously, the impact on the business thus far has remained, on the whole, limited. Therefore, no specific risks have been identified in terms of the Group's ability to meet its future commitments (including compliance with the \"covenants\" set out in certain loan agreements at December 31, 2024) and/or which may impact the Group's ability to continue as a going concern.
With regards to the conflict between Russia and Ukraine and between Israel and Hamas, it is confirmed that this situation does not have direct impacts on the company, as currently not having (i) any investment in any the countries involved, nor (ii) financial instruments or liquidity in the currencies of the countries involved.
3.4Climate change risks
The Aquafil Group passionately pursues its environmental, social and governance policy and takes an active role in the community in which it operates.
The Group\u2019s organisational structure has evinced a long-standing interest in the environmental impact of processes and products, and continuously assesses possible avenues for improvement, with an approach firmly focused on sustainability and circularity.
In particular, this structure considers the consequences of climate change for its activities, processes and local organisations, the risk of which is consistently monitored and assessed. It can thus be stated that no significant impacts are currently expected on operating activities in the regions where the Group operates.
4.MANAGEMENT OF CAPITAL
The Group\u2019s capital management is aimed at ensuring a solid credit rating and adequate levels of capital indicators to support investment plans, in accordance with contractual obligations entered into with lenders.
The Group acquires the necessary capital to finance the needs for business development and operations; financing sources are divided into a balanced mix of risk capital and debt capital to ensure a balanced financial structure and the minimisation of the total cost of capital, for the consequent benefit of all stakeholders.
The remuneration of risk capital is monitored on the basis of the market trend and business performance, once all other obligations have been met, including the debt service; therefore, in order to ensure an adequate remuneration of capital, the safeguarding of business continuity and business development, the Group constantly monitors the development of the debt level in relation to shareholders\u2019 equity, business performance and forecasts of expected cash flows in the short and medium/long-term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f39202": { "value": "
3.1. Market risk
3.1.1.Currency risk
Exposure to the risk of exchange rate variations arises from the Group\u2019s commercial activities which are also carried out in currencies other than the Euro. Revenues and costs denominated in foreign currencies may be influenced by exchange rate fluctuations with an impact on trade margins (economic risk), just as trade and financial payables and receivables denominated in foreign currency may be affected by the conversion rates used, with an effect on the economic result (transaction risk). Finally, exchange rate fluctuations also reflect on the consolidated results and shareholders\u2019 equity since the financial statements of certain Group companies are drawn up in currencies other than the Euro and are subsequently converted (translation risk).
The principal exchange rates the Group is exposed to are:
-EUR/USD, in relation to transactions carried out in US Dollars;
-EUR/GBP, in relation to transactions carried out in UK Sterling;
-EUR/CNY, in relation to transactions carried out in Chinese renminbi mainly on the Asian market.
The Group does not generally adopt specific policies to hedge exchange rate fluctuations, with the exception of contracts occasionally entered into due to the contingent requirements of its commercial activities. It should be noted that there is periodic massive offsetting between the values of purchase components in foreign currencies, mainly US dollars, and the values of sales in the same currency, which significantly mitigates the Group's currency risk. Many Group companies are however exposed to a contained level of exchange rate risk stemming from operations as, in the individual countries, a portion of cash flows, sales and also costs are denominated in the same accounting currency of the country (natural hedging).
3.1.2.Analysis of sensitivity of exchange rate risk
For the purposes of an exchange rate sensitivity analysis, balance sheet items as at December 31, 2023 (financial assets and liabilities) denominated in a currency other than the functional currency of each Group company were identified. In assessing the potential effects arising from changes in exchange rates, inter-company payables and receivables in currencies other than the account currency were also taken into consideration.
Two scenarios were considered for the purposes of the analysis which respectively reflect a 10% appreciation and depreciation of the nominal exchange rate between the currency in which the balance sheet item is denominated and the accounting currency.
The table below highlights the results of the analysis:
+10%
-10%
(in thousands of Euro)
Consolidated financial statements
Exposition to currency risk (aggregated)
Gains/(Losses)
Gains/(Losses)
Financial assets
Cash and cash equivalents
157,662
32,163
(3,216)
3,216
Trade receivables (net of credit notes)
26,206
1,032
(103)
103
Tax effect
797
(797)
Total financial assets
(2,523)
2,523
Financial liabilities
Trade payables
(116,006)
(4,382)
446
(446)
Tax effect
(107)
107
Total financial liabilities
339
(339)
Total
(2,184)
2,184
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
Note: the plus sign indicates a higher profit and an increase in shareholders\u2019 equity; the minus sign indicates a lower profit and a decrease in shareholders\u2019 equity.
For comparability with the previous year, a similar analysis at December 31, 2022 is presented below:
+10%
-10%
(in thousands of Euro)
Consolidated financial statements
Exposition to currency risk (aggregated)
Gains/(Losses)
Gains/(Losses)
Financial assets
Cash and cash equivalents
110,682
23,853
(2,385)
2,385
Trade receivables (net of credit notes)
28,553
2,763
(276)
276
Tax effect
639
(639)
Total financial assets
(2,022)
2,022
Financial liabilities
Trade payables
(126,840)
(5,047)
505
(505)
Tax effect
(121)
121
Total financial liabilities
384
(384)
Total
(1,639)
1,639
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
It should also be noted that, for the purposes of consolidated reporting, the Company recognises currency differences generated by the year-end translation of the financial statements of foreign
subsidiaries prepared in a currency other than the Euro among comprehensive income and, therefore, directly within the shareholders\u2019 equity \u201ctranslation reserve\u201d.
Therefore, there is the risk that fluctuations in exchange rates in countries where the Group\u2019s subsidiaries operate (esp. the USA and China) could have an impact on consolidated shareholders\u2019 equity. In 2023 specifically, this translation had a negative effect of Euro 11,511 thousand as shown in the statement of changes in shareholders\u2019 equity and in the consolidated comprehensive income statement.
3.1.3Raw material price risk
The Group\u2019s production costs are influenced by the price trends of the main raw materials used. The price of these materials varies depending on a wide range of factors, to a large extent uncontrollable by the Group and difficult to predict.
Specifically, the Group implements a strategy to offset the price volatility risk of the main production factors used through contractual hedging which limits changes to the prices of raw materials, energy sources and partly, selling prices.
3.1.4Interest rate risk
The Group uses external debt funding and places available liquidity in market instruments. Changes in the interest rates impact on the cost and return of the various forms of loans and uses, with an effect therefore on the consolidated financial charges. The Group policy seeks to limit interest rate fluctuation risk through undertaking fixed or variable rate medium/long-term loans linked to hedging derivatives; hedging is carried out through the trading of derivative instruments (e.g. IRS - Interest Rate Swaps and IRC \u2013 Interest Rate Collar), utilised only for hedging purposes and not for speculative purposes. These contracts, although subscribed for hedging purposes relating to the financial exposure of the Group, were not treated as hedges for accounting purposes, given the technical complexity of the accounting demonstration of the hedging relationship and the relative effectiveness, and therefore with end-of-period Mark to Market (MTM) adjustment effects recognised directly in the consolidated income statement.
The following tables summarise the main information concerning hedging derivatives on interest rates as at December 31, 2023 (held exclusively by the Parent Company):
(Euro thousands)
Contract opening date
Contract maturity date
Notional value at signing date in foreign currency
Notional currency
Fair value at
December 31, 2023
IRS Banca Popolare Milano
20/06/2018
30/06/2025
25,000
Euro
171
IRS Banca Popolare Milano
06/06/2019
30/06/2025
15,000
Euro
126
IRS (BNL)
05/07/2023
05/07/2028
10,000
Euro
(175)
IRS Cr\u00e9dit Agricole
09/08/2019
28/12/2025
10,000
Euro
148
IRS Cr\u00e9dit Agricole
29/05/2017
28/06/2024
10,000
Euro
12
IRS Intesa San Paolo
19/06/2018
31/01/2024
15,000
Euro
29
IRS Intesa San Paolo
25/09/2019
31/12/2024
20,000
Euro
101
IRS Intesa San Paolo
28/12/2021
31/12/2027
30,000
Euro
1,387
IRS Monte dei Paschi Siena
30/09/2023
30/09/2026
20,000
Euro
(445)
Total
155,000
1,354
\"[IMAGE]\"
For comparability with the previous year, a similar analysis at December 31, 2022 is presented below:
(Euro thousands)
Contract opening date
Contract maturity date
Notional value at signing date in foreign currency
Notional currency
Fair value at
December 31, 2022
IRS Intesa San Paolo
28/12/2021
31/12/2027
30,000
Euro
2,514
IRS Credit Agricole
29/05/2017
28/06/2024
10,000
Euro
68
IRS Intesa San Paolo
19/06/2018
31/01/2024
15,000
Euro
77
IRS Banca Popolare Milano
20/06/2018
30/06/2025
25,000
Euro
434
IRS Banca Popolare Milano
06/06/2019
30/06/2025
15,000
Euro
322
IRS Credit Agricole
09/08/2019
28/12/2025
10,000
Euro
323
IRS Intesa San Paolo
25/09/2019
31/12/2024
20,000
Euro
325
Total
125,000
4,063
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
3.1.5Sensitivity analysis related to interest rate risk
With reference to interest rate risk, a sensitivity analysis was carried out to determine the effect on the consolidated income statement and consolidated shareholders\u2019 equity resulting from a hypothetical positive and negative change of 100 bps in interest rates compared to those actually recorded in each period.
The analysis was carried out mainly regarding short and medium/long-term financial liabilities.
With reference to cash and cash equivalents, reference was made to the average funds held and the average rate of return for the period. For short and medium/long-term financial liabilities, the impact was calculated on an actual basis. Financial payables settled at a fixed rate and those hedged through derivative instruments were not included in this analysis.
The table below highlights the results of the analysis:
(Euro thousands)
Impact on Net Profit
Effect on Net Equity
Change
+ 100 bps
- 100 bps
+ 100 bps
- 100 bps
FY 2023
(1,056)
1,056
(1,056)
1,056
\"[IMAGE]\"
Note: the plus sign indicates a higher profit and an increase in shareholders\u2019 equity; the minus sign indicates a lower profit and a decrease in shareholders\u2019 equity.
For comparability with the previous year, a similar analysis at December 31, 2022 is presented below:
(Euro thousands)
Impact on Net Profit
Effect on Net Equity
Change
+ 100 bps
- 100 bps
+ 100 bps
- 100 bps
FY 2022
(668)
668
(668)
668
\"[IMAGE]\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f40536": { "value": "
3.1.4Interest rate risk
The Group uses external debt funding and places available liquidity in market instruments. Changes in the interest rates impact on the cost and return of the various forms of loans and uses, with an effect therefore on the consolidated financial charges. The Group policy seeks to limit interest rate fluctuation risk through undertaking fixed or variable rate medium/long-term loans linked to hedging derivatives; hedging is carried out through the trading of derivative instruments (e.g. IRS - Interest Rate Swaps and IRC \u2013 Interest Rate Collar), utilised only for hedging purposes and not for speculative purposes. These contracts, although subscribed for hedging purposes relating to the financial exposure of the Group, were not treated as hedges for accounting purposes, given the technical complexity of the accounting demonstration of the hedging relationship and the relative effectiveness, and therefore with end-of-period Mark to Market (MTM) adjustment effects recognised directly in the consolidated income statement.
The following tables summarise the main information concerning hedging derivatives on interest rates as at December 31, 2023 (held exclusively by the Parent Company):
(Euro thousands)
Contract opening date
Contract maturity date
Notional value at signing date in foreign currency
Notional currency
Fair value at
December 31, 2023
IRS Banca Popolare Milano
20/06/2018
30/06/2025
25,000
Euro
171
IRS Banca Popolare Milano
06/06/2019
30/06/2025
15,000
Euro
126
IRS (BNL)
05/07/2023
05/07/2028
10,000
Euro
(175)
IRS Cr\u00e9dit Agricole
09/08/2019
28/12/2025
10,000
Euro
148
IRS Cr\u00e9dit Agricole
29/05/2017
28/06/2024
10,000
Euro
12
IRS Intesa San Paolo
19/06/2018
31/01/2024
15,000
Euro
29
IRS Intesa San Paolo
25/09/2019
31/12/2024
20,000
Euro
101
IRS Intesa San Paolo
28/12/2021
31/12/2027
30,000
Euro
1,387
IRS Monte dei Paschi Siena
30/09/2023
30/09/2026
20,000
Euro
(445)
Total
155,000
1,354
\"[IMAGE]\"
For comparability with the previous year, a similar analysis at December 31, 2022 is presented below:
(Euro thousands)
Contract opening date
Contract maturity date
Notional value at signing date in foreign currency
Notional currency
Fair value at
December 31, 2022
IRS Intesa San Paolo
28/12/2021
31/12/2027
30,000
Euro
2,514
IRS Credit Agricole
29/05/2017
28/06/2024
10,000
Euro
68
IRS Intesa San Paolo
19/06/2018
31/01/2024
15,000
Euro
77
IRS Banca Popolare Milano
20/06/2018
30/06/2025
25,000
Euro
434
IRS Banca Popolare Milano
06/06/2019
30/06/2025
15,000
Euro
322
IRS Credit Agricole
09/08/2019
28/12/2025
10,000
Euro
323
IRS Intesa San Paolo
25/09/2019
31/12/2024
20,000
Euro
325
Total
125,000
4,063
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
3.1.5Sensitivity analysis related to interest rate risk
With reference to interest rate risk, a sensitivity analysis was carried out to determine the effect on the consolidated income statement and consolidated shareholders\u2019 equity resulting from a hypothetical positive and negative change of 100 bps in interest rates compared to those actually recorded in each period.
The analysis was carried out mainly regarding short and medium/long-term financial liabilities.
With reference to cash and cash equivalents, reference was made to the average funds held and the average rate of return for the period. For short and medium/long-term financial liabilities, the impact was calculated on an actual basis. Financial payables settled at a fixed rate and those hedged through derivative instruments were not included in this analysis.
The table below highlights the results of the analysis:
(Euro thousands)
Impact on Net Profit
Effect on Net Equity
Change
+ 100 bps
- 100 bps
+ 100 bps
- 100 bps
FY 2023
(1,056)
1,056
(1,056)
1,056
\"[IMAGE]\"
Note: the plus sign indicates a higher profit and an increase in shareholders\u2019 equity; the minus sign indicates a lower profit and a decrease in shareholders\u2019 equity.
For comparability with the previous year, a similar analysis at December 31, 2022 is presented below:
(Euro thousands)
Impact on Net Profit
Effect on Net Equity
Change
+ 100 bps
- 100 bps
+ 100 bps
- 100 bps
FY 2022
(668)
668
(668)
668
\"[IMAGE]\"
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact3": { "value": "
3.2 Credit risk
The Group\u2019s exposure to credit risk relates to the possibility of insolvency (default) and/or in the deterioration of the credit rating of a counterparty and is managed through adequate valuation instruments of all counterparties by a dedicated department, utilising the appropriate instruments to carry out constant monitoring, on a daily basis, of the behaviour and credit rating of clients. The Group hedges its credit risk through insurance policies on the client exposure, undertaken with primary debt insurance companies. External companies providing corporate information are utilised both to initially evaluate the reliability and for on-going monitoring of the economic and financial situation of clients.
The top 10 clients on the total Group trade receivables at December 31, 2023 was 34% (48% at December 31, 2022).
The following table provides a breakdown of trade receivables at December 31, 2023, grouped by due date and net of the doubtful debt provision:
(in thousands of Euro)
December 31, 2023
Not yet due
Overdue within 30 days
Overdue between 31 and 90 days
Overdue between 91 and 120 days
Overdue beyond 120 days
Guaranteed trade receivables (a)
18,795
12,445
5,976
108
36
230
Non-guaranteed trade receivables (b)
7,769
7,068
572
(20)
(1)
150
Non-guaranteed trade receivables impaired (c)
237
30
7
0
0
200
Trade receivables before doubtful debt provision [(a)+(b)+(c)]
26,801
19,543
6,555
88
35
580
Doubtful debt provision
(595)
(537)
(7)
(3)
(48)
Trade receivables
26,206
19,543
6,018
81
32
532
\"[IMAGE]\"
\"[IMAGE]\"
8.4.Service costs and rent, lease and similar costs
The account is comprised of:
(Euro thousands)
2023
2022
Transport, shipping & customs
16,187
34,940
Electricity, propulsive energy, water and gas
55,848
77,529
Maintenance
10,023
10,364
Services for personnel
6,240
6,210
Technical, ICT, commercial, legal & tax consultancy
11,828
10,360
Insurance
3,599
3,428
Marketing and advertising
3,478
4,341
Cleaning, security and waste disposal
3,620
4,002
Warehousing and external storage
4,337
4,483
External processing
5,328
5,777
Other sales expenses
262
298
Statutory auditors fees
163
161
Other service costs
3,332
4,068
Rentals and hire
2,661
2,510
Total
126,907
168,472
\"[IMAGE]\"
Service costs amount to Euro 126.9 million, decreasing Euro 41.6 million on 2022 (Euro 168.5 million). The reduction, related to the lower production volumes, was particularly significant in terms of transport and utility costs which, as outlined in the Directors' Report, significantly declined during 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f41663": { "value": "
3.2 Credit risk
The Group\u2019s exposure to credit risk relates to the possibility of insolvency (default) and/or in the deterioration of the credit rating of a counterparty and is managed through adequate valuation instruments of all counterparties by a dedicated department, utilising the appropriate instruments to carry out constant monitoring, on a daily basis, of the behaviour and credit rating of clients. The Group hedges its credit risk through insurance policies on the client exposure, undertaken with primary debt insurance companies. External companies providing corporate information are utilised both to initially evaluate the reliability and for on-going monitoring of the economic and financial situation of clients.
The top 10 clients on the total Group trade receivables at December 31, 2023 was 34% (48% at December 31, 2022).
The following table provides a breakdown of trade receivables at December 31, 2023, grouped by due date and net of the doubtful debt provision:
(in thousands of Euro)
December 31, 2023
Not yet due
Overdue within 30 days
Overdue between 31 and 90 days
Overdue between 91 and 120 days
Overdue beyond 120 days
Guaranteed trade receivables (a)
18,795
12,445
5,976
108
36
230
Non-guaranteed trade receivables (b)
7,769
7,068
572
(20)
(1)
150
Non-guaranteed trade receivables impaired (c)
237
30
7
0
0
200
Trade receivables before doubtful debt provision [(a)+(b)+(c)]
26,801
19,543
6,555
88
35
580
Doubtful debt provision
(595)
(537)
(7)
(3)
(48)
Trade receivables
26,206
19,543
6,018
81
32
532
\"[IMAGE]\"
\"[IMAGE]\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f41664": { "value": "
3.2 Credit risk
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f42111": { "value": "
3.3 Liquidity risk
Liquidity risk relates to the risk of the Group being unable to meet its payment obligations due to the inability to source new funds or liquidate assets on the market. This results in a negative impact on economic performance if it is obliged to incur additional costs to meet its commitments or insolvency.
The liquidity risk to which the Group is exposed relates to the inability to source sufficient funding for operations, in addition to industrial and commercial operations. The principal factors which determine the liquidity situation of the Group are, on the one hand, the resources generated and absorbed by the operating and investment activities and on the other the maturity dates and the renewal of the payable or liquidity of the financial commitments and also market conditions.
The Group can avail of on-demand liquidity of Euro 158 million at December 31, 2023, and has a significant availability of credit lines granted by a number of leading Italian and international banks. The directors consider that the funds and credit lines currently available, in addition to those that will be generated from operating and financial activities, will permit the satisfaction of its requirements deriving from investment activities, working capital management and the repayment of debt in accordance with their maturities.
The total Group bank credit lines at year-end amount to Euro 69.8 million, completely unutilised.
The table below shows an analysis of amounts due, based on contractual repayment obligations relating to the convertible bond, leasing contracts, trade payables and other liabilities as at December 31, 2023:
(Euro thousands)
December 31, 2023
Within 1 year
Between 1 and 5 years
Beyond 5 years
Bond loan
70,649
13,258
51,677
5,714
Other current and non-current financial liabilities
341,253
89,903
241,666
9,684
Trade payables
116,006
116,006
0
0
Other current and non-current liabilities
26,698
20,846
5,852
0
Total
554,606
240,013
299,195
15,398
\"[IMAGE]\"
\"[IMAGE]\"
All the amounts in the table above refer to the nominal amounts not discounted, stated with regards to the residual contractual maturities, both in terms of the capital and interest portions. The Group expects to meet these commitments by liquidating financial assets and through cash flows that will be generated by operations. In this risk analysis, we add the more detailed conclusions of the Directors\u2019 Report on the impact of the spread of COVID-19 (coronavirus), the conflict between Russia and Ukraine and the most recent conflict between Israel and Palestine. In particular, it can be stated that - overall and based on the declaration of the World Health Organisation on the conclusion of the global health emergency - no impact and/or effect is seen (i) on the value of the
assets shown in the financial statements (ii) on the recoverability of trade receivables (iii) on the net realisable value of inventories. As mentioned previously, the impact on the business thus far has remained, on the whole, limited. Therefore, no specific risks have been identified in terms of the Group's ability to meet its future commitments (including compliance with the \"covenants\" set out in certain loan agreements at December 31, 2024) and/or which may impact the Group's ability to continue as a going concern.
With regards to the conflict between Russia and Ukraine and between Israel and Hamas, it is confirmed that this situation does not have direct impacts on the company, as currently not having (i) any investment in any the countries involved, nor (ii) financial instruments or liquidity in the currencies of the countries involved.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f43321": { "value": "
4.MANAGEMENT OF CAPITAL
The Group\u2019s capital management is aimed at ensuring a solid credit rating and adequate levels of capital indicators to support investment plans, in accordance with contractual obligations entered into with lenders.
The Group acquires the necessary capital to finance the needs for business development and operations; financing sources are divided into a balanced mix of risk capital and debt capital to ensure a balanced financial structure and the minimisation of the total cost of capital, for the consequent benefit of all stakeholders.
The remuneration of risk capital is monitored on the basis of the market trend and business performance, once all other obligations have been met, including the debt service; therefore, in order to ensure an adequate remuneration of capital, the safeguarding of business continuity and business development, the Group constantly monitors the development of the debt level in relation to shareholders\u2019 equity, business performance and forecasts of expected cash flows in the short and medium/long-term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f43622": { "value": "
5.CLASSIFICATION OF FINANCIAL ASSETS AND LIABILITIES
The tables below illustrate the breakdown of financial assets and liabilities of the Group required by IFRS 7, as per the categories identified by IFRS 9, at December 31, 2023:
(Euro thousands)
Financial assets and liabilities measured at fair value through P&L
Loans and receivables
Financial liabilities at amortised cost
Total
Non-current financial assets
1,188
370
0
1,558
Current financial assets
1,974
3,729
5,703
Trade Receivables
26,206
26,206
Current tax receivables
1,619
1,619
Other current & non-current assets
14,644
14,644
Cash and cash equivalents
157,662
0
157,662
Total financial assets
160,823
46,569
0
207,392
Non-current financial liabilities
0
0
308,741
308,741
Current financial liabilities
103,161
103,161
Trade payables
0
0
116,006
116,006
Other current and non-current liabilities
0
0
26,698
26,698
Total financial payables
0
0
411,901
411,901
It should be noted that the carrying amounts above are in line with their respective fair values.
5.1Measurement of the fair value
In relation to financial instruments measured at fair value, the table below reports information on the method chosen to measure the fair value. The methods applied are broken down into the following levels, based on the information available, as follows:
\u2022Level 1: fair value determined with reference to listed prices (not adjusted), on active markets for identical financial instruments;
\u2022Level 2: fair value determined with valuation techniques with reference to observable variables on active markets;
\u2022Level 3: fair value determined with valuation techniques with reference to non-observable variables on markets;
The fair value calculation is determined in accordance with the methods classified in Level 2 and the general criterion utilised for this calculation is the present value of the expected future cash flows of the instrument subject to measurement - a method commonly applied in financial practice. There were no transfers between hierarchical levels of the fair value in the periods considered.
The table below summarises the assets and liabilities measured at fair value at December 31, 2023, on the basis of the level which reflects the inputs utilised in the determination of the fair value.
(Euro thousands)
December 31, 2023
December 31, 2022
Derivative financial instruments \u2013 Liabilities
(619)
0
Derivative financial instruments - Assets
1,974
4,063
Total
1,354
4,063
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f43844": { "value": "
5.1Measurement of the fair value
In relation to financial instruments measured at fair value, the table below reports information on the method chosen to measure the fair value. The methods applied are broken down into the following levels, based on the information available, as follows:
\u2022Level 1: fair value determined with reference to listed prices (not adjusted), on active markets for identical financial instruments;
\u2022Level 2: fair value determined with valuation techniques with reference to observable variables on active markets;
\u2022Level 3: fair value determined with valuation techniques with reference to non-observable variables on markets;
The fair value calculation is determined in accordance with the methods classified in Level 2 and the general criterion utilised for this calculation is the present value of the expected future cash flows of the instrument subject to measurement - a method commonly applied in financial practice. There were no transfers between hierarchical levels of the fair value in the periods considered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f44097": { "value": "
The table below summarises the assets and liabilities measured at fair value at December 31, 2023, on the basis of the level which reflects the inputs utilised in the determination of the fair value.
(Euro thousands)
December 31, 2023
December 31, 2022
Derivative financial instruments \u2013 Liabilities
(619)
0
Derivative financial instruments - Assets
1,974
4,063
Total
1,354
4,063
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f44174": { "value": "
6.DISCLOSURE BY OPERATING SEGMENT
IFRS 8 defines an \u201cOperating segment\u201d as a component (i) involving business activities generating revenues and costs, (ii) whose operating results are reviewed periodically at the highest decision-making level and (iii) for which separate financial data is available.
The operating segments of the company are identified on the basis of the information analysed by the Board of Directors, which constitutes the highest decision-making level for strategic decisions, the allocation of resources and the analysis of results.
More specifically, and given that Group operations are entirely interconnected, financial performance figures, which are reviewed periodically by the Board of Directors, refer to the Group as a whole.
In fact, the Group structure identifies a strategic and singular vision of the business and this representation is consistent with the manner in which management takes its decisions, allocates resources and defines the communication strategy. Dividing the business into separate divisions is
therefore currently viewed as detrimental to its economic interests. Therefore, the information required by IFRS 8 corresponds to that presented in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f44175": { "value": "
6.DISCLOSURE BY OPERATING SEGMENT
IFRS 8 defines an \u201cOperating segment\u201d as a component (i) involving business activities generating revenues and costs, (ii) whose operating results are reviewed periodically at the highest decision-making level and (iii) for which separate financial data is available.
The operating segments of the company are identified on the basis of the information analysed by the Board of Directors, which constitutes the highest decision-making level for strategic decisions, the allocation of resources and the analysis of results.
More specifically, and given that Group operations are entirely interconnected, financial performance figures, which are reviewed periodically by the Board of Directors, refer to the Group as a whole.
In fact, the Group structure identifies a strategic and singular vision of the business and this representation is consistent with the manner in which management takes its decisions, allocates resources and defines the communication strategy. Dividing the business into separate divisions is
therefore currently viewed as detrimental to its economic interests. Therefore, the information required by IFRS 8 corresponds to that presented in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f44466": { "value": "
7.1.Intangible assets
The breakdown in the account and changes in the period were as follows:
(Euro thousands)
Development costs
Patents & property rights
Trademarks, concessions and licenses
Other intangible assets
Intangible assets in progress
Non Contractual Customer relationships
Total
December 31, 2021
4,660
52
359
4,789
10,295
3,397
23,551
Historical cost
6,370
5,213
4,767
19,485
10,295
6,272
52,401
Acc. amort.
(1,710)
(5,162)
(4,408)
(14,696)
(2,875)
(28,850)
Reclassifications
0
0
159
9,805
(9,798)
0
166
Increases
1,675
0
60
1,437
991
0
4,163
Decreases
0
0
0
(132)
(132)
Amortisation
(1,482)
(108)
(3,617)
(797)
(6,004)
Exchange diff. - Historic Cost
0
(1)
(120)
24
0
(139)
(236)
Exchange diff. - Acc. Amort.
0
1
1
(6)
0
94
90
December 31, 2022
4,852
52
350
12,432
1,355
2,555
21,596
Historic cost
8,044
5,212
5,152
30,692
1,355
6,132
56,587
Acc. amort.
(3,192)
(5,160)
(4,802)
(18,260)
(3,577)
(34,991)
Reclassifications
0
0
17
280
(380)
0
(84)
Increases
2,519
0
7
232
1,044
817
4,620
Decreases
0
0
0
(13)
(13)
Amortisation
(2,026)
(100)
(3,722)
(893)
(6,741)
Write-downs
(137)
(137)
Exchange diff. - Historic Cost
0
0
515
(9)
0
(402)
104
Exchange diff. - Acc. Amort.
0
(52)
(464)
4
0
246
(265)
December 31, 2023
5,208
0
326
9,205
2,019
2,322
19,080
Historic cost
10,340
5,212
5,687
30,783
2,019
6,547
60,588
Acc. amort.
(5,132)
(5,212)
(5,361)
(21,578)
(4,224)
(41,508)
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"Other intangible assets\" mainly includes the costs of development projects incurred by the Parent Company for the digitization of processes. During the previous year the bio-caprolactam production process was started on a pilot basis, resulting in a Euro 9.1 million transfer from intangible assets in progress to other intangible assets and consequently amortisation over a 5-year period began. This project (\"Effective\u201d) was coordinated by Aquafil and funded by the Bio-Based Industries Joint Undertaking (BBI JU) as part of the European Horizon 2020 research programme and focused on the production of bio-caprolactam.
The increases in the year overall amounting to Euro 4.6 million, mainly related to:
\u2022for Euro 2.5 million new product development costs (IAS38);
\u2022for Euro 1.0 million costs incurred for the implementation and upgrading of the Aquafil Group's digitization processes;
\u2022for Euro 0.8 million the acquisition by Aquafil Carpet Collection of certain assets from Keith Bauer and James Williams in 2023, the purpose of which was to increase the amount of material recycled in California directly by the U.S. subsidiary. A portion of this acquisition involved physical assets, while another concerned the seller\u2019s customer list, which was recognised among non-contractual customer relationships.
Amortisation in the year, in the amount of Euro 6.7 million, includes Euro 1,821 thousand for the beginning of amortisation on the effective project, which took place last year as described above. At December 31, 2023, the Group had no significant contracts for the purchase of intangibles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f44469": { "value": "Intangible assets
The breakdown in the account and changes in the period were as follows:
(Euro thousands)
Development costs
Patents & property rights
Trademarks, concessions and licenses
Other intangible assets
Intangible assets in progress
Non Contractual Customer relationships
Total
December 31, 2021
4,660
52
359
4,789
10,295
3,397
23,551
Historical cost
6,370
5,213
4,767
19,485
10,295
6,272
52,401
Acc. amort.
(1,710)
(5,162)
(4,408)
(14,696)
(2,875)
(28,850)
Reclassifications
0
0
159
9,805
(9,798)
0
166
Increases
1,675
0
60
1,437
991
0
4,163
Decreases
0
0
0
(132)
(132)
Amortisation
(1,482)
(108)
(3,617)
(797)
(6,004)
Exchange diff. - Historic Cost
0
(1)
(120)
24
0
(139)
(236)
Exchange diff. - Acc. Amort.
0
1
1
(6)
0
94
90
December 31, 2022
4,852
52
350
12,432
1,355
2,555
21,596
Historic cost
8,044
5,212
5,152
30,692
1,355
6,132
56,587
Acc. amort.
(3,192)
(5,160)
(4,802)
(18,260)
(3,577)
(34,991)
Reclassifications
0
0
17
280
(380)
0
(84)
Increases
2,519
0
7
232
1,044
817
4,620
Decreases
0
0
0
(13)
(13)
Amortisation
(2,026)
(100)
(3,722)
(893)
(6,741)
Write-downs
(137)
(137)
Exchange diff. - Historic Cost
0
0
515
(9)
0
(402)
104
Exchange diff. - Acc. Amort.
0
(52)
(464)
4
0
246
(265)
December 31, 2023
5,208
0
326
9,205
2,019
2,322
19,080
Historic cost
10,340
5,212
5,687
30,783
2,019
6,547
60,588
Acc. amort.
(5,132)
(5,212)
(5,361)
(21,578)
(4,224)
(41,508)
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"Other intangible assets\" mainly includes the costs of development projects incurred by the Parent Company for the digitization of processes. During the previous year the bio-caprolactam production process was started on a pilot basis, resulting in a Euro 9.1 million transfer from intangible assets in progress to other intangible assets and consequently amortisation over a 5-year period began. This project (\"Effective\u201d) was coordinated by Aquafil and funded by the Bio-Based Industries Joint Undertaking (BBI JU) as part of the European Horizon 2020 research programme and focused on the production of bio-caprolactam.
The increases in the year overall amounting to Euro 4.6 million, mainly related to:
\u2022for Euro 2.5 million new product development costs (IAS38);
\u2022for Euro 1.0 million costs incurred for the implementation and upgrading of the Aquafil Group's digitization processes;
\u2022for Euro 0.8 million the acquisition by Aquafil Carpet Collection of certain assets from Keith Bauer and James Williams in 2023, the purpose of which was to increase the amount of material recycled in California directly by the U.S. subsidiary. A portion of this acquisition involved physical assets, while another concerned the seller\u2019s customer list, which was recognised among non-contractual customer relationships.
Amortisation in the year, in the amount of Euro 6.7 million, includes Euro 1,821 thousand for the beginning of amortisation on the effective project, which took place last year as described above. At December 31, 2023, the Group had no significant contracts for the purchase of intangibles.
7.2.Goodwill
Goodwill was Euro 15,103 thousand at December 31, 2023. This figure includes the goodwill recognised on the Aquafil O\u2019Mara business combination in 2019 and the goodwill on the acquisition in 2020 of Aquafil Carpet Recycling, now Aquafil Carpet Collection LLC.
It should also be noted that the goodwill related to Aquafil O\u2019Mara and Aquafil Carpet Collection LLC, having been recognised by the direct subsidiary Aquafil USA, was negatively affected by the translation from Dollars to Euro as part of the consolidation process.
This value represents the excess between the consideration transferred, measured at fair value at the acquisition date, as subsequently updated, compared to the net value of the identifiable assets and liabilities of the purchase measured at fair value.
After initial recognition the goodwill is not amortised but subject to an annual impairment test as described in the previous paragraph \u201cImpairment test - verification of recoverability\u201d.
In accordance with the provisions of IAS 36 the Group therefore undertook a specific impairment test in order to verify the recoverability of the goodwill recognised.
The impairment test was carried out determining the value in use with the discounted cash flow method (DCF) net of income taxes in line with the post-tax discount rate utilised.
The cash flows used to apply the DCF are those included in the Group's 2024 - 2026 business plan approved by the Parent Company's board of directors on February 15, 2024 and based on the following assumptions:
\u2022An overall organic volume increase of between 4% and 7% compared to 2023 is expected for 2024. Specifically, the textile flooring product line is expected to grow by 3-6%, the clothing fibres product line by 13-16%, and the Polymers product line is expected to grow by 6-9%, due to the consolidation of the Engineering Plastics business. Raw materials were considered at a price level in line with the final months of FY2023. Expected EBITDA for fiscal year 2024 is in the range of Euro 76 to 82 million. In terms of Net Financial Position, a range of Euro 225 - 235 is projected for 2024.
\u2022An overall organic increase of between 6-9% compared to 2024 is projected for 2025. Specifically, the textile flooring product line is expected to grow by 4-7%, the clothing fibres product line by 8-11%, and the Polymers product line is expected to grow by 14-17%. Raw materials were considered at a price level about 5% higher than in FY2024. Expected EBITDA for fiscal year 2025 is in the range of Euro 84 to 92 million. In terms of Net Financial Position, a range of Euro 190 - 200 is projected for 2025.
\u2022The growth rate (g) applied was 2.7% (in line with the previous year), which is equal to the expected global average growth beginning in 2024.
The discounting of the cash flows was carried out on the basis of a weighted average cost of capital which reflects the current market assessment of the cost of money. The identified value is 9.3%, compared with 8.2% applied in 2022.
A sensitivity analysis was also carried out in order to determine the change to the value assigned to the base assumptions which, after having considered any amendments as a result of this change on the other variables utilised, renders the recoverable value equal to its carrying amount.
This analysis indicated that only significant deviations in the achievement of the Group's business objectives, interest rates and perpetual growth rates would reduce the recoverable value to a level close to the book value, so it is not necessary, as required by IAS 36, to report in this note the effects of a sensitivity simulation.
From the impairment test carried out therefore no adjustments are required to the value of the goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f45410": { "value": "
7.2.Goodwill
Goodwill was Euro 15,103 thousand at December 31, 2023. This figure includes the goodwill recognised on the Aquafil O\u2019Mara business combination in 2019 and the goodwill on the acquisition in 2020 of Aquafil Carpet Recycling, now Aquafil Carpet Collection LLC.
It should also be noted that the goodwill related to Aquafil O\u2019Mara and Aquafil Carpet Collection LLC, having been recognised by the direct subsidiary Aquafil USA, was negatively affected by the translation from Dollars to Euro as part of the consolidation process.
This value represents the excess between the consideration transferred, measured at fair value at the acquisition date, as subsequently updated, compared to the net value of the identifiable assets and liabilities of the purchase measured at fair value.
After initial recognition the goodwill is not amortised but subject to an annual impairment test as described in the previous paragraph \u201cImpairment test - verification of recoverability\u201d.
In accordance with the provisions of IAS 36 the Group therefore undertook a specific impairment test in order to verify the recoverability of the goodwill recognised.
The impairment test was carried out determining the value in use with the discounted cash flow method (DCF) net of income taxes in line with the post-tax discount rate utilised.
The cash flows used to apply the DCF are those included in the Group's 2024 - 2026 business plan approved by the Parent Company's board of directors on February 15, 2024 and based on the following assumptions:
\u2022An overall organic volume increase of between 4% and 7% compared to 2023 is expected for 2024. Specifically, the textile flooring product line is expected to grow by 3-6%, the clothing fibres product line by 13-16%, and the Polymers product line is expected to grow by 6-9%, due to the consolidation of the Engineering Plastics business. Raw materials were considered at a price level in line with the final months of FY2023. Expected EBITDA for fiscal year 2024 is in the range of Euro 76 to 82 million. In terms of Net Financial Position, a range of Euro 225 - 235 is projected for 2024.
\u2022An overall organic increase of between 6-9% compared to 2024 is projected for 2025. Specifically, the textile flooring product line is expected to grow by 4-7%, the clothing fibres product line by 8-11%, and the Polymers product line is expected to grow by 14-17%. Raw materials were considered at a price level about 5% higher than in FY2024. Expected EBITDA for fiscal year 2025 is in the range of Euro 84 to 92 million. In terms of Net Financial Position, a range of Euro 190 - 200 is projected for 2025.
\u2022The growth rate (g) applied was 2.7% (in line with the previous year), which is equal to the expected global average growth beginning in 2024.
The discounting of the cash flows was carried out on the basis of a weighted average cost of capital which reflects the current market assessment of the cost of money. The identified value is 9.3%, compared with 8.2% applied in 2022.
A sensitivity analysis was also carried out in order to determine the change to the value assigned to the base assumptions which, after having considered any amendments as a result of this change on the other variables utilised, renders the recoverable value equal to its carrying amount.
This analysis indicated that only significant deviations in the achievement of the Group's business objectives, interest rates and perpetual growth rates would reduce the recoverable value to a level close to the book value, so it is not necessary, as required by IAS 36, to report in this note the effects of a sensitivity simulation.
From the impairment test carried out therefore no adjustments are required to the value of the goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f45411": { "value": "
7.2.Goodwill
Goodwill was Euro 15,103 thousand at December 31, 2023. This figure includes the goodwill recognised on the Aquafil O\u2019Mara business combination in 2019 and the goodwill on the acquisition in 2020 of Aquafil Carpet Recycling, now Aquafil Carpet Collection LLC.
It should also be noted that the goodwill related to Aquafil O\u2019Mara and Aquafil Carpet Collection LLC, having been recognised by the direct subsidiary Aquafil USA, was negatively affected by the translation from Dollars to Euro as part of the consolidation process.
This value represents the excess between the consideration transferred, measured at fair value at the acquisition date, as subsequently updated, compared to the net value of the identifiable assets and liabilities of the purchase measured at fair value.
After initial recognition the goodwill is not amortised but subject to an annual impairment test as described in the previous paragraph \u201cImpairment test - verification of recoverability\u201d.
In accordance with the provisions of IAS 36 the Group therefore undertook a specific impairment test in order to verify the recoverability of the goodwill recognised.
The impairment test was carried out determining the value in use with the discounted cash flow method (DCF) net of income taxes in line with the post-tax discount rate utilised.
The cash flows used to apply the DCF are those included in the Group's 2024 - 2026 business plan approved by the Parent Company's board of directors on February 15, 2024 and based on the following assumptions:
\u2022An overall organic volume increase of between 4% and 7% compared to 2023 is expected for 2024. Specifically, the textile flooring product line is expected to grow by 3-6%, the clothing fibres product line by 13-16%, and the Polymers product line is expected to grow by 6-9%, due to the consolidation of the Engineering Plastics business. Raw materials were considered at a price level in line with the final months of FY2023. Expected EBITDA for fiscal year 2024 is in the range of Euro 76 to 82 million. In terms of Net Financial Position, a range of Euro 225 - 235 is projected for 2024.
\u2022An overall organic increase of between 6-9% compared to 2024 is projected for 2025. Specifically, the textile flooring product line is expected to grow by 4-7%, the clothing fibres product line by 8-11%, and the Polymers product line is expected to grow by 14-17%. Raw materials were considered at a price level about 5% higher than in FY2024. Expected EBITDA for fiscal year 2025 is in the range of Euro 84 to 92 million. In terms of Net Financial Position, a range of Euro 190 - 200 is projected for 2025.
\u2022The growth rate (g) applied was 2.7% (in line with the previous year), which is equal to the expected global average growth beginning in 2024.
The discounting of the cash flows was carried out on the basis of a weighted average cost of capital which reflects the current market assessment of the cost of money. The identified value is 9.3%, compared with 8.2% applied in 2022.
A sensitivity analysis was also carried out in order to determine the change to the value assigned to the base assumptions which, after having considered any amendments as a result of this change on the other variables utilised, renders the recoverable value equal to its carrying amount.
This analysis indicated that only significant deviations in the achievement of the Group's business objectives, interest rates and perpetual growth rates would reduce the recoverable value to a level close to the book value, so it is not necessary, as required by IAS 36, to report in this note the effects of a sensitivity simulation.
From the impairment test carried out therefore no adjustments are required to the value of the goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f46432": { "value": "
7.3.Property, plant & equipment
The breakdown in the account and changes in the period were as follows:
(thousands of Euro)
Land & buildings
Plant & equipment
Industrial and commercial equipment
Other assets
Assets in progress
Investment property
Total before Right-of-Use
Right-of-Use
Total
December 31, 2021
54,769
119,935
381
1,775
45,020
344
222,224
18,265
240,489
Historical cost
126,870
499,888
10,503
7,257
45,020
793
690,331
35,855
726,186
Acc. deprec.
(72,102)
(379,953)
(10,122)
(5,482)
(449)
(468,108)
(17,591)
(485,699)
Change in consolidation scope
9
28
36
36
Reclassifications
1,873
39,134
47
38
(41,280)
0
(188)
(188)
Increase
371
10,119
310
489
23,574
0
34,863
10,545
45,408
Decreases
(8)
(23)
0
(5)
(163)
0
(199)
(885)
(1,084)
Depreciation
(4,374)
(28,697)
(137)
(589)
(12)
(33,809)
(8,329)
(42,138)
Exchange diff. - Historic Cost
2,203
4,748
(25)
141
1,244
0
8,311
747
9,058
Exchange diff. - Acc. Deprec.
65
(3,740)
(2)
(153)
0
0
(3,830)
(283)
(4,113)
December 31, 2022
54,898
141,485
574
1,696
28,423
333
227,407
20,060
247,467
Historic cost
128,288
543,135
10,798
7,690
28,423
793
719,127
36,122
755,249
Acc. deprec.
(73,390)
(401,650)
(10,224)
(5,994)
(460)
(491,718)
(16,062)
(507,780)
Reclassifications
(513)
16,963
97
52
(16,525)
0
74
17
91
Increases
1,137
11,101
290
802
15,828
0
29,157
23,855
53,012
Decreases
0
(304)
(7)
(32)
(88)
(431)
(1,698)
(2,129)
Depreciation
(3,411)
(28,989)
(203)
(617)
(12)
(33,233)
(9,525)
(42,757)
\"[IMAGE]\"
Exchange diff. - Historic Cost
(819)
(1,565)
(5)
(220)
(709)
(3,318)
(701)
(4,019)
Exchange diff. - Acc. Deprec.
258
(902)
5
149
0
0
(491)
426
(65)
December 31, 2023
51,551
137,789
750
1,829
26,928
321
219,168
32,435
251,604
Historic cost
129,596
554,187
11,121
7,379
26,928
793
730,005
51,810
781,814
Acc. deprec.
(78,045)
(416,398)
(10,371)
(5,549)
(472)
(510,836)
(19,375)
(530,211)
\"[IMAGE]\"
The increases in the year, excluding the effect of changes in \u201cRight-of-use\u201d, amounted to Euro 29.2 million and mainly refer to:
-for Euro 12.2 million, the increase in industrial and energy efficiency at Group plant;
-for Euro 9.0 million to activities to improve industrial and energy efficiency in the production of ECONYL\u00ae caprolactam and its raw materials, in addition to the development of circularity-focused technologies;
-for Euro 3.5 million to expand existing production capacity;
-for Euro 3.2 million, the technological improvement and upgrading of the existing plants and equipment.
All assets in progress concern industrial investments that are either incomplete or not fully operational, but for which full operability is certain and currently envisaged in the Group\u2019s strategic plans.
The recoverability of both intangible assets and property, plant and equipment has been assessed by way of impairment testing as described in the paragraph \u201cGoodwill\u201d above, and no issues concerning their recoverability have been identified.
The table below, in accordance with IFRS 16, presents the right-of-use of the non-current asset subject to the leasing contract. In particular this refers to buildings, equipment and transport and motor vehicles as illustrated in the table below.
(Euro thousands)
Right-of-use buildings
Right- of-use equipment and transport vehicles
Right-of-use motor vehicles
Right-of-use other
Right-of-use Plant and Machinery
Total
December 31, 2021
14,237
2,887
1,084
57
0
18,265
Historical cost
28,417
5,720
1,616
102
35,855
Acc. deprec.
(14,180)
(2,833)
(532)
(45)
(17,591)
Increase
7,848
2,356
341
0
10,545
\"[IMAGE]\"
Decreases
(329)
(483)
(72)
(885)
Depreciation
(6,452)
(1,434)
(420)
(22)
(8,329)
Exchange diff. - Historic Cost
618
87
36
6
747
Exchange diff. - Acc. Deprec.
(230)
(46)
(4)
(3)
(283)
December 31, 2022
15,691
3,366
964
39
0
20,060
Historic cost
27,912
6,385
1,717
109
36,122
Acc. deprec.
(12,221)
(3,018)
(753)
(70)
(16,062)
Reclassifications
0
0
17
0
0
17
Increases
5,206
2,022
578
216
15,833
23,855
Decreases
(1,467)
(202)
(29)
(1,698)
Depreciation
(7,209)
(1,820)
(463)
(32)
(9,525)
Exchange diff. - Historic Cost
(587)
(98)
(7)
(8)
(701)
Exchange diff. - Acc. Deprec.
369
45
9
3
426
Balance at December 31st 2023
12,003
3,314
1,069
217
15,833
32,435
Historic cost
26,208
7,536
1,917
317
15,833
51,810
Acc. deprec.
(14,206)
(4,222)
(848)
(99)
(19,375)
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
Increases for the year, in the amount of Euro 23.9 million, are mainly attributable to: the contract signed during the year by AquafilSLO and EON concerning the provision of electricity and thermal energy by a co-generation plant in Lubiana for Euro 15.8 million; the renewal of lease agreements for properties at the plants of the U.S. companies for Euro 3.7 million; and the renewal of the lease agreements related to the equipment of the parent company, Aquafil USA Inc., and Tessilquattro S.p.A. for Euro 1.8 million.
At December 31, 2023, the Group had no significant contracts for the purchase of material goods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f48104": { "value": "
7.4.Current and non-current financial assets and investments valued at equity
The breakdown of the account is shown below (including current and non-current):
(Euro thousands)
December 31, 2023
December 31, 2022
Receivables from parent companies
0
234
Investments valued at equity
1,023
1,018
Escrow bank deposits
3,770
5,943
Investments in other companies
164
20
Current and non-current financial assets
251
457
Receivables from related parties
79
79
Derivative financial instruments - Current
1,974
4,062
Total
7,260
11,813
of which current
5,703
9,964
of which non-current
1,557
1,849
\"[IMAGE]\"
\"[IMAGE]\"
\u201cReceivables from parent companies\u201d were collected in their entirety following payment to Aquafil S.p.A. by Aquafin Holding S.p.A. to return the security deposit paid in relation to the long-term lease agreement on the logistics property at Viale dell\u2019Industria 5, Verona (Italy) upon consensual termination of said agreement.
\u201cInvestments valued at equity\u201d, in the amount of Euro 1,023 thousand, concern the following investments in associates or joint ventures:
(i)Nofir AS, a Norwegian company based in M\u00f8rkved, Bod\u01ff, Norway, a European leader in the collection and treatment of end-of-life netting for fishing and aquaculture, of which a 31.66% stake was acquired on October 10, 2021, for Euro 1,018 thousand; the company has roughly Euro 2.5 million in assets, mainly in the form of cash and cash equivalents, trade receivables, and inventories and shareholders\u2019 equity of Euro 1.8 million;
(ii)investment in Acca S.p.A. for Euro 0.5 thousand. The company is a joint venture between Aquafil Chile S.p.A. and its equal partner Atando Cabos Chile S.p.A., is based in Santiago (Chile), and has share capital of CLP 1 million and negative shareholders\u2019 equity of Euro 20 thousand. For more information, please see paragraph 5 of the Directors\u2019 Report.
(iii)investment in Poly-Service SAS for Euro 4.5 thousand. Based in Lyon (France), the company was incorporated on August 7, 2023 and has share capital of Euro 10 thousand, in which Aquafil S.p.A. holds a 45% stake and Politecnici S.r.l. holds a 55% stake. For more information, please see paragraph 5 of the Directors\u2019 Report. The company, which is not yet operational, has a shareholders' equity of Euro 10 thousand.
\"Receivables from other related parties\" refer to guarantee deposits paid by Tessilquattro SpA and Aquafil SpA to Aquaspace SpA over a multi-year leasing contract for the industrial and logistical use property located in Via del Garda 40 - Rovereto.
\u201cInvestments in other companies\u201d relates to minor holdings.
The fair value of derivative financial instruments (IRS-IRC) reports a decrease of Euro 2.1 million substantially due to the change in the market interest rate curve. As previously illustrated, these derivatives have not been treated, for accounting purposes and consistently with the past, as hedging instruments (and therefore the relative fair value is recognised in the income statement), as it is very complex to prepare the mandatory hedging relationship.
The \u201cEscrow bank deposits\u201d, amounting to Euro 3.8 million, are held by the Group companies Aquafil Jiaxing Co Ltd and Aquafil USA Inc. These deposits earn interest and are under short-term escrow. The decrease from December 31, 2022, is essentially due to a reduction in the deposit balance by the subsidiary Aquafil Jiaxing Co. Ltd.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f48105": { "value": "
7.4.Current and non-current financial assets and investments valued at equity
The breakdown of the account is shown below (including current and non-current):
(Euro thousands)
December 31, 2023
December 31, 2022
Receivables from parent companies
0
234
Investments valued at equity
1,023
1,018
Escrow bank deposits
3,770
5,943
Investments in other companies
164
20
Current and non-current financial assets
251
457
Receivables from related parties
79
79
Derivative financial instruments - Current
1,974
4,062
Total
7,260
11,813
of which current
5,703
9,964
of which non-current
1,557
1,849
\"[IMAGE]\"
\"[IMAGE]\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f48235": { "value": "
\u201cReceivables from parent companies\u201d were collected in their entirety following payment to Aquafil S.p.A. by Aquafin Holding S.p.A. to return the security deposit paid in relation to the long-term lease agreement on the logistics property at Viale dell\u2019Industria 5, Verona (Italy) upon consensual termination of said agreement.
\u201cInvestments valued at equity\u201d, in the amount of Euro 1,023 thousand, concern the following investments in associates or joint ventures:
(i)Nofir AS, a Norwegian company based in M\u00f8rkved, Bod\u01ff, Norway, a European leader in the collection and treatment of end-of-life netting for fishing and aquaculture, of which a 31.66% stake was acquired on October 10, 2021, for Euro 1,018 thousand; the company has roughly Euro 2.5 million in assets, mainly in the form of cash and cash equivalents, trade receivables, and inventories and shareholders\u2019 equity of Euro 1.8 million;
(ii)investment in Acca S.p.A. for Euro 0.5 thousand. The company is a joint venture between Aquafil Chile S.p.A. and its equal partner Atando Cabos Chile S.p.A., is based in Santiago (Chile), and has share capital of CLP 1 million and negative shareholders\u2019 equity of Euro 20 thousand. For more information, please see paragraph 5 of the Directors\u2019 Report.
(iii)investment in Poly-Service SAS for Euro 4.5 thousand. Based in Lyon (France), the company was incorporated on August 7, 2023 and has share capital of Euro 10 thousand, in which Aquafil S.p.A. holds a 45% stake and Politecnici S.r.l. holds a 55% stake. For more information, please see paragraph 5 of the Directors\u2019 Report. The company, which is not yet operational, has a shareholders' equity of Euro 10 thousand.
\"Receivables from other related parties\" refer to guarantee deposits paid by Tessilquattro SpA and Aquafil SpA to Aquaspace SpA over a multi-year leasing contract for the industrial and logistical use property located in Via del Garda 40 - Rovereto.
\u201cInvestments in other companies\u201d relates to minor holdings.
The fair value of derivative financial instruments (IRS-IRC) reports a decrease of Euro 2.1 million substantially due to the change in the market interest rate curve. As previously illustrated, these derivatives have not been treated, for accounting purposes and consistently with the past, as hedging instruments (and therefore the relative fair value is recognised in the income statement), as it is very complex to prepare the mandatory hedging relationship.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f48851": { "value": "
The \u201cEscrow bank deposits\u201d, amounting to Euro 3.8 million, are held by the Group companies Aquafil Jiaxing Co Ltd and Aquafil USA Inc. These deposits earn interest and are under short-term escrow. The decrease from December 31, 2022, is essentially due to a reduction in the deposit balance by the subsidiary Aquafil Jiaxing Co. Ltd.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact5": { "value": "
7.5.Other non-current assets
\u201cOther non-current assets\u201d at December 31, 2023 amount to zero, as in 2023 the final transfer was received to settle the receivable from the EU for the \u201cEffective\u201d research project co-ordinated by Aquafil and funded by Bio-Based Industries Joint Undertaking (BBI JU) as part of the European Horizon 2020 research programme, with the entire chain (from raw material manufacturers to brands) involved in validating the use of bio Nylon 6 and other bio-polymer consumer market products; reference should be made also to the Directors' Report for more details on the project.
In particular, with the signing of the agreement between the partners and other lenders, an overall amount of Euro 1.7 million was stipulated, with deferred income recognised under Other liabilities (Note 7.16) which was equal to Euro 673 thousand at December 31, 2023. The receivable was reduced for the amounts effectively paid by the European Union, substantially recognised on the basis of the convention rules which provides for payment based on the state of advancement. Therefore, at December 31, 2023, the company did not have any residual receivable from the EU.
7.10.Other current assets
The changes in the account were as follows:
(Euro thousands)
December 31, 2023
December 31, 2022
Tax receivables
3,431
9,408
Supplier advances
667
885
Pension and social security institutions
155
406
Employee receivables
261
275
Tax receivables from parent
5,854
247
Other receivables
683
974
Prepayments and accrued income
3,594
3,665
Total
14,644
15,861
\"[IMAGE]\"
This amounted to Euro 14.6 million and presented a decrease of Euro 1.3 million compared to the previous year ended December 31, 2022 (Euro 15.9 million). The account comprises:
\u2022taxes and social security receivable for Euro 3.6 million, a decrease from Euro 9.8 million at December 31, 2022, due mainly to uses by way of offsetting energy-consumption credits, credits for research and development, and Industry 4.0 investment credits, as well as to the change in the payable position at December 31, 2023, related to VAT paid as compared to the credit balance at the end of the previous year;
\u2022taxes receivable from parent companies in the amount of Euro 5.9 million, which concern gains from tax consolidation generated on the transfer of the fiscal gain following fiscal losses accumulated in the previous year by Tessilquattro S.p.A. and Aquafil S.p.A. This latter, as per the tax consolidation agreement, remains responsible for netting in the calculation of tax receivables and payables relating to IRES (company income tax) as per Article 228 et seq. of the Income Tax Law with Tessilquattro SpA and Bluloop Srl;
\u2022prepayments and accrued income in the amount of Euro 3.6 million, Euro 2.1 million of which related to Aquafil S.p.A., which mainly include insurance premiums for Euro 165 thousand, information and communication technology consultancy fees invoiced in advance of completion of service for Euro 467 thousand, prepaid fees for electricity system charges during the year for Euro 726 thousand, and personnel training grants for Euro 393 thousand. This aggregate also includes an allocation by Aquafil USA for a duty-drawback programme that allows for the recovery of duties incurred in relation to shipments made to Europe.
\u2022other receivables in the amount of Euro 0.7 million, mainly related to a security deposit paid by Aquafil Jiaxing Co. Ltd. for a lease agreement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f48952": { "value": "
7.5.Other non-current assets
\u201cOther non-current assets\u201d at December 31, 2023 amount to zero, as in 2023 the final transfer was received to settle the receivable from the EU for the \u201cEffective\u201d research project co-ordinated by Aquafil and funded by Bio-Based Industries Joint Undertaking (BBI JU) as part of the European Horizon 2020 research programme, with the entire chain (from raw material manufacturers to brands) involved in validating the use of bio Nylon 6 and other bio-polymer consumer market products; reference should be made also to the Directors' Report for more details on the project.
In particular, with the signing of the agreement between the partners and other lenders, an overall amount of Euro 1.7 million was stipulated, with deferred income recognised under Other liabilities (Note 7.16) which was equal to Euro 673 thousand at December 31, 2023. The receivable was reduced for the amounts effectively paid by the European Union, substantially recognised on the basis of the convention rules which provides for payment based on the state of advancement. Therefore, at December 31, 2023, the company did not have any residual receivable from the EU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f49250": { "value": "
7.6Deferred tax assets and liabilities
The breakdown of the items \"Deferred tax assets\u201d and \u201cDeferred tax liabilities\" is shown below:
(Euro thousands)
December 31, 2023
December 31, 2022
Deferred tax assets
18,545
11,519
Deferred tax liabilities
(13,324)
(9,237)
Total
5,221
2,281
\"[IMAGE]\"
The relative movement is comprised of:
(Euro thousands)
January 1, 2023
Provisions / (releases) to net equity
Provisions / (releases) to P&L
December 31, 2023
Deferred tax assets
\"[IMAGE]\"
Provision for risks and charges
205
(72)
133
Doubtful debt provision
292
(7)
(258)
27
Measurement of employee benefits as per IAS 19
483
60
470
1,013
Intangible and tangible fixed assets
4,276
(3,309)
967
Tax losses
2,433
(40)
7,024
9,417
Inventories
2,900
(6)
(2,150)
744
Other
931
(61)
5,375
6,245
Total deferred tax assets
11,519
(54)
7,080
18,545
Deferred tax liabilities
Intangible and tangible fixed assets
8,652
(203)
3,632
12,081
Other
585
(16)
674
1,243
Total deferred tax liabilities
9,237
(219)
4,306
13,324
0
0
Total net deferred tax assets
2,280
165
2,774
5,221
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f49763": { "value": "
7.7Inventories
The changes in the account were as follows:
(Euro thousands)
December 31, 2023
December 31, 2022
Inventories of raw materials, supplies and consumables
68,727
98,093
Finished products and goods
120,741
162,653
Advances
25
63
Total
189,493
260,808
\"[IMAGE]\"
Inventories are recorded net of the obsolescence provision amounting to Euro 0.4 million and relates to slow-moving stock.
The significant decrease is mainly as a combined effect of the reduction in stock and the decrease in the average price.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f49898": { "value": "
7.8.Trade receivables
The changes in the account were as follows:
(Euro thousands)
December 31, 2023
December 31, 2022
Trade receivables
26,450
30,235
Parent, associates and other related parties
351
376
Doubtful debt provision
(595)
(2,057)
Total
26,206
28,553
\"[IMAGE]\"
The following table shows the movement of the doubtful debt provision:
(in Euro thousands)
2023
2022
Balance at January 1
(2,057)
(1,765)
Provisions
(47)
Utilisations
567
156
Release
895
89
Balance at December 31
(595)
(2,057)
Reference should be made to the previous paragraph 3.2 for details on the credit risk management policy.
The utilisation of the doubtful debt provision relates to the closure of certain receivables arising in previous years deemed uncollectible. Releases are the result of an updated analysis of the collectibility of trade receivables outstanding at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f49960": { "value": "
The following table shows the movement of the doubtful debt provision:
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f50115": { "value": "
7.9.Current tax receivables and payables
Current tax receivables of Euro 1.6 million mainly refer to payments on account paid by the company Aquafil USA Inc. for Euro 1 million, Aquafil Carpet Recycling #1 Inc. for Euro 0.2 million and Aquafil SLO doo for Euro 0.2 million.
Current tax liabilities, which amount to Euro 1.2 million, mainly refer to amounts owed by Aquafil Jiaxing Co. Ltd. for Euro 0.9 million and Aquafil Asia Pacific Co. Ltd. for Euro 0.1 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f50223": { "value": "
7.10.Other current assets
The changes in the account were as follows:
(Euro thousands)
December 31, 2023
December 31, 2022
Tax receivables
3,431
9,408
Supplier advances
667
885
Pension and social security institutions
155
406
Employee receivables
261
275
Tax receivables from parent
5,854
247
Other receivables
683
974
Prepayments and accrued income
3,594
3,665
Total
14,644
15,861
\"[IMAGE]\"
This amounted to Euro 14.6 million and presented a decrease of Euro 1.3 million compared to the previous year ended December 31, 2022 (Euro 15.9 million). The account comprises:
\u2022taxes and social security receivable for Euro 3.6 million, a decrease from Euro 9.8 million at December 31, 2022, due mainly to uses by way of offsetting energy-consumption credits, credits for research and development, and Industry 4.0 investment credits, as well as to the change in the payable position at December 31, 2023, related to VAT paid as compared to the credit balance at the end of the previous year;
\u2022taxes receivable from parent companies in the amount of Euro 5.9 million, which concern gains from tax consolidation generated on the transfer of the fiscal gain following fiscal losses accumulated in the previous year by Tessilquattro S.p.A. and Aquafil S.p.A. This latter, as per the tax consolidation agreement, remains responsible for netting in the calculation of tax receivables and payables relating to IRES (company income tax) as per Article 228 et seq. of the Income Tax Law with Tessilquattro SpA and Bluloop Srl;
\u2022prepayments and accrued income in the amount of Euro 3.6 million, Euro 2.1 million of which related to Aquafil S.p.A., which mainly include insurance premiums for Euro 165 thousand, information and communication technology consultancy fees invoiced in advance of completion of service for Euro 467 thousand, prepaid fees for electricity system charges during the year for Euro 726 thousand, and personnel training grants for Euro 393 thousand. This aggregate also includes an allocation by Aquafil USA for a duty-drawback programme that allows for the recovery of duties incurred in relation to shipments made to Europe.
\u2022other receivables in the amount of Euro 0.7 million, mainly related to a security deposit paid by Aquafil Jiaxing Co. Ltd. for a lease agreement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact7": { "value": "
7.11Cash and cash equivalents
The account is comprised of:
(Euro thousands)
December 31, 2023
December 31, 2022
Cash and equivalents
18
19
Bank and postal deposits
157,644
110,662
Total
157,662
110,682
\"[IMAGE]\"
Liquidity at year-end on the current accounts of the various operating companies of the Group, increased from Euro 110.7 million to Euro 157.7 million.
The item relates to the current account balances of the different Group companies.
The breakdown of cash and cash equivalents in thousands of Euro of foreign currencies is illustrated in the table below:
(in thousands of Euro)
December 31, 2023
AUD
Australian Dollar
243
INR
Indian Rupee
6
CLP
Chilean Peso
3
CNY
Chinese Yuan
14,207
EUR
Euro
86,695
GBP
UK Sterling
275
JPY
Japanese Yen
2,202
THB
Thai Baht
799
TRL
Turkish Lira
84
USD
US Dollar
53,148
Total
157,662
\"[IMAGE]\"
It should be noted that the increase in cash and cash equivalents at December 31, 2023, as compared to the previous year, is mainly attributable to the new financing received during the year by Aquafil S.p.A. as detailed below, as well as to the greater cash generated on operating activities by the subsidiaries Aquafil USA Inc. and Aquafil Jiaxing Co. Ltd.
In 2023 we report:
-new medium-term, unsecured loans underwritten by the Aquafil S.p.A. for a total of Euro 100 million, of which Euro 40 million backed by SACE SupportItalia guarantee. Borrowings are detailed in paragraph 7.14;
-repayments of loans and bond instalments totalling Euro 72 million by the Parent Company Aquafil SpA.
There were no restrictions on liquidity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f50842": { "value": "
7.11Cash and cash equivalents
The account is comprised of:
(Euro thousands)
December 31, 2023
December 31, 2022
Cash and equivalents
18
19
Bank and postal deposits
157,644
110,662
Total
157,662
110,682
\"[IMAGE]\"
Liquidity at year-end on the current accounts of the various operating companies of the Group, increased from Euro 110.7 million to Euro 157.7 million.
The item relates to the current account balances of the different Group companies.
The breakdown of cash and cash equivalents in thousands of Euro of foreign currencies is illustrated in the table below:
(in thousands of Euro)
December 31, 2023
AUD
Australian Dollar
243
INR
Indian Rupee
6
CLP
Chilean Peso
3
CNY
Chinese Yuan
14,207
EUR
Euro
86,695
GBP
UK Sterling
275
JPY
Japanese Yen
2,202
THB
Thai Baht
799
TRL
Turkish Lira
84
USD
US Dollar
53,148
Total
157,662
\"[IMAGE]\"
It should be noted that the increase in cash and cash equivalents at December 31, 2023, as compared to the previous year, is mainly attributable to the new financing received during the year by Aquafil S.p.A. as detailed below, as well as to the greater cash generated on operating activities by the subsidiaries Aquafil USA Inc. and Aquafil Jiaxing Co. Ltd.
In 2023 we report:
-new medium-term, unsecured loans underwritten by the Aquafil S.p.A. for a total of Euro 100 million, of which Euro 40 million backed by SACE SupportItalia guarantee. Borrowings are detailed in paragraph 7.14;
-repayments of loans and bond instalments totalling Euro 72 million by the Parent Company Aquafil SpA.
There were no restrictions on liquidity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f50843": { "value": "
7.11Cash and cash equivalents
The account is comprised of:
(Euro thousands)
December 31, 2023
December 31, 2022
Cash and equivalents
18
19
Bank and postal deposits
157,644
110,662
Total
157,662
110,682
\"[IMAGE]\"
Liquidity at year-end on the current accounts of the various operating companies of the Group, increased from Euro 110.7 million to Euro 157.7 million.
The item relates to the current account balances of the different Group companies.
The breakdown of cash and cash equivalents in thousands of Euro of foreign currencies is illustrated in the table below:
(in thousands of Euro)
December 31, 2023
AUD
Australian Dollar
243
INR
Indian Rupee
6
CLP
Chilean Peso
3
CNY
Chinese Yuan
14,207
EUR
Euro
86,695
GBP
UK Sterling
275
JPY
Japanese Yen
2,202
THB
Thai Baht
799
TRL
Turkish Lira
84
USD
US Dollar
53,148
Total
157,662
\"[IMAGE]\"
It should be noted that the increase in cash and cash equivalents at December 31, 2023, as compared to the previous year, is mainly attributable to the new financing received during the year by Aquafil S.p.A. as detailed below, as well as to the greater cash generated on operating activities by the subsidiaries Aquafil USA Inc. and Aquafil Jiaxing Co. Ltd.
In 2023 we report:
-new medium-term, unsecured loans underwritten by the Aquafil S.p.A. for a total of Euro 100 million, of which Euro 40 million backed by SACE SupportItalia guarantee. Borrowings are detailed in paragraph 7.14;
-repayments of loans and bond instalments totalling Euro 72 million by the Parent Company Aquafil SpA.
There were no restrictions on liquidity..
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f50844": { "value": "
7.11Cash and cash equivalents
The account is comprised of:
(Euro thousands)
December 31, 2023
December 31, 2022
Cash and equivalents
18
19
Bank and postal deposits
157,644
110,662
Total
157,662
110,682
\"[IMAGE]\"
Liquidity at year-end on the current accounts of the various operating companies of the Group, increased from Euro 110.7 million to Euro 157.7 million.
The item relates to the current account balances of the different Group companies.
The breakdown of cash and cash equivalents in thousands of Euro of foreign currencies is illustrated in the table below:
(in thousands of Euro)
December 31, 2023
AUD
Australian Dollar
243
INR
Indian Rupee
6
CLP
Chilean Peso
3
CNY
Chinese Yuan
14,207
EUR
Euro
86,695
GBP
UK Sterling
275
JPY
Japanese Yen
2,202
THB
Thai Baht
799
TRL
Turkish Lira
84
USD
US Dollar
53,148
Total
157,662
\"[IMAGE]\"
It should be noted that the increase in cash and cash equivalents at December 31, 2023, as compared to the previous year, is mainly attributable to the new financing received during the year by Aquafil S.p.A. as detailed below, as well as to the greater cash generated on operating activities by the subsidiaries Aquafil USA Inc. and Aquafil Jiaxing Co. Ltd.
In 2023 we report:
-new medium-term, unsecured loans underwritten by the Aquafil S.p.A. for a total of Euro 100 million, of which Euro 40 million backed by SACE SupportItalia guarantee. Borrowings are detailed in paragraph 7.14;
-repayments of loans and bond instalments totalling Euro 72 million by the Parent Company Aquafil SpA.
There were no restrictions on liquidity..
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f51291": { "value": "
7.12Shareholders\u2019 Equity
Share capital
At December 31, 2023, the Company authorised share capital amounted to Euro 50,522 thousand, whose subscribed and paid-up capital amounts to Euro 49,722 thousand, while the unsubscribed and unpaid portion relates to: (i) Euro 800 thousand, the capital increase in service of Aquafil Sponsor Warrants. The subscribed and paid-up share capital is divided into 51,218,794 shares without nominal value divided into:
\u202242,902,774 ordinary shares, identified by the ISIN Code IT0005241192;
\u20228,316,020 special Class B shares, identified by the ISIN Code IT0005285330 which, in compliance with any legal limits, assign 3 exercisable voting rights pursuant to Art. 127-sexies of Legislative Decree No. 58/1998 in shareholders\u2019 meetings of the company and which may be converted into ordinary shares under specific conditions and circumstances as regulated by the By-Laws, at the rate of one ordinary share for each Class B share.
In 2022, following the fulfilment of that indicated at Article 5 of the By-Laws of Aquafil SpA, 100% of the Class C shares (i.e. 80,000 class C shares) were automatically converted into ordinary shares, according to the conversion ratio of 1 ordinary share for each Class C share, without the expression of interest from their respective holders and without any change in the total amount of the company share capital.
It is recalled that the 80,000 special Class C shares, identified by the ISIN Code IT0005241747, were without voting rights in the ordinary and extraordinary shareholders\u2019 meetings of the company and excluded from the right to receive profits which the company resolves to distribute as an ordinary, non-transferable dividend until April 5, 2022 and automatically converted into ordinary shares in the conversion ratio of 4.5 ordinary shares for each Class C share according to specific conditions and circumstances laid down by the By-Laws.
As a result of this share conversion, the Group\u2019s share capital remains at Euro 49,722,417 while the number of ordinary shares increases from 42,822,774 to 42,902,774, while the class B shares remained unchanged (8,316,020 shares) and consequently the total number of shares remains unchanged (51,218,794 shares).
The breakdown of Aquafil SpA\u2019s subscribed and paid-up share capital at December 31, 2023 is shown below:
Type of shares
No. shares
% of Share Capital
Listing
Ordinary
42,902,774
83.76%
MTA, STAR Segment
Class B
8,316,020
16.24%
Non-listed
Class C
Total
51,218,794
100%
\"[IMAGE]\"
On the basis of communications sent to the National Commission for Companies and the Stock Exchange (CONSOB), and received by the Company pursuant to Article 120 of Legislative Decree No. 58 of February 24, 1998, as well as the effect of the conversion of Market Warrants, holders of a significant shareholding as at December 31, 2023 - i.e. considering Aquafil SpA\u2019s qualification as an SME pursuant to Article 1 (w-quater). 1 of the CFA, of a shareholding of greater than 5% of Aquafil SpA share capital with voting rights;
The declarant or subject at the top of the equity chain
Direct shareholder
Type of shares
Number of shares
No. of voting
rights
GB&P S.r.l.
Aquafin Holding S.p.A.
Ordinary
21,554,705
21,554,705
Class B
8,316,020
24,948,060
Total
29,870,725
46,502,765
Holding
58.32%
68.52%
\"[IMAGE]\"
Warrants
The following were initially issued on listing:
(i)7,499,984 Aquafil Market Warrants, listed and identified by the ISIN Code IT0005241200, which incorporate the right to the allocation of Aquafil SpA ordinary shares and are exercisable under the conditions set out in the relative regulation approved by the Space3 extraordinary shareholders\u2019 meeting by resolution of December 23, 2016. Pursuant to the Aquafil SpA Market Warrant Regulation (ISIN IT0005241200), December 4, 2022 was the deadline for the exercise of the Aquafil Warrants financial instruments, as 60 (sixty) months had elapsed since the date of admission to listing of Aquafil\u2019s ordinary shares (ISIN IT0005241192);
(ii)800,000 Aquafil Sponsor Warrants, identified by the ISIN Code IT0005241754, non-listed and exercisable within ten years from the date of December 4, 2017, payable at the unit exercise price of Euro 13.00 (on achieving a \"Strike Price\" of Euro 13.00), in response to the allocation of an ordinary Aquafil share for each Sponsor Warrant exercised.
On December 4, 2022, the exercise deadline for the Aquafil Market Warrants financial instruments concluded, and therefore as of December 31, 2022, 2,014,322 Aquafil Market Warrants have been converted with the allotment of 498,716 Conversion Shares. As of December 31, 2023, therefore, no other Market Warrants are outstanding, while it is noted that no Aquafil Sponsor Warrants have been converted.
Legal reserve
The legal reserve at December 31, 2023 was equal to Euro 2.1 million; the increase of Euro 0.8 million was approved by the Shareholders\u2019 Meeting of April 27, 2023 which allocated to this reserve one twentieth of the profit for the year 2022.
Translation reserve
The translation reserve, negative at December 31, 2023 for Euro 14.6 million (increased by a negative effect of Euro 11.5 million in the year), includes all the differences arising from the translation into Euro of the subsidiaries\u2019 financial statements included in the consolidation scope expressed in foreign currency.
This is the effect of statement translation, so it had no impact on profits for the year, but is recognised on the consolidated comprehensive income statement as reserves to be carried forward.
Share premium reserve
The item amounted to Euro 19.98 million at December 31, 2023 and is derived from the merger transaction between Aquafil SpA and Space 3 SpA in 2017.
Listing costs / Share capital increase reserve
The item amounted to Euro 3.29 million at December 31, 2023 as a decrease in shareholders\u2019 equity and relates to the costs incurred in 2017 for the listing and thereafter the share capital increase.
\u201cFirst Time Adoption\u201d Reserve (FTA)
The item amounts to Euro 2.39 million as a reduction of shareholders\u2019 equity and represents the conversion effects from Italian GAAP to IFRS.
IAS 19 reserve
At December 31, 2023, it was equal to a Euro 0.6 million reduction in shareholders\u2019 equity and includes the actuarial effects at that date of severance indemnities and all the other benefits for employees of Group companies.
Negative reserve for treasury shares in portfolio
The negative reserve for treasury shares in portfolio totalled Euro 8.6 million at December 31, 2023.
As also reported in the 2021 Integrated Report, it is recalled that on October 20, 2021, Aquafil SpA announced that the Company\u2019s Shareholders authorised the purchase of treasury shares in accordance with Article 2357 of the Italian Civil Code. The authorisation by Shareholders had a duration of 18 months from the date of the authorising resolution. The operation was aimed at enabling the Company to purchase and/or make use of the Company\u2019s ordinary shares for: (i) making investments and limiting anomalous changes in share prices so as to promote regular trading outside of normal fluctuations tied to market trends, while, in any event, observing applicable laws and regulations; and (ii) establishing a securities reserve for future uses in accordance with the strategies that the Company intends to pursue as payment in corporate transactions with other parties or other extraordinary uses. The Shareholders authorised the purchase, in one or more tranches, of ordinary shares up to a maximum number which, taking account of the ordinary shares which may be held in portfolio by the company and by its subsidiary, does not total more than 3% of share capital.
On December 31, 2023, following the purchases made, Aquafil held 1,278,450 treasury shares, equal to 2.4961% of the share capital.
Retained earnings
At December 31, 2023, the account amounts to Euro 108.9 million and represents the results generated by the Aquafil Group in previous years (including pre-merger with Space3 S.p.A.) net of the distribution of dividends.
Dividends
The Shareholders' Meeting held on April 27, 2023 approved the distribution of a dividend of Euro 12 million (Euro 0.24 per share), which was paid out on May 10, 2023 with coupon date of May 8, 2023.
Minority interest net equity
As illustrated in paragraph 2.3 \u201cConsolidation scope\u201d and consolidation criteria, the minority interests shareholders\u2019 equity substantially reduced to zero.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f51292": { "value": "
7.12Shareholders\u2019 Equity
Share capital
At December 31, 2023, the Company authorised share capital amounted to Euro 50,522 thousand, whose subscribed and paid-up capital amounts to Euro 49,722 thousand, while the unsubscribed and unpaid portion relates to: (i) Euro 800 thousand, the capital increase in service of Aquafil Sponsor Warrants. The subscribed and paid-up share capital is divided into 51,218,794 shares without nominal value divided into:
\u202242,902,774 ordinary shares, identified by the ISIN Code IT0005241192;
\u20228,316,020 special Class B shares, identified by the ISIN Code IT0005285330 which, in compliance with any legal limits, assign 3 exercisable voting rights pursuant to Art. 127-sexies of Legislative Decree No. 58/1998 in shareholders\u2019 meetings of the company and which may be converted into ordinary shares under specific conditions and circumstances as regulated by the By-Laws, at the rate of one ordinary share for each Class B share.
In 2022, following the fulfilment of that indicated at Article 5 of the By-Laws of Aquafil SpA, 100% of the Class C shares (i.e. 80,000 class C shares) were automatically converted into ordinary shares, according to the conversion ratio of 1 ordinary share for each Class C share, without the expression of interest from their respective holders and without any change in the total amount of the company share capital.
It is recalled that the 80,000 special Class C shares, identified by the ISIN Code IT0005241747, were without voting rights in the ordinary and extraordinary shareholders\u2019 meetings of the company and excluded from the right to receive profits which the company resolves to distribute as an ordinary, non-transferable dividend until April 5, 2022 and automatically converted into ordinary shares in the conversion ratio of 4.5 ordinary shares for each Class C share according to specific conditions and circumstances laid down by the By-Laws.
As a result of this share conversion, the Group\u2019s share capital remains at Euro 49,722,417 while the number of ordinary shares increases from 42,822,774 to 42,902,774, while the class B shares remained unchanged (8,316,020 shares) and consequently the total number of shares remains unchanged (51,218,794 shares).
The breakdown of Aquafil SpA\u2019s subscribed and paid-up share capital at December 31, 2023 is shown below:
Type of shares
No. shares
% of Share Capital
Listing
Ordinary
42,902,774
83.76%
MTA, STAR Segment
Class B
8,316,020
16.24%
Non-listed
Class C
Total
51,218,794
100%
\"[IMAGE]\"
On the basis of communications sent to the National Commission for Companies and the Stock Exchange (CONSOB), and received by the Company pursuant to Article 120 of Legislative Decree No. 58 of February 24, 1998, as well as the effect of the conversion of Market Warrants, holders of a significant shareholding as at December 31, 2023 - i.e. considering Aquafil SpA\u2019s qualification as an SME pursuant to Article 1 (w-quater). 1 of the CFA, of a shareholding of greater than 5% of Aquafil SpA share capital with voting rights;
The declarant or subject at the top of the equity chain
Direct shareholder
Type of shares
Number of shares
No. of voting
rights
GB&P S.r.l.
Aquafin Holding S.p.A.
Ordinary
21,554,705
21,554,705
Class B
8,316,020
24,948,060
Total
29,870,725
46,502,765
Holding
58.32%
68.52%
\"[IMAGE]\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f52620": { "value": "
Legal reserve
The legal reserve at December 31, 2023 was equal to Euro 2.1 million; the increase of Euro 0.8 million was approved by the Shareholders\u2019 Meeting of April 27, 2023 which allocated to this reserve one twentieth of the profit for the year 2022.
Translation reserve
The translation reserve, negative at December 31, 2023 for Euro 14.6 million (increased by a negative effect of Euro 11.5 million in the year), includes all the differences arising from the translation into Euro of the subsidiaries\u2019 financial statements included in the consolidation scope expressed in foreign currency.
This is the effect of statement translation, so it had no impact on profits for the year, but is recognised on the consolidated comprehensive income statement as reserves to be carried forward.
Share premium reserve
The item amounted to Euro 19.98 million at December 31, 2023 and is derived from the merger transaction between Aquafil SpA and Space 3 SpA in 2017.
Listing costs / Share capital increase reserve
The item amounted to Euro 3.29 million at December 31, 2023 as a decrease in shareholders\u2019 equity and relates to the costs incurred in 2017 for the listing and thereafter the share capital increase.
\u201cFirst Time Adoption\u201d Reserve (FTA)
The item amounts to Euro 2.39 million as a reduction of shareholders\u2019 equity and represents the conversion effects from Italian GAAP to IFRS.
IAS 19 reserve
At December 31, 2023, it was equal to a Euro 0.6 million reduction in shareholders\u2019 equity and includes the actuarial effects at that date of severance indemnities and all the other benefits for employees of Group companies.
Negative reserve for treasury shares in portfolio
The negative reserve for treasury shares in portfolio totalled Euro 8.6 million at December 31, 2023.
As also reported in the 2021 Integrated Report, it is recalled that on October 20, 2021, Aquafil SpA announced that the Company\u2019s Shareholders authorised the purchase of treasury shares in accordance with Article 2357 of the Italian Civil Code. The authorisation by Shareholders had a duration of 18 months from the date of the authorising resolution. The operation was aimed at enabling the Company to purchase and/or make use of the Company\u2019s ordinary shares for: (i) making investments and limiting anomalous changes in share prices so as to promote regular trading outside of normal fluctuations tied to market trends, while, in any event, observing applicable laws and regulations; and (ii) establishing a securities reserve for future uses in accordance with the strategies that the Company intends to pursue as payment in corporate transactions with other parties or other extraordinary uses. The Shareholders authorised the purchase, in one or more tranches, of ordinary shares up to a maximum number which, taking account of the ordinary shares which may be held in portfolio by the company and by its subsidiary, does not total more than 3% of share capital.
On December 31, 2023, following the purchases made, Aquafil held 1,278,450 treasury shares, equal to 2.4961% of the share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f53031": { "value": "
Negative reserve for treasury shares in portfolio
The negative reserve for treasury shares in portfolio totalled Euro 8.6 million at December 31, 2023.
As also reported in the 2021 Integrated Report, it is recalled that on October 20, 2021, Aquafil SpA announced that the Company\u2019s Shareholders authorised the purchase of treasury shares in accordance with Article 2357 of the Italian Civil Code. The authorisation by Shareholders had a duration of 18 months from the date of the authorising resolution. The operation was aimed at enabling the Company to purchase and/or make use of the Company\u2019s ordinary shares for: (i) making investments and limiting anomalous changes in share prices so as to promote regular trading outside of normal fluctuations tied to market trends, while, in any event, observing applicable laws and regulations; and (ii) establishing a securities reserve for future uses in accordance with the strategies that the Company intends to pursue as payment in corporate transactions with other parties or other extraordinary uses. The Shareholders authorised the purchase, in one or more tranches, of ordinary shares up to a maximum number which, taking account of the ordinary shares which may be held in portfolio by the company and by its subsidiary, does not total more than 3% of share capital.
On December 31, 2023, following the purchases made, Aquafil held 1,278,450 treasury shares, equal to 2.4961% of the share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f53511": { "value": "
Dividends
The Shareholders' Meeting held on April 27, 2023 approved the distribution of a dividend of Euro 12 million (Euro 0.24 per share), which was paid out on May 10, 2023 with coupon date of May 8, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f53616": { "value": "
7.13.Employee benefits
The account is comprised of:
(in thousands of Euro)
December 31, 2022
5,192
Financial charges
166
Provisions
(184)
Advances and settlements
(322)
Actuarial losses/(gains)
252
Balance at December 31st 2023
5,104
\"[IMAGE]\"
For completeness the table below shows the changes in the previous year:
(in thousands of Euro)
December 31, 2021
5,910
Financial charges
66
Provisions
422
Advances and settlements
(482)
Actuarial losses/(gains)
(724)
December 31, 2022
5,192
\"[IMAGE]\"
The post-employment benefits provision includes the effects of discounting as required by the IAS 19 accounting standard. The following is a breakdown of the main economic and demographic assumptions used for actuarial valuations:
Financial assumptions
December 31, 2023
Discount rate
2.95%
Inflation rate
2.00%
Annual increase in employee leaving indemnity
3.00%
Demographic assumptions
Death
The RG48 mortality tables published by the General State Controller
Disability
INPS tables by age and gender
Retirement
100% on satisfying AGO requirements
Annual frequency of Turnover and leaving indemnity advances
Frequency advances
4.50%
Frequency turnover
2.50%
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
The bond\u2019s financial average duration at December 31, 2023 is approximately 7 years.
For comparability with the previous year a breakdown of the main economic and demographic assumptions used for actuarial valuations at December 31, 2022 is shown below:
Financial assumptions
December 31, 2022
Discount rate
3.57%
Inflation rate
2.30%
Annual increase in employee leaving indemnity
3.23%
Demographic assumptions
Death
The RG48 mortality tables published by the General State Controller
Disability
INPS tables by age and gender
Retirement
100% on satisfying AGO requirements
Annual frequency of Turnover and leaving indemnity advances
Frequency advances
4.50%
Frequency turnover
2.50%
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f53729": { "value": "The post-employment benefits provision includes the effects of discounting as required by the IAS 19 accounting standard. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f53995": { "value": "
7.14Current and non-current financial liabilities
The account is comprised of:
(Euro thousands)
December 31, 2023
of which current portion
December 31, 2022
of which current portion
Medium/long term bank loans
303,516
77,857
263,114
60,880
Accrued interest and accessory charges on medium/long-term bank loans
(16)
(16)
(399)
(399)
Total medium/long-term bank loans
303,499
77,841
262,715
60,481
\"[IMAGE]\"
Bond loans
70,248
12,857
83,158
12,857
Accrued interest and charges on bonds
401
401
251
251
Total bond loan
70,649
13,258
83,409
13,108
Leasing and RoU financial payables
34,696
9,005
21,074
8,224
Liabilities for derivative financial instruments
619
619
0
0
Other lenders and banks \u2013 short term
2,438
2,438
1,333
1,333
Total
411,901
103,161
368,531
83,146
\"[IMAGE]\"
\"[IMAGE]\"
Medium/long term bank loans
This item refers to payables relating to financing agreements obtained from credit institutions.
These agreements stipulate the payment of interest at a fixed rate or, alternatively, at a variable rate typically linked to the Euribor rate for the period plus a spread.
With the exception of the loans undertaken by Tessilquattro SpA and Aquafil Benelux, at year-end all the Group\u2019s loans had been contracted by Aquafil SpA, in view of its positive rating and the favourable situation within the Italian financial market. During the year Aquafil S.p.A. thus provided financial support, through share capital increases for the investment activities of the subsidiaries, particularly to the Slovenian subsidiary.
During 2023, loans were repaid on schedule and new medium/long term loans totalling Euro 100 million were entered into with leading banking institutions.
The funds raised were used to maintain liquidity.
With reference to the loans granted, there are no mortgages or guarantees registered on company assets.
(in thousands of Euro)
Original amount
Granting date
Maturity date
Repayment plan
Rate applied
At December 31, 2023
of which current portion
Medium/long term bank loans - fixed rate
Cassa Centrale Banca (former Casse Rurali Trentine) (*)
15,000
2019
2026
Quarterly from 30/09/2021
1.25% fixed, from July 1, 2024, 3 mo. Euribor +1%
7,617
2,977
Cassa Centrale Banca (former Casse Rurali Trentine) (*)
11,000
2022
2029
Quarterly from 31/12/2023
1.20% fixed, from April 1, 2026, 3 mo. Euribor +1%
10,516
1,952
\"[IMAGE]\"
Cr\u00e9dit Agricole (former: Credito Valtellinese) (*)
15,000
2018
2024
Quarterly from 05/10/2018
1% fixed
3,259
3,259
Cassa Depositi e Prestiti (*)
20,000
2020
2027
Half-yearly from 20/06/2023
1.48% fixed
16,000
4,000
ING Belgie NV
49
2023
2026
Monthly
4.23% fixed
49
16
Total Medium/long term bank loans - fixed rate
37,440
12,204
Medium/long term bank loans - variable rate
Deutsche Bank (*)
5,000
2018
2024
Quarterly from 15/01/2019
Euribor 3 months + 1.20%
938
938
Deutsche Bank (*)
20,000
2022
2028
Quarterly from 01/10/2023
Euribor 3 months + 1.20%
18,000
4,000
Sparkasse - Cassa Risparmio di Bolzano (*)
20,000
2018
2025
Quarterly from 31/03/2020
Euribor 3 months + 0.85%
8,102
4,034
Sparkasse - Cassa Risparmio di Bolzano (*)
10,000
2022
2028
Quarterly from 31/12/2024
Euribor 3 months + 1.05%
10,000
600
Banca Intesa (*)(**)
15,000
2018
2024
Half-yearly from 31/07/2019
Euribor 6 months + 0.95%
2,571
2,571
Banca Intesa (*)(**)
30,000
2021
2027
Half-yearly from 30/06/2023
Euribor 6 months + 1.10%
24,000
6,000
Banca Intesa (*)
20,000
2023
2028
Quarterly from 31/12/2025
Euribor 3 months + 0.95%
20,000
Banca di Verona
15,000
2017
2024
Quarterly from 30/06/2017
Euribor 3 months + 2%
3,275
3,275
Banca di Verona
3,000
2019
2024
Quarterly from 06/08/2021
Euribor 3 months + 1.30%
1,182
1,182
Banca di Verona
5,000
2022
2027
Quarterly from 27/04/2024
Euribor 6 months + 1.20%
5,000
388
Banca di Verona
5,000
2023
2028
Quarterly from 04/04/2024
Euribor 6 months + 1.20%
5,000
570
BPM - Banca Popolare di Milano (*) (**)
25,000
2018
2025
Quarterly from 31/03/2020
Euribor 3 months + 0.90%
11,672
4,491
BPM - Banca Popolare di Milano (*) (**)
15,000
2019
2025
Quarterly from 30/09/2020
Euribor 3 months + 1.05%
6,173
3,010
BPM - Banca Popolare di Milano (*)
15,000
2023
2028
Quarterly from 30/09/2023
Euribor 3 months + 1.15%
13,657
2,772
BPER - Banca Popolare Emilia Romagna (*) (**)
10,000
2019
2025
Monthly from 26/09/2020
Euribor 3 months + 0.75%
4,203
2,516
BNL - Banca Nazionale del Lavoro (*)
7,500
2018
2025
Half-yearly from 31/12/2019
Euribor 6 months + 1.40%
2,727
2,045
BNL - Banca Nazionale del Lavoro (*) with BEI fund
12,500
2018
2025
Half-yearly from 31/12/2019
Euribor 6 months + 1.25%
4,545
3,409
BNL - Banca Nazionale del Lavoro (*)
20,000
2022
2027
Quarterly from 08/12/2023
Euribor 3 months + 1.40%
18,750
5,000
BNL - Banca Nazionale del Lavoro (*) (**)
10,000
2023
2028
Quarterly from 05/10/2024
Euribor 3 months + 1.55%
10,000
625
Cr\u00e9dit Agricole (ex Banca Popolare Friuladria) (*) (**)
10,000
2017
2024
Quarterly from 31/03/2019
Euribor 3 months + 1.30%
2,814
1,852
Cr\u00e9dit Agricole (ex Banca Popolare Friuladria) (*) (**)
10,000
2019
2025
Half-yearly from 28/12/2020
Euribor 6 months + 1.05%
3,636
1,818
Cr\u00e9dit Agricole (former Banca Popolare Friuladria) (*)
10,000
2023
2029
Half-yearly from 29/09/2024
Euribor 6 months + 1.35%
10,000
795
Cr\u00e9dit Agricole (former: Credito Valtellinese) with Central Fund guarantee
5,000
2020
2026
Quarterly from 30/09/2021
Euribor 3 months + 1.40%
2,457
977
\"[IMAGE]\"
\"[IMAGE]\"
Crediti Emiliano
5,000
2022
2027
Quarterly from 16/09/2023
Euribor 3 months + 0.90%
4,494
1,043
Mediocredito Trentino Alto Adige
3,000
2022
2026
Quarterly from 16/10/2023
0.85% fixed until 15/10/2022 - Euribor 3 months +1%
2,753
994
Monte dei Paschi di Siena (*)
15,000
2018
2025
Half-yearly from 31/12/2019
Euribor 6 months + 0.80%
5,625
3,750
Monte dei Paschi di Siena (*) (**) with SACE guarantee
20,000
2023
2028
Quarterly from 30/09/2025
Euribor 3 months + 0.75%
20,000
MCC - Banca del Mezzogiorno (*)
10,000
2019
2026
Quarterly from 09/11/2020
Euribor 1 month + 1.20%
4,500
2,000
MCC - Banca del Mezzogiorno (*)
15,000
2023
2028
Quarterly from 30/06/2025
Euribor 3 months + 1.20%
15,000
Cassa Depositi e Prestiti (*)
20,000
2022
2027
Half-yearly from 30/06/2024
Euribor 6 months + 1.55%
20,000
5,000
Volksbank
5,000
2023
2028
Quarterly from 31/03/2025
Euribor 3 months + 1.60%
5,000
Total Medium/long term bank loans - variable rate
266,075
65,653
Accrued interest on medium/long term bank loans
(16)
(16)
Medium/long term bank loans - fixed and variable rate
303,499
77,841
\"[IMAGE]\"
\"[IMAGE]\"
* Loans that provide for compliance with financial covenants
** Loan to which an interest rate swap contract is linked under which interest to be paid to the bank is fixed and equal to the value shown in the table
Certain loan agreements provide for compliance with financial and equity covenants, as summarised below:
Loan
Period
Parameter
Reference
Limit
Cr\u00e9dit Agricole (former Banca Friuladria)
Annually
Net Debt / Net Equity
Group
\u2264 2.50
Annually
Net Debt / EBITDA
\u2264 3.75
Cr\u00e9dit Agricole (former Banca Friuladria) - Loan disbursed in 2023
Annually
Net Debt / Net Equity
Group
\u2264 2.50
Annually
Net Debt / EBITDA
\u2264 4.00
Banca Intesa San Paolo
Annually
Net Debt / Net Equity
Group
\u2264 2.50
Annually
Net Debt / EBITDA
\u2264 3.75
Sparkasse - Cassa di risparmio di Bolzano
Annually
Net Debt / Net Equity
Group
\u2264 2.50
Annually
Net Debt / EBITDA
\u2264 3.75
BNL - Banca Nazionale del Lavoro
Annually
Net Debt / Net Equity
Group
\u2264 2.50
Annually
Net Debt / EBITDA
\u2264 3.75
Banco BPM
Annually
Net Debt / Net Equity
Group
\u2264 2.50
Annually
Net Debt / EBITDA
\u2264 3.75
Cr\u00e9dit Agricole
Annually
Net Debt / Net Equity
Group
\u2264 2.50
Annually
Net Debt / EBITDA
\u2264 3.75
Deutsche Bank
Annually
Net Debt / Net Equity
Group
\u2264 2.50
Annually
Net Debt / EBITDA
\u2264 3.75
Monte dei Paschi di Siena
Annually
Net Debt / Net Equity
Group
\u2264 2.50
Annually
Net Debt / EBITDA
\u2264 3.75
Cassa Centrale Banca (former Casse Rurali Trentine)
Annually
Net Debt / Net Equity
Group
\u2264 2.50
Annually
Net Debt / EBITDA
\u2264 3.75
BPER - Banca Pop. Emilia Romagna
Annually
Net Debt / Net Equity
Group
\u2264 2.50
Annually
Net Debt / EBITDA
\u2264 3.75
MCC - Banca del Mezzogiorno
Annually
Net Debt / Net Equity
Group
< 2.50
Annually
Net Debt / EBITDA
< 3.75
CDP - Cassa Depositi e Prestiti
Annually
Net Debt / Net Equity
Group
\u2264 2.50
Annually
Net Debt / EBITDA
\u2264 3.75
\"[IMAGE]\"
In relation to the financial covenants established in the bond and loan agreements detailed above, the Group prudently obtained before the end of the financial year:
1. by the lenders, the \u201choliday\u201d covenant for verification of the consolidated \u201cNFP/EBITDA leverage ratio\u201d and of the \u201cNFP/Shareholders\u2019 Equity\u201d covenant for the year ended December 31, 2023 and for the cases applicable to the consolidated half-year report at June 30, 2024, with the return to contractual status at December 31, 2024;
2. by the bond subscribers the redrafting of the following financial covenants:
\u2022\u201cNFP/EBITDA leverage ratio\u201d financial covenants to 5.50 and the return to contractual status at December 31, 2024;
\u2022Consolidated \u201cInterest Coverage Ratio\u201d from 4 to 2.50 at December 31, 2023 to3 ad December 31, 2024, and to 3.5 at December 31, 2025.
With reference to the loans granted, there are no mortgages or guarantees registered on company assets.
Bond loans
The Company has two fixed-rate bonds outstanding, with a total original value of Euro 90 million, which at December 31, 2023 amounted to Euro 70 million, decreasing on the previous year by approx. Euro 12.9 million due to the repayment of the instalment due in 2023. The outstanding bonds have the following features:
\u2022a first bond loan (\u201cA\u201d), initially issued on June 23, 2015 and subscribed by companies belonging to the US Group Prudential Financial Inc., with a value equal to Euro 50 million, to be repaid in 7 equal instalments of Euro 7.1 million, of which final maturity on September 20, 2028, with residual debt at December 31, 2023 of Euro 35.7 million; the loan is subject to a fixed interest rate of 3.70% with the application of a \"margin ratchet\" which provides for a gradual increase in the rate up to a maximum of 1% on the fluctuation of the NFP/EBITDA ratio of the Group. The NFP/EBITDA ratio at December 31, 2022, resulted in a rate increase from 3.75% to 4.20% for the following six-month period (from March to September 2023). Due to the NFP/EBITDA ratio at June 30, 2023, the interest rate increased from 4.20% to 4.70%, which remains valid until March 2024;
\u2022a second bond \u201cB\u201d was issued on May 24, 2019, to finance the business combination of Aquafil O\u2019Mara Inc., and subscribed by companies belonging to the US Group Prudential Financial Inc. for a total of Euro 40 million; the terms provide for repayment in 7 annual instalments from May 24, 2023, the remaining balance of which was Euro 34.3 million at December 31, 2023; the fixed interest rate is equal to 1.87%, with the application of the same margin ratchet condition as for bond \u201cA\u201d. As a result of the NFP/EBITDA ratio at June 30, 2022, the interest rate remained at 1.87% until May 2023, then increased to 2.37% for the period May\u2013November 2023 as a result of the ratio at December 31, 2022. Due to the NFP/EBITDA ratio at June 30, 2023, the interest rate increased to 2.87% until May 2024.
The following table summarises the main characteristics of the aforementioned bond loans:
Bond loan
Total Nominal Value
Issue date
Maturity date
Capital portion repayment plan
Interest rate applied
Bond loan A
50,000,000
23/06/2015
20/09/2028
7 annual instalments from 20/09/2022
4.70%
Bond loan B
40,000,000
24/05/2019
24/05/2029
7 annual instalments from 24/05/2023
2.87%
\"[IMAGE]\"
Bond loans envisage compliance with the following financial covenants, as contractually defined, to be calculated on the basis of the Group\u2019s consolidated financial statements:
Bond loan A-B
Financial parameters
Parameter
Covenant limit
Interest Coverage Ratio
EBITDA / Net financial charges
> 3.5
Leverage Ratio (*)
Net Debt / EBITDA
< 3.75
Net Debt Ratio
Net Debt / Net Equity
Minimum Net Equity threshold levels
\"[IMAGE]\"
(*) This indicator must be calculated with reference to the 12-month period which terminates on December 31 and June 30 for all years applicable.
Non-compliance with just one of the above financial parameters, where not resolved within the contractual deadlines provided, would constitute a circumstance for the bond loan\u2019s compulsory early repayment.
The terms and conditions of the above bond loans also envisage, as is customary for financial transactions of this type, a structured series of commitments to be borne by the Company and Group companies (\"Affirmative Covenants\") and a series of limitations on the possibility of carrying out certain transactions, if not in compliance with certain financial parameters or specific exceptions provided for by the agreement with the bondholders (\"Negative Covenants\").
Specifically, there are in fact certain limitations on the assumption of financial debt, on carrying out certain investments and on acts of disposal of corporate assets. To ensure the timely and correct fulfilment of obligations arising on account of the Parent Company from the issue of securities, the companies Aquafil Usa Inc. and Aquafil SLO doo have issued joint corporate guarantees in favour of underwriters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f57411": { "value": "
Lease liability
Financial payables for leases, which amounted to Euro 34.7 million, increased on December 31, 2022 (Euro 21.1 million), and refer to the effects of the application of IFRS 16. The increase is mainly attributable to the signing of new lease agreements during the year, as detailed in paragraph 7.3 of these explanatory notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact0": { "value": "
7.15.Provisions for risks and charges
The account is comprised of:
(Euro thousands)
December 31, 2023
December 31, 2022
Agents\u2019 supplementary indemnity provision and others
1,600
1,734
Guarantee fund on client engineering orders
109
241
Total
1,710
1,975
\"[IMAGE]\"
The balance at December 31, 2023 of Euro 1.7 million is in line with December 31, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f57573": { "value": "
7.16Other current and non-current liabilities
The account is comprised of:
(Euro thousands)
December 31, 2023
of which current portion
December 31, 2022
of which current portion
Employee payables
9,912
9,912
12,532
12,532
Social security payables
3,103
3,103
3,229
3,229
Payables to parent for income taxes
0
0
230
230
Tax payables
2,511
2,511
2,125
2,125
Other payables
2,021
2,021
1,215
1,215
Accrued liabilities and deferred income
9,151
3,299
14,817
5,832
Total
26,698
20,846
34,148
25,163
\"[IMAGE]\"
\u201cEmployee payables\" refers to sums due by Group companies to their employees at the end of the year and amounts to Euro 9.9 million, decreasing Euro 2.6 million on December 31, 2022 (Euro 12.5 million). This decrease is strictly correlated with the reduction in the total active workforce at December 31, 2023, compared to the end of the previous year.
\u201cSocial security payables\u201d mainly includes the amount owed at year-end by the Group companies and their employees to social security institutions and amounts to Euro 3.1 million, in line with December 31, 2022.
\u201cPayables to parent for income taxes\u201d, which at December 31, 2023 amounted to Euro 0.2 million, refer to Tessilquattro SpA payables to the parent company Aquafin Holding SpA as per the tax consolidation regime. They were fully settled in the current year.
\u201cTax payables\u201d, in the amount of Euro 2.5 million, are essentially in line with the previous year.
\u201cAccrued liabilities and deferred income\u201d mainly comprise:
\u2022the commercial contract with the US group Interface, involving a worldwide collaboration for supply and product development. In particular, Aquafil SpA undertook an obligation until 2026 to guarantee Interface conditions of supply, against which the client, in addition to committing to annual minimum volumes, paid to Aquafil SpA USD 24 million in advance. At December 31, 2023, this deferred revenue (recognised to deferred income) amounts to Euro 4.6 million;
\u2022the deferral of the portion pertaining to future years of the contribution obtained from the European Union for the \u201cEffective\u201d research project, described in the Directors\u2019 Report and also commented on in the notes above. The original deferred income recognised for Euro 3.3 million which concerns the overall contribution recorded at the signing date of the agreement with lending banks (with counter-entry to Other non-current assets), amounts to Euro 1.4 million at December 31, 2023. It should be noted that from 2019 onwards, costs relating to the \u201cEffective\u201d project have been capitalised under intangible assets in progress for the portion eligible under IAS 38. Therefore, the residual contribution concerning the capitalised portion is recognised to the income statement from 2022, for a period of 5 years, as the asset has been capitalised and is depreciated over that timeframe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f57574": { "value": "
7.16Other current and non-current liabilities
The account is comprised of:
(Euro thousands)
December 31, 2023
of which current portion
December 31, 2022
of which current portion
Employee payables
9,912
9,912
12,532
12,532
Social security payables
3,103
3,103
3,229
3,229
Payables to parent for income taxes
0
0
230
230
Tax payables
2,511
2,511
2,125
2,125
Other payables
2,021
2,021
1,215
1,215
Accrued liabilities and deferred income
9,151
3,299
14,817
5,832
Total
26,698
20,846
34,148
25,163
\"[IMAGE]\"
\u201cEmployee payables\" refers to sums due by Group companies to their employees at the end of the year and amounts to Euro 9.9 million, decreasing Euro 2.6 million on December 31, 2022 (Euro 12.5 million). This decrease is strictly correlated with the reduction in the total active workforce at December 31, 2023, compared to the end of the previous year.
\u201cSocial security payables\u201d mainly includes the amount owed at year-end by the Group companies and their employees to social security institutions and amounts to Euro 3.1 million, in line with December 31, 2022.
\u201cPayables to parent for income taxes\u201d, which at December 31, 2023 amounted to Euro 0.2 million, refer to Tessilquattro SpA payables to the parent company Aquafin Holding SpA as per the tax consolidation regime. They were fully settled in the current year.
\u201cTax payables\u201d, in the amount of Euro 2.5 million, are essentially in line with the previous year.
\u201cAccrued liabilities and deferred income\u201d mainly comprise:
\u2022the commercial contract with the US group Interface, involving a worldwide collaboration for supply and product development. In particular, Aquafil SpA undertook an obligation until 2026 to guarantee Interface conditions of supply, against which the client, in addition to committing to annual minimum volumes, paid to Aquafil SpA USD 24 million in advance. At December 31, 2023, this deferred revenue (recognised to deferred income) amounts to Euro 4.6 million;
\u2022the deferral of the portion pertaining to future years of the contribution obtained from the European Union for the \u201cEffective\u201d research project, described in the Directors\u2019 Report and also commented on in the notes above. The original deferred income recognised for Euro 3.3 million which concerns the overall contribution recorded at the signing date of the agreement with lending banks (with counter-entry to Other non-current assets), amounts to Euro 1.4 million at December 31, 2023. It should be noted that from 2019 onwards, costs relating to the \u201cEffective\u201d project have been capitalised under intangible assets in progress for the portion eligible under IAS 38. Therefore, the residual contribution concerning the capitalised portion is recognised to the income statement from 2022, for a period of 5 years, as the asset has been capitalised and is depreciated over that timeframe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact6": { "value": "
7.16Other current and non-current liabilities
The account is comprised of:
(Euro thousands)
December 31, 2023
of which current portion
December 31, 2022
of which current portion
Employee payables
9,912
9,912
12,532
12,532
Social security payables
3,103
3,103
3,229
3,229
Payables to parent for income taxes
0
0
230
230
Tax payables
2,511
2,511
2,125
2,125
Other payables
2,021
2,021
1,215
1,215
Accrued liabilities and deferred income
9,151
3,299
14,817
5,832
Total
26,698
20,846
34,148
25,163
\"[IMAGE]\"
\u201cEmployee payables\" refers to sums due by Group companies to their employees at the end of the year and amounts to Euro 9.9 million, decreasing Euro 2.6 million on December 31, 2022 (Euro 12.5 million). This decrease is strictly correlated with the reduction in the total active workforce at December 31, 2023, compared to the end of the previous year.
\u201cSocial security payables\u201d mainly includes the amount owed at year-end by the Group companies and their employees to social security institutions and amounts to Euro 3.1 million, in line with December 31, 2022.
\u201cPayables to parent for income taxes\u201d, which at December 31, 2023 amounted to Euro 0.2 million, refer to Tessilquattro SpA payables to the parent company Aquafin Holding SpA as per the tax consolidation regime. They were fully settled in the current year.
\u201cTax payables\u201d, in the amount of Euro 2.5 million, are essentially in line with the previous year.
\u201cAccrued liabilities and deferred income\u201d mainly comprise:
\u2022the commercial contract with the US group Interface, involving a worldwide collaboration for supply and product development. In particular, Aquafil SpA undertook an obligation until 2026 to guarantee Interface conditions of supply, against which the client, in addition to committing to annual minimum volumes, paid to Aquafil SpA USD 24 million in advance. At December 31, 2023, this deferred revenue (recognised to deferred income) amounts to Euro 4.6 million;
\u2022the deferral of the portion pertaining to future years of the contribution obtained from the European Union for the \u201cEffective\u201d research project, described in the Directors\u2019 Report and also commented on in the notes above. The original deferred income recognised for Euro 3.3 million which concerns the overall contribution recorded at the signing date of the agreement with lending banks (with counter-entry to Other non-current assets), amounts to Euro 1.4 million at December 31, 2023. It should be noted that from 2019 onwards, costs relating to the \u201cEffective\u201d project have been capitalised under intangible assets in progress for the portion eligible under IAS 38. Therefore, the residual contribution concerning the capitalised portion is recognised to the income statement from 2022, for a period of 5 years, as the asset has been capitalised and is depreciated over that timeframe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f57576": { "value": "
7.16Other current and non-current liabilities
The account is comprised of:
(Euro thousands)
December 31, 2023
of which current portion
December 31, 2022
of which current portion
Employee payables
9,912
9,912
12,532
12,532
Social security payables
3,103
3,103
3,229
3,229
Payables to parent for income taxes
0
0
230
230
Tax payables
2,511
2,511
2,125
2,125
Other payables
2,021
2,021
1,215
1,215
Accrued liabilities and deferred income
9,151
3,299
14,817
5,832
Total
26,698
20,846
34,148
25,163
\"[IMAGE]\"
\u201cEmployee payables\" refers to sums due by Group companies to their employees at the end of the year and amounts to Euro 9.9 million, decreasing Euro 2.6 million on December 31, 2022 (Euro 12.5 million). This decrease is strictly correlated with the reduction in the total active workforce at December 31, 2023, compared to the end of the previous year.
\u201cSocial security payables\u201d mainly includes the amount owed at year-end by the Group companies and their employees to social security institutions and amounts to Euro 3.1 million, in line with December 31, 2022.
\u201cPayables to parent for income taxes\u201d, which at December 31, 2023 amounted to Euro 0.2 million, refer to Tessilquattro SpA payables to the parent company Aquafin Holding SpA as per the tax consolidation regime. They were fully settled in the current year.
\u201cTax payables\u201d, in the amount of Euro 2.5 million, are essentially in line with the previous year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f57954": { "value": "
\u201cAccrued liabilities and deferred income\u201d mainly comprise:
\u2022the commercial contract with the US group Interface, involving a worldwide collaboration for supply and product development. In particular, Aquafil SpA undertook an obligation until 2026 to guarantee Interface conditions of supply, against which the client, in addition to committing to annual minimum volumes, paid to Aquafil SpA USD 24 million in advance. At December 31, 2023, this deferred revenue (recognised to deferred income) amounts to Euro 4.6 million;
\u2022the deferral of the portion pertaining to future years of the contribution obtained from the European Union for the \u201cEffective\u201d research project, described in the Directors\u2019 Report and also commented on in the notes above. The original deferred income recognised for Euro 3.3 million which concerns the overall contribution recorded at the signing date of the agreement with lending banks (with counter-entry to Other non-current assets), amounts to Euro 1.4 million at December 31, 2023. It should be noted that from 2019 onwards, costs relating to the \u201cEffective\u201d project have been capitalised under intangible assets in progress for the portion eligible under IAS 38. Therefore, the residual contribution concerning the capitalised portion is recognised to the income statement from 2022, for a period of 5 years, as the asset has been capitalised and is depreciated over that timeframe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f58331": { "value": "
7.17.Trade payables
The account is comprised of:
(Euro thousands)
December 31, 2023
December 31, 2022
Trade payables
114,950
125,445
Payables to parent, associates and other related parties
551
270
\"[IMAGE]\"
Payments on account
506
1,126
Total
116,006
126,840
\"[IMAGE]\"
Trade payables amount to Euro 116 million, decreasing Euro 10.8 million from December 31, 2022 (Euro 126.8 million), due essentially to the decrease in the cost of raw materials and of services, as detailed in both the Directors\u2019 Report and the explanatory notes. It should be noted that at the end of the year that approx. Euro 2.6 million were ceded by the parent company in confirming mode at market conditions.
At December 31, 2023 there were no commercial payables falling due over five years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f58547": { "value": "
8.1.Revenues
The breakdown of revenues is shown below:
2023
2022
Change
in Euro millions
%
in Euro millions
%
in Euro millions
%
EMEA
295.2
52%
372.9
55%
(77.8)
(21)%
North America
182.7
32%
202.1
30%
(19.4)
(10)%
Asia and Oceania
92.0
16%
105.8
15%
(13.8)
(13)%
Rest of the world
2.0
0%
3.3
0%
(1.3)
(40)%
Total
571.8
100%
684.1
100%
(112.3)
(16)%
\"[IMAGE]\"
Revenues almost entirely include the value of the sale of goods of the three Group product lines described above, that is, the BCF Product Line (carpet fibres), the NTF Product Line (clothing fibres) and the Polymers Product Line.
Revenues by Product Line are detailed in the Directors\u2019 Report, which reports that the significant decrease in revenues came in the EMEA (decrease of Euro 77.8 million, down 21% on 2022), in North America (decrease of Euro 19.4 million, down 10% on 2022), and in Asia and Oceania (decrease of Euro 13.8 million, down 13% on 2022).
Generally speaking, the decrease in revenues was the result of both a reduction in quantities sold and a decline in average sales prices, as described in greater detail in the Directors\u2019 Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f58904": { "value": "
\u201cRevenues\u201d include, in accordance with IFRS 15, \u201ccash discounts\u201d as a direct reduction, amounting to Euro 2.8 million at December 31, 2023 (Euro 3.8 million at December 31, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f58934": { "value": "
8.2.Other revenues and income
\u201cOther revenues and income\" amount to Euro 8.9 million and refers mainly to:
-Euro 4.8 million grants received for the U.S. activities, mainly for the recovery of end-of-life carpets;
-Euro 2.5 million for the energy and gas tax credit subsidy granted during the year for electricity-intensive and natural gas-intensive companies that have met the requirements under the regulations (Decree Law No. 4 of 27/01/2022 and subsequent, Law No. 197, Legs. Decree No. 34 of 2023) concerning the parent company Aquafil SpA and the subsidiary Tessilquattro SpA;
-Euro 0.3 million for the 2023 portion of investments made by the subsidiary Tessilquattro S.p.A. beginning in 2020 as allowed under the tax incentives created under Article 1(9) of Italian law no. 232 of December 11, 2016, and subsequent law nos. 205 of December 27, 2017, 145 of December 30, 2018, 160 of December 27, 2019, 178 of December 30, 2020, and 234 of December 30, 2021;
-Euro 0.4 million regarding the portion in the year of the deferral related to the grant recognised by the EU for the \"Effective\" research project, relating to the parent company Aquafil SpA for Euro 0.2 million and the subsidiary AquafilSLO doo for Euro 0.2 million;
-Euro 0.2 million related to the grant received by Aquafil S.p.A. and by the subsidiary Tessilquattro S.p.A. in accordance with Article 1(1054) of Italian law no. 178/2020, which establishes a grant for companies that invest in capital goods to be used in production;
-Euro 0.1 million relating to the tax credit on the purchase of capital goods and for the contribution recognised by the EU for the \"Cisuflo\" project.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f59350": { "value": "
8.3.Raw material costs
The account includes raw materials and consumables costs, in addition to changes in inventories.
The account is comprised of:
(Euro thousands)
2023
2022
Raw materials and semi-finished goods
260,497
275,505
Ancillaries and consumables
25,918
34,830
Other purchases and finished products
5,206
7,480
Total
291,620
317,815
\"[IMAGE]\"
Raw materials, ancillaries and consumables amount to Euro 291.6 million, decreasing Euro 26.2 million (8%) on the previous year (Euro 317.8 million). As also outlined in the Directors\u2019 Report, 2023 was impacted by the high stock values in 2022, despite the reduction in raw material costs during 2023.
8.4.Service costs and rent, lease and similar costs
The account is comprised of:
(Euro thousands)
2023
2022
Transport, shipping & customs
16,187
34,940
Electricity, propulsive energy, water and gas
55,848
77,529
Maintenance
10,023
10,364
Services for personnel
6,240
6,210
Technical, ICT, commercial, legal & tax consultancy
11,828
10,360
Insurance
3,599
3,428
Marketing and advertising
3,478
4,341
Cleaning, security and waste disposal
3,620
4,002
Warehousing and external storage
4,337
4,483
External processing
5,328
5,777
Other sales expenses
262
298
Statutory auditors fees
163
161
Other service costs
3,332
4,068
Rentals and hire
2,661
2,510
Total
126,907
168,472
\"[IMAGE]\"
Service costs amount to Euro 126.9 million, decreasing Euro 41.6 million on 2022 (Euro 168.5 million). The reduction, related to the lower production volumes, was particularly significant in terms of transport and utility costs which, as outlined in the Directors' Report, significantly declined during 2023.
8.5 Labour costs
These costs are broken down as follows:
(Euro thousands)
2023
2022
Wages and salaries
97,540
97,772
Social security charges
20,846
20,783
Post-employment benefits
1,732
2,003
Other non-recurring costs
3,006
1,565
Director fees
1,910
4,753
Total
125,034
126,875
\"[IMAGE]\"
Labour costs amount to Euro 125.0 million, decreasing Euro 1.8 million on 2022. The reduction in labour costs is mainly due to the change in the composition of the workforce in 2023, particularly in relation to the reduction in the average number of senior managers (as detailed in the table below), which was partially offset by rising inflation, which led to an increase in wages and salaries in a number of countries in which the Aquafil Group operates.
Other non-recurring costs mainly concern the leaving incentives incurred by Aquafil S.p.A. for Euro 1.1 million, AquafilSLO d.o.o. for Euro 0.7 million, Aquafil UK Ltd for Euro 0.8 million, and Aquafil Carpet Recycling #1 Inc. for Euro 0.3 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f59351": { "value": "
8.3.Raw material costs
The account includes raw materials and consumables costs, in addition to changes in inventories.
The account is comprised of:
(Euro thousands)
2023
2022
Raw materials and semi-finished goods
260,497
275,505
Ancillaries and consumables
25,918
34,830
Other purchases and finished products
5,206
7,480
Total
291,620
317,815
\"[IMAGE]\"
Raw materials, ancillaries and consumables amount to Euro 291.6 million, decreasing Euro 26.2 million (8%) on the previous year (Euro 317.8 million). As also outlined in the Directors\u2019 Report, 2023 was impacted by the high stock values in 2022, despite the reduction in raw material costs during 2023.
8.4.Service costs and rent, lease and similar costs
The account is comprised of:
(Euro thousands)
2023
2022
Transport, shipping & customs
16,187
34,940
Electricity, propulsive energy, water and gas
55,848
77,529
Maintenance
10,023
10,364
Services for personnel
6,240
6,210
Technical, ICT, commercial, legal & tax consultancy
11,828
10,360
Insurance
3,599
3,428
Marketing and advertising
3,478
4,341
Cleaning, security and waste disposal
3,620
4,002
Warehousing and external storage
4,337
4,483
External processing
5,328
5,777
Other sales expenses
262
298
Statutory auditors fees
163
161
Other service costs
3,332
4,068
Rentals and hire
2,661
2,510
Total
126,907
168,472
\"[IMAGE]\"
Service costs amount to Euro 126.9 million, decreasing Euro 41.6 million on 2022 (Euro 168.5 million). The reduction, related to the lower production volumes, was particularly significant in terms of transport and utility costs which, as outlined in the Directors' Report, significantly declined during 2023.
8.5 Labour costs
These costs are broken down as follows:
(Euro thousands)
2023
2022
Wages and salaries
97,540
97,772
Social security charges
20,846
20,783
Post-employment benefits
1,732
2,003
Other non-recurring costs
3,006
1,565
Director fees
1,910
4,753
Total
125,034
126,875
\"[IMAGE]\"
Labour costs amount to Euro 125.0 million, decreasing Euro 1.8 million on 2022. The reduction in labour costs is mainly due to the change in the composition of the workforce in 2023, particularly in relation to the reduction in the average number of senior managers (as detailed in the table below), which was partially offset by rising inflation, which led to an increase in wages and salaries in a number of countries in which the Aquafil Group operates.
Other non-recurring costs mainly concern the leaving incentives incurred by Aquafil S.p.A. for Euro 1.1 million, AquafilSLO d.o.o. for Euro 0.7 million, Aquafil UK Ltd for Euro 0.8 million, and Aquafil Carpet Recycling #1 Inc. for Euro 0.3 million.
The number of employees, broken down by category, is as follows:
31.12.2023
31.12.2022
Average 2023
Average 2022
Managers
41
47
45
51
Middle managers
183
160
171
157
White-collar
382
433
419
433
Blue-collar
2,031
2,132
2,154
2,155
2,637
2,772
2,789
2,795
\"[IMAGE]\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f59352": { "value": "
8.3.Raw material costs
The account includes raw materials and consumables costs, in addition to changes in inventories.
The account is comprised of:
(Euro thousands)
2023
2022
Raw materials and semi-finished goods
260,497
275,505
Ancillaries and consumables
25,918
34,830
Other purchases and finished products
5,206
7,480
Total
291,620
317,815
\"[IMAGE]\"
Raw materials, ancillaries and consumables amount to Euro 291.6 million, decreasing Euro 26.2 million (8%) on the previous year (Euro 317.8 million). As also outlined in the Directors\u2019 Report, 2023 was impacted by the high stock values in 2022, despite the reduction in raw material costs during 2023.
", "dimensions": { "concept": "aqf:DisclosureOfRawMaterialExpenses", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f59517": { "value": "
8.4.Service costs and rent, lease and similar costs
The account is comprised of:
(Euro thousands)
2023
2022
Transport, shipping & customs
16,187
34,940
Electricity, propulsive energy, water and gas
55,848
77,529
Maintenance
10,023
10,364
Services for personnel
6,240
6,210
Technical, ICT, commercial, legal & tax consultancy
11,828
10,360
Insurance
3,599
3,428
Marketing and advertising
3,478
4,341
Cleaning, security and waste disposal
3,620
4,002
Warehousing and external storage
4,337
4,483
External processing
5,328
5,777
Other sales expenses
262
298
Statutory auditors fees
163
161
Other service costs
3,332
4,068
Rentals and hire
2,661
2,510
Total
126,907
168,472
\"[IMAGE]\"
Service costs amount to Euro 126.9 million, decreasing Euro 41.6 million on 2022 (Euro 168.5 million). The reduction, related to the lower production volumes, was particularly significant in terms of transport and utility costs which, as outlined in the Directors' Report, significantly declined during 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f59777": { "value": "
8.5 Labour costs
These costs are broken down as follows:
(Euro thousands)
2023
2022
Wages and salaries
97,540
97,772
Social security charges
20,846
20,783
Post-employment benefits
1,732
2,003
Other non-recurring costs
3,006
1,565
Director fees
1,910
4,753
Total
125,034
126,875
\"[IMAGE]\"
Labour costs amount to Euro 125.0 million, decreasing Euro 1.8 million on 2022. The reduction in labour costs is mainly due to the change in the composition of the workforce in 2023, particularly in relation to the reduction in the average number of senior managers (as detailed in the table below), which was partially offset by rising inflation, which led to an increase in wages and salaries in a number of countries in which the Aquafil Group operates.
Other non-recurring costs mainly concern the leaving incentives incurred by Aquafil S.p.A. for Euro 1.1 million, AquafilSLO d.o.o. for Euro 0.7 million, Aquafil UK Ltd for Euro 0.8 million, and Aquafil Carpet Recycling #1 Inc. for Euro 0.3 million.
The number of employees, broken down by category, is as follows:
31.12.2023
31.12.2022
Average 2023
Average 2022
Managers
41
47
45
51
Middle managers
183
160
171
157
White-collar
382
433
419
433
Blue-collar
2,031
2,132
2,154
2,155
2,637
2,772
2,789
2,795
\"[IMAGE]\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f60169": { "value": "
8.6.Other operating costs and charges
These costs are broken down as follows:
(Euro thousands)
2023
2022
Taxes, duties & sanctions
2,720
2,494
Losses on asset sales
20
167
Other operating charges
904
1,377
Total
3,644
4,038
\"[IMAGE]\"
\u201cOther operating costs and charges\u201d amounted to Euro 3.6 million, decreasing Euro 0.4 million on 2022. The account mainly comprises \u201cTaxes, duties and sanctions\u201d for Euro 2.7 million, which mainly concern local property taxes and for Euro 1.0 million \u201cOther operating charges\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f60170": { "value": "
8.6.Other operating costs and charges
These costs are broken down as follows:
(Euro thousands)
2023
2022
Taxes, duties & sanctions
2,720
2,494
Losses on asset sales
20
167
Other operating charges
904
1,377
Total
3,644
4,038
\"[IMAGE]\"
\u201cOther operating costs and charges\u201d amounted to Euro 3.6 million, decreasing Euro 0.4 million on 2022. The account mainly comprises \u201cTaxes, duties and sanctions\u201d for Euro 2.7 million, which mainly concern local property taxes and for Euro 1.0 million \u201cOther operating charges\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f60298": { "value": "
8.7.Amortisation, depreciation and write-downs
The account is comprised of:
(Euro thousands)
2023
2022
Amortisation
6,741
6,252
Depreciation
33,233
33,270
RoU (Right-of-Use) depreciation
9,525
8,329
Write-down of intangible assets
137
0
Total
49,635
47,851
\"[IMAGE]\"
Amortisation and depreciation totalled Euro 49.6 million, increasing Euro 1.8 million on 2022. The increase is due to the straight-line amortisation and depreciation in the year, in addition to the amortisation and depreciation on the bio-caprolactam project initiated in the previous year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f60431": { "value": "
8.8.Provisions & write-downs/(releases)
The account is comprised of:
(Euro thousands)
2023
2022
Doubtful debt provision
(895)
(42)
Provisions for risks and charges
(107)
222
Total
(1,002)
180
\"[IMAGE]\"
The increase from the previous year is mainly due to the release of a portion of the doubtful debt provision of the parent company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f60522": { "value": "
8.9.Increases in fixed assets for internal work
In 2023 this item, amounting to Euro 6,3 million (Euro 5.7 million in 2022), mainly refers to the capitalisation during the year of the following projects:
-for Euro 2.6 million new product development costs (IAS 38);
-for Euro 1.6 million, the increase in industrial and energy efficiency and capacity at Group plant;
-for Euro 0.8 million the increase in industrial and energy efficiency in the production of ECONYL\u00ae caprolactam and its raw materials, in addition to the development of circularity-focused technologies;
-for Euro 0.3 million other activities mainly related to the Group's digitization processes.
", "dimensions": { "concept": "aqf:CostsForInternalWorkCapitalised", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact2": { "value": "
8.10.Financial income
The account is comprised of:
(Euro thousands)
2023
2022
Derivative financial instruments
0
4,506
Other interest
19
73
Interest income current accts.
1,003
290
Total
1,022
4,869
\"[IMAGE]\"
\u201cFinancial income\u201d amounted to Euro 1.0 million, decreasing Euro 3.8 million on 2022 which had benefited from the fair value movement of derivatives (IRS). As previously illustrated, \u201chedge accounting\u201d was not applied to these derivatives as, although entered into for hedging purposes, have been considered for accounting purposes and consistently with the past, as non-hedging instruments (and therefore the relative fair value is recognised in the income statement), as it is very complex to prepare the mandatory hedging relationship.
8.11.Financial charges
The account is comprised of:
(Euro thousands)
2023
2022
Interest on bank loans and borrowings
9,067
3,197
Interest on bonds
2,570
2,705
Interest exp. on current accounts
1,135
797
Write-down of derivative financial instruments
2,709
0
Other financial and interest expense
3,560
1,669
Total
19,041
8,369
\"[IMAGE]\"
\"Financial charges\" of Euro 19.0 million increased Euro 10.7 million on 2022, mainly due to the increase in interest charges on mortgages and bank loans, in addition to the decrease of Euro 2.7 million in the fair value of derivatives (IRS).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f60668": { "value": "
8.10.Financial income
The account is comprised of:
(Euro thousands)
2023
2022
Derivative financial instruments
0
4,506
Other interest
19
73
Interest income current accts.
1,003
290
Total
1,022
4,869
\"[IMAGE]\"
\u201cFinancial income\u201d amounted to Euro 1.0 million, decreasing Euro 3.8 million on 2022 which had benefited from the fair value movement of derivatives (IRS). As previously illustrated, \u201chedge accounting\u201d was not applied to these derivatives as, although entered into for hedging purposes, have been considered for accounting purposes and consistently with the past, as non-hedging instruments (and therefore the relative fair value is recognised in the income statement), as it is very complex to prepare the mandatory hedging relationship.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f60669": { "value": "
8.10.Financial income
The account is comprised of:
(Euro thousands)
2023
2022
Derivative financial instruments
0
4,506
Other interest
19
73
Interest income current accts.
1,003
290
Total
1,022
4,869
\"[IMAGE]\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact4": { "value": "
8.10.Financial income
The account is comprised of:
8.11.Financial charges
The account is comprised of:
(Euro thousands)
2023
2022
Interest on bank loans and borrowings
9,067
3,197
Interest on bonds
2,570
2,705
Interest exp. on current accounts
1,135
797
Write-down of derivative financial instruments
2,709
0
Other financial and interest expense
3,560
1,669
Total
19,041
8,369
\"[IMAGE]\"
\"Financial charges\" of Euro 19.0 million increased Euro 10.7 million on 2022, mainly due to the increase in interest charges on mortgages and bank loans, in addition to the decrease of Euro 2.7 million in the fair value of derivatives (IRS).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f60733": { "value": "
\u201cFinancial income\u201d amounted to Euro 1.0 million, decreasing Euro 3.8 million on 2022 which had benefited from the fair value movement of derivatives (IRS). As previously illustrated, \u201chedge accounting\u201d was not applied to these derivatives as, although entered into for hedging purposes, have been considered for accounting purposes and consistently with the past, as non-hedging instruments (and therefore the relative fair value is recognised in the income statement), as it is very complex to prepare the mandatory hedging relationship.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f60874": { "value": "
8.11.Financial charges
The account is comprised of:
(Euro thousands)
2023
2022
Interest on bank loans and borrowings
9,067
3,197
Interest on bonds
2,570
2,705
Interest exp. on current accounts
1,135
797
Write-down of derivative financial instruments
2,709
0
Other financial and interest expense
3,560
1,669
Total
19,041
8,369
\"[IMAGE]\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f60875": { "value": "
8.11.Financial charges
The account is comprised of:
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f60958": { "value": "
\"Financial charges\" of Euro 19.0 million increased Euro 10.7 million on 2022, mainly due to the increase in interest charges on mortgages and bank loans, in addition to the decrease of Euro 2.7 million in the fair value of derivatives (IRS).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f61035": { "value": "8.12.Exchange gains and losses
The breakdown of the account is as follows:
(Euro thousands)
2023
2022
Total exchange gains
7,695
16,069
Total exchange losses
(6,901)
(13,286)
Total exchange differences
796
2,783
\"[IMAGE]\"
A net gain of Euro 0.8 million is reported for 2023, as the net balance between realised exchange gains and losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f61124": { "value": "
8.13.Income taxes
The breakdown of the account is as follows:
(Euro thousands)
2023
2022
Current and prior-year taxes
2,631
9,171
Deferred tax income/charges
(2,774)
(1,454)
Total
(143)
7,717
\"[IMAGE]\"
The total of current and deferred taxes at December 31, 2023, came to a positive Euro 0.1 million, as a result of positive deferred taxes in the amount of Euro 2.7 million, which were partially offset by current and prior-year taxes in the amount of Euro 2.6 million.
For better comparability, we indicate that a reclassification of the figures at December 31, 2023 for the \u201cCurrent and prior-year taxes\u201d and \u201cDeferred tax income/charges\u201d account was made.
The table below shows a reconciliation of the theoretical tax charge for the Group (estimated at 24% of pre-tax profit) and the actual tax charge:
(in thousands of Euro)
2023
Theoretical rate
2022
Theoretical rate
Pre-tax profit
(25,992)
36,868
Tax calculated on applicable rate
6,238
24%
(8,848)
24%
Total current income taxes
(2,631)
1,454
Total deferred taxes
2,774
(9,171)
Total effective taxes
143
(7,717)
Change tax rate
6,095
(1,132)
Changes permanent increases
837
894
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
Changes permanent decreases
(237)
(2,204)
Non-accrual of deferred tax assets
4,346
514
Prior year taxes
1,590
647
Other taxes (WHT)
1,618
(379)
Other changes
(2,050)
(603)
\"[IMAGE]\"
The difference between the theoretical and actual tax rate of the Group (24%) is mainly due to the prudent non-accrual of deferred tax assets by certain companies of the Group, as well as to prior-year taxes and other taxes incurred during they year, partially offset by the recovery of deferred tax assets in relation to the mutual agreement procedure initiated on October 4, 2023, as was done for fiscal year 2017 (and as described in the section \u201cContingent Liabilities\u201d). It should be noted that, based on estimates made at that time, the Group did not fall within the scope of application of the rules of Pillar 2, the goal of which is to ensure that large multinationals pay income taxes of at least 15%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f61726": { "value": "
8.14 Non-recurring items
The account is comprised of:
(in thousands of Euro)
2023
2022
Non-recurring charges
390
530
Expansion costs Aquafil Group
600
417
ACR1 non-recurring costs and revenues
308
853
Costs and revenues closure and extraordinary management Aquafil UK
1,348
0
Restructuring and other personnel costs
1,897
1,109
Extraordinary administrative and legal consultancy
456
123
Total non-recurring costs
4,999
3,032
Extraordinary income
(53)
(132)
Total non-recurring income
(53)
(132)
Non-operating income and charges
4,946
2,901
\"[IMAGE]\"
The item \"Expansion costs Aquafil Group\" refers to costs incurred by the group in order to assess new business opportunities.
The item \u201cACR1 non-recurring costs and revenues\u201d refers to costs and revenues of Aquafil Carpet Recycling # 1, which was impacted by an extraordinary event in the United States that involved extraordinary restoration work.
As described in greater detail in relation to the significant events for the year, the net costs related to Aquafil UK Ltd. refer to the process of ceasing production, which began in September 2023.
The item \u201cRestructuring and other personnel costs\u201d mainly refers to costs incurred by certain group companies within the scope of reorganisation efforts, as described in greater detail in paragraph 8.5.
The item \u201cExtraordinary administrative and legal consultancy\u201d refers to extraordinary fiscal consultancy costs incurred in 2023.
The percentage of the non-recurring items of the result, of cash flows, of the equity position, and of the net debt, are reported below.
(in thousands of Euro)
of which non-recurring
Percentage
Net Profit/(loss)
(25,849)
(4,946)
19.1%
Net cash flow in the year
46,980
(4,361)
(9.3)%
(*)
Total assets
701,216
(585)
(0.1)%
(**)
Net financial debt
(248,537)
(4,361)
1.8%
(*)
\"[IMAGE]\"
(*) This amount concerns the non-recurring items paid in the year.
(**) amount of non-recurring income statement items yet to be paid at year-end
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact9": { "value": "
8.15Earnings per share
The breakdown of the account is as follows:
(in thousands of Euro)
2023
2022
Profit attributable to the owners of the Parent
(25,849)
29,151
Weighted average number of shares
51,139
51,139
Earnings/(loss) per share (in Euro)
(0.51)
0.57
Earnings/(loss) per share \u2013 diluted (in Euro)
(0.51)
0.57
\"[IMAGE]\"
We point out that diluted earnings per share is equal to the above-mentioned earnings per share as there are no stock option plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f62289": { "value": "
9.Net financial debt
Below is the breakdown of the net financial debt at December 31, 2023 and December 31, 2022, determined in accordance with the ESMA Guidelines (32-382-1128):
NET FINANCIAL DEBT
(in Euro thousands)
At December 31, 2023
At December 31, 2022
A. Cash
157,662
110,682
B. Cash and cash equivalents
C. Other current financial assets
5,703
9,964
D. Liquidity (A) + (B) + (C)
163,364
120,646
E. Current financial debt (including debt instruments but excluding the current portion of non-current financial debt)
(2,438)
(1,333)
F. Current portion of non-current financial debt
(100,723)
(81,814)
G. Current financial debt (E + F)
(103,161)
(83,146)
H. Net current financial debt (G - D)
60,204
37,500
I. Non-current financial debt (excluding current portion and debt instruments)
(251,350)
(215,084)
J. Debt instruments
(57,391)
(70,301)
K. Trade payables and other non-current payables
L. Non-current debt (I+J+K)
(308,741)
(285,385)
M. Total financial debt (H+L)
(248,537)
(247,885)
\"[IMAGE]\"
The net financial reconciliation between the beginning and end of the period are presented below. The effects indicated include the currency effects.
(in thousands of Euro)
current portion
non-current portion
Net Debt at December 31, 2022
(247,885)
110,837
(358,722)
Net cash flow in the year
46,980
46,980
Change in liquidity subject to restrictions
(2,173)
(2,173)
New bank loans and borrowings
(100,049)
(4,778)
(95,270)
Repayment bank loans
72,025
72,025
Leasing New Funding
(24,040)
(24,040)
Repayment of leasing loans
10,091
10,091
Change in fair value derivatives
(2,709)
(2,709)
Other changes
(778)
(778)
Net Debt at December 31, 2023
(248,537)
229,495
(478,032)
\"[IMAGE]\"
", "dimensions": { "concept": "aqf:NetFinancialDebt", "language": "en", "entity": "scheme:815600C36B3D0988AB30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f62635": { "value": "
10.RELATED PARTY TRANSACTIONS
Transactions and balances with related parties are illustrated in the tables below. The companies indicated are considered related parties as directly or indirectly related to the majority shareholder of the Aquafil Group. Transactions with related parties were undertaken in line with market conditions.
Payables and receivables of the Group with related parties are illustrated in the table below:
(in thousands of Euro)
Parent companies
Subsidiaries
Associates
Related parties
Total
Total book value
% on total account items
Non-current financial assets
December 31, 2023
1,023
79
1,102
1,558
70.7%
December 31, 2022
234
6
1,018
79
1,336
1,849
72.3%
Trade receivables
December 31, 2023
275
77
351
26,206
1.3%
December 31, 2022
305
71
376
28,553
1.3%
Other current assets
December 31, 2023
5,854
5,854
14,644
40.0%
December 31, 2022
247
247
15,862
1.6%
Non-current financial liabilities
December 31, 2023
(3,217)
(3,217)
(308,741)
1.0%
December 31, 2022
(831)
(4,431)
(5,262)
(285,385)
1.8%
Current financial liabilities
December 31, 2023
(1,872)
(1,872)
(103,161)
1.8%
December 31, 2022
(537)
(2,420)
(2,957)
(83,146)
3.6%
Trade payables
December 31, 2023
(184)
(367)
(551)
(116,006)
0.5%
December 31, 2022
(270)
(270)
(126,840)
0.2%
Other current liabilities
December 31, 2023
0
(20,846)
0.0%
December 31, 2022
(230)
(230)
(25,163)
0.9%
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\u201cNon-current financial assets\u201d with associates amount to Euro 1,023 thousand and concern the equity measurement of investments held by the parent company in the associated companies Nofir AS and Poly-Service SAS, as well as the investment held by Aquafil Cile S.p.A. in the joint venture Acca S.p.A.
\u201cTrade receivables\u201d from parent companies total Euro 275 thousand and concern the trade receivable of Aquafil S.p.A. from Aquafin Holding S.p.A.
\u201cOther non-current assets\u201d amount to Euro 5,854 thousand and concern the receivable of Aquafil S.p.A. from Aquafin Holding S.p.A. for the transfer of taxes within the scope of the tax consolidation agreement.
\u201cNon-current financial liabilities\u201d amount to Euro 3,217 thousand and concern long-term financial payables for the lease agreement related to the Rovereto plant, the payable to Aquaspace S.p.A. by Aquafil S.p.A. for Euro 1,224 thousand and by the subsidiary Tessilquattro S.p.A. for Euro 1,993 thousand.
\u201cCurrent financial liabilities\u201d amount to Euro 1,872 thousand and concern: the short-term portion of the lease agreement related to the Rovereto plant payable to Aquaspace S.p.A. by Aquafil S.p.A. for euro 273 thousand and by Tessilquattro S.p.A. for Euro 474 thousand; Euro 467 thousand for the short-term portion of the lease agreement related to the Slovenian plant payable to Aquasava d.o.o. by AquafilSLO; and Euro 751 thousand for the short-term portion of the lease agreement related to the US plant payable to Aquafin USA Inc. by Aquafil USA Inc.
\u201cTrade payables\u201d amount to Euro 551 thousand and mainly concern Euro 184 thousand in trade payables of Aquafil S.p.A. to Aquafin Holding S.p.A. and Euro 367 thousand in trade payables to Aquaspace S.p.A.
The transactions of the Group with related parties are illustrated in the table below:
(in thousands of Euro)
Parent companies
Associates
Related parties
Total
Book value
% on total account items
Revenues
FY 2023
231
52
283
571,806
0.0%
FY 2022
250
185
435
684,074
0.1%
Service costs and rent, lease and similar costs
FY 2023
(2)
(522)
(524)
(126,907)
0.4%
FY 2022
(465)
(465)
(168,472)
0.3%
Other operating costs and charges
FY 2023
(70)
(70)
(3,644)
1.9%
FY 2022
(70)
(70)
(4,038)
1.7%
Investment income/charges
FY 2023
90
90
90
99.8%
FY 2022
183
183
23
801.4%
Financial charges
FY 2023
(23)
(124)
(146)
(19,041)
0.8%
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
\"[IMAGE]\"
FY 2022
(32)
(108)
(140)
(8,368)
1.7%
\"[IMAGE]\"
\u201cRevenues from parent companies\u201d total Euro 231 thousand and concern the administrative consultancy revenues of Aquafil S.p.A. received from Aquafin Holding S.p.A. Other related-party revenues amount to Euro 52 thousand and are mainly related to revenues of the parent company in relation to Aquaspace S.p.A. for administrative consultancy by Tessilquattro S.p.A.
\u201cService costs and rent, lease and similar costs\u201d are mainly due to costs incurred by Tessilquattro S.p.A. in relation to Aquaspace S.p.A. for waste-disposal services.
\u201cOther operating costs and charges\u201d amount to Euro 70 thousand and concern costs related to the payment of taxes regarding the rebilling of local property taxes of Aquaspace S.p.A. to Aquafil S.p.A. and Tessilquattro S.p.A.
Investment income amounts to Euro 90 thousand and concerns dividends received from Nofir AS in 2023.
Financial charges with parent companies amount to Euro 23 thousand and concern charges related to the property lease agreement in effect between the parent company and Aquafin Holding S.p.A., whereas financial charges with other related parties mainly concern the charges related to lease agreements between Aquaspace S.p.A. and Tessilquattro S.p.A. (Euro 44 thousand), between Aquaspace S.p.A. and Aquafil (Euro 29 thousand), and between Aquafin USA Inc. and Aquafin USA Inc. (Euro 42 thousand).
The following table summarises cash flows with related parties of the Group and their percentage out of the cash flow indicated in the cash flow statement:
(in thousands of Euro)
Total cash flow statement account
of which related parties
% on total account items
Profit/(loss) for they year
(25,849)
(367)
1%
Financial charges
19,041
146
1%
Increase/(Decrease) in trade payables
(10,834)
281
(3)%
Decrease/(Increase) in trade receivables
3,242
25
1%
Changes to assets and liabilities
(7,754)
(5,837)
75%
Net changes in current and non-current financial assets and liabilities (including IFRS 16)
(4,818)
(2,890)
60%
Distribution of dividends
(11,992)
(7,169)
60%
\"[IMAGE]\"
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11.1 Commitments and risks
Other commitments
At December 31, 2023, the parent company Aquafil SpA provided sureties in favour of credit institutions in the interest of subsidiaries, companies subject to the control of the parent company and third parties for a total of Euro 25.1 million.
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Contingent liabilities
Provided below is a list of fiscal positions and disputed defined and pending as at the balance sheet date that concern the Parent Company, Aquafil SpA. We are not aware of the existence of further disputes or proceedings that are likely to have significant repercussions on the Group\u2019s economic and financial situation.
(i)Tax audit Aqualeuna GmbH
Periods 2013 \u2013 2015 and 2016 \u2013 2017
The company Aqualeuna GmbH was involved in a tax audit by the competent German federal tax office in Leuna concerning inter-company transactions. On July 15, 2021, the company was notified by the German tax administration\u2019s audits unit in Halle of the conclusion of the tax audits for fiscal years 2013-2017. The upward adjustment to Aqualeuna's assessable income concerned:
(a) for the period 2013-2015, not subject to international cooperation with the Italian administration, for Euro 735 thousand, offset by the equal utilisation of the company's prior year losses;
(b) for the period 2016, subject to joint audit by the two administrations, upward adjustment for Aqualeuna of Euro 1.4 million, with corresponding equal adjustment to the benefit of Aquafil in Italy, for which during the first half of 2022 the corresponding adjustment was made official by the Trento Provincial Office. In fact, on July 26, 2022, the Office
recognised the amount of Euro 410 thousand upon closure of the reimbursement file and therefore without impact on the consolidated results;
(c) for the 2017 period, not subject to joint audit by the two administrations, upward adjustment for Aqualeuna of Euro 3.7 million and the submission of a request to recognise a decrease in IRES and IRAP assessable income, filed by Aquafil on January 21, 2022. Given the use of past losses of Aqualeuna, the increased taxes for the company for 2013-2017 came to Euro 207 thousand. Aquafil, on January 21, 2022, forwarded to the International Dispute Resolution and Prevention Office of the
Large Taxpayers Central Directorate in Rome of the Tax Agency a special Application pursuant to Article 31-quater, paragraph 1, letter c) of Presidential Decree September 29, 1973, No. 600 for the unilateral recognition for IRES and IRAP purposes of the downward adjustment of income against the upward adjustment amounting to Euro 3,733 thousand made in Germany for the stated tax period; the initiation of the procedures provided for in Arbitration Convention No. 90/436/EEC of July 23, 1990, on the elimination of double taxation in the case of adjustments to profits of associated companies. On December 22, 2022, the aforementioned International Dispute Resolution and Prevention Office notified the Company that the mutual agreement procedure pursuant to Article 6 of Arbitration Convention No. 90/436/EEC resulted in an agreement being reached between the competent Italian and German Authorities on the basis of which it was agreed to confirm the adjustments made by the German tax authorities in the amount of Euro 3,733 thousand and to recognise Aquafil the same amount as a corresponding adjustment by the Italian tax authorities.
The German competent authority sent a similar notice to Aqualeuna.
Both companies have sent acceptance of the agreement in relation to the year 2017 to their respective competent authorities.
Similarly to 2016, on February 15, 2023 the Company submitted, pursuant to Article 3, paragraph 1, of Law No. 99 of March 22, 1993, a refund application for IRES and IRAP purposes to the Provincial Directorate of Trento for Euro 997 thousand (Euro 896 thousand for IRES, Euro 101 thousand for IRAP) and thus awaits the refund authorisation measure.
2018 - 2019 Period
For tax years 2018 and 2019, not the subject of the aforementioned audits and during which Aqualeuna recognised further tax losses, the German tax administration began another audit in September 2021, requesting that the Italian tax administration launch a joint audit similar to the one conducted for 2016.
On May 31, 2023, Aqualeuna received a report dated May 15, 2023, from the German tax authority (Finanzamt Merseburg) notifying of the conclusion of the audit of fiscal years 2018 and 2019 (which began on October 5, 2021, and was completed on May 2, 2023).
This audit (not subject to international cooperation between the German and Italian tax authorities) identified the following issues resulting in an increase in taxable income for Aqualeuna: i) Euro 2,363 thousand for fiscal year 2018; and ii) Euro 4,429 thousand related to 2019. For these tax periods, total recoveries therefore result in for German tax purposes for Aqualeuna the reabsorption
of the tax losses and positive taxable income for the excess of Euro 282 thousand for 2018 and of Euro 81 thousand for 2019.
For the stated tax periods, Aqualeuna filed an appeal with the tax authorities (Finanzamt Merseburg) against the assessments on June 26, 2023, requesting their suspension in order to allow for the introduction and conclusion of amicable procedures with the relevant Italian authorities.
As was done for fiscal year 2017 and in reference to the aforementioned tax periods, on October 4, 2023, Aquafil initiated a specific mutual cooperation procedure (on both the Italian and the German side) in accordance with Article 3 of Italian Law Decree no. 49 of June 10, 2020, and with Article 4 et seq. of the German law of December 10, 2019, concerning the settlement of disputes regarding double-taxation accords within the European Union, both of which transpose Council Directive (EU) 2017/1852 of October 10, 2017, on the settlement of tax disputes within the European Union.
It is therefore reasonably certain that, upon the outcome of these procedures, the competent authorities of the two States will take pursuant to Directive 2017/1852 a decision by mutual agreement (guaranteed outcome) aimed at eliminating the double taxation that might arise at Group level. The upward adjustment in taxable income imposed in Germany by Aqualeuna (as agreed upon by the two tax authorities) can thus be neutralized (as per point a) of Article 31-quater of DPR 600/1973) by a corresponding opposing adjustment granted to Aquafil by the Italian Tax Agency. Thus, during the year, the parent company Aquafil recognised a positive tax effect that neutralised the tax charge already recognised in the subsidiary Aqualeuna.
In view of that outlined, it is considered that there are no additional contingent liabilities on the part of Aquafil SpA and the Aquafil Group to be covered by an allocation to a risk provision.
(ii)\u201cACE\u201d tax deduction appeal
On November 2, 2023, the Large Taxpayers Central Directorate responded to the ACE petition filed by the Company on July 4, 2023 with reference to the 2022 tax year, expressing a favourable opinion regarding the request for the disapplication of the anti-avoidance rules set forth in Article 10, paragraphs 2 and 3 (a) and (c) of the new ACE Decree. Thus, during the year, the parent company Aquafil recognised a positive tax effect that neutralised the tax charge already recognised in the subsidiary Aqualeuna.
The application was submitted in continuity with previous tax periods (2019, 2020 and 2021), in relation to which the Central Directorate issued a favourable opinion.
(iii)Suspension of VAT refund \u2013 2019 fiscal year
On June 22, 2020, the Company filed for a VAT refund in the amount of Euro 488 thousand by way of the 2020 tax return (for 2019 income). The reason given was the lower excess credit not
transferable for the payment of group VAT (as per Articles 33 and 73 of Italian Presidential Decree 633/1972). On June 17, 2022, the Tax Office, after lengthy investigative and documentary verification activities, notified the Company of the recognition of the 2019 annual VAT credit requested for reimbursement in the amount of Euro 488 thousand, and also in June settled the entire amount, including interest, as required by law.
(iv)Invitation 5-ter of Legislative Decree No. 218/1997 \u2013 VAT for 2017
On November 20, 2023, the Trento Office notified Aquafil S.p.A. of an invitation to appear issued, pursuant to Article 5-ter of Legislative Decree No. 218/1997 for the establishment of a case regarding the adjustment of the 2018 VAT filing (for FY 2017) regarding deducted VAT for a total of Euro 790 thousand.
Regarding the VAT in dispute, as previously reported, in June 2020, the Company had requested a refund for a portion of this credit, amounting to Euro 488 thousand. In relation to this, the Office, after reviewing the documentation provided by the Company during the refund process, initially suspended the execution of the refund (Decision of November 6, 2020) and subsequently ordered the recognition of the refund with the settlement of the entire amount (Decision of June 17, 2022).
Based on this act, which contests the VAT payable of Space3 S.p.A. (a company that incorporated Aquafil during the tax period of 2017 as part of the listing operation), a payment totalling Euro 658 thousand is demanded, of which: VAT: Euro 301 thousand (which does not take account of the refunded VAT), sanctions: Euro 296 thousand (equal to 1/3 of the legal total) and interest of Euro 60 thousand (calculated through November 30, 2023).
On December 6, 2023, the Company therefore filed an appeal with the Office, during which it emerged that the act (mistakenly) does not call for recovery of the VAT credit refunded in 2022 for Euro 488 thousand.
At present, the appeal filed with the Trento Office is still under way. Should the disputes and observations filed by the Company not be upheld, the Trento Office will likely issue an assessment notice that includes the VAT credit refunded, which, in such case, will be challenged by the Company.
At present, therefore, any quantification of contingent liabilities is considered premature.
(v)Initiation of audit for direct taxes on 2016, 2017, 2018 and 2019 tax years
On May 11, 2022, the Trento Tax Agency notified the Company of four notices of the initiation of an audit on the 2016, 2017, 2018 and 2019 tax years, with reference to the transfer prices charged by Aquafil to overseas subsidiaries for IT services, in addition to the interest rates applied on loan
agreements, in full continuity with the audit on FY 2015, settled with the agreement signed on May 5, 2022.
On conclusion of the case with the Agency, on November 22, 2022, while reaffirming the legitimacy of its conduct, and solely in order to avoid long and exhausting litigation, the Company reached an agreed settlement, after submission of the IPEC Application by the consolidating company Aquafin Holding, paying the amount of Euro 16 thousand (IRAP and interest).
Total IRES and IRAP recoveries settled amounted to Euro 1,016 thousand, resulting in higher IRES of Euro 279 thousand, higher IRAP of Euro 13 thousand and interest of Euro 3 thousand.
With reference to the 2017 tax year, on April 19, 2023, the Trento Office notified the Company of an invitation to appear issued for IRES and IRAP purposes, pursuant to Article 5-ter of Legislative Decree No. 218/1997 for the establishment of a case regarding the recovery of taxation for a total of Euro 853 thousand.
On May 15, 2023, the case was initiated, in which the disputed aspects were highlighted, in relation to which the Office reserved the right to make the appropriate evaluations.
On September 4, 2023, while reaffirming the legitimacy of its conduct, and solely in order to avoid long and exhausting litigation, the Company reached an agreed settlement for corporate income tax (IRES) and for the regional IRAP tax under the following terms, in line with what was done for the 2016 tax period. The final settlement, which did not entail any payment to the tax authority due to the offsetting against the period's losses, amounts to Euro 187 thousand.
Regarding the 2021 tax period, later extended to the years 2018, 2019 and 2020, the audit was entrusted to the \u201cGuardia di Finanza\u201d of Trento within the scope of the general verification initiated on September 7, 2023. This concluded with the notification, on December 11, 2023, of a tax assessment report (PVC) with issued amounting to Euro 2,877 thousand, as follows:
i.transfer pricing issue for the alleged failure to rebill ICT costs to foreign subsidiaries, totalling Euro 2,189 thousand;
ii.transfer pricing issue for failure to invoice interest income to foreign subsidiaries, totalling Euro 667 thousand;
iii.costs and deductions improperly deducted totalling Euro 21 thousand.
An analysis of the PVC revealed that the issues noted by the auditors contain numerous aspects with which we do not agree and which had already been accepted by the Trento Office in the context of audits related to the years 2015, 2016 and 2017.
It is presumable that, in accordance with the criteria already used by the Trento Office on the same adjustments contested in previous tax periods, following a settlement procedure that may be activated by the Company, pursuant to Article 6(2) of Legislative Decree 218/1997, after the notification of the tax assessment, the observations could be redetermined in a total of Euro 1,769 thousand, thus with a potential income tax and IRAP burden for the Company estimated at Euro 485 thousand, which the company has prudently allocated to provisions for risks.
It should be noted that, in the PVC, penalties were not applied on the transfer pricing issues, as the documentation was deemed adequate.
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11.2Remuneration of senior management
The remuneration and benefits in favour of members of the Board of Directors and Senior Executives and the compensations due to the members of the Board of Statutory Auditors are presented below.
Director and Statutory Auditor fees (in Euro thousands)
2023
(In Euro thousands)
Short-term benefits
2,954
Other long-term employee benefits
38
Total
2,992
Senior Executive fees (in Euro thousands)
2023
(In Euro thousands)
Short-term benefits
2,266
Other long-term employee benefits
115
Total
2,381
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11.3Significant events after December 31, 2023
1.On January 12, 2024, Aquafil S.p.a. received a new unsecured loan in the amount of Euro 10 million from Banca Popolare di Sondrio. The loan is backed by SACE \u201cSupportItalia\u201d guarantee.
2.The following financing was settled by the Company using surplus cash on hand:
(i)on January 30, 2024, syndicate loan received from BCC Verona e Vicenza and the ICCREA Group with a residual balance of Euro 2,626 thousand;
(ii)on January 31, 2024, loan received from Intesa Sanpaolo with a residual balance of Euro 2,571 thousand;
(iii)on February 8, 2024, loan received from BCC Verona e Vicenza with a residual balance of Euro 1,000 thousand;
3.On January 10, 2024, the shareholders of Poly-Service S.a.s., in an extraordinary session, approved an increase in share capital in the amount of Euro 200 thousand, by creating 200,000 new shares with a par value of Euro 1 each. The shares were subscribed in their entirety:
(i)by the company Politecnici for up to 110,000 shares on payment of Euro 110 thousand on January 10, 2024;
(ii)by Aquafil S.p.A. for up to 90,000 shares on payment of Euro 90 thousand on January 18, 2024.
4.On January 30, 2024, a non-binding term sheet was signed by Aquafil S.p.A., Kape GmbH, Hafenstra\u00dfe 47-51, 4020 Linz (Austria), and the investment fund eQventuer GmbH, Karmeliterplatz 4, 8010 Graz, aimed at developing a joint collaboration for a new technology for the mixing and extrusion of polyamide 6 polymers to be used in skateboards but also, potentially, in other products that undergo high levels of stress. The project calls for an increase in capital to be subscribed jointly by Aquafil and eQventure in 2024 with a maximum investment by Aquafil of Euro 500 thousand.
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11.4 Disclosure as per Article 1, paragraph 125, of Law No. 124 of August 4, 2017
With regards to that required by Article 1, paragraph 125 of Law 124/17, the Company recorded the following in 2023:
i)Euro 2,575 thousand for the Industry 4.0 investment tax credit based on investments made beginning in 2020 that are eligible for the tax incentives defined by Article 1 of Italian law 232 of December 11, 2026, et seq. The amount was recognised among \u201cOther non-current and current receivables\u201d, and the portion recognised through profit or loss totalled Euro 321 thousand related to the subsidiary Tessilquattro S.p.A.;
ii)Euro 2,518 thousand for the energy and gas tax credit subsidy granted during the year for electricity-intensive and natural gas-intensive companies that have met the requirements under the regulations (Decree Law No. 4 of 01/27/2022) concerning Aquafil SpA and Tessilquattro SpA;
iii)Euro 411 thousand relating to training grants for Aquafil SpA;
iv)Euro 193 thousand for the tax credit related to the purchase of capital goods by Aquafil SpA and Tessilquattro SpA and for the contribution recognized by the EU for the \"Cisuflo\" project (portion in the year of the grant) in Aquafil SpA .
v)Euro 224 thousand related to the grant recognised by the EU for the \"Effective\" research project (portion in the year of the grant) in Aquafil SpA;
vi)Euro 92 thousand related to the tax credit accrued on the research and development expenses incurred in 2023 and determined as per Article 1, paragraph 35 of Law No. 190 of December 23, 2014 in Aquafil SpA;
vii)Euro 84 thousand relating to the sale of the external electricity distribution network produced by the photovoltaic plants in Aquafil SpA;
viii)Euro 114 thousand relating to the transfer of the superbonus tax credit by Aquafil S.p.A.
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Attachment 1 - Disclosure pursuant to Article 149 of the Consob Issuer\u2019s Regulation
The following table, drawn up pursuant to Article 149-duodecies of the Consob Issuers\u2019 Regulation, highlights the fees charged in the year 2023 for auditing and non-auditing services rendered by this appointed independent audit firm and by the companies in its network.
Company providing service
Recipient of service
Type of services
Fees 2023
PwC SpA
Aquafil SpA
Audit separate financial statements
147,370
Audit consolidated financial statements
46,402
ESEF financial statement audit
10,000
PwC SpA
Italian subsidiary companies
Audit separate financial statements and Group Reporting Package
28,909
PwC (1)
Foreign subsidiaries
Audit separate financial statements and Group Reporting Package
113,600
PwC SpA
Aquafil SpA
Limited Audit of the 2023 consolidated half-year report
33,946
PwC SpA
Italian subsidiary companies
Limited Audit 2023 half-year Group Reporting Package
12,400
PwC (1)
Foreign subsidiaries
Limited Audit 2023 half-year Group Reporting Package
58,312
Total Audit services provided in 2023 to the Aquafil Group by Worldwide Audit firm
450,939
PwC SpA
Aquafil SpA
Limited Audit of Consolidated Non-Financial Report 2023
79,000
PwC SpA
Aquafil SpA
Audit of the statement of the 2022 R&D costs for the purposes of the tax credit Law 145/18
4,800
PwC (1)
Foreign subsidiaries
Other assistance services allowed
6,325
Total other audit services provided in 2023 to Aquafil Group by Audit Firm
90,125
(1) Other companies belonging to the same PwC SpA network
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